丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 近期小微盘成交热度有所回升——W136 市场 观察 报告要点 [Table_Summary] 当周是 2026 年春节假期后第一个交易周，A 股市场整体表现向好，周期和科技成长风格齐涨。 伴随市场成交活跃整体回暖，近期小微盘成交热度有所回升；行业层面，油气石化、金属、非 金属材料等成交活跃度居前。小微盘表现向好下，量化基金重仓周度表现居前；北向重仓系列 中，当周沪股通重仓指数领涨。行业板块层面，原材料、能源板块周度领涨。风格内部，创业 板成长周度领涨，中小盘表现较佳。主题热点中，中部崛起及专精特新系列指数周度表现较佳。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 近期小微盘成交热度有所回升 2] ——W136 市场 观察 [Table_Summary2] 度量市场情绪：近期小微盘成交热度有所回升 机构赚钱效应：量化基金重仓周度表现居前 行业板块：原材料 ...

马年初五，胖东来节后恢复营业，天南海北人流量袭来，首日客流量超30万，"预计排队3小时以上"。 春节假期期间，村口新开的蜜雪冰城变身返乡青年的"深夜食堂"，取餐号一度排到了1404号。 9天春节假期，河南省接待国内游客6281万人次，旅游收入376.3亿元，较2025年，接待人次、旅游收入分别增长9.1%、9.6%。 这个春节，河南接住了全国四面八方涌来的"泼天流量"，而这些"流量"背后都指向了一个密码——服务全国统一大市场。 中国宏观经济研究院国土开发与地区经济研究所副研究员李长治表示："从河南来看，连续两年聚焦'纵深推进融入服务全国统一大市场'这一主题，释放出 全省坚定把融入服务全国统一大市场作为推动高质量发展的战略性举措来抓的坚定信心，体现了中部经济大省不算地方'小账'、服务国家发展大局的担当。 这一主题表明，河南正试图将区位优势、交通优势转化为配置国内国际资源的枢纽优势、支点优势，以更开放的姿态嵌入全国乃至全球产业链价值链。" 国际"朋友圈"不断扩大 来自许昌的李先生是做"假发"生意的，春节假期也舍不得休息，张口就是英语、德语、西班牙语，他的假发一路销往了非洲、欧洲。 "纵深推进融入服务全国统一大市场 ...

Core Viewpoint - The article discusses the rise of central cities in China, highlighting the economic growth and development opportunities presented by the national strategy of "Central Rise" and the integration of industry, culture, and tourism as key drivers for this transformation [2][4][76]. Economic Growth - The total GDP of the six central provinces reached 5.55 trillion yuan in the first half of 2024, with a year-on-year growth of 8.9%, slightly below the national average of 11.4% [2][3]. - Wuhan leads the central region with a GDP of 997.5 billion yuan, followed by Zhengzhou at 903.4 billion yuan, showcasing their strengths in high-end manufacturing and modern services [3][8]. Urban Development Models - The article emphasizes the need for a "production-city integration" model, which combines industrial development with urban planning, infrastructure, and public services to create a mutually beneficial relationship between industry and urban life [3][4]. - Central cities are responding to national strategies and seizing new opportunities, with cities like Wuhan, Changsha, Zhengzhou, and Hefei emerging as leaders in this transformation [4][76]. Cultural and Tourism Integration - Cultural tourism has become a new engine for the transformation of central cities, leveraging rich historical and natural resources to develop unique local tourism projects [4][24]. - The integration of culture and tourism is seen as essential for enhancing the competitiveness of central cities, yet many face challenges in effectively combining these sectors [26][30]. Challenges Faced by Central Cities - Central cities struggle with branding, lacking a memorable and representative "super IP" that can effectively communicate their unique identities [26][28]. - There is a disconnect between cultural tourism and industrial development, with both sectors often operating independently without synergy [30][32]. Future Development Strategies - The article suggests that central cities should focus on identifying and leveraging their unique cultural and industrial strengths to create distinctive brands and improve their market presence [54][57]. - Emphasis is placed on the importance of collaboration among government, enterprises, and society to achieve a cohesive brand strategy that integrates industry, culture, and urban development [58][60].

- The report does not contain any information about quantitative models or factors[1][2][3]

Core Viewpoint - The Zhengzhou Municipal Party Committee's 12th Plenary Session has outlined a strategic plan for the city's development over the next five years, focusing on the "1+7+7+7" work deployment, which aims to enhance Zhengzhou's role as a national central city and achieve significant progress in socialist modernization by 2035 [1][2][3]. Group 1: Strategic Framework - The "1+7+7+7" work deployment consists of one overarching requirement, seven strong city initiatives, seven centers, and seven environments, forming a comprehensive framework for Zhengzhou's development [5][8]. - The overarching requirement emphasizes achieving decisive progress in socialist modernization, serving as a guiding principle for all initiatives during the 15th Five-Year Plan period [5][6]. Group 2: Seven Strong Cities - The seven strong city initiatives include building a strong city in science and technology, manufacturing, openness, digital intelligence, transportation, culture and tourism, and urban agriculture, which collectively aim to enhance Zhengzhou's economic and social capabilities [6][7]. - The focus on "openness" and "urban agriculture" reflects Zhengzhou's commitment to becoming a central hub for trade and ensuring food security while promoting modern agricultural practices [6]. Group 3: Seven Centers - The seven centers include education and technology talent integration, new industrialization demonstration, regional financial services, Silk Road hub, international consumption, cultural heritage, and urban governance innovation, which are critical for driving breakthroughs in key areas [7][8]. - Each center corresponds to national strategies and local advantages, aiming to transform Zhengzhou's comparative advantages into developmental strengths [7]. Group 4: Seven Environments - The seven environments focus on creating a fair legal environment, efficient business environment, trustworthy credit environment, stable social environment, healthy online environment, harmonious ecological environment, and a clean political environment, which are essential for high-quality development [8][9]. - Emphasis on a "clean political environment" aims to foster a culture of accountability and innovation among local officials and businesses [8]. Group 5: Implementation and Mobilization - The session calls for all levels of the party and government to prioritize the implementation of the session's spirit, aligning actions with the strategic deployment of "1+7+7+7" [9][10]. - There is a strong emphasis on collaboration and unity among the community to achieve the ambitious goals set forth in the development blueprint [10][11].

Core Insights - The event "Chushang Returning Home, Co-building a Support Point" held in Beijing resulted in the signing of 33 projects with a total investment of 16.978 billion yuan, covering various sectors including low-altitude economy, green chemicals, new energy storage, semiconductor manufacturing, and automotive parts [1] - The majority of the investment projects, approximately 80%, are from Chushang investors, indicating strong local engagement and commitment to the region's development [1] - The event highlighted the diverse cooperation subjects, including state-owned enterprises and cultural tourism collaborations, which are expected to significantly boost the industrial structure optimization and high-quality economic development of Jingmen city [1] Investment Opportunities - Jingmen city has seen nearly 400 Chushang investment projects in recent years, with a total investment exceeding 240 billion yuan, showcasing the city's growing attractiveness for investors [2] - The local government emphasizes a supportive business environment, promising to create optimal conditions for innovation and entrepreneurship, which is crucial for attracting further investments [2] - The event featured a drone countermeasure system project with an investment of 650 million yuan, reflecting the city's focus on low-altitude economic development and favorable business conditions [5] Business Environment - The transition from attracting investments through preferential policies to constructing an industrial ecosystem has been noted, with initiatives like "Jing Tian Ban" for government services and regular communication mechanisms for entrepreneurs [4] - The local business leaders expressed confidence in Jingmen's potential, highlighting the city's strategic position for capitalizing on the rise of central China and the importance of a pragmatic approach to market respect and problem-solving [4] - The event showcased four thematic exhibition areas that highlighted Jingmen's historical culture, tourism resources, industrial development, and business environment, further promoting the city's unique appeal [5]

Group 1 - The central region's rise is crucial for national stability and development, showcasing significant progress in various industries such as optoelectronics, engineering machinery, and agriculture [1][2] - The central region is positioned as a strategic support point, linking eastern and western regions, and enhancing the efficiency of the national unified market [2] - The region faces challenges including insufficient innovation capabilities, a lack of integration within the industrial system, and the need for improved regional collaboration [2] Group 2 - The focus is on establishing a nationally influential technology innovation hub, enhancing regional innovation centers, and promoting high-quality industrial clusters in sectors like optoelectronics and new energy vehicles [3] - Key reforms are needed to optimize the business environment and promote rural revitalization, particularly in food security and agricultural technology [3] - Enhancing the hub function and openness of the central region is essential for it to become a vital node in the national unified market, with plans for comprehensive transportation networks and international logistics [4]

Core Viewpoint - The article discusses the strategic shift in Henan's "14th Five-Year Plan" to enhance cooperation with neighboring provinces, aiming to better integrate into the national unified market and address economic challenges faced by the province [1][4]. Group 1: Economic Context - Over half of the provinces in China have released their "14th Five-Year Plan" proposals, with Henan's plan highlighting a significant focus on regional cooperation [1]. - Henan has been surpassed by Sichuan in total economic output and by Anhui in foreign trade, indicating competitive pressure in the economic landscape [1][2]. - In 2024, Anhui's foreign trade value reached 864.85 billion yuan, surpassing Henan's 820.17 billion yuan, marking a historical shift in the rankings of foreign trade among central provinces [2]. Group 2: Strategic Objectives - The core objective of Henan's new plan is to enhance its role in the national unified market by leveraging its geographical advantages and fostering collaboration with neighboring provinces [1][6]. - The plan emphasizes the need for Henan to avoid marginalization in the national market construction and to actively engage in regional cooperation [4][6]. Group 3: Infrastructure Development - Henan aims to strengthen transportation connectivity through high-speed rail networks, which are crucial for enhancing regional accessibility [8][10]. - The province plans to develop a "three-hour economic circle" with surrounding provinces, utilizing its established high-speed rail network [10]. - There is a focus on improving inland waterway transport to complement the existing transportation infrastructure, addressing the current shortfall in port throughput compared to neighboring provinces [10][12]. Group 4: Industry Collaboration - Henan's plan includes attracting investments from neighboring provinces and developed regions, focusing on key industries such as equipment manufacturing, modern food production, and new materials [14][17]. - The strategy involves a dual approach of revitalizing traditional industries while simultaneously fostering new and emerging sectors through collaboration with advanced regions [17][18]. - Key cities in Henan, such as Zhengzhou, Luoyang, and Nanyang, are identified as critical nodes for cross-province cooperation, each focusing on specific economic strengths [18].

Core Viewpoint - The article emphasizes the importance of political supervision in ensuring the effective implementation of regional coordinated development strategies in China, particularly focusing on the roles of local disciplinary inspection and supervision agencies in various regions [6][18]. Group 1: Regional Coordination Development - The Sichuan-Chongqing economic circle is highlighted as a key area for national development, requiring focused political supervision to ensure high-quality development [7]. - Hubei's strategy involves enhancing regional collaboration and integrating with surrounding urban clusters to boost economic competitiveness [8]. - Anhui's approach includes leveraging its strategic advantages in national development plans to ensure effective political supervision and collaboration with other regions [9]. Group 2: Supervision Mechanisms - The article discusses the establishment of collaborative supervision mechanisms across regions and departments to address issues such as information barriers and project delays [11][12]. - Emphasis is placed on creating a multi-dimensional supervision system that integrates data sharing and real-time monitoring to enhance accountability [10][16]. - The need for a systematic approach to supervision is underscored, focusing on key tasks and areas to ensure effective implementation of national strategies [15][16]. Group 3: Challenges and Solutions - The article identifies challenges such as bureaucratic inertia, lack of accountability, and regional protectionism that hinder effective regional coordination [14][15]. - Solutions proposed include enhancing communication between departments, establishing clear responsibilities, and implementing strict accountability measures for non-compliance [12][15]. - The importance of addressing local protectionism and ensuring the free flow of resources across regions is highlighted as essential for achieving coordinated development [18].

Economic Overview - The overall GDP growth rate for China in the first half of 2018 was 6.8%, slightly down from 6.9% in the same period of 2017 [3][7] - Among 31 provinces, 28 have reported their economic performance, showing a trend of "three increases, six stable, and nineteen decreases" in GDP growth [7] Provincial GDP Growth - The provinces with the highest GDP growth rates were Guizhou (10.0%), Yunnan (9.2%), and Jiangxi (9.0%), while Tianjin had the lowest at 3.4% [5][3] - Notably, Liaoning experienced the largest positive change in GDP growth, increasing from 2.1% in 2017 to 5.6% in 2018, a rise of 3.5 percentage points [7][11] - Conversely, Chongqing saw a significant decline from 10.5% in 2017 to 6.5% in 2018, a drop of 4 percentage points [11] Industrial Growth - Liaoning's industrial added value increased by 10.3%, ranking second after Shaanxi, while Chongqing's industrial added value growth plummeted to 1.8% from 10.4% in 2017 [2][10] - The growth of industrial added value is closely linked to GDP growth, with both showing a high degree of correlation [10] Central Region Development - The central region is showing significant economic development, with five out of six provinces in the central area ranking among the top ten for GDP growth [5][6] - The total GDP of five provinces exceeded 2 trillion yuan, indicating robust economic performance [5] Investment Trends - In Hunan, industrial investment grew by 23.4%, significantly outpacing overall investment growth, contributing over 60% to total investment growth [8] - The increase in exports has also been a key driver for provinces like Shaanxi and Hunan, which reported rapid export growth [8]