新华社北京2月5日电 全国人大常委会办公厅、常委会代表工作委员会5日举行在京全国人大代表情况 通报会，为代表出席十四届全国人大四次会议作准备。 全国人大常委会办公厅主要负责同志通报了十四届全国人大三次会议以来全国人大常委会的主要工作和 2026年工作初步安排。他表示，在以习近平同志为核心的党中央坚强领导下，全国人大及其常委会坚持 以习近平新时代中国特色社会主义思想为指导，全面贯彻党的二十大和二十届历次全会精神，认真落实 四中全会部署，深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维 护"，紧紧围绕党和国家中心工作依法履职尽责，认真完成十四届全国人大三次会议部署的各项任务， 各方面工作都取得了新的进展和成效。2026年是中国共产党成立105周年，是"十五五"开局之年。全国 人大常委会将加强宪法实施和监督，以高质量立法保障和服务改革发展，充分发挥人大监督在党和国家 监督体系中的重要作用，支持和保障代表依法履职。十四届全国人大四次会议将于3月5日在北京召开。 希望各位代表围绕大会议题扎实开展调研，认真梳理基层群众所思所盼，精心准备议案建议和审议发 言，为顺利圆满完成大会各项预定任务 ...

Report Industry Investment Rating - The report gives a short - term cautious and bullish rating on hot - rolled coils [6] Core Viewpoints - The hot - rolled coil futures market is oscillating weakly, with supply relatively stable and demand showing strong resilience despite a decline due to the approaching Spring Festival. The total inventory is at a high level mainly because of high - level social inventory, and there is still inventory pressure. Attention should be paid to the resumption of manufacturing operations after the Spring Festival and the inventory depletion speed [6] Summary by Directory 1. Market Review - **Futures Price**: On Thursday, the open interest of the main hot - rolled coil futures contract increased by 11,934 lots, and the trading volume was 283,875 lots, a decrease compared to the previous trading day. The intraday low was 3255 yuan, the high was 3278 yuan, and the market was oscillating weakly. In the short - term, it fell below the 5 - day, 30 - day, and 60 - day moving average lines, closing at 3263 yuan/ton, a decrease of 13 yuan or 0.40% [1] - **Spot Price**: The price of hot - rolled coils in Shanghai, a mainstream area, was reported at 3260 yuan/ton, a decrease of 10 yuan compared to the previous trading day [2] - **Basis**: The basis between futures and spot was - 3 yuan [3] 2. Fundamental Data - **Supply**: As of February 5, the weekly output of hot - rolled coils decreased by 0.05 million tons to 3.0916 million tons week - on - week and decreased by 11.03 million tons year - on - year. The current output is at a moderately high level in recent years, indicating that steel mills maintain a high production pace before the Spring Festival and production enthusiasm has increased [4] - **Demand**: As of February 5, the weekly apparent consumption decreased by 5.87 million tons to 3.0554 million tons week - on - week and decreased by 8.11 million tons year - on - year. Affected by the Spring Festival shutdown, the demand of downstream manufacturing industries has declined, but it is still at a relatively high level in recent years and shows certain resilience [4] - **Inventory**: As of February 5, the total inventory increased by 3.62 million tons to 3.592 million tons week - on - week (social inventory increased by 2.12 million tons week - on - week, and steel mill inventory increased by 1.5 million tons). The pressure is concentrated in social inventory, and the steel mill inventory is controllable, indicating inventory backlog in the distribution link and insufficient willingness of downstream buyers to purchase [4] - **Policy**: The new regulations on the export license management of steel products will cause short - term export fluctuations, increase supply, and put pressure on prices. In the long term, it will promote industrial upgrading, structural optimization, and competitiveness improvement. The central economic meeting in December proposed a proactive fiscal policy and a moderately loose monetary policy, which is beneficial to prices and industry profits, and efforts will be made to stabilize the real estate market and expand domestic demand [4][5] 3. Market Driving Factor Analysis - **Bullish Factors**: Supply contraction, demand resilience, and policy support (the 14th Five - Year Plan, infrastructure investment) [6] - **Bearish Factors**: Unexpected resumption of production by steel mills, seasonal weakening of demand, insufficient manufacturing orders, and inventory accumulation suppressing prices [6] 4. Short - term View Summary - The hot - rolled coil futures decreased in volume today. Short - term pressure is near the 30 - day moving average, and the lower support is the previous low. Adopt a cautious and bullish approach. Currently, the supply is relatively stable, and although the demand has declined mainly due to the approaching Spring Festival, it still shows strong resilience. The total inventory is at a high level mainly due to high social inventory pressure, and inventory pressure still exists. Attention should be paid to the resumption of manufacturing operations after the Spring Festival and the inventory depletion speed [6]

Core Viewpoint - The article emphasizes the need for a restructured capital market in China during the "14th Five-Year Plan" period, focusing on its role in resource allocation, technological innovation, and industrial upgrading, while aligning with the government's strategic goals for high-quality development [3][4][5]. Group 1: Importance of Capital Market - The capital market is recognized as a crucial hub for modern economic and financial systems, playing a significant role in resource allocation and innovation [6]. - The recognition of the capital market's strategic position is essential for China's modernization, particularly in fostering an innovative society [6][7]. - The article highlights the importance of original innovation for sustainable economic growth, stressing the need for a conducive environment for such innovation [7][11]. Group 2: Cultural and Institutional Foundations - A culture of inclusivity and openness is vital for fostering innovation, as diverse ideas and smooth communication can lead to technological advancements [8][10]. - Institutional frameworks must balance constraints and incentives, ensuring that innovators are rewarded adequately to encourage further advancements [10][11]. - The article argues that the progress of China's economy over the past 40 years is largely due to institutional improvements and the ability to absorb advanced technologies from developed countries [11]. Group 3: Restructuring the Capital Market Ecosystem - The capital market's ecosystem needs to be redesigned to meet new responsibilities and support the goal of becoming a "financial powerhouse" [14]. - The restructuring involves three key areas: the asset side, the funding side, and the regulatory framework [15][17][19]. - The asset side must attract global investors by providing risk-adjusted returns that exceed the risk-free rate, which is currently around 1% to 1.5% in China [15][16]. Group 4: Funding and Regulatory Reforms - The funding side must address the overgeneralization of market risks that has deterred large institutional investments, allowing for a more significant influx of capital [17][18]. - Regulatory reforms should focus on enhancing market transparency and ensuring that violations are met with appropriate penalties to foster a healthy market environment [19]. - The article suggests that achieving a market value of 200 trillion yuan by the end of the "14th Five-Year Plan" is feasible if institutional improvements and reforms are effectively implemented [20].

Core Viewpoint - The government work report of Jiangmen City outlines economic growth targets and achievements, emphasizing a focus on industrial development and infrastructure improvements to enhance regional competitiveness and integration into the Greater Bay Area [1][6]. Economic Growth Targets - Jiangmen aims for a GDP of 4,294 billion yuan by 2025, with a growth rate of 2.8%, and a target of approximately 5% growth in 2026 [1][6]. - The report sets a goal for an average annual GDP growth of 6% during the "15th Five-Year Plan" period [6]. Historical Economic Performance - Over the "14th Five-Year Plan," Jiangmen's GDP grew at an average rate of 4.7%, ranking 4th in the province [3][5]. - The industrial added value for large-scale enterprises increased by 6.7% annually, placing Jiangmen 3rd in the province [5]. Sectoral Performance - The construction industry achieved a total output value of 570 billion yuan, growing by 2.3%, which is 11.4 percentage points higher than the provincial average [3]. - The agricultural, forestry, animal husbandry, and fishery sectors reported a total output value of 691 billion yuan, with a growth rate of 5.8%, ranking 6th in the province [3]. Trade and Investment - Jiangmen's total import and export volume approached 200 billion yuan, with a growth of 3.2%, ranking 37th nationally [3]. - The city plans to attract over 200 billion yuan in project investments, including 32 manufacturing projects with investments exceeding 10 billion yuan, which represent growth rates of 23.1% and 19.2%, respectively [3]. Tourism Growth - The number of tourists and tourism revenue in Jiangmen experienced double-digit growth, with the Qiaoxiang Ancient Town receiving over 3.6 million visitors and doubling its revenue [3][5]. Infrastructure Development - Jiangmen is accelerating the construction of key transportation projects, including the Shenjiang Railway and Zhuji High-speed Railway, to enhance connectivity within the Greater Bay Area [8].

展望2026年乃至"十五五"时期，中国机械工业发展面临的外部环境变化影响加深、风险挑战增多。国际 形势总体趋紧，地缘政治冲突频发，全球经济面临下行压力，国际市场需求收缩，外贸环境日趋复杂， 不确定性显著增加。国内供强需弱矛盾突出，部分行业价格"内卷"问题突显。 中新网北京2月5日电 (记者阮煜琳)中国机械工业联合会5日表示，2026年中国机械工业发展机遇与挑战 并存，但有利条件总体强于不利因素，机械工业有望继续保持平稳运行态势。 叶定达表示，综合来看，2026年，中国机械工业有望继续保持平稳运行态势，预计全年主要指标增速在 5.5%左右。2026年是"十五五"规划的开局之年。机械工业将强化创新驱动，深化结构调整，优化产业生 态，夯实发展基础，完善产业链布局，增强产业竞争力。(完) "但支撑行业高质量发展的有利条件也在不断积累和增多。"中国机械工业联合会副会长叶定达5日在北 京表示，宏观调控和产业政策持续加力，一系列有利于机械工业发展的措施陆续出台，行业环境不断优 化。传统市场基本盘稳固，新型电力系统加快建设，农业机械化率持续提升，上游行业绿色转型需求以 及国家重大基础设施建设工程实施，将持续拉动相关装备市场需 ...

Investment Rating - The report indicates a continued downward trend in rental prices for Grade-A office buildings in Shanghai, with a recommendation to monitor the market closely for potential recovery opportunities in the future [5][12][16]. Core Insights - The Shanghai Grade-A office market is currently under dual pressure from supply and demand, leading to a rental decline of 3.2% quarter-on-quarter, reaching RMB 6.05 per square meter per day [5][16]. - New supply in Q4 2025 included two projects totaling 216,585 square meters, contributing to a slight increase in vacancy rates to 23.8% [5][12]. - The net absorption for the quarter rose to 82,570 square meters, primarily driven by demand from financial institutions and TMT (Technology, Media, and Telecommunications) companies, while shared office brands continued to expand [5][12][14]. - The upcoming "14th Five-Year Plan" aims to boost domestic demand and promote technological innovation, which may provide moderate recovery opportunities for the office market [5][12]. - Approximately 1.4 million square meters of new office space is planned for release in Shanghai next year [6]. Summary by Sections Supply and Demand - In Q4 2025, the market saw a year-on-year increase of 55% in new supply, with a total annual supply of 1 million square meters, of which 46% was located in emerging markets [12]. - Nearly 80% of rental transactions in Q4 were from renewals and relocations, with an increasing trend in cross-regional moves driven by cost control considerations [12][14]. Rental Trends - The average rental price for Grade-A office buildings continued to decline, with a quarter-on-quarter decrease of 3.2% to RMB 6.05 per square meter per day [16]. - The rental prices in emerging business districts fell by 2.3% to RMB 5.14 per square meter per day, while CBD expansion areas experienced a 3.4% drop to RMB 4.62 per square meter per day [18]. Investment Market - In Q4 2025, the Shanghai office investment market recorded 14 major transactions totaling over RMB 6 billion, with a total of approximately 39 transactions for the year exceeding RMB 30 billion [20][21]. - Owner-occupiers are actively targeting office properties during this low-value period to achieve regional operational goals [21].

上海甲级写字楼市场 季度报告 2025年 第四季度 本报告重点关注上海甲级写字楼市场，包括供应和需求、租金、空置率以及 knightfrank.com.cn/research 写字楼投资市场等方面相关信息 概览和展望 供需双压下市场仍处于调整期 第 四 季 度 ，上 海 整 体 写 字 楼 市 场 租 金 继 续 延 续 下 行 态 势，环 比 下 跌3.2% 至每天每平方米人民币 6.05 元，环 比 跌 幅3.2%。供 应 方 面，两 个 新 项 目 总 计 216,585平方米的办公面积竣工交付，推 动市场空置率继续小幅攀升至23.8%。当 季市场净吸纳量增至82,570平方米。租 赁需求方面，本季度市场租赁活动主要来 自于金融机构和TMT企业，共享办公品牌 继续保持扩张势头。 十二月份的中央经济会议为明年以 及"十五五"的经济发展定下基调，继续扩 内需、科技创新，并且积极推动产业高端 化、智能化和绿色化。在积极的政策引导 下，"十五五"期间，国内经济有望减轻通 缩带来的负面影响，之于写字楼市场也将 存在温和复苏的可能。 未 来 一 年，上 海 写 字 楼 市 场 预 计 将 有 接近140万平方米的新 ...

Group 1 - The meeting emphasized the importance of Xi Jinping's speech, which systematically summarizes the valuable experiences of the Party in formulating and implementing five-year plans, providing authoritative interpretation of the spirit of the 20th Central Committee [1] - The speech highlights the key focus and priorities for development during the "14th Five-Year" period, underscoring its political, theoretical, and practical significance [1] - The meeting called for a deep understanding of the speech's rich connotations and practical requirements, reinforcing the decisive significance of the "two establishments" and the need to maintain strategic determination and confidence [1] Group 2 - The meeting required a comprehensive understanding of the spirit of the 20th Central Committee, accurately grasping the guiding principles, main goals, and key tasks for economic and social development during the "14th Five-Year" period [2] - It emphasized the need to integrate long-term planning with current work, ensuring that the development plans align with the high-quality development goals of the Pearl River Commission [2] - The meeting also stressed the importance of promoting strict governance within the Party, maintaining a high-pressure stance against corruption, and enhancing the construction of a clean culture in the new era [2]

江铃集团在"十五五"开局之年迎来首月"开门红"。2026年1月，集团整车销量达31733辆，同比增长10.74%。其中，海外市场拓展成效显著，出口销量达 14863辆，同比增长47.47%，为全年经营目标的完成奠定了坚实基础。 转自：新华财经 编辑：穆皓 2026年1月11日，江铃全新宝典在巴林成功上市 开局即决战、起步即冲刺。2026年是"十五五"规划的开局之年，也是江铃集团"1236"战略全面落地实施的关键起步之年。江铃集团将坚持稳中求进工作总基 调，紧扣"科技江铃、特色江铃"战略主轴，围绕"做强商用车、做大乘用车，坚持国内外市场并重，坚定推进新能源智能化转型"的核心方向，保持奋力一跃 的姿态，紧盯目标任务，层层压实责任，打好"十五五"开局之战。（徐丹） ...

近日，泸州老窖（000568）集团官方公众号发布2025年度总结表彰大会的消息。当中披露，泸州老窖集 团（股份）公司党委书记、董事长刘淼表示，2026年是"十五五"规划的开局之年。全体泸州老窖国窖人 要多维发力、创新创效，全面争创世界一流；要跃马扬鞭、善作善成，全力冲刺行业前三；要锚定目 标、同心同向，凝聚优势共赢未来，以更高斗志、更实作风，奋力夺取"十五五"开门红，为泸州老窖基 业长青再立新功。 ...