人民日报记者 刘志强 1月20日，国务院新闻办举行新闻发布会，邀请国家发展改革委有关负责同志围绕"落实中央经济工 作会议精神，推动'十五五'实现良好开局"介绍有关情况。 加快打造形成全球科技创新高地和新兴产业重要策源地 1月19日，2025年中国经济成绩单发布。"成绩来之不易，彰显我国经济基础稳、优势多、韧性强、 潜能大的特征。"国家发展改革委国民经济综合司司长周陈认为，展望2026年，经济结构将持续向优、 发展动能持续向新、整体发展态势持续向好。 新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智能等新 的经济增长点蓄势待发，新型储能装机规模超1亿千瓦、占全球比重超40%。人工智能加速从数字世界 走向物理世界，将带动高端制造、新兴消费、新业态新模式爆发式增长。2025年，高技术制造业增加值 占规模以上工业增加值比重超17%。一批"十五五"时期的高技术产业标志性引领性重大工程正在谋划推 进。 创新链产业链人才链加速融合。我国有完整的产业体系，有14亿多人口的超大规模市场，也有全球 规模最宏大、门类最齐全的人才资源，科学、技术、工程和数学专业毕业生每年超500万人，具备将创 新成果 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

1月20日，首钢股权平台召开2026年干部大会，全面传达贯彻落实集团"两会"精神，总结2025年工作， 对2026年各项重点工作进行安排部署。集团领导王建伟参加并讲话。集团战略发展部、系统优化部相关 负责人，首钢股权投资外部董事，首钢股权投资领导班子成员及股权平台各单位党政主要领导参加会 议。 一年来，按照集团党委的决策部署，股权平台各单位面对严峻复杂的市场挑战，克服行业下行、竞争加 剧、资金紧张等不利因素，聚焦"两个服务商"定位，依托平台优势，顶压前行、协同攻坚，各项工作取 得了新进展新成效，为"十五五"开局奠定了坚实基础。 王建伟在讲话中对首钢股权投资及平台各单位取得的成绩给予肯定，要求各单位统一思想、凝聚共识， 全面学习贯彻集团"两会"精神，把会议精神落实好，全力做好"开门红"各项工作，确保全年工作有序开 展推进，为"十五五"开好局起好步。针对2026年股权平台工作开展提出要求：要保持战略清醒，坚定发 展信心，在深化改革上再下功夫；要积极面对市场转变，在开发外部客户方面再求突破；要坚持创新引 领，在推动产业升级上再上台阶；要提升经营质效，在改善资产质量上再发新力；要强化党建引领，在 队伍凝聚力上再出新成 ...

"十五五"规划建议明确提出"继续划转国有资本充实社保基金"。 这一关乎全民养老保障的战略举措，历经多年实践已成效初显，但仍面临规模匹配、收益提升、 制度协同等多重挑战。当前划转工作进展成效如何？备受热议的已"基本完成"的划转总额与国有 资产总规模"不匹配"现象是何成因？"继续划转"蕴含哪些深层内涵？中央与地方应如何差异化推 进？证券时报记者近日专访西南财经大学老龄化与社会保障研究中心副主任丁少群，深度解析国 有资本划转社保基金的进展、难点与"十五五"新路径。 （受访者供图） 丁少群教授自1990年以来，一直从事保险及风险管理方面研究工作，先后主持或主研有关国家 级、省部级等研究课题20多项。他认为，国有资本划转社保基金尚处"开源"初期阶段。"十五 五"时期需深化、优化并制度化推进，优先激活存量资产提升收益，与养老体系、国资国企改革 协同，中央与地方差异化发力。 成效初显但仍处"开源"起步期 证券时报：您如何看待截至目前国有资本划转社保基金管理的成效？ 丁少群： 截至目前，国有资本划转社保基金的总体成效可以概括为"制度框架确立、主体工作完 成、长期机制初成"。 从制度层面看，中央与地方层面均已建立了明确的政策框 ...

Group 1 - The core viewpoint of the news is that Shanghai's economic development plan emphasizes the synchronization of income growth with economic growth, aiming for a balanced improvement in labor remuneration and productivity during the 14th Five-Year Plan period [1][2] - In 2025, the per capita disposable income of residents in Shanghai increased by 4.1% compared to the previous year, with urban residents seeing a 4.0% increase and rural residents experiencing a 5.4% increase [1] - The average urban unemployment rate in Shanghai for 2025 was reported at 4.2% [1] Group 2 - The document outlines improvements in the income distribution system, emphasizing a primary focus on labor-based distribution while allowing for multiple distribution methods [2] - It aims to increase the proportion of residents' income in national income distribution and enhance labor remuneration in the primary distribution [2] - The plan includes mechanisms for fair wage determination, collective wage negotiations, and adjustments to minimum wage standards, with a focus on key positions and skilled labor [2]

证券研究报告 2026 年 01 月 21 日 湘财证券研究所 策略研究 策略月报 2 月热点或将延续 1 月的科技、有色等方向 ——2026 年 02 月 A 股策略 率窄幅震荡》 2025.11.25 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 相关研究： 2026 年宏观短周期和中周期有望形成向上共振格局 1. 《20251125湘财证券-策略研 究-12月等待政策定调，市场大概 2. 《20251222湘财证券-策略研 究-1月市场大概率继续窄幅震荡》 2025.12.22 我们预判 2026 年宏观中周期和宏观短周期均处于底部反弹的阶段，有望形 成向上共振格局。具体原因有：一是海外方面，中美贸易冲突缓和，有助于 减轻经济下行压力。二是"十五五"规划即将落地，新质生产力依然是重要 发展方向，随着人工智能等科技领域的快速发展，将有效推动我国产业升级。 三是 2025 年 12 月中央经济工作会议定调 2026 年宏观政策为继续实施更加 积极的财政政策、适度 ...

Core Viewpoint - The article emphasizes the importance of the 14th Five-Year Plan in guiding China's economic and social development, highlighting the political advantages and strategic tasks outlined for the upcoming 15th Five-Year Plan [1][2][4]. Group 1: Five-Year Planning - The formulation and implementation of Five-Year Plans are considered a significant political advantage for the Party, reflecting its governance experience and ability to lead economic and social development [1][3]. - The 14th Five-Year Plan has seen China's economic total surpass 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan, marking a substantial growth trajectory [2]. - The 15th Five-Year Plan is positioned to address strategic tasks crucial for advancing Chinese-style modernization, emphasizing the need for a modern industrial system and technological self-reliance [4]. Group 2: Historical Context and Achievements - Since the founding of New China, the country has successfully implemented 14 Five-Year Plans, transitioning from an impoverished agricultural nation to the world's second-largest economy [2][3]. - Major achievements include significant technological breakthroughs and the establishment of comprehensive systems in education, social security, and healthcare, all supported by the Five-Year Plans [3]. Group 3: Strategic Tasks and Challenges - The 15th Five-Year Plan outlines strategic tasks that are expected to drive and support the modernization process, addressing complex changes in the development environment [4]. - The article stresses the need to leverage political advantages and implement central decisions effectively to overcome bottlenecks and enhance capabilities [4].

会议强调，2026年是"十五五"规划的开局之年，要求高、任务重、压力大，江西文化和旅游战线务必保 持昂扬斗志、饱满热情，以更高站位、更严作风、更实举措，全力推进文旅各项工作落到实处。 会上审议了《2026年江西省文化和旅游工作要点》。南昌市、上饶市文广旅局，赣州市龙南市政府、九 江市修水县政府、景德镇市陶阳里历史文化旅游区、抚州市文昌里历史文化街区等分别作交流发言。 1月20日，2026年江西省文化和旅游工作会议在南昌召开。李韵涵 摄 据介绍，2025年，江西预计接待国内游客总人次和旅游总花费分别同比增长4.75%和13.8%，人均消费 突破千元大关。其中，外省游客占比超三成，居中部首位。全年接待境外游客创近年新高。 会议要求，江西文化和旅游系统要充分认清新形势新挑战对文化和旅游工作提出的更高要求，科学谋划 各项工作，努力建设更高水平文化强省和更有竞争力的旅游强省。 中新网南昌1月20日电 (记者 李韵涵)1月20日，2026年江西省文化和旅游工作会议在南昌召开。记者从 会上了解到，2025年，江西引客入赣成效显著，江西文旅事业呈现出"全国有地位、百姓有口碑"的蓬勃 发展态势。 记者从会上了解到，江西文旅部门 ...

Group 1 - The core message emphasizes the importance of studying and implementing the spirit of the 20th Central Committee's Fourth Plenary Session to achieve a good start for the "14th Five-Year Plan" [1][2] - The session highlighted the need for a comprehensive understanding of the strategic deployment for economic and social development during the "14th Five-Year Plan" period, focusing on a holistic view and accurate grasp of policies [2][3] - The construction of a modern industrial system and the overall leap of the industrial system are identified as key strategic tasks for the "14th Five-Year Plan" period, with a focus on intelligent, green, and integrated development [2][3] Group 2 - The emphasis is placed on accelerating the construction of a new development pattern, with domestic circulation as the mainstay, and improving the quality and efficiency of the national economic cycle [3][4] - The importance of coordinating economic and social development is stressed, with a focus on improving people's living standards while promoting economic growth [3][4] - The need for scientific, democratic, and lawful decision-making in formulating national and local "14th Five-Year Plan" outlines and special plans is highlighted [4][5] Group 3 - The necessity to enhance the Party's leadership capabilities in economic and social development is underscored, with a call for leaders to improve their professional skills and practical abilities [4][5] - The importance of maintaining a high-pressure stance against corruption and promoting a culture of integrity within the Party is emphasized [4][5] - The session aims to unify thoughts and actions with the spirit of the important speech by the General Secretary and the decisions of the Party Central Committee [5]

省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班20日上午在中央党校（国家行政学院）开班。中共中央总书记、国家主席、中央军委主 席习近平在开班式上发表重要讲话强调，要把学习贯彻党的二十届四中全会精神不断引向深入，更好统一思想、凝心聚力，在党中央坚强领导下扎实做好 各项工作，努力实现"十五五"良好开局。 坚持发扬民主 集思广益 坚持规划法定原则等 我们要坚定制度自信 不断结合新的实际 把这一优势发扬光大 2026年1月20日 习近平在省部级主要领导干部学习贯彻 党的二十届四中全会精神专题研讨班开班式上 发表重要讲话 2026年1月20日 习近平在省部级主要领导干部学习贯彻 党的二十届四中全会精神专题研讨班开班式上 发表重要讲话 在制定实施五年规划的 长期实践中 我们党创造积累了丰富经验 包括坚持党中央集中统一领导 坚持从实际出发 坚持全国一盘棋 帶的一十层四面4 对"十五五"时期经济社会发展 作出战略部署 要全面深刻准确领会和把握 全面 就是要以全局视野领会全会精神 将各项部署作为一个整体来把握 不能顾此失彼 深刻 就是要知真然又知其所以然 既明自是什么 又明白为什么 怎么做 頁 准确 就是要精准把握 ...