（来源：市场星报） 资金面规律显示，节前流出的融资资金（往往偏好弹性品种）通常在节后回流，这将为小盘风格提供增 量支撑； 宏观环境亦对风格有所牵引。当前国内制造业PMI数据偏弱，反映内需不足的矛盾依然存在，扩大内需 的政策预期对部分板块形成支撑； 海外方面，美元可能的阶段性走强会对周期风格形成一定压制，相比之下，主要受国内产业政策驱动的 科技成长板块所受影响相对较小，其长期产业趋势并未改变。 技术面上，周三市场探底回升，沪指重返4100点，创业板指盘中一度跌超2%，最终也大幅缩窄跌幅， 再度彰显出当前市场较强的承接动能。不过量能小幅萎缩，已不足2.5万亿，再考虑到节前效应的影 响，近期想要走出连续放量上攻行情的概率相对较低，仍以区间震荡结构看待为宜。 因此，春节前后的市场风格大概率将呈现"节前求稳，节后反弹"的节奏特征。节前，在避险情绪与稳健 配置需求主导下，红利及低估值大盘板块的修复行情有望延续。节后，随着两会政策窗口开启、市场风 险偏好回升以及资金流向变化，市场焦点可能重新转向小盘成长与具备明确产业催化的题材方向。对于 投资者而言，应对当前震荡轮动市的关键在于踏准节奏，无需对短期风格切换过度焦虑。 A股三 ...

Group 1 - President Xi Jinping had a phone call with US President Trump on February 4 [2] - The People's Bank of China emphasized support for expanding domestic demand, technological innovation, and small and micro enterprises during the 2026 credit market work meeting [3] - Guangdong Province is expanding the operational area for autonomous public transportation and encouraging the development of smart transportation services [4] Group 2 - Elon Musk's team visited several Chinese photovoltaic companies, raising market interest in the solar sector [5] - Investor Duan Yongping expressed his preference for Tesla vehicles while maintaining a critical view of Elon Musk [6][7] - The EU announced an investigation into Chinese wind power giant Goldwind, citing concerns over market competition distortion due to government subsidies [8] Group 3 - The Chinese mainland will soon resume tourism for Shanghai residents to Kinmen and Matsu, promoting cross-strait exchanges [9] - The A-share market is showing signs of recovery, with major indices rebounding and a notable increase in ETF shares [9] - Samsung Electronics' market value surpassed 1 trillion Korean won, driven by a super cycle in the storage industry [11]

中经记者 郝亚娟 夏欣 上海 北京报道 2026年，扩大内需被明确列为经济工作的首要重点任务。近日，商务部、文化和旅游部、中国人民银行 等九部门联合印发《2026"乐购新春"春节特别活动方案》提出，多措并举刺激全民消费，助力扩大内 需、提振消费，推动节日消费实现开门红。 从促消费政策密集落地到"投资于人"持续加码，如何构建"能消费、敢消费、愿消费"的良性循环长效机 制，成为当下政策与市场共同关注的课题。 在此背景下，《中国经营报》记者专访复旦大学管理学院院长助理、市场营销学系系主任金立印。他指 出，提振消费不能仅停留在刺激需求层面，更需要通过购物形式与场景创新、收入结构优化以及公共服 务投入，重塑"能消费、敢消费、愿消费"的制度与环境基础。尤其是在养老、服务消费以及"时间供 给"维度，新的增长空间正在加速打开。 提振消费的"三道关口"：收入、信心与供给结构 《中国经营报》：你认为，我国消费市场的增长空间主要体现在哪些方面？ 金立印：在当前的消费环境中，企业要创造出新的消费增量，不仅需要在产品上的创新，也要重视购物 形式与购物场景的创新。 以上海"五五购物节"、天猫"双11"购物节等为例，这些由政府、企业、平台 ...

投资建议： 我们认为， 26 年开年之际促消费政策频发，扩内需战略持续推进，将加速消费信心提振，推动消费需求扩张。第三方收单公司有望受益于线下 消费复苏。 风险提示。 政策波动风险；政策落地不及预期；消费复苏不及预期。 报告导读： 26 年开年之际促消费政策频发，扩内需战略持续推进， 将加速消费信心提 振，推动消费需求扩张 ，第三方收单公司有望受益。 国办重磅政策提振服务消费。 2026 年 1 月 29 日，国务院办公厅印发《加快培育服务消费新增长点工作方案》，旨在优化和扩大服务供给，促进服务消费 提质惠民。《工作方案》提出三方面支持政策。一是聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场服务、入境消费等重点领域，从优化服 务供给、推进先行先试、创新消费场景、加强人才培养等方面发力，激发发展活力。二是聚焦演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从健 全激励机制、优化安全管理、培育优质品牌、建设平台载体等方面着手，培育发展动能。三是通过健全标准体系、加强信用建设、强化财政金融支持等，加强 对培育服务消费新增长点的支持保障。 2026 年"国补"继续，"两新"政策优化。 2025 年 1 ...

Group 1 - The People's Bank of China (PBOC) held a meeting on January 30, 2026, to discuss the credit market, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era [1] - The meeting summarized the achievements of the PBOC in 2025, highlighting the effective implementation of financial support for consumption expansion and the significant alleviation of debt risks associated with local government financing platforms [1][2] - The PBOC emphasized the need for a comprehensive understanding of the economic and financial situation during the 14th Five-Year Plan period, focusing on providing quality financial services to major strategies, key areas, and weak links [2] Group 2 - The meeting outlined the importance of improving mechanisms related to the "Five Major Financial Articles" and implementing structural monetary policy tools to enhance collaboration with fiscal policies [2] - There is a strong emphasis on developing various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, while reinforcing financial support in the consumption sector [2] - The PBOC aims to build a multi-tiered financial service system to support domestic demand expansion, technological innovation, and small and micro enterprises, while continuing to address debt risk resolution for financing platforms [2]

Core Viewpoint - The report emphasizes the commitment of Zhangqiu District to high-quality development through the "Project Empowerment Year," aiming for a GDP growth of approximately 5.3% by 2026 while focusing on four key positioning areas: "Qilu Technology Innovation Manufacturing High Ground," "Longshan Spring Cultural Tourism City," "Jinan School-City Collaborative Integration Demonstration Zone," and "Modernized Strong District in Jinan Metropolitan Area" [2][3][4]. Economic Growth Targets - The main expected economic development targets for 2026 include a GDP growth of around 5.3%, a general public budget revenue increase of 3%, and an industrial added value growth of 7.5% [4]. - The social retail sales of consumer goods are projected to grow by 3.5%, with urban residents' per capita disposable income growth synchronized with economic growth, while rural residents' income growth is expected to exceed that of urban residents [4]. Investment and Consumption Strategies - The report highlights the importance of expanding domestic demand and enhancing economic recovery through initiatives like promoting large consumer goods replacement and expanding urban and rural consumption markets [5]. - Investment structure optimization is emphasized, with a focus on industrial investment, high-tech investment, and new investment, aiming to increase the share of private investment by 4 percentage points [5]. Industrial Development and Upgrading - Zhangqiu District aims to strengthen the real economy by promoting key projects in the main industrial chain, including new energy and intelligent manufacturing [6]. - The district plans to enhance the digital economy and logistics industries, with a target of reaching 210 service enterprises and a revenue of over 11.5 billion yuan in the service sector [6]. Innovation and Talent Development - The report stresses the creation of an innovation and entrepreneurship ecosystem, focusing on the construction of innovation clusters around universities and the establishment of new research platforms [7]. - It aims to cultivate a talent pool by introducing and training over 15 high-level talents and incubating more than 10 quality talent projects [7]. Rural Revitalization Initiatives - Rural revitalization is prioritized, with plans to create high-standard farmland and develop modern facility agriculture, aiming for stable production capacities in various agricultural sectors [8]. - The district also plans to enhance rural living conditions and increase farmers' income through asset utilization reforms and training programs [8]. Urban Development and Public Services - The report outlines urban governance and ecological protection efforts, including infrastructure projects and environmental management to improve living standards [9]. - It emphasizes the importance of social security and public service equalization, with initiatives to enhance education and healthcare services [10].

Core Insights - The 2026 Qilu Agricultural Supermarket Spring Festival Goods Fair will take place from February 6 to 8 at the Shandong International Convention Center, showcasing high-quality agricultural products from 16 cities in Shandong, aligning with national policies to boost consumption and promote agricultural products [2][3] Group 1: Event Overview - The fair is organized under the "Qilu Agricultural Supermarket" brand, which aims to provide quality agricultural products and enhance consumer experience [2][3] - The event is part of a broader initiative to stimulate domestic demand and promote diverse, high-quality agricultural consumption, as outlined in the national consumption promotion plan [2][3] Group 2: Product Highlights - The fair will feature a wide range of products from various regions, including local specialties such as Pingyin rose tea, Qingdao seafood, and traditional handicrafts, creating a comprehensive culinary map of Shandong [4][5] - Each participating city will present its signature products, allowing consumers to experience the diverse flavors of Shandong in one location [5] Group 3: Consumer Engagement and Benefits - The event will include interactive activities and consumer benefits, such as social media engagement rewards and shopping point redemption for gifts, enhancing the overall consumer experience [6] - The fair aims to create a warm and quality-driven shopping atmosphere, reinforcing the brand image of "Good Shandong" and stimulating economic activity through increased agricultural product consumption [6]

Core Viewpoint - The People's Bank of China emphasizes the importance of financial support for economic development and risk mitigation in the credit market for 2026, building on the achievements of 2025 [1] Group 1: Financial Strategies - The meeting highlighted the successful implementation of the "Five Major Financial Articles," which has led to smoother mechanisms and significant alleviation of debt risks for financing platforms [1] - There is a focus on enhancing financial services for major strategies, key areas, and weak links, ensuring quality financial support for high-quality economic development [1] Group 2: Policy Implementation - The meeting called for the improvement of structural monetary policy tools and better coordination with fiscal policies to support various financial sectors, including technology, green finance, inclusive finance, pension finance, and digital finance [1] - A multi-tiered financial service system is to be established to support domestic demand expansion, technological innovation, and small and micro enterprises [1] Group 3: Risk Management - Continued efforts will be made to support the resolution of debt risks for financing platforms, guiding local governments in market-oriented transformations [1] - The importance of a macroeconomic perspective and problem-oriented approach was emphasized, with a focus on improving work styles and establishing a dynamic closed loop for policy implementation, evaluation, and optimization [1]

本报讯（记者 姚丽萍）昨天下午，市委副书记、市长龚正参加黄浦代表团联组审议。龚正说，要深入 贯彻落实习近平总书记考察上海重要讲话精神，认真贯彻落实市委全会部署，开拓创新、砥砺奋进，全 力推动产业体系整体跃升，打造更宜居、更美丽的幸福城区典范，推动黄浦在新的起点上实现更大发 展，努力为全市高质量发展作出更多贡献。 审议时，杨朝、司刚强、周杰、张屾、刘可、瞿芳、毕宇芳、张婷婷、陈燕、孙雪梅、姚树良、马炜、 王珉球、奚伟中、殷浩15位代表踊跃发言，结合自身工作及基层调研情况，围绕"五个中心"建设、大力 促消费稳外贸，推进绿色低碳转型、推进健康上海建设、持续保障改善民生、应对老龄化社会挑战等方 面提出意见建议。龚正认真倾听、不时记录，并进行集中回应。 龚正在发言时说，去年，全市经济社会发展稳中有进、进中提质，顺利完成了经济社会发展目标任务， 实现了"十四五"圆满收官。今年是实施"十五五"规划的开局之年，黄浦作为经济大区，要勇挑重担，在 巩固拓展经济稳中向好势头上走在前列。要坚持扩大内需这个战略基点，全力打造世界级消费目的地， 拓展消费新内涵，激发消费新动能，扩大消费新流量，提升消费新体验，创新宣传推广方式，实现消费 ...

中央宣传部、中央网信办、商务部、文化和旅游部、中国人民银行、金融监管总局、广电总局、体育总 局、中央广电总台、中国民航局、中国国家铁路集团有限公司，各省、自治区、直辖市及计划单列市、 新疆生产建设兵团党委宣传部门，网信、商务、文化和旅游、广播电视、体育主管部门，中国人民银行 上海总部，各省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，民航各地区管理局，各 铁路局集团公司： 根据方案，活动涵盖"好吃""好住""好行""好游""好购""好玩"六方面内容。结合开展中华美食荟、老字 号嘉年华活动，组织餐饮名店、老字号餐饮企业、地方特色小吃等，推出年夜饭套餐、新春团圆宴；联 动家居卖场、家电品牌、家装企业，推出"新春焕新家"惠民促销；民航、铁路部门增加运力，优化空铁 联运产品；开展全国春节文化和旅游消费月活动；指导重点商圈（步行街）、品牌门店、离境退税商店 等线下实体备足优质货源，联动开展惠民促销；鼓励各地推出春节档观影优惠，开展"跟着电影品美 食"等新春福利活动等。 方案提出，指导有奖发票试点城市精心设计方案，在春节期间加大奖金投放力度；鼓励其他地区整合各 方资源，因地制宜组织开展购物抽奖、消费补贴、消费返 ...