Group 1: Economic Development Strategy - The Henan Provincial Economic Work Conference emphasizes the importance of integrating into and serving the national unified market, with a focus on reforming the market allocation of factors in Zhengzhou [6][5] - The conference highlights the need for high-quality development in the manufacturing sector, promoting innovation and the integration of traditional and emerging industries [7][5] - Key tasks for the upcoming economic work include enhancing consumer demand, promoting new consumption models, and improving public services to boost overall economic growth [10][8] Group 2: Innovation and Technology - The conference stresses the significance of innovation-driven development, aiming to enhance original innovation capabilities and strengthen the role of enterprises in technological advancements [7][12] - Policies will be introduced to support the development of advanced manufacturing and the establishment of influential industries and brands [7][12] Group 3: Consumer and Market Dynamics - The focus on consumer spending includes initiatives to build new consumption service complexes and enhance the quality of commercial districts, aiming to stimulate digital, green, and health-related consumption [8][10] - The government plans to implement measures such as unconditional returns for offline shopping to create a more consumer-friendly environment [8][10] Group 4: Social Welfare and Public Services - The conference underscores the commitment to improving people's livelihoods, addressing employment, public service levels, and social security systems [10][12] - Specific initiatives will target key demographics, including graduates and migrant workers, to enhance employment opportunities and social support [10][12] Group 5: Future Outlook - The conference sets a vision for the "15th Five-Year Plan," aiming for comprehensive development and modernization in Henan, with a focus on high-quality growth and effective governance [11][12] - The emphasis is on collaboration and a unified approach to achieve economic and social development goals [13][12]

Core Viewpoint - The Henan Provincial Economic Work Conference emphasizes the importance of leveraging advantages to integrate and serve the national unified market, focusing on innovation-driven development, consumer demand stimulation, and improving people's livelihoods as key tasks for the upcoming economic year [4][5][9][10]. Group 1: Unified Market - The conference highlights the need to fully utilize advantages and deepen integration into the national unified market, with Zhengzhou as a pilot for market-oriented resource allocation reforms [5]. - Zhengzhou aims to eliminate barriers to the free flow and efficient allocation of resources, enhancing the quality of production factors and releasing market potential [5]. Group 2: Innovation-Driven Development - The meeting stresses the importance of promoting high-quality development in the manufacturing sector, focusing on enhancing original innovation capabilities and strengthening the role of enterprises in innovation [8]. - A series of forward-looking and targeted policy combinations will be introduced to support technological and industrial innovation [8]. Group 3: Consumer Demand Stimulation - The conference proposes to enhance consumer demand by developing new types of consumption service complexes and expanding digital, green, and health-related consumption [9]. - Measures will be implemented to improve the consumer environment, including a no-reason return policy for offline shopping and expanding the coverage of "reassured consumption insurance" [9]. Group 4: People's Livelihoods - The conference emphasizes prioritizing people's livelihoods, focusing on employment stability, public service enhancement, and addressing urgent issues faced by the population [10]. - Local governments are encouraged to improve services for key groups such as graduates, migrant workers, and veterans, while enhancing healthcare and social security systems [10].

Core Viewpoint - The article emphasizes the significance of integrating into the national unified market as a strategic focus for Henan's economic development in 2025, highlighting the province's ambition to reshape its competitive advantages and break geographical limitations [1][2]. Group 1: Economic Strategy - Henan aims to build a national unified market circulation hub and serve as a dual circulation support point for domestic and international markets, aligning with national policies and leveraging its unique strengths [2][3]. - The province has established a detailed implementation plan with 150 annual tasks and 10 key initiatives, reflecting a commitment to actionable strategies rather than vague discussions [2]. Group 2: Market Integration - The integration into the national unified market is characterized by a sense of urgency and a proactive spirit, indicating a systematic approach to embracing the larger market dynamics [2]. - The transformation of macro policies into practical actions is exemplified by the activities at the Zhoukou Port, which serves as a logistical hub connecting various provinces and industries [3]. Group 3: Operational Insights - Zhoukou Port is described as a "metal forest," symbolizing the flow of goods and the connection of rules, standards, and information, which are essential for optimizing supply chains and industrial layouts within the national market context [3]. - The initiative to integrate into the national unified market is portrayed as a significant and ambitious undertaking, aimed at breaking down barriers and enhancing connectivity, thereby creating opportunities for businesses [3].

党的二十届四中全会明确提出"优化区域经济布局、促进区域协调发展"，同时提出"区域协调发展是中 国式现代化的内在要求"，彰显了国家对区域协调发展的前瞻部署与全局谋划。"十四五"时期，坚持全 国"一盘棋"战略导向，注重提高发展的均衡性和协调性，区域协调发展取得显著成效，京津冀、长三 角、粤港澳大湾区和成渝经济圈等区域高质量发展的动力源作用不断增强。然而，区域协调发展仍面临 区域发展差距过大、区域经济空间极化、跨行政区协同治理机制不完善等一系列挑战，在不同程度上制 约着我国高质量发展的整体效能和共同富裕目标的实现进程。中共浙江省委党校"八八战略"创新发展研 究院团队相关成员，立足共同富裕先行示范区发展需要，聚焦数智化转型和区域经济高质量发展等前沿 领域开展深入研究，致力于为数字经济时代破解区域协调发展难题、探索有效路径提供理论支撑与决策 参考。 精准实施特色化和差异化的区域政策 交界地区合作示范区等，针对特定问题开展灵活合作。最后要注重数据、技术等新型生产要素流动赋能 区域协调发展，可考虑设立多层次的区域协调发展基金，支持跨区域重大项目建设，引导社会资本投向 符合区域功能定位的领域。 "十五五"时期，我国区域协调发 ...

1. Report Industry Investment Rating - The rating for government bonds is bearish [1] 2. Core Viewpoints of the Report - In 2025, the bond market turned from bullish to bearish, mainly due to the reversal of the macro - narrative. Looking ahead to 2026, inflation will moderately rebound, the equity market will continue to suppress bonds, the bond market will show a bearish steepening trend, and the futures rhythm will be similar to an "M" shape. Strategies such as short - selling on rallies, short - hedging, and steepening the curve are recommended [1][2][3][4] 3. Summary According to the Directory 3.1 2025 National Debt Trend Review - The bond market turned bearish in 2025, with the whole - year market divided into five stages. The change in the macro - narrative was the core reason for the bear market [14][21] - The yield curve first flattened and then steepened. The basis spread had a relatively low central level overall, with a phased increase during market adjustments [17][18] 3.2 Policy Foundation of the Positive Macro - Narrative: Dual - Circulation Strategy 3.2.1 Policy Ideas of the Dual - Circulation Strategy - Proposed in 2020 to cope with economic challenges, it aims to optimize supply, improve corporate profits, and gradually form stable growth and moderate inflation through measures like developing technology, anti - involution, investing in people, and promoting "Belt and Road" and RMB trade [24][27][31] 3.2.2 Fiscal and Monetary Policy Ideas under the Dual - Circulation Strategy - Fiscal policy is generally positive but will increase moderately and make decisions based on the situation. Fiscal expenditure is shifting towards high - tech industries, people's livelihood, and resolving local government hidden debts [38][40] - Monetary policy will actively cooperate with fiscal policy, maintaining a low - interest - rate environment cautiously, gradually shifting to asset - price transmission, and building a RMB sovereign credit system [40][43] 3.3 Outlook for 2026: Moderate Rebound in Inflation 3.3.1 Supply - side Clearance: De - investment and De - capacity - In 2026, anti - involution policies will expand. The effectiveness of these policies is already visible, and manufacturing investment growth will have a low central level, optimized structure, and a front - low and back - high rhythm [45][48][49] 3.3.2 Real Estate Still a Drag, but Year - on - Year Decline in Data Expected to Narrow - Real estate data weakened again in 2025. Policy thinking is changing, with long - term transformation as the main focus and short - term support as a supplement. Real estate data may still weaken month - on - month, but the year - on - year decline is expected to narrow [50][53][57] 3.3.3 External Demand is the Most Important Force to Offset Real Estate - China's export growth exceeded expectations in 2025. In 2026, global terminal demand is relatively strong, and emerging demand is booming. The export growth rate is expected to remain high, with ASEAN, the EU, and Africa continuing to drive exports [58][62][65] 3.3.4 Overseas Inflation will Moderately Transmit to the Domestic Market - Overseas inflation has an upward risk, but the transmission to the domestic market is moderate. Overall, domestic prices have the impetus to rise moderately in 2026, and the bond market will remain weak [66][71][72] 3.4 The Equity Market will Continue to Suppress Bonds 3.4.1 The Logic of the Technology Narrative is Hard to Be Falsified in the Short Term - The trading theme may shift to Sino - US technological competition in 2026. The technology narrative is difficult to be falsified, and the bull market in Chinese technology stocks is expected to continue [74][76][77] 3.4.2 The Stock Market is Likely to Remain in a Bull Market in 2026 - The stock market is expected to shift from the first stage (fund - driven) to the second stage (inflation and profit - driven) in 2026. With the weakening of the US dollar index, overseas funds will flow back, and policy support will continue, so the bull market is likely to continue, suppressing the bond market [78][80][86] 3.5 The Bond Market will Show a Bearish Steepening Trend, and the Futures Rhythm will be Similar to an "M" Shape 3.5.1 Short - term Bonds are Relatively Stable, Determined by Monetary Policy and Funds - Monetary policy in 2026 will remain "moderately loose," with one expected interest rate cut of 10BP and one reserve requirement ratio cut of 50BP. Short - term bond interest rates are expected to be relatively stable, with the 1Y Treasury bond interest rate centered around 1.3% [90][91][94] 3.5.2 Long - term Bonds Face Supply - Demand Imbalance, and the Curve will Steepen with Volatility - Long - term bonds are more sensitive to inflation and the stock market. The supply - demand imbalance in the long - term bond market is obvious. The 10Y Treasury bond interest rate is expected to reach a high of around 2.0%, and the 30Y Treasury bond interest rate may reach a high of 2.5% - 2.6% [95][98][113] 3.5.3 Treasury Bond Futures will have a Winding Trend, Similar to an "M" Shape - The trend of the bond market in 2026 will be winding. It is expected to strengthen from the beginning of the year to before the Spring Festival, decline from after the Spring Festival to the end of Q2 with possible rebounds due to interest rate cuts, have increased volatility in Q3 with a slowing pace of interest rate increase, and show an uncertain trend in Q4, generally similar to an "M" shape [114][115][116] 3.6 Treasury Bond Futures Strategy Recommendations - Unilateral strategy: Short - sell Treasury bond futures on rallies [119] - Spot - futures strategy: Pay high attention to short - hedging strategies [120] - Curve strategy: Pay attention to strategies such as steepening the 10Y - 1Y curve and going long on 3T and short on TL [121]

来源：新浪证券-红岸工作室 12月19日，海通发展涨4.33%，成交额2.90亿元，换手率8.44%，总市值116.20亿元。 5、根据2024年年报，公司海外营收占比为65.04%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入911.95万，占比0.03%，行业排名3/35，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-1.32亿，连续2日被主力资金减仓。 异动分析 海峡两岸+福建自贸区+航运概念+统一大市场+人民币贬值受益 1、公司位于福建省福州市台江区长汀街23号升龙环球大厦42层。公司主要从事国内沿海以及国际远洋 的干散货运输业务。公司主要产品和服务为境内航区运输业务、境外航区运输业务。经过多年的积累， 公司已发展成为国内民营干散货航运领域的龙头企业之一。 2、公司办公地址处于福建省福州市台江区长汀街23号升龙环球大厦42层 3、公司主要从事国内沿海以及国际远洋的干散货运输业务。公司主要产品和服务为境内航区运输业 务、境外航区运输业务。 4、公司2023年半年报公告：公司主要从事国内沿海以及国际远洋的干 ...

来源：新浪证券-红岸工作室 12月19日，重庆港涨0.38%，成交额2848.41万元，换手率0.45%，总市值62.90亿元。 异动分析 航运概念+统一大市场+国企改革+一带一路+民爆概念 1、公司主营业务是港口中转运输业务和综合物流业务，公司的主要产品及服务为装卸及客货代理业 务、综合物流业务、商品贸易业务、爆破施工业务。公司港口码头通过能力强。近年来通过对港口码头 建设投资及改(扩)建,已基本形成了集装箱、件杂散货、商品车和化工等专业化码头(群),港口货物通过能 力和集装箱吞吐能力位居西南地区首位。 2、公司以港口为依托，围绕铁、公、水多式联运，坚持大客户战略，充分整合仓储、航运、铁路、公 路、口岸等物流要素资源，积极拓展贸易物流、供应链物流等业务。 3、公司属于国有企业。公司的最终控制人为重庆市国有资产监督管理委员会。 4、主营装卸及综合物流、商品销售等,重庆处在"一带一路"、长江经济带等重大发展战略的节点上,承东 启西、连接南北,是衔接和联动几大战略的重要枢纽,具有良好的互联互通基础。 今日主力净流入166.21万，占比0.06%，行业排名12/35，连续3日被主力资金增仓；所属行业主力净流 入-1 ...

异动分析 来源：新浪证券-红岸工作室 12月18日，海通发展涨0.67%，成交额2.28亿元，换手率6.75%，总市值111.38亿元。 海峡两岸+福建自贸区+航运概念+统一大市场+人民币贬值受益 1、公司位于福建省福州市台江区长汀街23号升龙环球大厦42层。公司主要从事国内沿海以及国际远洋 的干散货运输业务。公司主要产品和服务为境内航区运输业务、境外航区运输业务。经过多年的积累， 公司已发展成为国内民营干散货航运领域的龙头企业之一。 2、公司办公地址处于福建省福州市台江区长汀街23号升龙环球大厦42层 3、公司主要从事国内沿海以及国际远洋的干散货运输业务。公司主要产品和服务为境内航区运输业 务、境外航区运输业务。 4、公司2023年半年报公告：公司主要从事国内沿海以及国际远洋的干散货运输业务。经过多年的积 累，公司已发展成为国内民营干散货航运领域的龙头企业之一。境内沿海运输方面，公司主要运输的货 物为煤炭，现已成为环渤海湾到长江口岸的进江航线中煤炭运输货运量最大的民营航运企业之一，同时 积极拓展铁矿、水渣等其他干散货物的运输业务。 5、根据2024年年报，公司海外营收占比为65.04%，受益于人民币贬值。 ...

Group 1 - The core viewpoint of the news is that Eastern Airlines Logistics has shown a positive stock performance with a year-to-date increase of 8.37% and a recent rise of 2.22% in intraday trading, reflecting strong market interest and investment activity [1] - As of December 18, the stock price is reported at 17.97 yuan per share, with a total market capitalization of 28.528 billion yuan and a trading volume of 1.07 billion yuan [1] - The company has experienced significant net inflows of capital, with a net inflow of 18.33 million yuan from major funds and a notable buying activity from large orders [1] Group 2 - Eastern Airlines Logistics operates in the transportation and logistics sector, specifically in cross-border logistics, and is involved in various concept sectors including the Belt and Road Initiative and overseas expansion [2] - For the period from January to September 2025, the company reported a revenue of 17.249 billion yuan, a year-on-year decrease of 2.40%, and a net profit attributable to shareholders of 2.001 billion yuan, down 3.19% year-on-year [2] - The company has distributed a total of 2.726 billion yuan in dividends since its A-share listing, with 1.630 billion yuan distributed over the past three years [3]

中创物流所属申万行业为：交通运输-物流-跨境物流。所属概念板块包括：中俄贸易概念、一带一路、 统一大市场、小盘、RCEP概念等。 截至9月30日，中创物流股东户数1.73万，较上期减少15.62%；人均流通股20010股，较上期增加 18.51%。2025年1月-9月，中创物流实现营业收入66.04亿元，同比减少27.84%；归母净利润2.07亿元， 同比增长3.05%。 分红方面，中创物流A股上市后累计派现9.71亿元。近三年，累计派现5.37亿元。 机构持仓方面，截止2025年9月30日，中创物流十大流通股东中，华宝标普中国A股红利机会ETF （562060）退出十大流通股东之列。 资金流向方面，主力资金净流出30.22万元，大单买入61.42万元，占比2.74%，卖出91.64万元，占比 4.08%。 中创物流今年以来股价涨36.59%，近5个交易日涨0.48%，近20日涨6.25%，近60日涨7.16%。 今年以来中创物流已经3次登上龙虎榜，最近一次登上龙虎榜为4月16日，当日龙虎榜净买入3425.15万 元；买入总计7863.77万元 ，占总成交额比11.15%；卖出总计4438.62万元 ，占总成 ...