1. Report's Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - During the period from March 2nd to March 8th, most of the issuance guidance rates announced by the National Association of Financial Market Institutional Investors (NAFMII) increased, with an overall change range of -1 BP to 6 BP. Due to the low - base effect, the issuance scale of credit bonds increased significantly on a month - on - month basis. Corporate bonds remained at zero issuance, while the issuance amounts of other varieties increased. The net financing of credit bonds increased, with corporate bond net financing decreasing and that of other varieties increasing. Corporate bond net financing was negative, while that of other varieties was positive. [1][11][55] - In the secondary market, the trading volume of credit bonds increased on a month - on - month basis, with the trading volume of each variety increasing. The yields of credit bonds all declined. The credit spreads of each variety were differentiated, showing a general widening trend at the short - to - medium end and a narrowing trend at the long end. In terms of quantiles, the spreads of most varieties were at historical lows, with the quantiles of 7 - year varieties being relatively high. [1][15][55] - From the perspective of absolute return, the relatively strong allocation demand will drive the credit bond market to continue its recovery. Although fluctuations and adjustments are inevitable under the influence of both positive and negative factors, the conditions for a full - scale bear market in the credit bond market are still insufficient. In the long run, future yields are still on a downward path, and the idea of increasing allocations during adjustments is still feasible. [1][55] - From the perspective of relative return, the compression space of credit spreads at each maturity is currently insufficient, and the cost - effectiveness of allocating most varieties is not high. The coupon strategy in the current allocation thinking should remain cautious, while the trading thinking can be moderately optimistic. When selecting bonds, the focus should still be on the changing trend of interest - rate bonds while paying attention to the coupon value of individual bonds. [1][55] - The central and local governments continue to actively optimize real - estate policies, and the supporting policies are continuously strengthening, actively releasing rigid and improved housing demand, which has played a positive role in promoting the stabilization of the real - estate market. Although the real - estate market is currently in the transition period between old and new models, with the effectiveness of various policies to stabilize the real - estate market, the market is moving towards stabilization. [2][58] - For real - estate bonds, the sales recovery process will have a significant impact on bond valuations. As the market shows signs of stabilization, funds with higher risk appetite can consider early layout, especially focusing on enterprises with outstanding performance in new financing and sales recovery. The allocation focus should still be on central and state - owned enterprises with stable historical valuations and excellent performance, as well as high - quality private - enterprise bonds with strong guarantees. [2][58] - For urban investment bonds, under the principle of coordinating development and security, the probability of default of urban investment bonds is very low, and they can still be a key allocation variety in the credit bond market. Under the strict supervision of promoting the clearance of local financing platforms in an effective and orderly manner, the reform and transformation of financing platforms are accelerating, and attention should be paid to the opportunities for the reform and transformation of "entity - type" financing platforms. [2][58] 3. Summary According to the Directory 3.1 Primary Market Situation 3.1.1 Issuance and Maturity Scale - From March 2nd to March 8th, a total of 334 credit bonds, including corporate bonds, corporate - issued bonds, medium - term notes, commercial paper, and private placement notes, were issued, with a total issuance amount of 263.087 billion yuan, a month - on - month increase of 177.64%. The net financing of credit bonds was 79.394 billion yuan, a month - on - month increase of 145.668 billion yuan. [11] - Specifically, corporate bonds had zero issuance, with a net financing of - 12.849 billion yuan, a month - on - month decrease of 10.344 billion yuan. Corporate - issued bonds had 127 issuances, with an issuance amount of 101.718 billion yuan, a month - on - month increase of 255.45%, and a net financing of 46.670 billion yuan, a month - on - month increase of 82.174 billion yuan. Medium - term notes had 102 issuances, with an issuance amount of 74.731 billion yuan, a month - on - month increase of 305.05%, and a net financing of 11.835 billion yuan, a month - on - month increase of 49.080 billion yuan. Commercial paper had 77 issuances, with an issuance amount of 68.448 billion yuan, a month - on - month increase of 51.53%, and a net financing of 29.020 billion yuan, a month - on - month increase of 15.901 billion yuan. Private placement notes had 28 issuances, with an issuance amount of 18.190 billion yuan, a month - on - month increase of 621.54%, and a net financing of 4.718 billion yuan, a month - on - month increase of 8.859 billion yuan. [11] 3.1.2 Issuance Interest Rates - Most of the issuance guidance rates announced by the NAFMII increased, with an overall change range of -1 BP to 6 BP. By maturity, the interest rate of 1 - year varieties changed from 0 BP to 2 BP, that of 3 - year varieties from 0 BP to 6 BP, that of 5 - year varieties from -1 BP to 3 BP, and that of 7 - year varieties from -1 BP to 2 BP. By rating, the interest rate of key AAA - rated and AAA - rated varieties changed from 0 BP to 2 BP, that of AA + - rated varieties from -1 BP to 4 BP, that of AA - rated varieties from 2 BP to 6 BP, and that of AA - - rated varieties from -1 BP to 4 BP. [13] 3.2 Secondary Market Situation 3.2.1 Market Trading Volume - From March 2nd to March 8th, the total trading volume of credit bonds was 915.999 billion yuan, a month - on - month increase of 76.45%. The trading volumes of corporate bonds, corporate - issued bonds, medium - term notes, commercial paper, and private placement notes were 17.907 billion yuan, 363.026 billion yuan, 328.115 billion yuan, 151.917 billion yuan, and 55.034 billion yuan respectively, with the trading volumes of all varieties increasing. [15] 3.2.2 Credit Spreads - For medium - and short - term notes, the credit spreads of each variety were differentiated. Specifically, the credit spreads of 1 - year and 3 - year varieties widened, while those of 5 - year and 7 - year varieties narrowed. [18] - For corporate bonds, the credit spreads of each variety were also differentiated. Specifically, the 1 - year credit spreads widened; for 3 - year varieties, the credit spreads of AA + - rated and above widened, while those of other varieties narrowed; the 5 - year and 7 - year credit spreads narrowed. [28] - For urban investment bonds, the credit spreads of each variety were differentiated. Specifically, the credit spreads of 1 - year and 3 - year varieties widened, while those of 5 - year and 7 - year varieties narrowed. [32] 3.2.3 Term Spreads and Rating Spreads - **For medium - and short - term notes**: In terms of term spreads, the 3Y - 1Y spread of AA + medium - and short - term notes widened by 0.28 BP, the 5Y - 3Y spread narrowed by 1.55 BP, and the 7Y - 3Y spread widened by 0.52 BP. Currently, the 3Y - 1Y spread is at a historical low, at the 19.8% quantile, the 5Y - 3Y spread is at a historical low, at the 18.4% quantile, and the 7Y - 3Y spread is at a low - to - medium historical level, at the 33.4% quantile. In terms of rating spreads, the spreads of (AA - )-(AAA), (AA)-(AAA), and (AA + )-(AAA) for 3 - year medium - and short - term notes remained the same as the previous period. Currently, (AA - )-(AAA) is at a historical low, at the 1.6% quantile, (AA)-(AAA) is at a historical low, at the 11.3% quantile, and (AA + )-(AAA) is at a low level, at the 4.0% quantile. [39] - **For corporate bonds**: In terms of term spreads, the 3Y - 1Y spread of AA + corporate bonds widened by 0.17 BP, the 5Y - 3Y spread narrowed by 0.04 BP, and the 7Y - 3Y spread narrowed by 0.69 BP. Currently, the 3Y - 1Y spread is at a low - to - medium historical level, at the 21.8% quantile, the 5Y - 3Y spread is at a historical low, at the 9.5% quantile, and the 7Y - 3Y spread is at a low - to - medium historical level, at the 24.8% quantile. In terms of rating spreads, the (AA - )-(AAA) spread of 3 - year corporate bonds narrowed by 2.00 BP, the (AA)-(AAA) spread narrowed by 2.00 BP, and the (AA + )-(AAA) spread narrowed by 1.00 BP. Currently, the (AA - )-(AAA) spread is at a historical low, at the 0.1% quantile, the (AA)-(AAA) spread is at a historical low, at the 7.4% quantile, and the (AA + )-(AAA) spread is at a historical low, at the 5.4% quantile. [45] - **For urban investment bonds**: In terms of term spreads, the 3Y - 1Y spread of AA + urban investment bonds widened by 1.32 BP, the 5Y - 3Y spread narrowed by 2.11 BP, and the 7Y - 3Y spread narrowed by 2.90 BP. Currently, the 3Y - 1Y spread is at a low - to - medium historical level, at the 20.2% quantile, the 5Y - 3Y spread is at a historical low, at the 8.3% quantile, and the 7Y - 3Y spread is at a low - to - medium historical level, at the 34.8% quantile. In terms of rating spreads, the (AA - )-(AAA) spread of 3 - year urban investment bonds narrowed by 0.01 BP, the (AA)-(AAA) spread widened by 0.99 BP, and the (AA + )-(AAA) spread widened by 0.99 BP. Currently, the (AA - )-(AAA) spread is at a historical low, at the 3.5% quantile, the (AA)-(AAA) spread is at a historical low, at the 1.4% quantile, and the (AA + )-(AAA) spread is at a historical low, at the 2.2% quantile. [48] 3.3 Credit Rating Adjustments and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - According to iFinD statistics, there were no company rating (including outlook) adjustments from March 2nd to March 8th. [52] 3.3.2 Default and Extended - Maturity Bond Statistics - In terms of bond defaults, according to iFinD statistics, there were no defaults of credit bonds issued by any issuer from March 2nd to March 8th. [53] - In terms of bond extensions, according to iFinD statistics, there were no extensions of credit bonds issued by any issuer from March 2nd to March 8th. [53] 3.4 Investment Views - The investment views are consistent with the core viewpoints, emphasizing the trends of the primary and secondary markets of credit bonds, the analysis from the perspectives of absolute and relative returns, and the investment suggestions for real - estate bonds and urban investment bonds. [1][55][58]

证券分析师 宏观及策略研究 输入性因素和春节效应推动通胀升温——2026 年 2 月物价数据点评 基金研究 公募基金规模十连增，权益市场主要指数震荡回撤——公募基金周报 行业研究 扩大消费仍为重要工作任务，包装纸价格上行——轻工制造&纺织服饰行业 周报 证 券 研 究 报 告 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/03/10） 崔健 渤海证券研究所晨会纪要（2026.03.10） 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2026/03/10） 宏观及策略研究 输入性因素和春节效应推动通胀升温——2026 年 2 月物价数据点评 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 1、CPI：油价转涨，春节提振服务价格 2026 年 2 月 CPI 同环比涨幅均扩大，食品、能源及核心通胀均有贡献。其中，食品价格受 ...

宏观经济分析报告 输入性因素和春节效应推动通胀升温 ――2026 年 2 月物价数据点评 | | | CPI：油价转涨，春节提振服务价格 王哲语 [Table_IndInvest] 022-23839051 wangzheyu@bhzq.com 周喜 SAC NO：S1150511010017 022-28451972 zhouxi@bhzq.com 宏 观 研 究 证 券 研 究 报 告 李济安 SAC NO：S1150522060001 022-23839175 lija@bhzq.com 2026 年 2 月 CPI 同环比涨幅均扩大，食品、能源及核心通胀均有贡献。 其中，食品价格受节日期间需求增加带动，水产品、鲜果、猪肉价格悉 数上行；受国际地缘政治冲突影响，能源价格结束六连降，国内汽油价 格上涨 3.1%；核心通胀受到春节因素提振，出行链、电影演出以及在外 餐饮价格均明显上涨，此外，金价对 CPI 同环比也仍有支撑。 展望来看，（1）生猪供给仍较充足，春节后猪价再度开始下行，3 月猪价 对 CPI 环比或有所拖累，鲜菜价格在 3 月将季节性下行；（2）油价对 CPI 同环比拉动程度进一步增加；（3） ...

Investment Rating - The investment rating for the light industry and textile apparel sectors is "Neutral" [5][45] - Specific companies recommended for "Increase" rating include: - 欧派家居 (Oupai Home) [5][45] - 索菲亚 (Sofia) [5][45] - 探路者 (Explorer) [5][45] - 森马服饰 (Semir) [5][45] - 乖宝宠物 (Guai Bao Pet) [5][45] - 中宠股份 (Zhongchong Co.) [5][45] Core Insights - The 2026 Government Work Report emphasizes the importance of expanding consumption as a key task, with a focus on implementing consumption stimulus actions [6][44] - A special long-term government bond of 250 billion yuan will support the replacement of consumer goods, optimizing policy implementation mechanisms [6][44] - The report indicates that the government will enhance support for new consumption and modern service industries, creating a favorable financing environment for innovative enterprises [6][44] - The packaging paper prices have seen an upward trend, with companies like 九龙纸业 (Nine Dragons Paper) announcing price increases of 50 yuan per ton across multiple production bases [7][45] Summary by Sections Industry News - The 2026 Government Work Report highlights the implementation of consumption stimulus actions as a priority [6][44] - 九龙纸业 has announced a price increase of 50 yuan per ton for various paper products [7][45] Important Company Announcements - 老凤祥 (Lao Feng Xiang) reported a 9.99% year-on-year decline in net profit for 2025 [8] - 伟星股份 (Wei Xing Co.) reported an 8.38% year-on-year decline in net profit for 2025 [8] Market Review - From March 2 to March 6, the light industry sector underperformed the CSI 300 index by 2.61 percentage points, with a decline of 3.68% [4][38] - The textile and apparel sector also underperformed the CSI 300 index by 1.74 percentage points, with a decline of 2.80% [4][42] Weekly Strategy - The report suggests continued focus on sectors benefiting from new consumption trends, such as pet consumption and domestic fashion [6][44]

Report Industry Investment Rating The document does not provide the industry investment rating. Core Views of the Report - From March 2, 2026, to March 6, 2026, all major equity market indices declined, with the STAR 50 index experiencing the largest drop of 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, with the top five gainers being petroleum & petrochemicals, coal, utilities, agriculture, forestry, animal husbandry & fishery, and banking; the top five losers were media, non-ferrous metals, computer, electronics, and building materials [1][12]. - The total scale of public - offering funds reached a new record, and the number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. In the fund performance, quantitative funds had the smallest decline, with an average drop of 2.29% and a positive - return ratio of 4.16%; fixed - income + funds dropped by 0.34% on average, with a positive - return ratio of 30.15%; pure - bond funds rose by 0.11% on average, with a positive - return ratio of 99.46%; pension target FOFs dropped by 1.86% on average, with a positive - return ratio of 0.00%; QDII funds dropped by 2.79% on average, with a positive - return ratio of 7.14% [2][30]. - Last week, the overall ETF market had a net capital inflow of 31.867 billion yuan. Commodity - type ETFs had a relatively large net inflow of 13.181 billion yuan. The daily average trading volume of the overall ETF market reached 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. Sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties, with the net capital outflow of the CSI Small - Cap 500 index approaching 10 billion yuan [3][42][45]. - Last week, 45 new funds were issued, an increase of 9 compared with the previous period; 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period [4][49][54]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Situation - Equity market: All major equity market indices declined, with the STAR 50 index dropping by 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, and the top five gainers and losers were as mentioned above. - Bond market: The ChinaBond Composite Full - Price Index rose by 0.06%, the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.06% and 0.10%, and the CSI Convertible Bond Index dropped by 2.07%. - Commodity market: The Nanhua Commodity Index rose by 6.43% [12]. 1.2欧美及亚太市场情况 All major indices in the European, American, and Asia - Pacific markets declined last week. In the US stock market, the S&P 500 index dropped by 1.55%, the Dow Jones Industrial Average dropped by 2.95%, and the Nasdaq index dropped by 1.24%. In the European market, the French CAC40 dropped by 6.84%, and the German DAX dropped by 6.70%. In the Asia - Pacific market, the Hang Seng Index dropped by 3.28%, and the Nikkei 225 dropped by 5.49% [19]. 1.3 Market Valuation Situation - The valuation quantiles of most major market indices declined last week. In terms of the historical quantiles of price - to - earnings ratio, the CSI 300 had the highest increase of 2.1 pct.; in terms of the historical quantiles of price - to - book ratio, the CSI 300 also had the highest increase of 1.3 pct. - Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio in the Shenwan primary index were real estate, comprehensive, electronics, chemical, and building materials. The real estate industry's price - to - earnings ratio quantile remained high, and the comprehensive industry's reached 94.2%. The bottom five industries with low historical quantiles of price - to - earnings ratio were non - bank finance, food and beverage, agriculture, forestry, animal husbandry & fishery, beauty care, and household appliances, with the non - bank finance industry's valuation approaching its historical low since 2013 [22]. 2. Active - Type Public - Offering Fund Situation Market Hotspots - The total scale of public - offering funds reached a new record. As of the end of January 2026, there were 165 public - offering fund management institutions in China, and the total net asset value of public - offering funds under management was 37.77 trillion yuan. The industry had achieved "ten consecutive increases" in scale [29]. - The number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. As of the end of February 2026, the average time for these institutions to reach the 10 - billion - yuan threshold from establishment was 7.81 years [30]. Fund Performance The performance of different types of funds is as described in the core views section, including the average returns and positive - return ratios of quantitative funds, fixed - income + funds, pure - bond funds, pension target FOFs, and QDII funds. The top - performing funds in different categories last week and this year are also provided [2][30][31]. Industry Positions Last week, the top industries with the highest position - increasing ratios in active equity funds were petroleum & petrochemicals, transportation, and coal; the top industries with the highest position - reducing ratios were electronics, pharmaceutical biology, and basic chemicals. The overall position of active equity funds on March 6, 2026, was 80.39%, an increase of 3.34 pct. compared with the previous period [2][37][38]. 3. ETF Fund Situation - The overall ETF market had a net capital inflow of 31.867 billion yuan last week. Commodity - type ETFs had a net inflow of 13.181 billion yuan. The daily average trading volume was 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. - In terms of individual securities, sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties [3][42][45]. 4. Fund Issuance Situation Statistics - Last week, 45 new funds were issued, an increase of 9 compared with the previous period, including 12 active equity - biased funds and 15 passive index funds. The issuance share of active equity funds was still at a historical low but showed an obvious upward trend this year. - 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period. The Southern Yixiang Steady Income Bond A managed by Sun Lumin and Yang Xu had the largest raising scale of about 4.988 billion yuan [4][49][54].

Macro and Strategy Research - The US ISM manufacturing PMI slightly declined in February but remains in the expansion range, with new orders and output indices still robust. However, the price index jumped, indicating inflationary pressures [2][3] - The ADP report shows that private sector job creation in the US reached a new high since the end of last year, supporting the view of a stable labor market despite job growth being limited to a few sectors [2] - In Europe, inflation data in February was driven by rising service prices, with expectations that the European Central Bank will maintain its policy rates unchanged throughout the year [3] Fixed Income Research - In February, the central bank's liquidity net injection exceeded 800 billion yuan, with a significant amount of reverse repos conducted. The money market saw a slight increase in prices before the Spring Festival, but the fluctuations were lower than in previous years [5][6] - The issuance of interest rate bonds in February totaled 2.5 trillion yuan, showing a slight decrease year-on-year, with net financing of approximately 1.3 trillion yuan [6][7] - The bond market is expected to remain in a strong oscillation pattern, with inflation and policy changes being key factors that could influence market dynamics [9] Industry Research - The 2026 government work report highlights the brain-computer interface as a new pillar industry, indicating a strategic focus on emerging sectors such as biomedicine [10][12] - Notable industry developments include the approval of new drugs by companies like China Biologic Products and Innovent Biologics, reflecting ongoing innovation in the pharmaceutical sector [11] - The SW biomedicine sector's valuation remains high, with a TTM P/E ratio of 48.07, indicating significant investor interest despite recent market declines [11][12]

Market Review - In February 2026, the central bank's liquidity net injection exceeded 800 billion yuan, with a significant increase in reverse repos [6][8] - The issuance of interest rate bonds in February was 2.5 trillion yuan, slightly lower than the previous year, with government bonds showing a slight increase [8][9] - The 10-year government bond yield fluctuated within a narrow range, closing at 1.78%, indicating a strong oscillation pattern in the bond market [16][38] Fundamental Outlook - High-frequency data suggests that exports are expected to remain strong in January-February, while inflation may continue to rise [21][29] - The manufacturing PMI data in February showed a decline, primarily due to the Spring Festival, but retail sales during the holiday increased by 13.7% compared to the previous year [26][29] - The real estate market showed signs of weakness, with a significant drop in transaction volumes in major cities [24][29] Policy Outlook - The fiscal policy remains "more proactive," with a focus on ensuring necessary expenditure and promoting domestic demand as a primary task [30][32] - The monetary policy continues to emphasize "appropriate easing," with a focus on fiscal and monetary coordination and the use of structural tools [36][37] - The government plans to reduce the net financing scale of government bonds in March, indicating manageable supply pressure [30][32] Bond Market Outlook - The bond market is expected to face pressure from export and inflation data, but the government bond supply is not a major concern [38] - The market is likely to remain in a range-bound oscillation pattern, with opportunities in short-term bonds and long-term bonds [39]

Group 1: Macro Economic Overview - In February, the US ISM Manufacturing PMI slightly declined but remained in the expansion zone, with new orders and output indices still robust, while the price index surged, indicating inflationary pressures[1] - The ADP data showed that the US private sector added the highest number of jobs since the end of last year, supporting the view of a stable labor market despite growth being concentrated in a few sectors[1] - Market expectations for the Federal Reserve's first interest rate cut have been pushed to July, with reduced expectations for a second cut within the year due to rising inflation expectations[1] Group 2: Domestic Economic Environment - In February, China's PMI experienced a seasonal decline due to the Spring Festival, but the drop was less than expected, indicating cautious business operations[2] - The 2026 Government Work Report emphasizes a stable yet progressive approach, focusing on effective allocation of fiscal resources and structural monetary policy support to boost domestic demand and innovation[2] - High-frequency data shows a slight increase in real estate transactions post-holiday, while agricultural wholesale prices have decreased, indicating mixed signals in the market[2] Group 3: Price Trends and Risks - Upstream prices for coking coal and coke have risen, while prices for non-ferrous metals and gold have generally declined, with crude oil prices significantly increasing[2] - Risks include geopolitical uncertainties that may disrupt market risk appetite and unexpected economic or policy changes during China's transition phase, which could lead to policy adjustments[2]

Macro and Strategy Research - The economic growth target for 2026 is set at 4.5%-5%, reflecting a pragmatic adjustment in response to market expectations, with nearly 60% of provinces lowering their GDP growth targets [2] - Fiscal policy maintains a deficit rate target of around 4%, consistent with the previous year, indicating a commitment to sustaining expenditure levels while optimizing the use of fiscal funds [3] - Monetary policy is expected to remain moderately accommodative, with a focus on the reasonable recovery of prices, aiming for a CPI increase of 2% [4] - Expanding domestic demand remains a top priority, with policy adjustments focusing on sustainable growth and high-quality development, including a slight increase in central budget investment to 755 billion [5] - The emphasis on cultivating new driving forces in various fields highlights the importance of technological self-reliance and innovation, with significant support for key core technology enterprises [6][7] - The report indicates a deepening of "anti-involution" governance, with a focus on antitrust and fair competition, alongside reforms in the capital market to enhance the investment and financing ecosystem [8] Industry Research - The Tianjin biopharmaceutical industry is positioned as a key part of the "1+3+4" modern industrial system, with a reported output value exceeding 90 billion yuan in 2025, reflecting a year-on-year growth of 11.6% [13] - The industry benefits from strong policy support and a rich innovation resource base, including multiple laboratories and specialized universities, fostering advancements in synthetic biology and gene therapy [14] - Traditional sectors like chemical drugs and modern Chinese medicine are consolidating their advantages, while emerging sectors such as biomanufacturing and nucleic acid drugs are rapidly developing [15] - The biopharmaceutical industry is expected to reach a production value of over 100 billion yuan by 2025, with significant growth in medical device production [16] Computer Industry Research - The report highlights that China's AI models surpassed those of the US in global usage in February 2026, indicating a strong competitive position in the AI sector [17] - The software industry in China reported a business revenue of 15.48 trillion yuan in 2025, with a year-on-year growth of 13.2%, showcasing robust industry performance [18] - The investment strategy emphasizes the sustained high demand for AI computing power, with major cloud computing firms expected to maintain rapid capital expenditure growth [19]

A 股投资策略报告 +-[Table_MainInfo] 经济增长侧重"质"，扩内需为首要任务 | | | ――政府工作报告点评 | | --- | --- | --- | | 分析师： | 宋亦威 | SAC NO： S1150514080001 2026 年 3 月 5 日 | | [Table_Analysis] 证券分析师 | | [Table_Summary] | | 宋亦威 | | 1、打牢后期发展基础，经济增长目标设定在 4.5%-5%。此次，两会公布的 2026 | | 022-23861608 | | 年经济增长目标较 2025 年有所调降，这一务实安排符合市场预期。在地方两 | | songyw@bhzq.com | | 会阶段，已有近六成的省市下调了 2026 年的 GDP 增长目标，这一基本面预期 | | [Table_Author] 严佩佩 | | 的变化，已在前期被市场消化。对于上述调整，《政府工作报告》（以下简称 | | 022-23839070 | | "《报告》"）中明确指出是"为调结构、防风险、促改革留出空间"，显示管 | | SAC No:S1150520110001 | ...