"别人看着认为跳跃非常大。其实不是。"谈起自己从职业军人到创投机构合伙人，再到eVTOL企业创始 人的身份转换，泰中合投资创始合伙人、易飞智造创始人吕晨说。 在"科学家遇见投资人"闭门研讨会西安交大专场结束后的企业走访行程中，21世纪经济报道记者来到吕 晨在西安的"新战场"——eVTOL整机企业易飞智造在西安的办公室。 军旅、投资与创业的三重经历，让他在这个新兴领域中，兼具战略视角与工程思维。 从军旅生涯到投资征程 吕晨本科毕业于国防科技大学、硕士毕业于北京理工大学，在空军及国家机关工作近20年。这段经历让 他对中国国防军工体系、航空航天产业链形成了完整的"认知地图"。 2015年，泰中合投资正式成立。在此前的媒体报道中，这家投资机构聚焦前沿竞争科技、深耕航空航天 装备+AI，在十年之中依托军工产业根基，构建了独特的"机、弹、箭、星、网"体系化投资布局。 谈及其对投资领域的选择，吕晨说，商业航天、低空经济与传统军工并非割裂的三条线，而是"技术同 源"的延展，"大部分团队和技术的本源都在军工体系里。" 二十年的军旅生涯为吕晨留下一张完整的航空航天体系知识图谱。当低空经济的产业大潮启幕，他决定 用一场躬亲入局作为 ...

Core Insights - ICBC is strategically expanding its gold storage business in response to market opportunities, having established two designated warehouses since 2025 after a period of no new additions since 2019 [2][3] - The bank plans to open a gold warehouse at Hong Kong International Airport, with preparations expected to be completed in the coming months [4][5] Group 1: Domestic Developments - ICBC has established a designated gold warehouse in Sanya, as announced on November 17, 2025, to enhance its gold storage services [2] - The bank's Hezhou branch has become the first certified professional storage institution in Hezhou, adhering to national standards and enabling same-day delivery, which is expected to save local businesses over 10 million yuan annually [3] Group 2: Hong Kong Market Initiatives - ICBC is looking to tap into the Hong Kong market by setting up a gold warehouse at the airport, aligning with the Hong Kong government's initiative to establish an international gold trading market [4][5] - The Hong Kong government has outlined a strategic plan to build a regional gold reserve hub, aiming to exceed 2,000 tons of storage capacity within three years [5][7]

Core Viewpoint - The aquaculture sector in China is experiencing a significant rebound, with major aquatic product prices rising to historical highs by 2025, driven by market recovery after a two-year period of inventory digestion [1] Industry Summary - The aquaculture concept stocks are showing active performance, with several companies such as Guolian Aquatic Products, Haodangjia, Dahu Co., and Zhangzidao hitting their daily price limits [1] - Longjiang Securities reports that the price of grass carp has reached a peak of 14 yuan per kilogram, representing a 25% increase from the beginning of the year [1] - Prices for specialty aquatic products like California bass and yellow catfish have risen to 22.1 yuan per pound and 15.8 yuan per pound, respectively, both surpassing the highest levels since 2021 [1] - The price recovery is attributed to the necessary market adjustments following the inventory digestion phase experienced in 2023 and 2024 [1]

贾跃亭表示，他的第二个不可撤销信托已经正式设立完毕并付诸实施。目前，该信托的资产主要来自两 大部分：一是FF授予贾跃亭的"股东股民First"的股权激励下获得股份的50%；二是贾跃亭投资的纳斯 达克上市公司AIXC对应的约7%股份的50%。贾跃亭透露，后者投资的本金来自FFGP合伙人公司借 款，该部分资产将很快注入到第二信托中。 11月19日上午，贾跃亭在微博发布出镜视频，称生命中最重要的事情之一是"早日还债回国"。他将继续 全力推动法拉第未来（以下简称"FF"）和AIXC成功，"从而让国内债权人尽早得到实质性的回报"。 贾跃亭还向债权人喊话，欢迎符合条件的债权人参与此次信托计划，并通过视频下方邮箱尽快联系第二 信托债务处理小组。 值得注意的是，11月14日，FF在官方微博披露今年第三季度财务业绩，称FX Super One已获得超过 11000 台付费预订单合同，并在加州汉福德工厂进入试生产阶段，目标是年底美国首车下线。然而数据 显示，今年前三季度，FF营收仅为40.70万美元，同比增长33.88%；前三季度归母净利润为亏损3.57亿 美元，同比增亏52.24%。 美东时间11月18日收盘，FF（FFAI. ...

Core Viewpoint - The article highlights the development of a green ammonia project in Inner Mongolia by Envision Group, emphasizing its potential to revolutionize energy production and reduce carbon emissions through the use of renewable energy sources [1][6]. Group 1: Company Overview - Envision Energy, founded by Zhang Lei, has a valuation of 1.1 billion, focusing on wind turbine manufacturing, energy storage, and hydrogen energy [1]. - Envision Power, led by Wan Sui, is valued at 730 million and specializes in power battery manufacturing [1]. - Envision Intelligent, also founded by Zhang Lei, has a valuation of 265 million and operates in the smart IoT sector [1]. Group 2: Project Details - The green hydrogen and ammonia project in Chifeng aims to produce 152,000 tons of green ammonia annually, which could reduce over 9 million tons of carbon emissions, equivalent to the annual emissions of 15 million fuel vehicles [7]. - The project is expected to achieve a scale of 20 GW, generating an annual electricity output of 60 billion kWh, comparable to Portugal's total electricity consumption [8][9]. Group 3: Technological Innovations - Envision has developed an AI power system to optimize energy management, allowing for efficient adjustments based on weather conditions and energy availability [18]. - The project utilizes self-developed wind turbines and energy storage systems to produce green hydrogen through electrolysis [5][17]. Group 4: Market Strategy - Envision has secured long-term green ammonia purchase agreements with major companies like Marubeni Corporation and DHL, targeting applications in shipping fuel, hydrogen derivatives, and fertilizers [19]. - The company is also investing in key equipment manufacturing to accelerate the commercialization of green ammonia [19]. Group 5: Future Aspirations - Zhang Lei envisions that significant reductions in energy costs could enable ambitious projects like large-scale seawater desalination and low-cost interstellar transportation [22].

21世纪经济报道记者张欣 与顶尖经济学家相遇是何种体验？北京初冬的午后，中央财经大学讲堂内座无虚席，就连过道和走廊也 挤满了人。大家静候的，正是2025年诺贝尔经济学奖获得者菲利普·阿吉翁（Philippe Aghion）。这位 用"创造性破坏"重构增长理论的经济学家，即将带来一场融合学术深度与人格温度的思想盛宴。 菲利普·阿吉翁（以下简称"阿吉翁"）的名字，早已与现代增长理论紧密相连。这位1956年出生的法国 经济学家，拥有巴黎高等师范学院数学经济学博士学位、美国哈佛大学博士学位，曾先后在麻省理工学 院、哈佛大学等世界顶尖高校任教，现任欧洲工商管理学院，法兰西学院和伦敦经济学院教授。 学术生涯中，他最核心的贡献便是与彼得·豪伊特等人共创"创新驱动增长理论"，将熊彼特"创造性破 坏"概念模型化、体系化，打破了索洛模型长期垄断增长理论领域的局面，这一突破也让他斩获2025年 诺贝尔经济学奖。 出身于法国时尚品牌Chloe创始人家庭的阿吉翁，自幼便在"颠覆传统"的创新氛围中成长，母亲以简约 设计打破时尚界陈规的经历，更潜移默化地塑造了他批判性审视主流理论的学术品格。从学术殿堂的理 论构建者，到全球经济发展的建言人 ...

21世纪经济报道记者郭聪聪 据山西农商行官网最新消息，11月16日，省农商行党委书记向弟海赴晋中调研农商行改革化险工作。此 次公开调研活动，正式宣告向弟海已出任山西省农商行党委书记。 （文章来源：21世纪经济报道） 作为全国首批采取"上参下"模式改制的省级农商联合银行，山西农商行依据省政府授权，对辖内农村商 业银行（农村信用社）履行管理、指导、协调、服务职能，通过 "机构自愿、分步参股"的方式，深度 推进全省农信改革化险工作。 目前，山西农商行系统已形成庞大的服务网络，下辖11家市级机构、108家县级机构及3005个营业网 点，从业人员近5万人，是山西省服务覆盖面最广、业务规模最大、从业人员最多的金融机构。凭借深 厚的地方根基，该行已成为山西全省银行业首家且目前唯一一家存款规模突破一万亿的金融机构。 山西农商行最新披露的三季度数据显示，截至2025年9月末，该行县级法人机构统算各项存款余额 14607.87亿元，较年初净增842.84亿元;各项贷款余额9270.2亿元，较年初净增512.2亿元，其中实体贷款 余额较年初净增427.18亿元，支农支小贷款余额较年初净增349.73亿元，占实体贷款净增额的81.8 ...

Core Viewpoint - Xiaomi's stock price has continued to decline, dropping over 4% to below 40 HKD, despite strong Q3 financial results, indicating persistent market sell-off sentiment [1] Financial Performance - Xiaomi reported Q3 revenue of 113.1 billion RMB, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion RMB [1] - Adjusted net profit for Q3 reached 11.3 billion RMB, a significant year-on-year increase of 80.9%, achieving a historical high [1] - Cash and cash equivalents stood at 35.5 billion RMB, with total cash reserves of 236.7 billion RMB as of September 30, 2025 [1] Business Segments - The automotive and AI sectors emerged as key highlights, with revenue reaching 29 billion RMB, a year-on-year growth of over 199%, and automotive revenue alone at 28.3 billion RMB [1] - Xiaomi delivered 108,796 new vehicles in Q3, setting a new record, and is on track to meet its annual delivery target of 350,000 vehicles [1][2] Challenges and Outlook - The company anticipates challenges in 2026 for its automotive segment, with expected declines in gross margins due to reduced purchase tax subsidies and increased competition [2] - In the smartphone segment, Q3 revenue was 46 billion RMB, with global shipments of 43.3 million units, reflecting a year-on-year growth of 0.5% [2] - Xiaomi is proactively addressing rising memory prices, which are driven by increased demand from AI applications, by securing supply agreements for 2026 and considering price adjustments [2] Market Position - Huatai Securities noted that the storage supercycle will significantly impact Xiaomi's stock price and performance in 2026 [3] - Compared to other smartphone manufacturers, Xiaomi has a strong market position in terms of global shipment volume and resilience against industry cycles, particularly in non-smartphone businesses [3]

21世纪经济报道记者王峰 北京报道 企业出海，风险防控需前置。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》指出，有效实施对外投资管理，健 全海外综合服务体系，促进贸易投资一体化，引导产业链供应链合理有序跨境布局。 近日，"企业'走出去'的法律风险及防控研讨会"暨北京企业法律风险防控研究会2025年年会召开。来自 法学界、企业界、律师界的专家，探讨了推动企业安全稳健"走出去"的有效路径。 "随着全球治理体系的深刻变革，国际规则博弈日趋激烈，企业'走出去'已进入更加注重运用规则、参 与规则构建的新阶段。" 北京企业法律风险防控研究会会长彭新林说。 未来，中国将健全国际商事调解、仲裁、诉讼等机制，打造国际商事争议解决优选地。 复杂多样的海外经营法律风险 企业"走出去"主要面临哪些风险？ 安徽师范大学法学院教授奚玮指出，随着国内法律法规的完善，加之税务、金融、环保等领域监管力度 加大，企业同时面临跨境经营不同国家法律体系、监管标准的显著差异。双重合规要求对企业提出了更 高挑战。 从社会层面看，社会公众对"走出去"企业的关注已从经济效益转向合规责任、社会责任等多重维度。互 联网的普及使企业跨境经营行为 ...

11月19日，A股三大指数涨跌不一，截至中午收盘，沪指冲高回落跌0.04%，创业板指一度涨超1%。中 小盘股普跌，微盘股指数跌超2%。沪深两市半日成交额1.12万亿，较上个交易日缩量2099亿。市场共 4582股下跌，820股上涨。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3938.29 | 13038.33 | 1459.23 | | -1.52 -0.04% -42.15 -0.32% -22.59 -1.52% | | | | 科创50 | 创业板指 | 万得全A | | 1343.15 | 3072.79 | 6250.20 | | -14.78 -1.09% +3.57 +0.12% -37.91 -0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4577.77 | 7096.06 | 5495.82 | | +9.57 +0.21% -54.96 -0.77% -0.72 -0.01% | | | | 中证1000 | 深证100 | 中证红利 | | 7358.27 | ...