作为国内鳗鱼行业中唯一深耕全产业链的A股上市企业，天马科技已形成从种苗、饲料、养殖到食品加工与销售的一体化 产业格局。据披露，该公司已形成了福建、广东、广西、江西、湖北等地的八大渔业产业集群与两大万亩产业基地建设，鳗鱼 产业规模已稳居全球第一，养殖产能稳步释放。 本报记者 李婷 随着元旦、春节的临近，国内鳗鱼消费市场开始升温，行业消息显示，目前市场上大规格美洲鳗供应偏紧。 眼下，新一季鳗苗捕捞工作已在各地陆续展开。福建天马科技集团股份有限公司（以下简称"天马科技"）凭借其长期建立 的苗种国内外采购渠道和专业的品控团队，以及当前建成的庞大养殖基地和国内首位的鳗鱼存池数量基础，2026年度鳗苗采购 更显主动，可以确保明后年及将来养殖计划的顺利实施。 天马科技凭借其规模化养殖优势和精准的产销规划，在满足国际订单的同时，也能灵活调配资源应对国内消费波动。随 着，国际市场订单纷至沓来，内销市场的扎实推进，叠加全球鳗苗资源的重新配置，存塘鳗鱼资源的有力支撑，这家以鳗业为 核心的企业正迎来新一轮发展契机。 （编辑 郭之宸） 2025年前三季度，公司鳗鱼出池量达13486吨，其中第三季度出鱼3983吨，均处于历史高位。改公司 ...

一、科技创新进入深化应用新阶段 日前召开的中央经济工作会议为2026年经济工作指明了方向。就如何理解未来宏观经济脉络与资本市场潜在机 遇，湘财证券研究所所长曹旭特在接受央视网采访时，分享了他的观察与见解。他强调，聚焦基本面支撑与长 期发展趋势，以下几个领域蕴含的协同效应与产业升级逻辑，将持续释放高质量发展动能。 曹旭特指出，当前，科技创新与先进制造业等硬科技领域的发展支撑体系正日益完备。京津冀、长三角、粤港 澳大湾区三大国际科技创新中心的建设，正推动形成人才、技术、产业协同发力的良好格局，从基础研究到产 业应用的全链条支撑更加稳固。基础研究与核心技术领域预计将持续获得资金保障，战略科技力量的强化也将 直接带动对科研基础设施、高端科研设备等领域的需求。 五、绿色转型是确定性长期发展赛道 围绕"双碳"目标下的绿色转型，曹旭特认为这是一条确定性高的长期赛道。新型能源体系建设、全国碳市场发 展及产品碳足迹管理体系的完善，将直接推动风电、光伏、储能、碳监测与交易服务等产业成长。节能降碳改 造和固体废物综合治理则将为环保技术和循环经济领域带来持续需求。在房地产领域，新发展模式与"好房 子"建设，也可能为绿色建筑、智能家居 ...

点击上图▲立即报名 文 / 巴九灵（微信公众号：吴晓波频道） 11月27日—11月29日，"吴晓波激荡讲堂"冬季课《中国式商业模式及成败探讨》在福建泉州圆满落幕。吴老师带领企业家走进这座千年商港，共 探商业本质。 初冬的泉州，依然暖阳和煦。在这座宋元时期的"东方第一大港"，曾经的"海丝精神"与当代商业智慧交相辉映，一场关于商业模式的深度思辨在此 展开。 三天两晚的课程中，吴老师以中国式商业模式的成功逻辑为起点，系统拆解了渠道变革的路径与品牌转型的得失，并结合当前中国市场的演化趋 势，前瞻性地提出了商业模式迭代的方向。 课后，不少学员在朋友圈分享感悟： "一场学习的盛宴，一场文化的碰撞，一场心智的洗礼，一场商业的启迪！" "吴晓波老师串联了商业模式、渠道革命、城市经济、产品力、品牌力与AI 时代的变化，看似横跨不同行业，本质却都指向同一个答案——真正赢 得时代的，是能读懂中国、坚持好产品、并不断迭代自己的人。" "激荡讲堂对我来说不仅是一堂关于商业的课，更是一堂关于'怎么看世界、怎么规划自己'的课。它让我意识到：无论是企业还是个人，真正重要 的不是一时的高光，而是在长期结构变化中，找到自己的位置，守住自己的节奏 ...

Core Insights - The increase in personal savings in China, from 70 trillion to 161 trillion over five years, indicates a lack of consumer spending despite higher cash reserves [1] - The decline in real estate prices has led to decreased consumer confidence and spending, as families feel the need to retain cash for emergencies [3] - The real estate sector, once a key driver of economic growth, is now facing significant challenges, impacting related industries such as steel and home furnishings [3][5] Group 1: Economic Trends - The shift from real estate as an economic driver to a focus on technology innovation and domestic demand is highlighted in the government's "14th Five-Year Plan" [5] - The population dividend is diminishing, global trade is facing obstacles, and the land finance model is becoming unsustainable, necessitating a new economic approach [5] - The government is investing heavily in technology, with 1 trillion yuan allocated annually to support innovation, aiming to establish technology as the new economic engine [5] Group 2: Consumer Behavior - Despite increased savings, consumers are hesitant to spend due to economic uncertainty and declining property values, leading to a slowdown in retail and service sectors [1][3] - The younger generation is particularly cautious, with many recent graduates struggling to find stable employment and feeling financially insecure [3] - The government is implementing measures to alleviate consumer concerns, such as subsidies for upgrading appliances and improving social security systems [7] Group 3: Industry Opportunities - The healthcare and elderly care sectors are identified as significant growth areas, driven by the aging population and increasing demand for services [7] - The tourism industry is also experiencing growth, with consumers willing to spend on travel and experiences [7] - The emphasis on technology and innovation is creating new job opportunities in fields such as AI, nursing, and skilled trades, which are accessible to ordinary individuals [8]

Group 1: Economic Overview - The total savings of Chinese citizens surged from 70 trillion to 161 trillion over five years, with an average increase of nearly 65,000 yuan per person, indicating a significant accumulation of wealth that is not flowing into the consumer market [1][3] - The M2 money supply has exceeded 335 trillion, significantly surpassing the reasonable level of twice the GDP, leading to a blockage of 65 trillion yuan in the banking system, which directly impacts consumer spending and investment [3][5] - The real estate market, once a cornerstone of household wealth, has seen prices decline by an average of 30% in first-tier cities, causing families to prioritize cash reserves over investments [3][5] Group 2: Challenges Facing the Economy - The decline in the real estate sector is attributed to three major challenges: the fading demographic dividend, obstacles to globalization, and the unsustainable land finance model [5] - The birth rate has plummeted from 17.86 million in 2016 to 9.54 million in 2024, with a total fertility rate of 1.1, which is lower than Japan's [5] - The shift in consumer confidence is evident as young people face employment pressures, with over 60% earning less than 6,000 yuan per month, leading to a cautious approach towards spending [1][3] Group 3: Policy Responses and Opportunities - The government aims to stimulate the economy through technology innovation, domestic demand, and deepening reforms, with an annual investment of 1 trillion yuan in technology via long-term special bonds [5][7] - The potential for domestic consumption is significant, with 400 million middle-income individuals having a service consumption rate of only 46%, compared to 68% in the U.S. [7] - The real estate transformation presents new opportunities, with projects like affordable housing and urban renewal expected to generate nearly 2 trillion yuan in investments annually [7][8] Group 4: Shifts in Wealth Allocation - There is a notable shift in wealth allocation among Chinese households, moving from a focus on real estate to seeking new investment avenues in the stock market, particularly in technology sectors [8][10] - The capital market reforms have positioned the stock market as a vital funding source for innovative enterprises, redirecting funds from real estate to emerging sectors like AI and low-altitude economy [8][10] - The housing market dynamics are changing, with a focus on proximity to urban centers and newer properties becoming critical factors for homebuyers, while older properties face depreciation risks [10]

Core Viewpoint - The article discusses the escalating trade tensions between the United States and China, particularly focusing on the significant tariffs imposed by the U.S. on Chinese electric vehicles and China's retaliatory measures, highlighting China's resilience and strategic advantages in the face of U.S. pressure [1][3]. Group 1: Tariff Impositions - The U.S. has imposed a staggering 245% tariff on Chinese electric vehicles, which has prompted China to respond with a 125% counter-tariff, showcasing China's willingness to confront U.S. trade aggression [1][3]. - The U.S. initially implemented a 34% "reciprocal tariff," which quickly escalated to 145%, indicating a pattern of extreme pressure tactics that China is not yielding to [3]. Group 2: China's Strategic Advantages - China possesses four key advantages in trade: control over rare earth resources, a large domestic market, a diversified trade network, and effective policy management [4][6][9]. - China's rare earth resources are particularly critical, as it controls over 90% of global processing and has advanced separation and purification technologies, making it difficult for the U.S. to find alternatives [11][15]. - The domestic market, with a population of 1.4 billion and a growing middle class, provides China with a buffer against external shocks, allowing for a shift from "scale expansion" to "value competition" [6]. Group 3: Trade Network Diversification - China has diversified its trade network significantly, with imports and exports to Belt and Road Initiative countries growing by 6.2%, now accounting for 51.7% of its total trade, surpassing traditional markets like the U.S. and EU [7][9]. - In 2025, China's exports grew by 8.3% and imports by 7.4%, demonstrating resilience in a complex global economic environment [9]. Group 4: Impact on U.S. Industries - China's recent expansion of export restrictions on rare earth elements, now including 12 types, poses a significant threat to U.S. industries, particularly in automotive and defense sectors, which rely heavily on these materials [13][15]. - The U.S. military's reliance on Chinese rare earths is underscored by the fact that the F-35 fighter jet requires 417 kg of rare earth materials, with China supplying 82% of global rare earth permanent magnet materials [15]. Group 5: Overall Trade Resilience - China's foreign trade structure is evolving, with a 59.4% share of electromechanical product exports, including a 28.7% increase in high-value products like electric vehicles and solar panels [15]. - The diversification of markets, with significant growth in exports to ASEAN and Africa, enhances China's resilience against U.S. tariffs, making the impact of the U.S. trade war less significant than anticipated [17].

Group 1: Core Insights - The third quarter report of public funds highlights a significant performance divergence, with high-growth sectors continuing to be the main profit drivers for many funds, while traditional value sectors lag behind [1][6][10] - Major funds like Ruiyuan Growth Value and Galaxy Innovation Growth saw net value increases exceeding 50% in Q3, focusing on high-growth areas such as artificial intelligence, semiconductors, and optical modules [1][3][4] - Traditional value fund managers are facing challenges, with sectors like consumer goods and dividends showing weak performance, leading to a cautious outlook on these investments [1][7][10] Group 2: Fund Performance and Strategies - Ruiyuan Growth Value, with over 20 billion yuan in assets, reported a net value increase of over 50% in Q3, heavily investing in internet technology and high-growth sectors [3] - Xingquan Helun, with nearly 25 billion yuan, achieved a net value increase of 36.16%, focusing on optical modules and PCB, while maintaining a high position in the market [3] - The China Medical Health fund, with over 32 billion yuan, saw a net value increase of over 20%, driven by optimism in innovative drugs and medical devices [4] Group 3: Challenges in Value Investing - The consumer sector, particularly food and beverage, showed minimal growth, with the industry index rising only 2.44% in Q3, leading to underperformance for consumer-focused funds [7][8] - Fund managers like Xiao Nan and Liu Yan Chun, who focus on traditional sectors, reported modest gains, with Xiao Nan's fund increasing by 8.83% and Liu's by 9.09% in Q3 [8][9] - Concerns about the sustainability of growth in traditional sectors persist, with managers emphasizing the need for a recovery in domestic consumption to improve performance [10][11] Group 4: Market Dynamics and Future Outlook - The market's structural changes have made it increasingly difficult for fund managers to achieve stable excess returns, particularly in a concentrated market environment [12][14] - Some fund managers express caution regarding the rapid market gains, indicating a need for a more prudent investment approach amidst high valuations in popular sectors like AI [13][14] - The AI sector, while presenting significant opportunities, also carries risks due to high valuations and the potential for increased volatility in response to market sentiment and macroeconomic factors [14]

Group 1 - The report highlights the core focus of the 20th Central Committee's Fourth Plenary Session on high-quality development, emphasizing a shift from rapid economic growth to improving development quality and modernizing the system during the 14th Five-Year Plan period [1][8][10] - The session outlines six core principles for the 15th Five-Year Plan, including the combination of effective markets and proactive government, which reflects a deeper understanding of market dynamics and government boundaries [10][11][12] - The report identifies key investment opportunities in sectors such as advanced manufacturing, technology innovation, green industries, and digital economy, which are expected to receive policy support and valuation premiums [2][25][26] Group 2 - The session emphasizes the construction of a modern industrial system, prioritizing the real economy and maintaining a reasonable proportion of manufacturing, which presents historical opportunities for advanced manufacturing sectors [16][25] - Technology innovation is positioned as a core element of modernization, with a focus on achieving self-reliance in key technologies and integrating technological advancements with industrial applications [17][20] - The report discusses the importance of expanding domestic demand and enhancing consumption, indicating a shift towards policies that closely link consumption stimulation with improving people's livelihoods [21][27] Group 3 - The report outlines a clear path for green development and energy transition, with a focus on achieving carbon peak and carbon neutrality, which will drive investment in new energy systems and related technologies [22][25] - The investment landscape is expected to evolve, with traditional sectors undergoing digital transformation and emerging industries like AI, biotechnology, and commercial aerospace gaining prominence [26][28] - The report suggests that consumer service sectors related to health, education, and cultural industries will benefit from policy support, reflecting a growing emphasis on improving quality of life and meeting consumer needs [27][30]

Core Viewpoint - China's economy demonstrates strong resilience amid multiple pressures, achieving a GDP of 1,015,036 billion RMB in the first three quarters of 2025, reflecting a real growth of 5.2% after adjusting for price changes [1][3][4]. Economic Performance - The nominal GDP increased from 975,357.4 billion RMB in the previous year to 1,015,036 billion RMB, with a net increase of 39,678.6 billion RMB, resulting in a nominal growth rate of 4.1% [3][4]. - The difference between the nominal growth rate and the real growth rate indicates a price level decline of approximately 1.1% compared to 2020, suggesting some "contraction" pressure [3][4]. Future Projections - If the current economic recovery momentum continues, a real economic growth of around 5.1% is expected for the entire year of 2025, with nominal GDP projected to increase by approximately 4% from 2024, reaching between 140 trillion and 141 trillion RMB [4][6]. - The GDP in USD terms for the first three quarters of 2025 is estimated at approximately 141,681.89 billion USD, maintaining China's position as the second-largest economy globally [6][9]. Factors Supporting Growth - Robust macroeconomic policies have provided a solid foundation for stable economic performance, with proactive fiscal policies and prudent monetary policies enhancing market vitality [10]. - The acceleration of new and old kinetic energy conversion, particularly in high-tech industries such as new energy vehicles and artificial intelligence, is driving economic growth [10]. - Continuous release of domestic demand potential and effective investment in infrastructure and green transformation are contributing to economic stability [10]. Challenges Ahead - Despite positive growth indicators, challenges remain, including insufficient effective demand in certain sectors and rising uncertainties in the external environment [11]. - The focus will be on maintaining a stable yet progressive approach to ensure high-quality development and consolidate the positive economic recovery trend [11][12].

Group 1: Macro Policy and Manufacturing Sector - The macro policy is expected to be intensified and implemented, with the manufacturing PMI showing a slight recovery to 49.8% in September, up 0.4 percentage points from the previous month, indicating ongoing policy effects [2] - The production index rose to 51.9%, marking a continuous expansion for two months, while the procurement volume index increased to 51.6%, suggesting improved production activities [6] - The new orders index for manufacturing increased to 49.7%, indicating a stabilization in market demand, while the new export orders index rose to 47.8%, reflecting a narrowing decline in export demand [6][8] Group 2: Price Trends and Industry Outlook - The purchasing price index for manufacturing decreased to 53.2%, and the factory price index fell to 48.2%, indicating a mixed price trend across different industries [7] - The manufacturing production and business activity expectation index rose to 54.1%, suggesting an optimistic outlook for the fourth quarter, particularly in sectors like food processing, automotive, and aerospace [8] - The non-manufacturing business activity index remained stable at 50.0%, with the construction sector showing slight improvement, while the service sector experienced a minor decline [11][12]