张蔚茜认为，北京成为全国第二个5万亿之城，更加需要新质生产力相关的投资，推动产业高质量发 展。可通过产业投资培育新动能，通过民生改善型投资提升幸福感，通过消费升级型投资激活内需潜 力。随着这些投资举措落地见效，北京有望在"十五五"期间形成更高水平的经济循环，不仅为首都发展 注入新动力，也为京津冀协同发展和北方经济带建设提供有力支撑。 报告明确提出"民生改善型"和"消费升级型"投资，张蔚茜指出，这意味着北京未来的投资将更多投向与 居民生活质量、城市功能升级直接相关的领域，比如医疗健康、养老服务、教育资源优化、城市更新、 文体消费和高品质公共服务供给。这类投资短期财务回报或许不如传统基建直接，但长期看，能够显著 提升城市吸引力和人口质量，是典型的"耐心资本"适配领域，也非常符合首都高质量发展的定位。 北京商报讯（记者 刘四红）1月25日，在政协北京市第十四届委员会第四次会议期间，针对今年政府工 作报告提到的"2026年将持续优化投资结构，加强产业投资"，来自民革界的市政协委员、国泰海通资产 管理有限公司北京分公司总经理张蔚茜表示，投资结构的变化，比投资总量本身更值得关注。 ...

Group 1 - National fixed asset investment decreased by 0.5% year-on-year in the first three quarters and by 1.7% from January to October [1] - Real estate investment significantly impacted the overall investment growth, with a 14.7% year-on-year decline in real estate development investment from January to October, pulling down total investment by 3 percentage points [1] - External environmental complexities and fierce domestic market competition have led to cautious investment decisions among market entities, resulting in weakened corporate profitability and a slowdown in private investment [1] Group 2 - Despite the slowdown in investment growth, the investment structure is optimizing, with manufacturing investment increasing by 2.7% year-on-year from January to October, accounting for 25.6% of total investment, an increase of 1.1 percentage points compared to the same period last year [2] - Continuous advancements in technological innovation, industrial innovation, and green energy transition are driving related investment growth [2] - The investment landscape should be viewed with a long-term perspective, as China remains the largest developing country with significant investment potential to reach the level of moderately developed countries [2]

Core Viewpoint - The fixed asset investment in China decreased by 1.7% year-on-year from January to October, but when excluding price factors, there is a slight growth in real investment volume [1] Investment Trends - The slowdown in investment growth is attributed to multiple factors, yet the investment structure is continuously optimizing, with manufacturing investment showing sustained growth [1] - Traditional manufacturing is undergoing transformation and upgrading, while emerging manufacturing sectors are expanding [1] Future Outlook - China still has significant potential and space for investment, as it remains the largest developing country in the world [1] - To reach the level of a moderately developed country, there is still ample investment space available [1] Industry Development - Strengthening the foundation of the real economy and promoting the integration of technological and industrial innovation requires continuous investment [1] - Addressing issues of unbalanced and insufficient development, promoting coordinated urban-rural development, and advancing urban renewal and rural revitalization also necessitate sustained investment [1]