敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？马年新春第一会，山东给出了答 案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三 个"干"字上。 （一） 能干，是信心。 2025年，山东地区生产总值达10.3万亿元、同比增长5.5%，成为全国第三个、北方第一个GDP突破 10万亿元的省份。规上工业增加值增长7.6%、高于全国1.7个百分点；进出口增长4.5%、高于全国0.7个 百分点；社会消费品零售总额增长5.1%，高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东跑出高于全国的加速度，这是压舱石的稳，是"走在前、 挑大梁"最基本的底气——山东有能力守住基本盘。 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工 业机器人增长26.6%；崂山实验室加快建设，8人新当选两院院士、人数为历年最高，高端轮胎阻隔材 料打破国外技术垄断，全球首次完整揭示单个植物体细胞发育成完整植株机制……这组数据，展现出山 东发展的另一重境界。 传统优势产业继续领跑全国，新兴 ...

（一） 能干，是信心。 2025年，说到山东，就不能不提这样一组数据： 这一年，全省地区生产总值达10.3万亿元、增长5.5%，成为全国第三个、北方第一个GDP突破10万亿元的省份。规上工业增加值增长7.6%、高于全国1.7 个百分点；进出口增长4.5%、高于全国0.7个百分点；消费增长5.1%、高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东没有掉队，没有失速，而是跑出高于全国的加速度。这是压舱石的稳，是"走在前、挑大梁"最基本的底气——山 东有能力守住基本盘。 还有一组数据，展现出山东发展的另一重境界： 敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？ 农历丙午马年新春第一会，山东给出了答案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三个"干"字上。 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工业机器人增长26.6%；崂山实验室加快建设，8人新当选 两院院士、人数为历年最高，高端轮胎阻隔材料打破国外技术垄断，全球首次完整揭示单个植物体细 ...

敢与最优者对标、与最强者比拼、与最快者赛跑，靠什么来实现？ 农历丙午马年新春第一会，山东给出了答案——能干，会干，善干。 敢比是态度，干成是本事。想要对齐"头马"，比的速度、拼的底气、跑的方向，最终都要落在这三 个"干"字上。 （一） 能干，是信心。 2025年，说到山东，就不能不提这样一组数据： 这一年，全省地区生产总值达10.3万亿元、增长5.5%，成为全国第三个、北方第一个GDP突破10万亿元 的省份。规上工业增加值增长7.6%、高于全国1.7个百分点；进出口增长4.5%、高于全国0.7个百分点； 消费增长5.1%、高于全国1.4个百分点。三项主要指标，均跑赢全国。 在经济下行压力下，作为经济大省，山东没有掉队，没有失速，而是跑出高于全国的加速度。这是压舱 石的稳，是"走在前、挑大梁"最基本的底气——山东有能力守住基本盘。 还有一组数据，展现出山东发展的另一重境界： 农林牧渔业总产值超1.3万亿元，稳居全国首位；集成电路圆片增长19.2%，锂电池增长103.1%，工业机 器人增长26.6%；崂山实验室加快建设，8人新当选两院院士、人数为历年最高，高端轮胎阻隔材料打 破国外技术垄断，全球首次完整揭示单个植 ...

Core Viewpoint - Guangdong is focusing on high-quality development, emphasizing the integration of manufacturing and service industries as a key strategy for economic growth in 2026 [1][9]. Group 1: Economic Development and Structure - Guangdong's GDP is projected to reach 14.58 trillion yuan in 2025, maintaining its position as the largest economy in China for 37 consecutive years, accounting for over 10% of the national GDP [4]. - The contribution of the tertiary industry to Guangdong's GDP is increasing, with its share rising from 55.60% in 2021 to an expected 58.25% in 2025 [10]. - In 2025, the value added of the service industry is expected to grow by 4.7%, outpacing the GDP growth rate by 0.8 percentage points [10]. Group 2: Manufacturing Sector Insights - Guangdong's industrial enterprises' revenue increased from 14.9 trillion yuan to over 19 trillion yuan from 2021 to 2025, leading the nation [5]. - Traditional industries, including automotive, petrochemicals, and textiles, account for over 70% of the manufacturing value added, demonstrating resilience and growth potential [6]. - High-tech manufacturing's share of industrial value added is expected to rise from 29.9% in 2021 to 34.7% by 2025, with industrial robot production reaching 43.5% of the national total [6]. Group 3: Integration of Manufacturing and Services - The 2026 Guangdong High-Quality Development Conference will focus on the collaborative development of manufacturing and service industries, marking a significant shift in strategy [1][9]. - The integration of advanced manufacturing and modern services is seen as crucial, driven by external factors such as global supply chain restructuring and internal demands for high-end, intelligent, and green manufacturing [9]. - The service sector's growth is supported by advancements in technology, with significant increases in revenue from information transmission, software, and IT services, including a 12.2% growth in internet-related services [10].

新央企组建和战略性重组，是当前和未来一段时期内央企改革的核心抓手，其背后既有国家战略层面的深意，也为A股市场提供了难得的中长期 投资线索。对于资本市场而言，这不是简单的题材轮动，而是一场围绕产业升级、科技创新和治理效率的深层变革。谁能真正受益，最终仍将取 决于企业在新一轮央企改革浪潮中，能否从「规模型央企」迈向「创新型、效率型央企」。笔者认为，这可能才是投资者需要重点识别和把握的 真正机会所在。 宋清辉 著名经济学家 截至2025年底，中央企业（下称央企）资产总额突破95万亿元（人民币，下同），研发投入连续四年逾万亿元，宏观经济中的「压舱石」作用显著，并正从 「规模扩张型」向「质量效率型」「创新驱动型」加速转型。在此背景下，国务院国资委日前提出2026年「两个确保、两个力争」的高质量发展目标，并明 确将推进新央企组建和战略性重组，同时推动央企探索组建「AI+」产业共同体，这一系列举措，蕴含着值得高度关注的结构性投资机会。 从宏观逻辑看，新央企组建和战略性重组，是围绕国家重大战略需求，对央企产业布局和功能定位进行系统性重塑。当前中国经济正处在新旧动能转换的关 键阶段，新型能源体系、高端制造、数字经济、人工智能、 ...

Core Insights - The article highlights the transformation of Pingdu, a city in Shandong Province, from an agricultural base to a hub for advanced industries, including food processing and chemical manufacturing, showcasing its economic growth and development potential [1][10]. Agricultural Sector - Pingdu is recognized for its rich agricultural heritage, producing high-quality products such as celery and grapes, with significant contributions to the national food supply [2][11]. - The city is a major exporter of kimchi, holding over 60% of the market share in South Korea, with an annual export volume exceeding 200,000 tons [2][11]. - In 2024, Qingdao's vegetable planting area reached 112,000 hectares, with a total output of 7.039 million tons, highlighting the region's agricultural productivity [2][11]. Chemical Industry - The Qingdao New River Ecological Chemical Technology Industrial Park in Pingdu is a key player in the chemical sector, focusing on ecological practices and innovative technologies [3][12]. - The park has a significant underground brine reserve of approximately 30 million tons and is surrounded by extensive salt fields, providing essential raw materials for chemical production [4][12]. - By May 2025, the park had attracted 84 enterprises with a total investment of around 53 billion yuan, forming three major industrial clusters valued at over 10 billion yuan each [4][15]. Beauty Industry - The eyelash industry in Pingdu has evolved from small-scale workshops to a sophisticated manufacturing sector, producing 80% of China's and 70% of the world's eyelash products, with an annual output value of 10 billion yuan [6][17]. - The industry employs approximately 50,000 to 60,000 people and has integrated advanced technologies such as 3D printing and automation to enhance production efficiency [6][17]. - Each year, around 20 billion pairs of beauty eyelashes are exported globally, establishing Pingdu as a significant player in the beauty market [6][17]. Economic Growth - In 2025, Pingdu's GDP surpassed 101 billion yuan, ranking it seventh among Shandong's counties and cities with a GDP over 100 billion yuan [8][19]. - The city has successfully integrated its agricultural, chemical, and beauty industries, creating a robust economic ecosystem that supports sustainable growth [8][19].

Core Insights - The A-share market in 2026 is experiencing structural advancement, with high-quality ETF products becoming essential tools for investors to capture structural opportunities [1] - Penghua Fund's ETF products have shown remarkable performance, achieving historical scale highs across key sectors, indicating strong market recognition and laying a solid foundation for 2026 [1] Fund Performance - As of February 12, 2026, multiple ETFs under Penghua Fund have seen steady scale growth, with significant increases in assets under management, particularly in the Sci-Tech sector [2] - The Sci-Tech bond ETF series has been particularly successful, with six out of twelve ETFs reaching new scale highs in 2026, catering to diverse investor needs [2] - The Sci-Tech bond ETF Penghua (551030) surpassed 25 billion yuan in scale on January 1, 2026, establishing itself as a benchmark product in the Sci-Tech bond sector [2] - Other notable products include the Sci-Tech AI ETF (588410) and the Sci-Tech 50 Enhanced ETF (588460), which reached scales of 0.695 billion yuan and 1.208 billion yuan respectively [2] - The flagship Sci-Tech 100 ETF Penghua (588220) achieved a scale of 11.394 billion yuan on January 19, 2026, focusing on growth opportunities in small and medium-sized enterprises on the Sci-Tech board [2] Sector Analysis - The cyclical ETFs have also performed well, benefiting from the recovery expectations in the cyclical sector, with three ETFs reaching new scale highs in 2026 [3] - The Chemical ETF (159870) reached a scale of 36.21 billion yuan on February 11, 2026, becoming a key player in the cyclical ETF space [3] - The Oil ETF Penghua (159697) reached a scale of 1.89 billion yuan on February 12, 2026, accurately tracking the oil sector's performance [3] - The Non-ferrous Metals ETF Penghua (159880) achieved a scale of 1.969 billion yuan on January 29, 2026, capturing opportunities in the non-ferrous metals industry [3] - The Hong Kong Consumption ETF Penghua (159265) also saw scale growth, reaching 0.461 billion yuan on February 5, 2026, as the Hong Kong consumption sector recovers [3] Manager Insights - Fund managers emphasize a shift from "total-driven" to "structural-driven" economic growth, with technology and industrial upgrades becoming core growth drivers [4] - In the Sci-Tech sector, AI technology is expected to deepen integration with industries, driving demand for chips and accelerating the domestic substitution process in the semiconductor industry [4] - Fund managers suggest that investors should focus on "high-low switching" investment opportunities, particularly in the chemical sector, which is poised for a recovery [5] - The Hong Kong consumption sector is highlighted for its resilience, with a focus on fundamental performance and long-term investment value [5]

Macro Perspective - Since 2025, China's economy has increasingly shown characteristics of "new and superior" development, with new productive forces being cultivated and diverse consumer preferences becoming more prominent[3] - High-tech manufacturing PMI was 52.0% in January 2026, consistently outperforming the overall manufacturing PMI of 49.3%[21] - High-tech industries' added value grew by 11.0% year-on-year in December 2025, exceeding the overall industrial enterprises' growth by 5.8 percentage points[21] Industry Perspective - Investment in advanced manufacturing, such as aerospace and automotive, grew by 16.9% and 11.7% respectively, outpacing overall manufacturing investment growth[25] - The information technology service sector saw an investment increase of 28.4%, maintaining over 25% growth for 11 consecutive months[25] - The revenue growth of strategic emerging services was 9.9%, while high-tech services grew by 8.6%, both surpassing the overall service sector growth of 7.8%[24] Market Perspective - As of January 2026, the market capitalization weight of the A-share information and communication sector reached 24%, surpassing financial and real estate sectors at 19%[3] - The market capitalization of A-share new economy MAG7 stocks is below that of US MAG7 stocks (20%+) and Hong Kong stocks (10+%), indicating room for growth[3] - The performance of A-share strategic emerging industries showed a profit growth of 15.5%, exceeding the overall non-financial A-share sector's growth of 13.8%[38] Outlook and Risks - The transition from old to new economic drivers is expected to accelerate, positioning new economic sectors as the main growth engine for China's economy[3] - Key investment areas include technology innovation and advanced manufacturing, particularly in AI and innovative pharmaceuticals[3] - Risks include potential market learning effects, unexpected tightening of macro and industrial policies, and significant changes in macroeconomic conditions and liquidity[3]

据南宁日报消息，南宁市2025年生产总值6212.46亿元，比上年（下同）增长4.7%，成为广西首个GDP跨越6000亿元的城市。南宁市在"十四五"期间地区 生产总值连续突破5000亿元、6000亿元大关，首府经济综合实力和辐射带动能级迈上了新台阶。 这一数字背后，不仅是经济总量的跃升，更折射出南宁市经济发展格局的深层变迁，呈现出"贡献大、动力足、上台阶"的鲜明特点。一是贡献大，2025年 全市GDP增长对全区贡献率达19%，规模以上工业增加值、社会消费品零售总额、外贸进出口等关键指标增速均高于全区平均水平，发挥出了经济大市挑 大梁、打头阵的作用。 二是动力足，三次产业结构持续优化。一产占比10.6%，农林牧渔业总产值居全区首位；二产占比19.3%，工业增加值突破900亿元；三产占比70.1%，新 业态新模式不断发展壮大。三是上台阶，全市发展基础、产业培育、科技创新等要素积累实现新提升，为迈向更高发展层次构筑坚实支撑。 解读：从总量上看，2025年，南宁GDP 6212.46亿元，成为广西首个GDP跨越6000亿元的城市。把时间线拉长，过去20年，南宁连续跨过了6个千亿级台 阶，特别是在"十四五"期间，南宁接 ...

宁夏盐池县 盐州古城 九曲龙门 宁夏银川市市貌 本版供图：图虫创意 证券时报记者 刘灿邦 "十四五"时期，宁夏辖区上市公司整体业绩稳中有进，在经济社会发展中的"压舱石"作用凸显；创新能 力不断增强，研发投入持续攀升；辖区上市公司坚定可持续发展理念，践行社会责任担当，质量效益稳 步提升，市场生态呈现积极向好态势。 面向"十五五"，宁夏证监局将深入学习贯彻党的二十大和二十届历次全会精神，全面落实新"国九条"， 资本市场"1+N"政策体系和证监会2026年系统工作会议精神，紧扣防风险、强监管、促高质量发展的工 作主线，更好助力稳就业、稳企业、稳市场、稳预期，为"十五五"良好开局积极贡献力量。 稳中提质根基渐固 宁夏证监局充分发挥多层次资本市场功能，深入开展"5+X"资本市场服务宁夏行活动。 "十四五"时期，宁夏辖区新增上市公司4家，包括"中国蛋鸡第一股"晓鸣股份、"北交所燃气第一股"凯 添燃气、"智能工厂制造第一股"巨能股份，以及"中国风电减速器第一股"威力传动。推进宁夏股交中心 与全国股转公司建立三四板对接"绿色通道"，1家企业顺利挂牌新三板。截至"十四五"末，宁夏辖区共 有16家上市公司，新三板挂牌企业25家， ...