Core Viewpoint - The "15th Five-Year Plan" for Beijing aims to optimize capital functions, promote high-quality development, enhance public welfare, improve urban governance, and ensure stability through 13 major strategic tasks [6][8]. Group 1: Development Strategy - The plan incorporates public input, gathering nearly 40,000 suggestions and over 53,000 valid survey responses to shape its content [7]. - It consists of 15 sections with 29 key indicators, maintaining 20 indicators from the previous "14th Five-Year Plan" for continuity while adding 9 new indicators focusing on urban living quality, such as childcare and elderly care [7][8]. Group 2: Economic Goals - The plan emphasizes high-quality economic development as essential for modernization, with a focus on building a competitive modern industrial system and a vibrant domestic demand system [8]. - Investment is targeted to maintain an annual scale of 1 trillion yuan, aiming to stimulate technological innovation and urban renewal investments [8]. Group 3: Social Welfare and Urban Development - The plan prioritizes improving living standards, particularly for the elderly and youth, by enhancing basic and inclusive elderly care services and creating youth-friendly environments [9]. - Urban development will shift from expansion to quality enhancement, with initiatives to upgrade urban governance and create four vibrant urban areas to boost economic growth [9].

筑牢产业根基、着力扩大内需、深化改革开放、提速城市更新、巩固申遗成果……1月26日，在北京市 第十六届人民代表大会第四次会议"解读北京市国民经济和社会发展第十五个五年规划纲要"专题新闻发 布会上，市发展改革委、市住房城乡建设委、市委宣传部等相关负责人分别对北京市"十五五"期间的重 点任务进行解读。 万亿投资、千亿地标、万亿产业集群 "十五五"时期，北京将主动服务和融入新发展格局、推动经济持续健康发展，安排了筑牢产业根基、着 力扩大内需、深化改革开放等重点任务。北京市发展改革委党组书记、主任杨秀玲就"十五五"规划纲要 （以下简称"规划纲要"）作了详细介绍。 打造千亿级融合消费新地标 实施扩大内需战略是更高效率促进经济循环的关键支撑。规划纲要指出，"十五五"时期，坚持惠民生和 促消费、投资于物和投资于人紧密结合，全面激发有潜能的消费。 杨秀玲表示，"十五五"时期，要构建更具活力的内需体系，"促进投资与消费良性互动，深化国际消费 中心城市建设，推进文商旅体展融合发展，打造2—3个千亿级融合消费新地标"。 根据规划纲要，"十五五"时期，北京要建设文商旅体融合发展的消费集聚区。打造2—3个千亿级融合消 费新地标，将环球 ...

Group 1 - The core viewpoint of the news is that Beijing's "14th Five-Year Plan" aims to actively serve and integrate into the new development pattern, promoting sustained and healthy economic development through key tasks such as strengthening industrial foundations, expanding domestic demand, and deepening reform and opening up [1] Group 2 - The plan emphasizes the implementation of a strategy to expand domestic demand as a key support for promoting economic circulation, aiming to create a more vibrant domestic demand system [2] - Beijing plans to build 2-3 new consumption landmarks with a scale of 100 billion, focusing on the integration of culture, commerce, tourism, and sports [2] - The development of consumption aggregation areas will include major projects like Universal Studios and the Beijing Olympic Center, enhancing the attractiveness of these areas [2] Group 3 - Investment is targeted to maintain an annual scale of 1 trillion, with a focus on stimulating investment in technology innovation, emerging industries, and urban renewal [3] - The plan outlines the need to increase investment in technology innovation and emerging industries, with a goal for innovation and industrial investment to account for 25%-30% [3] - Infrastructure investment is also prioritized, with a focus on major projects in transportation, energy, and disaster prevention, aiming for infrastructure investment to maintain a 20% share [3] Group 4 - The plan aims to build a more competitive modern industrial system, emphasizing the dual leadership of the digital economy and green economy [4] - The development of new trillion-level clusters will focus on artificial intelligence and green advanced energy, with a goal for the penetration rate of intelligent terminals to exceed 90% by 2030 [4] Group 5 - The plan highlights the importance of developing a highland for green advanced energy and low-carbon environmental protection industries, focusing on new energy storage and hydrogen energy [5] - The strategy includes enhancing the international influence of low-carbon environmental protection industries through intelligent monitoring and resource recycling [5]

"十五五"时期，北京将主动服务和融入新发展格局、推动经济持续健康发展，安排了筑牢产业根基、着力扩大内需、深化改革开放等重点任务。1月26日， 在市十六届人大四次会议"解读北京市国民经济和社会发展第十五个五年规划纲要"专题新闻发布会上，北京市发展改革委党组书记、主任杨秀玲就"十五 五"规划纲要（以下简称"规划纲要"）作了详细介绍。 规划纲要还提到，支持各区立足消费资源优势，强化文化引领、商业转化、旅游链接、体育带动，拓展"旅游+""赛事+""演艺+""影视+"等消费新场景，形成 一批多业态深度融合发展的活力空间。丰富主题化、特色化、沉浸式体验场景，形成一批夜间消费集聚区、萌宠消费区、艺术市集。 投资力争保持年度万亿规模 投资方面，杨秀玲表示，"投资力争保持年度万亿规模，进一步激发科技创新、新兴产业和未来产业以及城市更新投资动能，增加民生改善型和消费升级型 投资"。 具体来看，规划纲要提出，"十五五"时期，要积极扩大科技创新、新兴产业和未来产业投资，推进重大科技基础设施项目建设，实施一批人工智能、集成电 路、医药健康等领域重大项目，围绕6G、量子、脑机接口等领域谋划一批研发平台项目，推动创新与产业投资产业占比达到 ...

1、期货价格：铁矿石期货主力合约日内走弱，收于 784.5 元/吨，较前一 个交易日收盘价下跌-10.5 元/吨，跌幅-1.32%，成交 26.2 万手，持仓量 56.8 万手，沉淀资金 98.06 亿。期货今日在 800 整数关口压力附近承压回落，短期 震荡稍显偏弱，关注下方 780 短期支撑附近进一步测试。 2、现货价格：港口现货主流品种青岛港 PB 粉 804 涨+0，超特粉 682 涨 +0，掉期主力 103.5(-0.8)美元/吨。现货价格持稳、掉期价格小幅回落。 3、基差价差端：青岛港 PB 粉折盘面价格 838.9 元/吨，基差 54.4 元/吨， 基差走扩；铁矿 5-9 价差 18.5 元，铁矿 9-1 价差 11 元，铁矿期货合约呈现 back 结构+正基差，短期偏弱，下方空间暂且有限。 二、基本面梳理 【冠通期货研究报告】 铁矿日报：库存持续累积，发运逐步减量 发布日期：2026 年 1 月 26 日 一、市场行情态势回顾 国内宏观，国家统计局显示，2025 年消费市场规模破 50 万亿增 3.7%，服 务零售额增 5.5%（快于商品零售 1.7 个百分点），占整体零售比重提升，最终 消费 ...

Core Viewpoint - The report on Beijing's economic and social development plans emphasizes seven major tasks focused on "development," including boosting domestic demand, driving innovation, and ensuring shared benefits for the people [1] Group 1: Economic Development - Beijing's GDP growth target for this year is set at around 5%, aimed at boosting confidence and allowing for flexibility in addressing uncertainties and development issues [1] - The city plans to implement a special action plan to boost consumption and optimize the mechanism for trade-in policies [2] Group 2: Urban Upgrades - Four vitality zones in Beijing will accelerate upgrades this year, featuring various cultural and sports events, including the World Athletics Championships and the Beijing Marathon [2] - The city will enhance its urban infrastructure, including the construction of new public transport lines and the opening of 50 "dead-end roads" [5] Group 3: Innovation and Technology - Beijing aims to enhance its autonomous innovation capabilities by establishing new research platforms in fields like brain-machine interfaces and high-temperature superconductors [3] - The city plans to build 30 advanced smart factories and a number of 5G-connected model factories to elevate industrial capabilities [3] Group 4: Reform and Business Environment - The city will focus on improving the business environment by addressing the needs of enterprises and citizens, including pilot programs for market access in various service sectors [4] Group 5: Infrastructure and Public Services - The report outlines plans for significant improvements in public services, including the addition of 15 new family-friendly hospitals and 5,000 new family care beds [6] - Educational infrastructure will also see enhancements, with the addition of 10,000 new middle school seats and upgrades to existing facilities [6]

文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 往期重点内容 1月13日《地方两会的"信息点"》 1月15日《浙江率先开局》 · 1月25日，76泉台十人代云，主此七月浙江、北京网吧台计。 · 下周（1月26日-1月31日）将有20省市召开人代会，是重要观察窗口 期。其中16省市集中在1月26日-27日（周一和周二），河南、广东、 天津、河北4省在周一，山东、湖北、福建等12省在周二，这16省市 2024年GDP合计占比50%。 · 江苏、四川两个经济大省召开时间略晚，安排在2月3日。 > 北京 "十五五"时期GDP目标: 年均增速4.5%-5%、努力争取更好结果。 "十四五"时期未设置GDP年均目标。 > 北京今年GDP目标制定：今年为5%左右，去年为5%左右、努力争取更 好结果。从历史经验看，2017年至2025年，北京GDP目标持平或低于当 年全国目标，其中2024-2025年与全国目标数值一致。 > 重大项目情况： 六个经济大省中，目前已有江苏、浙江、四川三省公布 今年重大项目安排，三省合计同比增速 ...

专题：世界经济论坛年会_2026冬季达沃斯 新浪财经蒋露瑶/发自瑞士达沃斯 在巴西贝伦COP30大会落幕后，全球气候治理正式进入以"2035减排目标"为核心的新周期，多边开发银 行的资金杠杆与政策工具被寄予厚望。亚洲基础设施投资银行（AIIB）交出了一份超出预期的"成绩 单"。在本届冬季达沃斯论坛期间，亚投行首席经济学家白乐夫（Erik Berglof）向新浪财经证实，该行 气候融资占比已提前连续多年超过"2025年达到50%"的目标，初步统计的数据显示，2025年已经接近 75%。 在部分发达国家气候融资波动、全球适应资金缺口巨大的背景下，这家以"精干、廉洁、绿色"为宗旨的 机构正通过"气候导向政策性融资（CPBF）"与"自然基础设施"两大创新杠杆，撬动系统性转型，并探 索在新兴市场弥合技术与政策的落差。 气候融资超额达标，适应领域与自然基础设施成新焦点 2020年，亚投行出台首个中期发展战略（2021-2030），将绿色基础设施列为四大业务重点领域之一。 为此，亚投行设立了气候融资目标，承诺到2025年将气候融资占比提升至50%。随后的2022年、2023年 和2024年，亚投行提前完成该目标，其中202 ...

Core Viewpoint - The report on Beijing's economic and social development plans emphasizes seven major tasks focused on "development," including domestic demand, innovation, reform, planning, urban connotation, shared benefits, and security assurance [1]. Group 1: Domestic Demand and Investment - Beijing aims to boost consumption and expand investment through a reform plan and optimized policies, including a trade-in program [2]. - Four vibrant areas in the city will undergo accelerated upgrades, featuring various cultural and sports events to enhance consumer engagement [2]. Group 2: Innovation and Technology - The plan includes building world-class universities and research institutions, enhancing autonomous innovation capabilities, and establishing new research platforms in fields like brain-machine interfaces and high-temperature superconductors [4]. - The city will promote the digital and green economy, with initiatives like 6G communication technology and the establishment of 30 advanced smart factories [4]. Group 3: Infrastructure Development - Beijing will work on significant transportation projects, including the extension of subway lines and improvements in public transport connectivity, aiming for a 93% transfer rate within 50 meters of subway exits [5]. - The city plans to open 50 "dead-end roads" this year to improve urban mobility [5]. Group 4: Urban Environment and Public Services - The "Beautiful Beijing" initiative will see the construction of parks, green spaces, and waterway enhancements, adding 100 hectares of parkland and 100 kilometers of scenic waterfront [6]. - The report outlines improvements in social services, including the addition of family care beds, educational facilities, and healthcare infrastructure [6].

Core Viewpoint - The report on Beijing's economic and social development plans emphasizes seven major tasks focused on "development," including domestic demand, innovation, reform, planning, urban connotation, shared benefits, and security assurance [1] Group 1: Domestic Demand and Consumption - Beijing aims to boost consumption and expand investment through a special action plan for reform, optimizing the implementation mechanism for trade-in policies, and promoting the integration of culture, commerce, tourism, and sports [2] - Four vitality zones in the city will accelerate upgrades, featuring various cultural and sports events, including the World Athletics Championships and the Beijing Marathon [2] Group 2: Innovation and Technology - The plan includes enhancing independent innovation capabilities, establishing new research platforms in fields like brain-computer interfaces and high-temperature superconductors, and promoting the construction of 10 municipal pilot platforms [4] - The city will focus on developing 6G technology, adding 70,000 P of computing power, and building 30 advanced smart factories, along with a number of 5G fully connected model factories [4] Group 3: Infrastructure Development - The city plans to advance several transportation projects, including the extension of subway lines and the construction of new roads, aiming to improve public transport connectivity [5] - A total of 50 "dead-end roads" will be opened this year, enhancing urban mobility [5] Group 4: Urban Environment and Public Services - The report outlines plans for urban beautification, including the construction of parks, green spaces, and waterway systems, with a goal of adding 100 hectares of parkland [6] - In terms of public services, initiatives include increasing family-friendly hospitals, expanding elderly care services, and enhancing educational infrastructure with an additional 10,000 middle school places [6]