2026年以来，港股回购热度持续。Wind数据显示，截至1月26日，共有112家港股上市公司累计回购了 4.13亿股，回购金额超120亿港元。腾讯控股、小米集团-W、舜宇光学科技等股票多次大手笔回购。港 股回购也是港股市场增量资金的一大来源，截至1月27日，2026年以来，恒生指数、恒生中国企业指 数、恒生科技指数分别累计上涨5.84%、3.72%、4.33%。 分析人士认为，上市公司回购释放出一个重要积极信号，有助于维护公司价值。在流动性持续宽裕的背 景下，投资者风险偏好有望回暖，港股有望震荡上行。 ● 本报记者 吴玉华 港股大额回购频现 行业板块方面看，2026年以来，港股市场行业板块普遍上涨，原材料业、综合企业、地产建筑业板块领 涨市场，分别累计上涨22.99%、15.13%、10.49%，医疗保健业、非必需性消费、能源业板块均累计涨 逾9%，工业、金融业板块均累计涨逾5%，仅有电讯业板块下跌3.17%。 2026年以来，港股市场的上市公司延续积极回购态势，大额回购频繁出现。 Wind数据显示，截至1月26日，2026年以来，合计有112家港股上市公司进行了回购，累计回购股票数 量为4.13亿股，回购金 ...

Core Viewpoint - The article emphasizes the strategic initiatives in Guizhou province, focusing on "grasping industry, projects, investment attraction, and business entities" to drive economic growth and industrial transformation in the region [6][12]. Group 1: Grasping Industry - The focus on revitalizing traditional industries and accelerating new industries is highlighted, with Guizhou aiming for new industrialization as a key to high-quality development [7]. - In 2025, Guizhou's industrial development achieved a "double 30" contribution, with over 30% contribution to both the city's economic growth and provincial industrial growth [7]. - The total industrial output value of the city surpassed 500 billion yuan, with significant growth in sectors like new energy batteries and materials, expected to grow over 50%, and battery materials projected to exceed 80% growth [8]. Group 2: Grasping Projects - Projects are identified as the cornerstone of economic development and industrial upgrading, with Guizhou focusing on major projects to drive growth [9]. - A cluster of projects around leading companies like Ningde Times and Fudi Battery has been established, with 10 key projects completed, contributing to a competitive new energy battery and materials industry [9]. - During the "14th Five-Year Plan" period, Guizhou introduced 1,569 manufacturing projects with a total investment of 504.617 billion yuan [9]. Group 3: Grasping Investment Attraction - Investment attraction is positioned as a top priority for high-quality economic development, with a focus on effective strategies for attracting significant projects [10]. - The launch of a 10 billion-level project in the phosphate-sulfur-titanium-copper-iron-lithium-fluorine coupling cycle integration project marks a significant breakthrough in Guizhou's new energy sector [10]. - In 2025, Guizhou attracted 852 new industrial projects, with 107 major projects included in the provincial project library [11]. Group 4: Grasping Business Entities - The initiative to enhance business entities aims to stimulate market vitality and development momentum, addressing the needs of various enterprises [12]. - A special action was launched to assist private and small-medium enterprises in finding orders, increasing financing, and reducing costs, creating a supportive environment for business growth [12]. - In 2025, Guizhou saw an increase of 153,600 new business entities, a growth of 6.48%, with a total of 1.1181 million business entities, representing 23% of the province [13].

Core Insights - The automotive industry is undergoing a transformation towards electrification and intelligence, with Geely Holdings transitioning from a traditional car manufacturer to a smart mobility technology company [2] - Geely's strategic goals for 2030 include achieving annual sales of over 6.5 million vehicles, revenue exceeding 1 trillion yuan, and becoming one of the top five global automakers, with 75% of sales from new energy vehicles [2][3] Group 1: Strategic Goals and Achievements - In 2025, Geely's total global sales reached 4.116 million vehicles, a 26% increase year-on-year, marking its entry into the top seven global automakers [2] - The company aims for an annual compound growth rate of approximately 9.5% to reach its 2030 sales target of 6.5 million vehicles [4] - Geely's new energy vehicle sales reached 2.293 million units in 2025, a 58% increase, with a penetration rate of 56% [2][7] Group 2: Strategic Framework - Geely's strategy focuses on a "six-in-one" capability system, emphasizing brand, technology, vehicle, ecology, talent, and sustainable development [4][5] - The company is enhancing its brand matrix by integrating its sub-brands into a cohesive global strategy, ensuring clear positioning and complementary strengths [5][6] Group 3: Technological Advancements - Geely is building a comprehensive technology ecosystem covering smart driving, smart cockpit, electronic architecture, battery, and electric drive systems [8][11] - The company has introduced the "Qianli Haohan" smart driving solution, which includes multiple levels of autonomous driving capabilities, with plans for L3 and L4 functionalities [10][12] Group 4: International Expansion - Geely's overseas sales reached 420,000 units in 2025, with over 1200 sales outlets established in 88 countries [12][13] - The company is pursuing a localized approach to international markets, exemplified by its collaboration with Renault in Brazil and the AHTV project in Malaysia [14][15]

Core Viewpoint - The quality of industries is becoming a more significant competitive variable for the trillion GDP cities in the Yangtze River Delta region, moving beyond mere GDP scale to focus on sustainable advantages in industrial ecology, innovation, talent attraction, and modern governance [1][5][12]. Economic Data Summary - In 2025, the number of trillion GDP cities in the Yangtze River Delta will increase to 10, with Shanghai leading at 5.67 trillion yuan and new entrants like Wenzhou reaching 1.02 trillion yuan [2][5]. - Economic growth rates for major cities in 2025 are projected as follows: Shanghai at 5.4%, Suzhou at approximately 5.4%, Hangzhou at 5.2%, and Wenzhou at 6.1% [2][9]. Industrial Development Trends - Shanghai's economy is characterized by a steady growth of 5.4% in 2025, with significant contributions from new industries such as integrated circuits and artificial intelligence, which grew by 15.1% and 13.6% respectively [7][8]. - Hangzhou's GDP reached 2.3 trillion yuan, with a notable 73.8% contribution from the service sector, driven by digital economy leaders like Alibaba and Ant Group [8][9]. - Wenzhou's GDP growth of 6.1% reflects a successful transition to a trillion GDP city, supported by advancements in strategic emerging industries and high-tech sectors [10][12]. Future Industry Planning - Cities in the Yangtze River Delta are focusing on modernizing their industrial systems and nurturing strategic emerging industries, with Shanghai aiming to build a world-class high-end industrial cluster [13][14]. - Suzhou is transitioning from traditional manufacturing to a modern industrial system, emphasizing sectors like biomedicine and advanced manufacturing [14][15]. - Hangzhou plans to strengthen its digital economy while integrating advanced manufacturing with new technologies, targeting future industries such as quantum technology and synthetic biology [15][16]. Competitive Factors - The long-term competitiveness of trillion GDP cities will depend on the originality and resilience of their industrial ecosystems, the efficiency of innovation conversion, and the ability to attract and retain talent [16][17]. - Cities must provide robust industrial platforms, quality public services, and a livable environment to enhance their appeal to talent [16][17].

今年以来港股上市公司回购金额前十情况 2026年以来，港股上市公司继续积极开展回购，大额回购频繁出现。 Wind数据显示，截至1月26日，2026年以来合计有112家港股上市公司进行了回购，累计回购股票数量为4.13亿股，回购金额为120.77亿港 元。2025年同期合计有123家港股上市公司累计回购7.96亿股，合计回购金额为243.75亿港元。整体来看，回购股票数量和回购总金额有 所下降，但参与回购的上市公司家数超110家，这意味着在经历2025年港股市场上涨后，港股上市公司回购的热情依然没有减少。 从回购金额来看，腾讯控股、小米集团-W、舜宇光学科技、吉利汽车、泡泡玛特、巨子生物、先声药业、快手-W、百胜中国、百融云-W 位居前十，回购金额分别为63.58亿港元、23.90亿港元、8.69亿港元、5.60亿港元、3.48亿港元、1.40亿港元、1.26亿港元、1.00亿港元、 0.85亿港元、0.83亿港元。 从行业分布情况来看，既有腾讯控股、快手-W这样的互联网科技公司，也有泡泡玛特这样的非必需性消费公司，还有巨子生物、先声药 业这样的医药生物公司。 值得一提的是，2026年以来，腾讯控股在10个交易 ...

Investment Rating - The report suggests focusing on companies with performance certainty, particularly those in the index, such as Yutong Bus, Minth Group, Jifeng, and Fuda Group [1] Core Insights - The report highlights a potential recovery in wholesale sales due to relaxed tariff policies for vehicle exports to the EU and Canada, benefiting companies like BYD, SAIC, and Xpeng [1] - The expectation for Tesla's Optimus V3 continues to strengthen, indicating valuation elasticity in the robotics industry chain, with a focus on Hengbo, Yinlun, Top, and Sanhua [1] - Domestic cost pressures are significant, leading to a cautious outlook on annual profit forecasts, while overseas export opportunities are promising for companies like BYD and Geely [1] Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the second week of January were 50,000 units, a year-on-year decrease of 22% and a month-on-month decrease of 31% [1] - The traditional raw material price index and the new energy raw material price index both increased recently, with traditional vehicle raw material prices rising by 1.1% month-on-month and 5.4% year-on-year, while new energy vehicle raw material prices increased by 3.2% month-on-month and 19.5% year-on-year [1] Market Situation Update - The total transaction amount in the automotive industry this week was 767.057 billion, with a week-on-week decrease of 8.37%. The automotive industry index closed at 8425.62 points, up 2.51% for the week [1][4] - The automotive industry index's weekly increase was higher than that of the CSI 300 index, which decreased by 0.62% [4] - A total of 219 stocks in the industry rose, while 50 fell, with the largest gainers being New Coordinates, Tieliu, and Weichai Heavy Industry, which rose by 36.3%, 33.0%, and 28.0% respectively [8] Investment Analysis Opinion - The report emphasizes the importance of AI spillover, anti-involution, and demand recovery as key themes. It suggests focusing on intelligent and high-end directions in the vehicle sector, particularly new force car companies like Xpeng, NIO, and Li Auto [1] - Companies with overseas business support for profit totals, such as BYD, Geely, and Leap Motor, are also highlighted [1] - The report notes that the reform of state-owned enterprises may bring breakthrough changes, with attention on SAIC and Dongfeng [1]

智通财经APP获悉，据港交所1月27日披露，江苏新泉汽车饰件股份有限公司(简称：新泉股份，603179.SH)向港交所主板递交上市申请书，中信证券为其独 家保荐人。根据弗若斯特沙利文的资料，按2024年中高端整车内饰件系统解决方案收入计算及按2024年全品类整车内饰件系统解决方案收入计算，公司以 8.3%及7.8%的市场份额位居中国第二大汽车饰件系统解决方案提供商。 | [編纂]項下的[編纂]數目 | : | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | : | [编纂]股H股(可予[編纂]) | | [编纂]數目 | : | [编纂]股H股(可予[編纂]及[編纂]) | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經 | | | | 紀佣金、0.0027%證監會交易徵 | | | | 費、0.00565%香港聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於申請 | | | | 時以港元繳足,多繳股款可予退還) | | 商 個 | : | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | ...

Core Viewpoint - The quality of industries is becoming a longer-term competitive variable for the trillion GDP cities in the Yangtze River Delta region, shifting the focus from mere GDP scale to the quality and sustainability of development [1][4]. Economic Data Summary - In 2025, the total number of trillion GDP cities in the Yangtze River Delta will increase to 10, with Shanghai leading at 5.67 trillion yuan and new entrant Wenzhou reaching 1.02 trillion yuan [2][3]. - Expected GDP growth rates for 2025 include: Suzhou at approximately 5.4%, Hangzhou at 5.2%, Nanjing at around 5.2%, and Ningbo at 4.9% [2][3]. Industry Development Trends - The new industrial layout in the Yangtze River Delta is focusing on high-end industrial clusters and the extension of new tracks based on existing manufacturing strengths [3][10]. - Shanghai's GDP growth is supported by new momentum in industries such as integrated circuits and artificial intelligence, with respective growth rates of 15.1% and 13.6% [5]. - Hangzhou's economy is characterized by a strong service sector, contributing 73.8% to its GDP, with significant growth in the digital economy [6][12]. - Wenzhou's manufacturing sector is evolving towards technology-intensive and intelligent production, with strategic emerging industries growing by 14.4% [8][12]. Long-term Competitiveness Factors - Key variables for long-term competitiveness include the originality and resilience of the industrial ecosystem, innovation efficiency, and the ability to attract and retain talent [13]. - The focus is shifting from GDP scale to the health of industries, innovation density, and sustainable growth metrics as new evaluation criteria for urban competitiveness [10][13].

【环球网报道 记者 赵建东】据白俄罗斯通讯社报道，白俄罗斯总统卢卡申科当地时间1月27日在明斯克 主持会议讨论对华合作时表示，我们需提升中国在白俄罗斯出口总额中的份额，并重申进一步深化中白 关系的承诺。 卢卡申科表示需设定总体目标，例如提升中国在白俄罗斯出口总额中的份额。"理想情况下，（我们希 望看到）两位数的增长。这将是质的飞跃"。 卢卡申科说："中国是可靠且长期合作伙伴。只要我们作为独立主权国家存在，我们将始终与中国合 作。"卢卡申科还举例说，如今白俄罗斯民众对中国的看法与以往大不相同，"如今，在白俄罗斯几乎每 个社区都能看到'BelGee'牌汽车（中国吉利汽车与白俄罗斯合资成立的汽车品牌），而且这款车相当不 错。明斯克如今拥有世界级的体育设施，这是我们真正朋友给予的礼物。学习中文和到中国留学正成为 我们进步青年的标配"。 "如今，中国不仅是我们的主要合作伙伴。对于所有以发展为目标的国家的主要合作伙伴。"卢卡申科 说，"从俄罗斯、美国到非洲各国，中白合作的特殊地位得到各方认可并受到重视"。 卢卡申科说："我确信我们可以取得更大成就。众所周知，实现这一目标的关键在于：我们拥有自己分 销网络，包括仓储和物流； ...

【环球网报道 记者 赵建东】据白俄罗斯通讯社报道，白俄罗斯总统卢卡申科当地时间1月27日在明斯克 主持会议讨论对华合作时表示，我们需提升中国在白俄罗斯出口总额中的份额，并重申进一步深化中白 关系的承诺。 卢卡申科说："中国是可靠且长期合作伙伴。只要我们作为独立主权国家存在，我们将始终与中国合 作。"卢卡申科还举例说，如今白俄罗斯民众对中国的看法与以往大不相同，"如今，在白俄罗斯几乎每 个社区都能看到'BelGee'牌汽车（中国吉利汽车与白俄罗斯合资成立的汽车品牌），而且这款车相当不 错。明斯克如今拥有世界级的体育设施，这是我们真正朋友给予的礼物。学习中文和到中国留学正成为 我们进步青年的标配"。 "如今，中国不仅是我们的主要合作伙伴。对于所有以发展为目标的国家的主要合作伙伴。"卢卡申科 说，"从俄罗斯、美国到非洲各国，中白合作的特殊地位得到各方认可并受到重视"。 卢卡申科说："中国做事不急于求成，这是他们的行事风格，我们已习惯了这种风格。如今，我们从中 国人那里学到了很多东西，他们拥有悠久的文明。任何不了解中国的人都应该去了解其历史"。 卢卡申科表示需设定总体目标，例如提升中国在白俄罗斯出口总额中的份额。"理 ...