中新网广州1月19日电 (记者蔡敏婕)广州市十六届人大六次会议19日在广州开幕。广州市市长孙志洋向 大会作政府工作报告。 六是在推进民生社会事业发展上增创新优势、实现新突破。加力提速"百千万工程"，扎实推进乡村全面 振兴，促进城乡区域协调发展。推进基本公共服务优质化均等化，多渠道促进城乡居民就业增收，多层 次丰富社会保障体系，高水平办好人民满意的教育，高标准推进健康广州建设。全方位推动人口高质量 发展，打造全龄友好型社会、家庭友好型城市。 七是在构建新安全格局上增创新优势、实现新突破。全面贯彻落实总体国家安全观，健全党建引领基层 治理协调机制，完善共建共治共享的社会治理制度，全方位提升城市本质安全，建设平安中国示范城 市。(完) （文章来源：中国新闻网） 三是在以大湾区建设牵引改革上增创新优势、实现新突破。围绕共建富有活力和国际竞争力的一流湾区 和世界级城市群，更好发挥南沙"棋眼"作用，推进南沙深化面向世界的粤港澳全面合作，提质升级营商 环境改革"一号工程"，引领大湾区市场一体化建设，加快共建综合性国家科学中心、高水平人才高地、 国际金融枢纽，积极稳步扩大制度型开放，建设链接国内国际双循环的综合性门户，在支撑 ...

Market Overview - The A-share market saw a slight increase today, with the Shanghai Composite Index rising by 0.29% to 4114.00 points and the Shenzhen Component Index increasing by 0.09% to 14294.05 points. The total trading volume was 27,322 billion yuan, showing a slight decrease compared to the previous trading day. Overall, there were more gainers than losers, with the electric grid equipment and military industry sectors leading the gains, while previously high-performing internet and cultural media sectors experienced a pullback [1][11]. Military Industry - The military equipment sector performed strongly in the afternoon, driven by unique industry logic and recent event catalysts. The current military market trend is supported by the dual drivers of "commercial aerospace" and expectations from the "14th Five-Year Plan." The International Telecommunication Union (ITU) reported that China has planned to deploy over 200,000 satellites by December 2025, marking a significant acceleration in low-orbit satellite internet construction, which will create substantial demand for satellite manufacturing, rocket launches, and ground equipment [3][13]. - The military industry is expected to enter a new upcycle, with high expectations for the development and procurement of new-generation equipment as 2026 marks a key year in the "14th Five-Year Plan." The global military expenditure is entering a new upward phase, reinforcing the long-term investment logic in the defense industry [3][13]. Electric Grid Equipment - The electric grid ETF (561380) saw a significant increase of over 7% today, driven by the "AI power shortage" narrative and the release of the State Grid's "14th Five-Year Plan" investment plan. The electric grid equipment sector is entering a long-term upcycle due to the global energy transition and the explosion of AI computing power [5][15]. - The investment logic for the electric grid equipment sector has evolved from solely relying on domestic infrastructure to a dual benefit of "domestic grid upgrades + overseas equipment exports." The State Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, ensuring high industry prosperity for the next five years [5][15]. - The high energy consumption characteristics of AI data centers are reshaping the global power supply and demand landscape. China is becoming a key player in global grid construction, with transformer exports reaching 57.86 billion yuan in the first 11 months of 2025, a year-on-year increase of 36.3% [6][16]. Gold Sector - The gold fund ETF (518800) rose by 1.59%, and the gold stock ETF (517400) increased by 2.73%. The ongoing geopolitical risks, including conflicts in the Middle East and trade tensions, are driving demand for gold as a safe-haven asset. The recent rise in gold prices may face short-term profit-taking risks, but the long-term support for gold prices remains strong due to the Fed's interest rate cut cycle and increasing global uncertainties [17][18]. Photovoltaic Industry - The photovoltaic 50 ETF (159864) increased by 2.03%. The Ministry of Finance and the State Taxation Administration announced the cancellation of the VAT export tax rebate for photovoltaic products starting April 1, 2026. This is expected to lead to a rapid increase in overseas export volumes in the short term, as companies rush to place orders before the cost increase takes effect [19][20]. - The "space photovoltaic" theme is gaining traction, with a significant increase in satellite launches and demand for GW-level space photovoltaic solutions. SpaceX has identified the P-type HJT battery technology route for large-scale economic production of space solar cells, marking a potential turning point for the industry [19][20].

Group 1 - The core idea of the news is the successful implementation of a service-oriented approach by the Taixing Development and Reform Commission, which has led to significant achievements in investment attraction and project facilitation [1][2]. - Since 2022, the Taixing Development and Reform Commission has established service teams that have engaged with over 220 enterprises, resolving more than 100 development issues and facilitating the signing of 9 major projects [1]. - The service teams have adopted an innovative problem-solving model that involves collaboration with various departments to address core enterprise needs such as land, energy, and labor [1][2]. Group 2 - In investment attraction, the commission has actively gathered information on over 300 projects in key industries like biomedicine and high-end equipment, identifying 16 effective investment opportunities [2]. - The commission has enhanced the business environment by implementing immersive experiences that help enterprises navigate funding challenges and streamline administrative processes [2]. - A quarterly economic operation analysis mechanism has been established to monitor key indicators and provide scientific decision-making support for industrial upgrades and project advancement [2]. Group 3 - In 2026, the Taixing Development and Reform Commission plans to strengthen its professional team through platforms like the "Talent Class" and "Development and Reform Lecture Hall," focusing on the construction of a "333" industrial system [3]. - The commission aims to create a precise service list and improve problem resolution mechanisms while promoting the brand of "Service Development, Reform First" to enhance its reputation [3].

2026年工作总体要求 以习近平新时代中国特色社会主 义思想为指导,全面贯彻落实党的二 十大和二十届历次全会精神以及中央 经济工作会议精神,深入学习贯彻习 近平总书记对广东系列重要讲话和重 要指示精神,完整准确全面贯彻新发 展理念,认真落实省委"1310"具体 部署,锚定"再造一个新佛山"的目 标任务,坚持稳中求进工作总基调, 持续扩大内需、优化供给,做优增 量、盘活存量,推动经济实现质的有 效提升和量的合理增长，实现"十五 五"良好开局。 遭循习近平总书记的谭谭指 引, 奋力推动2025年佛山各项 事业取得新进展新成效 一图读懂 佛山召开 市委十三届十二次全会 暨市委经济工作会议 锚定"再造一个新佛山"目标 绘制佛山"十五五"发展新蓝图 2025年佛山发展成绩如何？ 接下来的发展重点有哪些？ 转自：佛山发布 1月19日 ZUZO年1月19日, 陈山中安丁二庙 十二次全会暨市委经济工作会议召开。 (一) 锚定"再造一个新佛 山"目标,绘制"十五五" 发展新蓝图 以高站位大格局谋划佛山"十五五"发 展。 召开市委十三届十一次全会,围绕"再 造一个新佛山"的目标任务,对未来五 年经济社会发展作出前瞻谋划和系统部 ...

资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 证券研究报告 | 策略点评 2026 年 01 月 19 日 策略点评 证券分析师 程强 研究助理 相关研究 A 股市场波动上行 [Table_Summary] 投资要点： 摘要。2026 年 1 月 19 日周一，A 股市场波动上行，成交量小幅回落；国债期货市 场多数下跌；商品多数下跌，沪金价格创新高。 一、市场行情分析 图 1：创业板 ETF 盘中放量下挫 资料来源：Wind，德邦研究所 请务必阅读正文之后的信息披露和法律声明 2 / 5 请务必阅读正文之后的信息披露和法律声明 [Table_Main] 1）股票市场：波动上行，部分宽基 ETF 盘中波动明显 市场波动上行，量能小幅回落。1 月 19 日，A 股缩量震荡。其中，上证指数收涨 0.29%报 4114 点，深证成指涨 0.09%，创业板指跌 0.7%，北证 50 涨 0 ...

一、总览：供强需弱格局深化 2025年我国顺利实现"十四五"规划收官，GDP首次突破140万亿，初步核算数为140.2万亿，名义增长4%，以不 变价计，实际增长5%。支出法看，最终消费支出、资本形成总额，以及货物和服务净出口对经济增长贡献率 分别为52%、15.3%和32.7%，分别拉动GDP增长2.6pct、0.8pct 和1.6pct。 图1：净出口对经济增长拉动较强 资料来源：Macrobond，招商银行研究院 结构上，2025年经济运行呈现三大特征：供强需弱格局深化，外需韧性强于内需，价格治理初见成效。 一是 供给端加速修复，规上工业增加值同比增长5.9%，较2024年微升0.1pct，并高于GDP、投资和消费增速。二是 关税变局演进中，外需保持韧性，出口金额全年增长5.5%，高于内需的投资（-3.8%）和社零（3.7%）。三是 广谱价格于下半年开始温和修复，一定程度上改善了宏观数据与微观体感的温差。全年GDP平减指数为-1%， 较2024年小幅收缩0.2pct；CPI全年中枢升至0%，居民人均可支配收入名义和实际增速差收敛（均为5%）；稳 住股市楼市政策导向下，A股市值屡创新高，四季度居民人均财产净 ...

上海市柯桥商会会长、伯岚科技集团董事长丁峰在开场致辞中指出，商会始终坚守"柯桥的根与上海的梦"，未来将致力成为创新的先行者、合作的践行者 与责任的担当者。 面对"十五五"规划核心战略导向，中国国际经济咨询有限公司党委委员王刚、浙江省发改委原副主任蔡刚、上海票据交易所原董事长宋汉光、浦东总部经 济共享服务中心创始人孙永强等大咖展开对话。专家们一致认为，数字人民币的应用展望、ESG（环境、社会和治理）公益驱动下的跨界融合，将成为企 业在未来五年增长动能转换的关键。 针对与民生息息相关的房地产赛道，丁峰、裘建华、夏锋、潘国尧四位会长级企业家围绕"好房子"发展新思路达成共识："好房子"不再是一道选择题，而 是通过AI重塑设计、建造与服务，推动绿色低碳发展的生存必答题。 此外，营商环境的优化离不开法治保障。在吕向红秘书长的主持下，商会多位法律界专家聚焦"商事调解新业态"、"破解执行难"以及"投资风控三要素"展 开圆桌对话。 上海东方国际商事调解院主任汪怡群介绍了商事协调的新模式，而李涛站长分享的"打老赖宝典"更是将论坛气氛推向高潮。专家们提醒，在企业"出海"与 并购大潮中，构建法治罗盘是企业校准航向、防范风险的生命线。 ...

宋永祥强调，塑强品质跃升之势，要坚持稳中求进、提质增效，更加突出招引提效、投资提速、增长提 质，持续打好招商引资、项目建设、工业经济"三大战役"，以增长之稳塑强品质跃升之势。聚燃品质跃 升之能，要深入实施提升市场主体活力、提升干部内生动力、提升风险防范能力"三大行动"，全面释放 活力、全面激发动力、全面增强能力，以行动之力聚燃品质跃升之能。彰显品质跃升之效，要全力优化 营商环境、生态环境、社会环境"三大环境"，让营商环境更舒服，让生态环境更美丽，让社会环境更心 安，以环境之优彰显品质跃升之效。 宋永祥强调，人民政协工作是党的工作的重要组成部分。希望全市各级政协组织和广大政协委员坚守使 命初心、倾力服务中心、用情温暖民心、广泛汇聚同心，携手推进品质滨州建设成效全面跃升。市委将 一如既往高度重视、全力支持政协工作，巩固拓展"党委重视、政府支持、政协主动、各方配合"的工作 格局，汇聚加强和改进人民政协工作的强大合力。全市上下要拿出跃马扬鞭的勇气，激发万马奔腾的活 力，保持马不停蹄的干劲，奋进"十五五"，奋力谱写中国式现代化最美滨州篇章。 范连生代表政协第十二届滨州市委员会常务委员会，向大会报告工作。他说，2025年 ...

1月16日，驻荷兰大使申博会见荷兰恩智浦半导体执行副总裁、中国事业部总经理李晓鹤及荷兰事业部 总经理特普斯特拉。申大使介绍了中国"十五五"规划建议主要内容，指出中国经济持续高质量发展将为 世界各国提供重要机遇，欢迎恩智浦继续深耕中国市场，共享发展机遇。恩智浦方面表示看好中国经济 发展前景，对中国市场充满信心。 ...

Group 1 - The report indicates that the A-share market is expected to maintain a stable and positive trend, with structural differentiation observed in industry performance, particularly favoring growth and cyclical sectors [4][22][24] - Growth and cyclical sectors showed better performance last week, with average returns of 0.37% and 0.19% respectively, while other styles like consumption and stability experienced declines [5][13] - The report highlights that the 2025 foreign trade achieved rapid growth, with total imports and exports reaching 45.47 trillion yuan, an increase of 3.8%, and exports growing by 6.1% [18] Group 2 - The macro liquidity outlook remains positive, with financial totals growing rapidly and a continued implementation of moderately loose monetary policy expected in 2026 [19][21] - The report emphasizes the importance of structural adjustments in monetary policy, including a 0.25 percentage point reduction in various structural monetary policy tool rates to enhance credit support for key sectors [21] - The report identifies key investment themes, including technology and advanced manufacturing, domestic demand expansion, and opportunities arising from supply-demand changes, with specific sectors like electronics, automotive, and medical devices highlighted for potential investment [24]