2026年政府工作报告中都有哪些亮点？与以往有哪些不同？ 经济观察报两会报道组为您逐个解读。 作者： 两会报道 组 封图：东方IC 2026年3月5日上午9时，十四届全国人大四次会议开幕，国务院总理李强作政府工作报告。报告中都有哪些亮点？与以往有哪些不同？经济观察报两会 报道组为您逐个解读。 关键词：经济增长4.5%－5% 报告原文：经济增长目标同2035年远景目标总体衔接，与我国经济长期增长潜力基本吻合，实现这个目标具备有利条件，各地区要结合实际，通过扎 实工作争取好的结果。 经观说： 2023—2025年，中国GDP增速目标均设定为"5%左右"，且实际增速均完成预期，三年分别实现5.2%、5%、5%。2026年GDP增速目标调整 为4.5%—5%，进一步体现出政策"积极务实"的取向。 一方面，采用区间增速目标，并在实际工作中争取更好的结果，体现了"从坏处打算、向最好处努力"的思路。 以中国当前的经济体量和发展阶段，即便按"4.5%"下限测算，也已是一个较高的增速。按照此前多位研究者测算，要实现2035的远景目标，经济增速 要达到4.4%或4.5%以上；而"5%"这一上限则有利于调动各方积极性。今年政府工作 ...

本文为节选内容，更多报告请关注公众号：绿蚁红泥 2、 光伏：整治"内卷式"竞争持续推进，行业供需格局持续改善 2.1、 回顾：供需错配压力有所缓解，整治"内卷式"竞争持续推进 2025 年是光伏行业基本面逐渐触底，行业的核心边际变化在于供给端，整治"内卷式"竞争措施持续落地，行业悲观预期得到显著改 善，上游原材料价格企稳回升，需求端多元化格局日益明显，后续关注存量产能的限制措施。 2.2、 国内新能源发电全面入市交易，2025 年光伏新增装机大幅增长 2025 年上半年国内光伏需求爆发增长，主要受 136 号文件落地影响。2025 年 2月 9 日，国家发改委、国家能源局联合印发《关于深化 新能源上网电价市场化改革 促进新能源高质量发展的通知》（以下简称《通知》）。《通知》主要内容包括三个方面：1、推动新能源 上网电价全面由市场形成；2、建立支持新能源可持续发展的价格结算机制；3、区分存量和增量项目分类施策。《通知》规定存量项 目和增量项目以 2025 年 6 月 1日为节点划分，对于 2025 年 6 月 1 日以前投产的存量项目，将通过差价结算，实现电价等与现行政策妥 善衔接，对于 2025 年 6 月 ...

（原标题：他们，将影响你的生意和生活｜国家发改委主任郑栅洁） 关键词："十五五"规划、投资止跌回稳 坚持因地制宜，提高规划质量，加强规划内容审核衔接，把党的二十届四中全会《建议》确定的各项决 策部署和工作要求落到实处。同时，加强经济监测预警分析，完善政策工具箱，加强预期管理，做好今 明两年政策衔接、工作衔接，推动政策靠前发力，实现良好开局。 ——2025年12月12日召开的全国发展和改革工作会议指出 核心关注： 政策扫描： 1.编制实施好"十五五"规划。 2.多措并举促进投资止跌回稳。 3.提振消费要出实招出新招。 4.综合整治"内卷式"竞争和培育发展新动能。 5.进一步全面深化改革。 充分发挥"两重"建设、新增地方政府专项债券等各类政府投资资金作用，适当增加中央预算内投资规 模，继续发挥新型政策性金融工具作用。 优化实施消费品以旧换新政策，积极扩大服务消费，加快清理消费领域不合理限制性措施，推动消费供 给提质升级。 完善重点行业产能治理和重大基础设施调控，大力培育壮大新兴产业和未来产业，培育壮大若干新兴支 柱产业，深化拓展"人工智能+"行动，补齐科技服务业短板，完善低空经济产业生态，深入推进数字经 济高质量 ...

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2026 年 1 月 26 日 光伏行业周报（20260119-20260123） 本周光伏设备（申万）指数表现 本周（2026/01/19-2026/01/23）沪深 300 指数-0.62%，申万 31 个行 业指数 24 个上涨，电力设备（申万）指数本周+3.57%，排在第 11 位， 跑赢指数 4.19pct。电力设备二级行业指数普涨，光伏设备行业指数 +6.49%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、 风电设备（申万）、电机Ⅱ（申万）分别+0.53%、+5.07%、+5.57%、 +7.84%、+3.82%。从公司表现看，本周光伏设备行业（申万）公司 涨幅居前的是奥特维、迈为股份、帝科股份、帝尔激光、固德威，跌 幅居前的公司为微导纳米、聚合材料、阳光电源、航天机电、京山轻 机。 产业链主链价格全线上涨 根据 datayes，1 月 21 日硅料成交价 59 元/kg，环比持平；硅片成交 价为 1.50 元/片，环比持平；电池成交价 0.42 元/W，环比持平；组件 成交价为0.81元/W ...

Macro Dynamics - The People's Bank of China reported that by the end of Q4 2025, the balance of real estate development loans will decrease by 3% year-on-year, amounting to 13.16 trillion yuan, with an annual reduction of 357.5 billion yuan [2] - The total balance of RMB real estate loans will be 51.95 trillion yuan, down 1.6% year-on-year, with an annual decrease of 963.6 billion yuan [2] Market Regulation - The State Administration for Market Regulation announced ten major cases of "involution" competition for 2025, emphasizing a strict enforcement approach to combat infringement, quality violations, and monopolistic agreements [3] Real Estate Market - In major cities like Shanghai, the number of second-hand housing listings is declining as transaction volumes recover, with listings returning to levels seen in February of the previous year [5] Financial Institutions - China Merchants Securities reported a net profit of 12.3 billion yuan for 2025, an increase of 18.43% year-on-year, with total revenue of 24.9 billion yuan, up 19.19% [8] - Dongfang Securities expects a net profit of 5.62 billion yuan for 2025, a year-on-year increase of 67.8%, with projected revenue of 15.34 billion yuan [9] Market Data - The ChiNext Index rose by 0.71%, with the semiconductor sector showing strong performance, while the overall market saw over 1,900 stocks increase in value [11] - The total margin financing balance across both exchanges increased by 19.55 billion yuan, reaching 26.99 trillion yuan [12] Company Dynamics - Mu Xi Co. launched the X series scientific intelligent GPU, aimed at enhancing the AI for Science ecosystem [14] - *ST Boda announced a projected net profit of 6 to 8 million yuan for 2025, with a significant expected loss in net profit after non-recurring items [15] - Zhongjin Gold expects a net profit of 4.8 to 5.4 billion yuan for 2025, a year-on-year increase of 41.76% to 59.48%, driven by improved profitability in gold mining [16] - Ideal Auto plans to close a small number of inefficient retail stores as part of normal operational adjustments [17] - Guandun Quantum anticipates a net profit of around 5 million yuan for 2025, marking a turnaround from losses [18] - Zhenlei Technology expects a net profit of 123 to 145 million yuan for 2025, a significant increase of 529.64% to 642.26% year-on-year [19]

Core Viewpoint - The article discusses the recent policy initiatives aimed at building a unified national market in China and addressing "involution" competition through institutional reforms rather than mere administrative measures [2][3]. Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) and other ministries are focusing on enhancing competition mechanisms and promoting high-quality economic development by addressing "involution" in various sectors [2]. - New policy documents, including regulations for the unified national market and lists of encouraged and prohibited investment behaviors, are expected to be released, providing legal support for the "anti-involution" efforts [2][3]. - The NDRC aims to shift market regulation from price competition to value competition, addressing the oversupply issues in certain sectors [2]. Group 2: Government Regulation - The government is working to standardize local government economic promotion behaviors to eliminate local protectionism and market segmentation [3][4]. - The Ministry of Finance is taking steps to rectify any illegal subsidy practices by local governments, with a focus on ensuring compliance by 2025 [3][4]. - A unified list of behaviors for local investment promotion will be established to clarify what is permissible and what is not, aiming to reduce excessive competition among local governments [4][5]. Group 3: Industry-Specific Measures - The Ministry of Industry and Information Technology (MIIT) is monitoring key industries for capacity management and addressing irrational competition, particularly in sectors like new energy vehicles and photovoltaics [8][9]. - The focus is on establishing a regulatory framework that encourages industry self-discipline and enhances market order [8][9]. Group 4: Economic Environment - The article highlights the importance of creating a conducive business environment by reducing barriers and improving the regulatory framework for investment [5][10]. - Local governments are encouraged to align their investment strategies with the national goal of a unified market, promoting a more integrated economic landscape [5][10]. Group 5: Future Directions - The central government emphasizes the need for a comprehensive approach to advance the unified national market, focusing on both effective market mechanisms and proactive government involvement [10][11]. - The construction of a robust legal framework and regulatory systems is deemed essential for the successful implementation of these policies [10][11].

Core Viewpoint - The article discusses the regulatory measures taken by the market supervision administration to address "involution" risks in various industries, particularly in the photovoltaic and new energy vehicle sectors, emphasizing the importance of preemptive actions, flexible regulatory approaches, and collaborative governance [1]. Group 1: Preemptive Measures - The photovoltaic industry is undergoing "pre-warning + compliance guidance" to help companies correct issues before "involution" risks materialize [1] - In the new energy vehicle sector, the first implementation of complete vehicle quality inspections aims to prevent potential low-price, low-quality risks [1] - Strengthening certification consistency checks is intended to prevent companies from lowering quality after obtaining certifications, thereby eliminating "price-quality" competition from the production source [1] Group 2: Flexible Regulatory Approaches - The administration is diversifying regulatory methods, using softer tools like consultations to guide companies towards self-discipline in cases involving platforms like Huolala and food delivery services [1] - There is an emphasis on enhancing guidance in advertising compliance, which has significantly reduced the rate of violations [1] - For issues related to false advertising in private domain live streaming, the administration is implementing thorough crackdowns and mandatory recalls to reinforce safety and integrity standards [1] Group 3: Collaborative Governance - The administration is actively building a multi-faceted regulatory framework that encourages participation from platforms, enterprises, and consumers to create a collective governance effort [1] - This collaborative approach aims to enhance overall effectiveness in regulatory work [1]

Core Viewpoint - The article discusses the Chinese market regulatory authority's efforts to address "involution" competition through various measures, highlighting ten typical cases and emphasizing the importance of preemptive actions, a balanced regulatory approach, and collaborative governance to foster a fair and orderly market environment. Group 1: Regulatory Actions - The market regulatory authority conducted a public interview with Huolala based on the Anti-Monopoly Law, implementing a tiered regulatory approach to enhance deterrence and social supervision, thereby promoting win-win development for platform companies and truck drivers [1] - The regulatory body issued a warning and initiated corrective actions in the photovoltaic industry to prevent internal coordination behaviors from leading to overseas antitrust risks, shifting the industry's competitive focus from "price internal friction" to "innovation-driven" [1] - The authority held two meetings with food delivery platforms to address the negative effects of low-price disorderly competition, urging platforms to operate legally and transparently while ensuring fair competition [3] Group 2: Consumer Protection - The market regulatory bureau in Kaifeng investigated Baikang Health Consulting for false advertising through private live streaming, which misled elderly consumers, resulting in a crackdown that demonstrated a zero-tolerance stance against fraud targeting seniors [2] - Regulatory departments in Guangdong, Hunan, and Beijing conducted defect investigations and recalls for mobile power products, leading to 139.77 million units being recalled to ensure consumer safety [4] Group 3: Quality and Compliance - The market regulatory authority initiated a national quality supervision special inspection for new energy vehicle products, focusing on models with significant price reductions, conducting tests on safety performance and crash tests to ensure compliance with quality standards [5] - A special action was organized to enhance advertising compliance awareness among businesses, aiming to reduce illegal advertising rates and promote quality branding [6] - Efforts were made to strengthen product consistency management to prevent low-quality products from entering the market by ensuring that certified products meet established standards [7] Group 4: International Standards and Governance - The authority led the development and publication of international standards in organizational governance and new energy vehicles, promoting the adoption of over 14 new energy vehicle standards by multiple countries to shift from "involution" competition to quality competition [8] - A comprehensive review of important policy measures was conducted, with 58,000 cases reviewed to prevent policies that could disrupt fair competition and market unity [10] Group 5: Future Directions - The market regulatory authority plans to enhance overall governance effectiveness through a multi-faceted approach, aiming to create a fair and orderly market ecosystem that supports high-quality development and the construction of a unified national market [11]

Core Viewpoint - The Ministry of Finance, in collaboration with the State Taxation Administration, announced the cancellation of export tax rebates for photovoltaic products starting April 1, 2026, and a phased cancellation for battery products over two years. This policy adjustment aims to promote efficient resource utilization, reduce environmental pollution and carbon emissions, and facilitate a comprehensive green transformation of economic and social development [1]. Group 1 - The cancellation of export tax rebates is intended to guide reasonable adjustments in industrial structure and promote industrial transformation and upgrading [1]. - The policy is expected to comprehensively address "involution" competition and drive high-quality economic development [1].

Group 1 - The National Development and Reform Commission (NDRC) emphasizes the need to address "involutionary" competition and shift from "price competition" to "value competition" [1] - The NDRC plans to improve market access, ensure fair competition, and manage capacity exit mechanisms to alleviate the temporary imbalance of supply exceeding demand [1] - There is a focus on refining local investment attraction strategies and regulating local economic promotion behaviors [1]