行业 国债日报 日期 2026 年 2 月 5 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 | | 表1：国债期货2月4日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 111.960 | 112.000 | 111.700 | 111.740 | -0.260 | -0.23 | 75582 | 125098 | -2215 | | TL260 ...

Group 1 - The Suzhou delegation discussed the draft of the 15th Five-Year Plan for economic and social development, emphasizing the importance of collective efforts to contribute to the modernization of Jiangsu [1] - Liu Chengwei, Chairman of Yuanhe Holdings, highlighted the company's commitment to enhancing capital strength and increasing investments in strategic emerging industries such as integrated circuits, artificial intelligence, biomedicine, and high-end manufacturing [2] - The report emphasized the development of technology-driven agriculture, green agriculture, quality agriculture, and brand agriculture, with a focus on leveraging scientific advancements to improve agricultural productivity [2] Group 2 - Representatives expressed their commitment to learning and implementing the spirit of the provincial two sessions, aiming to strengthen their roles in the development framework [1] - The importance of innovation and talent cultivation was stressed, with a focus on creating a comprehensive ecosystem for attracting and retaining talent to support the modern industrial system [2] - The discussion included the significance of technological advancements in agriculture, as exemplified by the success of the Su Cui No. 1 pear developed by Jiangsu Academy of Agricultural Sciences, which has become a key product for local farmers [2]

Group 1 - The core focus of the news is the significant changes in the revenue and investment structure of central enterprises in China, particularly in strategic emerging industries, with revenues exceeding 12 trillion yuan and investments reaching 2.5 trillion yuan, indicating a shift towards modernization and innovation [1][2] - Central enterprises are now tasked not only with preserving and increasing the value of state assets but also with playing a crucial role in building a modern industrial system and a new development pattern, emphasizing the importance of technological innovation and industry control [2] - The current wave of technological revolution and industrial transformation is reshaping the global industrial landscape, making it essential for central enterprises to adapt to technological and market changes to maintain competitiveness [3] Group 2 - Some enterprises are choosing to introduce new technologies and focus on "digging into tracks," such as China FAW, which is transitioning to new energy vehicles, achieving a 71.4% year-on-year increase in sales to 366,000 units by 2025 [3] - Other enterprises are extending their industrial chains, like China Railway Construction, which is developing green building materials, and China National Building Material, which is investing over 60% of its capital into new materials, maintaining a leading position in carbon fiber production [3][4] - Additionally, some companies are expanding their technology chains, such as CRRC, which has leveraged high-speed rail technology to enter the wind power industry, with this new sector accounting for 35% of its total revenue [4]

要切实发挥"三个作用"，央企就不能在前瞻性战略性新兴产业领域缺位。发展战略性新兴产业对央企而 言，已不是选择题，而是必答题。 数据来源：国务院国资委 国务院国资委公布中央企业2025年成绩单，两个"万亿元"备受关注。 一是，央企战略性新兴产业营收规模超12万亿元，占总营收比重较2022年提高超10个百分点。二是，央 企完成战略性新兴产业投资2.5万亿元，占总投资的比重达41.8%。 两个"万亿元"数据标注了央企布局结构的显著变化。前者代表着央企正在改变产业结构偏旧的现状，后 者传递出央企求新求变、打造增长"第二曲线"的决心。 求新求变，源于职责使命之变。 迈入"十五五"，央企的职责使命已不单单是实现国有资产保值增值，更要在建设现代化产业体系、构建 新发展格局中更好发挥科技创新、产业控制、安全支撑作用。 原标题：从两个"万亿元"看央企求新求变（读数·年度数据深一度） 求新求变，也源于产业发展之变。 当前，新一轮科技革命和产业变革正以前所未有的力度重塑全球产业格局。要在激烈竞争中赢得一席之 地，顺应技术之变、市场之变已成为央企的"必选项"。 例如，随着我国城镇化水平不断提升，对建筑央企而言，实现高质量发展，就必须 ...

国务院国资委公布中央企业2025年成绩单，两个"万亿元"备受关注。 当然，央企发力新兴产业，并不意味着"东张西望"、随意跨界。央企布局新兴产业，依旧需要围绕主责 主业，做强产业链、延伸价值链。 有的企业选择引入新技术，全力"挖赛道"。中国一汽顺应产业变革趋势，推动向新能源转型。2025年， 中国一汽自主新能源汽车销量突破36.6万辆，同比增长71.4%。 迈入"十五五"，央企的职责使命已不单单是实现国有资产保值增值，更要在建设现代化产业体系、构建 新发展格局中更好发挥科技创新、产业控制、安全支撑作用。 要切实发挥"三个作用"，央企就不能在前瞻性战略性新兴产业领域缺位。发展战略性新兴产业对央企而 言，已不是选择题，而是必答题。 求新求变，也源于产业发展之变。 当前，新一轮科技革命和产业变革正以前所未有的力度重塑全球产业格局。要在激烈竞争中赢得一席之 地，顺应技术之变、市场之变已成为央企的"必选项"。 例如，随着我国城镇化水平不断提升，对建筑央企而言，实现高质量发展，就必须向新兴领域转型、开 辟"第二曲线"。又如，对通信央企而言，人工智能浪潮汹涌而来，从通信基础设施提供商变身人工智能 基础设施建设者，是大势所趋， ...

胡 明 "十四五"期间，江苏民间投资结构持续优化，对稳就业、稳企业、稳市场、稳预期起到重要作用。建 议：一是落实促进民营经济发展的政策措施。进一步建立政策措施落实的跟踪反馈和效果评估机制，加 快完善常态化政企沟通和涉企诉求闭环处理机制，在破除竞争性领域投资障碍、营造公平竞争市场环境 等方面持续发力。二是支持推动存量企业立足本地增资扩产。依托我省先进制造业集群部署整合资源， 避免盲目投资和低水平重复建设，实现企业稳产增效、跃升发展的良性循环。加快设立全省增资扩产基 金、并购基金，引导支持链主企业、行业龙头企业实施战略性重组和高质量并购。三是大力促进苏商回 乡投资。推动实施"苏商回乡投资计划"，吸引更多江苏籍企业家回乡投资兴业。发挥企业家积极性，吸 引更多优质企业落户江苏。四是持续优化促进民间投资发展的良好环境。严格规范涉企执法，形成"无 事不扰、有求必应"服务企业机制。对战略性新兴产业、未来产业等重点领域，调整优化政策力度，破 解发展制约。切实加强产权司法保护，积极促进民营经济领域纠纷多元化解，保护企业合法权益。积极 探索高效便捷的信用修复服务模式，建立符合市场需求的信用评价和金融风控模型。 胡 明代表江苏省工 ...

Core Insights - The latest GDP rankings reveal that Shanghai maintains its leading position with an economic total of 56,708.71 billion yuan, while Beijing becomes China's second city to surpass the 50 trillion yuan mark [1][4] - Hefei has made significant progress, ranking 18th in the top 20 cities and achieving a growth rate of 6.1%, the highest among these cities [1][12] GDP Rankings and Growth Rates - Shanghai: 56,708.71 billion yuan, growth rate 5.4% [2] - Beijing: 52,073.4 billion yuan, growth rate 5.4% [2] - Shenzhen: 38,731.8 billion yuan, growth rate 5.5% [2] - Chongqing: 33,757.93 billion yuan, growth rate 5.3% [2] - Guangzhou: 32,039.46 billion yuan, growth rate 4.0% [2] - Hefei: 14,210 billion yuan, growth rate 6.1% [3][12] Economic Structure and Key Industries - In Shanghai, the integrated circuit, biomedicine, and artificial intelligence sectors are projected to grow by 9.6%, with total output surpassing 2 trillion yuan [3] - Beijing's GDP is supported by key industries such as information transmission, software, IT services, finance, and industrial value-added, which together account for 51.8% of its GDP [4] - Shenzhen's new industries contribute significantly, with emerging sectors accounting for 43.0% of its GDP [5] - Chongqing's new energy vehicle sector shows a growth of 13.4%, contributing 60.9% to its industrial economy [5] Consumption and Market Dynamics - Cities with GDPs over 20 trillion yuan typically exhibit strong manufacturing bases, high-income populations, and large populations, which support rising consumption [9] - The consumption market in cities like Chengdu continues to grow, with retail sales reaching 1.14 trillion yuan [6] - The distinction of being a "trillion consumption city" is evident, with cities like Shanghai, Beijing, and Shenzhen leading the way [9] Hefei's Economic Performance - Hefei's industrial value-added grew by 17.6%, with significant contributions from sectors like computer and communication equipment manufacturing [14] - The city's total import and export volume reached 455.18 billion yuan, growing by 20.2% [15] - Fixed asset investments in advanced manufacturing and high-tech services are also on the rise, indicating a shift towards higher efficiency and growth [15]

Group 1 - The core viewpoint of the article is the introduction of a comprehensive policy guide by Guangdong Province aimed at promoting financial collaboration to benefit enterprises and the public, detailing the operation of the Strategic Emerging Industries Investment Fund [1] - The Guangdong Provincial Finance Department has established a wholly-owned company for the Strategic Emerging Industries Investment Fund with a total scale of 100 billion yuan and an initial scale of 50 billion yuan, which will serve as a unified investment and management platform [1] - The fund is designed to operate long-term without a fixed duration, supporting the provincial government's efforts to accelerate the modernization of the industrial system [1] Group 2 - The fund primarily targets strategic emerging industries, future industries, and the upgrading of traditional industries, aligning with key provincial government initiatives such as the "Hundred Million Thousand Project" and ecological construction [2] - The fund encourages investments in early-stage, small, long-term, and hard technology projects, supporting unicorns and specialized enterprises, while establishing industry-specific mother funds to attract leading enterprises and long-term capital [2] - The fund's operations are managed by Guangdong Yuecai Fund Management Co., with the Provincial Development and Reform Commission as the business supervisor and the Provincial Finance Department as the investor [2][3]

投资界消息，2月2日，广东省财政厅、广东省委金融办、广东省发展改革委联合发布《财政金融协同惠企利民一揽子政策指引》。文件披露了广东省战略性 新兴产业投资引导基金的运作模式、投向布局、运营管理机制等核心细节。 据介绍，广东省战略性新兴产业投资引导基金计划总规模1000亿元、首期注册500亿元。由广东省财政厅作为唯一股东，采用公司制运作模式，设立独立运 营管理主体，承担省级政府投资基金统一出资和管理平台的职能。引导基金长期经营，不设固定存续期限，作为省级政府投资基金统一出资和管理平台，建 立省财政长期稳定投入和回收资金循环滚动投资机制，由省财政厅作为唯一股东，为省委、省政府推进加快现代化产业体系建设提供重要支撑。 引导基金主要投资战略性新兴产业、未来产业以及升级改造的传统产业等我省重点扶持的产业领域，服务"百千万工程"、绿美广东生态建设、海洋强省建设 等省委、省政府重点工作部署。鼓励母子基金投早、投小、投长期、投硬科技，支持投资独角兽、专精特新、制造业单项冠军等企业。以设立产业投资类母 基金为主，引导基金将分行业引入产业龙头和链主企业合作构建产业生态基金，引入银行、保险资金等长期资本合作设立具有专项功能的母基金； ...

// 债市综述 // 1. 公开市场操作 央行公告称，2月3日以固定利率、数量招标方式开展了1055亿元7天期逆回购操作，操作利率1.40%，投标量1055亿元，中标量1055 亿元。Wind数据显示，当日4020亿元逆回购到期，据此计算，单日净回笼2965亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面整体平稳，跨月后需求端压力暂时不大，DR001加权平均利率降约5bp至1.31%附近。匿名点击（X-repo）系统 上，隔夜报价在1.3%有逾千亿供给；非银机构质押信用债融入隔夜报价则在1.5%附近。 海外方面，最新美国隔夜融资担保利率为3.68%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-利差分析） 6. 国债期货收盘 30年期主力合约跌0.10% 10年期主力合约涨0.02% 5年期主力合约涨0.06% 2年期主力合约涨0.03% 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.60%位置，较上日小幅上行。 （*数据来源：Wind-同业存单-发行结果） 5. 近期城投债（AAA）各期限利差走势及数据 ...