来源：证券时报 开年以来，多家外资公募密集发声，对中国权益市场的中期前景释放出积极信号。 在全球流动性环境趋于宽松、美元走弱预期升温的背景下，外资机构普遍认为，A股市场正迎来资金结 构与基本面共振的新阶段。一方面，养老金、保险资金等长期资金占比提升，有助于优化市场投资结 构；另一方面，居民资产配置重心出现边际转向，权益类资产吸引力正在提升。 与此同时，中国经济正在走向内生修复，企业盈利改善与产业结构升级成为中长期支撑。在此背景下， A股市场或呈现更具结构性的机会格局。 看好增量资金入市 施罗德基金副总经理安昀表示，随着2025年全球经济逐步走出疫情后的调整期，2026年权益市场正迎来 新的发展格局。从宏观经济环境、政策导向到市场结构变化，在多重因素交织下，A股市场有望呈 现"长周期、结构性牛市"特征，为投资者提供丰富的配置机会。 安昀认为，资金流向方面最值得关注的是长钱占比增加和居民资产再配置两大趋势。一方面，机构投资 者占比持续提升，养老金、保险资金等长期资金入市步伐加快，这些资金更注重价值投资和长期持有， 有助于稳定市场。 对于市场较为关注居民存款搬家，摩根资产管理也认为，这一进程有望在2026年逐步展开 ...

Core Viewpoint - The article discusses the recent increase in foreign investment in China, driven by high-level visits from various countries' leaders, which enhances mutual understanding and trust in bilateral economic relations [3]. Group 1: Foreign Investment Growth - In 2025, South Korea's manufacturing investment in China grew by 14.1%, Canada's high-tech industry investment increased by 11.7%, Finland's manufacturing investment rose by 21.7%, and the UK's overall investment in China grew by 15.9% [3]. - A total of 70,392 new foreign-invested enterprises were established in China in 2025, marking a 19.1% year-on-year increase, while the actual utilized foreign capital amounted to 747.69 billion RMB, a decrease of 9.5% [4]. Group 2: Sector-Specific Investment Insights - The actual foreign investment in the manufacturing sector reached 185.51 billion RMB, while the service sector attracted 545.12 billion RMB. High-tech industries received 241.77 billion RMB, with significant growth in e-commerce services (75%), medical instruments (42.1%), and aerospace manufacturing (22.9%) [4]. - A survey by KPMG indicated that 94% of multinational companies plan to continue investing in the Chinese market, and over half of the surveyed companies expect to achieve profitability or significant profits in 2025 [4]. Group 3: Opportunities in Specific Markets - The UK-China Trade Association highlighted the potential for British companies in China's service sector, particularly in finance, healthcare, leisure, culture, and education, aligning with China's 14th Five-Year Plan to expand consumption and open up services [5]. - German companies view China as a long-term investment base and a key market for high-tech and high-quality products, with strong potential for cooperation in biopharmaceuticals, smart manufacturing, and sustainable development [6]. Group 4: Policy and Future Outlook - The Chinese government aims to maintain high-quality development and expand high-level openness during the 14th Five-Year Plan, which is expected to provide a favorable environment for foreign enterprises [6]. - The Ministry of Commerce plans to deepen foreign investment, reform mechanisms, and optimize the business environment to attract foreign capital, ensuring that foreign companies can thrive in China [6].

Group 1 - The core viewpoint emphasizes the importance of making China's large market a global opportunity, encouraging foreign enterprises to invest, stay, and thrive in China [1] - Recent visits by leaders from multiple countries, including South Korea, Canada, Finland, and the UK, have strengthened bilateral economic relations and boosted foreign investment confidence in China [1] - According to the Ministry of Commerce, by 2025, South Korea's manufacturing investment in China is expected to grow by 14.1%, Canada's high-tech industry investment by 11.7%, Finland's manufacturing investment by 21.7%, and the UK's investment by 15.9% [1] Group 2 - In 2025, the number of newly established foreign-invested enterprises in China is projected to reach 70,392, a year-on-year increase of 19.1%, while the actual utilized foreign capital is expected to decline by 9.5% to 747.69 billion yuan [2] - Investment from Switzerland, the UAE, and the UK has seen significant growth, with increases of 66.8%, 27.3%, and 15.9% respectively [2] - The high-tech industry attracted 241.77 billion yuan in foreign investment, with notable growth in e-commerce services (75%), medical instruments (42.1%), and aerospace manufacturing (22.9%) [2] Group 3 - UK businesses are optimistic about opportunities in China's service sector, aligning with China's 14th Five-Year Plan to expand consumption and open up services [3] - German companies view China as a key market for high-tech and high-quality products, with strong potential for cooperation in biopharmaceuticals, smart manufacturing, and sustainable development [3] - The Ministry of Commerce aims to deepen foreign investment, reform mechanisms, and enhance the business environment to attract foreign capital [4]

中金公司（601995）认为，1)2025年受到上年同期高基数、极端天气等影响，国内休闲需求增速有所放 缓。2)出入境游延续较快增速。展望2026年，看好休闲旅游需求韧性，关注春秋假、最长春节等政策的 带动作用。此外，在当前旅游需求日趋多元化背景下，看好具备优质资源禀赋和强运营能力的头部旅游 目的地表现，关注各景区新项目投产、存量项目调整等潜在催化。 央视新闻消息，根据国内居民出游抽样调查统计结果，2025年，国内居民出游人次65.22亿，比上年同 期增加9.07亿，同比增长16.2%。2025年，国内居民出游花费6.30万亿元，比上年同期增加0.55万亿元， 同比增长9.5%。 东莞证券认为，从2025年节假日出游表现来看，旅游需求仍较旺盛，但需求释放向节假日集中，可能导 致假期旅游资源供需错配问题加重，但反过来看也可能促使政府落实年休假制度、通过秋冬假期等模式 释放出游需求。2025年来政策路线更加注重服务消费，旅游出行作为服务消费的重要组成部分有望获得 更多政策支持。短期内长线游复苏或提振人均旅游支出，改善旅游企业收益。 ...

Core Insights - The New Fushan Agricultural Industrial Park is successfully attracting visitors for strawberry picking, contributing to the local economy and providing a "sweet income season" for relocated residents [3][5]. Group 1: Agricultural Development - The park covers an area of 183.9 acres with a total investment of 9 million yuan, featuring over 20 standardized greenhouse structures [5]. - Advanced agricultural techniques, including bee pollination and organic fertilizers, are employed to enhance the quality and taste of strawberries [3][5]. Group 2: Economic Impact - The park has created stable employment opportunities for relocated laborers, allowing them to earn over 3,000 yuan per month while being able to care for their families [6]. - The integration of agricultural production with relocation support has led to a model where the government, enterprises, and farmers benefit collectively [5]. Group 3: Tourism and Community Engagement - The park is exploring the integration of agriculture with tourism by offering experiences such as "fresh vegetable picking + cold lamb hot pot" and establishing a small public ice skating rink [8]. - Future plans include enhancing the facilities for picking and sightseeing, as well as expanding sales channels for agricultural products [8].

在加强土地要素供给方面，前期，在市级部门大力支持下，平谷区在物流建设中，实现了"物流大地块 内部路""8米以内单倍计容""人防工程集中建设"等五大创新，成功建成310万高标准仓库，成为全市最 大物流仓储设施集群。未来，平谷将继续结合产业发展需要，积极用好市级层面产业用地弹性出让、乡 村地区简化规划实施、点状配套设施用地管理、城市更新工具箱等政策，同步推动土地混合开发和用途 合理转换，优先保障重大项目建筑规模指标供给。 记者1月13日从北京市平谷区获悉，"十四五"时期，平谷区GDP由2020年的374亿元到2025年预计突破 600亿元。今年，平谷区将继续围绕"农业高科技、物流大流量、休闲新时尚"等领域推动重大项目建设 实施。 平谷区委常委、常务副区长赵文侃介绍说，2026年，平谷区将围绕加强土地要素供给、人才要素供给和 资本要素供给，采取系列创新举措，推动一批重大项目落地。 在加强资本要素供给方面，平谷区坚持用好中央、市级资金，发挥政府投资基金牵引作用，积极设立农 业中关村创投基金、宠物经济基金，构建"技术研发—产业升级—场景应用"全链条支持体系，覆盖企业 全生命周期需求。构建政银企共赢生态，平谷区紧扣乡村振 ...

Core Viewpoint - The approval of the "Beijing Pinggu District Jinhai Lake Town Land Spatial Planning (2020-2035)" aims to develop Jinhai Lake Town into a national-level leisure tourism resort, enhancing its economic growth through various initiatives [1][2]. Group 1: Development Plans - Jinhai Lake Town will focus on becoming a conference and exhibition town, a shopping and consumption town, and a distinctive tourism town, aiming to create a high-quality leisure tourism resort [1]. - The town is strategically located at the intersection of Beijing, Tianjin, and Hebei, covering an area of approximately 133 square kilometers and comprising 28 administrative villages [1]. - The planning includes strengthening industrial collaboration with Tianjin's Jizhou District and Hebei's Xinglong County, establishing a "Pingji Sanxing Conference Hall" to create a new cultural tourism landmark [1]. Group 2: Infrastructure and Cultural Development - The planning will enhance the leisure tourism industry by developing waterfront trails, scenic routes around the lake, and mountain greenways, aiming to create high-quality tourism and outdoor sports destinations [1]. - Jinhai Lake Town will leverage local cultural resources, focusing on the protection and utilization of historical sites like the Shangzhai Ruins, and promote the revitalization of the Ming Great Wall cultural heritage [2]. - The town will establish a "dual-use" rural revitalization area, which will serve as a leisure tourism hub during normal times and transform into an emergency service area during crises [2].

转自：新华财经 会上，凯撒旅业党委书记、董事长迟永杰作为会长单位代表致辞。他表示，公司将依托上市公司平台和 国有资本优势，通过"三力协同"助推行业发展。一是强化产业整合力，开放全国300余家线下渠道、线 上融媒体矩阵及食品供应链体系，为会员提供资源对接与服务保障，并联动青岛垂钓、高尔夫、帆船等 协会，共同打造"青岛三杆"品牌特色产品，逐步在全国重点旅游垂钓城市发展"三杆"特色经济；二是提 升品牌运营力，在为国内外品牌钓鱼赛事提供全方位旅游配套服务的同时，积极携手行业协会与会员单 位，策划"黄河鲤鱼跳龙门"等系列品牌赛事与节庆活动，共建行业IP矩阵；三是加强标准引领力，推动 钓场、船舶、服务等环节规范化，引导行业向生态友好、服务优质与可持续方向迈进。 休闲垂钓协会会长魏宝振对游钓分会成立表示祝贺。他指出，休闲垂钓是融合体育、旅游、文化、康养 的综合性产业，市场前景广阔。"游钓"作为其创新分支，深度融合垂钓与旅游体验，契合当前消费升级 与人们对美好生活的追求。游钓分会的成立恰逢其时，将为行业注入新动能，推动产业向更高水平发 展。 青岛市文化和旅游局致贺信表示，青岛具有得天独厚的海洋资源与文旅产业基础，是渔文旅融合 ...

游客在园区体验射箭。人民网记者 李唯一摄 走进花仙谷现代农业产业园，映入眼帘的是成片的"大肚异木棉"。人民网记者 李唯一摄 走进位于福建省漳州市长泰区的花仙谷现代农业产业园，成片的、粉嫩的"大肚异木棉"传来扑鼻的清香，与之相伴的还有鸟鸣声、鹿鸣声、孩子们的嬉 笑声…… 曾经，这里的人靠"卖花"为生，如今，这里既能赏花、用餐、住宿，又能射箭、露营、滑滑梯、玩旋转木马，还能与羊驼、梅花鹿等动物互动，风景令 人痴醉，玩法层出不穷，游客络绎不绝。如此"今昔之变"，如何在花仙谷现代农业产业园走向现实？ 12月6日，由中央网信办网络社会工作局、福建省委网信办主办，福州市委网信办、厦门市委网信办、漳州市委网信办协办的"中国式现代化的万千气 象"网络名人福建行活动走进漳州市，来到花仙谷现代农业产业园，了解当地从"卖花"到文旅产业"多点开花"的"蜕变"故事。 花仙谷现代农业产业园规划总面积1600亩，是集现代农业、休闲旅游、康养研学于一体的综合性示范项目。园区营销总监吕慧蓉介绍，2018年起，园区 摒弃单纯观光游赏的"卖花"传统模式，开始打造智慧农业种植基地，开发多元文旅体验项目，目前一期项目已建成投用近800亩生态景观与种植 ...

Core Points - *ST Yuancheng (603388) has received a decision from the Shanghai Stock Exchange to terminate its stock listing, effective December 5, 2025 [1] - The company has been facing financial difficulties, with a continuous decline in market value and a significant drop in stock price [4][7] Financial Performance - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization fell below 500 million yuan for 20 consecutive trading days [4] - The company's stock price was recorded at 0.58 yuan per share as of November 10, with a total market value of approximately 189 million yuan [4] - For the first three quarters of the current year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7] Regulatory Actions - The company has been under financial risk warnings since May 6, and was subjected to additional warnings for major legal violations starting October 13 [7] - In October 2025, the Zhejiang Securities Regulatory Bureau issued a notice indicating that the company's annual reports from 2020 to 2022 contained false records, leading to proposed penalties totaling 37.45 million yuan [7] - The company’s actual controller and former chairman, Zhu Changren, faces a personal fine of 28 million yuan and a 10-year ban from the securities market [7]