特朗普政府的贸易政策下，当今国际舞台已经变成了一个充满变化与戏剧性的竞技场。最近，特朗普再次成为舆论的焦点，原因是中国与加拿大在电动车领 域深化合作的举措，这无疑触动了他的敏感神经。2026年1月，中加两国总理共同见证了《中加经贸合作路线图》的签署。这份文件不仅是两国历史上的首 次高水平合作协议，也标志着双方关系进入了一个崭新的阶段。在这份合作文件中，电动车领域成为了其中的一大亮点。加方宣布，每年最多允许4.9万辆 中国电动车以6.1%的最惠国税率进入加拿大市场，这打破了之前的贸易壁垒，并且证明了中国新能源汽车技术在北美市场的适配性。 加拿大的选择并非个例，越来越多的西方国家在与中国的合作中展现出了不同的态度。芬兰便是其中的代表之一，作为中国在欧洲的重要经贸伙伴，芬兰与 中国的合作基础深厚。2025年，两国的双边贸易额超过了80亿美元，双向投资存量也突破了230亿美元。芬兰总理奥尔波近期带领20余家企业的高层访华， 涉及清洁能源、数字经济等领域，双方还计划签署多项合作协议，显示出双方深化合作的强烈意愿。在此背景下，美国的战略困局似乎更加明显。美国国内 的动荡和矛盾，不仅令特朗普无法全身心专注于国际贸易博弈，还 ...

智联招聘最新数据显示，2025年回国求职的应届留学生规模同比增长12%，总量达到2018年的2.25倍，创下近八年来新 高。这不仅标志着留学人员回国发展的信心显著增强，也反映出国内市场对国际化人才的吸引力持续提升。 图片来源：智联招聘 这股"回流潮"的背后，是宏观环境与个人选择的双重驱动。近年来，从中央到地方相继推出一揽子支持政策，覆盖就 业创业、安居落户、科研资助等多个层面，为海外学子铺就了顺畅的归国发展之路。与此同时，国内经济迈向高质量 发展，特别是在以新质生产力为代表的新兴领域，催生了大量高层次、国际化的就业岗位，为海外人才提供了施展才 华的广阔舞台。 观察留学人员的来源地，传统留学大国如英国、澳大利亚、美国依然输送了大量回国人才，但增长动能正悄然转向亚 洲。2025年，来自马来西亚、新加坡的留学生回国求职人数同比增速分别高达65.0%和50.1%，增势极为迅猛。澳大利 亚、俄罗斯等地也呈现出快速增长态势。这一变化显示，留学生的选择日趋多元化与理性，亚洲地区凭借其高性价比 的教育资源，正成为重要的国际化人才培育地，也为中国带来了背景更为丰富的海归群体。 责任编辑：栎树 这批新生代海归呈现出显著的高学历、 ...

Core Viewpoint - The article emphasizes that the competition for "trillion-yuan cities" is not solely about reaching the GDP milestone, but rather about sustainable and quality development, as highlighted by Xu Zhou's government officials [1][2][5]. Group 1: Economic Growth and GDP Projections - Xu Zhou's GDP is projected to reach approximately 9,537.12 billion yuan in 2024, making it a strong candidate for becoming a "trillion-yuan city" by 2025, with an expected growth rate of around 5.8% [1][5]. - In the first half of 2025, Xu Zhou's GDP reached 4,509.3 billion yuan, showing a year-on-year growth of 6.2%, and by the third quarter, it increased to 7,298.12 billion yuan, maintaining a growth rate of 6.0% [5]. Group 2: Industrial Transformation and Innovation - Xu Zhou is focusing on transforming its industrial base, moving from a coal-dependent economy to a diversified one, with an emphasis on advanced manufacturing, energy, and regional hub functions [5][7]. - The "343" innovation industrial cluster, which includes engineering machinery, green low-carbon energy, and new materials, is expected to reach a scale of 7,800 billion yuan by 2024, significantly contributing to the industrial economy [6]. - The engineering machinery cluster, recognized as Xu Zhou's primary industry, has achieved significant milestones, including being the first in domestic sales for 17 types of main products and maintaining over 90% self-sufficiency in the entire industry chain [6]. Group 3: Future Development and Strategic Positioning - Xu Zhou is in a phase of deepening the transition from old to new growth drivers, with traditional industries undergoing smart upgrades and new industrial clusters beginning to take shape [7][9]. - The city aims to leverage its regional central city status to enhance its development potential, integrating into the Yangtze River Delta's development strategy and collaborating with neighboring provinces for high-quality growth [9][10]. - Future development will depend on Xu Zhou's ability to achieve inter-provincial collaboration and fully utilize its geographical advantages to become a key hub for the Yangtze River Delta and beyond [10].

从"看不见的产业链"到"上下楼"的产业园区，北京广告业正在"加速跑"！近日，北京市市场监管局党组 书记、局长高念东做客新京报千龙网两会访谈间时介绍，2025年，北京规模以上广告企业收入增速达 8.2%，持续领跑全国。在这场产业升级战中，市场监管部门不仅是"服务者"，更是"助推器"。 ...

1. Report Industry Investment Ratings - **Macro Finance**: Long - term bullish on stock indices, suggesting buying on dips; government bonds are expected to move in a range [1] - **Black Building Materials**: Short - term trading for coking coal, range trading for rebar, and waiting and seeing for glass [1] - **Non - ferrous Metals**: Waiting and seeing or holding long positions in small quantities for copper; strengthening observation for aluminum; waiting and seeing for nickel; range trading or taking profit on previous long positions for tin; range trading for gold; bullish movement for silver; range - bound oscillation for lithium carbonate [1] - **Energy and Chemicals**: Range trading for PVC, caustic soda and soda ash for the time being, range trading for styrene, rubber, urea, and methanol; weak oscillation for polyolefins [1] - **Cotton Textile Industry Chain**: Oscillatory adjustment for cotton and cotton yarn, oscillatory movement for apples and jujubes [1] - **Agriculture and Animal Husbandry**: Opportunities for short - selling on rebounds for hogs; hedging post - festival contracts on rallies for eggs; being cautious about chasing highs and waiting for rebounds to hedge for corn; bearish on rallies for soybean meal; bullish oscillation for three major oils [1] 2. Core Views of the Report The report provides trading suggestions for various futures products based on their current market conditions, including macro - economic factors, supply - demand relationships, and cost factors. It also emphasizes the importance of paying attention to policy changes, inventory levels, and external market factors [1][5][7] 3. Summaries According to Relevant Catalogs Macro Finance - **Stock Indices**: Medium - to long - term bullish, suggesting buying on dips. Market is volatile due to factors such as the Fed's interest - rate decision, China's industrial profit data, and consumer spending intentions [5] - **Government Bonds**: Expected to move in a range. There is no significant negative news in the bond market, but there is limited downward space for bond yields without more capital inflows [5] Black Building Materials - **Coking Coal**: Short - term trading. The coal market shows short - term fluctuations, but the price increase may not be sustainable due to factors like weak downstream demand and stable supply [7] - **Rebar**: Range trading. The futures price is slightly higher than the valley - electricity cost of electric furnaces and lower than the flat - electricity cost. There is no significant supply - demand contradiction in the short term [7] - **Glass**: Waiting and seeing. The supply is stable, the market speculative demand is weak, and the downstream inventory is high. The price is expected to oscillate between 1050 - 1070 [8] Non - ferrous Metals - **Copper**: High - level oscillation. Macro factors provide support, but the fundamentals are weak. It is recommended to wait and see or hold long positions in small quantities, and beware of the risk of a pullback before the Spring Festival [9] - **Aluminum**: High - level oscillation. The supply of bauxite and alumina is relatively stable, and the demand is entering the off - season. It is recommended to strengthen observation [11] - **Nickel**: Oscillatory movement. The reduction of Indonesian nickel ore quotas has boosted the price, but the fundamentals are weak. It is recommended to wait and see [13] - **Tin**: Oscillatory movement. The supply of tin concentrate is tight, and the downstream demand is mainly for rigid procurement. It is recommended for range trading or taking profit on previous long positions [13] - **Silver**: Bullish movement. Geopolitical tensions and changes in the Fed's leadership expectations have pushed up the price. It is recommended to hold long positions and be cautious about new positions [15] - **Gold**: Range trading. Similar to silver, geopolitical and Fed - related factors have led to a higher price center. It is recommended for range trading and be cautious about chasing highs [15] - **Lithium Carbonate**: Range - bound oscillation. The supply is affected by mine production, and the demand from the energy - storage terminal is good. The price is expected to be bullish [17] Energy and Chemicals - **PVC**: The bottom may have been reached. The supply is high, the demand is weak, but the valuation is low. It is recommended for long - term low - buying and positive spread trading [17] - **Caustic Soda**: Low - level oscillation. The demand is weak, and the supply pressure is high. It is recommended to wait and see [19] - **Styrene**: Oscillatory movement. The price has rebounded due to export growth and device maintenance, but the valuation is high. It is recommended to be cautious about chasing highs [19] - **Rubber**: Oscillatory movement. The supply is shrinking, but the inventory pressure remains. The price is in a state of multi - empty tug - of - war [20] - **Urea**: Oscillatory movement. The supply is increasing, the demand from compound fertilizers is rising, and the inventory is at a low level. The price is expected to oscillate between 1730 - 1830 [21] - **Methanol**: Oscillatory movement. The supply is decreasing, the demand from methanol - to - olefins is weakening, and the traditional downstream demand is also weak [23] - **Polyolefins**: Weak oscillation. The supply is increasing, the demand from PE downstream is declining, and the price is expected to be weak with limited upside [24] - **Soda Ash**: Waiting and seeing. The supply is in excess, but the cost support is strong. It is recommended to leave the market temporarily [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillatory adjustment. The global cotton supply - demand situation has changed, and the internal - external price difference has put pressure on the domestic market. It is recommended to be cautious in the short term and optimistic in the long term [24] - **Apples**: Oscillatory movement. The packaging and shipping in the production areas have accelerated slightly, but the overall market is still weak [26] - **Jujubes**: Oscillatory movement. The purchase price of Xinjiang gray jujubes in the 2025 production season is in a certain range, and the acquisition is based on quality [26] Agriculture and Animal Husbandry - **Hogs**: Bottom - building oscillation. In the short term, the price is restricted by supply - demand game. It is recommended to short on rebounds for off - season contracts. In the long term, be cautious about being bullish due to high - level production capacity and cost reduction [28] - **Eggs**: Rebound from a low level. The current valuation is high, and it is recommended to hedge post - festival contracts on rallies. Also, consider hedging the 05 and 06 contracts due to the possible post - poned supply pressure [30] - **Corn**: Limited upside. In the short term, the supply - demand is balanced, and it is recommended to be cautious about chasing highs. In the long term, the supply - demand situation is relatively loose, restricting the price increase [32] - **Soybean Meal**: Low - level oscillation. The short - term support for the M2603 contract is at 3000 - 3030, and the pressure for the far - month 05 contract is at 2800 - 2850. It is recommended to be bearish on rallies [32] - **Oils**: Bullish oscillation. The three major oils are expected to move strongly. It is recommended to buy on dips and hold previous long positions [38]

Group 1 - The government work report emphasizes the need to promote deep integration between industrial clusters and various innovation platforms, particularly in the traditional Chinese medicine sector, to enhance high-quality development in Liaoning Province [1] - Representatives suggest accelerating the establishment of comprehensive and open traditional Chinese medicine pilot platforms to facilitate the transformation of research outcomes and build a network of pilot platforms across key regions [1] - The report highlights the importance of breaking the outdated notion that environmental protection is a burden, advocating for a shift towards source prevention and the integration of green technology with other industries [2] Group 2 - The focus on high-quality development in the service industry is underscored, with recommendations for policy measures to nurture leading service enterprises and enhance the integration of technology in production services [2] - The need for county-level economies to refine their leading industries is emphasized, with specific examples of developing key sectors such as metallurgy and new materials, as well as enhancing local agricultural products [3] - Food safety is identified as a critical issue, with calls for improved detection of agricultural product residues and the establishment of a regional food safety data platform to facilitate risk information sharing [3]

在镇江经开区航空航天产业园内，新项目建设的节奏同样紧张。安大特种材料等温锻造生产线建设 项目正稳步推进，现场3个深约8米的巨型基坑是后续设备安装的基础。预计125兆牛（MN）大型装备 将于2026年3月进场安装，整体土建工程将于同年8月底竣工。该生产线配备32台（套）先进设备，涵盖 自动喷砂、自动涂覆、制坯、特种等温锻造、热处理及机加工等关键环节，并集成智能物流系统，实现 航空发动机用粉末高温合金盘件从锻造到成品的全流程自动化生产。 项目现场人员介绍，该生产线建成后将填补国内在特种材料等温锻造技术领域的空白，显著提升航 空发动机新材料锻件的研制质量与批次稳定性，进一步推动我国在粉末合金、钛铝、复合材料等航空发 动机关键材料方面的研发与制造能力迈上新台阶。 镇江经开区紧扣国家战略部署，将新能源、新材料、航空航天及低空经济、生物医药及大健康产业 确立为全区四大主导产业，全力构建现代化产业体系。站在"十五五"开局的新起点，经开区正以"攀高 比强"的锐气锻造发展筋骨，以"勇挑大梁"的志气强化使命担当，全局聚焦主责主业，持续以科技创新 驱动产业升级，扎实推动经济高质量发展，为区域实现高水平科技自立自强和现代化产业体系建 ...

Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year, reversing a three-year decline trend [1][2] Group 1: Profit Growth and Sector Performance - The manufacturing sector saw a profit increase of 5.0%, a significant rebound of 8.9 percentage points compared to 2024 [2] - The electricity, heat, gas, and water production and supply sector experienced a profit growth of 9.4%, while the mining sector faced a decline of 26.2% [2] - In December 2025, profits for industrial enterprises above designated size rose by 5.3% compared to November, recovering 18.4 percentage points from a previous decline [2] Group 2: Improvement in Various Business Entities - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, with growth rates of 1.4% and 4.2% respectively, compared to declines of 1.9% and 1.7% in 2024 [2] - Profits for joint-stock enterprises and state-controlled enterprises showed significant improvement, with reductions in profit decline narrowing by 3.5 and 0.7 percentage points respectively compared to the previous year [2] Group 3: Inventory and Economic Outlook - By the end of December 2025, the inventory of finished goods was 6.73 trillion yuan, reflecting a 3.9% increase, but a decrease of 0.7 percentage points from November 2025 [3] - The easing of inventory pressure indicates signs of marginal demand recovery, with expectations for continued profit recovery in 2026 driven by stable demand and reduced price declines [3] Group 4: Structural Optimization of Industrial Profits - The profit structure of industrial enterprises is further optimized, with the equipment manufacturing sector showing a profit increase of 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4] - The share of equipment manufacturing profits in total industrial profits reached 39.8%, an increase of 2.6 percentage points from the previous year [4] - High-tech manufacturing profits grew by 13.3%, surpassing the overall industrial profit growth rate, with significant contributions from smart electronic products and related industries [4] Group 5: Traditional Industries and New Growth Drivers - Traditional industries are experiencing quality upgrades, with profits significantly exceeding the industry average, particularly in the chemical sector [5] - Specific sectors such as biochemical pesticides and cultural information chemicals saw profit increases of 20.7% and 15.2%, respectively, outperforming the average profit growth in the chemical industry by 28.0 and 22.5 percentage points [5]

Core Insights - The GDP performance of the 14 cities in the Yangtze River Delta for 2025 indicates a steady economic recovery, with significant contributions from key cities like Shanghai, Hangzhou, and Ningbo [1][3]. Group 1: GDP Rankings and Growth Rates - The 14 cities are categorized into three tiers based on GDP: Shanghai leads with a GDP of 56,708.71 billion yuan and a nominal growth rate of 5.49% [3][6]. - The second tier includes Hangzhou with a GDP of 23,011 billion yuan (growth rate of 5.26%) and Ningbo with 18,715.7 billion yuan (growth rate of 3.13%) [3][6]. - The middle tier consists of cities like Wenzhou, Shaoxing, and Jiajing, with GDPs ranging from 7,005 to 10,213 billion yuan and growth rates between 3.72% and 6.73% [3][7]. - The lower tier includes cities like Huzhou and Ma'anshan, with GDPs between 1,415 and 4,452 billion yuan, but growth rates are strong, ranging from 4.89% to 6.78% [3][9]. Group 2: Economic Contributions and Trends - 11 out of the 14 cities have growth rates exceeding 5%, representing 78% of the total, which is significantly higher than the national average [3][9]. - The top three cities (Shanghai, Hangzhou, and Ningbo) account for over 52% of the total GDP of the 14 cities, highlighting their leading role in economic growth [3][9]. - Shanghai's GDP growth is supported by strong industries such as integrated circuits and artificial intelligence, with a production value exceeding 500 billion yuan [9][10]. Group 3: Emerging Cities and Growth Dynamics - Cities like Tongling, Shaoxing, and Chuzhou have shown remarkable growth rates, with Tongling achieving 6.78% due to industrial upgrades and a shift from traditional copper processing to new energy materials [9][10]. - The integration of cities like Ma'anshan into the Yangtze River Delta has led to significant economic benefits, particularly in the automotive manufacturing sector [9][10]. - The economic resilience of the region is evident, with a focus on sustainable growth and employment opportunities, driven by unique industrial characteristics [10][13].

● 本报记者 连润 数据显示，2025年12月末产成品存货6.73万亿元，增长3.9%，较2025年11月末回落0.7个百分点。中国 民生银行首席经济学家温彬表示，库存增速回落，表明在销售改善带动下库存压力有所缓解，需求边际 修复迹象显现。 "2026年，工业企业利润有望延续修复。"温彬分析，需求端稳中向好，物价端降幅收窄，加之新型工业 化与产业升级推动投资和技术改造，工业企业经营环境和利润率预计逐步改善，利润将由阶段性修复向 温和增长过渡。 工业企业利润结构进一步优化 "规模以上工业企业利润实现增长，工业新动能的支撑作用明显，工业经济发展向新向优。"于卫宁说。 装备制造业为工业向优升级提供坚实支撑。于卫宁表示，2025年，规模以上装备制造业利润较上年增长 7.7%，拉动全部规模以上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最 强的板块。规模以上装备制造业利润占全部工业企业利润的比重达39.8%，较上年提高2.6个百分点，工 业企业利润结构进一步优化。从行业看，装备制造业的8个大类行业中有7个行业利润较上年增长。 高技术制造业为工业高质量发展注入强劲动力。于卫宁表示，2025年，规模 ...