记者丨柳宁馨 编辑丨周上祺 上海是中国首个GDP突破5万亿元的城市， 今后五年，上海将打造世界级高端产业集群 ， 到 2035年，上海要实现人均地区生产总值比2020年翻一番 ，这很大程度上决定了中国顶尖城市 将走向何方。 1月19日，《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》 （以下简称《建议》）正式公布。在新一轮国际经贸、科技和产业竞争格局深刻重塑的背景 下，《建议》勾勒出未来五年上海发展的总体蓝图。 今后五年，上海明确了一条高质量发展路径。《建议》列出的"十五五"时期上海主要目标中， 第一条便是高质量发展取得显著成效。经济增长保持在合理区间、与全国保持同步，全要素生 产率稳步提升，制造业保持合理比重。 上海"五个中心"建设是党中央赋予上海建设国际经济、金融、贸易、航运与科技创新中心的战 略任务。在提升国际经济中心地位方面，《建议》提出，上海将打造世界级高端产业集群，加 快发展三大先导产业，提高集成电路装备能级、制造水平和设计能力，推动全产业链整体突破 和发展壮大，加强重要创新药械研发，推动人工智能全栈创新。上海在"十五五"时期还将加强 量子科技、脑机接口、可控核聚变、生物制造 ...

江苏扬州：奋进"十五五"剑指"万亿城" 中新网扬州1月20日电 (徐珊珊 崔佳明)20日，政协扬州市第九届委员会第五次会议开幕。中共扬州市委 书记王进健在会上表示：扬州奋进"十五五"新征程，聚万众之力，建万亿之城。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 1月20日，政协扬州市第九届委员会第五次会议开幕。 崔佳明 摄 2026年是"十五五"开局之年。"在'十五五'新征程上，我们必须把高质量发展作为中国式现代化的首要任 务，把发展的'前'，扬州的'好'体现在经济总量加快做大上，体现在产业结构不断调优上，体现在发展 质效持续增强上，不断提升对全省经济增长的贡献度，彰显在全国发展大局中的显示度。"王进健如是 说。(完) 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 刚刚过去的2025年是"十四五"收官之年，通过五年的接续奋斗，扬州的综合实力更强，地区生产总值连 跨两个千亿元台阶，人均地区生产总值保持全国城市前20强；创新动能更足，高新 ...

2025年中国经济成绩单揭晓，经济总量突破140万亿元！国家统计局数据显示，初步核算，全年国内生 产总值1401879亿元，按不变价格计算，比上年增长5%。 "这一年，我国发展历程很不平凡，取得的成绩令人鼓舞，经济顶压前行、向新向优发展，主要预期目 标圆满实现，'十四五'胜利收官，第二个百年奋斗目标新征程实现良好开局。"1月19日，国家统计局局 长康义在国新办发布会上表示。 增长5%成色如何 "稳"的格局得到巩固。面对外部环境急剧变化、国内困难挑战增多的复杂严峻形势，我国实施更加积极 有为的宏观政策，不仅有效化解外部环境变化的不利影响，更稳住了发展的底盘、巩固了发展的根基。 2025年，国内生产总值首次跃上140万亿元新台阶，比上年增长5%；城镇调查失业率平均值为5.2%，就 业保持总体稳定；货物贸易再创新高，外汇储备余额超过3.3万亿美元。 "进"的步伐更加有力。我国始终坚定不移走高质量发展道路，经济呈现向优向好发展势头。经济结构调 整优化，2025年规模以上高技术制造业增加值占规模以上工业增加值比重升至17.1%，最终消费支出对 经济增长贡献率超过五成。改革开放持续深化，全国统一大市场建设纵深推进，民营经 ...

人民日报海外版北京1月19日电（记者廖睿灵）国家统计局19日发布的数据显示，2025年中国国内 生产总值（GDP）1401879亿元，首次跃上140万亿元新台阶，按不变价格计算，比上年增长5%。 分产业看，第一产业增加值93347亿元，比上年增长3.9%；第二产业增加值499653亿元，增长 4.5%；第三产业增加值808879亿元，增长5.4%。分季度看，一季度国内生产总值同比增长5.4%，二季 度增长5.2%，三季度增长4.8%，四季度增长4.5%。从环比看，四季度国内生产总值增长1.2%。 "2025年，面对国内外经济环境的复杂变化，国民经济运行顶压前行、向新向优，高质量发展取得 新成效，经济社会发展主要目标任务圆满实现，'十四五'胜利收官。"国家统计局局长康义当天在国新 办发布会上说。 数据显示，2025年，城镇调查失业率平均值为5.2%，就业保持总体稳定；货物贸易再创新高，外 汇储备余额超3.3万亿美元。经济结构调整优化，去年规模以上高技术制造业增加值占规模以上工业增 加值比重升至17.1%，最终消费支出对经济增长贡献率超五成。民生保障有力有效，居民人均可支配收 入实际增长5%，与经济增长同步。 " ...

乌苏市市场监管局党组书记、副局长苏红涛说："我们将紧密围绕市委打造'3+1+1'现代化产业体系 和'五城建设'的发展思路，要在围绕中心、服务大局中彰显市场监管价值追求和使命担当，进一步深化 公平竞争，营造稳定公平透明可预期的市场竞争环境，聚精会神抓好高质量发展，提升监管能力和水 平，要与做好当前'三品一特'工作结合起来，提高站位抓落实，围绕中心抓落实，转变作风抓落实，敢 作善为抓落实，加强指导扶持，强化手段更新，提升业务素养，用心想事、用心谋事、用心干事，务实 创新、扎实工作，凝心聚力，以优良作风，谋划新篇，以信心百倍、充满活力的状态投入工作，优化营 商环境，释放更多生产力，勇毅前行新征程，实干担当开新局，防范化解市场监管行业风险，为投身到 全市经济社会高质量发展贡献更多市场监管力量。"（杜志锋、邹莹、胡佳月） 1月20日，新疆维吾尔自治区乌苏市市场监管局组织全体干部集中学习了中国共产党乌苏市第六届委员 会第十次全体会议暨市委经济工作会议，引起强烈反响，大家纷纷表示，要把学习贯彻此次会议精神与 当前工作紧密结合起来，聚焦主责主业，把各项工作干在实处、走在前列，不断优化营商环境护航经济 高质量发展。 ...

李强主持召开专家、企业家和教科文卫体等领域代表座谈会 听取对政府工作报告、"十五五"规划纲要 的意见建议 吴政隆参加座谈会。 《政府工作报告》和《"十五五"规划纲要（草案）》两个征求意见稿已向各地区、各部门同步征求意 见。 座谈会上，明明、贺佳、闫俊杰、张智刚、龚旗煌、余晓晖、王拥军、周莉亚、石宇奇等先后发言。大 家认为，去年是很不平凡的一年，面对复杂严峻的外部形势，我们国家加大逆周期调节力度，在稳增 长、调结构、惠民生等方面推出很多务实举措，发展中的积极因素不断积累，要素流动持续活跃，市场 信心明显增强，取得的成绩实属不易。大家还结合各自领域，就做好今年和"十五五"时期经济社会发展 工作提出了意见建议。 在认真听取大家发言后，李强指出，过去一年，在以习近平同志为核心的党中央坚强领导下，我们实施 更加积极有为的宏观政策，沉着应对外部冲击，我国经济顶压前行、向新向优发展，新兴产业加快培育 壮大，市场需求持续扩容提质，展现出强大韧性和活力。今年是"十五五"开局之年，外部形势依然复杂 多变，不确定难预料因素增多，经济发展中老问题、新挑战还有不少。但要看到，我国经济长期向好的 支撑条件和基本趋势没有改变，高质量发展前 ...

2025年全年实现5%的增长，经济总量跨越140万亿元大关——"十四五"规划收官之年，中国经济交出了 一份来之不易、难能可贵的成绩单，在复杂变局中书写了高质量发展的新篇章，彰显大国经济的强大抗 压能力、发展定力与内生动力。 难能可贵在，逆风破浪的"稳"与"进"。经济的稳定运行，是抵御风险的最大底气。当前，全球经济增长 动能不足，地缘政治冲突、保护主义升温等"逆风"强劲，同时，国内困难挑战也在增多。在这样复杂严 峻的形势下，中国经济以领跑主要经济体的增速，连续多年贡献全球30%左右的经济增长，成为推动世 界经济增长的稳定器和动力源。这份"稳"，不是风平浪静中的顺水行舟，而是劈波斩浪的坚韧前行；这 份"进"，是无惧风险挑战，始终坚持高质量发展方向不动摇，坚定不移深化改革扩大开放。全年经济社 会发展主要目标任务的圆满实现，源于党中央的坚强领导，源于制度优势的充分彰显，源于全国上下同 心同德的拼搏奋斗。 难能可贵在，质效提升的"新"与"实"。2025年的中国经济，最亮眼的风景莫过于新质生产力的蓬勃生 长。产业端"向新而行"：我国成为世界上首个国内有效发明专利拥有量超500万件的国家，科技创新和 产业创新融合发展成果厚 ...

[Table_Invest] 评级： 增持 风雨之后，等待彩虹 [Table_Industry] 房地产 地产 12 月观察及数据点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 2025 年，全年地产有较明显的下行，但符合我们年初的判断，一是房企有正现金流、 二是全年无风险，展望 2026 年，视角也将再次切换，从金融到经济。 投资要点： [Table_Report] 相关报告 房地产《第 3 周成交回升，商业地产首付比下调有 利稳定市场》2026.01.18 房地产《第 2 周成交回落，期待未来政策对冲外部 不利影响》 ...

Economic Performance - In 2025, China's GDP reached 140,187.9 billion yuan, growing by 5.0% year-on-year at constant prices, marking a successful completion of the 14th Five-Year Plan [1] - China's economic growth rate ranks among the top of major economies, contributing approximately 30% to global economic growth despite a challenging external environment [2] Research and Development - R&D expenditure intensity in 2025 reached 2.8%, surpassing the OECD average for the first time, with China's innovation index entering the global top ten [2] - Investment in basic research accounted for 7.08% of total R&D spending, achieving a historical high [1] Manufacturing and Technology - The added value of the digital product manufacturing industry grew by 9.3% year-on-year, with new energy vehicles accounting for over 50% of domestic new car sales [2] - High-tech manufacturing value added grew at an average annual rate of 9.2% over the past five years, driven by advancements in AI, 5G, and other digital technologies [3] Patent and Innovation - In 2025, China became the first country to hold over 5 million effective domestic invention patents, maintaining the top position in PCT international patent applications for six consecutive years [4] - Significant achievements in high-end equipment and green energy sectors indicate robust investment and development in emerging fields [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The IMF has raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3%, and also increased the growth forecasts for China, the US, the Eurozone, and Japan. AI - driven IT investment growth is becoming an important driver for the global economy [2][16]. - The Chinese economy's 2025 "report card" shows that GDP grew by 5% year - on - year, reaching 140.19 trillion yuan, with the service industry's share in GDP rising to 57.7%, and final consumption contributing 52% to economic growth, while fixed - asset investment declined by 3.8% [2][13]. - In the stock market, on Monday, A - shares had a shrinking - volume oscillation with major indices showing different trends. A - share listed companies' 2025 annual report performance pre - announcements are accelerating, and AI is a strong driver for corporate performance growth [32]. 3. Summary by Relevant Catalogs 3.1 Macro Data - In December 2025, GDP at constant prices had a quarterly - on - quarterly growth of 4.5%, down from 4.8% in the previous period and 5.4% in the same period last year. The manufacturing PMI was 50.1%, slightly up from 49.8% in the previous period, and the non - manufacturing PMI for business activities was 50.2%, up from 50.0% in the previous period [1]. - Social financing scale in December 2025 was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year. M0, M1, and M2 growth rates showed different trends compared to the previous period and the same period last year [1]. - In December 2025, CPI increased by 0.8% year - on - year, up from - 0.3% in the previous period, and PPI decreased by 1.9% year - on - year, an improvement from - 2.3% in the previous period and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's 2025 economic data shows overall growth in multiple sectors, with a decline in fixed - asset investment, especially in real - estate development investment [2]. - The EU will hold an emergency summit on January 22 to discuss Trump's tariff threat and consider counter - measures, and is preparing to impose retaliatory tariffs on $93 billion worth of US goods [2]. - The Guangzhou Futures Exchange will adjust the daily price limit and margin standards for lithium carbonate futures contracts starting from January 21 [3]. 3.2.2 Metals - COMEX gold futures' February contract reached a record high of $4698 per ounce on January 19, approaching the $4700 mark, driven by geopolitical risks and expectations of a decline in the US dollar's credit. Gold ETFs and futures are more suitable for short - term investment [4]. - Japan will use 39 billion yen in reserve funds to ensure rare - earth supply [5]. - The Shanghai Futures Exchange has approved an increase in tin futures delivery warehouses and their approved storage capacities in Guangdong [6]. 3.2.3 Coal, Coke, Steel, and Minerals - In early January, key steel enterprises' daily crude - steel output was 1.997 million tons, a 10.51% increase from the previous period but a 3.29% decrease year - on - year. Pig - iron and steel production also showed different trends compared to the previous period and the same period last year [7]. - The first shipment of nearly 200,000 tons of Simandou iron ore arrived in China on January 17, which will enhance the global iron - ore supply [7]. - Shanxi produced over 13 billion tons of coal in 2025, and 65 billion tons during the 14th Five - Year Plan period, an increase of 19 billion tons compared to the 13th Five - Year Plan [7]. - Coking coal options were listed on the Dalian Commodity Exchange, enriching the risk - management tools for the coal - coke - steel industry chain [8]. 3.2.4 Energy and Chemicals - Goldman Sachs has raised its 2026 price forecast for TTF natural gas to 36 euros [9]. - Venezuela has officially launched the export of liquefied petroleum gas [9]. - After Maduro's downfall, many trade and oil companies are competing for the deal to export Venezuelan crude oil to the US [9][10]. - China National Coal Group will promote the clean and efficient use of coal, transforming it from a fuel to "raw material + material" [10]. 3.2.5 Agricultural Products - The average price of live pigs rebounded this week. On January 16, the average wholesale price of pork was 18.07 yuan per kilogram, up 0.6% from January 9, and the average price this week was 18 yuan per kilogram, up 0.3% from last week [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 19, the central bank conducted 158.3 billion yuan of 7 - day reverse - repurchase operations at a fixed interest rate of 1.40%, with a net injection of 72.2 billion yuan after 86.1 billion yuan of reverse - repurchases matured [12]. 3.3.2 Important News - China's 2025 economic data, including population changes, shows a decrease in the population by 339,000 [13][14]. - In December 2025, housing prices in major Chinese cities showed different trends, with some cities' price declines narrowing and Shanghai's new - home prices rising [14]. - The NDRC and the Ministry of Finance will hold press conferences to introduce relevant economic policies [14]. - Premier Li Qiang emphasized high - quality development, calling for more active fiscal policies and moderately loose monetary policies [15]. - The central bank will announce the January LPR on January 20 [15]. - The Supreme People's Procuratorate has made arrangements to use legal power to serve high - quality development, including cracking down on economic crimes and safeguarding the capital market [17]. - The CSRC's 2026 system work meeting has outlined a clear path for capital - market reform [18]. - In 2025, the number and scale of registered insurance asset - management products decreased [18]. - There is a heated discussion about the "2026 time - deposit maturity wave", with different views on the scale, but most banks are not worried [19]. - There are several bond - related events, such as bond rating changes and early redemptions [20]. 3.3.3 Bond Market Review - The bond market showed an overall weak and oscillating trend, with most Treasury - bond futures closing down, and the yields of major interest - rate bonds in the inter - bank market mostly rising slightly. Some bonds like Vanke and AVIC Industry Finance bonds rose [21]. - The money - market interest rates showed different trends, with some rising and some falling [22][23]. - The yields of some financial bonds were determined in the bidding process, and European bond yields mostly increased [24]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9636 on January 20, up 54 basis points from the previous trading day, and the central parity rate was 7.0051, up 27 basis points [25]. - The US dollar index fell by 0.32% in New York's late trading, and most non - US currencies rose [25]. 3.3.5 Research Report Highlights - Shenwan Fixed - Income states that the issuance of new special bonds this year is faster than in previous years but has not significantly accelerated. The planned issuance of local bonds in Q1 2026 is 2.1179 trillion yuan, similar to the same period in 2025 [27]. - CICC Fixed - Income suggests that in the current fluctuating interest - rate bond yield environment, credit - bond yields may follow the fluctuations, especially for Tier 2 and perpetual bonds. It also recommends paying attention to short - term trading opportunities and non - financial credit bonds with a remaining term of about 5 years. The future spread of science - and - technology innovation bonds depends on the change in the scale of science - and - technology innovation bond ETFs [27]. - CITIC Securities believes that Trump's tariff threat is a means to test the EU's attitude, and the change of Greenland's territory is difficult to achieve. If the US takes real actions, gold may benefit, the US dollar's credit may be damaged, and European assets may be under pressure [28]. 3.4 Stock Market - On Monday, A - shares had a shrinking - volume oscillation. The Shanghai Composite Index rose 0.29% to 4114 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.7%, and the total market turnover was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day. Power - infrastructure, AVIC - related, and Hainan Free - Trade - Port concepts led the gains, while semiconductors and consumer electronics led the losses [32]. - The Hong Kong Hang Seng Index fell 1.05% to 26563.9 points, with pharmaceutical stocks leading the decline and aviation stocks rising. South - bound funds had a net purchase of nearly HK$2.3 billion [32]. - A - share listed companies' 2025 annual report performance pre - announcements are accelerating, with 156 out of 451 companies reporting positive pre - announcements, and 42 companies expecting a net - profit increase of over 100% year - on - year [32].