值得关注的是，为提升专项债发行效率，2025年已有10个省份试点专项债"自审自发"。从试点效果看， 自审自发地区的发行进度快于全国平均水平，且项目审批更为严格。回顾2025年全年，全国地方政府债 券发行规模首次突破10万亿元，积极财政政策持续加力的态势十分明显。 2026年开年不到两个月，地方政府债券发行规模已突破2万亿元大关。根据地方财政部门公开发债信 息，截至2月25日，全国地方政府债券发行规模超过2万亿元。2月26日当天，江苏、重庆等5个省份合计 发行约1392亿元地方政府债券，2月27日湖南、辽宁还将合计发行约892亿元。据此测算，今年前2个月 地方政府债券发行规模约为2.28万亿元，预计较去年同期增长约22%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 发债节奏加快的背后，是"十五五"规划开局之年各地重大项目建设的资金需求。去年底，财政部已提前 下达部分2026年新增地方政府债务限额——以广东为例，获得提前下达的新增债务限额达3412亿元，这 使得今年地方债发行工作早在1月便已启动。截至目前，全国已有32个省市（自治区、直辖市、计划单 列市）参与了地 ...

亚洲协会 2026年是"十五五"开局之年，即将召开的全国两会备受各界关注。 政策研究所报道截图 洲协会政策研究所报道截图 报告还聚焦多部法律草案审议，生态环境法典、民族团结进步促进法、国家发展规划法等多部法律的草案将提请审 议。 亚 美国知名财经网站Investinglive重点新一年度政府工作报告，该报告通常会设定年度主要目标和政策任务，并最清晰 地传递出中央政府的宏观政策取向。 总部位于美国的亚洲协会政策研究所近日发表题为《2026年中国"两会"值得关注的内容》的文章。报道称，中国"两 会"即将召开。来自全国各地的数千名代表将齐聚北京，参加中国政治日历上最重要的活动之一。今年尤为重要，因 为政府不仅将宣布年度经济目标，全国人代会将审查"十五五"规划纲要草案，概述2026-2030年的政策目标。 亚洲协会政策研究所报道截图 文章列出了几大关注点，包括中国今年经济以多快的速度增长？新旧动能转换的节奏如何？哪些战略性新兴产业将 获得政策扶持？ 文章分析认为，在今年两会期间，讨论将突出以下重点：以自主创新驱动高质量发展；壮大实体经济构建现代产业 体系；扩大内需；深化制度改革。这些目标与更强调以人民为中心的社会发展 ...

春节期间，当大多数人还沉浸在阖家团圆的喜庆氛围中时，平凉工业园区（高新区）的不少企业却是一 片繁忙。机器轰鸣，工人忙碌，大家正以"开局即冲刺"的劲头，奏响新春的奋进曲。 走进华能平凉发电公司，生产车间灯火通明，发电机组平稳运转，大屏幕上数据实时跳动。运行人员穿 着工装，定时巡检设备、盯着燃煤储备、核对环保指标，每个环节都不敢马虎。 "越是过节，越要打起精神。"企业有关负责人表示，这个春节假期，华能平凉发电用稳定可靠的电力， 守护着万家灯火，也为园区企业生产和市区经济发展提供了坚实保障。 同样的忙碌场景，也出现在甘肃量维生物公司的生产车间。发酵罐里微生物正欢快工作，精制、干燥等 生产线全速运转，工人们分工有序，严把每道工序。 华能平凉 发电公司工作人员紧盯屏幕上的数据。本文图片均由新甘肃·甘肃日报通讯员 齐荣摄 新甘肃·甘肃日报记者 田丽媛 通讯员 齐荣 企业生产不停歇，园区服务也不打烊。春节前夕，平凉工业园区党工委、管委会提前部署，组织工作人 员进企业、查矛盾、解难题，送上新春祝福。走访中，他们详细询问生产计划、用工保障、安全生产等 情况，精准对接企业遇到的难点，积极帮助解决。企业负责人纷纷感慨："园区服务这 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The hot-rolled coil futures market is in a game stage of "weak reality, strong expectation". The fundamentals are dominated by inventory accumulation and weak demand, putting short-term pressure on prices. However, the improvement in export profits, the resilience of steel mill production, and policy expectations form the bottom support, limiting the downside space. It is suggested to be cautiously bearish, and in the medium term, still pay attention to the pressure near the 30-day and 60-day moving averages [6]. 3. Summary According to Relevant Catalogs Market行情回顾 - Futures price: The main contract of hot-rolled coil futures reduced its positions by 8,357 lots on Thursday, with a trading volume of 319,835 lots, a contraction compared to the previous trading day. The intraday low was 3,205 yuan, the high was 3,241 yuan. In terms of the daily average line, the short-term fell back to the 5-day moving average, and the pressure of the 30-day and 60-day moving averages in the medium term still exists. It closed at 3,220 yuan/ton, up 5 yuan, a gain of 0.16% [1]. - Spot price: The price of hot-rolled coils in the mainstream Shanghai area was reported at 3,250 yuan/ton, remaining stable compared to the previous trading day [2]. - Basis: The basis between the spot and futures prices was 30 yuan [3]. Fundamental Data - Supply side: The output contracted year-on-year and was basically flat month-on-month. The current output was 3.0961 million tons, a year-on-year decrease of 0.1352 million tons and a month-on-month decrease of 0.002 million tons. In 2026, the output was slightly lower than the same period from 2023 - 2025, indicating that steel mills maintained production around the Spring Festival but actively reduced production capacity to cope with weakening demand [4]. - Demand side: The demand decreased significantly year-on-year and slightly month-on-month. The current apparent demand was 2.6837 million tons, a year-on-year decrease of 0.5396 million tons and a month-on-month decrease of 0.013 million tons. The significant year-on-year decline was mainly due to the seasonal impact of manufacturing shutdowns and stagnant terminal purchases around the Spring Festival. The slight month-on-month decline reflected that the post-festival demand recovery rhythm this year was weaker than in previous years [4]. - Inventory side: The social inventory increased significantly, and the total inventory was still lower year-on-year. The factory inventory was 947,800 tons, a month-on-month increase of 14,000 tons and a year-on-year increase of 33,400 tons. With basically flat output and weakening demand, the factory inventory accumulated slightly. The social inventory was 3.5737 million tons, a month-on-month increase of 169,000 tons and a year-on-year increase of 134,100 tons. Traders replenished their stocks before the festival, and the replenishment intensity was greater than in previous years. The total inventory was 4.5215 million tons, a month-on-month increase of 183,000 tons and a year-on-year decrease of 0.5888 million tons. Although it increased significantly month-on-month, it was still significantly lower than the previous three years, indicating that the overall inventory pressure in the industry was less than in previous years [4]. - Inventory-to-sales ratio: It was at a high level, showing the pressure of supply and demand. The current inventory-to-sales ratio was 11.79 days, a significant year-on-year increase to 2.34. A high inventory-to-sales ratio means that the current inventory level is much higher than the demand digestion capacity, and the supply-demand mismatch is serious, which will suppress the rebound space of hot-rolled coil prices until the demand substantially recovers [5]. - Policy side: There were intertwined internal and external disturbances, and policy expectations dominated sentiment. Domestically, the "14th Five-Year Plan" was about to be launched in 2026, and the Two Sessions were approaching. The market's expectations for policies such as infrastructure investment, equipment renewal, and trade-in were rising, but the actual project implementation rhythm after the festival was not yet clear. Internationally, the United States imposed a 10% tariff on imported goods starting from February 24, triggering concerns about global trade frictions and potentially suppressing export-oriented steel products. In terms of liquidity, the People's Bank of China conducted a 1-trillion-yuan 6-month outright reverse repurchase on February 13, releasing medium- and long-term liquidity and providing marginal support to market sentiment [5]. Market Driving Factor Analysis - Bullish factors: Supply contraction, demand resilience, and policy support ("14th Five-Year Plan", infrastructure investment) [6]. - Bearish factors: Slow demand realization, drag from the raw material end, inventory accumulation suppressing prices, and increased macro disturbances [6].

Group 1: Construction and Building Materials - The report emphasizes the importance of monitoring the resumption of work after the holiday, with expectations for a strong start in Q1 2026, driven by the release of projects and investment growth [2][7] - Historical analysis of previous five-year plans indicates that infrastructure investment typically shows a pattern of "high at the beginning, stable later," with the first half of the "14th Five-Year Plan" demonstrating this clearly [2][7] - In Q4 2025, Honglu Steel Construction achieved a production volume of 1.41 million tons, a year-on-year increase of 11.94%, indicating a significant return on the past three years of investment in automation [8] Group 2: Non-Banking Financial Institutions - China Life Insurance reported a 54.8% year-on-year increase in revenue and a 91.5% increase in net profit for Q3, reaching 298.7 billion yuan and 126.9 billion yuan respectively [12][13] - The company’s new business value (NBV) grew by 41.8% year-on-year, reflecting strong sales performance and improved sales capabilities [14][15] - The total investment return rate increased by 104 basis points to 6.42%, attributed to a rise in equity investments and successful participation in market opportunities [15] Group 3: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a 37% year-on-year increase in revenue and a 45% increase in net profit for the first three quarters of 2025, reaching 21.9 billion HKD and 13.4 billion HKD respectively [19][20] - The average daily trading amount (ADT) for stock securities products increased by 150% year-on-year, indicating strong market activity [20] - The exchange continues to implement strategic measures to enhance market vitality, including the introduction of new trading facilities and adjustments to trading fees [21][22] Group 4: Basic Chemicals - Sanyou Chemical is expected to achieve a net profit of approximately 0.91 billion yuan in 2025, a decline of 82% year-on-year due to falling prices of soda ash, caustic soda, and organic silicon [26][27] - The report highlights the potential recovery in the viscose staple fiber industry, with no new capacity added in recent years and a significant increase in profitability expected from price increases [27][28] - The report suggests that the profitability of soda ash and caustic soda may have bottomed out, with market dynamics indicating a potential recovery in the future [29][30] Group 5: Transportation and Logistics - Hongchuan Wisdom is expected to report a net loss of 4.4 to 4.7 billion yuan in 2025, reflecting challenges in the chemical storage business due to decreased demand [31][32] - The chemical industry is showing signs of recovery, with increased production activity and improved demand expected to enhance profitability in the future [33] - The company is positioned as a leader in chemical storage, with ongoing capacity expansion through self-built and acquired facilities [34]

【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/25 ● 铜连接/线缆 一交换机 CPO光模块 · 源杰科技/新易盛 · 华丰科技 /瑞可达 · 紫光股份 / 锐捷网络 · 中际旭创 / 光迅科技 · 宝胜股份 / 鼎通科技 · 星网锐捷 / 菲菱科思 · 天孚通信 / 太辰光 · 沃尔核材 / 金田股份 · 共进股份 · 德科立 / 长芯博创 · 兆龙互联 / 神宇股份 数据来源:Wind数据库,金融街证券研究所梳理 重点 注ETF标的清单 分析师:张一 S0670524030001|张宁 S0670524090001|刘艳平 S0670512050002| 余闵华 S0670524050001 |周晟昂 S0670525050001 | 陈阳 S0670525120001 | 蔡萌萌 S0670524110001 | 徐娜 S0670524020001 "十五五"规划一人工智能(网络设施) · 技术概况: 人工智能(ArtificialIntelligence,Al)是研究、开发 用于模拟、延伸和扩展人类智能的理论、方法、技术及应用系统的一 门技术科学,其核心在于通过计算机系统模拟人 ...

（原标题：霍启刚，最新发声） 【导读】霍启刚发布两会建议 中国基金报记者 张玲 李树超 2月26日，部分港区全国人大代表在香港举行记者会，回顾去年全国两会的建议，并介绍今年全国两会 建议。 第十四届港区全国人大代表霍启刚在记者会上介绍，今年拟提交以下8条建议： 1.支持香港国际机场融入国家民航体系、服务"十五五"高水平开放； 2.利用内地航空公司运力，共同加快拓展香港国际机场长途航线； 3.服务国家民航发展，把香港打造成国际飞机部件处理及交易中心； 4.以高品量体育协同发展，加快推动粤港澳大湾区建设世界一流湾区； 5.善用国内国际两个市场，保障国家粮食安全； 8.推动科技助残规模化应用，服务共同富裕目标与"十五五"民生发展。 霍启刚表示，国家民航局联合国家发改委2024年公布《关于推进国际航空枢纽建设的指导意见》，提 出"3+7+N"国际航空枢纽体系。整体部署已见成效，对整合内地国际航线起了重大推动作用，但同时部 分机场及航线出现资源紧张的情况，令"7"和"N"各自涵盖的一些机场未能充分满足国际航班服务需求。 为解决上述问题，配合"十五五"规划提到的高水平对外开放，他建议将香港国际机场纳入构 建"1+3+7+ ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of monitoring the resumption of work after the holiday, with Q1 2026 expected to see a "good start." Historical analysis of previous five-year planning cycles shows that infrastructure investment typically exhibits a "high start and stable finish" characteristic. The first half of the "13th Five-Year" and "14th Five-Year" plans demonstrated this pattern clearly. As 2026 marks the beginning of the "15th Five-Year" plan, with a backdrop of intensive project launches and the release of project reserves, the investment pace is anticipated to enter a rising phase again. Additionally, there are two low base supports: the base for the same period in 2025 is relatively low, with last year's Q1 narrow infrastructure growth rate at only 5%-6%, near a five-year low; and broad infrastructure investment in Q4 2025 saw a year-on-year decline of over 10%. Given the cyclical shift and the resonance of low base recovery, Q1 2026 infrastructure investment is expected to have year-on-year elasticity, making the post-holiday resumption of work a key focus [5][12] Summary by Sections Industry Performance - The report suggests focusing on structural opportunities in Honglu Steel Structure and China National Materials. Honglu Steel Structure's Q4 2025 output reached 1.41 million tons, up 11.94% year-on-year, indicating that the past three years of intelligent investment are entering a concentrated payoff period. The annual output for 2025 was 5.021 million tons, up 11.3%, with a capacity utilization rate of approximately 96.55%. With nearly 2,500 welding robots and intelligent production lines being deployed, production efficiency and effective capacity are expected to improve, with Q4 2025 already reflecting this, and further amplification expected in 2026. If manufacturing demand remains stable, the company is likely to achieve revenue growth through market share gains due to cost and scale advantages. If demand recovers, the combined effect of beta and alpha could open up valuation space. China National Materials, on the other hand, has attributes of "high overseas prosperity + high dividends," maintaining the world's number one market share in cement technology equipment and engineering services for 17 consecutive years. The business is primarily overseas, with new overseas orders in 2025 amounting to 45.024 billion yuan, up 24.37% year-on-year, providing strong support for performance [6][15] Infrastructure Data Tracking - New special bonds issued this week amounted to 195.014 billion yuan, with a cumulative issuance of 711.469 billion yuan as of February 15, 2026, representing a year-on-year increase of 164.33%. The issuance of urban investment bonds this week was 39.298 billion yuan, with a net financing amount of 13.838 billion yuan, bringing the cumulative net financing amount to 52.568 billion yuan as of February 15, 2026 [7][34] Market Review - The Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index by 1.39%, and the ChiNext Index by 1.22% during the week. The Shenwan Construction Decoration Index increased by 0.37%, with the landscaping, other professional engineering, and decoration sectors leading the gains at +4.40%, +2.57%, and +2.30%, respectively. Among individual stocks, 66 stocks in the construction sector rose, with the top five gainers being Yabo Co., Ltd. (+32.58%), Decai Co., Ltd. (+31.75%), Roman Co., Ltd. (+27.27%), Shenghui Integration (+26.85%), and Huilv Ecology (+21.40%) [8][28]

责任编辑：石秀珍 SF183 来源：国是直通车 港区全国人大代表、香港特区立法会议员霍启刚26日在香港召开记者会，回顾他在2025年两会提交建议 的最新进展，并公布他的今年两会建议，包括支持香港国际机场融入国家民航体系，提升居民收入等8 项建议。 来源：国是直通车 港区全国人大代表、香港特区立法会议员霍启刚26日在香港召开记者会，回顾他在2025年两会提交建议 的最新进展，并公布他的今年两会建议，包括支持香港国际机场融入国家民航体系，提升居民收入等8 项建议。 1．重点支持香港国际机场融入国家民航体系、服务"十五五"高水平开放。中国民航局联合国家发改委 2024年公布《关于推进国际航空枢纽建设的指导意见》，提出"3+7+N"国际航空枢纽体系，整体部署已 见成效，对整合内地国际航线起了重大推动作用，但同时部分机场及航线出现资源紧张，令"7"和"N"各 自涵盖的一些机场未能充分满足国际航班服务需求。为解决上述问题，配合"十五五"规划提到的高水平 对外开放，建议香港国际机场纳入构建"1+3+7+N"新战略格局，充分发挥香港作为国际航空"超级联系 人"的独特优势。具体而言，应明确香港与北上广三大枢纽的功能差异化分工， ...

"从今年2月开始，我们正式在苏州工厂量产超声诊断仪。"新年伊始，苏州三星电子有限公司物流关务部负责人吴旗林的话语 中透露着喜悦，这并非简单的产能叠加，而是三星拥抱中国高水平开放机遇的一次"再投资"。 "十五五"规划开局起步，国家明确提出"塑造吸引外资新优势"，健全外商投资服务保障体系，以高水平对外开放推动高质量 发展，为全球企业搭建稳定可预期的发展舞台。面对"十五五"时期的新机遇，中国超大规模市场优势、完整产业体系成为外 资企业扎根成长的核心吸引力。 根据相关数据，2025年，中国高技术产业实际使用外资占实际使用外资总量比重提升。这表明，外资的投向与中国经济转型 升级的方向高度契合，正加快进入代表未来发展方向的产业领域。 作为在华投资规模最大的外商投资企业之一，三星从1992年进入中国至今的深耕实践，正是外资与中国市场同频共振、与中 国发展同向而行的鲜活样本。 锚定高水平对外开放 入华34年，三星始终紧跟中国改革开放步伐，从早期劳动密集型产业布局，到如今聚焦高技术、高附加值产业领域，不仅完 成了自身的产业转型升级，更与中国产业结构优化升级精准对接，助力中国从"制造大国"向"制造强国"转型。 如今，中国"十五五 ...