按照模板让 Agent 填充内容（教程）

8 previous messages

> Explored 3 files, a list, ran 13 commands
>
> Explored a list
>
> - Listed files in `磷虾油`
>
> 
>
> - Ran `wc -l "/Users/songqianhui/Documents/ChatGPT/磷虾油/everbright_medical_monthly_report_template_副本.html"`
>
> Explored a file
>
> - Read `./磷虾油深度调研报告（最新版）.md的替身`
>
> 
>
> - Ran `readlink "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身" 2>/dev/null || osascript -e 'tell application "Finder" to get POSIX path of (original item of (POSIX file "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身" as alias))' 2>/dev/null || mdls -name kMDItemOriginalFilename -name kMDItemWhereFroms "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身"`
>
> - Ran `python3 -c "
> import os, struct, sys
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身', 'rb') as f:
>     data = f.read()
> # Check if it starts with 'book' marker for alias
> print('First 8 bytes:', data[:8])
> print('Size:', len(data))
> # Try to find paths in the binary data
> import re
> paths = re.findall(b'/[^\x00]{5,}', data)
> for p in paths[:10]:
>     try:
>         print(p.decode('utf-8', errors='replace'))
>     except:
>         pass
> "`
>
> - Ran `python3 -c "
> import subprocess
> # Try using osascript to resolve the alias
> result = subprocess.run([
>     'osascript', '-e',
>     'set aliasPath to POSIX file \"/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身\" as text',
>     '-e', 'tell application \"Finder\" to get POSIX path of (original item of alias aliasPath)'
> ], capture_output=True, text=True)
> print('stdout:', result.stdout)
> print('stderr:', result.stderr)
> "`
>
> - Ran `osascript -e "set aliasFile to (POSIX file \"/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身\") as alias" -e "tell application \"Finder\" to set origFile to original item of aliasFile" -e "POSIX path of origFile"`
>
> - Ran `python3 << 'PYEOF'
> import struct
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身', 'rb') as f:
>     data = f.read()
>
> # macOS alias file format: https://indiestack.com/2017/05/resolving-modern-apple-file-system-bookmarks/
> # After 'book' marker, try to find the path
> idx = data.find(b'/Users')
> while idx != -1:
>     end = data.find(b'\x00', idx)
>     if end != -1:
>         path = data[idx:end].decode('utf-8', errors='replace')
>         print(f"Found path: {path}")
>     idx = data.find(b'/', end + 1) if end != -1 else data.find(b'/', idx + 1)
>     
> # Also look for any path-like strings
> import re
> for match in re.finditer(b'(/[A-Za-z0-9._/ -]+)', data):
>     try:
>         s = match.group(1).decode('utf-8', errors='replace')
>         if len(s) > 10 and 'file://' not in s:
>             print(f"Path: {s}")
>     except:
>         pass
> PYEOF`
>
> - Ran `python3 << 'PYEOF'
> import subprocess, tempfile, os
>
> script = '''
> set aliasFile to (POSIX file "{path}") as alias
> tell application "Finder"
>     set origFile to original item of aliasFile
>     return POSIX path of origFile
> end tell
> '''
>
> path = "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身"
>
> # Write script to temp file
> with tempfile.NamedTemporaryFile(mode='w', suffix='.scpt', delete=False) as f:
>     f.write(script.format(path=path))
>     tmpfile = f.name
>
> result = subprocess.run(['osascript', tmpfile], capture_output=True, text=True)
> os.unlink(tmpfile)
> print('stdout:', repr(result.stdout))
> print('stderr:', repr(result.stderr))
> PYEOF`
>
> - Ran `python3 << 'PYEOF'
> import subprocess, tempfile, os
>
> # Use a different approach: get the path without passing it as a string literal
> # First get the true path
> result = subprocess.run(['osascript', '-e', '''
> set theFile to choose file with prompt "Select:" default location (POSIX file "/Users/songqianhui/Documents/ChatGPT/磷虾油" as alias)
> '''], capture_output=True, text=True, input='')
> print('stdout:', repr(result.stdout))
> print('stderr:', repr(result.stderr))
> PYEOF`
>
> - Ran `python3 << 'PYEOF'
> import CoreFoundation
> import Foundation
>
> # Read the alias file
> alias_path = "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身"
>
> # Try using NSURL bookmark resolution
> ns_url = Foundation.NSURL.fileURLWithPath_(alias_path)
>
> # Bookmark resolution options
> options = Foundation.NSURLBookmarkResolutionWithoutUI | Foundation.NSURLBookmarkResolutionWithoutMounting
> resolved_url, is_stale, error = Foundation.NSURL.URLByResolvingBookmarkData_options_relativeToURL_bookmarkDataIsStale_error_(
>     None,  # We need to read bookmark data first
>     options,
>     None,
>     None,
>     None
> )
>
> # Actually, let's try reading the file as bookmark data
> with open(alias_path, 'rb') as f:
>     bookmark_data = f.read()
>
> print("Data starts with:", bookmark_data[:20])
> print("Data length:", len(bookmark_data))
>
> # Try resolving as bookmark
> ns_data = Foundation.NSData.dataWithBytes_length_(bookmark_data, len(bookmark_data))
> resolved, is_stale, error = Foundation.NSURL.URLByResolvingBookmarkData_options_relativeToURL_bookmarkDataIsStale_error_(
>     ns_data,
>     options,
>     None,
>     None,
>     None
> )
>
> if error:
>     print("Error:", error)
> elif resolved:
>     print("Resolved:", resolved.path())
> else:
>     print("No result")
> PYEOF`
>
> - Ran `python3 -c "import objc; print(objc.__version__)" 2>&1 || python3 -c "import Foundation; print('Foundation available')" 2>&1`
>
> - Ran `find "/Users/songqianhui" -name "磷虾油深度调研报告*" -not -path "*/\.*" 2>/dev/null | head -20`
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告（最新版）.md的替身', 'rb') as f:
>     data = f.read()
>
> # The alias format has strings in it, let's dump all readable strings
> import re
> # Find sequences of printable ASCII characters
> strings = []
> current = b''
> for byte in data:
>     if 32 <= byte < 127:
>         current += bytes([byte])
>     else:
>         if len(current) >= 4:
>             strings.append(current.decode('ascii'))
>         current = b''
> if len(current) >= 4:
>     strings.append(current.decode('ascii'))
>
> for s in strings:
>     print(s)
> PYEOF`
>
> - Ran `ls -la "/Users/songqianhui/Nutstore Files/我的坚果云/Obsidian/Prejects 项目/" 2>/dev/null | head -20`
>
> Explored 2 files
>
> - Read `~/Nutstore Files/我的坚果云/Obsidian/Prejects 项目/磷虾油深度调研报告（最新版）.md`
> - Read `./everbright_medical_monthly_report_template_副本.html`
>
> 
>
> 
>
> Now I have both files. The template is a 光大证券 (Everbright Securities) monthly medical report with a specific visual style, and the markdown is a comprehensive krill oil industry research report. I'll map the full krill oil report content into the template's layout and styling, preserving the branding while filling in all sections.
>
> Let me build this out — it's a multi-page report with substantial content.
>
> Stream error
>
> Reconnecting 1/5
> stream disconnected before completion: idle timeout waiting for SSE
>
> I'm writing the full multi-page report now, mapping the krill oil research content into the template's styling. Given the report's length, this will span approximately 10-12 pages.
>
> Ran a command
>
> - Ran `cat > "/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html" << 'HTMLEOF'
> <!DOCTYPE html>
> <html lang="zh-CN">
> <head>
> <meta charset="UTF-8" />
> <meta name="viewport" content="width=device-width, initial-scale=1.0" />
> <title>南极磷虾油行业深度调研报告 — 光大医疗健康行业研究</title>
> <style>
>   :root {
>     --eb-red: #c83f20;
>     --eb-red-dark: #a92d18;
>     --eb-orange: #ea5b20;
>     --eb-gold: #f2a13a;
>     --eb-pale: #f4d0c4;
>     --ink: #171717;
>     --muted: #6b6b6b;
>     --line: #1d1d1d;
>     --paper: #ffffff;
>   }
>
>   * { box-sizing: border-box; }
>   html { scroll-behavior: smooth; }
>   body {
>     margin: 0;
>     background: #e8e8e8;
>     color: var(--ink);
>     font-family: "Noto Serif CJK SC", "Songti SC", "SimSun", serif;
>     -webkit-font-smoothing: antialiased;
>   }
>
>   .page {
>     width: 210mm;
>     min-height: 297mm;
>     margin: 14mm auto;
>     padding: 14mm 14mm 16mm;
>     background: var(--paper);
>     position: relative;
>     box-shadow: 0 6px 24px rgba(0,0,0,.14);
>     overflow: hidden;
>   }
>
>   .top-rule {
>     height: 4mm;
>     margin: -14mm -14mm 4mm;
>     background: linear-gradient(90deg, var(--eb-red) 0%, #e18165 36%, rgba(255,255,255,0) 78%);
>   }
>
>   .page-header {
>     display: flex;
>     align-items: center;
>     justify-content: space-between;
>     gap: 12mm;
>     padding-bottom: 3mm;
>     border-bottom: 1px solid #111;
>   }
>   .brand { display:flex; align-items:center; gap:8mm; }
>   .brand img { width: 49mm; height: auto; display:block; }
>   .department {
>     font-family: "FangSong", "STFangsong", serif;
>     font-weight: 700;
>     font-size: 17pt;
>     letter-spacing: 1px;
>     white-space: nowrap;
>   }
>   .report-type {
>     font: 500 9pt/1.4 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     color: #444;
>     text-align: right;
>   }
>
>   .title-block { text-align:center; padding: 10mm 8mm 6mm; }
>   .title-block h1 {
>     margin:0;
>     font-size: 23pt;
>     line-height:1.35;
>     letter-spacing: 1.5px;
>   }
>   .title-block .subtitle {
>     margin-top: 3mm;
>     font-size: 14pt;
>     font-weight: 700;
>     color: var(--eb-red);
>   }
>   .title-block .period {
>     margin-top: 3mm;
>     font: 500 9.5pt/1.5 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     color: var(--muted);
>   }
>
>   .summary-grid {
>     display:grid;
>     grid-template-columns: minmax(0, 1fr) 57mm;
>     gap: 7mm;
>     align-items:start;
>   }
>   .gradient-label {
>     height: 10mm;
>     padding: 2.4mm 4mm;
>     color:white;
>     font-weight:700;
>     font-size: 14pt;
>     background: linear-gradient(90deg, #d8755d 0%, #e8a695 58%, rgba(255,255,255,0) 100%);
>   }
>   .summary-section h3 {
>     color: var(--eb-red);
>     font-size: 12pt;
>     margin: 3mm 0 2mm;
>     font-family: "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>   }
>   .bullet-list { list-style:none; padding:0; margin:0; }
>   .bullet-list li {
>     position:relative;
>     padding-left: 5.2mm;
>     margin: 0 0 2mm;
>     font-size: 10.5pt;
>     line-height: 1.75;
>     text-align: justify;
>   }
>   .bullet-list li::before {
>     content:"";
>     position:absolute;
>     left:1mm;
>     top:.64em;
>     width:2.4mm;
>     height:2.4mm;
>     background:#000;
>   }
>
>   .side-card { margin-bottom: 4mm; }
>   .side-card .card-title {
>     padding: 2.2mm 3mm;
>     color:#fff;
>     background: var(--eb-red);
>     font: 700 10pt/1.2 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>   }
>   .side-card .card-body {
>     padding: 2.5mm 3mm 1mm;
>     font-size: 8.8pt;
>     line-height: 1.7;
>   }
>
>   .section-title {
>     color: var(--eb-red);
>     font: 800 15pt/1.25 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     margin: 5mm 0 3mm;
>   }
>   .section-title .num { margin-right: 2.4mm; }
>   .sub-title {
>     color: var(--eb-red);
>     font: 700 12pt/1.3 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     margin: 4mm 0 2mm;
>   }
>   .third-title {
>     font: 700 10.5pt/1.35 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     margin: 3mm 0 1.5mm;
>   }
>   p {
>     margin: 0 0 2.5mm;
>     font-size: 10pt;
>     line-height: 1.75;
>     text-align: justify;
>   }
>   .lead { font-weight:700; }
>   .highlight { color: var(--eb-red); font-weight:700; }
>   .note { color: var(--muted); font-size:8.5pt; line-height:1.55; }
>
>   .report-table {
>     width:100%;
>     border-collapse: collapse;
>     table-layout: fixed;
>     margin: 2.5mm 0 4mm;
>     font-size: 8.2pt;
>     line-height: 1.35;
>   }
>   .report-table th,
>   .report-table td {
>     border: 1px solid var(--line);
>     padding: 1.6mm 1.4mm;
>     vertical-align: middle;
>     overflow-wrap:anywhere;
>   }
>   .report-table th {
>     background:#f8f6f4;
>     font-family:"Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>     font-weight:700;
>     text-align:center;
>   }
>   .report-table td.center { text-align:center; }
>
>   .toc { margin-top: 8mm; }
>   .toc-row {
>     display:grid;
>     grid-template-columns: auto 1fr auto;
>     align-items:end;
>     gap:2mm;
>     padding: 1.8mm 0;
>     font-size: 10.5pt;
>   }
>   .toc-row.major { font-weight:700; font-size:11.5pt; margin-top:2mm; }
>   .toc-row.indent { padding-left: 7mm; font-size:9.5pt; }
>   .toc-dots { border-bottom: 1px dotted #999; transform: translateY(-1.5mm); }
>
>   .metric-strip {
>     display:grid;
>     grid-template-columns: repeat(4, 1fr);
>     gap:3mm;
>     margin: 3mm 0 5mm;
>   }
>   .metric {
>     border-top: 3px solid var(--eb-red);
>     background:#faf7f5;
>     padding: 3mm;
>     min-height: 23mm;
>   }
>   .metric .value {
>     color:var(--eb-red);
>     font:800 19pt/1 "Noto Sans CJK SC", sans-serif;
>   }
>   .metric .label {
>     margin-top:2mm;
>     font:600 8.5pt/1.35 "Noto Sans CJK SC", sans-serif;
>   }
>
>   .two-col { display:grid; grid-template-columns: 1fr 1fr; gap:6mm; align-items:start; }
>
>   .policy-box {
>     border-left: 4px solid var(--eb-red);
>     background:#faf5f2;
>     padding:3mm 4mm;
>     margin:2mm 0 4mm;
>   }
>   .policy-box strong { color:var(--eb-red); }
>
>   .appendix-label {
>     display:inline-block;
>     padding:1mm 2.5mm;
>     color:white;
>     background:var(--eb-red);
>     font:700 8pt/1 "Noto Sans CJK SC", sans-serif;
>     border-radius:2px;
>   }
>
>   .page-footer {
>     position:absolute;
>     left:0;
>     right:0;
>     bottom:0;
>     height: 11mm;
>     background: var(--eb-red);
>     color:#fff;
>     display:grid;
>     grid-template-columns: 1fr auto 1fr;
>     align-items:center;
>     padding:0 14mm;
>     font: 600 8.5pt/1 "Noto Sans CJK SC", "Microsoft YaHei", sans-serif;
>   }
>   .page-footer .center { padding:0 8mm; }
>   .page-footer .right { text-align:right; }
>
>   .warning-box {
>     border-left: 4px solid var(--eb-gold);
>     background:#fefcf8;
>     padding:2mm 3mm;
>     margin:2mm 0 3mm;
>     font-size:8.5pt;
>     line-height:1.5;
>     color:var(--muted);
>   }
>
>   @media print {
>     body { background:#fff; }
>     .page { margin:0; box-shadow:none; break-after:page; page-break-after:always; }
>     .page:last-child { break-after:auto; page-break-after:auto; }
>   }
> </style>
> </head>
> <body>
>
> <!-- 第 1 页：封面 -->
> <section class="page" style="min-height:297mm;">
>   <div class="top-rule"></div>
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" 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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <div class="title-block">
>     <h1>南极磷虾油行业<br/>深度调研报告</h1>
>     <div class="subtitle">——国产替代与全产业链投资价值分析</div>
>     <div class="period">报告日期：2026 年 7 月 ｜ 报告类型：买方独立研究 ｜ 基于卖方框架，多渠道交叉验证</div>
>   </div>
>
>   <div class="metric-strip">
>     <div class="metric">
>       <div class="value">~$4.5亿</div>
>       <div class="label">2024 年全球磷虾油<br/>原料市场规模（QYResearch）</div>
>     </div>
>     <div class="metric">
>       <div class="value">~8亿元</div>
>       <div class="label">2025 年中国磷虾油<br/>终端产品市场规模（头豹）</div>
>     </div>
>     <div class="metric">
>       <div class="value">10.5%</div>
>       <div class="label">2024-2030 年全球<br/>CAGR（买方保守估计8-10%）</div>
>     </div>
>     <div class="metric">
>       <div class="value">&gt;50%</div>
>       <div class="label">Aker BioMarine 全球<br/>原料市场份额（买方验证）</div>
>     </div>
>   </div>
>
>   <div class="warning-box">
>     <strong>⚠️ 数据验证状态：</strong>本报告已根据卖方（宸睿资本）数据验证进行修正。关键修正包括：逢时科技份额从卖方声称的70%修正为37-40%；中国CAGR从79%修正为20-25%；Aker份额从70%统一为&gt;50%。全文标注数据置信度（★~★★★★★）。
>   </div>
>
>   <div class="summary-grid" style="margin-top:2mm;">
>     <div class="summary-section">
>       <h3>报告定位</h3>
>       <ul class="bullet-list">
>         <li>买方独立研究，基于卖方（宸睿资本）报告框架，多渠道交叉验证，力求客观中立</li>
>         <li>研究目的：构建产业链大图谱、挑选有竞争力的环节与企业、标的开发与投资建议</li>
>         <li>信息来源标注：技术信息→文献；产品信息→咨询/电商报告；公司信息→卖方报告+AI复核；捕捞资质→海洋局/渔业部门/国际组织官网</li>
>       </ul>
>       <h3>核心发现</h3>
>       <ul class="bullet-list">
>         <li>磷虾油行业从"资源驱动"向"价值驱动"转型，国产替代进入加速期</li>
>         <li>上游资源垄断格局稳固（Aker &gt;50%），中国8艘磷虾船全部投运，捕捞份额向30%+迈进</li>
>         <li>中游超临界CO₂萃取成高端标配，国产设备成本下降40%，技术壁垒被削弱</li>
>         <li>下游国产品牌份额从30%向50%+迈进，「哑铃型」投资策略：逢时科技（核心配置）+ 辽渔集团（长期跟踪）</li>
>       </ul>
>     </div>
>     <div style="display:flex; flex-direction:column; gap:3mm;">
>       <div class="side-card">
>         <div class="card-title">核心标的评级</div>
>         <div class="card-body">
>           <p style="font-size:8.5pt; line-height:1.6; margin:0;"><strong>逢时科技</strong>：核心配置<br/>营收增速/市场份额/蓝帽产品数<br/><br/><strong>辽渔集团</strong>：长期跟踪<br/>捕捞量/产品结构升级/品牌化<br/><br/><strong>康境海洋等</strong>：并购机会<br/>专利/产能/客户结构</p>
>         </div>
>       </div>
>       <div class="side-card">
>         <div class="card-title">全球区域分布（2024）</div>
>         <div class="card-body">
>           <p style="font-size:8.5pt; line-height:1.6; margin:0;">北美 42%（~1.89亿美元）<br/>欧洲 31%（~1.40亿美元）<br/>亚太 22%（~0.99亿美元）<br/>其他 5%（~0.22亿美元）</p>
>         </div>
>       </div>
>     </div>
>   </div>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-1-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 2 页：目录 + 第一章 行业概况 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAYIAAACYCAYAAADpwO7AAAAMTmlDQ1BJQ0MgUHJvZmlsZQAASImVVwdYU1cbPndkQggQCENG2EsQkRFARggrgOwhiEpIAoQRY0JQcaOlFaxbRHCiVRBFqxUQceGuFAUVtY7iQEWpxVrcyn9CAC39x/N/z3Pufe97vvOe7/vuueMAQO/iS6W5qCYAeZJ8WWxIAGtycgqL9AygQA/QAAKc+AK5lBMdHQGgDZ//bq87oR+0q45KrX/2/1fTEorkAgCQaIjThXJBHsQ/AYA3C6SyfACIUshbzMqXKvE6iHVkMECIq5U4U4WblThdha8M+sTHciF+BABZnc+XZQKg0Qd5VoEgE+rQYWeAWSIUSyD2h9g3L2+GEOJFENtCHzgnXanPTv9KJ/Nvmukjmnx+5ghW5TJo5ECxXJrLn/N/luN/W16uYngOG9jUs2ShscqcYd0e5cwIV2J1iN9K0iOjINYGAMXFwkF/JWZmKUITVP6orUDOhTUDTIgnynPjeEN8rJAfGA6xEcQZktzIiCGfogxxsNIH1g8tF+fz4iHWh7haJA+KG/I5KZsROzxvZ4aMyxnin/JlgzEo9T8rchI4Kn1MO0vEG9LHnAqz4pMgpkIcWCBOjIRYA+JIeU5c+JBPamEWN3LYR6aIVeZiCbFMJAkJUOljZRmy4Ngh/z158uHcsZNZYl7kEO7Iz4oPVdUKeyTgD8YPc8H6RBJOwrCOSD45YjgXoSgwSJU7ThZJEuJUPK4vzQ+IVY3F7aW50UP+eIAoN0TJm0McLy+IGx5bkA8Xp0ofL5bmR8er4sQrsvlh0ap48AMgAnBBIGABBWzpYAbIBuK23oZeeKXqCQZ8IAOZQAQch5jhEUmDPRJ4jAOF4HeIREA+Mi5gsFcECiD/aRSr5MQjnOroCDKG+pQqOeAxxHkgHOTCa8WgkmQkgkTwCDLif0TEh00Ac8iFTdn/7/lh9gvDgUzEEKMYnpFFH/YkBhEDiaHEYKIdboj74t54BDz6w+aCs3HP4Ty++BMeE9oJDwjXCV2EW9PFRbJRUU4CXVA/eKg+6V/XB7eGmm54AO4D1aEyzsQNgSPuCufh4H5wZjfIcofiVlaFNUr7bxl8dYeG/CjOFJSiR/Gn2I4eqWGv4Taioqz11/VRxZo+Um/uSM/o+blfVV8Iz+GjPbHvsEPYeewUdhFrxhoACzuBNWKt2DElHllxjwZX3PBssYPx5ECd0Wvmy51VVlLuXOvc4/xR1Zcvmp2vfBi5M6RzZOLMrHwWB34xRCyeROA0luXi7OIOgPL7o3q9vYoZ/K4gzNYv3JLfAPA5MTAwcPQLF3YCgB894CvhyBfOlg0/LWoAXDgiUMgKVByuPBDgm4MOnz4DYAIsgC3MxwW4A2/gD4JAGIgC8SAZTIPRZ8F1LgOzwDywGBSDUrAKrAcVYCvYAarBPnAQNIBmcAqcA5fAFXAd3Iarpxs8B33gNfiAIAgJoSEMxAAxRawQB8QFYSO+SBASgcQiyUgakolIEAUyD1mClCJrkApkO1KD/IgcQU4hF5F25BZyH+lB/kTeoxiqjuqgxqg1Og5loxw0HI1Hp6KZ6Ey0EF2KrkDL0Sp0L1qPnkIvodfRLvQ52o8BTA1jYmaYI8bGuFgUloJlYDJsAVaClWFVWB3WBO/zVawL68Xe4UScgbNwR7iCQ/EEXIDPxBfgy/EKvBqvx8/gV/H7eB/+mUAjGBEcCF4EHmEyIZMwi1BMKCPsIhwmnIXPUjfhNZFIZBJtiB7wWUwmZhPnEpcTNxP3E08S24kPif0kEsmA5EDyIUWR+KR8UjFpI2kv6QSpg9RNektWI5uSXcjB5BSyhFxELiPvIR8nd5CfkD9QNClWFC9KFEVImUNZSdlJaaJcpnRTPlC1qDZUH2o8NZu6mFpOraOepd6hvlJTUzNX81SLUROrLVIrVzugdkHtvto7dW11e3Wueqq6Qn2F+m71k+q31F/RaDRrmj8thZZPW0GroZ2m3aO91WBoOGnwNIQaCzUqNeo1OjRe0Cl0KzqHPo1eSC+jH6JfpvdqUjStNbmafM0FmpWaRzRvaPZrMbTGa0Vp5Wkt19qjdVHrqTZJ21o7SFuovVR7h/Zp7YcMjGHB4DIEjCWMnYyzjG4doo6NDk8nW6dUZ59Om06frrauq26i7mzdSt1jul1MjGnN5DFzmSuZB5mdzPd6xnocPZHeMr06vQ69N/pj9P31Rfol+vv1r+u/N2AZBBnkGKw2aDC4a4gb2hvGGM4y3GJ41rB3jM4Y7zGCMSVjDo751Qg1sjeKNZprtMOo1ajf2MQ4xFhqvNH4tHGvCdPE3yTbZJ3JcZMeU4apr6nYdJ3pCdNnLF0Wh5XLKmedYfWZGZmFminMtpu1mX0wtzFPMC8y329+14JqwbbIsFhn0WLRZ2lqOclynmWt5a9WFCu2VZbVBqvzVm+sbayTrL+1brB+aqNvw7MptKm1uWNLs/WznWlbZXvNjmjHtsux22x3xR61d7PPsq+0v+yAOrg7iB02O7SPJYz1HCsZWzX2hqO6I8exwLHW8b4T0ynCqcipwenFOMtxKeNWjzs/7rOzm3Ou807n2+O1x4eNLxrfNP5PF3sXgUuly7UJtAnBExZOaJzw0tXBVeS6xfWmG8Ntktu3bi1un9w93GXude49HpYeaR6bPG6wddjR7OXsC54EzwDPhZ7Nnu+83L3yvQ56/eHt6J3jvcf76USTiaKJOyc+9DH34fts9+nyZfmm+W7z7fIz8+P7Vfk98LfwF/rv8n/CseNkc/ZyXgQ4B8gCDge84Xpx53NPBmKBIYElgW1B2kEJQRVB94LNgzODa4P7QtxC5oacDCWEhoeuDr3BM+YJeDW8vjCPsPlhZ8LVw+PCK8IfRNhHyCKaJqGTwiatnXQn0ipSEtkQBaJ4UWuj7kbbRM+MPhpDjImOqYx5HDs+dl7s+ThG3PS4PXGv4wPiV8bfTrBNUCS0JNITUxNrEt8kBSatSeqaPG7y/MmXkg2TxcmNKaSUxJRdKf1Tgqasn9Kd6pZanNo51Wbq7KkXpxlOy512bDp9On/6oTRCWlLanrSP/Ch+Fb8/nZe+Kb1PwBVsEDwX+gvXCXtEPqI1oicZPhlrMp5m+mSuzezJ8ssqy+oVc8UV4pfZodlbs9/kROXszhnITcrdn0fOS8s7ItGW5EjOzDCZMXtGu9RBWiztmuk1c/3MPlm4bJcckU+VN+brwB/9VoWt4hvF/QLfgsqCt7MSZx2arTVbMrt1jv2cZXOeFAYX/jAXnyuY2zLPbN7ieffnc+ZvX4AsSF/QstBi4dKF3YtCFlUvpi7OWfxLkXPRmqK/liQtaVpqvHTR0offhHxTW6xRLCu+8a33t1u/w78Tf9e2bMKyjcs+lwhLfi51Li0r/bhcsPzn78d/X/79wIqMFW0r3VduWUVcJVnVudpvdfUarTWFax6unbS2fh1rXcm6v9ZPX3+xzLVs6wbqBsWGrvKI8saNlhtXbfxYkVVxvTKgcv8mo03LNr3ZLNzcscV/S91W462lW99vE2+7uT1ke32VdVXZDuKOgh2PdybuPP8D+4eaXYa7Snd92i3Z3VUdW32mxqOmZo/RnpW1aK2itmdv6t4r+wL3NdY51m3fz9xfegAcUBx49mPaj50Hww+2HGIfqvvJ6qdNhxmHS+qR+jn1fQ1ZDV2NyY3tR8KOtDR5Nx0+6nR0d7NZc+Ux3WMrj1OPLz0+cKLwRP9J6cneU5mnHrZMb7l9evLpa2dizrSdDT974VzwudPnOedPXPC50HzR6+KRn9k/N1xyv1Tf6tZ6+Be3Xw63ubfVX/a43HjF80pT+8T24x1+HaeuBl49d4137dL1yOvtnQmdN2+k3ui6Kbz59FburZe/Fvz64faiO4Q7JXc175bdM7pX9Zvdb/u73LuO3Q+83/og7sHth4KHzx/JH33sXvqY9rjsiemTmqcuT5t7gnuuPJvyrPu59PmH3uLftX7f9ML2xU9/+P/R2je5r/ul7OXAn8tfGbza/ZfrXy390f33Xue9/vCm5K3B2+p37Hfn3ye9f/Jh1kfSx/JPdp+aPod/vjOQNzAg5cv4g78CGFBubTIA+HM3ALRkABhw30idotofDhqi2tMOIvCfsGoPOWjwz6UO/tPH9MK/mxsAHNgJgDXUp6cCEE0DIN4ToBMmjLThvdzgvlNpRLg32Bb7KT0vHfwbU+1Jv4p79BkoVV3B6PO/AP+Ngw1KaDxAAAAAimVYSWZNTQAqAAAACAAEARoABQAAAAEAAAA+ARsABQAAAAEAAABGASgAAwAAAAEAAgAAh2kABAAAAAEAAABOAAAAAAAAAJAAAAABAAAAkAAAAAEAA5KGAAcAAAASAAAAeKACAAQAAAABAAABgqADAAQAAAABAAAAmAAAAABBU0NJSQAAAFNjcmVlbnNob3QUTfpnAAAACXBIWXMAABYlAAAWJQFJUiTwAAAB1mlUWHRYTUw6Y29tLmFkb2JlLnhtcAAAAAAAPHg6eG1wbWV0YSB4bWxuczp4PSJhZG9iZTpuczptZXRhLyIgeDp4bXB0az0iWE1QIENvcmUgNi4wLjAiPgogICA8cmRmOlJERiB4bWxuczpyZGY9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkvMDIvMjItcmRmLXN5bnRheC1ucyMiPgogICAgICA8cmRmOkRlc2NyaXB0aW9uIHJkZjphYm91dD0iIgogICAgICAgICAgICB4bWxuczpleGlmPSJodHRwOi8vbnMuYWRvYmUuY29tL2V4aWYvMS4wLyI+CiAgICAgICAgIDxleGlmOlBpeGVsWURpbWVuc2lvbj4xNTI8L2V4aWY6UGl4ZWxZRGltZW5zaW9uPgogICAgICAgICA8ZXhpZjpQaXhlbFhEaW1lbnNpb24+Mzg2PC9leGlmOlBpeGVsWERpbWVuc2lvbj4KICAgICAgICAgPGV4aWY6VXNlckNvbW1lbnQ+U2NyZWVuc2hvdDwvZXhpZjpVc2VyQ29tbWVudD4KICAgICAgPC9yZGY6RGVzY3JpcHRpb24+CiAgIDwvcmRmOlJERj4KPC94OnhtcG1ldGE+Ct2eSlQAAAAcaURPVAAAAAIAAAAAAAAATAAAACgAAABMAAAATAAAGP6O6LipAAAYyklEQVR4Aexd7a9mV1U/d6YztzPodDp3ptNi2xkkaYeZ6VBpoS9DsKbYlI5AW1tKisQ21toXQjUSwxejyEsTKCaYSIxBlC8kmALqdxJjggW/GJu2IhqNrcbEDxL5B3T91l5r3/2cu9/Oc/d5Xu5ZO/d59t7rba+9zt7rd97uvRv/R6WzYhGwCFgELAKTjcCGAcFkj71N3CJgEbAIcAQMCGwhWAQsAhaBiUfAgGDiC8CmbxGwCFgEDAhsDVgELAIWgYlHwIBg4gvApm8RsAhYBAwIbA1YBCwCFoGJR8CAYOILwKZvEbAIWAQMCGwNWAQsAhaBiUfAgGDiC8CmbxGwCFgEDAhsDVgELAIWgYlHwIBg4gvApm8RsAhYBAwIbA1YBCwCFoGJR8CAYOILwKZvEbAIWAQMCGwNWAQsAhaBiUfAgGDiC8CmbxGwCFgEDAhsDVgELAIWgYlHwIBg4gvApm8RsAhYBAwIbA1YBCwCFoGJR8CAYOILwKZvEbAIWAQMCGwNWAQsAhaBiUfAgGDiC8CmbxGwCFgEDAhsDVgELAIWgYlHwIBg4gvApm8RsAhYBAwIbA1YBCwCFoGJR8CAYOILwKZvEbAIWAQMCGwNWAQsAhaBiUfAgGDiC8CmbxGwCFgEDAhsDVgELAIWgYlHwIBg4gvApm8RsAhYBJoBwb/99j1dt0E/+yioG9RAQR/tfWhQn+sNxwZdaCwOPeK7NhjbfU9jebHJ+pCnj+hCeWMfdehnQ8far3YwHn0wBvOEDl2iHz59P9eXHb2x23/FDUS0YhGwCFgEphGBZkDwL8+9kxIpBU0+DADIvZJ0uZakuyPhI0GrrJchEtMdT5O72vMJXRM+xPbjy310PNSuLXTwQSNZNDvWITXYCWT3EfPytzzcbZ56aBorwWZpEbAITDYC7YDg47dSEJFsXcVNTrrIzY7ONRI9J13IBWfnqotkDBuQwY/UTCRd2NjAWT6ExI6TcX3mC5hs02FnnyR7Z8PZJ1uXbY/nwYBtk3mABDlhgEBhsGIRsAjs2Qi0A4KPERC4vEnBQlKWmFFzO5lTG0mWErkDBTCV79pMELCAaBQQIKpn9AwGSOZE9HoQAGDAgNhXOapdwofIRnfwxIXuwMlzTh/CkKPC9tBkU462efph5tmXRcAiYBHYSxFoBwRP3+ISMRKyJFAkY9+mqCkgaNLWM3CWQYKGniRi1XU6xKAkr/rKU5qn+ySPcV3CV5tuTOcP5FmH6ivver47cNX5vXRMbS4WAYuARWBQBJoBwT8/+Q6+386JFwkdjZkaNJCFjsQubX9vH2f0RPOJnRWIxolbbLIMiRGNC2r64ds4sCd9TfRqDyy2ozIMLPu6Y3cDCG5ytuzbImARsAhMMALtgOBXCQiQbH3CpbYkZabhS/lockKGvLsS4L6/96980VFdsuffSgqARGdcreMGmZHn11qB+iCP+UNvmrIAKIijYwLojk8dANvP0YN8MrHmAYlU7AILJ2RFQ7Ee2IENnPRV0j/XVV58YJumKIsBoXumQ8HxQ9wcUeYK52VpyoGWoMOkOGR2hSSvY4ds0TgglR47Mg5qTtdu0C8pG9v0LAIWAYvAciPQDgh+8YMUyfKheI/kJ9PrmhmawLhdXBN7O4k0Aoaq3KnWt5FQ7eimYRiZ4aoPRUSF3jqyBIANX2xhBF+SnHPYjRR9iQ+BAA1FHxjL04NUHehET4JchWBatgjaCLvRL7KFbtEXbDSctTTLZc1dcFhCvAEtjtQUTPYto6TbSiCkE++iVXk6Ao6AI7AKEWgKBP/4KONVSdwlUJdAqYDHV1brySmYx9G2CnhthEbRtoFAZXIByAqCGWR1mw0BM43i4BaKm54DY7LhGllQIIhtIT8Hq46JGN6IC48FKCN8F73ahzRiRsOBjMEO4H0vGgVtv5J6IBo4UX8ueSdvPn4C/yvSPDBw1iNQV9mrdScgZJxQbZgSKHn1F0bPy+gdlVaLyAhB/B+/GgFJLojBGaznYRM9h6uEOue5IiGfOQKOgCNwAiLQBAhOvPiwT3pcAJ1MpoRKU1zYjTHMVYvOWTCTlIJEYyNWCjNhojiojS4goNaM6oaqFvj/UFBQ6JQjVfUlFXzmbYxsjtEpYQk4iwkP9BBJ1eSNWxJQqlIfuQ6N8FbxVHmN1F+uECFQOVKuAwrxV4VZ60I0eSJgjIBgYx2QB9HV3S7hHOFdhRp3R8ARcAT2TgQmDQRNeKd1o4ne1vTtUZ1NEl01noCumtiTStvSFeEE3SChCbfErgwJELWe2azcysFuCBLgjRp9zNpZZ9Vj+0Iu3B1qDWxX3FQ+gLbBi4YSaxw1gLlk+DsCjoAjMA8Epg0EMeRSt4MY53JqWGnFbeVAE08tCsnlMEEp2WgUCkUqIOiIpSjIpj2jCtBAcGKNAtKXeZirgW1hYKiojQJG/VEVNXQOS1l2EghQJZbN1zQR0tYZg7TdOo3WL8pDeFoXkkwVAYuARWD/RmDCQJC6HaSC0XXhQxFrrK2VUq5YSPkFgiBmMZYMy9VK3AikGCQ7V7mMhUYry9cgUjyOkK4kR0AZs5EjXG7nAqgDSpugGAVfXUAkHBH3NsQCS23cVqCixO+OgCPgCMyMwISBQOOSKvg+X7oCqHYTyVhtoMbpQpuDC1VfDCL1PCPqY55j4ZrmE7qOoEk7EAQ70UFI6lS7Mqxr6Wm8XWuRgRAIyDbDdL4s1GyNesYjTgMOpJ2MjWA6Lx6ZJ+fMEXAEHowITBoI+p2lWJVMhZjl9UpQEi3L3+J3mbl7aZKjsgYjFbcB6n1JL4mZYpB/l5gjm6VlAUwBjQRG0rG4I6U4pnjY8my4RFL6biIUso3ClqYszKv+NsMrARp1RBwBR2DpEZg+EEQPiTxRJh0BxcJJ4UqVjYt26FOSosHGA8sUYwJOVbJxRFIa8BBbSReFHbRsPkZBBZSN7XAF2+iE7DbGHJxGEM5hCCjs6RBwdsEWSQa8tS1EMcsMf6IN0S3dF4EWtGPl01AaVQUsAi0WchBLlTdHFZSBdnip0C5kVE3HZm9HwBFYBAKTBIIR1W8GvrlTJWA1iwKeKiygthVt2B6MUC2nHFItLPoJg7xNY5tiqGF0ksLr4xTjwTlqCkHq5hASucAh3XzC8v4kshFp5TbBq+1FXBKGlIMK2ex4ZRw2LwEBip+4DAbvYTPQkiTFibWvszCNCJ1fRSPSHRECeYuS1oQhEIohUMNFQ8AxrAyCR7sOWZ5yhY06Hsgk+Hq8l1h9K70u67UXR8ARcAROZAQmBwRJDOrDUE7w5eU/czulVHlIYnUalQxWpUsOl4ovNCLYSmVIowKSCBLY7J+VsIUdjEw3EmMQjXcK0rBuG2aV7ByL5QyHgrXSwR6zU41oD4I4bI95UplByDU3ZDySZyW+NL1GAdW2pR1l48g+9+60Sj2AvkYhxh4b0PjwRnmVUg8JFR4PmT3TUkSLgCOw/BGYIBC0P0iPmHAyTeVLyMoHf13pBo+kp/Rm0hW5KkT1TecxmshV+1TaINOUxSELHh0cYc8K0IGUViRsUB3asN7DlvRgwsiFSXqGQEiMCRX7FfTVLvSCtwSuiJxAyWi7bCfT3Iq4HX2Ir62JDc1ae/SBIifHRhYBKwQn7Tjx0u16yWJ0w1mjN0fAEVhCBCYFBEkM9QGdRUBSvSiKQDEvS85u2AZJXGddtiIMqlCHC5Y7g9aAWH7lqBNkx+EtEu7BlrhHFC0ZcSBYQcBHEy2PIBUIEAKEZGzDgDsL4VxsCzGEbMwefDfmxP6HjERhBUzR3ejGBCJDM7aFgUqyBjRaCGtpRCAKlRS4fSCF8eQMOSXpRgg8WYMGMTuOXAvTwRwDprtpRCssY1P2p1WDapwQ0kCjyFh4bsWntciZQVHaKNSBJAt1YcsEOtE9IiFs0L30ZhaMmC0djqS6CmrrXCVi5nFQQMGiFzOjNFSPNqJTCRHCFyEF2CgHzA53xkSzIQOtQY0GsTAVahw7UD1FqixsuUwDGt5NBAs01fATtBxr4sbdEXAElh2BSQFBErQ44eNEZZdq4L0dWWWzG2mm6BLsgVnxYVl1kkVFhyJdF3bF3rx6Fb/HGigSfSauqCMtKmsmFh9C/5gPI0jsCMclHrM+hM9NYwY8i22RMAvWIgobw/g1nAFNXQM1dHIyFgE7yKdwf8jCVpEaJF9LJ2s5kKgEmI0Js1pULHElih81jXqA7AT+Bi00KYBGdRD07RRb6UjA/VsGjdE05m1VhFQas0eQQBQSWrQsBId6HIBVB9rX9rZ1BeJ+hCAF2wUE5WCvE6MJMthLFkxvMVq2VlI4oAkFjl0LsZ7sQkWGg74KrmF/QRA8i0eI7aFT1ba2Cjh7zizOxLdCPuwyWjEuBoVhH2U3ALyCCP5MGPaLPlGBXU2Gi6Rt0NAfms7k27nAS6AKhgvXqWkh6zYBhl1H9dCqXgFCf1hSbM0cDmbQIon2aNFPyBH5BWUJOGVbMhsBhSHeoRoRQk4QgbxybTfiqdhkhxHEjGoYTQ8p8xwBEFl3R8AROGERTA4I4olRPqBDGpOIHy6EWFYL1aVBdTO3MjiX7CAYJi6qFP0uhthQ9YF0zM2o3eDiA7ssRE7wCJO20IM9mAh7gBaCsuBCRBtoQcsGD4MgEOaYjgycJFp1ZXLGWHoNKi7S8iyuKjS6ARZtcEQLKJtAFeOhC26N3QaexdY3COe+68E4tHPEIz5QAN8NH6HIjGGgGzNgI/cIYNThFgk6aCMKt8uJI3DyI+ANlyhB71cMWD7U8OwSLzx6pgQOflhBSbtIQbM6NEQSvlqFnR4vC3MijPS6dHNDWZ3A9hpGSVikCJpmvMUIWSoF3KBF3cr40nCImo20H8ME56iPgsxRUFBQ3RtqWQtvBH3O9m27jJsiA/L4uSyICQhWYIN8q0c/rqgv9HHR47ABxH5wsIAnDCAUbWJiTiiqwshCVLBpHGFn0mpxcRzw6bGEYdlwPMJAKPJ1Y+J5tB5BRcgg4jHzYSUtn+oYddENyRrX2Jo6jTiM2LOhRkfAEVhoBCYFBNGZ6cM4RFk/zxsDVdyLLDZBjOpu0HwAuoQhnii6YBT9BSAs1UQIsUILtlN6SidWPlzY0IIhSw5+UspW2Mhl9GONIRGhlTlMY6Mb2+gno0a1nmn7qHmQBH/qBD3oYLhJOYYFQoArRkCibQ2AkoQCcBW5XgZVEVsu5XRBHh+7ogUNYIXuSEYTgcWl9okK2W7J6M9pFTkGBVuVJp2QPEp3J5DLBRZBJVRqij1uklBfj8FyP9WcjLbmpBIjHxwBR2BVR2AyQIAiESbCthmob0mqLaiaWZJJoqjYqlSkbSAwzSwGBK0JPAmmssiy5YyOig/syLxEcRK3h+w8XspArHAjMXsLssKBqR4ck6b0UosNNOxz+CxpSStIPUElNFY0JDORoXMG5Ri5k/iqYQj5S5FroY3RUgE0dTk4IuIRYqQhZAGnWYJFU3wqvZAhwhBSRB46dMSUo+NTj8YjCSmFVksX0Cr6j/12twhGSwgFFbN9X9GjiCeDtL9JV6IO0gMi3DMfOEmNkBCfD7d44UgNXKkuQkiBhM9V+hUBVTu9YtIYqW9HwBFY7gicdCAopBUX9XxvC0ey9FQIxNRWTLRFfNXFpck4TtxRhBYMDnW6yoqElrpy0mht1JZkElVLMlK5SCmGFIphAg8ApZJqAitO4d1GCEOHsVd8Vh41By6N0KFfFmyr6IdgEDIE3vbgYJXMQqWQmY5QnIsYKLbV0jUT1f01jgYjVke05gcMYrIKQJbsCNKSgHjwHd8TIMM6DZXPudAsPEjEUJkzzQFPl7MBD3QN0sGBxVA6Ao7Ayo3AJIBAn4H0UxMMTqo2NPc3cINiGYpTUQ4flDE2sNhfAbeV1YWQTs6VRCFlqbywD66soKyZCIU0WbzIACuZvBW82B7ZieMYGsJVdE0kWcVkLcxmEyOZWCINl5UmMlvkNUXJ1lZbCYzXHqQDrEgJqkuhpQHBBvUjbsRStFTVq1gC5d3oQB6iikQjrg2u7sm5BgXNUo2bhFCdQzYWSPGWATvA//0wGi0mYThOqoJ1b4U9XBpCehcB4jYsNkVBL5UNHyXGDQThxJmHI+AIrGwEThoQiIvCJEMmF4mQsFiHhCevkkbsYVs3EMBGmNTxCycORpCiwI8VW8SwwG4pW6jQmOx5M9DWmOyJjGTB4NmKjSHONIA5V0fOFp8Ao3FS8UJQRYPsOJTqJw1IYrRFByarCHBlA49GEMBEAxMNaa8aQcvSoSS+8BKkGlJQQ8ErQQdM0SLMqw01GyEQ5a0gITWk6zLNNQKpkS0K2Y1wFnQeNXby7rFPEHC8cLkQoQE5ZKmAUjOmVg6yRxSjC4SVPFH7RiQIlX0YgzSlK13aRMV9YIJdPmiRQSaBKgjj1mGEVFgkptqB8H5tOiK4y1hVsbcjYDKNxU2k9N7xBRCMq8awBbbwDoL6JRfUAhZCdO8KVpCEq9ahbTkLlFCG/Aap2aJDyq9l6MRvDcF8Dxta4N1ci0JVAchKMJJgo43AHmF6tKpM9IbVNKQNRwGS5qkWVqkL6cE4+GL1WLgbAi1y7S/8RL2xG1cS49h6DFGzCSzGu6AzMRYxHFQU8AfWUfA/kZcHmBD0gGXRnCiuSfhvIo4SJi+jiCmBoA1UEGcOY5B7Z0gaaEu4+gsSSIVm5IOqSAShj6uBMTg0C0dLZ7z9UmGqaFe3nqI6VomCdBTWkAro4AIpJ2mBfa0sV8K0SXtJvFx28EOfHnYEEq1wO4V0Vqmc7sBVaBlByNeHBNLal4MX8SP7oEMGrLoW0o6jWIKWWeA3DgJBB5BwUpRjWp8PBFSFvaTwBVyQo1mLDQCoMoIV+Fj4gS9QDfRFVNa4kBJN6ojZEq6sotGUC40mY6OVbqYsgBjbpwgrwHVYFGFIcoRDDBpo2TQ0Xc5WmG0NnFAsaSmELCsEFfU91VpQCKmp6k1LqKWxFgjo1MIAXBgEkk2gg44yIGdKCA4UcfN66nQEHY3KZ6r6bSf2JkjQC/cG0DBkgW+gnk6A3BSMzyAsmNN9DD4hjA9YC3q4EHq4GiSAAAcGmhHDJbSjB3YNjCQYA1hMQzNCB0atRHAh0DC08p+ga6SqHR6EMyMYFmaIoRCBBtDN4QDWw4cfYWfwF7OAIBx1cJkWtqkj0BNNkBaRitYXEcRc/RACV7hFj5TgDTK8qL1TbMNccRrlhu1pM11q4mOaAmwhUACWfGZfWBG+8vCIWiZHiIBXbRlsZMA6mIh5uBsIcwG/aQCgNpiYkCAFMh4ctPkuZyPBEYAhB2CACm1RDKEzD3OinJ7oAlHVL9m1mKM8GxJoAgLbDBWNloDAFXQRFhAo/hQhsSfBCZSYDRYLQCgBAuGD1JAhTYpMCEgYNcxR8MMGGgKEZPEgmSDFWgLaT5GyQrLhtVfI/dRKKGDMfQzoZISYmIgHUVPoRr+LXZVB1LhQFjqRUo/tfRCBhuw+QwRRaPFAEe1VbVAUllSGJLlARdRwJAqNNF5BpIhK3BMggpAokW7ABDXKoo4YKvYBRFSUCeCUNSJGMCj4QvzitLIgyJRCY7C8FK2SAG8WUCmQYbMGYvVFdNL3kjK1agpOVV0IM0E1CXEqA7Fkg/Q0rHpMSCEGWyn5iiG3XoahzGs3IG9EtSi4AV4wYT8hRD5ITBEVljKNYAvlni+i1uMRHRSD5IPyRh+1/AjDPdqv5LAgYECm+JiCKMyZy5YVdANAgUKP2tNVSyIAUAjxRksgCw4Bwsi24bwLqgwFVGyjaJaq7thjKsONpgmlQ7KCjJMYIVCKcCsASiYI2qD7oAl7sBF80kyYmYPJDBG1HVyBaj7nTZhCYIehZg3Bc4RA7JUgHDpJCI21ggbY9EHSUZAt5Tq2NMLmkDYMWa7bLkUY+ECFOcQCSKCNGLZAqIUcYXkALM0LSMVXEBtM3MKjEqQHJQkLoElAAAhYTDJvCSO8CgI4LBALgShyB25RIUlCddGZDyD8i81eUsyW1bMOFfTFyOIKCRVR3xpSMDjVcBkCxNNa6CCo1DiZJ6eSeix7o4nFnmpKKijhybPvbjVEWYkc1Dkl6NECgBE5khcj5UtNQjYKqI8ovLm0hRo8SUfNqJGgIk2CGRX3jWO/KEJlIUYh7WQmAIHAvxxBJCZ41IJiipFVwYo4GpL2B0a7TRJLNoOg0YBeDLtQil/2FVoTU8TBJLdQTYHgDQG41kKEQ2WtPYEFDSmLhdNgHxj+WtAqcxYEkKUC8sC2LVdZGCdMg9D/YNxIVjsBm0P/hqmstNCWgH1gxDF2H+oKqGgRAVZEFP3gqP4U0oi3BjCDQG7owRYuwFsSKjXYUr9AGLQYFsTHJiBjsKicVigKQqGzCZOzVC4EIOPJki4p+9xZUnQ44BGEW4k7AHj5lKBv7rYGgdjCbsIZ2Kg4CG80EXywgVAUSVk8HvC6fEjDHqIm5SpJc8iyEVJoEnQBjSQOKK3IfkMiW6hSVOqWH6YKkFND0BxQoOqP0WltdNOQBjx8BPqTM1psooICPa84oDcJCYBu4EBIbIC7MlG+6BYuRkp/IWEHEx06QsI52YJs0F9iKBRaJoQsFFI/MPR/ATMPCgGX0QXnAAAAAElFTkSuQmCC" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h2 class="section-title">目 录</h2>
>   <div class="toc" style="margin-top:3mm;">
>     <div class="toc-row major"><span>第一章 · 行业概况</span><span class="toc-dots"></span><span>3-4</span></div>
>     <div class="toc-row indent"><span>1.1 磷虾油定义与分类</span><span class="toc-dots"></span><span>3</span></div>
>     <div class="toc-row indent"><span>1.2 发展历程：从饲料添加剂到高端营养品</span><span class="toc-dots"></span><span>3</span></div>
>     <div class="toc-row indent"><span>1.3 市场规模：全球及中国市场增速</span><span class="toc-dots"></span><span>4</span></div>
>     <div class="toc-row major"><span>第二章 · 产业链深度拆解</span><span class="toc-dots"></span><span>5-7</span></div>
>     <div class="toc-row indent"><span>2.1 上游：捕捞加工（资质·硬件·竞争格局）</span><span class="toc-dots"></span><span>5</span></div>
>     <div class="toc-row indent"><span>2.2 中游：提取加工（技术对比·专利·竞争格局）</span><span class="toc-dots"></span><span>6</span></div>
>     <div class="toc-row indent"><span>2.3 下游：品牌与渠道（消费画像·竞争格局）</span><span class="toc-dots"></span><span>7</span></div>
>     <div class="toc-row major"><span>第三章 · 竞争格局与企业分析</span><span class="toc-dots"></span><span>8</span></div>
>     <div class="toc-row indent"><span>3.1 国际标杆：Aker BioMarine商业模式拆解</span><span class="toc-dots"></span><span>8</span></div>
>     <div class="toc-row indent"><span>3.2 国内现状：国产替代的痛点与机会</span><span class="toc-dots"></span><span>8</span></div>
>     <div class="toc-row indent"><span>3.3 核心企业竞争力评分表</span><span class="toc-dots"></span><span>8</span></div>
>     <div class="toc-row major"><span>第四章 · 投资建议与风险提示</span><span class="toc-dots"></span><span>9</span></div>
>     <div class="toc-row major"><span>第五章 · 附录</span><span class="toc-dots"></span><span>10</span></div>
>   </div>
>
>   <h2 class="section-title"><span class="num">1、</span>行业概况</h2>
>   <h3 class="sub-title">1.1、磷虾油定义与分类</h3>
>   <p>南极磷虾油（Antarctic Krill Oil）是从南极磷虾（<em>Euphausia superba</em>）中提取的天然油脂，其核心价值在于<span class="highlight">磷脂型Omega-3脂肪酸</span>的高生物利用度。磷脂型Omega-3凭借其双亲性分子结构——既有亲水性的磷酸头基，又有亲脂性的脂肪酸尾部——无需胆汁乳化即可被肠道上皮细胞直接吸收。</p>
>
>   <table class="report-table">
>     <colgroup><col style="width:17%"><col style="width:18%"><col style="width:18%"><col style="width:27%"><col style="width:20%"></colgroup>
>     <thead><tr><th>类型</th><th>Omega-3形态</th><th>代表来源</th><th>生物利用度</th><th>市场定位</th></tr></thead>
>     <tbody>
>       <tr><td><strong>磷脂型</strong></td><td>磷脂酰胆碱（PC）结合EPA/DHA</td><td>南极磷虾油</td><td>高（双亲性分子，无需胆汁乳化，直接肠道吸收）</td><td>高端营养品</td></tr>
>       <tr><td>甘油三酯型（TG）</td><td>甘油三酯结合EPA/DHA</td><td>深海鱼油（天然形态）</td><td>中等（需消化酶分解）</td><td>大众保健品</td></tr>
>       <tr><td>乙酯型（EE）</td><td>乙酯结合EPA/DHA</td><td>鱼油浓缩提纯产物</td><td>较低（需体内转化回TG形态）</td><td>中低端保健品</td></tr>
>       <tr><td>重构甘油三酯型（rTG）</td><td>重构甘油三酯</td><td>高端鱼油提纯</td><td>较高（优于EE型）</td><td>中高端鱼油</td></tr>
>     </tbody>
>   </table>
>
>   <p>磷虾油的功效并非仅依赖单一成分，而是<span class="highlight">磷脂型EPA/DHA、虾青素、胆碱及微量维生素的协同作用</span>。根据CNKI文献数据，南极磷虾油中磷脂含量为33.49%~50.19%，多不饱和脂肪酸含量为34.63%（其中EPA 17.40%，DHA 11.26%），虾青素含量约272.75~553.45 mg/kg油。</p>
>
>   <table class="report-table">
>     <colgroup><col style="width:30%"><col style="width:25%"><col style="width:45%"></colgroup>
>     <thead><tr><th>成分</th><th>含量（典型值）</th><th>功能</th></tr></thead>
>     <tbody>
>       <tr><td>磷脂型EPA+DHA</td><td class="center">23-30%</td><td>心血管保护、神经保护、抗炎</td></tr>
>       <tr><td>虾青素（Astaxanthin）</td><td class="center">1000-1500 ppm</td><td>强抗氧化（体外实验中活性约为维生素E的100倍），保护Omega-3不被氧化</td></tr>
>       <tr><td>胆碱（Choline）</td><td class="center">3-5%</td><td>脑神经传导、肝脏脂肪代谢</td></tr>
>       <tr><td>维生素E/A/D</td><td class="center">微量</td><td>协同抗氧化、营养补充</td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：Kling LM et al. Lipids Health Dis 2024；Banni S et al. Nutrients 2023。虾青素抗氧化数据来源于体外实验，体内实际效率受多种因素影响。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-2-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 3 页 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" 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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h3 class="sub-title">1.2、发展历程：从饲料添加剂到高端营养品</h3>
>   <table class="report-table">
>     <colgroup><col style="width:15%"><col style="width:12%"><col style="width:43%"><col style="width:30%"></colgroup>
>     <thead><tr><th>阶段</th><th>时间</th><th>标志事件</th><th>产业特征</th></tr></thead>
>     <tbody>
>       <tr><td class="center">饲料原料期</td><td class="center">2000年前</td><td>苏联/日本最早捕捞，主要用于水产饲料</td><td>价值极低，无深加工</td></tr>
>       <tr><td class="center">技术萌芽期</td><td class="center">2000-2010</td><td>Aker BioMarine开发Eco-Harvesting技术和Superba™专利</td><td>提取工艺探索，产品形态出现</td></tr>
>       <tr><td class="center">品牌导入期</td><td class="center">2010-2018</td><td>MegaRED（美国）、NYO3（挪威）品牌崛起；中国2013年批准磷虾油为新食品原料</td><td>消费者教育启动，市场规模突破1亿美元</td></tr>
>       <tr><td class="center">全球扩张与国产替代</td><td class="center">2018至今</td><td>逢时科技等中国企业崛起；中国8艘磷虾船全部投运</td><td>高速成长期，国产终端品牌份额向50%+迈进</td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：CCAMLR统计报告；中国农业农村部远洋渔业公报；Aker BioMarine年报。</p>
>
>   <h3 class="sub-title">1.3、市场规模：全球及中国市场增速</h3>
>   <div class="warning-box">
>     <strong>⚠️ 口径说明：</strong>纯磷虾油原料/膳食补充剂市场：全球约$4.5亿（2024年），此为本报告主要讨论口径。磷虾油及复配终端产品市场：宸睿卖方原件曾引用2029年全球1200亿元数字——此为最大口径，不可等同于磷虾油本身的市场规模。
>   </div>
>
>   <table class="report-table">
>     <colgroup><col style="width:42%"><col style="width:28%"><col style="width:30%"></colgroup>
>     <thead><tr><th>指标</th><th>数据</th><th>来源/置信度</th></tr></thead>
>     <tbody>
>       <tr><td>2024年全球磷虾油原料市场规模</td><td class="center">约4.5亿美元</td><td>QYResearch（★★★☆☆）</td></tr>
>       <tr><td>2024-2030年CAGR</td><td class="center">10.5%（买方保守估计8-10%）</td><td>QYResearch（★★★☆☆）</td></tr>
>       <tr><td>2030年预计规模</td><td class="center">约10亿美元</td><td>QYResearch（★★★☆☆）</td></tr>
>       <tr><td>全球Omega-3补充剂总市场（参考）</td><td class="center">约50亿美元</td><td>艾媒咨询</td></tr>
>       <tr><td>2025年中国磷虾油终端产品市场</td><td class="center">约8亿元</td><td>头豹研究院（★★★☆☆）</td></tr>
>       <tr><td>2025-2030年中国CAGR</td><td class="center">&gt;20%（买方独立验证20-25%）</td><td>头豹研究院；宸睿扩展版交叉参考</td></tr>
>       <tr><td>2030年中国预计规模</td><td class="center">约20亿元（买方独立估计15-20亿）</td><td>头豹研究院（★★★☆☆）</td></tr>
>     </tbody>
>   </table>
>
>   <p class="note">来源：QYResearch虾提取物市场报告；艾媒咨询鱼油市场报告；头豹研究院磷虾油市场估算；天猫/抖音电商数据交叉验证。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-3-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- Pages 4-10 would continue similarly with all remaining content from the markdown report -->
> <!-- Due to the massive length of the report, I'll complete the remaining pages in a separate continuation -->
>
> <script>
> // No-op: static preview only
> console.log('磷虾油深度调研报告 — 光大医疗健康行业研究');
> </script>
> </body>
> </html>
> HTMLEOF
> echo "File created, size: $(wc -c < '/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html') bytes"`
>
> 
>
> Pages 1-3 are done. Now I need to add the remaining content (Chapters 2-5). Let me continue with the most efficient approach — writing the remaining pages via Python to handle the substantial content.
>
> Ran 2 commands
>
> - Ran `python3 << 'PYEOF'
> # Read the existing file
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the insertion point (before </body>)
> insertion_point = content.rfind('<script>')
>     
> # Pages 4-10 content
> additional_pages = r'''
>
> <!-- 第 4 页：产业链深度拆解 - 上游 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" src="data:image/png;base64,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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h2 class="section-title"><span class="num">2、</span>产业链深度拆解</h2>
>
>   <div class="policy-box" style="margin-bottom:4mm;">
>     <strong>产业链全景：</strong>上游（捕捞加工，挪威垄断&gt;50%）→ 中游（提取加工，国产替代主战场）→ 下游（品牌与渠道，品牌竞争激烈）
>   </div>
>
>   <h3 class="sub-title">2.1、上游：捕捞加工</h3>
>   <h4 class="third-title">2.1.1、捕捞加工相关资质与监管政策</h4>
>   <p>南极磷虾捕捞受<strong>《南极条约》体系</strong>下的<strong>南极海洋生物资源养护委员会（CCAMLR）</strong>严格管控，是全球监管最严格的渔业之一。年度审慎捕捞上限约561万吨，实际触发水平约62万吨/年。中国农业农村部渔业渔政管理局要求企业取得《远洋渔业企业资格证书》和《远洋渔业项目批件》。</p>
>
>   <div class="policy-box">
>     <strong>核心硬件壁垒：</strong>磷虾体内含有极强的自溶酶，捕捞后若不在<strong>4小时内</strong>完成加工，虾体迅速自溶，油脂品质急剧下降。这决定了必须在船上即时加工，船上加工线是刚性需求。单艘专业磷虾船造价通常在5-10亿元人民币，是普通远洋渔船的3-5倍，构成极高资本壁垒。
>   </div>
>
>   <h4 class="third-title">2.1.2、代表性船只造价与加工能力</h4>
>   <table class="report-table">
>     <colgroup><col style="width:20%"><col style="width:18%"><col style="width:16%"><col style="width:23%"><col style="width:23%"></colgroup>
>     <thead><tr><th>船只</th><th>所属企业</th><th>造价（估算）</th><th>建造/改造</th><th>加工能力</th></tr></thead>
>     <tbody>
>       <tr><td>Saga Sea</td><td>Aker BioMarine</td><td class="center">约8-10亿元</td><td>专用新建/改造</td><td>日处理&gt;500吨</td></tr>
>       <tr><td>Antarctic Endeavour</td><td>Aker BioMarine</td><td class="center">约8-10亿元</td><td>专用新建</td><td>日处理&gt;500吨</td></tr>
>       <tr><td>Juvel</td><td>Rimfrost</td><td class="center">约5-7亿元</td><td>改造</td><td>日处理&gt;300吨</td></tr>
>       <tr><td>福荣海</td><td>辽渔集团</td><td class="center">约5-6亿元</td><td>中国首艘磷虾专业船</td><td>日处理&gt;200吨</td></tr>
>       <tr><td>深蓝号</td><td>江苏深蓝</td><td class="center">约5-6亿元</td><td>新建</td><td>日处理&gt;200吨</td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：Aker BioMarine年报及技术白皮书；中国远洋渔业协会公开资料；Nicol S et al. Fisheries Research 2012。</p>
>
>   <h4 class="third-title">2.1.3、全球磷虾捕捞格局（买方验证）</h4>
>   <table class="report-table">
>     <colgroup><col style="width:20%"><col style="width:10%"><col style="width:10%"><col style="width:15%"><col style="width:12%"><col style="width:15%"><col style="width:18%"></colgroup>
>     <thead><tr><th>企业</th><th>国家</th><th>专业船</th><th>年捕捞能力</th><th>全球份额</th><th>产业链覆盖</th><th>技术水平</th></tr></thead>
>     <tbody>
>       <tr><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">3艘</td><td class="center">25-30万吨</td><td class="center"><strong>&gt;50%</strong></td><td>全产业链</td><td class="center">★★★★★</td></tr>
>       <tr><td>Rimfrost</td><td class="center">挪威</td><td class="center">1艘</td><td class="center">~10万吨</td><td class="center">~15-20%</td><td>上游+中游精加工</td><td class="center">★★★★☆</td></tr>
>       <tr><td>辽渔集团</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~5-6万吨</td><td class="center">~10-12%</td><td>上游+中游初加工</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>江苏深蓝渔业</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~4-5万吨</td><td class="center">~8-10%</td><td>上游+初加工+产业园</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>山东华东渔业</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~4-5%</td><td>上游+初加工</td><td class="center">★★★☆☆</td></tr>
>     </tbody>
>   </table>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-4-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 5 页：中游提取加工 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" 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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h3 class="sub-title">2.2、中游：提取加工</h3>
>   <h4 class="third-title">2.2.1、提取技术深度对比：传统溶剂法 vs 超临界CO₂萃取法</h4>
>   <table class="report-table">
>     <colgroup><col style="width:20%"><col style="width:40%"><col style="width:40%"></colgroup>
>     <thead><tr><th>对比维度</th><th>传统溶剂提取法</th><th>超临界CO₂萃取法</th></tr></thead>
>     <tbody>
>       <tr><td><strong>原理</strong></td><td>利用有机溶剂（正己烷、乙醇等）溶解油脂</td><td>利用超临界状态CO₂的高渗透性和高溶解力提取油脂</td></tr>
>       <tr><td><strong>磷脂保留</strong></td><td>较低（磷脂在有机溶剂中溶解度有限）</td><td>高（可选择性保留磷脂结构）</td></tr>
>       <tr><td><strong>虾青素保留</strong></td><td>低（热降解+溶剂破坏）</td><td>高（低温操作+无氧环境）</td></tr>
>       <tr><td><strong>溶剂残留</strong></td><td>必须严格控制（食品安全隐患）</td><td>零残留（CO₂常温常压下挥发）</td></tr>
>       <tr><td><strong>设备成本</strong></td><td>低（传统化工设备）</td><td>较高，但国产设备成本已下降40%</td></tr>
>       <tr><td><strong>产品等级</strong></td><td>中低端（粗油级别）</td><td>高端（食品级/医药级）</td></tr>
>       <tr><td><strong>环保性</strong></td><td>有机溶剂排放，需环保处理</td><td>CO₂可循环利用，绿色工艺</td></tr>
>     </tbody>
>   </table>
>   <p>超临界CO₂萃取已成为磷虾油高端产品的标配工艺。国产超临界CO₂设备成本已下降40%，为中游国产替代提供了技术降本空间。当前中国企业在提取精制和制剂环节已形成一定的专利积累，但捕捞端核心技术上仍存在专利空白。</p>
>
>   <h4 class="third-title">2.2.2、代表企业中游加工对比</h4>
>   <table class="report-table">
>     <colgroup><col style="width:17%"><col style="width:25%"><col style="width:20%"><col style="width:38%"></colgroup>
>     <thead><tr><th>企业</th><th>提取技术</th><th>产能（年）</th><th>竞争优势</th></tr></thead>
>     <tbody>
>       <tr><td>Aker BioMarine</td><td>Flexitech专利纯化（溶剂法优化）</td><td class="center">数千吨</td><td>全球技术标准制定者，Superba™品牌原料</td></tr>
>       <tr><td>逢时科技</td><td>超临界CO₂萃取（自研优化）</td><td class="center">数百吨</td><td>国产超临界技术领先，成本优势，蓝帽认证</td></tr>
>       <tr><td>辽渔集团</td><td>传统溶剂法为主，超临界引进中</td><td class="center">数百吨</td><td>上游资源+中游一体化，国企信用背书</td></tr>
>       <tr><td>康境海洋</td><td>超临界CO₂+脱氟专利</td><td class="center">数十吨</td><td>技术特色鲜明（脱氟），专利壁垒，并购标的</td></tr>
>     </tbody>
>   </table>
>
>   <h3 class="sub-title">2.3、下游：品牌与渠道</h3>
>   <h4 class="third-title">消费群体画像与渠道分布</h4>
>   <table class="report-table">
>     <colgroup><col style="width:18%"><col style="width:15%"><col style="width:20%"><col style="width:25%"><col style="width:22%"></colgroup>
>     <thead><tr><th>人群</th><th>年龄段</th><th>核心诉求</th><th>渠道偏好</th><th>占比</th></tr></thead>
>     <tbody>
>       <tr><td>银发复购人群</td><td class="center">45-65岁</td><td>心脑血管健康</td><td>线下药店、电视购物</td><td class="center">~45%</td></tr>
>       <tr><td>中青年主力</td><td class="center">26-45岁</td><td>抗疲劳、抗衰老、颜值管理</td><td>线上电商（天猫/抖音）、跨境购</td><td class="center">~40%</td></tr>
>       <tr><td>礼品/尝鲜人群</td><td class="center">25-35岁</td><td>送礼、好奇尝鲜</td><td>社交电商、高端商超</td><td class="center">~15%</td></tr>
>     </tbody>
>   </table>
>   <p class="note">区域分布：华东（沪苏浙）35% &gt; 华南（粤港澳）28% &gt; 华北（京津冀）20% &gt; 其他17%</p>
>
>   <h4 class="third-title">国内下游品牌竞争格局</h4>
>   <table class="report-table">
>     <colgroup><col style="width:16%"><col style="width:14%"><col style="width:14%"><col style="width:19%"><col style="width:20%"><col style="width:17%"></colgroup>
>     <thead><tr><th>品牌</th><th>年销售额（估）</th><th>份额（估）</th><th>蓝帽认证</th><th>核心优势</th><th>置信度</th></tr></thead>
>     <tbody>
>       <tr><td>逢时科技</td><td class="center">3-4亿元</td><td class="center">37-40%</td><td class="center">有</td><td>全渠道运营+技术降本</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>NYO3（挪威）</td><td class="center">~1.5亿元</td><td class="center">~15-18%</td><td class="center">跨境</td><td>品牌溢价+原产地背书</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>MegaRED（美国）</td><td class="center">~1亿元</td><td class="center">~10-12%</td><td class="center">跨境</td><td>全球品牌+成熟市场认知</td><td class="center">★★☆☆☆</td></tr>
>       <tr><td>辽渔集团</td><td class="center">~0.5亿元</td><td class="center">~5-6%</td><td class="center">有</td><td>国有品牌+全产业链</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>其他品牌</td><td class="center">~2亿元</td><td class="center">~25%</td><td class="center">混杂</td><td>低价长尾/细分场景</td><td class="center">★★☆☆☆</td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：天猫/京东/抖音电商数据；品牌官网；宸睿资本行业报告；买方多渠道交叉验证。销售额为估算值。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-5-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 6 页：竞争格局与企业分析 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" src="data:image/png;base64,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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h2 class="section-title"><span class="num">3、</span>竞争格局与企业分析</h2>
>   <h3 class="sub-title">3.1、国际标杆：Aker BioMarine商业模式拆解</h3>
>
>   <div class="metric-strip">
>     <div class="metric">
>       <div class="value">~$2.5亿</div>
>       <div class="label">2023年营收（上市公司，★★★☆☆）</div>
>     </div>
>     <div class="metric">
>       <div class="value">~15%</div>
>       <div class="label">净利润率（含非经常性损益波动）</div>
>     </div>
>     <div class="metric">
>       <div class="value">55:45</div>
>       <div class="label">B端:C端收入比（来源宸睿扩展版）</div>
>     </div>
>     <div class="metric">
>       <div class="value">&gt;50%</div>
>       <div class="label">全球原料市场份额（买方验证）</div>
>     </div>
>   </div>
>
>   <p>Aker BioMarine商业模式本质为<strong>「以稀缺资源+专利技术构建全产业链壁垒」</strong>。覆盖从捕捞到品牌的全链条，获取各环节超额利润。其3艘专业船捕捞量全球&gt;50%，配额制下近乎垄断。Eco-Harvesting + Flexitech + Superba™专利体系定义行业标准。唯一相对短板在渠道维度——C端品牌在中国市场未直接运营，这为中国品牌商留下了差异化竞争空间。</p>
>
>   <table class="report-table">
>     <colgroup><col style="width:10%"><col style="width:15%"><col style="width:75%"></colgroup>
>     <thead><tr><th>维度</th><th>评分</th><th>分析</th></tr></thead>
>     <tbody>
>       <tr><td class="center">资源</td><td class="center">10/10</td><td>3艘专业船，捕捞量全球&gt;50%，配额制下近乎垄断</td></tr>
>       <tr><td class="center">技术</td><td class="center">9/10</td><td>Eco-Harvesting + Flexitech + Superba™专利体系，定义行业标准</td></tr>
>       <tr><td class="center">品牌</td><td class="center">9/10</td><td>Superba™（B端）+ QRILL™（宠物/食品端）全球认知度高</td></tr>
>       <tr><td class="center">渠道</td><td class="center">6/10</td><td>B端渠道强（全球原料供应网络），C端品牌相对薄弱</td></tr>
>     </tbody>
>   </table>
>
>   <h3 class="sub-title">3.2、国产替代的痛点与机会</h3>
>   <div class="two-col">
>     <div>
>       <h4 class="third-title" style="color:var(--eb-red);">痛点</h4>
>       <ul class="bullet-list">
>         <li>上游资源依赖：国产高端原料仍主要从Aker进口，议价能力弱</li>
>         <li>技术差距：船上即时加工技术与挪威仍有代差</li>
>         <li>品牌认知不足：消费者对国产品牌信任度仍低于进口品牌</li>
>         <li>合规与品质参差：部分小企业产品虚标、氧化值超标</li>
>       </ul>
>     </div>
>     <div>
>       <h4 class="third-title" style="color:var(--eb-red);">机会</h4>
>       <ul class="bullet-list">
>         <li>技术降本：国产超临界CO₂设备成本下降40%</li>
>         <li>全渠道优势：国产品牌线上运营能力远超进口</li>
>         <li>政策红利：蓝帽认证体系构筑准入壁垒</li>
>         <li>消费认知转变：Z世代对国货接受度提升</li>
>       </ul>
>     </div>
>   </div>
>
>   <h3 class="sub-title">3.3、核心企业竞争力评分表</h3>
>   <table class="report-table">
>     <colgroup><col style="width:29%"><col style="width:14%"><col style="width:14%"><col style="width:14%"><col style="width:14%"><col style="width:15%"></colgroup>
>     <thead><tr><th>评分维度（满分10分）</th><th>Aker</th><th>逢时科技</th><th>NYO3</th><th>辽渔集团</th><th>MegaRED</th></tr></thead>
>     <tbody>
>       <tr><td>资源（上游捕捞）</td><td class="center">10</td><td class="center">5</td><td class="center">3</td><td class="center">9</td><td class="center">4</td></tr>
>       <tr><td>技术（中游提取）</td><td class="center">9</td><td class="center">8</td><td class="center">5</td><td class="center">6</td><td class="center">7</td></tr>
>       <tr><td>品牌（下游认知）</td><td class="center">9</td><td class="center">8</td><td class="center">8</td><td class="center">6</td><td class="center">9</td></tr>
>       <tr><td>渠道（覆盖深度）</td><td class="center">6</td><td class="center">8</td><td class="center">7</td><td class="center">6</td><td class="center">7</td></tr>
>       <tr style="background:#fefaf7;"><td><strong>综合评分</strong></td><td class="center"><strong>8.5</strong></td><td class="center"><strong>7.3</strong></td><td class="center"><strong>5.8</strong></td><td class="center"><strong>6.8</strong></td><td class="center"><strong>6.8</strong></td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：各企业公开资料、年报、电商数据；评分基于买方独立判断。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-6-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 7 页：投资建议与风险提示 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" 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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h2 class="section-title"><span class="num">4、</span>投资建议与风险提示</h2>
>
>   <h3 class="sub-title">4.1、产业链发展趋势</h3>
>   <table class="report-table">
>     <colgroup><col style="width:12%"><col style="width:52%"><col style="width:18%"><col style="width:18%"></colgroup>
>     <thead><tr><th>环节</th><th>趋势</th><th>时间窗口</th><th>确定性</th></tr></thead>
>     <tbody>
>       <tr><td class="center">上游</td><td>资源垄断格局稳固；中国捕捞份额向30%+提升；环保要求趋严（MPA讨论持续）</td><td class="center">2025-2030</td><td class="center">★★★★☆</td></tr>
>       <tr><td class="center">中游</td><td>超临界CO₂成高端标配；技术扩散+国产替代加速；行业整合期（并购增加）</td><td class="center">2025-2027</td><td class="center">★★★★☆</td></tr>
>       <tr><td class="center">下游</td><td>功能细分化（助眠/护眼/美容）；剂型多样化（软糖/饮品）；国产份额向50%+提升</td><td class="center">2025-2028</td><td class="center">★★★★☆</td></tr>
>     </tbody>
>   </table>
>
>   <h3 class="sub-title">4.2、核心赛道及标的推荐</h3>
>   <table class="report-table">
>     <colgroup><col style="width:15%"><col style="width:20%"><col style="width:15%"><col style="width:15%"><col style="width:15%"><col style="width:20%"></colgroup>
>     <thead><tr><th>产业链环节</th><th>核心投资逻辑</th><th>标的类型</th><th>代表企业</th><th>投资策略</th><th>关键指标</th></tr></thead>
>     <tbody>
>       <tr><td>下游品牌/中游加工</td><td>国产替代+品牌整合+技术降本</td><td>行业整合者</td><td><strong>逢时科技</strong></td><td><strong>核心配置</strong></td><td>营收增速、市场份额、蓝帽产品数</td></tr>
>       <tr><td>上游资源</td><td>资源稀缺性+价值重估</td><td>资源型转型企业</td><td><strong>辽渔集团</strong></td><td>长期跟踪</td><td>捕捞量、产品结构升级、品牌化进展</td></tr>
>       <tr><td>中游技术</td><td>技术专利+并购价值</td><td>技术型中小企业</td><td>康境海洋等</td><td>并购机会</td><td>专利数量、产能规模、客户结构</td></tr>
>       <tr><td>宠物营养</td><td>格局未定+高增速</td><td>先发品牌</td><td>新兴宠物磷虾油品牌</td><td>关注机会</td><td>渠道覆盖、复购率、品牌认知度</td></tr>
>     </tbody>
>   </table>
>
>   <div class="policy-box">
>     <strong>投资策略总结：</strong>行业正处于从"资源驱动"向"价值驱动"转型的黄金投资期。建议采用「哑铃型」投资策略：一端布局具备"技术降本+品牌塑造"双重能力的国产龙头企业（逢时科技），享受国产替代红利；另一端关注上游资源整合机会（辽渔集团）及中游技术并购价值（康境海洋等）。
>   </div>
>
>   <h3 class="sub-title">4.3、风险提示</h3>
>   <table class="report-table">
>     <colgroup><col style="width:18%"><col style="width:12%"><col style="width:42%"><col style="width:28%"></colgroup>
>     <thead><tr><th>风险类型</th><th>影响程度</th><th>具体分析</th><th>应对措施</th></tr></thead>
>     <tbody>
>       <tr><td>原料价格波动</td><td class="center highlight">高</td><td>捕捞量受气候影响波动；国际油价和汇率波动影响原料成本</td><td>与上游签长期协议；建立战略储备；布局国产捕捞</td></tr>
>       <tr><td>环保政策收紧</td><td class="center highlight">高</td><td>CCAMLR可能调整配额或设立MPA海洋保护区，影响供给</td><td>获取MSC认证；多元化原料来源；投资环保技术</td></tr>
>       <tr><td>合规与信任风险</td><td class="center highlight">高</td><td>产品参数虚标、虚假宣传引发监管处罚及信任危机</td><td>合规经营；权威认证；透明工厂；第三方检测公示</td></tr>
>       <tr><td>技术扩散风险</td><td class="center">中</td><td>超临界CO₂设备成本下降40%，技术壁垒被削弱</td><td>持续工艺优化；专利布局；向副产物高值化延伸</td></tr>
>       <tr><td>竞争加剧风险</td><td class="center">中</td><td>仿制药企业、保健品巨头进入磷虾油赛道</td><td>巩固品牌+渠道壁垒；差异化复配产品</td></tr>
>       <tr><td>地缘政治风险</td><td class="center">中</td><td>中美/中欧贸易摩擦影响原料进口和终端出口</td><td>多元化供应链；本土化生产</td></tr>
>     </tbody>
>   </table>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-7-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
> <!-- 第 8 页：附录 -->
> <section class="page" style="min-height:297mm;">
>   <div class="page-header">
>     <div class="brand">
>       <img alt="光大证券 Everbright Securities" 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" />
>     </div>
>     <div class="report-type">医疗健康行业深度研究<br/>2026 年 7 月</div>
>   </div>
>
>   <h2 class="section-title"><span class="num">5、</span>附录</h2>
>
>   <h3 class="sub-title">5.1、全球主要磷虾捕捞船名单</h3>
>   <table class="report-table">
>     <colgroup><col style="width:20%"><col style="width:22%"><col style="width:10%"><col style="width:14%"><col style="width:16%"><col style="width:18%"></colgroup>
>     <thead><tr><th>船名</th><th>所属企业</th><th>国家</th><th>投入运营</th><th>日加工能力</th><th>备注</th></tr></thead>
>     <tbody>
>       <tr><td>Saga Sea</td><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">2007</td><td class="center">&gt;500吨/日</td><td>旗舰船</td></tr>
>       <tr><td>Antarctic Endeavour</td><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">2014</td><td class="center">&gt;500吨/日</td><td></td></tr>
>       <tr><td>Antarctic Sea</td><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">2018</td><td class="center">&gt;500吨/日</td><td>最新船</td></tr>
>       <tr><td>Juvel</td><td>Rimfrost</td><td class="center">挪威</td><td class="center">2010</td><td class="center">&gt;300吨/日</td><td></td></tr>
>       <tr><td>福荣海</td><td>辽渔集团</td><td class="center">中国</td><td class="center">2015</td><td class="center">&gt;200吨/日</td><td>中国首艘专业船</td></tr>
>       <tr><td>福兴海</td><td>辽渔集团</td><td class="center">中国</td><td class="center">2020</td><td class="center">&gt;200吨/日</td><td></td></tr>
>       <tr><td>深蓝号</td><td>江苏深蓝渔业</td><td class="center">中国</td><td class="center">2021</td><td class="center">&gt;200吨/日</td><td>国产新建</td></tr>
>       <tr><td>深蓝2号</td><td>江苏深蓝渔业</td><td class="center">中国</td><td class="center">2024</td><td class="center">&gt;200吨/日</td><td>连云港产业园配套</td></tr>
>       <tr><td>华祥9号</td><td>山东华东渔业</td><td class="center">中国</td><td class="center">2022</td><td class="center">&gt;150吨/日</td><td></td></tr>
>       <tr><td>福远渔9199</td><td>福建正冠渔业</td><td class="center">中国</td><td class="center">2025</td><td class="center">&gt;150吨/日</td><td>福建产业园配套</td></tr>
>     </tbody>
>   </table>
>   <p class="note">中国8艘专业磷虾船已全部建成或投入运营。中国船只日加工能力（150-200吨）与Aker船只（&gt;500吨）存在2-3倍差距，但8艘船总日加工能力已超过1,400吨，差距快速缩小。</p>
>
>   <h3 class="sub-title">5.2、宸睿资本两份报告内部矛盾汇总</h3>
>   <table class="report-table">
>     <colgroup><col style="width:18%"><col style="width:22%"><col style="width:22%"><col style="width:15%"><col style="width:23%"></colgroup>
>     <thead><tr><th>指标</th><th>卖方推荐原件</th><th>扩展行业报告</th><th>差异程度</th><th>买方采纳</th></tr></thead>
>     <tbody>
>       <tr><td>中国CAGR</td><td class="center">79%</td><td class="center">20-25%</td><td class="center highlight">3-4倍</td><td>20-25%（保守估计）</td></tr>
>       <tr><td>逢时科技份额</td><td class="center">70%（逢时一家）</td><td class="center">30%→50%+（国产总）</td><td class="center">描述对象不同</td><td>37-40%（多渠道交叉）</td></tr>
>       <tr><td>Aker份额</td><td class="center">70%</td><td class="center">&gt;50%</td><td class="center">~20个百分点</td><td>&gt;50%（与CCAMLR一致）</td></tr>
>       <tr><td>全球终端市场(2029)</td><td class="center">1200亿元</td><td class="center">未提及</td><td class="center">口径完全不同</td><td>不采用</td></tr>
>     </tbody>
>   </table>
>
>   <h3 class="sub-title">5.3、数据来源与研究方法</h3>
>   <table class="report-table">
>     <colgroup><col style="width:20%"><col style="width:48%"><col style="width:18%"><col style="width:14%"></colgroup>
>     <thead><tr><th>类别</th><th>来源</th><th>用途</th><th>置信度</th></tr></thead>
>     <tbody>
>       <tr><td>市场数据</td><td>QYResearch、艾媒咨询、头豹研究院</td><td>市场规模与增速</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>捕捞数据</td><td>CCAMLR Statistical Bulletin、中国农业农村部远洋渔业公报</td><td>捕捞量与配额</td><td class="center">★★★★★</td></tr>
>       <tr><td>企业数据</td><td>Aker BioMarine年报、逢时科技/辽渔集团公开资料</td><td>企业财务与运营</td><td class="center">★★★★☆</td></tr>
>       <tr><td>卖方报告</td><td>宸睿资本（卖方推荐原件 + 扩展行业报告）</td><td>行业分析框架、发展历程</td><td class="center">★★☆☆☆</td></tr>
>       <tr><td>文献资料</td><td>PubMed检索（RCT/Meta分析）、CNKI文献</td><td>功效证据验证</td><td class="center">★★★★★</td></tr>
>       <tr><td>产品/电商数据</td><td>天猫/京东/抖音电商数据、品牌官网</td><td>价格、渠道、销量</td><td class="center">★★★★☆</td></tr>
>       <tr><td>政策数据</td><td>CCAMLR官网、NMPA/CDE官网、农业农村部渔业局</td><td>监管政策验证</td><td class="center">★★★★★</td></tr>
>     </tbody>
>   </table>
>
>   <div class="policy-box">
>     <strong>研究方法：</strong>案例研究法（Aker BioMarine等龙头企业深度拆解）· 对比分析法（磷虾油vs鱼油全维度对比）· 定量预测法（基于历史数据和合理假设）· 多渠道交叉验证（卖方报告→文献验证→电商数据验证→政策官网验证）
>   </div>
>
>   <div class="note" style="margin-top:3mm;">
>     <span class="appendix-label">免责声明</span> 本报告基于公开资料及行业研究整理，旨在为买方投资决策提供参考，不构成投资建议。预测数据基于特定假设，实际结果可能因市场环境变化而存异。本报告对卖方（宸睿资本）报告中的关键数据进行了多渠道交叉验证。标注的"来源"均为可追溯的公开信息。部分企业财务数据为基于公开信息的估算，未经审计确认。经独立验证，宸睿报告在科学基础和行业事实描述层面可靠，但在市场数据和企业竞争力声称上存在卖方推荐项目动机驱动的过度乐观倾向。不应直接使用的宸睿数据：79% CAGR、逢时科技70%份额、1200亿元全球终端市场。
>   </div>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-8-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
> '''
>
> # Insert the additional pages before the closing script tag
> new_content = content[:insertion_point] + additional_pages + '\n' + content[insertion_point:]
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(new_content)
>
> print(f"Done. Total file size: {len(new_content)} bytes")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Basic validation
> import re
> pages = len(re.findall(r'<section class="page"', content))
> tables = len(re.findall(r'<table class="report-table"', content))
> page_footers = len(re.findall(r'page-footer', content))
>
> print(f"Pages: {pages}")
> print(f"Tables: {tables}")
> print(f"Page footers: {page_footers}")
>
> # Check HTML structure
> opens = len(re.findall(r'<section', content))
> closes = len(re.findall(r'</section>', content))
> print(f"Section tags: {opens} open, {closes} close")
>
> # Check file path
> import os
> filepath = '/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html'
> print(f"\nFile: {filepath}")
> print(f"Size: {os.path.getsize(filepath):,} bytes")
> PYEOF`
>
> 
>
> Plan
>
> 报告已生成完毕，8页完整HTML，包含所有章节内容和18个数据表格。
>
> - [x] 读取模板和报告内容，分析结构和映射关系
> - [x] 创建完整的多页HTML报告文件，将磷虾油报告内容填入模板样式
> - [x] 验证生成的HTML文件
>
>

3 previous messages

> Ran a command
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the 2.1.3 section and the existing table
> idx = content.find('全球磷虾捕捞格局')
> print(f"Found at position: {idx}")
>
> # Show surrounding context
> start = max(0, idx - 200)
> end = min(len(content), idx + 3000)
> snippet = content[start:end]
>
> # Find the table
> table_start = snippet.find('<table class="report-table"')
> table_end = snippet.find('</table>', table_start) + len('</table>')
> print(f"\n=== Current table in 2.1.3 ===")
> print(snippet[table_start:table_end])
> print(f"\n=== After table ===")
> print(snippet[table_end:table_end+500])
> PYEOF`
>
> 
>
> Now I can see the current table. I need to expand it from 5 rows to include all 6 Chinese enterprises (covering all 8 vessels and licenses per Appendix 2).
>
> Ran 5 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> old_table = '''    <tbody>
>       <tr><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">3艘</td><td class="center">25-30万吨</td><td class="center"><strong>&gt;50%</strong></td><td>全产业链</td><td class="center">★★★★★</td></tr>
>       <tr><td>Rimfrost</td><td class="center">挪威</td><td class="center">1艘</td><td class="center">~10万吨</td><td class="center">~15-20%</td><td>上游+中游精加工</td><td class="center">★★★★☆</td></tr>
>       <tr><td>辽渔集团</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~5-6万吨</td><td class="center">~10-12%</td><td>上游+中游初加工</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>江苏深蓝渔业</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~4-5万吨</td><td class="center">~8-10%</td><td>上游+初加工+产业园</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>山东华东渔业</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~4-5%</td><td>上游+初加工</td><td class="center">★★★☆☆</td></tr>
>     </tbody>'''
>
> new_table = '''    <tbody>
>       <tr><td>Aker BioMarine</td><td class="center">挪威</td><td class="center">3艘</td><td class="center">25-30万吨</td><td class="center"><strong>&gt;50%</strong></td><td>全产业链</td><td class="center">★★★★★</td></tr>
>       <tr><td>Rimfrost</td><td class="center">挪威</td><td class="center">1艘</td><td class="center">~10万吨</td><td class="center">~15-20%</td><td>上游+中游精加工</td><td class="center">★★★★☆</td></tr>
>       <tr><td>辽渔集团</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~5-6万吨</td><td class="center">~10-12%</td><td>上游+中游初加工</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>江苏深蓝渔业</td><td class="center">中国</td><td class="center">2艘</td><td class="center">~4-5万吨</td><td class="center">~8-10%</td><td>上游+初加工+产业园</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>山东华东渔业</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~4-5%</td><td>上游+初加工</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>福建正冠渔业</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~3-5%</td><td>上游+初加工（产业园配套）</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>中国水产有限公司</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~3-5%</td><td>上游+初加工</td><td class="center">★★★☆☆</td></tr>
>       <tr><td>青岛东风远洋</td><td class="center">中国</td><td class="center">1艘</td><td class="center">~2-3万吨</td><td class="center">~3-5%</td><td>上游+初加工（青岛集群）</td><td class="center">★★★☆☆</td></tr>
>     </tbody>'''
>
> if old_table in content:
>     content = content.replace(old_table, new_table)
>     
>     # Also add a note after the table about the 8 licenses
>     old_note = '''  </table>
>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-4-</div><div class="right">行业深度研究报告</div>'''
>     
>     new_note = '''  </table>
>   <p class="note" style="margin-top:2mm;">中国共持有<strong>8张捕捞牌照、8艘专业磷虾船</strong>已全部投运，总捕捞份额约20-25%（买方估算，★★★☆☆）。具体船只：辽渔集团（福荣海2015/福兴海2020）、江苏深蓝渔业（深蓝号2021/深蓝2号2024）、山东华东渔业（华祥9号2022）、福建正冠渔业（福远渔9199 2025）、中国水产有限公司（中水远渔1号2023）、青岛东风远洋（东风远渔8号2024）。</p>
>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-4-</div><div class="right">行业深度研究报告</div>'''
>     
>     content = content.replace(old_note, new_note)
>     
>     with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>         f.write(content)
>     print("Update successful")
> else:
>     # Debug: find where the old table is
>     idx = content.find('山东华东渔业')
>     if idx >= 0:
>         print(f"Found '山东华东渔业' at pos {idx}")
>         print("Context around it:")
>         print(repr(content[idx-100:idx+300]))
>     else:
>         print("Could not find old table content in file")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find and print the 2.1.3 table + note
> idx = content.find('全球磷虾捕捞格局（买方验证）')
> snippet = content[idx:idx+2500]
>
> # Print everything between the table opening and the page footer
> table_start = snippet.find('<table class="report-table"')
> footer_start = snippet.find('<div class="page-footer"')
> print(snippet[table_start:footer_start])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Check if the note was added
> if '8张捕捞牌照' in content:
>     print("NOTE FOUND: 8张捕捞牌照 is in the file")
>     idx = content.find('8张捕捞牌照')
>     print(content[idx:idx+400])
> else:
>     print("NOTE NOT FOUND - checking area after table")
>     idx = content.find('青岛东风远洋')
>     if idx >= 0:
>         print(repr(content[idx+50:idx+350]))
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the exact position after the table closing tag on page 4
> # Look for the specific pattern: </table>\n\n  <div class="page-footer">...-4-...
> old_marker = '</table>\n\n  <div class="page-footer">\n    <div>光大医疗及相关业务基金部</div><div class="center">-4-</div>'
>
> new_marker = '''</table>
>   <p class="note" style="margin-top:2mm;">中国共持有<strong>8张捕捞牌照、8艘专业磷虾船</strong>已全部投运，总捕捞份额约20-25%（买方估算，★★★☆☆）。具体船只：辽渔集团（福荣海2015/福兴海2020）、江苏深蓝渔业（深蓝号2021/深蓝2号2024）、山东华东渔业（华祥9号2022）、福建正冠渔业（福远渔9199 2025）、中国水产有限公司（中水远渔1号2023）、青岛东风远洋（东风远渔8号2024）。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-4-</div>'''
>
> if old_marker in content:
>     content = content.replace(old_marker, new_marker)
>     with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>         f.write(content)
>     print("Note inserted successfully")
> else:
>     print("Pattern not found, searching around -4-")
>     idx = content.find('center">-4-</div>')
>     if idx >= 0:
>         print(f"Found -4- at pos {idx}")
>         print(repr(content[idx-100:idx+100]))
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> if '8张捕捞牌照' in content and '福建正冠渔业' in content and '青岛东风远洋' in content:
>     print("All updates verified:")
>     print("  ✓ 福建正冠渔业 row added")
>     print("  ✓ 中国水产有限公司 row added") 
>     print("  ✓ 青岛东风远洋 row added")
>     print("  ✓ 8张捕捞牌照 note added")
> else:
>     print("Missing something:")
>     print(f"  8张捕捞牌照: {'Yes' if '8张捕捞牌照' in content else 'NO'}")
>     print(f"  福建正冠渔业: {'Yes' if '福建正冠渔业' in content else 'NO'}")
>     print(f"  青岛东风远洋: {'Yes' if '青岛东风远洋' in content else 'NO'}")
> PYEOF`
>
>

1 previous message

> Ran 5 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find section 3.3
> idx = content.find('核心企业竞争力评分表')
> snippet = content[idx:idx+2000]
> print(snippet)
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the actual 3.3 section on page 6
> # Search for the second occurrence
> idx1 = content.find('3.3、核心企业竞争力评分表')
> idx2 = content.find('3.3、核心企业竞争力评分表', idx1 + 1)
> print(f"First occurrence (TOC): {idx1}")
> print(f"Second occurrence (section): {idx2}")
>
> # Show the section content
> snippet = content[idx2:idx2+2000]
> print("\n=== Section 3.3 content ===")
> print(snippet[:1500])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Search for the rating table on page 6
> idx = content.find('资源（上游捕捞）')
> print(f"Found rating table at: {idx}")
>
> # Show 300 chars before and 1500 after
> start = max(0, idx - 300)
> end = min(len(content), idx + 2000)
> print(content[start:end])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> old_source_note = '''  <p class="note">来源：各企业公开资料、年报、电商数据；评分基于买方独立判断。</p>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-6-</div>'''
>
> new_source_note = '''  <p class="note">来源：各企业公开资料、年报、电商数据；评分基于买方独立判断。</p>
>   <div class="policy-box" style="margin-top:3mm;">
>     <strong>评分标准注释：</strong>各维度均采用0-10分制，基于买方独立判断。<br/>
>     <strong>9-10分：</strong>全球领先，具备显著护城河（如Aker在上游资源的配额垄断和专利壁垒）。<br/>
>     <strong>7-8分：</strong>国内领先，在特定环节具有明显竞争优势（如逢时科技在中游超临界CO₂技术降本和下游全渠道运营）。<br/>
>     <strong>5-6分：</strong>行业中游水平，具备基础能力但尚未形成差异化壁垒（如辽渔集团在中游提取技术、MegaRED在上游资源）。<br/>
>     <strong>3-4分：</strong>行业跟随者，相关能力较弱或处于起步阶段（如NYO3在上游资源、逢时科技在上游捕捞）。<br/>
>     <strong>综合评分 = </strong>（资源+技术+品牌+渠道）÷ 4，四舍五入保留一位小数。
>   </div>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-6-</div>'''
>
> if old_source_note in content:
>     content = content.replace(old_source_note, new_source_note)
>     with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>         f.write(content)
>     print("Scoring criteria added successfully")
> else:
>     print("Pattern not found")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
> idx = content.find('评分标准注释')
> print(content[idx:idx+700])
> PYEOF`
>
>

7 previous messages

> Ran 4 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find section 2 opening
> idx = content.find('产业链深度拆解')
> print(f"Section 2 starts at: {idx}")
> # Show from section 2 title through section 2.1 heading
> snippet = content[idx:idx+1500]
> print(snippet[:1500])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the second occurrence of "产业链深度拆解" which is the actual section header
> idx1 = content.find('产业链深度拆解')
> idx2 = content.find('产业链深度拆解', idx1 + 1)
> print(f"First (TOC): {idx1}, Second (section header): {idx2}")
>
> # Show from the section header through the first part of 2.1
> if idx2 > 0:
>     snippet = content[idx2:idx2+2500]
>     print(snippet[:2500])
> else:
>     # Try searching for the section on page 4
>     idx = content.find('第 4 页')
>     snippet = content[idx:idx+3000]
>     print(snippet[:3000])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the section 2 header and show through 2.1 content
> idx = content.find('产业链深度拆解 - 上游')
> snippet = content[idx:idx+5000]
> print(snippet)
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the section 2 header on page 4
> idx = content.find('<h2 class="section-title"><span class="num">2、</span>产业链深度拆解</h2>')
> print(f"Section 2 header at: {idx}")
>
> # Show from section 2 through some content
> snippet = content[idx:idx+4000]
> print(snippet)
> PYEOF`
>
> 
>
> Now I have a clear view of the current structure. I'll make all three changes: the panorama diagram, the regulatory expansion in 2.1, and the processing flow + patent details in 2.2.
>
> Ran a command
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # === CHANGE 1: Replace simple policy-box with rich panorama flow diagram ===
> old_panorama = '''  <div class="policy-box" style="margin-bottom:4mm;">
>     <strong>产业链全景：</strong>上游（捕捞加工，挪威垄断&gt;50%）→ 中游（提取加工，国产替代主战场）→ 下游（品牌与渠道，品牌竞争激烈）
>   </div>
>
>   <h3 class="sub-title">2.1、上游：捕捞加工</h3>'''
>
> new_panorama = '''  <div class="policy-box" style="margin-bottom:4mm;">
>     <strong>产业链全景：</strong>上游（捕捞加工，挪威垄断&gt;50%）→ 中游（提取加工，国产替代主战场）→ 下游（品牌与渠道，品牌竞争激烈）
>   </div>
>
>   <!-- 产业链全景图 -->
>   <div style="display:grid; grid-template-columns:1fr 1fr 1fr; gap:5mm; margin:3mm 0 5mm; font-size:8.5pt; line-height:1.5;">
>     <div style="border:2px solid var(--eb-red); padding:4mm; text-align:center;">
>       <div style="font:700 11pt/1.3 'Noto Sans CJK SC',sans-serif; color:var(--eb-red); margin-bottom:2mm;">上游 · 捕捞加工</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">CCAMLR配额制管控</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">专业捕捞加工一体船</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">4小时内船上即时加工</div>
>       <div style="background:#faf7f5; padding:2mm; border-radius:2px;">虾粉/粗油产出</div>
>       <div style="margin-top:2mm; font-size:7.5pt; color:var(--muted);">挪威Aker &gt;50% · 中国8艘船投运</div>
>     </div>
>     <div style="border:2px solid var(--eb-red); padding:4mm; text-align:center;">
>       <div style="font:700 11pt/1.3 'Noto Sans CJK SC',sans-serif; color:var(--eb-red); margin-bottom:2mm;">中游 · 提取加工</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">超临界CO₂萃取（高端）</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">溶剂提取（传统）</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">精制/脱氟处理</div>
>       <div style="background:#faf7f5; padding:2mm; border-radius:2px;">副产物高值化利用</div>
>       <div style="margin-top:2mm; font-size:7.5pt; color:var(--muted);">国产替代主战场 · 设备成本↓40%</div>
>     </div>
>     <div style="border:2px solid var(--eb-red); padding:4mm; text-align:center;">
>       <div style="font:700 11pt/1.3 'Noto Sans CJK SC',sans-serif; color:var(--eb-red); margin-bottom:2mm;">下游 · 品牌与渠道</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">膳食补充剂（&gt;90%）</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">宠物营养</div>
>       <div style="background:#faf7f5; padding:2mm; margin-bottom:1.5mm; border-radius:2px;">医药原料</div>
>       <div style="background:#faf7f5; padding:2mm; border-radius:2px;">食品/化妆品</div>
>       <div style="margin-top:2mm; font-size:7.5pt; color:var(--muted);">国产品牌向50%+迈进 · 品牌竞争激烈</div>
>     </div>
>   </div>
>
>   <h3 class="sub-title">2.1、上游：捕捞加工</h3>'''
>
> if old_panorama in content:
>     content = content.replace(old_panorama, new_panorama)
>     print("Change 1 (panorama): SUCCESS")
> else:
>     print("Change 1 (panorama): PATTERN NOT FOUND")
>
> # === CHANGE 2: Expand 2.1.1 regulatory section with international and domestic detail ===
> old_reg = '''  <h4 class="third-title">2.1.1、捕捞加工相关资质与监管政策</h4>
>   <p>南极磷虾捕捞受<strong>《南极条约》体系</strong>下的<strong>南极海洋生物资源养护委员会（CCAMLR）</strong>严格管控，是全球监管最严格的渔业之一。年度审慎捕捞上限约561万吨，实际触发水平约62万吨/年。中国农业农村部渔业渔政管理局要求企业取得《远洋渔业企业资格证书》和《远洋渔业项目批件》。</p>
>
>   <div class="policy-box">
>     <strong>核心硬件壁垒：</strong>磷虾体内含有极强的自溶酶，捕捞后若不在<strong>4小时内</strong>完成加工，虾体迅速自溶，油脂品质急剧下降。这决定了必须在船上即时加工，船上加工线是刚性需求。单艘专业磷虾船造价通常在5-10亿元人民币，是普通远洋渔船的3-5倍，构成极高资本壁垒。
>   </div>
>
>   <h4 class="third-title">2.1.2、代表性船只造价与加工能力</h4>'''
>
> new_reg = '''  <h4 class="third-title">2.1.1、捕捞加工相关资质与监管政策</h4>
>   <p style="margin-bottom:1mm;"><strong>（一）国际监管框架：CCAMLR</strong></p>
>   <p>南极磷虾捕捞受<strong>《南极条约》体系</strong>下的<strong>南极海洋生物资源养护委员会（CCAMLR）</strong>严格管控，是全球监管最严格的渔业之一。</p>
>   <table class="report-table">
>     <colgroup><col style="width:22%"><col style="width:48%"><col style="width:30%"></colgroup>
>     <thead><tr><th>监管维度</th><th>具体要求</th><th>来源</th></tr></thead>
>     <tbody>
>       <tr><td>总可捕捞量（TAC）</td><td>年度审慎捕捞上限约561万吨；实际触发水平约62万吨/年（各亚区分配）</td><td>CCAMLR CM 51-01</td></tr>
>       <tr><td>配额分配</td><td>各成员国根据历史捕捞记录和科学评估自行管理；实际捕捞量远低于TAC上限</td><td>CCAMLR统计报告</td></tr>
>       <tr><td>船只注册</td><td>所有磷虾捕捞船须在CCAMLR注册，接受国际观察员随船监督</td><td>CCAMLR CM 10-02</td></tr>
>       <tr><td>副渔获物限制</td><td>严格限制非目标物种捕捞，要求使用防逃逸装置</td><td>CCAMLR CM 25-03</td></tr>
>       <tr><td>生态可持续认证</td><td>主流企业需获取MSC（海洋管理委员会）可持续渔业认证</td><td>MSC认证标准</td></tr>
>       <tr><td>环保要求</td><td>禁止在保护区作业；2022年起讨论设立南极海洋保护区（MPA），政策趋严</td><td>CCAMLR会议记录</td></tr>
>     </tbody>
>   </table>
>
>   <p style="margin-bottom:1mm;"><strong>（二）中国国内监管</strong></p>
>   <table class="report-table">
>     <colgroup><col style="width:22%"><col style="width:30%"><col style="width:48%"></colgroup>
>     <thead><tr><th>监管维度</th><th>主管部门</th><th>具体要求</th></tr></thead>
>     <tbody>
>       <tr><td>远洋渔业资质</td><td>农业农村部渔业渔政管理局</td><td>企业须取得《远洋渔业企业资格证书》；渔船须取得《远洋渔业项目批件》</td></tr>
>       <tr><td>捕捞许可</td><td>农业农村部</td><td>须纳入国家远洋渔业发展规划，获CCAMLR注册后方可作业</td></tr>
>       <tr><td>产品进口/检疫</td><td>海关总署</td><td>进口磷虾油原料须符合食品安全国家标准，完成检疫审批</td></tr>
>       <tr><td>新食品原料</td><td>国家卫健委</td><td>2013年批准南极磷虾油为新食品原料（公告2013年第11号）</td></tr>
>       <tr><td>保健食品（蓝帽）</td><td>NMPA</td><td>磷虾油保健食品须完成注册/备案，获得"蓝帽子"标志，注册周期2-3年</td></tr>
>     </tbody>
>   </table>
>   <p class="note">来源：CCAMLR官网（ccamlr.org）；中国农业农村部远洋渔业管理规定；国家卫健委2013年第11号公告。蓝帽认证是线下药店渠道的准入门槛，也是国产头部品牌区别于跨境长尾品牌的关键合规壁垒。</p>
>
>   <div class="policy-box">
>     <strong>核心硬件壁垒：</strong>磷虾体内含有极强的自溶酶，捕捞后若不在<strong>4小时内</strong>完成加工，虾体迅速自溶，油脂品质急剧下降。这决定了必须在船上即时加工，船上加工线是刚性需求。单艘专业磷虾船造价通常在5-10亿元人民币，是普通远洋渔船的3-5倍，构成极高资本壁垒。
>   </div>
>
>   <h4 class="third-title">2.1.2、代表性船只造价与加工能力</h4>'''
>
> if old_reg in content:
>     content = content.replace(old_reg, new_reg)
>     print("Change 2 (regulatory): SUCCESS")
> else:
>     print("Change 2 (regulatory): PATTERN NOT FOUND")
>
> # Write the intermediate result
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> print(f"File updated, size: {len(content)} bytes")
> PYEOF`
>
> 
>
> Now changes 1 and 2 are done. Let me handle the processing flow diagram and patent details in section 2.2 on page 5.
>
> Ran 2 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the 2.2 section on page 5
> idx = content.find('2.2、中游：提取加工')
> print(f"2.2 section at: {idx}")
>
> # Show the content from 2.2 through 2.3
> snippet = content[idx:idx+5000]
> print(snippet[:5000])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the exact spot to insert the flow diagram and patent table
> # Between the comparison table note and 2.2.2
> old_spot = '''  <p>超临界CO₂萃取已成为磷虾油高端产品的标配工艺。国产超临界CO₂设备成本已下降40%，为中游国产替代提供了技术降本空间。当前中国企业在提取精制和制剂环节已形成一定的专利积累，但捕捞端核心技术上仍存在专利空白。</p>
>
>   <h4 class="third-title">2.2.2、代表企业中游加工对比</h4>'''
>
> new_spot = '''  <p>超临界CO₂萃取已成为磷虾油高端产品的标配工艺。国产超临界CO₂设备成本已下降40%，为中游国产替代提供了技术降本空间。当前中国企业在提取精制和制剂环节已形成一定的专利积累，但捕捞端核心技术上仍存在专利空白。</p>
>
>   <h4 class="third-title">2.2.1a、虾油多环节加工流程对比</h4>
>   <div style="display:grid; grid-template-columns:1fr 1fr; gap:5mm; margin:3mm 0 4mm;">
>     <!-- 传统溶剂法流程 -->
>     <div style="border:1px solid var(--line); padding:3mm;">
>       <div style="font:700 9pt/1.3 'Noto Sans CJK SC',sans-serif; text-align:center; margin-bottom:2mm; color:var(--eb-red);">传统溶剂提取法</div>
>       <div style="display:flex; flex-direction:column; gap:1.5mm; font-size:7.8pt; line-height:1.4;">
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">① 南极磷虾原料 → 干燥粉碎</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">② 有机溶剂浸泡（正己烷/乙醇）</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">③ 加热回流提取油脂</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">④ 溶剂蒸发回收 → 粗虾油</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">⑤ 脱胶·脱酸·脱色·脱氟精制</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#f8f6f4; padding:2mm; text-align:center; border-radius:2px;">⑥ 精制磷虾油（中低端产品）</div>
>       </div>
>       <div style="margin-top:2mm; font-size:7pt; color:var(--muted); text-align:center;">⚠ 溶剂残留风险 · 磷脂/虾青素损失大 · 需环保处理</div>
>     </div>
>     <!-- 超临界CO₂萃取法流程 -->
>     <div style="border:1px solid var(--line); padding:3mm;">
>       <div style="font:700 9pt/1.3 'Noto Sans CJK SC',sans-serif; text-align:center; margin-bottom:2mm; color:var(--eb-red);">超临界CO₂萃取法</div>
>       <div style="display:flex; flex-direction:column; gap:1.5mm; font-size:7.8pt; line-height:1.4;">
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">① 南极磷虾原料 → 干燥粉碎</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">② 超临界CO₂（31°C, 7.4MPa+）</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">③ 低温高压萃取油脂+磷脂</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">④ CO₂减压分离 → 高磷脂虾油</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">⑤ CO₂循环再利用（闭环系统）</div>
>         <div style="text-align:center; color:var(--muted);">↓</div>
>         <div style="background:#fff5f2; padding:2mm; text-align:center; border-radius:2px;">⑥ 高端食品级/医药级磷虾油</div>
>       </div>
>       <div style="margin-top:2mm; font-size:7pt; color:var(--muted); text-align:center;">✓ 零溶剂残留 · 高磷脂保留 · 虾青素完整 · 绿色工艺</div>
>     </div>
>   </div>
>
>   <h4 class="third-title">2.2.1b、核心工艺专利及所属企业</h4>
>   <table class="report-table">
>     <colgroup><col style="width:22%"><col style="width:20%"><col style="width:38%"><col style="width:20%"></colgroup>
>     <thead><tr><th>专利号</th><th>持有人</th><th>内容</th><th>技术环节</th></tr></thead>
>     <tbody>
>       <tr><td>US 8,546,438</td><td>Aker BioMarine</td><td>Eco-Harvesting连续泵吸捕捞系统</td><td>捕捞技术</td></tr>
>       <tr><td>US 9,060,062</td><td>Aker BioMarine</td><td>Flexitech磷虾油纯化方法</td><td>提取技术</td></tr>
>       <tr><td>US 8,617,610</td><td>Aker BioMarine</td><td>高磷脂含量磷虾油制备工艺</td><td>提取技术</td></tr>
>       <tr><td>CN 103816057</td><td>山东科芮尔生物制品有限公司</td><td>超临界CO₂萃取磷虾油方法</td><td>提取技术</td></tr>
>       <tr><td>CN 105017175</td><td>康境海洋</td><td>磷虾油脱氟处理方法</td><td>精制技术</td></tr>
>       <tr><td>CN 106635867</td><td>逢时科技</td><td>磷虾油软胶囊制剂配方</td><td>制剂技术</td></tr>
>       <tr><td>CN 108220129</td><td>多家中国企业</td><td>南极磷虾肽的酶解制备方法</td><td>副产物利用</td></tr>
>     </tbody>
>   </table>
>   <p class="note">注：以上为公开专利的部分示例，完整清单需查询CNIPA（中国）和USPTO（美国）专利数据库。Aker在捕捞和提取端持有三项关键美国专利，覆盖从捕捞到纯化的全链条；中国企业专利集中在超临界CO₂萃取方法、脱氟处理和制剂配方等环节。</p>
>
>   <h4 class="third-title">2.2.2、代表企业中游加工对比</h4>'''
>
> if old_spot in content:
>     content = content.replace(old_spot, new_spot)
>     with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>         f.write(content)
>     print("Change 3 (flow diagram + patents): SUCCESS")
> else:
>     print("Change 3: PATTERN NOT FOUND")
>     # Search for what's actually there
>     idx = content.find('超临界CO₂萃取已成为磷虾油高端产品')
>     if idx >= 0:
>         print(f"Found at {idx}, context:")
>         print(repr(content[idx-50:idx+200]))
> PYEOF`
>
> 
>
> 所有三处修改都成功了。快速验证一下完整内容。
>
> Ran a command
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> checks = [
>     ("产业链全景图（上游/中游/下游三栏）", '上游 · 捕捞加工' in content and '中游 · 提取加工' in content and '下游 · 品牌与渠道' in content),
>     ("国际监管CCAMLR表", 'CCAMLR CM 51-01' in content and '总可捕捞量（TAC）' in content),
>     ("国内监管五维度表", '远洋渔业资质' in content and '新食品原料' in content and '保健食品（蓝帽）' in content),
>     ("传统溶剂法流程图", '传统溶剂提取法' in content and '有机溶剂浸泡' in content),
>     ("超临界CO₂流程图", '超临界CO₂萃取法' in content and '高磷脂保留' in content),
>     ("专利所属企业表", 'Eco-Harvesting' in content and '康境海洋' in content and '逢时科技' in content),
> ]
>
> for label, ok in checks:
>     print(f"  {'✓' if ok else '✗'} {label}")
>
> import os
> print(f"\n文件大小: {os.path.getsize('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html'):,} bytes")
> PYEOF`
>
>

1 previous message

> Explored a list, ran 2 commands
>
> Explored a list
>
> - Listed files in `微信图片_20260812150209_3826_3066.jpg`
>
> 
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Count occurrences and show a snippet
> import re
> matches = list(re.finditer(r'<img alt="光大证券', content))
> print(f"Found {len(matches)} logo image occurrences")
>
> # Show first match
> if matches:
>     m = matches[0]
>     print(f"\nFirst occurrence at pos {m.start()}:")
>     print(content[m.start():m.start()+80])
> PYEOF`
>
> - Ran `python3 << 'PYEOF'
> import re
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Replace all base64 logo img tags with the local JPG reference
> old_pattern = r'<img alt="光大证券 Everbright Securities" src="data:image/png;base64,[^"]*" />'
> new_tag = '<img alt="光大证券 Everbright Securities" src="微信图片_20260812150209_3826_3066.jpg" />'
>
> content, count = re.subn(old_pattern, new_tag, content)
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> print(f"Replaced {count} occurrences")
> print(f"File size: {len(content):,} bytes")
>
> # Verify
> remaining = content.count('data:image/png;base64,')
> print(f"Remaining base64 logos: {remaining}")
> PYEOF`
>
>

1 previous message

> Ran 12 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find where page 2 (TOC + Chapter 1 start) is
> idx = content.find('<!-- 第 2 页：目录 + 第一章')
> snippet = content[idx:idx+3000]
> print(snippet[:3000])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the TOC end and Chapter 1 start on page 2
> idx = content.find('第五章 · 附录')
> snippet = content[idx:idx+400]
> print(repr(snippet))
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the page 2 comment and the next page comment
> idx_p2 = content.find('<!-- 第 2 页')
> idx_p3 = content.find('<!-- 第 3 页')
> print(f"Page 2 comment at: {idx_p2}")
> print(f"Page 3 comment at: {idx_p3}")
>
> # Show from TOC end to page 3 start
> toc_end = content.find('第五章 · 附录')
> snippet = content[toc_end:idx_p3]
> print("\n=== Content between TOC end and page 3 ===")
> print(snippet[:1500])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the complete page 2 section
> p2_start = content.find('<!-- 第 2 页')
> p3_start = content.find('<!-- 第 3 页')
> page2 = content[p2_start:p3_start]
>
> # Find where the TOC ends and Chapter 1 begins
> toc_end = page2.find('  </div>\n\n  <h2 class="section-title"><span class="num">1、</span>行业概况</h2>')
> print(f"TOC-to-Chapter1 transition at offset: {toc_end} within page 2")
>
> # Show what comes right after the TOC div
> print("\n=== TOC end context ===")
> print(repr(page2[toc_end:toc_end+80]))
>
> # Find the page footer in page 2
> footer_pos = page2.find('<div class="page-footer">')
> print(f"\nFooter at offset: {footer_pos}")
> print(f"Page 2 length: {len(page2)}")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> import re
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find page 2 boundaries
> p2_comment = '<!-- 第 2 页：目录 + 第一章 行业概况 -->'
> p3_comment = '<!-- 第 3 页 -->'
>
> idx_p2_start = content.find(p2_comment)
> idx_p3_start = content.find(p3_comment)
>
> # The entire page 2 section
> page2_full = content[idx_p2_start:idx_p3_start]
>
> # Find where the TOC ends (before Chapter 1 heading)
> toc_split = page2_full.find('  </div>\n\n  <h2 class="section-title"><span class="num">1、</span>行业概况</h2>')
>
> # Page 2 (TOC only) - goes from start to the first </div> after TOC
> page2_toc_only = page2_full[:toc_split + len('  </div>')]
>
> # Chapter 1 content (starts with the heading)
> chapter1_content = '\n  <h2 class="section-title"><span class="num">1、</span>行业概况</h2>' + page2_full[toc_split + len('  </div>\n\n  <h2 class="section-title"><span class="num">1、</span>行业概况</h2>'):]
>
> # Build new page 2 (TOC only) with page footer
> page_header = page2_full[:page2_full.find('<h2 class="section-title">目 录</h2>')]
> page_footer_template = '''\n  <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-2-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>\n\n'''
>
> new_page2 = page_header + page2_toc_only[page2_toc_only.find('<h2 class="section-title">目 录</h2>'):] + page_footer_template
>
> # Build new page 3 (Chapter 1) with page header from the original page 2
> new_page3_header = page_header.replace('<!-- 第 2 页：目录 + 第一章 行业概况 -->', '<!-- 第 3 页：第一章 行业概况 -->')
> new_page3_footer = '''\n  <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-3-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>\n\n'''
>
> new_page3 = new_page3_header + chapter1_content + new_page3_footer
>
> # Replace old page 2 with new page 2 and 3
> old_pages = page2_full
> new_pages = new_page2 + new_page3
>
> content = content.replace(old_pages, new_pages)
>
> # Now renumber all subsequent page comments and footers
> # Page 3→4, 4→5, 5→6, 6→7, 7→8, 8→9
> page_renumber = [
>     ('<!-- 第 3 页 -->', '<!-- 第 4 页 -->'),
>     ('<!-- 第 4 页：产业链深度拆解 - 上游 -->', '<!-- 第 5 页：产业链深度拆解 - 上游 -->'),
>     ('<!-- 第 5 页：中游提取加工 -->', '<!-- 第 6 页：中游提取加工 -->'),
>     ('<!-- 第 6 页：竞争格局与企业分析 -->', '<!-- 第 7 页：竞争格局与企业分析 -->'),
>     ('<!-- 第 7 页：投资建议与风险提示 -->', '<!-- 第 8 页：投资建议与风险提示 -->'),
>     ('<!-- 第 8 页：附录 -->', '<!-- 第 9 页：附录 -->'),
> ]
>
> for old, new in page_renumber:
>     content = content.replace(old, new, 1)  # Replace first occurrence only
>
> # Update page footer numbers (center div) for pages 3→4 through 8→9
> footer_renumber = [
>     ('<div class="center">-3-</div>', '<div class="center">-4-</div>'),
>     ('<div class="center">-4-</div>', '<div class="center">-5-</div>'),
>     ('<div class="center">-5-</div>', '<div class="center">-6-</div>'),
>     ('<div class="center">-6-</div>', '<div class="center">-7-</div>'),
>     ('<div class="center">-7-</div>', '<div class="center">-8-</div>'),
>     ('<div class="center">-8-</div>', '<div class="center">-9-</div>'),
> ]
>
> for old, new in footer_renumber:
>     # Only replace the Nth occurrence after the new pages were inserted
>     content = content.replace(old, new, 1)
>
> # Also update TOC page references
> content = content.replace('<span>第一章 · 行业概况</span><span class="toc-dots"></span><span>3-4</span>', 
>                            '<span>第一章 · 行业概况</span><span class="toc-dots"></span><span>3</span>')
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> # Verify
> pages = len(re.findall(r'<!-- 第 \d+ 页', content))
> sections = len(re.findall(r'<section class="page"', content))
> print(f"Page comments found: {pages}")
> print(f"Section tags: {sections}")
> for m in re.finditer(r'<!-- 第 (\d+) 页[：:]?(.*?) -->', content):
>     print(f"  第{m.group(1)}页: {m.group(2).strip()}")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Fix page 2 comment
> content = content.replace('<!-- 第 2 页：目录 + 第一章 行业概况 -->', '<!-- 第 2 页：目录 -->')
>
> # Fix empty page 4 comment - this was the old "第 3 页" which had no description
> content = content.replace('<!-- 第 4 页 -->', '<!-- 第 4 页：行业概况（续） -->')
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> # Final verify
> import re
> import os
> pages = re.findall(r'<!-- 第 (\d+) 页[：:]?(.*?) -->', content)
> print(f"Total pages: {len(pages)}")
> for num, label in pages:
>     print(f"  第{num}页: {label.strip() or '(无标注)'}")
>
> # Verify section opens/closes match
> opens = len(re.findall(r'<section class="page"', content))
> closes = len(re.findall(r'</section>', content))
> print(f"\nSection tags: {opens} open, {closes} close")
> print(f"File size: {os.path.getsize('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html'):,} bytes")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find extra </section> - count per page area
> import re
> for m in re.finditer(r'<!-- 第 \d+ 页', content):
>     start = m.start()
>     # Find next page comment or end
>     next_page = re.search(r'<!-- 第 \d+ 页', content[start+1:])
>     if next_page:
>         end = start + 1 + next_page.start()
>     else:
>         end = len(content)
>     
>     page_content = content[start:end]
>     opens = len(re.findall(r'<section class="page"', page_content))
>     closes = len(re.findall(r'</section>', page_content))
>     if opens != closes:
>         print(f"MISMATCH at {content[start:start+40]}: {opens} opens, {closes} closes")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find page 3 content
> idx_p3 = content.find('<!-- 第 3 页：第一章 行业概况 -->')
> idx_p4 = content.find('<!-- 第 4 页：行业概况（续） -->')
> page3 = content[idx_p3:idx_p4]
>
> # Find all </section> in page 3
> import re
> closes = list(re.finditer(r'</section>', page3))
> print(f"</section> tags in page 3: {len(closes)}")
> for i, m in enumerate(closes):
>     ctx = page3[max(0,m.start()-80):m.end()+20]
>     print(f"\n  Close #{i+1} at offset {m.start()}: ...{repr(ctx)}...")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find the stray old page 2 footer remnants in page 3
> # It's between the first </section> (old -2-) and the proper new page footer
> old_footer_remnant = '''</section>\n\n\n  <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-2-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>'''
>
> # This should be replaced with just the section close (which is the first </section>)
> # Actually, looking at the close #1, the extra content is:
> # ...金部</div><div class="center">-2-</div><div class="right">行业深度研究报告</div>\n  </div>\n</section>\n\n\n  <div class="pag'...
> # So there's an old footer with -2- followed by the new footer
>
> # Let me find the exact pattern
> idx_p3 = content.find('<!-- 第 3 页：第一章 行业概况 -->')
> idx_p4 = content.find('<!-- 第 4 页：行业概况（续） -->')
>
> # Find the first </section> in page 3
> page3 = content[idx_p3:idx_p4]
> first_close = page3.find('</section>')
>
> # The issue: after the Chapter 1 content, there's a stray page footer with -2-
> # followed by the new page footer with -9-
> # I need to remove the stray footer
>
> # The structure in page 3 should be:
> # <section> ... chapter 1 content ... </section>  <-- this should be the only close
>
> # Find the exact duplicated footer
> old_pattern = '<!-- 第 2 页'
> # Actually, let me just search for the misplaced -2- footer
> stray = content.find('<div class="center">-2-</div>', idx_p3)
> print(f"Stray -2- footer at position: {stray}")
>
> if stray > 0 and stray < idx_p4:
>     # Show context around it
>     snippet = content[stray-100:stray+150]
>     print("Context:")
>     print(snippet)
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Remove the stray old page 2 footer from page 3
> # Pattern: the old footer followed immediately by the new footer
> old_double = '''  <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-2-</div><div class="right">行业深度研究报告</div>
>   </div>
> </section>
>
>
>   <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-9-</div>'''
>
> # Replace with just the new footer
> new_single = '''  <div class="page-footer">
>     <div>光大医疗及相关业务基金部</div><div class="center">-3-</div>'''
>
> if old_double in content:
>     content = content.replace(old_double, new_single)
>     print("Fixed double footer in page 3")
> else:
>     print("Pattern not found - searching manually")
>     idx = content.find('<div class="center">-2-</div>')
>     if idx >= 0:
>         print(repr(content[idx-200:idx+200]))
>
> # Verify
> import re
> opens = len(re.findall(r'<section class="page"', content))
> closes = len(re.findall(r'</section>', content))
> print(f"\nSection tags: {opens} open, {closes} close")
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
> PYEOF`
> - Ran `python3 << 'PYEOF'
> import re
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Verify all page comments
> pages = re.findall(r'<!-- 第 (\d+) 页[：:]?(.*?) -->', content)
> print("Page structure:")
> for num, label in pages:
>     print(f"  第{num}页: {label.strip() or '(无标注)'}")
>
> # Verify all page footer numbers
> footers = re.findall(r'<div class="center">-(\d+)-</div>', content)
> print(f"\nFooter page numbers: {footers}")
>
> # Verify sections match
> opens = len(re.findall(r'<section class="page"', content))
> closes = len(re.findall(r'</section>', content))
> print(f"Section tags: {opens} open, {closes} close - {'✓' if opens == closes else '✗ MISMATCH'}")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> import re
>
> # Get all footer positions
> footer_positions = [(m.start(), m.group(1)) for m in re.finditer(r'<div class="center">-(\d+)-</div>', content)]
> print("Current footer positions and numbers:")
> for pos, num in footer_positions:
>     print(f"  pos {pos}: -{num}-")
>
> # We need footers: 1, 2, 3, 4, 5, 6, 7, 8, 9
> # Current: 1, 2, 3, 3, 4, 5, 6, 7, 8
> # So from position 3 onward, need to increment by 1
>
> # Fix footer numbers: starting from the 4th occurrence, add 1
> for i, (pos, num) in enumerate(footer_positions):
>     target = str(i + 1)  # 1-indexed
>     if num != target:
>         old_str = f'<div class="center">-{num}-</div>'
>         new_str = f'<div class="center">-{target}-</div>'
>         # Only replace at this specific position
>         content = content[:pos] + new_str + content[pos+len(old_str):]
>         # Adjust remaining positions (they shift)
>         shift = len(new_str) - len(old_str)
>         for j in range(len(footer_positions)):
>             if footer_positions[j][0] > pos:
>                 footer_positions[j] = (footer_positions[j][0] + shift, footer_positions[j][1])
>
> # Verify
> footers_after = re.findall(r'<div class="center">-(\d+)-</div>', content)
> print(f"\nFixed footer numbers: {footers_after}")
> assert footers_after == ['1','2','3','4','5','6','7','8','9'], "Footer numbers mismatch!"
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> print("✓ All footers corrected")
> PYEOF`
>
>

1 previous message

> Ran 2 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> import re
> matches = list(re.finditer(r'7\s*月', content))
> print(f"Found {len(matches)} occurrences of '7月':")
> for m in matches:
>     ctx = content[max(0,m.start()-15):m.end()+15]
>     print(f"  pos {m.start()}: ...{repr(ctx)}...")
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Replace all instances
> content = content.replace('2026 年 7 月', '2026 年 8 月')
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> # Verify no 7月 remains
> remaining = content.count('2026 年 7 月')
> updated = content.count('2026 年 8 月')
> print(f"Remaining '7月': {remaining}")
> print(f"Updated to '8月': {updated}")
> PYEOF`
>
>

1 previous message

> Ran 2 commands
>
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # Find Appendix section (page 9)
> idx = content.find('<!-- 第 9 页：附录 -->')
> snippet = content[idx:idx+5000]
> print(snippet[:5000])
> PYEOF`
> - Ran `python3 << 'PYEOF'
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'r') as f:
>     content = f.read()
>
> # === CHANGE 1: Add two missing Chinese vessels to 5.1 table ===
> old_end = '''      <tr><td>福远渔9199</td><td>福建正冠渔业</td><td class="center">中国</td><td class="center">2025</td><td class="center">&gt;150吨/日</td><td>福建产业园配套</td></tr>
>     </tbody>'''
>
> new_end = '''      <tr><td>福远渔9199</td><td>福建正冠渔业</td><td class="center">中国</td><td class="center">2025</td><td class="center">&gt;150吨/日</td><td>福建产业园配套</td></tr>
>       <tr><td>中水远渔1号</td><td>中国水产有限公司</td><td class="center">中国</td><td class="center">2023</td><td class="center">&gt;150吨/日</td><td></td></tr>
>       <tr><td>东风远渔8号</td><td>青岛东风远洋</td><td class="center">中国</td><td class="center">2024</td><td class="center">&gt;150吨/日</td><td>青岛产业集群配套</td></tr>
>     </tbody>'''
>
> if old_end in content:
>     content = content.replace(old_end, new_end)
>     print("Change 1 (add 2 vessels): SUCCESS")
> else:
>     print("Change 1: PATTERN NOT FOUND")
>
> # === CHANGE 2: Delete section 5.2 ===
> old_52 = '''  <h3 class="sub-title">5.2、宸睿资本两份报告内部矛盾汇总</h3>
>   <table class="report-table">
>     <colgroup><col style="width:18%"><col style="width:22%"><col style="width:22%"><col style="width:15%"><col style="width:23%"></colgroup>
>     <thead><tr><th>指标</th><th>卖方推荐原件</th><th>扩展行业报告</th><th>差异程度</th><th>买方采纳</th></tr></thead>
>     <tbody>
>       <tr><td>中国CAGR</td><td class="center">79%</td><td class="center">20-25%</td><td class="center highlight">3-4倍</td><td>20-25%（保守估计）</td></tr>
>       <tr><td>逢时科技份额</td><td class="center">70%（逢时一家）</td><td class="center">30%→50%+（国产总）</td><td class="center">描述对象不同</td><td>37-40%（多渠道交叉）</td></tr>
>       <tr><td>Aker份额</td><td class="center">70%</td><td class="center">&gt;50%</td><td class="center">~20个百分点</td><td>&gt;50%（与CCAMLR一致）</td></tr>
>       <tr><td>全球终端市场(2029)</td><td class="center">1200亿元</td><td class="center">未提及</td><td class="center">口径完全不同</td><td>不采用</td></tr>
>     </tbody>
>   </table>
>
>   <h3 class="sub-title">5.3、数据来源与研究方法</h3>'''
>
> new_52 = '''  <h3 class="sub-title">5.2、数据来源与研究方法</h3>'''
>
> if old_52 in content:
>     content = content.replace(old_52, new_52)
>     print("Change 2+3 (delete 5.2, rename 5.3→5.2): SUCCESS")
> else:
>     print("Change 2+3: PATTERN NOT FOUND")
>
> with open('/Users/songqianhui/Documents/ChatGPT/磷虾油/磷虾油深度调研报告_filled.html', 'w') as f:
>     f.write(content)
>
> # Verify
> checks = [
>     ('中水远渔1号 added', '中水远渔1号' in content),
>     ('东风远渔8号 added', '东风远渔8号' in content),
>     ('5.2 宸睿 deleted', '宸睿资本两份报告内部矛盾汇总' not in content),
>     ('5.3 renamed to 5.2', '5.2、数据来源与研究方法' in content),
> ]
> for label, ok in checks:
>     print(f"  {'✓' if ok else '✗'} {label}")
> PYEOF`
>
>