Core Viewpoint - Multiple provinces have adjusted their GDP growth and fiscal revenue targets for 2026, reflecting a shift towards quality development over speed, with an emphasis on sustainable economic growth and risk prevention [1][2][3]. GDP Growth Targets - The average GDP growth target for 31 provinces in 2026 is set at 5.04%, down by 0.2 percentage points from 2025 [2]. - 24 provinces have set their GDP growth targets between 4.5% and 5.5%, with Tibet leading at over 7% due to major infrastructure investments [2][3]. - Jiangxi is the only province to raise its growth target, from around 5% to 5%-5.5%, driven by advancements in new energy and equipment manufacturing [3]. Fiscal Revenue Targets - The average growth target for general public budget revenue across 31 provinces is 2.7%, a decrease of 0.1 percentage points from 2025 [10]. - 23 provinces have set their fiscal revenue growth targets between 2% and 4%, with Xinjiang aiming for a 10% increase, the highest among provinces [10][11]. - Major economic provinces like Guangdong and Jiangsu have set their fiscal revenue growth targets at 3% and 2%, respectively, which are lower than their GDP growth targets [11][14]. Industrial and Investment Goals - Most provinces have set industrial value-added growth targets above 5%, with Tibet aiming for the highest at 15% [16]. - Investment growth targets have been adjusted downwards in many provinces, reflecting a transition from investment-driven to consumption and innovation-driven growth [18]. - Guangdong has set a 5% investment growth target for 2026, aiming to stabilize and optimize investment structures [18]. Consumer and Employment Expectations - Retail sales growth targets have been lowered in most provinces, with 15 out of 19 provinces reducing their targets [21]. - Employment targets remain largely unchanged, with many provinces maintaining their urban employment goals around 5.5% [25].

Core Viewpoint - The successful launch of the Haikou ⇌ Meizhou ⇌ Wenzhou route by Tianjin Airlines marks a significant development for Meizhou Airport, enhancing travel options and promoting economic growth in the region [2][4]. Group 1: Route Details - The Haikou ⇌ Meizhou ⇌ Wenzhou route is operated by Tianjin Airlines, with a schedule of three flights per week on Tuesdays, Thursdays, and Saturdays [4]. - Flight GS6553 departs Haikou at 9:20 AM and arrives in Meizhou at 10:45 AM, then leaves Meizhou at 11:45 AM to reach Wenzhou at 1:05 PM [4]. - Flight GS6554 departs Wenzhou at 2:00 PM, arriving in Meizhou at 3:35 PM, and then leaves Meizhou at 4:25 PM to return to Haikou by 5:55 PM [4]. Group 2: Economic Impact - The opening of the new route is expected to provide more diverse travel options for passengers and enhance cultural tourism and economic exchanges among the three cities [4]. - Meizhou Airport's management plans to actively market and optimize its route network, collaborating with airlines and tourism enterprises to improve travel experiences [4]. - There are plans to restore the Meizhou ⇌ Shanghai route to facilitate the flow of resources between Meizhou and the Yangtze River Delta region [4].

证券研究报告 | 宏观深度 2026 年 02 月 13 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】透视 2026 物价新局：基期 轮换、体感差异与回升之路》2026-02-11 《【粤开宏观】从地方调研看宏观经济：市 场预期、收入分配与微观活力》2026-02-09 《【粤开宏观】如何认识 5%与 140 万亿》 2026-02-02 《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 摘要 我们在《2025 年中国区域经济版图：东进西稳，南升北降》中回顾了 2025 年地方经济的成果，中国经济的韧性在于战略纵深空间广、区域经济阶梯式 发展，东南西北中各有千秋。本文是"2026 年地方经济怎么干"系列的上篇， 主要聚焦 2026 年 GDP 目标 ...

Core Viewpoint - Local government leaders are increasingly meeting with private enterprise executives, signaling respect and emphasis on the importance of the private economy in driving growth and innovation in China [3][4]. Group 1: Government Engagement with Private Enterprises - Meetings between local officials and private business leaders, such as the recent encounters involving executives from Envision Technology Group and Geely Holding Group, reflect a commitment to fostering relationships with the private sector [3][4]. - The engagement of local leaders with prominent entrepreneurs indicates a strategic focus on leveraging private sector capabilities to enhance regional economic development [4][5]. Group 2: Economic Significance of Private Enterprises - The private economy plays a crucial role in stabilizing growth, promoting innovation, creating jobs, and improving living standards in China [4]. - Central government policies emphasize the importance of the private sector, urging local governments to prioritize its development [4]. Group 3: Regional Economic Strategies - Local governments are tailoring their economic strategies to leverage the strengths of specific companies, such as Envision's zero-carbon practices and Geely's advancements in new energy technology, to facilitate industrial transformation [5]. - The collaboration between companies like SF Express and local governments aims to enhance logistics and supply chain innovations, supporting higher levels of openness post-border closure [5][6]. Group 4: Commitment to Long-term Support - Local officials are making commitments to provide comprehensive support for businesses, including lifecycle services and robust policy frameworks to foster a conducive business environment [6]. - The positive responses from business leaders, such as increased investment from Geely in Liaoning and collaboration initiatives from Yushun Technology in Heilongjiang, highlight the potential for these partnerships to drive regional economic vitality [6].

Group 1 - The article provides a visual description of the scenic area in Guizhou Province, specifically the Mopan Mountain Hub Interchange in Xinyi City, highlighting its infrastructure development [1][2][4] Group 2 - The imagery captured on November 17, 2025, emphasizes the ongoing urban development and transportation improvements in the region [1][2][4]

Core Insights - The article highlights the 40th anniversary of the People's Bank of China managing the national treasury, emphasizing the commitment of the Bank of China Kaifeng Branch to serve the public and support local economic development through innovative financial services [1][2] Group 1: Treasury Operations - The Bank of China Kaifeng Branch maintains a strong focus on risk control and compliance in its treasury operations, ensuring efficient and standardized management of core treasury business [1] - The branch actively engages in government bond issuance, leveraging its extensive network and online channels to provide professional consultation and meet residents' investment needs [1] - The branch has established dedicated windows at its service points to ensure timely and accurate collection of tax and budget revenues, enhancing communication with tax authorities to support stable fiscal growth [1] Group 2: Economic Development Support - The Bank of China Kaifeng Branch focuses on providing financial solutions for local government initiatives, including support for small and micro enterprises and rural revitalization projects, thereby injecting financial momentum into regional economic growth [1] - The branch has initiated a multi-dimensional campaign to promote treasury knowledge in communities, schools, and enterprises, aiming to enhance public awareness and understanding of treasury operations [2] - The branch plans to continue innovating its service models to contribute to the high-quality development of the local economy while ensuring the safe and efficient operation of fiscal funds [2]

Core Viewpoint - Luyi Rural Commercial Bank focuses on serving the local economy through precise marketing, innovative credit products, and in-depth understanding of community needs, injecting new vitality into local economic development [1] Group 1: Marketing and Customer Engagement - The bank identifies target customer groups through big data analysis, providing tailored financial service solutions for different industries and business sizes [1] - The bank strengthens cooperation with local governments and institutions to enhance service delivery [1] Group 2: Innovative Credit Products - The bank has developed various innovative credit products to meet diverse customer needs, including "Shrimp-Rice-Lotus Prosperity Loan" for the shrimp-rice industry, "Micro Loan" for small businesses, "Wealth Creation Loan" for rural entrepreneurship, and "Rural Revitalization Loan" for local industry support [1] Group 3: Customer-Centric Service Philosophy - The bank adheres to a customer-centric service philosophy, regularly engaging with rural communities, neighborhoods, and enterprises to understand their financial needs [1] - The bank actively collects customer feedback to continuously optimize service processes and product functions, ensuring financial services are more accessible and efficient [1]

Core Insights - The popularity of grassroots sports events like "Su Super" football and "Zhe BA" basketball is rising, with record attendance and engagement levels [1] - These events are driving local economic growth through increased consumer spending in areas such as dining, accommodation, and transportation [2][3] Group 1: Event Popularity and Participation - "Su Super" football has set new attendance records, while "Zhe BA" basketball has attracted 1.65 million viewers both on-site and online [1] - "Zhe BA" basketball has seen 250 matches in its first phase, with 77.88 million on-site attendees and over 100 million online viewers [1] Group 2: Economic Impact - Grassroots events have low entry barriers and high local engagement, stimulating immediate consumption in local businesses [2] - Local governments are promoting these events with ticket benefits that include discounts on attractions, dining, and transportation, enhancing the economic impact [1][2] Group 3: Marketing Opportunities - Local businesses and brands view grassroots events as cost-effective marketing platforms, with sponsorship opportunities available for small enterprises [2] - Major platforms like Taobao and media outlets are leveraging these events for marketing, maximizing visibility and sales through online promotions [3] Group 4: Sustainable Growth - For grassroots events to achieve sustainable economic growth, they must align with local sports preferences and traditions, enhancing community engagement [3] - The integration of grassroots events into the broader sports industry can stimulate demand for sports equipment, event planning, and advertising, creating a comprehensive economic ecosystem [3]

Core Viewpoint - The Henan Provincial Government has issued 36 policy measures aimed at promoting sustained economic growth and ensuring the completion of annual targets by the second half of 2025 [1] Group 1: Investment and Projects - The "Double Hundred Project" and provincial key projects are expected to achieve physical investment of 210 billion yuan and over 1 trillion yuan respectively by 2025 [1] - A list of major provincial projects will be established for local government special bonds to be used as capital, with efforts to accelerate the issuance of these bonds [1] - Key projects such as the Zhengzhou BYD Global Mould Center, CATL Phase II battery project, and the first phase of the new display base are set to be completed and put into production [1] Group 2: Infrastructure Development - Specialized teams will advance preliminary work on projects including the third phase of Zhengzhou Xinzheng International Airport, China Post Aviation Hub, and the revival of the Jialu River [1] - The expansion and quality improvement project for the central operation area of Xinyang Port and Huai Bin Port will be initiated [1] - Construction will be accelerated for several railway projects, including Pingluo-Zhou High-speed Railway, Jiaoji Luoping High-speed Railway, and the expansion of Nanyang Airport [1] Group 3: Energy Projects - The approval process for the Shaanxi Electric Power to Henan project will be expedited, with a goal to commence construction by the end of 2025 [1] - The construction of pumped storage power stations in Huixian Jiufeng Mountain and Linzhou Gongshang will be promoted [1] - The commissioning of Xuchang Energy Coal Power, Xinyang Wuyue pumped storage power station, and the second phase of Hebi coal reserve base is planned [1]