大摩闭门会：2026强势开局，然后呢？260123_导读 2026年01月25日 15:43 大摩闭门会：2026强势开局，然后呢？260123_导读 2026年01月25日 15:43 关键词 CSI300 恒生指数 盈利增速 市盈率 夏普比率 摩根士丹利 新兴市场 标普500 净资产收益率 ROE产业升级 人工智能 科技创新 财政政策 货币政策 房地产市场 新开工面积 房价 MSCI中国 人民币汇率 关键词 CSI300 恒生指数 盈利增速 市盈率 夏普比率 摩根士丹利 新兴市场 标普500 净资产收益率 ROE产业升级 人工智能 科技创新 财政政策 货币政策 房地产市场 新开工面积 房价 MSCI中国 人民币汇率 全文摘要 2026年初，中国股市展现强劲回升势头，背后推动力量包括企业盈利改善、科技创新加速以及政策面的支持。尽 管全球环境充满不确定性，摩根斯坦利仍对MSCI中国指数及其他新兴市场持乐观态度，预计2024年中后市场开始 反弹，强调了中国股市在风险调整后收益上的相对吸引力。对话还预测了亚洲主要股市的未来目标点位，并分析 了影响中国股市的七大关键因素，包括盈利预测、行业展望、宏观经济环境、房地产 ...

人民财讯1月27日电，国家统计局工业司首席统计师于卫宁解读2025年工业企业利润数据时表示，总体 看，规模以上工业企业利润实现增长，工业新动能的支撑作用明显，工业经济发展向新向优。但也要看 到，外部环境变化影响逐步加深，工业转型升级存在阵痛，部分企业生产经营仍面临一定困难。下阶 段，要继续推动科技创新和产业创新深度融合，持续优化产业结构，加快培育新质生产力，推动工业企 业效益持续改善。 ...

Group 1 - The core viewpoint emphasizes the importance of Guangzhou in driving economic growth and fulfilling political responsibilities, as outlined in the provincial government work report [2][3] - The report highlights the achievements of Guangdong Province over the past five years and sets a development blueprint for the next five years, aligning with the current development realities of Guangdong [2] - Guangzhou aims to leverage its advantages and enhance its urban capabilities, focusing on industrial transformation, technological innovation, urban renewal, and governance challenges [3] Group 2 - Guangzhou will focus on building a modern industrial system, promoting both traditional and emerging industries, and attracting leading enterprises while strengthening mid-tier companies [3] - The city plans to enhance its technological innovation capabilities by establishing various platforms for technology transfer and integrating industry, innovation, finance, and talent [3] - Urban renewal efforts will target the renovation of old neighborhoods and infrastructure, aiming for high-quality community and urban development [3] - The governance strategy will combine effective market mechanisms with proactive government involvement to optimize the business environment [3]

（记者 李娜 孙亚文 翟宝宽 董艳竹 李宇航）1月26日，省十四届人大四次会议郑州市代表团举行全 体会议、小组会议，审议省长王凯作的政府工作报告，审查河南省国民经济和社会发展第十五个五年规 划纲要草案。 河南省政协原主席王全书发言，省委常委、市委书记安伟主持会议并发言，庄建球、田海涛、李党 生、刘利、陈耀宗、李伟光先后发言，周富强、路云、王治安、朱河顺等参加审议。 代表们一致认为，省长王凯作的政府工作报告，以习近平新时代中国特色社会主义思想为指导，全 面贯彻习近平总书记在河南考察时重要讲话精神和关于河南工作的重要论述，全面总结过去一年全省经 济社会发展成就，客观分析问题挑战与机遇，确保实现"十五五"良好开局，聚焦"1+2+4+N"目标任务体 系，明确新一年全省发展的总体思路、主要目标及重点任务，完全符合中央精神，有力贯彻落实省委全 会、省委经济工作会议部署，是一个凝心聚力、催人奋进的好报告，完全赞同这个报告。 省人大代表王全书： 发挥政策集成效应 凝聚高质量发展合力 王全书认为，过去一年，河南走过了极不平凡、硕果累累的奋斗历程。习近平总书记亲临视察、指 路引航，为河南发展注入强大动力。省委、省政府运筹帷幄、科 ...

例如，山东道恩高分子材料股份有限公司成功实现轮胎用高气体阻隔动态硫化合金材料（DVA）规模 化生产，打破国外技术垄断，成为全球第二家实现DVA材料量产的企业，标志着我国高端轮胎阻隔材 料达到国际领先水平。该材料可有效降低汽车行驶过程中的轮胎滚动阻力，续航里程提高5%左右，满 足燃油车节油、新能源车续航提升的迫切需求。目前已在玲珑轮胎（601966）等下游企业的多规格轮胎 中推广应用，预计两年内可实现年产值10亿元，拉动上下游产值近百亿元，推动我国轮胎行业快速发 展。 又如，山东钢铁（600022）集团日照有限公司成功实现5种不同牌号镍系钢全规格产品的批量化稳定生 产，打破国外技术垄断，实现了高性能钢材制造与应用的全新突破。该系列产品可适用于-101℃ 至-196℃的温度范围，钢板厚度公差可控制在0.05mm，主要性能指标达到国际领先水平。目前，镍系 钢相关产品已累计供货3万余吨，产值近7亿元。未来，预计年产能可达6万吨、年产值超14亿元，为我 国航空航天、工程机械、能源工业等关键领域提供核心材料支撑。 几天前，一场由山东省科技厅主办的科技成果对接会在济钢集团举行，吸引百余家企业与会。作为全球 第一个，也是唯一 ...

文 | 产业观察室，作者 | 方建华 放眼全球资本市场，纳斯达克指数在苹果、英伟达等硬科技巨头的强力引擎下，演绎了长达二十年的跨周期"慢牛"。 A股传统权重股则集中于金融、能源等领域，上证指数整体呈现"牛短熊长"的走势。 当前，中美在科技、金融及地缘领域的系统性博弈与竞合，正深刻影响全球资本流向与格局重塑。 数据来源：Wind 但与此同时，中国资本市场自2024年9月24以来，持续推进结构性变革。资本市场功能转型、经济新旧动能转换与跨周期资金配置形成同频共振，为股市长 期向好与创投行业崛起筑牢根基。 着眼未来，二级市场有望开启由"科技牛"引领的A股"长牛"新周期，这并非短期脉冲式行情，而是跨越十年以上时间周期的趋势性变革。 科技创新具有无限的延展性与迭代空间，谁也无法定义二级市场新一轮成长逻辑的触顶边界。此时任何臆测这一轮股市的顶点——是5000点抑或6000点？这 都未必准确。 个人以为，在长周期的视角下，8000点乃至10000点或许不是梦想。具体可从以下三个维度进行解构： 其一，中国资本市场加速功能转换，A股"投资性价比"底层逻辑升级。 当下中国资本市场步入"融资+投资"功能转换的关键时期，"融资端提质 ...

2025 £ 支出预算实际完成11516.1亿元,增长0.5% 全力落实更加积极的财政政策,多 措并举推动扩大内需 ●下达超长期特别国债等资金 283.4亿元,支持 456个设备更新项目建设和汽车、家电等领域消费 品以旧资新 ● 全年发行新增专项债券 1361.4亿元用于项目建 设,十地储备,收购存量商品院用作保障性住房资。 其中用作项目资本金额度213.8亿元,政府投资播 动作用得到充分发挥 ●下达超长期特别国债"两重"和国省基建投资 419 亿元,支持实施一批重大民生和基础设施项目 ●下达175.1亿元,推动构建现代公路"一张网"和 现代化内河航运体露 ●引导省属金融企业通过各类金融业务投放资金融 1.3万亿元,进一步提升服务实体经济质效 推动科技创新和产业创新深度融 (2) 合,促进新质生产力加快培育壮大 ●安排20亿元制造业高质量发展专项资金,推动加 快建设制造强省 ●下达46.7亿元,支持省科学院创新发展、省实验 室高标准入轨运行,推动中原科技城、中原医学科学 城、中原农谷建设整体起势 ●安排 7.2亿元,支持科技创新平台建设和科技成 奥转移转化 ●安排13.3亿元,强化高层次人才引育 ● 全省支持 ...

Core Insights - The 2025 "Survey of Business Environment for 10,000 Private Enterprises" by the All-China Federation of Industry and Commerce ranks Hubei's innovation environment third nationally, with market, legal, and government environments all placing fourth, highlighting Hubei's attractive business environment [1] Group 1: Business Environment - Hubei's business environment is characterized by a balanced advantage, contributing to the high-quality development of the private economy [1] - The provincial federation of industry and commerce focuses on the "two healthy" work theme and the "Advancing Chu Merchants" brand to create a first-class business environment [1] Group 2: Support for Private Enterprises - Hubei's federation actively addresses the pain points and challenges faced by private enterprises, acting as a bridge and support to help them grow [2] - The province has launched initiatives to assist private enterprises in overcoming difficulties, with a complaint service platform receiving 3,375 cases and achieving a satisfaction rate of 99.97% [2] Group 3: Financial Support and Legal Framework - To tackle financing challenges, Hubei's federation collaborated with the People's Bank of China to facilitate loans for 1,932 small and micro enterprises, amounting to 199 million yuan [2] - Legal construction is emphasized as a crucial aspect of the business environment, with efforts to guide private enterprises in compliance and protect their legal rights [2]

Core Viewpoint - Rural revitalization is considered the foundational support and key link for the comprehensive revitalization of Liaoning province, with a focus on transforming agriculture into an efficient and profitable industry [1] Group 1: Agricultural Innovation - Emphasis on accelerating seed industry innovation and strengthening the deep integration of production, education, and research led by enterprises, ensuring that companies maintain their primary role in technological innovation [1] - The need to cultivate and grow leading agricultural technology enterprises to enhance their independent innovation capabilities [1] - Systematic deployment of tasks related to variety cultivation, soil quality improvement, and agricultural machinery research and development to establish a robust technological platform [1] Group 2: Regional Advantages and Differentiated Development - The importance of leveraging regional advantages to layout industries according to local conditions, achieving differentiated development [1] - Focus on key aspects of "variety, quality, and brand" for specialty products such as Dandong strawberries and Dalian cherries, promoting standardized production [1] Group 3: New Cultivation Models - Strong promotion of new cultivation models, particularly dense planting methods, which offer advantages such as labor-saving, time-saving, and ease of mechanization [1]

Core Viewpoint - The "15th Five-Year Plan" outlines Beijing's development goals and strategies for the next five years, focusing on enhancing capital functions, promoting high-quality development, and improving the quality of life for residents [1][2]. Group 1: Strategic Development Goals - The plan emphasizes five major strategic tasks, including optimizing capital functions and enhancing the "Four Centers" (political, cultural, international exchange, and technological innovation) [2]. - Beijing aims to increase the economic output of the Beijing-Tianjin-Hebei region, striving for a greater share of the national economy [2]. - The city plans to maintain an annual investment scale of over 1 trillion yuan, focusing on high-quality development and a competitive modern industrial system [2]. Group 2: Urban Safety and Governance - The plan includes measures to enhance urban safety and resilience, focusing on risk prevention in transportation, production, and new technologies [3]. - It aims to improve urban governance and quality through practical measures, promoting a modernized people-oriented city [3]. Group 3: Cultural Development - The plan targets cultural prosperity by enhancing public cultural services and promoting the integration of culture and technology [4][5]. - It aims to protect and utilize cultural heritage, with initiatives like the "Beijing Central Axis Protection" project [5][6]. Group 4: Technological Innovation - Beijing will strengthen its position as a global technology innovation hub, focusing on strategic technology development and fostering leading enterprises [7][8]. - The plan includes measures to enhance the efficiency of technology transfer and promote international collaboration in scientific research [8]. Group 5: Urban Renewal and Housing - The plan focuses on upgrading housing conditions and urban development, with specific tasks for renovating old buildings and improving community infrastructure [9][10]. - It aims to balance residential, commercial, and service functions in urban centers, promoting comprehensive urban renewal [10][11]. Group 6: Ecological and Environmental Goals - The plan emphasizes high standards for ecological protection and quality of life, aiming for a harmonious relationship between humans and nature [12][13]. - It includes initiatives for pollution control, resource management, and enhancing green spaces in urban areas [12][13]. Group 7: Health and Social Services - The plan outlines a strategy for strengthening healthcare services, focusing on community health and emergency response capabilities [14][15]. - It aims to improve maternal and child health services and expand support for the elderly, ensuring comprehensive health coverage [15][16].