南瑞支撑建设的陇东—山东±800千伏特高压直流工程获评央企十大超级工程 南瑞参与研制的换流阀入选央企十大国之重器 南瑞支撑西藏电网侧带超容构网型SVG项目建设 南瑞支撑建设的江苏句容抽蓄电站 南瑞自主研发的首套30兆瓦中压集中式电能质量治理装置投运，实现电压跌落响应、振荡抑制全覆盖 南瑞技术人员在江苏句容抽蓄电站开展系统调试 南瑞技术人员在IGBT封装测试生产线开展技术攻关 南瑞技术人员开展基于数字孪生电网的新型电力系统运行控制平台集中攻关 南瑞技术人员开展全国产化安全隔离装置性能测试 南瑞技术人员在系统保护实验室开展科技攻关 南瑞助力南京地铁5号线全线贯通运营 1月初，国务院国资委发布"2025年度央企十大超级工程"和"2025年度央企十大国之重器"。国网电科院 （南瑞集团）深度参与的陇东—山东±800千伏特高压直流工程和参与研制的全球首台±800千伏/800万千 瓦可控换相换流阀荣登双榜，充分彰显了我国电力装备领域的硬核技术实力与重大工程建设成就。 一路发展，实力铸就，荣誉见证：2025年国网电科院（南瑞集团）累计获省部级及以上科技奖励171 项，牵头发布4项IEC国际标准，10个项目入选能源领域首台（套 ...

Group 1: Economic Reform and Innovation - Fujian is recognized as a hotbed for reform and opening up, with 352 important reform measures being steadily implemented and 10 reform examples promoted by the Central Reform Office [1] - The government work report emphasizes the need for continuous deepening of reform and opening up to stimulate motivation and vitality, which has sparked discussions among representatives [1] - The integration of technological and industrial innovation is crucial for fostering new productive forces and high-quality development [2] Group 2: Social Governance and Legal Framework - The government work report highlights the construction of a higher level of rule of law in Fujian, encouraging participation from Taiwanese compatriots in legal development [3] - Suggestions include establishing grassroots legislative contact points for Taiwanese in investment zones to enhance their involvement in judicial practices [3] - The report calls for modernization of governance systems to create a vibrant and orderly social development environment [3] Group 3: Investment in Human Capital - Emphasis is placed on investing in human capital alongside material investments to unlock potential and promote economic growth [6] - Recommendations include developing a dynamic curriculum and establishing industry-education integration mechanisms to meet the demands of emerging fields [6] - The need for a skilled workforce is highlighted, with suggestions for government incentives for companies to provide digital skills training [7]

Core Insights - The 2025 China economic report highlights the resilience and potential of the economy, showcasing strong performance in foreign trade despite external challenges [1] Group 1: Foreign Trade Performance - In 2025, China's total import and export value reached 45.47 trillion yuan, maintaining its position as the world's largest goods trading nation for nine consecutive years [1] - The report indicates that China has broken the expectation of growth being hindered by tariffs, demonstrating strong export performance and competitiveness [1] Group 2: Global Trade Relationships - China engaged in trade with over 240 countries and regions, achieving growth in imports and exports with more than 190 of them, expanding its development space [4] - The trade value between China and Central Asia surpassed 100 billion USD for the first time, marking China as the largest trading partner for Central Asian countries [4] Group 3: Structural Advancements - China's foreign trade is supported by a stable and flexible supply chain, with the engineering machinery industry in Jining exemplifying the country's shift towards high-end and intelligent manufacturing [5] - In 2025, China became a net exporter of industrial robots, with equipment manufacturing exports reaching 16.03 trillion yuan, a 9.2% increase, accounting for 59.4% of total exports [5] - The transformation of trade models, such as the integration of cross-border e-commerce with industrial clusters, has enhanced the efficiency of matching supply and demand globally [5] Group 4: Future Outlook - Experts predict that China's success in global trade is likely to continue into 2026, supported by its institutional, market, and industrial advantages [5]

Group 1: Core Development Strategy - Changping District is focusing on developing new productive forces and modern industrial clusters, aiming to create a world-class modern city led by science and education [1] - The district is constructing the G6 Innovation Corridor along the Jing-Zhang Expressway and the G45 Industrial Corridor along the Jing-Cheng Expressway, promoting the integration of central enterprises and various businesses [1] Group 2: Industrial Cluster Development - Changping District plans to implement a new round of leading industry action plans, focusing on "Artificial Intelligence+" and strengthening three trillion-level industrial clusters: pharmaceutical health, advanced energy, and advanced manufacturing [2] - The district aims to develop emerging industries such as beautiful health, medical devices, robotics, hydrogen energy, energy storage, and energy internet, targeting a revenue of over 10 billion yuan for the synthetic biology manufacturing industry this year [2] Group 3: Urban Quality and Infrastructure - The district is committed to enhancing urban quality and vitality through the integration of industry and city, ensuring the construction of key rail transit and main roads, and improving park road networks and municipal facilities [2] - Changping District is advancing the development of Changping New City and the urban renewal of Yong'an Ancient City, while implementing the third round of the "Huitian Action Plan" to promote 89 key projects [2] Group 4: Public Services and Community Development - The district will focus on 36 livelihood projects this year, enhancing public employment service capabilities and promoting the construction of quality housing, communities, and urban areas [3] - Changping District is advancing the construction of high-level comprehensive hospitals and optimizing services for children and the elderly through the "Changping Model" [3]

◎记者 荆淮侨 2026年，湖北还将大力推进科技创新、产业创新和金融创新深度融合发展，以重塑现代科技金融体系为 支撑，进一步完善协同创新体系、成果转化体系、产业培育体系，加快发展壮大新质生产力，加快构建 体现湖北优势的现代化产业体系。 其中，在完善产业培育体系方面，湖北提出加快汽车等传统产业改造升级，大力发展集成电路、航空航 天、生物医药等新兴支柱产业，抢占低空经济、绿色智能船舶、自主安全计算等新赛道，前瞻布局具身 智能、量子科技、6G、合成生物、氢能和核聚变能等未来产业，培育打造一批世界一流企业和世界级 产业集群。 在完善创新体系的同时，湖北还将进一步强化创新服务，努力让创新所需的阳光更明媚、土壤更肥沃、 空气更清新、水分更充足。 1月27日，湖北省第十四届人民代表大会第四次会议在武汉开幕。湖北省省长李殿勋在作政府工作报告 时表示，2025年，湖北地区生产总值增长5.5%，居经济大省和中部地区前列。2026年，湖北经济社会 发展的主要预期目标是：经济增长5.5%左右，居民消费价格涨幅2%左右，单位地区生产总值二氧化碳 排放完成国家下达目标。 湖北提出，将积极培育首发经济、会展经济、路衍经济、银发经济等消费新 ...

Core Insights - The article discusses the rising trend of "Becoming Chinese" among foreign audiences, highlighting the exploration of Chinese lifestyle through everyday products, particularly from Guangdong province [4][5][10]. Group 1: Quality and Lifestyle - Guangdong products, referred to as "广货," play a crucial role in enhancing the quality of daily life for Chinese people, with a focus on their craftsmanship and cultural significance [11][12]. - The article emphasizes the importance of quality in daily products, such as rice cookers and smartphones, which are often manufactured in Guangdong, showcasing the region's industrial strength [10][18][19]. Group 2: Technological Innovation - Guangdong's smartphone production reached 585 million units in the first 11 months of 2025, accounting for approximately half of China's total smartphone output, reflecting the region's technological prowess [19]. - The article highlights the advanced manufacturing capabilities in Guangdong, such as AI integration in smartphone production, which enhances precision and efficiency [20][24]. Group 3: Cultural Significance - The concept of "识叹" (appreciating life) is explored through various products, including tea and furniture, which embody both functionality and aesthetic appeal, contributing to a sense of ritual in daily life [48][66]. - Guangdong's tea industry is significant, with an annual consumption of 270,000 tons and a market size of 63.8 billion yuan, showcasing the cultural and economic importance of tea in the region [54][55]. Group 4: Long-term Value - The philosophy of "襟用" (durability) is emphasized, indicating that Guangdong products are designed for long-term use, providing reliability and comfort to consumers [75][88]. - The article notes that Guangdong's clothing industry produces over 3.44 billion garments annually, representing 16.8% of the national output, highlighting the region's commitment to quality and sustainability in fashion [81][82].

2025年，中国经济有效应对各种风险挑战，顶压前行、向新向优发展，交出一份来之不易的成绩单。 对外经济贸易大学国家对外开放研究院研究员刘斌说，当前我国产教融合和产业创新发展非常迅速，呈 现出政策牵引强、链条耦合深、成果转化快的特征。同时，智能化和绿色化转型发展迅速，制造业的某 些领域也逐渐攻克了被"卡脖子"的风险。 "总体而言，我国通过高强度投入与系统性布局，在前沿领域实现从跟跑到并跑、领跑的跨越，为产业 升级与新质生产力培育提供坚实支撑。"盛朝迅说，"十五五"时期，培育壮大新兴产业和未来产业，既 要巩固现有优势领域，又要前瞻布局新赛道，形成"技术多点突破、产业梯度接续、跨界深度融合"的发 展格局，为实体经济注入源源不断的新动能。 记者：李海伟、有之炘、马晓冬 国家发展改革委习近平经济思想研究中心副主任盛朝迅在接受采访时说，近年来，我国对科技创新与产 业创新的重视和投入，呈现出战略定位高、投入规模大、体系支撑强、转化效率高的特征，在人工智 能、人形机器人、商业航天、低空经济、量子通信、生物制造等前沿领域形成局部领跑、整体并跑的格 局，为高质量发展注入强劲动能 。 2025年，我国规模以上数字产品制造业增加值比 ...

Group 1 - The core viewpoint of the articles highlights the accelerated integration of technological innovation and industrial innovation in China by 2025, showcasing significant growth in strategic emerging industries and improved efficiency in technology transfer [1][2] Group 2 - Strategic emerging industries are experiencing robust growth, with high-tech industry sales revenue projected to increase by 13.9% year-on-year in 2025. Specifically, high-tech manufacturing and high-tech services are expected to grow by 10.1% and 16.6%, respectively. Notable sectors include lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals, with sales revenue growth rates of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] - The conversion of scientific and technological achievements is continuously improving, with sales revenue in the scientific research and technical service industry expected to rise by 20.4% year-on-year in 2025. Knowledge-intensive industries are also projected to see a 10.7% increase in sales revenue, indicating a stronger application of technological achievements. The national technology contract transaction amount is expected to grow by 19.1% [1] - The integration of digital technology with the real economy is deepening, with core digital economy industries projected to see a 9.4% increase in sales revenue in 2025. Related sectors such as digital product manufacturing and digital technology application are expected to grow by 9.4% and 13.8%, respectively. Additionally, enterprise procurement of digital technology is anticipated to rise by 9.6%, with manufacturing sector procurement increasing by 10.4% [2] - Traditional industries are accelerating their transformation and upgrading, particularly in automation. The procurement of automation equipment in traditional sectors such as petrochemicals, steelmaking, and ironmaking is expected to increase by 17.3%, 11.7%, and 12.7% year-on-year, respectively [2] - The data reflects solid achievements in China's technological self-reliance and the cultivation of new productive forces, indicating a strong and sustainable internal momentum for high-quality development [2]

证券研究报告 主动超额延续，固收增强突围 ——公募基金重点产品/策略回顾与展望 证券分析师 | 陈 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | | 郭子睿 | 投资咨询资格编号：S1060520070003 | | 任书康 | 投资咨询资格编号：S1060525050001 | | 研究助理 | | 高 越 一般从业资格编号：S1060124070014 胡心怡 一般从业资格编号：S1060124030069 2026年1月27日 请务必阅读正文后免责条款 报告摘要 2 • ETF回顾与展望：被动权益基金规模持续扩张，但增速有所放缓。资金流向方面，2025年资金由宽基流向行业主题ETF，具体来看2025年科技主 题ETF资金净流入额居前，其次为金融地产和周期主题ETF，伴随热门主题行情，热门概念主题ETF轮番吸引资金流入。2026年开年以来卫星/商 业航天、有色、AI主题ETF大幅净流入。参考美国共同基金发展历程，ETF发展趋势仍将延续，被动产品仍有发展空间。政策方面，优化了产品 注册与基准设置机制，通过一系列调降费率的举措，助力ETF充分发挥低费率、高透明度的工具 ...

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。 ...