（来源：工人日报） 业余时间，员工能兼职吗？如果公司以此为由将员工开除，是否合法？小李曾在公司工作期间，经 营"微商"，售卖减肥产品，甚至在上班时间用公司电脑进行操作，并向同事推销。这家公司有规定员工 不得未经公司批准从事或经营私人业务活动，并进行公示。公司以小李违反规章制度为由，解除了双方 的劳动合同。小李不服，申请劳动仲裁，要求公司支付违法解除劳动关系的经济赔偿金。（本报记者 陈丹丹 付子晴） 文字整理 武俊豪 ...

体重水平与人体健康状况密切相关。随着生活水平的提高和健康意识的增强，"体重管理"这一概念越发 深入人心，各类减肥产品和服务受到消费者热捧。值得关注的是，当前市面上大量号称"特效""快速见 效""天然"的减肥产品违规添加"西布曲明"等非法添加物，看似功效强、见效快，实则潜藏健康风险。 市场监管总局提醒和倡议广大消费者：科学理性开展体重管理，警惕"快速瘦身"营销骗局，远离西布曲 明非法添加，做自己健康的第一责任人。 认识西布曲明：功效及禁忌 西布曲明面世之初是一种用于治疗肥胖症的处方药，其作用于中枢神经系统，抑制服用者的食欲使其感 觉不到饿，从而减少进食，以达到减肥目的。 辨识营销乱象：警惕违法添加 随着临床应用和医学研究的深入，医学界发现西布曲明会给人体带来巨大且不可控的风险。例如： 其尽管在国内已经被禁十多年，仍有不法分子将违法添加到相关食品中包装成所谓的"特效"减肥产品， 以"快速见效""无副作用"为卖点展开营销，消费者务必保持警醒。例如，一些不法商家以"天然食 材""中药提取"为噱头兜售所谓养生瘦身茶、减肥冲剂，或以"海外跨境""明星同款"等名义将含有西布 曲明成分的减肥糖果、减肥咖啡包装成所谓"进口"产 ...

Core Viewpoint - The State Administration for Market Regulation has released typical cases in the live e-commerce sector, highlighting issues such as false advertising, price fraud, trademark infringement, and illegal advertising across various product categories including food, health products, cosmetics, and clothing [1] Group 1: False Advertising and Price Fraud - The live e-commerce sector is experiencing a surge in demand for weight loss products, but some merchants are exaggerating effects and engaging in false marketing [2] - Dongying Rongcan Trading Co., Ltd. was fined 100,000 yuan for using misleading advertising tactics to promote weight loss products, including creating a false sense of urgency and downplaying potential risks [2] - Shanxi Province's "Taiyuan Old Ge," a prominent influencer with over 90 million followers, was fined 5.6 million yuan for a series of false advertising and price fraud cases [2] Group 2: Trademark Infringement - Trademark infringement is prevalent in the live e-commerce sector, with companies using similar trademarks or logos to mislead consumers [3] - Ningbo Hanyang E-commerce Co., Ltd. was fined 1.023 million yuan for selling counterfeit shoes that closely resembled a well-known brand's trademark without authorization [3] Group 3: Facilitating Intellectual Property Infringement - A group selling counterfeit watches collaborated with a live streamer to drive traffic to their sales, resulting in a fine of 100,500 yuan for the streamer [4] - In another case, individuals were penalized for artificially inflating follower counts for e-commerce accounts, leading to a fine of 270,000 yuan [4] Group 4: Targeting Vulnerable Consumers - Shanghai's Lunlun Food Store targeted elderly consumers through private live streams, falsely claiming health benefits for their products, resulting in a fine of 200,000 yuan [5]

Core Viewpoint - The article discusses the issue of false advertising in consumer scenarios and provides a comprehensive guide on effective complaint channels to resolve disputes [1][2][5] Group 1: Initial Communication - The first step in addressing false advertising is to communicate directly with the merchant through official customer service channels [1][2] - Examples of communication methods include contacting customer service on e-commerce platforms, visiting physical stores with promotional materials, and calling the merchant's hotline [1][2] - A case is presented where a consumer received a refund after reporting a weight loss product that did not deliver promised results [1] Group 2: Advanced Rights Protection - The 12315 national platform serves as a primary channel for consumer rights protection, offering a structured complaint process with enforceability [2][3] - Consumers can submit complaints via phone or online, and must provide evidence such as promotional screenshots and purchase receipts [2] - A case is highlighted where a training institution was penalized for false advertising after a complaint was filed through 12315 [3] Group 3: Third-Party Complaint Platforms - Black Cat Complaints, a third-party platform, enhances the visibility of complaints, prompting quicker responses from companies [4] - The process involves using a mini-program to submit complaints, with tips on how to effectively describe the issue [4] - Industry-specific complaint channels are recommended for targeted issues, such as tourism and financial products [4] Group 4: Legal Measures - If previous channels fail, legal actions such as filing a lawsuit or arbitration can be pursued [5] - Necessary materials for court include a complaint statement and evidence list, with specific courts designated based on the defendant's location [5] - Collective lawsuits can be initiated for systemic false advertising cases [5] Group 5: Key Principles for Rights Protection - Evidence is crucial at all stages, including saving promotional materials and maintaining records of purchases and communications [5] - Timeliness is emphasized, with a recommendation to act quickly upon discovering false advertising [5] - A strategic approach combining initial communication, formal complaints, and legal action is advised for effective resolution [5]

Core Insights - The China Consumer Association reported a total of 536,761 consumer complaints in Q3 2025, marking a year-on-year increase of 7.9% [1] - Complaints related to false advertising, safety issues, and contract problems have seen a significant rise compared to Q3 2024 [1] Group 1: Complaint Trends - The main complaint issues identified include shortcomings in overseas travel platforms, particularly in service delivery and customer support [2] - The rise in complaints about automatic renewal services is attributed to hidden terms, lack of fee reminders, and difficulties in cancellation [3] - There has been a notable increase in complaints regarding power banks, particularly concerning safety certifications and misleading product specifications [3] Group 2: Specific Issues in Travel and Services - Consumers face challenges with travel platforms that fail to assist in refund requests when hotels refuse to cooperate, leading to dissatisfaction [2] - Information on travel platforms is often outdated, resulting in consumers arriving at hotels that are no longer operational or have changed names [2] - The discrepancy between advertised and actual hotel conditions has led to increased consumer frustration [2] Group 3: Automatic Renewal and Product Complaints - Automatic renewal complaints are rising due to the obscured presentation of renewal terms and inadequate notification before charges are made [3] - Consumers report difficulties in canceling subscriptions due to hidden options and unresponsive customer service [3] - Complaints about power banks include issues with non-compliance to safety standards and exaggerated product claims, particularly from smaller brands [3]

Group 1 - The rapid development of the trendy toy economy has led to increased consumer complaints regarding product quality and after-sales service [1] - In the third quarter of 2025, consumer associations in China received 536,761 complaints, a year-on-year increase of 7.9%, resolving 274,427 cases and recovering economic losses of 236 million RMB [1] - Issues with refund policies on trendy toy platforms have been highlighted, where consumers face refusals for refunds even when products have not been shipped or are defective [1] Group 2 - The rise of smart driving technology has become a competitive focus for automotive manufacturers, but there are concerns about the limitations and risks associated with these features [2] - Complaints regarding exaggerated performance claims by some automotive manufacturers and lack of transparency in driving data have been reported [2] - Other complaint hotspots include deceptive marketing in weight loss products, frequent disputes in pet consumption, ongoing issues with automatic renewals, and a surge in complaints related to power bank returns [2]

Core Insights - The medical beauty market in Changsha has experienced significant growth, with the market size expected to reach 80 billion yuan by 2025, up from less than 3 billion yuan in 2009 and over 50 billion yuan in 2020 [1][2][5] - The industry is currently facing a dichotomy, with a booming market contrasted by the closure of many medical beauty institutions and financial struggles among operators [1][12] - The rise of public hospitals offering medical beauty services has led to a shift in market dynamics, with public institutions gaining market share at the expense of private clinics [12][18] Market Growth and Structure - The medical beauty industry in Changsha began with public hospitals in the 1990s, but the real expansion occurred with the emergence of private medical institutions in the early 2000s [2][3] - By 2020, the number of registered medical beauty institutions in Changsha peaked at around 410, but this number has since decreased to approximately 200 due to market challenges [5][13] - Currently, there are about 370 registered medical beauty hospitals in Changsha, including 17 large specialized hospitals, with over 20,000 practitioners in the city [5][12] Industry Challenges - The private medical beauty sector has seen a slowdown in growth, while public hospitals have been expanding their medical beauty departments [12][18] - Issues such as "black medical beauty" practices, which include unlicensed operations and misleading advertising, have damaged the reputation of private institutions [19][20][23] - Consumer complaints have increased, focusing on poor service outcomes, refund issues, and deceptive marketing practices [20][21][22] Regulatory and Self-Regulatory Measures - The Changsha Medical Beauty Association was established to promote industry standards and combat illegal practices, introducing initiatives like the "Safety Commitment Guarantee Plan" to protect consumer rights [24][25] - The government is enhancing regulatory oversight, with regular compliance training and inspections of medical beauty institutions to ensure adherence to legal standards [26] - The industry is undergoing a restructuring phase, with predictions that only well-established brands and specialized institutions will survive, while those lacking competitive advantages will be eliminated [27]

Group 1 - The "15th Five-Year Plan" will focus on three core themes: technology leadership, boosting domestic demand, and security development. Key policy measures include stabilizing economic growth, enhancing total factor productivity, accelerating AI application, stabilizing manufacturing share, and investing more resources in human capital [4] - The pure bond fund analysis will examine approximately 1,000 pure bond funds, focusing on investor structure, bond types, duration, and leverage to accurately characterize each fund's duration style [4] - In the equity market, the new energy and TMT-themed funds showed superior net value growth, while the pharmaceutical sector continued to decline. There was significant net inflow into domestic stock ETFs, particularly in TMT and large-cap broad-based ETFs [4][5] Group 2 - Freeport has reduced its production guidance for 2025 and 2026 by 20,000 and 27,000 tons respectively, which accounts for 0.9% and 1.2% of global copper production in 2024. There is an expectation for copper prices to rise due to improved air conditioning production in the last quarter of the year [6] - The asphalt operating rate is at its highest level in five years, and the prices of ductile iron pipes and processing fees are at their annual peaks. The steel sector's profitability is expected to recover to historical average levels, with potential PB recovery for steel stocks [6] - The construction materials industry has released a growth stabilization plan that emphasizes quality and efficiency, prohibiting new capacity additions. This plan aims to enhance profitability through coordinated efforts on both supply and demand sides [6] Group 3 - Pfizer's acquisition of Metsera and its next-generation weight loss product portfolio highlights the significant potential and long-term viability of the weight loss drug market. This move underscores the industry's urgent need for next-generation therapies and the competitive landscape in the GLP-1 sector [7]

Market Overview - The pharmaceutical and biotechnology index declined by 2.20%, underperforming the CSI 300 index by 3.27 percentage points and the ChiNext index by 2.29 percentage points, ranking 24th among 31 sub-industries [4] - The H-share Hang Seng Healthcare Index fell by 2.79%, lagging behind the Hang Seng Index by 1.01 percentage points [4] Key Insights - Pfizer announced the acquisition of Metsera and its next-generation weight loss product portfolio for approximately $4.9 billion, with additional contingent value rights potentially adding up to $2.25 billion per share based on specific clinical and regulatory milestones [5] - This acquisition follows similar moves by Eli Lilly and Novo Nordisk, highlighting the significant potential and long-term viability of the weight loss drug market, as well as the industry's urgent demand for next-generation therapies [5] - The global GLP-1 research and development competition has entered its "second half," where depth of the supply chain, technological iteration capabilities, and cost control will be critical for success [5] - The commercialization of domestic weight loss drugs is imminent, making sales capabilities a crucial factor for future competitive advantages, with companies that have leading R&D progress and strong sales execution likely to dominate [5] - The entire GLP-1 supply chain is expected to continue its upward trend in market conditions due to sustained demand expansion [5] Investment Strategy - The company emphasizes the need to select investment opportunities structurally, focusing on the core contradiction between payment willingness and payment capability amid complex changes in population structure, policy frameworks, and economic environments [6] - Three main directions are highlighted for investment: support for in-hospital policies (innovative drugs and devices), expansion of public demand (blood products, home medical devices, weight loss drug supply chain), and an upward cycle for overseas sales (heparin, respiratory joint inspections) [7]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The acquisition of Metsera by Pfizer, valued at approximately $4.9 billion, underscores the significant potential and long-term growth prospects of the weight loss drug market, particularly in the GLP-1 segment [2][24]. - The report emphasizes the urgent demand for next-generation therapies, such as oral formulations and multi-target drugs, indicating a competitive landscape in the global GLP-1 research race [2][24]. - The Chinese weight loss drug industry is poised for growth, with a focus on companies that demonstrate strong sales execution and advanced research capabilities [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.20%, underperforming the CSI 300 index by 3.27 percentage points, ranking 24th among 31 sub-industries [1][16]. Key Company Insights - Companies to watch include Innovent Biologics (H), Heng Rui Medicine, Borui Medicine, Zhongsheng Pharmaceutical, Nawei Technology, WuXi AppTec (A+H), and Kelaiying (A+H) as they are expected to benefit from the expanding GLP-1 industry chain [3][24]. Annual Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [25]. - Key areas of interest include hospital policy support for innovative drugs and devices, expanding public demand for blood products, home medical devices, and the weight loss drug industry chain [25]. Company Earnings Forecast and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a "Buy" rating for WuXi AppTec and Innovent Biologics, and an "Overweight" rating for Heng Rui Medicine [4]. Market Trends - The global weight loss drug market is experiencing rapid growth, with Pfizer's acquisition of Metsera highlighting the increasing market space associated with obesity-related health issues [28]. - The report notes that the commercialization of domestic weight loss drugs will hinge on sales capabilities and research advancements [3][24]. Important Company Announcements - Recent announcements include clinical trial updates and new drug applications from various companies, indicating ongoing innovation and development within the sector [27]. Financial Data - The basic medical insurance income for the first seven months of 2025 reached 1,684.7 billion yuan, with expenditures amounting to 1,369.7 billion yuan, reflecting the financial landscape impacting the pharmaceutical industry [30]. Price Trends - The report notes a decline in antibiotic prices and stability in cardiovascular raw material drug prices, which may influence the cost structure for pharmaceutical companies [36][43]. Conclusion - The report presents a positive outlook for the pharmaceutical and biotechnology sector, particularly in the weight loss drug market, driven by significant acquisitions and a growing demand for innovative therapies [2][24].