1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - As of February 5, 2026, provincial - level two sessions have been held. The average GDP growth target of 31 provinces in 2026 is 5.12%, a slight decrease of 0.24 percentage points from 2025. Most provinces set their GDP growth targets in the range of 5% - 5.5% [1][11]. - The key tasks of local governments in 2026 focus on expanding domestic demand and accelerating the development of new - quality productivity, including tapping effective demand potential, strengthening scientific and technological innovation, and building a modern industrial system. Debt - alleviation key provinces also focus on these areas while making differentiated arrangements based on provincial conditions [1][16][18]. - In terms of finance, some provinces have lowered their general public budget revenue growth targets, with the average target growth rate dropping from 3.3% to 2.5%. Local governments will continue to resolve local debt risks, and the transformation and exit tasks of financing platforms will be further strengthened [2][21]. - Looking ahead, the 10Y Treasury bond has fallen to the resistance level around 1.8%, and the bond market may remain volatile in the short term. Attention should be paid to the inflation data in January and the possible disturbances caused by re - inflation expectations [2][27]. 3. Summary of Each Section 3.1 Review and Outlook of the Bond Market - This week, the precious metal market fluctuated, and the central bank maintained cross - festival liquidity. The bond market oscillated, with the ultra - long - end leading the rise. The yields of 10Y and 30Y Treasury bonds decreased by 0.1bp and 4bp respectively [10]. - The GDP growth targets of most provinces in 2026 have been adjusted. 21 provinces lowered their targets, and only Jiangxi raised its target. The average growth target decreased slightly compared to 2025 [11][14]. - The key tasks of economic powerhouse provinces and debt - alleviation key provinces in 2026 mainly include expanding domestic demand, strengthening innovation, and promoting industrial development, with some provinces also emphasizing reform and regional construction [16][18]. - In terms of finance, some provinces have lowered their revenue growth targets, and local governments will continue to resolve debt risks and strengthen the transformation of financing platforms [21][24]. 3.2 Bond Market Review 3.2.1 Capital Situation - This week, the central bank conducted a net withdrawal of 7560 billion yuan in the open market. From February 2 to 6, the central bank injected 10055 billion yuan, and reverse repurchases worth 17615 billion yuan matured. Next week, 1500 billion yuan of treasury cash fixed deposits will be issued, and reverse repurchases worth 4055 billion yuan will mature [28]. - Capital interest rates declined. From February 2 to 6, R007 and DR007 dropped by 11bp and 13bp respectively compared to January 30. The 3M certificate of deposit issuance rate first decreased and then increased, and the FR007 - 1Y swap rate declined after narrow - range fluctuations [31]. 3.2.2 Secondary Market Trends - This week, bond yields oscillated within a range and then declined. Except for the 1Y Treasury bond, the yields of other key - term Treasury bonds decreased. Except for the 7Y - 5Y, 10Y - 7Y, and 50Y - 30Y Treasury bond term spreads, other key - term spreads narrowed [38][40]. 3.2.3 Bond Market Sentiment - This week, the weekly turnover rate of 30Y Treasury bonds slightly decreased to 39%. As of February 6, the 50Y - 30Y Treasury bond spread widened by 0.7bp compared to January 30, and the 30Y - 10Y spread narrowed by 3.7bp to 44bp. The inter - bank leverage ratio rose to 108.0%, and the exchange leverage ratio slightly decreased to 122.9%. The median duration of medium - and long - term pure bond funds increased by 0.01 years to 2.61 years, and the implied tax rate of 10 - year CDB bonds narrowed [45]. 3.2.4 Bond Supply - This week, the net financing of interest - rate bonds increased. From February 2 to 6, the net financing of interest - rate bonds was 8834 billion yuan, a week - on - week increase of 4229 billion yuan. The net financing of Treasury bonds and local government bonds increased, while that of policy - financial bonds decreased [60]. - The issuance scale of Treasury bonds increased this week. A total of 6 Treasury bonds were issued from February 2 to 6, with a total issuance scale of 3970 billion yuan. Next week, the 7Y Treasury bond 250025.IB will be re - issued, with an issuance scale of 1300 billion yuan [63][64]. - The issuance scale of local bonds will decrease next week. This week, 90 local government bonds were issued, with a total issuance scale of 5797 billion yuan. Next week, the planned issuance scale of local government bonds is 3221 billion yuan, a decrease of 2575 billion yuan compared to this week [64]. - This week, inter - bank certificates of deposit changed from net repayment to net financing, and the average issuance rate remained flat. The total issuance of inter - bank certificates of deposit from February 2 to 6 was 5066 billion yuan, and the net financing was 3751 billion yuan [65]. 3.3 Economic Data - Since February, port throughput has been strong, while industrial production has shown a marginal weakening trend. In the real estate sector, new - home sales decreased month - on - month but increased year - on - year, and second - hand home sales in 13 cities decreased less month - on - month and increased more year - on - year. In the consumption sector, movie consumption decreased month - on - month and was weaker than the seasonal level year - on - year, subway travel was basically in line with the seasonal level, and flight travel was slightly weaker than the seasonal level. In the export sector, port throughput increased month - on - month and year - on - year, while the CCFI and SCFI indices decreased [69]. - Industrial production showed a marginal weakening trend. The PTA operating rate increased month - on - month, while other operating rate indicators decreased month - on - month. In terms of infrastructure and price high - frequency data, production indicators decreased month - on - month, and the prices of asphalt, crude oil, and non - ferrous metals turned down [69][73]. 3.4 Overseas Bond Market - The US non - farm payrolls report was postponed. Due to the "technical shutdown" of the US federal government, the release time of multiple economic data reports by the US Bureau of Labor Statistics was adjusted. The original January non - farm payrolls report scheduled for February 6 was rescheduled to February 11, and the January CPI report was adjusted to 8:30 am on February 13, Eastern Time [78]. - Fed's Daly warned of the vulnerability of the labor market and said that one or two more interest rate cuts might be needed. In the overseas bond market, US bonds rose, while emerging markets mostly declined. The 2Y and 10Y US Treasury bond yields decreased by 2bp and 4bp respectively, and the 10Y - 2Y spread narrowed from 74bp on January 30 to 72bp [78][79]. 3.5 Performance of Major Asset Classes - The CSI 300 index adjusted this week. As of February 6, 2026, it closed at 4643.6 points, a decrease of 1.33% compared to January 30. The US dollar index rose slightly this week, and both Shanghai gold and Shanghai copper significantly adjusted. The performance of major asset classes this week was: US dollar > convertible bonds > Chinese - funded US dollar bonds > Chinese bonds > live pigs > crude oil > CSI 300 > rebar > CSI 1000 > Shanghai copper > Shanghai gold [84]. 3.6 Next Week's Bond Market Calendar - In terms of liquidity, there will be reverse repurchase maturities and the issuance of treasury cash fixed deposits. In terms of government bond supply, there will be the issuance of Treasury bonds and local government bonds. In terms of fundamental data, there will be the release of economic data from China, the US, and other countries, as well as reports from EIA, OPEC, and IEA [88].

2月5日下午，2026年度北京市发展改革系统工作会召开，总结2025年发展改革工作成效，部署2026年重 点工作任务。 北京市发展改革委党组书记、主任杨秀玲作工作报告，委领导班子成员、二级巡视员，各处室、设在机 构、直属（管理）单位主要负责同志，市粮食和储备局、市投资促进中心相关负责同志，各区发展改革 委主任、经济技术开发区经济发展局局长及综合、规划、投资科室负责同志参会。 顶压前行、攻坚克难 充分肯定发展改革工作取得的新成效 2025年是"十四五"规划收官之年，也是很不平凡的一年，在市委、市政府坚强领导下，全市发展改革系 统充分发挥综合经济部门牵头抓总作用，坚持深化协同服务首都功能，坚持扩大内需稳定经济运行，坚 持改革创新增强发展动能，坚持以人为本提升城市品质，全力推动"十四五"实现圆满收官，为"十五 五"良好开局奠定坚实基础。 一是坚持以高质量党建引领高质量发展 抓好"第一政治要件"落实，开展"第一议题"学习，做好党的二十届四中全会精神学习宣传，抓好中央和 市委巡视问题整改。扎实开展深入贯彻中央八项规定精神学习教育，持续为基层减负赋能，加强廉政警 示教育，从严监督执纪。 二是合力攻坚，推动经济向新向优发展 ...

Core Viewpoint - The implementation of spring and autumn breaks in primary and secondary schools, along with paid staggered leave, is seen as a potential driver for expanding domestic demand and enhancing consumer spending in Anhui Province [1][2]. Group 1: Policy Implementation - Anhui Province's government work report emphasizes the importance of implementing paid staggered leave and establishing spring and autumn breaks for students as key initiatives for the year [1]. - This initiative aligns with national policies aimed at expanding service consumption, as outlined in a document from the Ministry of Commerce and other departments [1]. Group 2: Consumer Behavior and Market Impact - The introduction of spring and autumn breaks has already shown positive effects in other provinces, such as Zhejiang, where travel during these breaks significantly increased, with a reported 22.1% year-on-year growth in passenger numbers during the autumn break [1]. - Public sentiment is largely positive, with many families expressing excitement about the potential for enhanced travel experiences and opportunities for outdoor activities [2]. Group 3: Tourism and Education Synergy - The spring and autumn breaks are expected to alleviate pressure on tourist destinations during peak seasons, improving service quality and overall travel experiences [2]. - The initiative is also seen as a way to address issues related to insufficient outdoor activity time for students and the challenges parents face during school holidays [2]. Group 4: Economic Growth and Cultural Promotion - The government report suggests that the spring and autumn breaks could stimulate cultural and tourism consumption, with proposals for creating educational travel programs that enhance students' cultural experiences [3]. - Recommendations include leveraging local cultural resources and designing new products and services that cater to students, thereby achieving a dual goal of enhancing consumer spending and improving quality of life [3].

Core Viewpoint - The Chinese government is implementing a "1+N" policy system to cultivate new growth points in service consumption, focusing on over ten specific areas such as housekeeping, automotive aftermarket, and inbound consumption, as outlined in the recently released "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" [1][2] Group 1: Policy Framework - The "Work Plan" aims to stimulate service consumption as a core strategy for expanding domestic demand, addressing current pain points while fostering long-term growth potential [1][3] - It proposes 12 measures across three areas: invigorating key sectors, nurturing potential sectors, and enhancing support mechanisms [1][3] Group 2: Focus Areas - The plan targets six mature sectors: transportation, housekeeping, online audio-visual, travel, automotive aftermarket, and inbound consumption, aiming to optimize supply and unlock existing consumption scale [2] - It also identifies three potential sectors: performance services, sports events, and experiential services, promoting institutional innovation to unlock new growth spaces [2] Group 3: Support Systems - The "Work Plan" establishes a support system focusing on standards, credit, and financial assistance to solidify the foundation for service consumption development [3] - It emphasizes the need for a standard system covering traditional and emerging sectors, a credit system to enhance service commitments, and financial support measures including loans and bond issuance [3] Group 4: Long-term Implications - The implementation of the "Work Plan" is expected to optimize economic structure, directly driving consumption growth and production investment, creating a virtuous cycle of supply and demand [3] - It aims to meet the rising demand for high-quality living standards, enhancing employment and income while fostering globally competitive service enterprises [3] Group 5: Challenges Ahead - The plan faces challenges such as institutional barriers in the supply side and the need to enhance consumer capacity and time availability on the demand side [4][5] - Addressing these challenges requires ongoing reforms and improvements in the macroeconomic environment, as well as a focus on high-end service industry talent and infrastructure development [4][5]

本周，中证石化产业指数下跌3%，中证稀土产业指数下跌3.4%。Wind数据显示，截至昨日，化工行业ETF易方达 （516570）已连续15个交易日获资金净流入，合计超14亿元。 由A股中业务范围涵盖稀土开采、稀土加工、稀土 贸易和稀土应用的38只股票组成,反映A股稀土产 业上市公司的整体表现 注1:目前全市场跟踪中证石化产业指数的ETF共2只,跟踪中证稀土产业指数的ETF共4只,跟踪同一指数 的不同ETF产品的费率、跟踪误差、规模等有所不同。银行、互联网平台等相关销售机构提供可场外投资 的ETF联接基金。低费率产品,其管理费率0.15%/年,托管费率0.05%/年。 注2: 数据来自Wind, 指数涨跌幅截至2026年2月6日收盘,指数市净率及其所处分位截至2026年2月5日。 市净率PB(LF)=Σ(成分股,总市值)/Σ(成分股,净资产(最新报告期LF)),该估值指标适用于固定资产数 量较大且账面价值较为稳定的企业,或是盈利周期性波动的企业。指数市净率所处分位指该指数历史上 市净率低于当前市净率的时间占比,分位低表示相对便宜。分位区间为指数发布日/可查询估值记录日起 至2026年2月5日,其中,中证石化产业 ...

会议要求，强化对重点领域的金融支持力度。持续做好首都金融"五篇大文章"，建设多层次金融服务体 系，着力支持扩大内需、科技创新、中小微企业等重点领域。充分发挥北京市中关村国家自主创新示范 区区位优势，加力推进科技金融探索创新。积极支持扩大和提振消费。稳步推进绿色金融。深入开展民 营小微企业金融服务能力提升工程。不断拓展数字金融。 北京商报讯（记者 董晗萱）2月6日，据人民银行北京市分行官微，人民银行北京市分行召开2026年北 京辖区金融管理工作通报会。 ...

Core Viewpoint - The enhancement of consumer capacity relies on the increase of per capita disposable income, necessitating a positive cycle of "employment - income - consumption - investment" [1] Group 1: Policy Framework - The Ministry of Commerce announced a "1+N" policy system to cultivate new growth points in service consumption, guided by the recently issued "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" [1][2] - The "Work Plan" outlines 12 measures focusing on stimulating key areas, nurturing potential sectors, and strengthening support, aiming to optimize supply and cultivate new growth drivers for future domestic demand [1][3] Group 2: Focus Areas - The plan targets six mature sectors: transportation, housekeeping, online audio-visual, travel, automotive aftermarket, and inbound consumption, aiming to optimize supply and unlock existing consumption scale [2] - It also identifies potential sectors such as performance, sports events, and experiential services, promoting institutional innovation to unlock new growth spaces [2] Group 3: Support Systems - The "Work Plan" establishes a support system from three aspects: standards, credit, and financial support, to solidify the foundation for service consumption development [3] - Financial support includes increasing single household loan limits to 10 million yuan and providing interest subsidies, alongside facilitating corporate bond issuance and REITs to alleviate financing challenges [3] Group 4: Long-term Implications - The implementation of the "Work Plan" is expected to optimize economic structure, directly stimulate consumption growth, and promote production investment, creating a virtuous cycle of supply and demand [3] - It aims to better meet the needs of residents for a better quality of life, enhancing employment and income while fostering globally competitive service enterprises [3] Group 5: Challenges Ahead - The plan faces challenges such as breaking down systemic barriers in the service industry and addressing consumer capacity and time constraints, which are essential for enhancing service consumption [4][5] - There is a need to ensure the availability of high-end service industry talent and infrastructure to support the quality, personalization, and internationalization of service consumption [5]

近期，2025年中国经济年报出炉，经济总量突破140万亿元大关，比上年增长5%，国民经济 顶住多重压力挑战，圆满完成主要预期目标，发展向新向优。对此，本刊记者对国家统计局 新闻发言人进行了专访，分析2025年经济运行情况，解读扩大消费、改善民生等热点问题， 展望我国经济发展态势。 记者：2025年我国圆满完成了经济社会发展主要目标任务，首先想请您谈谈对全年经济运行情况的看 法。 新闻发言人：回看2025年，我感受最深的一点是，我国经济发展实现预期目标很不容易，也很不平凡。 这一年，外部环境急剧变化，国内周期性结构性矛盾交织，经济平稳运行面临的风险挑战增多。面对国 内外形势深刻复杂变化，在以习近平同志为核心的党中央坚强领导下，我国经济顶住多重压力向新向优 稳步发展，交出了鼓舞人心的亮丽答卷。总体来看，有三个特点尤为鲜明。 第一，主要预期目标圆满实现。2025年，我国始终保持战略定力，坚定不移办好自己的事，有力有效实 施更加积极有为的宏观政策，在风浪中稳住了发展底盘，锤炼了顶风抗雨的能力，发展主要预期目标圆 满实现。国内生产总值（GDP）迈上140万亿元新台阶，5%的增速在全球主要经济体中继续保持前列。 城镇调查 ...

Core Viewpoint - The article discusses the recent positive trends in consumer spending in China, particularly during the upcoming Spring Festival, driven by government policies and extended holiday periods [3][4][5]. Group 1: Policy Support - The collaboration of nine government departments provides a strong backing for consumer spending, offering incentives such as prize invoices, subsidies for home appliances, and financial institution discounts, which encourages both consumers and investors to engage confidently in the market [4]. - The policy aims to eliminate barriers to consumption, effectively reassuring investors to participate in the consumer sector [4]. Group 2: Holiday Impact - The nine-day Spring Festival holiday is expected to unleash significant consumer demand, transforming a typical three-day spending period into a nine-day consumption peak, leading to a surge in various sectors including dining, travel, and home goods [5]. - The demand for home appliances and household goods is anticipated to increase sharply, with inbound tourism also being strategically targeted to boost spending [5]. Group 3: Comprehensive Engagement - The initiative promotes a "full coverage" approach, engaging both urban and rural markets through offline and online channels, ensuring that all consumer segments are reached [6]. - This strategy allows for diverse investment opportunities across different market segments, reducing the risk of poor investment choices [6]. Group 4: Positive Feedback Loop - The article emphasizes a sustainable cycle where government initiatives stimulate consumption, leading to increased corporate profits, which in turn drive further investment and job creation, ultimately enhancing consumer spending [7]. - The overall framework is designed to create a robust ecosystem for consumption, supported by government policies and consumer engagement [7].

Core Insights - The "Youliang 30 Used Car Wholesale Index" recorded a significant increase of 19.7% month-on-month in January 2026, reaching 85 points, driven by strong demand in the automotive consumption market before the Spring Festival, marking the largest monthly increase since its inception [1] - The index now includes a complete list of 30 benchmark models, enhancing its transparency and market reference value, providing a clearer and more credible quantitative framework for observing the dynamics of the Chinese used car market [1][2] Index Composition - The 30 benchmark models represent high liquidity and typical market indicators across various segments, covering brands from China, the US, Germany, and Japan, aimed at reflecting the overall trends in the Chinese used car market [2] - Notable models include Chinese brands like Great Wall Haval H6 and BYD Song, German brands like Volkswagen Golf and BMW 3 Series, Japanese brands like Honda CR-V and Toyota RAV4, and American brands like Tesla Model Y and Buick GL8 [2] Market Trends - The index data for January 2026 reveals a profound structural adjustment beneath the overall market prosperity, with mid-to-large vehicles experiencing a price increase of 27.1% year-on-year, significantly higher than the average market increase of 11.1% for compact cars [4] - Chinese brands led the market with a year-on-year price increase of 36.9%, reflecting advancements in technology, product strength, and market recognition, while German brands maintained a robust 34.6% increase [7] - In contrast, Korean and French brands faced declines of 9.0% and 13.8% respectively, indicating challenges in market share and brand influence [7] Vehicle Type Dynamics - The market has seen a notable shift in demand, with MPV prices soaring by 35.7%, becoming the fastest-growing category, while traditional SUV prices saw a modest increase of 3.2% and sedans increased by 18.6% [10] Circulation and Transactions - The liquidity of used car sources in China continues to rise, with total used car transactions in 2026 surpassing 20 million units, reaching 20.108 million, a year-on-year increase of 2.52%, and an increasing proportion of interprovincial transactions [13] - The "Youliang 30 Index" provides innovative analysis on interprovincial circulation, with Sichuan province entering the top 5 in interprovincial procurement in January 2026 [13] Index Value and Macro Significance - The "Youliang 30 Index" serves as a quantifiable and traceable "data dashboard" for industry governance and market fluctuation assessment, helping relevant departments gauge the true structure of the current consumption market and consumer confidence levels [22] - The index's monthly data series creates a dynamic price map, allowing for scientific measurement and analysis of the impact of policies like "trade-in" on the circulation segment [22] - The transparency and standardization of the "Youliang 30 Index" respond to national requirements for market data element commercialization and the establishment of a high-standard market system, facilitating the transition of the used car industry from a traditional "experience-driven" model to a "data-driven" modernized development phase [22]