11月19日上午，省委书记林武，省委副书记、省长周乃翔在山东大厦会见了哈尔滨工业大学党委书 记、中国工程院院士陈杰一行。林武、陈杰分别介绍了山东经济社会发展和哈工大建设发展情况，就加 强科技创新、发展海洋经济、强化工科教育、促进产业项目合作、深化人才培养、推进国际化办学等交 换了意见，表示将深入学习贯彻党的二十届四中全会精神和习近平总书记重要指示要求，深化交流对 接，加强校地合作，推动更多创新资源在山东集聚，更好服务国家重大战略，促进经济社会高质量发 展。副省长温暖参加。（记者 于新悦 李子路） ...

Market Overview - The three major A-share indices experienced slight increases, with the Shanghai Composite Index rising by 0.18% to close at 3946 points, while the Shenzhen Component Index remained flat and the ChiNext Index increased by 0.25% [1] - The total market turnover was 1.74 trillion yuan, a decrease of 203.3 billion yuan compared to the previous trading day, with nearly 4200 stocks declining [1] Sector Performance - The military and shipbuilding sectors saw significant gains, with stocks like Jianglong Shipbuilding and China Shipbuilding Defense hitting the daily limit [1] - Reports indicate that China has notified Japan to suspend imports of Japanese seafood, leading to a rise in the aquaculture and marine economy sectors, with stocks such as Tianma Technology and Guolian Aquatic Products also hitting the daily limit [1] - The gold and precious metals sector experienced a late surge, with Zhongjin Gold reaching its daily limit [1] - Other sectors with notable gains included energy metals, insurance, lithium mining concepts, and chicken-related concepts [1] Declining Sectors - The Hainan sector faced a significant pullback, with Hainan Haiyao and Haima Automobile both hitting the daily limit down [1] - The childcare sector declined, with Fuzhi Co. hitting the daily limit down [1] - The composite fluid sector weakened, with Yinglian Co. dropping over 9% [1] - Sectors with the largest declines included broadcasting, building energy efficiency, spatial computing, and glass fiber [1] Performance Metrics - The Shanghai Composite Index closed at 3946.74, with a gain of 6.93 points or 0.18% [1] - The Shenzhen Component Index closed at 13080.09, remaining unchanged [1] - The ChiNext Index closed at 3076.85, with an increase of 7.63 points or 0.25% [1] - The CSI 300 Index closed at 4588.29, gaining 20.10 points or 0.44% [1]

Core Viewpoint - The aquatic sector in China's stock market has experienced a significant surge, with multiple key stocks hitting the daily limit up, indicating a strong recovery phase for the industry [1][2]. Industry Summary - The aquatic industry in China is entering a recovery cycle, with projections indicating a notable rebound by 2025, as prices for major aquatic products are expected to rise to historical highs [1]. - Specific price increases include grass carp reaching 14 yuan/kg, a 25% increase from the beginning of the year, and prices for specialty aquatic products like California bass and yellow catfish reaching 22.1 yuan/lb and 15.8 yuan/lb, respectively, both surpassing levels seen since 2021 [1]. Market Dynamics - The price recovery is attributed to the necessary digestion of stock from 2023 to 2024, following a period of overproduction [2]. - The development of marine ranching is highlighted as a crucial driver for sustainable growth in marine fisheries, with coastal provinces in China establishing national-level marine ranch demonstration zones [2]. - Innovations in the industry, such as "fishing +", "ecology +", "leisure +", and "new energy +", are yielding breakthroughs that contribute to both economic benefits and ecological protection [2]. Future Outlook - The marine economy is expected to continue developing, with significant growth potential in deep-sea aquaculture [2]. - Upstream feed companies are anticipated to expand their market presence, with leading feed enterprises likely to leverage technological, service, and seed advantages to capture market share [2].

Core Insights - China Shipbuilding's stock price increased by 2.03% on November 19, reaching 34.71 CNY per share, with a total market capitalization of 261.21 billion CNY [1] - The company reported a significant year-on-year revenue growth of 91.21% for the first nine months of 2025, amounting to 107.40 billion CNY, and a net profit increase of 157.71%, totaling 5.85 billion CNY [2] - The company has distributed a total of 5.31 billion CNY in dividends since its A-share listing, with 2.10 billion CNY in the last three years [3] Financial Performance - As of September 30, 2025, the number of shareholders increased by 228.92% to 916,900, while the average number of tradable shares per shareholder decreased by 58.73% to 6,621 shares [2] - The main revenue sources for China Shipbuilding include shipbuilding and marine engineering, accounting for 95.89% of total revenue, with minor contributions from electromechanical equipment and other sectors [1] Shareholder Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 153 million shares, a decrease of 7.23 million shares from the previous period [3] - Other significant shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which increased their holdings by 42.37 million shares and 32.25 million shares, respectively [3]

Core Viewpoint - The stock of Jieli Rigging has shown significant volatility, with a year-to-date increase of 136.84%, but recent trends indicate a decline over the past 20 and 60 days [1][2]. Financial Performance - For the period from January to September 2025, Jieli Rigging achieved a revenue of 1.743 billion yuan, representing a year-on-year growth of 13.20% [2]. - The net profit attributable to the parent company for the same period was 11.0632 million yuan, marking a substantial increase of 397.11% year-on-year [2]. Stock Market Activity - As of November 19, Jieli Rigging's stock price was 7.65 yuan per share, with a market capitalization of 7.344 billion yuan [1]. - The stock has experienced a trading volume of 1.11 billion yuan on the same day, with a turnover rate of 1.56% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) 13 times this year, with the most recent appearance on August 18 [1]. Shareholder Information - As of September 30, the number of shareholders for Jieli Rigging was 141,900, a decrease of 5.99% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.37% to 6,730 shares [2]. Business Overview - Jieli Rigging, established on December 7, 2004, and listed on January 26, 2010, specializes in the research, design, production, and sales of rigging and related products [1]. - The company's revenue composition includes: 45.25% from engineering and metal rigging, 29.57% from wire ropes and wire rope rigging, 16.90% from synthetic fiber lifting slings, 6.50% from raw materials and labor, and 1.77% from chains and chain rigging [1].

Core Viewpoint - China Marine Defense's stock price increased by 2.10% on November 19, reaching 30.13 CNY per share, with a total market capitalization of 21.41 billion CNY [1] Group 1: Financial Performance - For the period from January to September 2025, China Marine Defense reported revenue of 1.93 billion CNY, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of 154 million CNY, up 3.43% year-on-year [2] - The company has distributed a total of 1.20 billion CNY in dividends since its A-share listing, with 360 million CNY distributed over the past three years [3] Group 2: Stock Market Activity - As of November 19, the stock had a trading volume of 110 million CNY and a turnover rate of 0.52%, with a net inflow of 201,940 CNY from main funds [1] - The stock price has increased by 6.61% year-to-date, but has seen a decline of 0.03% over the last five trading days, 0.95% over the last twenty days, and 15.60% over the last sixty days [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.20% to 37,400, while the average circulating shares per person decreased by 17.49% to 18,996 shares [2] - Among the top ten circulating shareholders, new entrants include Southern Military Reform Flexible Allocation Mixed A (004224) and Fortune CSI Military Industry Leader ETF (512710) [3]

Core Insights - The 20th China Economic Forum held in Nansha, Guangdong, focused on nine key topics, including marine economy and technological innovation [1] Marine Economy Development - Nansha is recognized for its significant potential in marine economic development, supported by geographical, policy, industrial, and infrastructural advantages [2] - The region is positioned as a core area for marine economic development in Guangzhou and a key hub for the Greater Bay Area [3] - Nansha aims to focus on deep-sea, green, smart, and integrated development to enhance its marine economy [3] Commercial Aerospace Opportunities - The commercial aerospace sector in China is transitioning from high-tech exploration to civilian applications, with significant growth potential in the Greater Bay Area [4] - Nansha is identified as a fertile ground for commercial aerospace development, leveraging its diverse application scenarios and abundant resources [4] - A virtuous cycle is suggested for Nansha, linking satellite manufacturing with launch services and application demands [5]

Core Viewpoint - Guangdong is focusing on building a world-class coastal economic belt, with Jieyang emerging as a "green pearl" in this blue economic zone, emphasizing the integration of various marine resources for high-quality development [1] Group 1: Marine Economy Development - Jieyang is promoting a tri-sector approach to develop a modern marine industry, integrating marine economy, ecological tourism, and marine resources [1] - The recent Marine Economic Industry High-Quality Development Conference in Jieyang set a target for a marine economy scale of 100 billion yuan, focusing on marine ranching, marine new energy, marine engineering equipment, and coastal tourism [8] Group 2: Petrochemical Industry - The Dannan Sea Petrochemical Industrial Zone in Jieyang is home to the largest integrated refining and chemical project by China National Petroleum Corporation, with an investment exceeding 70.2 billion yuan, processing over 50 million tons of crude oil since its launch in 2023 [2][3] - This project is the only refining base in China capable of processing low-quality heavy oil, enhancing the flexibility of crude oil imports and contributing to national energy security [3] - The project has a wastewater reuse rate exceeding 70% and meets national standards for emissions, showcasing its commitment to green and sustainable practices [2] Group 3: Wind Power and Marine Ranching - The offshore wind power base in Jieyang has a cumulative installed capacity exceeding 900,000 kilowatts, contributing to significant reductions in carbon emissions and fossil fuel dependency [5][6] - The "Dragon Palace" marine ranching project integrates wind power with aquaculture, aiming to produce high-value fish species while utilizing renewable energy [6] - The project has attracted over 40 leading enterprises in the industry chain, establishing a comprehensive offshore wind power ecosystem [6][7] Group 4: Aquaculture and Tourism Integration - The integration of tourism and aquaculture in Qianzhan Town has led to over one million visitors this year, promoting local seafood and cultural experiences [8][9] - The establishment of a high-tech abalone farming base is transforming traditional practices, utilizing land-based farming techniques to mitigate risks associated with weather [9] - The local government is enhancing ecological functions through coastal restoration projects, ensuring a balance between economic development and environmental sustainability [9]

Core Insights - The 20th China Economic Forum was held in Nansha, Guangzhou from November 17 to 18, focusing on "Chinese-style modernization and the outlook for the 14th Five-Year Plan" [1] - The forum aims to summarize achievements and experiences from the 14th Five-Year Plan period and contribute ideas for decisive progress in the 15th Five-Year Plan [1] Event Details - The forum included a thematic research session on November 17 and a main forum along with nine parallel forums on November 18 [1] - Notable topics for the parallel forums included "Mechanisms for Rule Alignment: Promoting Market Integration in the Greater Bay Area," "Strengthening Maritime Economy: New Perspectives," and "New Global Economic and Trade Landscape: Opportunities and Challenges for Going Global" [1] Organizational Background - The China Economic Forum is organized by the China Economic Weekly magazine and has been held since 2001, with a total of 19 previous sessions, gaining significant influence across political, business, and academic sectors [1]

Core Viewpoint - Jerry Holdings has shown a significant stock price increase of 48.27% year-to-date, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of November 18, Jerry Holdings' stock price rose by 2.06% to 53.60 CNY per share, with a trading volume of 1.49 billion CNY and a market capitalization of 54.879 billion CNY [1]. - The stock has experienced a 6.33% increase over the last five trading days, a 1.75% increase over the last 20 days, and a 17.03% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on November 10, where it recorded a net buy of -89.1633 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Jerry Holdings reported a revenue of 10.42 billion CNY, reflecting a year-on-year growth of 29.49%, and a net profit attributable to shareholders of 1.808 billion CNY, up 13.11% year-on-year [2]. - Cumulatively, the company has distributed 3.299 billion CNY in dividends since its A-share listing, with 1.819 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders for Jerry Holdings was 24,700, an increase of 0.21% from the previous period, with an average of 28,039 circulating shares per shareholder, a decrease of 0.21% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.4299 million shares, an increase of 11.3162 million shares from the previous period [3].