Core Insights - The total electricity consumption in Wuhan for 2025 reached 85.712 billion kilowatt-hours, reflecting a year-on-year growth of 4.76% compared to 2024, indicating robust resilience in the economy [1] - The electricity consumption data highlights a shift in Wuhan's economic direction, with significant growth in sectors such as new energy vehicle manufacturing and internet data services, which saw year-on-year increases of 71.9% and 240.6%, respectively [1] Industry Electricity Consumption - The secondary industry experienced a year-on-year electricity consumption growth of 5.53%, with manufacturing seeing a notable increase of 7.57%, surpassing the average growth rate [1] - The automotive manufacturing sector's electricity consumption grew by 13.05%, with new energy vehicle manufacturing leading with a 71.9% increase, underscoring Wuhan's position as a leader in the electrification transition [1] - The computer, communication, and other electronic device manufacturing sectors also reported a 14.29% increase in electricity consumption [1] Service Sector Growth - The third industry, particularly internet data services, exhibited a remarkable surge in electricity consumption, soaring by 240.6%, highlighting the explosive growth of Wuhan's digital economy industry cluster [1] Infrastructure Development - In 2025, the State Grid Wuhan Electric Power Company focused on creating a modern electricity business environment, implementing a "dual long system" for major project connections, facilitating immediate project commencement and electricity access [3] - The construction of the large power grid continued, with the commissioning of two 500 kV substations, injecting strong momentum into regional economic development [3] - The company also executed 20 key projects for grid optimization and reinforcement, ensuring timely completion of 165 summer peak power supply projects [3] Changes in Electricity Structure - The growth rate of electricity consumption for urban and rural residents reached 3.84%, which is lower than the overall societal growth rate, while the electricity consumption for charging and swapping services increased by 17.4%, reflecting a rise in citizens' willingness for green travel [3]

Group 1: Digital Economy Development - The introduction of the "Shandong Province Digital Economy Promotion Regulations" solidifies the legal foundation for digital economy development in Shandong, with the digital economy now accounting for over 49% of the province's GDP [1] - The "Intelligent Leadership Qilu Digital Benchmark" media event highlights the practical applications of digital initiatives in cities like Dezhou, showcasing the integration of digital practices in various sectors [1] Group 2: Green Data Centers - The Lu Bei Data Center is a modern data center cluster under construction in Dezhou, recognized as a national strategic layout, with plans for completion by September 2025 [3] - The center employs a "data center + source-network-load-storage" integrated model to address high energy consumption issues, aiming to become a "zero-carbon data center" [3] Group 3: Intelligent Computing Center - The "Dezhi Future" Intelligent Computing Center, set to be operational by the end of 2024, will have a planned computing power of 510P, utilizing single-phase immersion liquid cooling technology [5] - The project aims for an annual PUE (Power Usage Effectiveness) value of ≤1.05, achieving over 35% energy savings compared to traditional cooling methods, and will recycle cooling liquid to save approximately 120,000 tons of water annually [5] Group 4: Global Business Intelligence - Shandong Guomao Tong Big Data Co., Ltd. focuses on digital upgrades in foreign trade, offering the BTDataS7.0 system that integrates big data, AI, and business intelligence to assist foreign trade enterprises [6][8] - The system has served over 100,000 foreign trade and related enterprises, including major companies like Sinopec and Haier, enhancing decision-making efficiency in a complex international trade environment [8] Group 5: Smart Community Services - The Chahe community in Dezhou has implemented a smart community platform that connects various municipal data services, improving efficiency in managing services for elderly residents [9] - The community has launched data governance scenarios that have automated over 4,100 data interface calls, significantly reducing the need for residents to visit multiple departments [9] Group 6: Overall Impact of Digital Economy - Dezhou exemplifies how digital economy initiatives translate into tangible productivity and improved quality of life, contributing to the broader development of digital economy in Shandong and nationwide [10]

券商新一年度首月"金股"组合日前陆续出炉。 2025年，港股整体维持涨势，吸引各路投资者加大对港股市场的关注和布局，港股上市公司也越来越频 繁地出现在券商月度"金股"组合当中。 据中国证券报记者梳理，前述券商推荐的151只2026年1月"金股"组合中，港股标的有47只，占比超过三 成。从单家公司推荐频次看，腾讯控股最受券商青睐，获得海通国际、国信证券、光大证券3家机构青 睐；老铺黄金、李宁、中芯国际、友邦保险均获得2家券商联合推荐，看好机构包括海通国际、国金证 券、光大证券、华泰证券等。 Wind数据显示，截至2026年1月3日中国证券报记者发稿时，已有151只标的入围券商2026年1月"金 股"组合，港股标的数量占比超三成。中际旭创（300308）、腾讯控股分别成为最受关注的A股、港股 标的。电子、机械设备、汽车等行业"金股"分布较为密集。 对于1月市场前景，业内机构认为，A股进入关键数据验证期，波动可能加大，风格倾向阶段性再平 衡，配置上看好具备战略稀缺性的上游资源品板块、部分内需板块以及产业趋势明确、业绩能见度高的 细分领域龙头；港股未来有望继续震荡上行，配置上可关注科技成长及高股息占优的"哑铃"策略。 ...

Core Insights - The rapid delivery of approximately 1.3 tons of Spanish bluefin tuna to Shenzhen, China, highlights the increasing economic cooperation between China and Spain, with the entire process taking less than 24 hours [1] - The bilateral trade between China and Spain has shown significant growth, with trade volume exceeding $50.032 billion, a year-on-year increase of 9.1% [2] - Spain's agricultural exports to China, including olive oil, ham, wine, and citrus fruits, are on the rise, making China a key market for Spanish agricultural products [2][3] Trade and Economic Cooperation - The efficiency of customs procedures in China has improved significantly, facilitating the entry of Spanish seafood and fruits into the Chinese market [2] - The China-Europe Railway Express has been operational since 2014, enhancing the cross-border flow of goods between Spain and China, particularly for Spanish wine and olive oil [2] - Various platforms, such as the China International Import Expo, have helped Spanish products gain visibility and expand in the Chinese market [3] Investment and Industry Collaboration - Chinese companies are increasingly investing in Spain, particularly in sectors like renewable energy, digital economy, and advanced manufacturing [6] - A joint venture between Chery and a Spanish company is set to produce electric vehicles in Barcelona, reflecting the growing presence of Chinese automotive brands in Spain [4] - The establishment of a lithium iron phosphate battery factory by CATL and Stellantis in Spain is expected to enhance the region's position in the European electric vehicle supply chain [5] Renewable Energy and Sustainability - China and Spain are collaborating on renewable energy projects, including a biofuel project in Spain that aims to produce low-carbon fuels [7] - The partnership in clean energy and technology is seen as beneficial for both countries, contributing to global energy transition efforts [8] - The cooperation in renewable energy not only promotes technological and capital flow between the two nations but also supports broader European and global green initiatives [8]

Core Insights - The article highlights the resilience and progress of China-ASEAN cooperation in 2025 amidst a complex international environment, emphasizing the importance of regional economic integration and institutional innovation to counter external uncertainties [4][12]. Group 1: Economic Cooperation - China-ASEAN trade reached 6.82 trillion yuan, a year-on-year increase of 8.5% in the first eleven months of 2025, maintaining ASEAN as China's largest trading partner [5]. - The signing of the upgraded version of the free trade agreement (FTA 3.0) in Kuala Lumpur marks a new phase in economic cooperation, expanding the cooperation framework to include nine areas such as digital economy and green economy [4][6]. - Agricultural trade between China and ASEAN amounted to 51.3 billion USD in the first ten months of 2025, with a year-on-year growth of 8.9% [6]. Group 2: Infrastructure and Technology - Infrastructure projects like the China-Laos Railway and the Jakarta-Bandung High-Speed Railway are enhancing regional connectivity and facilitating economic activities [7]. - The establishment of the China-Laos Artificial Intelligence Innovation Cooperation Center signifies a shift towards digital economy collaboration, with increasing cooperation in areas like 5G and cross-border e-commerce [8]. Group 3: Regional Governance - China is enhancing people-to-people exchanges with initiatives like the "ASEAN Visa," promoting easier travel and cultural exchanges [9]. - In response to regional security challenges, China is facilitating cross-border crime cooperation and engaging in multilateral dialogues to maintain stability in the region [10]. Group 4: Future Outlook - The implementation of the China-ASEAN Comprehensive Strategic Partnership Action Plan (2026-2030) is expected to further deepen cooperation across various fields, with 2026 marking the fifth anniversary of the partnership [12].

Core Viewpoint - Guangdong's tourism and economic performance during the New Year holiday indicates a strong start for 2026, which is crucial for the province's role in national economic stability and growth [2][3]. Group 1: Economic Performance - During the 2026 New Year holiday, Guangdong received 17.875 million tourists, with a daily year-on-year growth of 34.8%, generating tourism revenue of 9.98 billion yuan, a daily year-on-year increase of 39.8% [2]. - In the first eleven months of 2025, Guangdong's industrial added value above designated size grew by 3.2% year-on-year, with manufacturing increasing by 3.4% and automotive manufacturing by 9.9% [3]. - The province has established nine trillion-yuan industrial clusters, with the AI core industry accounting for about one-third of the national total, and the digital economy ranking first in the country [3]. Group 2: Innovation and Technology - Guangdong's innovation capabilities are strong, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally in the innovation index according to the World Intellectual Property Organization [4]. - The province is focusing on new mechanisms for technology innovation transformation, enhancing the matching of innovative product supply and market demand [4]. - The launch of the world's first self-navigating mobile aquaculture platform in Zhuhai showcases Guangdong's advancements in integrating AI and robotics into traditional industries [5]. Group 3: Infrastructure and Logistics - Baiyun Airport's third-phase cargo facilities will support the construction of a national logistics hub, while Huizhou Airport has opened its first all-cargo route to enhance logistics efficiency for high-value industries [5]. - In 2025, Guangdong's airports handled over 180 million passengers, ranking first among all provinces, and Guangzhou Metro's total passenger volume exceeded 14 million on December 31, 2025, setting a new record [4]. Group 4: Future Outlook - Guangdong is in a transitional phase, moving from old to new economic drivers, which presents both challenges and opportunities for various industries [6]. - The province aims to implement a new round of high-quality development actions for key industrial chains, focusing on revitalizing traditional industries and accelerating the cultivation of new industries [6].

Group 1 - The core viewpoint of the articles emphasizes Guangdong's strong economic performance and its role in driving national growth, particularly in the context of the "14th Five-Year Plan" [1][6] - During the New Year's holiday in 2026, Guangdong received 17.875 million tourists, with a daily average year-on-year growth of 34.8%, generating tourism revenue of 9.98 billion yuan, a daily average year-on-year growth of 39.8% [1] - Guangdong's industrial output value increased by 3.2% year-on-year in the first eleven months of 2025, with manufacturing growing by 3.4% and automotive manufacturing by 9.9% [2] Group 2 - The province has established nine trillion-yuan industrial clusters, with the artificial intelligence core industry accounting for about one-third of the national total, and the digital economy ranking first in the country [2] - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized as one of China's three major international innovation centers, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally in innovation index [3] - Guangdong's airport throughput exceeded 180 million passengers in 2025, ranking first among all provinces, and the Guangzhou Metro set a new record with over 14 million passengers on December 31, 2025 [3][4] Group 3 - The province is focusing on new technologies and industries, with notable performances in areas such as AI and robotics, exemplified by the world's first robot climbing challenge held in Guangzhou [4] - The "14th Five-Year Plan" suggests seizing the high ground in AI industry applications, indicating Guangdong's advantages in both industry and development potential [4] - Despite challenges such as complex global trade dynamics and the transition from old to new economic drivers, Guangdong is positioned to leverage these challenges into new opportunities [5]

全球市场的目光已投向新的一年。2026年，中国股市能否延续涨势？金价还有多少上行空间？AI投资 热潮能否持续？四大国际投行给出了自己的判断。 摩根士丹利：国内有望迎来更积极的财政政策 摩根士丹利中国首席经济学家邢自强认为，2026年作为"十五五"规划开局之年，财政和房地产政策将持 续发力，发挥托底作用。 当前，三大积极变化带来信心。首先，政策更灵活，财政货币协调支持消费。其次，企业展现强大韧性 和创新力，尤其在AI、智能驾驶、电池、生物制药等领域形成全球竞争力。第三，资金活跃度提升， 海外资金对中国资产兴趣回升，以保险、银行资管为代表的机构投资者以及散户入市迹象增强。 在科技等关键领域，美国强在算力与基础研究投入，中国则在人才、基础设施、数据与应用场景上优势 明显，两者各有侧重，均构成了未来增长的重要动力。 展望2026年，邢自强认为，中国出口有望保持相对坚挺，更关键的变量在于内需政策，预计2026年财政 政策有望比2025年更积极。 瑞银：看好中国股市持续上行 瑞银财富管理投资总监办公室(CIO)认为，经历了表现亮眼的一年后，中国市场的涨势有望在2026年延 续，先进制造业和科技自立自强成为新的增长引擎。市 ...

Core Insights - Guangdong's tourism and cultural data indicate strong popularity, with 17.875 million visitors during the New Year holiday, a year-on-year increase of 34.8%, and tourism revenue reaching 9.98 billion yuan, up 39.8% year-on-year [2] - The province's economic performance in 2025 showed resilience, with industrial added value increasing by 3.2% year-on-year, and manufacturing growth at 3.4%, particularly in the automotive sector, which grew by 9.9% [3] - Guangdong has established nine trillion-yuan industrial clusters, with the AI core industry accounting for about one-third of the national total, and the digital economy leading the country [3] - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized as a major international innovation center, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally in innovation index [4] - Guangdong's airport throughput exceeded 180 million passengers in 2025, leading the nation, and the province is enhancing logistics efficiency through new cargo routes and airport facilities [5] Economic Performance - In 2025, Guangdong's industrial added value increased by 3.2%, with manufacturing and high-tech products like drones and industrial robots showing double-digit growth [3] - The province's modern industrial system is stable, with traditional and emerging industries developing in coordination, supporting steady economic growth [3] Innovation and Technology - Guangdong is fostering a robust innovation ecosystem, with strong capabilities and willingness to innovate, particularly in AI and robotics [4][6] - The province is actively exploring new mechanisms for technology innovation and market demand matching, enhancing the conversion of innovation results into practical applications [4] Tourism and Cultural Impact - The tourism sector is a significant contributor to Guangdong's economy, with substantial visitor numbers and revenue during peak holiday periods, indicating a strong consumer base [2][5] - The province's cultural offerings are expected to diversify further, enhancing consumption structure and boosting domestic demand [5] Future Outlook - The 14th Five-Year Plan emphasizes the need for Guangdong to maintain momentum in economic growth and innovation, with a focus on high-quality development and the cultivation of new industries [6] - The province faces challenges in transitioning from old to new economic drivers, but this period also presents opportunities for growth and innovation [6]

A H 股市场周度观察（12 月第 5 周） 证券研究报告/策略定期报告 2026 年 01 月 03 日 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 是结构性切换？》2025-08-10 2、《A H 股市场周度观察（8 月第 1 周）》2025-08-04 内容目录 | A H 股市场周度观察（12月第 5 周） . | | --- | | 一、Ａ股: | | 二、港股： | | 风险捉示 … | 请务必阅读正文之后的重要声明部分 - 2 - 3、《7 月政治局会议对市场影响几 何？》2025-08-03 分析师：徐驰 报告摘要 一、A 股： 请务必阅读正文之后的重要声明部分 分析师：张文宇 【市场走势】本周 A 股市场表现分化，主要宽基指数涨跌不一。上证指数微涨 0.13%， 但深证成指、创业板指和北证 50 均有所下跌，其中北证 50 跌幅最大，下跌 1.55%。 风格指数方面，中盘价值和小盘成长表现较好。行业方面，综合金融、石油石化和国 防军工领涨，而商贸零 ...