近20年春节后5个交易日上证指数上涨概率达到75%。 多家机构表示，在流动性宽裕、"日历效应"、政 策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节假期落幕，A股市场即将迎来节后交易窗口。 A股休市期间，富时A50期指屡创新高，港股市场也表现亮眼。2月23日，恒生指数、恒生科技指数盘初 涨幅双双扩大至2%，科技、贵金属股走强，紫金矿业（02899.HK）涨逾5%，美团（03690.HK）、中 芯国际（00981.HK）均涨逾4%。 与此同时，资金面"弹药充足"，央行在春节前通过买断式逆回购等操作确保流动性平稳，1月金融数据 更是传来"开门红"，M2同比增长9.0%，社融存量增速达8.2%，为市场提供了宽裕的宏观环境。 回顾来看，近20年春节后5个交易日上证指数上涨概率达到75%，平均涨幅1.2%，节前避险资金回流与 政策利好叠加，有望推动节后交易活跃度快速回升。多份机构研报指出，在流动性宽裕、"日历效应"、 政策支持、产业趋势等多因素支撑下，科技有望成为A股春节后的行情主线。 春节"日历效应" 春节假期期间，A股外围市场的积极信号不容忽视。截至发稿，富时A50期指上涨1.48%，该指数 ...

汇添富恒生科技ETF联接发起式(QDII)C(013128)所跟踪的恒生科技指数呈现出高度集中的权重结构，前十大成分股权重合计近70%，其中阿里巴巴、中芯国 际、比亚迪分列前三大重仓股，分别代表互联网平台、半导体国产替代龙头及新能源汽车垂直一体化标杆，覆盖中国数字经济最核心的资产方阵。指数市值 分布显著分化，反映龙头主导的幂律分布特征。本文就该基金资产集中度相关数进行简要分析。 一、权重分布高度集中，市值分布显著分化 | 累计权重 © | | | --- | --- | | 前5大成分股 | 39.69% | | 前10大成分股 | 69.09% | | 前50大成分股 | 99.99% | | 成分股总市值(币种:HKD 单位:亿元) | | | 島大値 | 48.764.54 | 二、汇添富恒生科技ETF联接发起式(QDII)C(013128)前三名成分股行业属性简析1.阿里巴巴-W：归属于可选消费与互联网平台行业。核心业务包括中国零 售商业、跨境及全球零售、云计算、数字媒体及娱乐等，平台属性强，具备跨周期抗风险能力。 2.中芯国际：归属于信息技术—半导体行业。作为中国大陆晶圆代工龙头，处于半导体产业链核 ...

转自：云南日报 在"十四五"收官、"十五五"开局的重要历史节点上，昆明市西山区围绕建设"充分凸显云南政治中心服 务承载、山水都市品质和现代服务业活力特质的区域性中心城市中枢门户区"目标，找准在云南省、昆 明市发展大局中的战略定位，持续提升产业能级，加快构筑新质生产力，勇于开辟新领域、新赛道，推 动经济社会高质量发展迈出坚实步伐。 "抓住城市经济、文化旅游、工业振兴、改革创新四个关键，夯实城乡建设、生态环境、民生福祉、社 会稳定四个基础，持续巩固齐头并进良好发展态势。"西山区委书记张攀介绍，全区干部群众坚定信 心、苦干实干，坚定不移推进高质量发展迈上新的台阶。 更新旧动能 培育新动能 新年伊始，西山区处处涌动着昂扬奋进的发展热潮。 来到云南云天化福石科技有限公司，首先映入眼帘的是控制中心大屏，主控操作员章银雁紧盯实时跳动 的电压、电极数据，精准调试。"2024年，公司启动'数字工厂'建设，围绕黄磷生产中的设备管理、生 产管控、物资采购三大核心模块，落地26项子功能应用场景。"该公司总经理符宗国介绍，"实时数据采 集、视频全程监控、人员精准定位、厂区三维建模等数智化管控体系让产能提升了38%，2025年实现利 润 ...

"人工智能"正成为各地竞相追逐的产业风口，2025年以来，江苏紧抓人工智能产业发展机遇，打造经济 高质量发展新的竞争优势。 2025年，江苏数字经济核心产业增加值达1.61万亿，占地区生产总值比重11.8%。规上数字核心产品制 造业增加值同比增长10.2%，增速比全部规上工业高出3.7个百分点。这一年，江苏聚焦数字产业，出台 政策支持人工智能终端产业、脑机接口创新发展，江苏低空智联感知联合创新体、江苏省具身智能机器 人产业联盟等一批联合体应运而生，为江苏抢占新一轮技术革命风口提供强大支撑。 江苏大道云隐科技有限公司专注人工智能和非结构化数据安全，企业致力于通过技术创新破解数据安全 难题。目前，公司在为德国一家企业做市场洞察大模型，通过自主研发的数据阴影技术，在保障数据正 常使用的同时，保护模型安全和数据安全。 省工信厅副厅长池宇说："全面推进'数实融合强省'累计为超过6万家企业开展免费诊断，省重大工业项 目中35%是'智改数转网联'项目，加快了人工智能赋能新型工业化步伐。全省新增领航级智能工厂2家， 卓越级智能工厂43家，累计达到67家，5G工厂91家，累计达到301家，这些数量都位居全国第一。成为 制造业转 ...

【广东省高质量发展大会正月初八召开】智通财经2月22日电，2月24日，农历正月初八，广东省高质量 发展大会将在广州召开。据悉，全省高质量发展大会会期一天，当天上午将举行全体大会。下午将围绕 产业融合与政策创新、科技创新赋能产业融合、金融创新赋能产业融合、智能制造与工业互联网、数字 经济与贸易新业态、"百千万工程"县域产业融合与高质量发展等主题举行分会场会议。会议结束后还将 举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白皮书，由省有关部门解读制造 业与服务业协同发展相关扶持政策，并答记者问。（南方日报） 转自：智通财经 ...

Core Insights - Guangdong is focusing on the "coordinated development of manufacturing and service industries" at the high-quality development conference, signaling a strong push for industrial transformation through deep integration of these sectors [1][2]. Manufacturing Industry - Guangdong's manufacturing base is robust, with the super high-definition video display industry cluster recently surpassing 1 trillion yuan in revenue, marking it as the first in the nation to achieve this milestone [2]. - By 2025, the added value of high-tech manufacturing in Guangdong is expected to account for 34.7% of the industrial output, while equipment manufacturing will represent 59.6%, exceeding national averages by 17.6 and 22.8 percentage points respectively [2]. - The province is home to ten trillion-yuan industrial clusters, including electronics, textiles, and new energy, which are crucial for supporting its economic backbone [2]. Service Industry - The modern service industry is positioned as a core engine for high-quality development, with its added value projected to reach 8.5 trillion yuan by 2025, making up 58.3% of GDP [3]. - There is a notable gap in the proportion of productive service industries compared to developed economies, indicating a need for Guangdong to transition from being a "world factory" to a "global service hub" [3][4]. Policy and Strategy - The Guangdong government has initiated measures to promote deep integration between manufacturing and productive services, focusing on 12 dimensions to create a systematic framework for collaboration [4][5]. - The province aims to establish 100 clusters for productive services by 2027, moving from isolated breakthroughs to comprehensive collaboration across regions [4]. Innovation and R&D - Guangdong leads the nation in innovation capabilities, with significant investments in R&D and a high number of high-tech enterprises [6]. - The province has implemented reforms to facilitate the transformation of scientific achievements into practical applications, significantly reducing costs for SMEs [6]. Case Studies - Zhijing Technology is transforming the garment industry in Guangzhou by integrating digital technology into the entire manufacturing process, enhancing efficiency and collaboration among small and medium-sized enterprises [10][11]. - Shugen Internet is pioneering digital maintenance services in the shipbuilding sector, creating a new industrial model that combines manufacturing with high-end services [12][14].

Core Viewpoint - Guangdong is focusing on the "coordinated development of manufacturing and service industries" to drive industrial transformation and enhance economic growth, as highlighted in the recent high-quality development conference [1][2]. Group 1: Manufacturing Strength - Guangdong's super high-definition video display industry cluster has achieved over 1 trillion yuan in revenue, marking it as the first in the country to reach this milestone [2]. - The province is home to ten trillion-level industrial clusters, including new-generation electronic information and advanced materials, which are crucial for supporting its economic backbone [2]. - By 2025, the added value of high-tech manufacturing in Guangdong is expected to account for 34.7% of industrial output, significantly higher than the national average [2]. Group 2: Service Industry Integration - The integration of manufacturing and modern service industries is seen as a strategic necessity for Guangdong to maintain its economic leadership [3]. - The province aims to increase the service industry's added value to 8.5 trillion yuan by 2025, representing 58.3% of GDP, while addressing the current gap in productive service sectors compared to developed economies [3][4]. - Guangdong's government has initiated measures to promote deep integration between manufacturing and seven key service sectors, including technology and design [5]. Group 3: Innovation and R&D - Guangdong leads the nation in innovation capabilities, with significant investments in R&D and a high number of high-tech enterprises [6]. - The province has implemented reforms to facilitate the conversion of scientific achievements into practical applications, reducing costs for small and medium-sized enterprises [6]. - Major companies like Huawei are making substantial advancements in AI and digital technologies, enhancing Guangdong's competitive edge in the global market [7]. Group 4: Case Studies - Zhijing Technology is transforming the garment industry in Guangzhou by integrating digital technologies into the entire manufacturing process, showcasing a successful model of manufacturing and service integration [10][11]. - Shugen Internet is pioneering digital maintenance services in the shipbuilding sector, creating a new industrial model that combines manufacturing with high-end services [12][14].

Group 1 - The core viewpoint of the article emphasizes the transition of China's capital market from liquidity recovery to structural pricing, highlighting a year of stabilization and differentiation in 2025 [2] - The macro environment in 2025 saw marginal improvements in global liquidity, with the Federal Reserve's multiple interest rate cuts providing external support for risk assets, while domestic policies continued to stabilize the market [2] - The market structure in 2025 was characterized by a focus on a few sectors with medium to long-term logic, such as AI computing power, self-controllable technologies, and high-end manufacturing, while traditional real estate and some cyclical industries were still in a clearing and bottoming phase [2] Group 2 - In 2026, the Chinese economy is expected to experience a weak recovery with structural upward trends, driven by a new round of technological and industrial cycles [3] - The focus on new technologies, renewable energy, digital economy, and biomedicine is reshaping production relationships and capital return structures, while traditional economic sectors are gradually declining [3] - The economic growth model is shifting from total expansion to quality enhancement, with stable growth policies expected to continue [3] Group 3 - The capital market in 2026 will shift its core variable from liquidity recovery to profitability, with a focus on fundamental performance rather than speculative narratives [4] - High-quality companies, particularly in the Hong Kong stock market and technology manufacturing sectors, are anticipated to reach profitability turning points between 2025 and 2026 [4] - The investment logic will increasingly return to fundamentals, leading to a more rational pricing system [4] Group 4 - The capital market is expected to exhibit three main characteristics: a higher probability of structural bull markets over broad bull markets, a balance between growth and value investments, and continued volatility with an upward shift in market stability [5] - Investors will prioritize company quality and industry dynamics, with high-growth sectors requiring caution regarding valuations, while traditional value assets regain significance [5] Group 5 - The investment strategy for 2026 is termed "Double Horses Running Together," focusing on both growth and stable assets [6] - Growth sectors, particularly those related to AI and new productive forces, are seen as long-term investment themes, while stable assets in finance, resources, and consumption are being revalued as quasi-debt equities [6] - The investment approach will involve a dynamic adjustment of asset allocation, favoring growth in the first half of the year and gradually shifting towards value in the second half [7]

Core Viewpoint - Guangdong's "one kilowatt-hour economics" is exemplified by the city of Shaoguan, which is leveraging high-quality green electricity to establish itself as a computing power hub for the Guangdong-Hong Kong-Macao Greater Bay Area [1][3]. Group 1: Economic and Operational Advantages - Shaoguan is part of the national "East Data West Computing" project and serves as the only national data center cluster in South China, supporting Guangdong's manufacturing strategy [3]. - The city offers the lowest electricity prices in Guangdong, with a cost of 0.134 RMB per kilowatt-hour lower than the Pearl River Delta, significantly reducing operational costs for data centers [3]. - By 2025, six data centers in Shaoguan are expected to consume over 170 million kilowatt-hours of electricity, a 751% increase year-on-year [3][4]. Group 2: Green Energy Integration - By the end of 2025, over 60% of Shaoguan's electricity generation will come from green energy, meaning that for every two kilowatt-hours consumed by data centers, one will be from clean energy sources [4]. - The energy consumption per unit of computing power in Shaoguan is 12% lower than the national average, achieving a balance of increased computing power without increasing carbon emissions [4]. Group 3: Industry Development Goals - Shaoguan aims to create a complete industrial chain encompassing upstream computing equipment manufacturing, midstream computing services, and downstream data applications [4]. - The integration of computing power and electricity is seen as a way to promote both ecological and economic development, fostering a virtuous cycle of "promoting production through computing and vice versa" [5].

导 语 数字人民币点亮2026年春节消费新图景。 文 | 亦可 出品 | Tao财经 2026年春节前夕，一场以数字人民币为核心引擎的"乐购新春"促消费行动，在全国范围内掀起热潮。在 国务院《关于促进消费市场高质量发展的指导意见》（2025年12月发布）的顶层设计下，中国人民银行 联合商务部、财政部等多部门，将数字人民币深度嵌入春节消费的各个环节，构建起"政府引导、金融 赋能、商户协同、百姓受益"的全新消费生态。 01 国家战略驱动数字人民币深度融入消费生态 2026年春节掀起的数字人民币热潮，绝非偶然的市场现象，而是国家顶层设计精准落地、政策合力集中 发力的结果。2025年12月，国务院办公厅印发《关于促进数字人民币在春节消费场景应用的指导意 见》，首次将数字人民币明确定位为"促消费、扩内需"的核心政策工具。该文件创新性地提出"三同 步"原则——政策同步支持、资金同步保障、场景同步覆盖，为春节消费市场注入了强劲的制度性动 能。 在年货消费场景中，邮储银行联合"原汁原味原产地"农产品电商平台，推出"数字人民币支付满30元立 减7.5元"的专项活动。消费者在京东、美团、拼多多等平台购买年货时，系统自动触发智能合 ...