□ 理解今年经济需把握"夯实基础、全面发力、战略主动"三重导向 □ 在投资端有三个关键方向：首先是与未来新兴产业相关的持续投入，有望带来新的增长点；其次 是"新"新基建，有望提升经济系统效率；最后是绿色转型相关投入 ◎刘禹希 记者 严晓菲 2026年是"十五五"开局之年，中国经济如何在复杂环境中稳步前行？申万宏源证券首席经济学家赵伟在 接受上海证券报记者专访时表示，理解今年经济需把握"夯实基础、全面发力"的双重导向。他认为，服 务消费、"新"新基建与绿色投资将是影响全年经济走向的三大关键。 "夯实基础"与"全面发力"并重 "2026年是'十五五'开局之年，理解这一年的经济与政策，首先要看规划建议的一些重要表述。"赵伟表 示，其中"夯实基础"和"全面发力"八个字，尤其值得关注。 赵伟表示，"夯实基础"指的是对"十四五"以来所构建的产业体系、市场基础和制度框架的巩固与深化。 而"全面发力"意味着在发展与改革相关领域，政策推进与落实的速度将会加快。 此外，赵伟表示还要高度重视"战略主动"这一导向。国家在政策层面的主动性将显著增强，主要体现在 两个方面：一是统筹国内经济工作与国际经贸斗争的主动性将显著提高；二是开放相 ...

Core Insights - Changsha ranks sixth in the national competitiveness of the biomanufacturing industry, following major cities like Beijing, Guangzhou, and Shanghai, with a score of 87.82 [1][10] - The biomanufacturing sector is recognized for its green, efficient, and renewable production processes, with key applications in biomedicine, bioenergy, bio-agriculture, and bio-based chemicals [1] - The ranking is based on six core dimensions: industry scale, quality enterprises, innovation capability, financing ability, industry efficiency, and growth capability [1] Innovation and Development - Changsha's biopharmaceutical industry has shown resilience, with 17 provincial-level benchmark enterprises recognized in the past three years across various sectors [2] - The city has advanced from a "follower" to a "runner-up" in innovation, ranking ninth in China's city innovation capability and 23rd globally [2] - Over 600 technology innovation platforms have been established, including 25 national-level platforms, supporting a complete innovation chain from basic research to results transformation [2][3] Collaborative Ecosystem - Changsha has implemented a three-year action plan for biomanufacturing, creating a diversified industrial ecosystem centered on biomedicine, bio-agriculture, and bio-manufacturing [4] - In 2025, 11 out of 16 listed companies in Changsha reported positive revenue growth, highlighting the significant role of leading enterprises [4] - The Changsha High-tech Zone has significantly improved its ranking in national biopharmaceutical park development, moving from 29th to 7th place [4] Strategic Initiatives - The city is focusing on brand development through the "Three Products" strategy, with 32 enterprises participating in key product recognition, enhancing product competitiveness [5][6] - Digital transformation initiatives have been implemented, with 86 biopharmaceutical companies undergoing digital upgrades, integrating AI with health services [6] - Changsha is leveraging its educational resources to enhance industrial competitiveness, aiming to build a more resilient and vibrant biomanufacturing ecosystem [6]

Group 1 - The discussion at the Jiangsu Provincial Political Consultative Conference focused on improving talent cultivation to ensure common prosperity for all people [1] - Jiangsu Provincial Political Consultative Committee member Jiang Junchen emphasized the need for a "demand-driven" dynamic adjustment mechanism for professional settings in higher education, particularly in emerging industries like artificial intelligence and biomanufacturing [2] - Jiang suggested that enterprises should transition from merely hiring to actively participating in talent cultivation, integrating industry technology into educational curricula [2] Group 2 - Jiangsu Provincial Political Consultative Committee member Zhou Changzhi highlighted the challenges in recruiting, employing, and retaining talent in the elderly care sector, noting that current subsidy policies only cover nursing and rehabilitation professionals [3] - Zhou proposed expanding the coverage of stable employment subsidies for elderly care workers to include all professionals with three years of continuous service, regardless of their background [3] - Zhou also called for the integration of certification systems for caregivers to reduce redundancy in testing requirements and improve the pass rates for qualifications [3]

省两会会场，我们总能看到代表委员们或凝神记录，或专注勾画。那厚厚的笔记本里，究竟藏着什么？ 在征得同意后，我们轻轻翻开了他们的笔记本，就像打开了一扇观察两会真实、生动细节的窗。这里不仅有一时一事的灵感速记，更藏着他们履职思考最鲜 活的"痕迹"。 "提真问题，真提问题。"省政协委员、西南交通大学教授杨维清的笔记本上，记下了这句话。就在不久前，通过深入雅安经开区20多家新能源企业调研，他 摸清了一个关键症结：我省动力电池和储能电芯产能已跻身全国第三，但研发体系却相对薄弱。 四川在线记者 李欣忆 高杲 范华 郑志浩 曹凘源 陈秋吉 卢春阳 李强 赵明 杨维清。 "宁德时代、比亚迪等在川设立了生产基地，但研发总部仍在省外。这既是发展的机遇，也潜藏着产业布局调整可能带来的风险。"杨维清认为，这是一个真 问题。"但找出问题只是第一步，更重要的是通过分析研判，找到解开问题的'钥匙'。"于是，他这次带来了关于加快推进我省电芯制造研发体系建设的建 议，提出"将中试平台建在产业链上"的对策。 真问题，往往来自一线最直接的叩问。省人大代表、四川西昌电力股份有限公司总经理朱国政的笔记里，一行数字格外醒目："去年凉山州弃水电量达20亿 ...

Group 1 - The hydrogen energy sector is showing strong performance, with Shenghui Technology's stock reaching 9.98 yuan per share, an increase of 19.95% [1] - The Ministry of Industry and Information Technology emphasized the need to enhance technological supply for future industries, focusing on breakthroughs in fields such as hydrogen energy [1] - According to CITIC Securities, during the 14th Five-Year Plan period, hydrogen energy is expected to gradually enter the industrialization stage, with the market for green hydrogen and hydrogen-based green fuels anticipated to expand [1] Group 2 - Shenghui Technology is advancing its "smart + dual carbon" strategic transformation, focusing on new power systems including hydrogen energy as a second growth curve [2] - The subsidiary Sheng Hydrogen has achieved market delivery of hydrogen production equipment, while another subsidiary has won a bid for a smart comprehensive energy project [2] - The company is involved in supplying liquid hydrogen fuel for the "Long March 8" launch and has successfully produced helium cooling machines for nuclear fusion applications [2]

Core Insights - The central theme of the article emphasizes the importance of developing future industries driven by cutting-edge technologies, which are characterized by their forward-looking, strategic, and disruptive nature [1][2][3]. Group 1: Future Industries Development - The "14th Five-Year Plan" suggests promoting sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth points [1][2]. - The development of future industries is crucial for seizing technological and industrial high ground, enhancing new productivity, and improving the quality of life for citizens [3][4]. Group 2: Strategic Planning and Coordination - A scientific and comprehensive approach is required for planning future industries, focusing on national strategic needs, technological maturity, and resource support [4][6]. - The integration of future industries with traditional and emerging strategic industries is essential to prevent disconnection and to deepen industrial convergence [4][7]. Group 3: Role of Enterprises and Innovation - Enterprises are identified as the main drivers of innovation, and there is a need to create an ecosystem centered around enterprises to gather various innovation resources [7][8]. - The government is encouraged to enhance support through improved fiscal policies, talent development, and effective regulatory frameworks to ensure a balance between flexibility and governance [8]. Group 4: Long-term Vision and Implications - The cultivation of future industries is seen as a long-term process with significant market risks, and it is vital for establishing a modern industrial system and reshaping the global economic landscape [1][2][9].

Economic Growth Targets - Shanghai's economic growth target for 2026 is set at 5%, slightly lower than the 5.4% growth achieved in 2025, with GDP reaching 5.67 trillion yuan [2][4] - In 2025, Shanghai's key economic indicators, including consumption, exports, and investments, all showed growth exceeding the national average [2][4] Key Economic Indicators - Retail sales in Shanghai grew by 4.6% in 2025, surpassing the national average of 3.7% [7] - The total foreign trade volume in Shanghai reached 45.1 trillion yuan in 2025, with a growth rate of 5.6%, also above the national average of 3.8% [10] - Fixed asset investment in Shanghai increased by 4.6% in 2025, significantly better than the national average decline of 3.8% [5] Income and Employment - The per capita disposable income in Shanghai reached 91,987 yuan in 2025, marking a 4.1% increase, which is lower than the GDP growth rate [9] - The average urban unemployment rate in Shanghai was 4.2% in 2025, with a target to keep it below 5% in 2026 [9][8] Strategic Industries - The three leading industries in Shanghai—integrated circuits, biomedicine, and artificial intelligence—saw manufacturing output growth of 9.6% in 2025, with integrated circuits growing by 15.1% [4][6] - Strategic emerging industries accounted for 45% of Shanghai's industrial output, with a 6.5% increase in output in 2025 [4] Consumption and Services - The government plans to enhance consumption by promoting initiatives such as the transformation of key shopping districts and the introduction of consumption vouchers [3][8] - In 2025, Shanghai's service sector saw significant growth, with a focus on cultural, tourism, and health services to boost consumption [8] Export Performance - Shanghai's exports reached a record high of 20.15 trillion yuan in 2025, with a growth rate of 10.8% [10] - The export of high-end manufacturing products, including electric vehicles and industrial robots, showed significant growth, with electric vehicle exports exceeding 100 billion yuan [11] Future Development Plans - Shanghai aims to establish a national service trade innovation development demonstration zone by 2026, focusing on high-end design and knowledge-intensive service trade [12][10] - The city plans to develop the low-altitude economy and other emerging industries as new growth points [5][6]

风险提示："中证500质量成长指数(930939)由中证指数有限公司（"中证"）编制和计算，其所有权归属 中证或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任何明 示或暗示的担保，不因标的指数的任何延迟、缺失或错误对任何人承担责任（无论是否存在过失）。中 证对于跟踪标的指数的产品不作任何担保、背书、销售或推广，中证不承担与此相关的任何责任。"本 基金为被动投资的交易型开放式指数基金，主要采用完全复制策略，跟踪标的指数市场表现，具有与标 的指数所表征的市场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场平均回报 偏离、标的指数波动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、成份股停 牌或退市等潜在风险。本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付 责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构成对本基 金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品资料概要 ...

早盘，煤炭股爆发，板块内多股涨停。截至午间收盘，兖矿能源、中煤能源、陕西黑猫、美锦能源、晋控煤业、云煤能源等涨停。 2月4日早盘，A股震荡回落。截至午间收盘，上证指数微跌，报4067.67点；深证成指跌0.92%，创业板指跌1.74%，科创综指跌2.06%。沪深北三市半日成 交16297亿元，中际旭创成交额达216.96亿元，位居A股第一。 | < V | 煤炭(申万) | | E | O | | --- | --- | --- | --- | --- | | | 2988.85 6.32% | | | | | 分时 王日 | 日 K | 周Ｋ 月Ｋ | | 更多,◎ | | 资讯 | 成份股 | | 童要指数 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 究矿能源 | 15.27 | 10.01% | | 1.39 | | 600188 | | | | | | 陕西黑猫 | 4.62 | 10.00% | | 0.42 | | 601015 | | | | | | 美锦能源 | 5.17 | 10.00% | | 0.47 | | 000723 | | | | | | 中煤能源 | 14. ...

Group 1 - The Central Document No. 1 for 2026 emphasizes the importance of agricultural modernization and rural revitalization as a key strategy for China's modernization, aiming to enhance agricultural productivity and improve living conditions for farmers [1] - In January 2026, A-share new accounts reached 4.9158 million, a year-on-year increase of 213% compared to January 2025, indicating a significant rise in retail investor participation [1] - The Ministry of Industry and Information Technology, along with eight other departments, released guidelines for the safe export of automotive data, aiming to facilitate efficient and secure cross-border data flow in the automotive sector [1] Group 2 - Recent rumors regarding potential increases in VAT rates for the gaming and financial sectors have been deemed unfounded by experts, indicating stability in tax policies for these industries [1] - The People's Bank of China announced a reverse repurchase operation of 800 billion yuan, indicating a strategy to manage liquidity in the financial system [1] - The National Development and Reform Commission reported an increase in domestic gasoline and diesel prices by 205 yuan and 195 yuan per ton, respectively, reflecting fluctuations in international oil prices [1] Group 3 - The Ministry of Commerce plans to optimize the implementation of appliance recycling and subsidy policies, with sales of six categories of home appliances and four categories of digital products exceeding 15 million units and nearly 59 billion yuan in sales in January [1] - The Shanghai Gold Exchange and other trading platforms have implemented risk control measures, including adjustments to margin levels and trading limits for various commodities, indicating a proactive approach to market volatility [2] - The announcement of significant investments by companies such as Fulin Precision and Wangneng Environment in new projects highlights ongoing growth and expansion in the manufacturing and environmental sectors [4]