2025.12.14 本文字数：2232，阅读时长大约4分钟 作者 |第一财经 钱童心 日前，上海市消保委公众号发布文章称，已经约谈疑似造假的南极磷虾油生产商，背后涉及知名企业、 老字号品牌"同仁堂"。 据上海市消保委公众号，一款标称"北京同仁堂99%高纯南极磷虾油"的产品，在网页上写着"高含 量"、"智利进口原料"、"高度提纯"、"1粒≈100只磷虾"，其磷脂标识值为43%，看似是品质出众的优质 产品，但检测结果显示该款产品磷脂含量为0。 保护心脑血管还能抗衰的"黄金液体" 的吸收效率；南极磷虾油同样也是EPA和DHA的优质来源，且主要以磷脂结合型存在，生物利用率显著 高于鱼油中的甘油三酯型。 此外，南极磷虾油还含有虾青素、α-生育酚及维生素A等多种有益成分，其中虾青素以酯型为主，抗氧 化活性是β-胡萝卜素的10倍以上，在调节代谢与心血管保护、骨骼健康维护、神经保护与认知、提升抗 炎与免疫增强、抗氧化与协同增效方面有一定功效。 但专家建议消费者科学选择产品并遵循食用规范，以最大化发挥其健康效益。针对市面上南极磷虾油品 牌繁多，价格差距悬殊，品质难辨等难点，上海市消保委委托中国水产科学研究院东海水产研究所，对 ...

2025.12.14 本文字数：3627，阅读时长大约6分钟 作者 |第一财经 冯小芯 张甜甜 钱童心 近期，微博大V罗永浩和华与华创始人华杉的争论引发关注，咨询公司的"天价"咨询费和实际效果进一 步陷入质疑风波。 第一财经记者采访了解到，国内头部咨询公司收费动辄数百万元甚至上千万元。那么咨询公司在商业社 会中究竟扮演了怎样的角色？他们又是如何操盘这些案例？在咨询公司活跃的江湖里，又有哪些不为人 所熟知的隐秘角落？ 咨询公司做什么：从广告到战略 "国内咨询公司的发展壮大，与快速成长的消费品市场分不开。消费品主要面向广大消费者，而消费者 的决策快、群体广泛，易受广告影响，因此营销能发挥巨大作用。比如服装、家居、建材、家电、食 品、饮料、餐饮等，占据了咨询公司绝大部分的业务。B端市场决策链路长、参与人员多，很少受营销 广告影响。"战略咨询行业的资深人士于谨文对第一财经记者表示。 咨询公司通常归属于商业服务业，业务小到顾客拿到手里的宣传页，大到企业的核心业务筛选，近年来 充分参与到商业浪潮中。多位业内人士表示，咨询公司的运营模式有几大类别——广告咨询公司、营销 咨询公司、管理咨询公司、战略咨询公司。 于谨文告诉第一 ...

Group 1 - The biopharmaceutical industry faces a "valley of death" challenge, with only about 10% of drugs surviving from research to market approval, a process that can take over 10 years [1] - Traditional credit logic does not align with the characteristics of the biopharmaceutical sector, which is asset-light and heavily reliant on R&D, necessitating innovative financial support for tech-driven SMEs [2][4] - Financial institutions are developing differentiated financial support paths, focusing on early, small, long-term investments in hard technology to facilitate innovation and technology transfer in biomedicine [2][8] Group 2 - Kanglin Biotechnology, established in 2015, is a representative case of a company facing funding challenges despite having core technology in gene therapy for thalassemia [3] - The company has successfully addressed significant technical challenges in gene therapy, with clinical trial data showing rapid recovery in treated patients [5] - The financial support from banks, including credit loans and equity investments, has been crucial for Kanglin Biotechnology to progress through various stages of R&D and clinical trials [4][5] Group 3 - Many university biomedicine projects remain in the laboratory stage, facing difficulties in securing social capital due to high risks and long timelines [6][7] - A new financial support system has been established to facilitate the transformation of academic research into commercial applications, including early-stage funding and customized financial products [7][8] - The integration of finance and technology is transforming the "valley of death" into a "growth fertile land," with significant funding and project conversions achieved [8] Group 4 - The current landscape of technology finance is marked by intensified competition among banks, necessitating collaborative support for the diverse financial needs of tech companies [9] - Commercial banks are innovating their services to provide comprehensive support, including non-financial services like site selection and equity financing [9] - Future efforts will focus on developing risk-sharing systems and insurance products to enhance the resilience of technology transfer against potential risks [10]

Core Insights - China's aging process is advancing, with the average age of the labor force increasing while the total number of laborers is declining [2][3] - The total human capital of China's labor force reached 112.61 trillion yuan in 2023, up from 88.61 trillion yuan in 2022, indicating a shift from quantity to quality in labor [3] Labor Force Demographics - The average age of the national labor force in 2023 is 39.66 years, with rural males averaging 41.60 years and rural females 39.06 years [2] - From 1985 to 2023, the average age of the labor force increased from 32.25 years to 39.66 years, with urban areas rising from 33.03 years to 39.25 years and rural areas from 31.99 years to 40.54 years [2] Human Capital Growth - Despite the aging population and declining numbers, the total human capital continues to grow due to improved education levels among the workforce, particularly among new entrants [3] - The provinces with the highest human capital are Guangdong, Jiangsu, Shandong, Zhejiang, and Henan, while the lowest are Gansu, Hainan, Ningxia, Tibet, and Qinghai [4] Future Population Trends - The proportion of the population aged 0-15 has decreased from 38.61% in 1985 to 22.71% in 2023, while the proportion aged 46 to retirement age has increased from 10.44% to 23.80% [7] - The decline in the youth population indicates future labor force age structure changes, prompting systemic policy interventions to enhance birth rates and optimize population quality [7]

茅台新控量政策消息传开后，市场价格立即予以反应。酒商反馈称，今日天津飞天茅台拿货已经涨到 1630元/瓶，两日涨幅超过150元/瓶。 12月12日晚就有市场传言称茅台召开临时经销商会议，出台了控量新政。13日中国酒业独立评论员肖竹 青证实，贵州茅台于近期推出控量政策，涵盖短期减负，以及中长期结构性改革两大维度。包括在2026 年1月1日前停货，以及计划大幅消减非标产品配额，从源头减少使经销渠道利润缩减的产品供应。 根据第三方平台报价数据，今日早间飞天茅台散瓶批价上涨至1570元/瓶，原箱1590元/瓶，比上一日有 70元的涨幅。但天津和江苏酒商告诉记者，消息传开后，由于周末茅台经销商休息，黄牛开始坐地抬 价，一天价格多次调整，甚至改成时价拿货。 2025.12.14 本文字数：632，阅读时长大约1分钟 作者 |第一财经 栾立 不过部分酒商和行业人士对于茅台批价大涨保持观望，一方面茅台选择暂时停货并非系统性减产，尚不 清楚具体措施内容，而且2026年1月1日后是否会继续放货情况也不明朗；另一方面，年末的酒水消费市 场环境也并不理想。 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融 ...

记者了解到，今日天津500毫升53度飞天茅台的批发价已经炒到1630元/瓶，公斤茅台的拿货价也从2900 元/瓶上涨到3150元/瓶，而且还在上涨。批价上涨也带动了线下零售终端的价格上涨，北京部分烟酒店 的茅台价格已经回到1680元/瓶。 不过部分酒商和行业人士对于茅台批价大涨保持观望，一方面茅台选择暂时停货并非系统性减产，尚不 清楚具体措施内容，而且2026年1月1日后是否会继续放货情况也不明朗；另一方面，年末的酒水消费市 场环境也并不理想。 根据第三方平台报价数据，今日早间飞天茅台散瓶批价上涨至1570元/瓶，原箱1590元/瓶，比上一日有 70元的涨幅。但天津和江苏酒商告诉记者，消息传开后，由于周末茅台经销商休息，黄牛开始坐地抬 价，一天价格多次调整，甚至改成时价拿货。 茅台新控量政策消息传开后，市场价格立即予以反应。酒商反馈称，今日天津飞天茅台拿货已经涨到 1630元/瓶，两日涨幅超过150元/瓶。 12月12日晚就有市场传言称茅台召开临时经销商会议，出台了控量新政。13日中国酒业独立评论员肖竹 青证实，贵州茅台于近期推出控量政策，涵盖短期减负，以及中长期结构性改革两大维度。包括在2026 年1月1日 ...

上周美股三大指数走势分化，尾盘跳水将衡量市场波动性的恐慌指数推高近20%。 甲骨文与博通的季度业绩凸显出人工智能领域资本支出的庞大规模和业绩压力，这一因素抵消了美联储 货币政策释放的鸽派信号带来的利好。与此同时，美国国债收益率上扬也打压了市场情绪。 4.192%。 市场当前对美联储降息的预期略有降温。利率市场定价显示，市场预计美联储2026年首次降息最早发生 在4月（概率约为81%），到6月时降息概率理论上达到100%。届时新任美联储主席将正式上任，而特 朗普提名的人选预计会偏向鸽派。不过值得注意的是，与联邦公开市场委员会的谨慎不同，市场目前的 概率预期仍指向2026年将累计降息两次。 未来一周，投资者将继续权衡美联储降息前景，而对人工智能领域过度投资的担忧能否化解，也将成为 影响短期市场走向的关键因素。 美联储未来降息预期降温 上周市场需消化的经济数据相对有限。全美独立企业联盟（NFIB）小企业乐观指数11月上升0.8点至 99.0，略高于市场预期。分项指标中，计划上调平均售价的小企业主净占比上升13个百分点，达到 34%，创下2023年3月以来的最高水平。不过，预期企业经营状况将改善的小企业主净占比下降5 ...

Core Insights - The average age of the labor force in China is 39.66 years as of 2023, with Inner Mongolia now having the oldest labor force, surpassing the traditionally older Northeast provinces [2] - The demographic changes in Northeast China are influenced by local population structures and migration patterns, which are affected by industrial structures, policies, and government support [2] Group 1: Demographic Changes - Inner Mongolia, Heilongjiang, Liaoning, Jilin, and Sichuan are the five provinces with the oldest labor force, while Hainan, Tibet, Guangdong, Guizhou, and Xinjiang have the youngest [2] - Liaoning has experienced a net population increase of 86,000 in 2023, reversing a trend of net outflow since 2012, attributed to attractive talent policies and improved business environments [3] - Jilin's permanent population decreased by 153,700 in 2023, but the decline rate has slowed compared to previous years, with over 102,000 college graduates retained in Changchun [3] Group 2: Aging and Economic Factors - Northeast China is seen as a "forerunner" in aging due to early economic transitions and low birth rates, while Inner Mongolia's aging process has accelerated due to economic pressures and youth outflow [4] - Inner Mongolia's birth rate has been declining since 2017, with a rate of 5.00‰ in 2023, leading to a negative natural growth rate of -2.84‰ in 2024 [4] - The region's reliance on traditional industries like coal and rare earths has diminished job opportunities, pushing young workers to migrate to more developed eastern coastal areas for better employment prospects [4]

Core Viewpoint - The phenomenon of "hollow villages" in Wuhan is characterized by significant population outflow, leading to an aging demographic and economic decline in rural areas, with over 60% of rural residents migrating to urban centers [3][4]. Group 1: Population Migration - Wuhan's rural population is projected to reach 2.0714 million by the end of 2024, with 985,000 people having migrated for employment, representing 47.6% of the rural labor force [3]. - The village of Wuxingkou has a permanent population of less than 200, with over 85% being elderly, indicating a lack of young residents aged 7 to 60 [3]. - The trend of labor migration is expected to continue, with predictions of ongoing population loss in hollow villages over the next decade, primarily due to declining birth rates [4]. Group 2: Economic and Agricultural Challenges - The long-term vacancy rate of rural housing in Wuhan is estimated to be between 15% and 18%, with some areas experiencing rates as high as 30% to 35% due to labor outflow [5]. - The economic activities in hollow villages are severely limited, with many agricultural tasks being performed by elderly residents, resulting in low annual incomes and insufficient funds for basic community services [6]. - The lack of young laborers has hindered modern agricultural development, with some villages generating annual revenues of less than 200,000 yuan [6]. Group 3: Positive Trends and Opportunities - Some hollow villages are leveraging historical architecture to boost cultural and creative industries, while others are adopting high-value agricultural practices to create unique local products [2]. - The establishment of cooperative models in certain villages has led to more efficient land use and improved economic outcomes, such as the formation of a cooperative in Xinbang Village that has significantly increased its agricultural output [6][8]. - The transformation of some villages into tourist attractions has shown potential for economic revitalization, as seen in the case of Jinxiu Village, which has successfully attracted visitors and generated substantial revenue [9]. Group 4: Land Use and Development Constraints - Insufficient construction land is a significant barrier to rural industrial upgrading, with many planned developments being halted due to land use regulations [10][12]. - The fragmentation of available land for industrial use complicates the development of new projects, limiting the potential for economic growth in hollow villages [12]. - Recommendations have been made for better management of rural land resources to enhance efficiency and support the revitalization of rural economies [12].

本周（12月8日至12日）A股三大指数涨跌不一，沪指跌0.34%，深成指涨0.84%，创业板指涨2.74%。 | | HEBESM | | 12.8-12.12 | | | | --- | --- | --- | --- | --- | --- | | 指数 | 周五涨跌幅 | 周五收盘点数 | 周五成交额(亿元) | 近一周涨跌幅 | 年初至今 | | 上证指数 | 0.41% | 3889 | 9100 | -0.34% | 16.04% | | 深证成指 | 0.84% | 13258 | 11823 | 0.84% | 27.31% | | 北证50 | 0.31% | 1448 | 269 | 2.79% | 39.49% | | 科创50 | 1.74% | 1349 | 839 | 1.72% | 36.40% | | 创业板指 | 0.97% | 3194 | 5602 | 2.74% | 49.16% | | 上证50 | 0.59% | 2995 | 1373 | -0.25% | 11.54% | | 沪深300 | 0.63% | 4581 | 5239 | -0.08% | 16.4 ...