【编者按】 2026年是"十五五"开局之年，中国经济步入新发展阶段。 新形势下，外资投行唱多中国的声音不绝于耳。高盛2026年建议高配A股和港股；摩根大通将中国内地与香港股市评级调升至"超配"；瑞银认 为，政策支持、企业盈利改善及资金流入等因素可能推动A股估值提升。这些判断均反映出国际资本对中国经济转型方向与2026年发展前景的认 同，更预示着冬去春来，全球资本有望流向东方。 智通财经"首席连线"2026年市场展望以《春水向东流》为题，取的也是此意。展望中，"首席连线"工作室将访谈数十位权威经济学家、基金经理 和分析师，请他们谈谈对新一年中国经济的判断，解析投资新机遇。 "从2025年年底机构的预期来看，这是近三年来共识性较强的一年。"近日，嘉实基金股票策略研究总监方晗接受智通财经专访时表示。 据方晗梳理，2026年市场的两大共识相当清晰：一是市场形态——结构性行情仍将延续；二是结构主线——最大的共识依然聚集于AI技术革命。 但在共识背后，他也点出了当前市场需关注的三大核心分歧。 面对2026年的行业配置，方晗则重点看好三条主线：AI扩散、供需改善以及顺周期修复。 驱动市场运行的核心逻辑未变 "无论是当年的' ...

来源：人民日报 周培源《人民日报海外版》（2026年02月15日 第 08 版） 近日，人民日报海外网举办"驻华使节天津行"活动，邀请多国驻华使节深入天津。从古文化街的民俗韵 味到天津港的智慧作业，跨越古今的文明对话启发思考：如何借助春节民俗等传统文化符号，用大家听 得懂、有共鸣的方式讲好中国故事，促进文明交流互鉴？ 在此次天津行中，中华传统文化符号成为跨越文化背景的情感"硬通货"。春节不仅是中国传统佳节，也 寄托人类共通的情感。活动中，生肖马的寓意、"本命年穿红"的讲究，都从书本知识变成了使节的亲身 体验。他们为家人挑选生肖礼物、推算女儿属相、在自己的生肖彩灯前留影，说明宏大的文化主题可以 还原成具体的个人情感，更加可亲、可感、可爱。 梨子的滋味要自己尝，文化的味道也要亲身体验。杨柳青灯展光影、泥人张工艺、京剧脸谱装扮……使 节们用眼看、用手触摸、用身体感受，传统文化从抽象符号变成了共同在场的感官记忆。从陌生到熟 悉，从欣赏到认同，传统民俗成了拉近距离的纽带、沟通心灵的媒介。文化越是贴近日常生活，越能跨 越语言和国界。 融入城市发展的现代技术，是世界了解中国的另一重要维度。天津是中国近代工业发祥地，也是现代 ...

教育、科技、人才是中国式现代化的基础性、战略性支撑，三者内在统一、融合互促。新质生产力是创 新起主导作用的先进生产力质态，科技创新是发展新质生产力的核心要素，人才是科技创新的决定性因 素，教育对科技和人才有着重要的支撑作用。党的二十届四中全会对加快高水平科技自立自强、引领发 展新质生产力作出重要部署，提出"一体推进教育科技人才发展"的任务要求。高等教育是建设教育强国 的龙头，具有融通科技第一生产力、人才第一资源和创新第一动力的独特优势，赋能新质生产力发展大 有作为、大有可为。深化高等教育改革，对破除一体推进教育科技人才发展体制机制障碍，构建支持全 面创新的体制机制，产生教育科技人才"1+1+1>3"的"化学效应"，赋能新质生产力加快发展，具有重要 理论价值和现实意义。 以深化高校科技管理体制改革赋能"第一生产力" 科技是第一生产力，生产力发展与科技进步紧密相关。人类社会每一次科技革命都为社会生产力极大跃 升提供了强劲动能，科学技术始终是生产力提升的核心要素。新质生产力是由技术革命性突破、生产要 素创新性配置、产业深度转型升级而催生的先进生产力质态。谁在科技创新方面占据优势，谁就能获得 发展新质生产力的先机。 ...

作为这场联动的核心载体，从2019年开始建设的哈尔滨新区深圳（哈尔滨）产业园区（简称"深哈产业 园"），不仅是一个地理空间，更是一片制度创新、要素聚合、产业共生的试验沃土，孕育出智慧农 业、装备制造、生物医药等一个个产业新苗，成为跨区域科创协同、培育发展新动能的典型样本。 （来源：黑龙江日报） 南北携手推动技术成果落地 转自：黑龙江日报 走进深哈产业园科创总部，现代化的楼宇间涌动着创新热潮。近百家蒸蒸日上的科技型企业，凸显园区 跨区域合作的切实成效。 □新华社记者 强勇 徐凯鑫 王祚 "我们的无人机，是在黑土地上一遍遍'飞'出来的。"指着眼前一架畅销国内外的农业无人机，黑龙江惠 达科技股份有限公司副总经理初海波自豪地向记者介绍公司独立研发的无人机。 在中国区域协调发展的大棋局中，一次跨越2800公里的创新牵手，持续迸发出强劲活力——哈尔滨和深 圳，两座禀赋迥异的城市，正合力探索新质生产力发展新路径。 "深哈产业园的大力帮扶加上黑龙江丰富的应用场景，让我们找到了技术价值最大化的实现路径。"初海 波说。 深哈产业园投资开发有限公司总经理蔡庆臣将这种模式概括为"科研端（哈尔滨）+市场端（深圳）"的 整合。 深哈产业 ...

Core Viewpoint - The year 2026 marks the beginning of the "15th Five-Year Plan" and is a critical juncture for economic transformation and institutional reform, with a non-typical "recovery" state expected, leading to improved corporate profitability and significant structural differentiation across industries and companies [3] Group 1: Economic Recovery and Policy Measures - The policy focus on "anti-involution" aims to curb low-price competition, restore damaged profit margins, and promote a positive Producer Price Index (PPI) and profit recovery [3] - The emphasis on "investing in people" through social security reforms and service industry openness is expected to continuously unlock growth in service consumption [3] - Fiscal policies will play a crucial role in enhancing domestic demand, with increased efforts to alleviate the "crowding out effect" on investment funds, ensuring steady recovery in fixed asset investments, particularly in equipment upgrades, digital infrastructure, and energy transition [3] Group 2: Capital Market Outlook - In the short term, the A-share market is expected to experience a continuation of capital "rebalancing" under a new "pro-cyclical" narrative, with funds likely flowing from low-yield, high-volatility bond markets to equity markets, driving asset price revaluation [4] - Despite uncertainties in external trade, the domestic policy toolbox remains robust, and the continuous optimization of export structures indicates resilience in economic development [4] - The capital market is anticipated to reflect not only quantitative economic growth but also qualitative improvements in pricing and profitability, with A-shares expected to gradually elevate their central tendency amidst volatility [4] Group 3: Long-term Structural Changes - During the "15th Five-Year Plan," industrial "transformation" and reform "dividends" will be key engines for high-quality development, focusing on breaking institutional bottlenecks and stimulating the vitality of business entities [4] - Key areas for attention in 2026 include the construction of a unified national market, high-level opening-up, accelerated green transformation, social security, and financial system reforms [4] Group 4: Unified Market and Green Transformation - The construction of a unified market involves establishing basic market systems, infrastructure, resource markets, government behavior standards, and market regulation, alongside expanding both domestic and international openness [5] - The acceleration of green transformation will focus on energy-saving and carbon-reduction modifications in traditional high-energy-consuming industries, promoting low-carbon and efficient transitions through technological innovation and capacity replacement [5] - The combination of green transformation and industrial upgrading is expected to enhance the core competitiveness of traditional industries, achieving a dual win of "carbon reduction" and "quality improvement" [5]

Core Viewpoint - The performance at the Spring Festival Gala showcased Anhui's technological innovations and cultural heritage, highlighting the province's achievements in quantum information, fusion energy, and deep space exploration, thus enhancing the global image of "Innovative Anhui" [1][7]. Group 1: Technological Achievements - Anhui has made significant advancements in various fields, including the "Zuchongzhi No. 3" which set a record for "quantum computing superiority," and the "East Super Ring" achieving a new world record of "one billion degrees for a thousand seconds" in controllable nuclear fusion [3][5]. - The "Tiandu No. 1" successfully conducted laser ranging experiments under strong daylight interference conditions, marking a milestone in deep space exploration [3]. - The "Lunar Soil In-Situ 3D Printing System" demonstrated the capability to use lunar soil to create bricks for building on the moon, unlocking new possibilities for space exploration [3]. Group 2: Industry Insights - The chairman of Anhui Jianghuai Automobile Group emphasized the importance of supporting the development of an internationally influential new energy vehicle technology and innovation center in Anhui [1]. - The CTO of EHang Intelligent Equipment Co., Ltd. highlighted the integration of traditional Huizhou architecture into their drone performance, showcasing the blend of technology and culture [2]. - Industry leaders expressed confidence in Anhui's potential for scientific breakthroughs, with a focus on quantum technology and fusion energy, indicating a robust ecosystem for innovation [5][6]. Group 3: Regional Innovation Capacity - During the "14th Five-Year Plan" period, Anhui's regional innovation capability ranked among the top in the country, with R&D investment expected to rise to the 9th position nationally by 2025 [6]. - The province is home to a significant number of listed companies on the Science and Technology Innovation Board, as well as a high concentration of technology-based SMEs and unicorns, reflecting a thriving innovation landscape [6]. Group 4: Public Sentiment and Cultural Impact - The Spring Festival Gala's performance instilled a sense of pride among Anhui residents, showcasing the province's technological achievements to a national audience [6]. - Local officials and citizens expressed excitement about the integration of "hardcore technology" with traditional culture, emphasizing the visual impact and the representation of Anhui's innovative spirit [6][8].

Core Insights - The 2026 Spring Festival Gala broadcast by the Central Radio and Television Station achieved significant viewership and engagement, marking a cultural celebration for global Chinese communities and friends abroad [2][3]. Group 1: Viewership and Engagement Metrics - The total media reach of the Spring Festival Gala in mainland China reached 23.063 billion times, a year-on-year increase of 37.3% [2]. - The live broadcast share in the national television market reached 79.29%, the highest in 13 years [2]. - During the broadcast, the average number of simultaneous viewers/listeners reached 325 million, with peak online viewership exceeding 400 million [2]. - The total number of direct views on new media platforms in mainland China reached 16.207 billion, a year-on-year increase of 49% [10]. - The self-owned client of the station recorded a total playback volume of 770 million times, a year-on-year increase of 2.7% [10]. Group 2: Online and Global Reach - The online topic reading volume related to the Spring Festival Gala reached 27.12 billion, with nearly 2000 topics trending on social media [3][12]. - The proportion of young users among the total audience increased to 41.82%, up by 1.35 percentage points year-on-year [12]. - The global reading volume of CGTN's reports on the Spring Festival Gala reached 2.309 billion, with video views at 843 million, representing increases of 32.85% and 43.61% respectively [3]. - The number of public screens broadcasting the Spring Festival Gala globally reached 4062, covering 98 countries and 140 cities, with growth rates of 12.6% and 15.8% respectively [3]. Group 3: Cultural and Artistic Highlights - The gala showcased a blend of artistic and intellectual elements, receiving praise for its aesthetic quality and ability to convey messages to both Chinese and global audiences [4]. - Programs featuring new technologies, such as robots, gained significant attention, highlighting the integration of Chinese technology and culture [4]. - Emotional resonance was achieved through performances that celebrated themes of love and nostalgia, contributing to a rich cultural experience [5].

Core Viewpoint - The article emphasizes the resilience and growth of the Chinese economy and capital markets, highlighting the achievements of the public fund industry and the commitment of Dongfanghong Asset Management to high-quality development and investor interests [3][4][6]. Group 1: Economic and Market Context - The year 2025 marked the successful completion of the "14th Five-Year Plan" and was crucial for the reform and high-quality development of the capital market [3]. - China's economy is focused on high-quality development, showcasing resilience and vitality despite global economic challenges [3]. - The public fund management scale exceeded 37 trillion yuan, indicating strong market performance and the effectiveness of policy reforms [4]. Group 2: Company Strategy and Achievements - Dongfanghong Asset Management adheres to the principles of political and social responsibility in finance, aligning with national strategies and focusing on investor interests [4][5]. - The company achieved a public fund management scale of over 200 billion yuan in 2025, reflecting market recognition of its research and investment capabilities [4]. - The firm actively participates in fee reform, introducing innovative fee structures to align the interests of fund managers and investors [5]. Group 3: Future Outlook - The year 2026 is seen as a pivotal year for the "15th Five-Year Plan," with expectations for further reforms and improvements in the capital market [6]. - Dongfanghong Asset Management aims to enhance its investment research management system and diversify its product strategies to meet varying client needs [6]. - The company is committed to becoming a more influential and respected asset management institution, focusing on high-quality development and contributing to national economic strategies [6].

马年新春，"马不停蹄"是个高频词，寄托着人们奋进的期望。过去，古人常以此形容长途跋涉中不停赶 路的状态，今天，新一轮科技革命和产业变革突飞猛进，全球技术迭代呈指数级加速趋势，这个词汇精 准地描摹出了科技创新快速迭代的发展态势。 转自：文汇报 今年春节，机器人彻底火了。 除夕夜的春晚舞台上，一群群身姿矫健的机器人，凭借令人惊叹的运动控制能力，完成了一系列高难度 表演动作，瞬时"刷屏"，相关产品也在网上火热开售。从舞台到生活，有不少智能机器人产品已走进千 家万户，并代替人力，成为不可或缺的家庭成员。 建设国际科技创新中心，是上海承担的重要使命。十多年来，上海国际科创中心建设实现从"打基 础"到"建框架"再到"强功能"的跨越式发展。过去一年，上海全社会研发经费支出占GDP比例达到4.5% 左右，集成电路、生物医药、人工智能三大先导产业规模突破2万亿元。数字背后，是上海在前沿赛道 上"动得早"更"动得快"的生动体现。 面向未来，深化上海国际科创中心建设，是上海从高速增长转向高质量发展的核心路径。科创的"马不 停蹄"，也越来越体现在科技成果转化速度的不断加快上。 过去，从论文到产品往往需要多年漫长跋涉，今天，基础研究突 ...

申万宏源策略 冯彧 前方从中原大地发来马年祝福~ 今年春节回到河南省新郑市。来豫的投资人可能并不陌生，大多第一站会落地郑州新郑国际 机场。这次我也从这里开启"老家河南"之旅。 提起这一地名，本地有"新郑不新"之说，春秋时期郑国迁都于此，相对旧都故称"新郑"。但 这片土地又不断创造着新事物，她见证了2700多年前那次新旧"国际秩序"交替的开端，因此中学 课文中大家所熟知的《左传》开篇故事就发生在这里。此后，这里走出了战国时期变法图强的理 论先驱韩非子、唐代诗歌革新运动旗手白居易、明末为张居正改革提前铺垫的高拱（影视剧《大 明王朝1566》中的高阁老原型）…… 开拓创新因而也一直刻在河南人民的基因里。当今在"新消费"和"新质生产力"领域勇立潮头 的创业者们，正立足河南、走向世界。 一、 河南新消费三杰：胖东来、蜜雪、泡泡玛特 从舌尖上的性价比到情绪消费，三个河南人掌控了中国年轻人的吃喝玩乐。 图2： 腊月二十八， 前往胖东来采购年货的居民人头攒动 新年腊月二十八，正是居民采买年货旺季。为应对客流压力，胖东来许昌时代广场店开启"迪 士尼"模式：外墙大屏幕上清晰地列示功能分区，商场和超市进行分隔管理，进店需要穿越50 ...