Group 1 - The average GDP growth target for 2026 across twenty provinces is set at 5.1%, a slight decrease of 0.2 percentage points from the 2025 target, but an increase of 0.1 percentage points compared to the actual growth rate in 2025, indicating a more pragmatic and positive outlook [2][11][44] - Eight regions, including Beijing and Shandong, have set their GDP growth targets at around 5% or higher, while Hainan and Xinjiang lead with targets of approximately 6% and 5.5%-6%, respectively [2][11][44] - Economic powerhouses like Guangdong, Henan, and Zhejiang have adopted a more optimistic tone in their reports, emphasizing efforts to achieve better results in their economic performance [3][11][44] Group 2 - Investment growth targets show significant regional differentiation, with western regions like Xinjiang setting a high target of around 8%, while coastal provinces generally aim for around 5% [4][15][44] - Most regions have set their retail sales growth targets above the actual performance in 2025, with notable increases in targets for Henan and Xinjiang, while Hebei and Guangdong maintain targets around 5% [20][44] - Employment remains a priority, with provinces like Guangdong, Shandong, and Henan setting ambitious targets for new urban jobs, while environmental indicators are becoming more stringent, with specific PM2.5 concentration targets set by Beijing and Shandong [5][27][44] Group 3 - Expanding domestic demand is still the primary task, shifting focus from physical consumption to a balance of goods and services, with policies like "trade-in" becoming normalized [6][29][44] - Service consumption is being elevated, with various regions focusing on "first-release economy" and "silver economy" to create new demand [6][29][44] - The concept of "new quality productivity" is gaining traction, with regions leveraging their unique advantages for differentiated development, such as Beijing focusing on AI and quantum technology, while Zhejiang aims to create a national-level integrated circuit cluster [6][29][44]

宏 观 研 究 2026 年地方"两会"跟踪 国 内 经 济 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 联系人 社零方面，多数省份设定的目标高于 2025 年实际增速。新疆、河南、海南等地将社零增速目 标定在 6%及以上；河北、吉林定在 5%左右。贵州、甘肃、辽宁及重庆的目标设定为 4%及以 上。与 2025 年目标相比，河南、新疆目标分别上调 0.5 个百分点和 1 个百分点。与 2025 年 地方实际社零增速相比，河北、吉林、河南、广东等明显调高社零增速目标。 侯倩楠 A0230524080006 houqn@swsresearch.com 2026 年 02 月 01 日 地方"两会"观察：二十省市，三大特征 ——2026 年地方"两会"跟踪 1 月下旬以来，地方"两会"进入密集召开期。各地 2026 年 GDP 增速设定情况如何，各地 2026 年政府工作报告定量与定性分析呈现 ...

Core Insights - Hunan's commercial sector is evolving with diverse new business models, focusing on "new consumption, new scenarios, and new formats" to drive high-quality development [1][2][5] - The province aims to leverage its market potential of over 66 million people to enhance consumption quality and expand capacity, aligning with the "14th Five-Year Plan" [5] Group 1: New Business Models - Traditional enterprises in Hunan are innovating and integrating across sectors to explore new growth paths [1] - The Wanjiali business district exemplifies this trend, featuring a mix of dining, entertainment, and retail, attracting high-profile visitors and showcasing the city's commercial vitality [1] - New consumption models, such as the "home + automotive" integration, are being introduced to lead consumer trends [1] Group 2: Cultural and Entertainment Offerings - The Five-One business district in Changsha offers a variety of entertainment options, including escape rooms and live performances, enriching the nighttime cultural supply [2] - New consumption theaters are collaborating with local brands and accommodations to integrate cultural experiences into daily life [2] Group 3: Strategic Initiatives - The Hunan Provincial Commercial Association is committed to the "Strong Province" strategy, engaging with over 60 member enterprises and providing more than 200 strategic suggestions [3] - The association has organized numerous events to foster collaboration and enhance consumer engagement, contributing to a collective effort to boost consumption [3] Group 4: Future Development Plans - Hunan plans to innovate consumption models under the "Trendy and Fun" initiative, promoting the replacement of large consumer goods and expanding the supply of green and smart products [5] - The province aims to create high-quality commercial districts and night economy hubs that reflect local culture while attracting international events and brands [5] - The association will continue to focus on member needs, optimizing services and encouraging participation in emerging sectors like AI and low-altitude economy [5]

今日开幕的黑龙江省第十四届人民代表大会第四次会议上，扩内需、促消费再次成为政府工作报告里的 重点工作，2026年，黑龙江省将举办"购在龙江"等促消费活动超2000场，发放政府消费券8亿元以上。 2025年，黑龙江省开展提振消费专项行动，扩围实施消费品以旧换新，组织系列促消费活动，拉动消费 728.4亿元。激发 首发经济、直播电商等有潜能消费，新设国际国内知名 首店15家，网上零售额同比增 长14.7%。投资结构持续优化，高技术制造业投资同比增长11.5%，民间投资占比提高2.2个百分点。 ...

今日开幕的黑龙江省第十四届人民代表大会第四次会议上，扩内需、促消费再次成为政府工作报告里的 重点工作，2026年，黑龙江省将举办"购在龙江"等促消费活动超2000场，发放政府消费券8亿元以上。 2025年，黑龙江省开展提振消费专项行动，扩围实施消费品以旧换新，组织系列促消费活动，拉动消费 728.4亿元。激发 首发经济、直播电商等有潜能消费，新设国际国内知名 首店15家，网上零售额同比增 长14.7%。投资结构持续优化，高技术制造业投资同比增长11.5%，民间投资占比提高2.2个百分点。 ...

格隆汇1月31日｜据中新网，1月31日开幕的黑龙江省第十四届人民代表大会第四次会议上，扩内需、促 消费再次成为政府工作报告里的重点工作，2026年，黑龙江省将举办"购在龙江"等促消费活动超2000 场，发放政府消费券8亿元以上。 2025年，黑龙江省开展提振消费专项行动，扩围实施消费品以旧换 新，组织系列促消费活动，拉动消费728.4亿元。激发首发经济、直播电商等有潜能消费，新设国际国 内知名首店15家，网上零售额同比增长14.7%。投资结构持续优化，高技术制造业投资同比增长 11.5%，民间投资占比提高2.2个百分点。1000个省级重点产业项目完成投资1865.7亿元、同比增长4%， 243个重点项目建成投产。招商引资效果明显，新落地项目、实际利用内资分别同比增长18.7%、 31.3%。 ...

Group 1 - The core focus of the Heilongjiang Provincial Government is to expand domestic demand and promote consumption, with plans to issue over 800 million yuan in government consumption vouchers this year [1][2] - In 2025, Heilongjiang Province aims to implement special actions to boost consumption, targeting an increase in consumption by 728.4 billion yuan, alongside initiatives like trade-in programs for consumer goods [2] - The province plans to host over 2,000 promotional consumption events by 2026, including the "Buy in Longjiang" campaign, to stimulate economic activity [1][2] Group 2 - The investment structure in Heilongjiang is continuously optimizing, with high-tech manufacturing investment increasing by 11.5% year-on-year, and private investment's share rising by 2.2 percentage points [2] - The total investment in 1,000 provincial key industrial projects reached 1,865.7 billion yuan, reflecting a year-on-year growth of 4%, with 243 key projects completed and put into operation [2] - The province is focusing on developing new economic models such as online consumption and customized consumption, while also aiming to establish Harbin as a regional consumption center in Northeast Asia [2]

临近春节，市民采购年货的热情走高，上海环球港内的进博市集Expo.club年货节拉开帷幕，并将持续至3月9日。市集以"游牧世界，遇环球好礼"为主题， 依托进博会的强大溢出效应，将来自全球30多个国家的数千款进口商品"搬"到了上海市民的家门口。 正在市集里挑选红酒的李霞提着满满两大袋商品："进博会的时候来买过一些同步上新的展品，临近春节再来补货，我给爸妈选了澳洲蜂蜜，给孩子带了 进口牛奶，还挑了瓶法国红酒准备年夜饭喝。" 市民现场选购 带着孩子来逛市集的王茜则在伊朗地毯前驻足："我家新房刚装修好，一直想买块有特色的地毯。这里的手工地毯花纹特别精致，摸起来质感也好。" 进博市集 Expo.club 为了让市民的购物体验更添趣味，年货节期间特别推出了"国际红包盲盒" 活动，市民游客到店打卡即可参与。包含几十个国家货币的 "国际红包"，承载 着 "财运通四海" 的吉祥寓意，让每一位参与者都能感受到浓浓的新春祝福。 进博市集 Expo.club 走进环球港五楼的进博市集，宛如踏入了"地球村"——来自法国与澳洲的佳酿香气四溢，南非的坚果与俄罗斯的巧克力引人眼球，新西兰的奶粉罐整齐排 列，阿根廷红虾和澳大利亚牛肉新鲜诱人… ...

Core Viewpoint - Shanghai is experiencing a vibrant consumer atmosphere as the 2026 Lunar New Year approaches, with various brands launching festive activities and new store openings, highlighting the city's economic recovery and consumer engagement [1][3]. Group 1: Consumer Market Dynamics - Shanghai's total retail sales of consumer goods reached 16,600.93 billion yuan in 2025, marking a year-on-year growth of 4.6%, surpassing the national average [3]. - The Huangpu District has led the city in attracting high-profile flagship and experience stores, with 919 new stores introduced since the 14th Five-Year Plan began [3][5]. - The integration of new store openings with historical space renovations has revitalized areas like Dongtai Road, which has transformed into a vibrant commercial street with a 30% share of new stores [5]. Group 2: Brand Engagement and Innovations - High-end brands such as Darphin Paris and LA MER have opened flagship stores in Shanghai, showcasing their commitment to the Chinese market [5]. - The Swatch flagship store has undergone a significant upgrade, merging art and retail by displaying over 500 watch models, including exclusive and vintage pieces [6]. - The global fashion retail platform MUSINSA has seen rapid growth in China, achieving over 50.59 million yuan in transactions within 100 days of entering the market [6]. Group 3: Policy Support and Economic Environment - The Shanghai government has implemented policies to enhance the business environment, including a "white list" for new consumer goods to facilitate imports and streamline customs processes [7][8]. - Since the pilot program began in May 2025, 34 multinational headquarters and 54 international brands have been included in the "white list," significantly reducing the time for new products to enter the market [7]. - The Shanghai Customs has established a dedicated bonded warehouse to support high-end consumer goods, enhancing the shopping experience for consumers [8]. Group 4: Future Outlook and Strategic Initiatives - The Shanghai Municipal Commission of Commerce plans to focus on building an international consumer center city by enhancing both goods and service consumption, promoting new consumption models, and creating immersive shopping experiences [9][10]. - The city aims to attract more domestic and international consumers by innovating consumption scenarios and launching new initiatives like the "Global Food Festival" [9][10]. - The ongoing development of the first-store economy is expected to drive high-quality economic growth in Shanghai [10].

Core Viewpoint - The article discusses the challenges and opportunities faced by Guangdong Province in transforming its economy, emphasizing the need for innovation and the adoption of the "first-release economy" model to enhance competitiveness and drive sustainable development [1][5][7]. Group 1: Economic Context and Challenges - Guangdong Province is undergoing a critical period of structural adjustment and transformation, facing challenges such as squeezed profit margins in traditional industries and the need for enhanced innovation capabilities [1]. - The province's heavy reliance on OEM/ODM manufacturing has limited its position in the value chain, necessitating a shift towards self-innovation, brand development, and high-value-added segments for sustainable growth [5]. Group 2: "First-Release Economy" Concept - The "first-release economy" concept was introduced as a response to the challenges faced by traditional manufacturing, aiming to improve product competitiveness and quickly capture commercial value [7]. - The concept emphasizes the integration of emerging industries and cutting-edge technologies, with a focus on digital content and artificial intelligence as key drivers [9][11]. Group 3: Action Plans and Initiatives - The Guangdong Creative Industry Association's action plan for 2025 aims to establish a global hub for new product launches, creating a comprehensive development system that includes technology, standards, and ecosystem support [12]. - Specific initiatives include promoting supportive legislation for creative industries, building AI and blockchain laboratories, and facilitating the intelligent upgrade of traditional manufacturing clusters [9][23]. Group 4: Role of Digital Content and AI - The development of China's digital content international entrepreneurial ecosystem is highlighted, with sectors like online literature, animation, and gaming expanding into overseas markets [11]. - AI is seen as a crucial enabler for the "first-release economy," with its applications expected to reshape various sectors by 2030, thus supporting innovation and smart upgrades in industries [14][16]. Group 5: Collaborative Efforts and Future Directions - The conference provided a platform for collaboration among experts and industry leaders, focusing on addressing industry pain points and proposing a framework for an innovation-driven development system [21]. - Successful implementation of the "first-release economy" requires coordinated efforts from government and enterprises in policy guidance, technological development, and market expansion [23].