降成本增活力 今年以来，多部门陆续出台系列增量政策，支持民营企业、激发民间投资活力是其中的重要内容。记者 注意到，相关增量政策正在各地陆续落地，降低企业扩大生产、技术改造等方面的成本。 前期，人民银行宣布在支农支小再贷款项下设立民营企业再贷款，额度1万亿元。北京、安徽、浙江等 地日前落地首批民营企业再贷款。2月24日，人民银行安徽省分行发放30亿元民营企业再贷款，资金到 位后将由相关金融机构重点投向制造业、科技创新、绿色发展、乡村振兴等领域民营企业，助力民营企 业扩大生产规模、加大技术研发投入、稳定就业岗位。 民间投资专项担保计划业务也在加速落地。按照相关安排，专项担保计划额度5000亿元，分两年实施， 通过提高授信担保额度、风险分担比例和代偿上限，让银行敢贷、愿贷、多贷。政策出台后，多地迅速 行动，为相关企业提供中长期担保贷款，切实降低企业融资成本。 山东投融资担保集团发布的数据显示，截至2月13日，山东投融资担保集团与农业银行山东省分行民间 投资专项担保计划业务合作规模突破1亿元，双方将立足民间投资专项担保计划，持续扩大合作覆盖 面，重点聚焦中小企业技术改造、厂房建设，消费领域拓展改造等，持续加大支持力度 ...

Core Viewpoint - The engineering machinery sector is experiencing significant growth driven by strong domestic and export demand, with sales data for excavators in January 2026 showing a 49.5% year-on-year increase, indicating a clear improvement in the industry's fundamentals [2][3]. Group 1: Market Performance - As of February 12, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index increased by 0.32%, and the ChiNext Index gained 0.48%, with sectors like power equipment and small metals leading the gains [2]. - The Engineering Machinery ETF (E Fund, 159138) saw a rise of 1.27%, with constituent stocks such as Linde Co. (605060.SH) and China National Heavy Duty Truck Group (000951.SZ) increasing by over 5% [2]. Group 2: Industry Demand and Growth Drivers - The demand for engineering machinery is supported by factors such as increased construction activity, a rebound in iron ore and non-ferrous metal mining, and rising forestry investments, alongside a low base from the previous year [3]. - The domestic market is expected to see a mild recovery, bolstered by ongoing equipment renewal policies and the implementation of new industrialization and infrastructure initiatives [3]. Group 3: Global Market Dynamics - The global supply chain for mineral resources is being reshaped by increasing geopolitical tensions, leading to a heightened demand for mining companies to enhance their capital expenditures [3]. - Chinese manufacturers are expected to gain a larger share of the global market due to their cost-effectiveness and customized service capabilities, particularly in the context of the Belt and Road Initiative [3]. Group 4: Future Outlook - The domestic engineering machinery market is projected to continue its mild recovery into 2026, with core product sales expected to remain positive [4]. - The overseas sales growth of engineering machinery is anticipated to remain robust, particularly in Africa and countries along the Belt and Road, although competition and trade barriers may intensify [4].

上海市宏观经济学会会长王思政接受中新社专访时表示，当前人工智能全面普及，算力的重要性凸显， 但算力发展背后依赖电力支撑，耗能问题突出，上海正研究解决算力基础设施的建设及后续供能等相关 问题。(完) （文章来源：中国新闻网） 《纲要》围绕2030年和2035年两个重要时间节点，设置了上海的相关发展目标，包括：明确到2030年， 上海"五个中心"核心功能持续跃升，全球资源配置力、科技创新策源力、高端产业引领力、开放枢纽门 户影响力和文化软实力明显增强；全球城市综合位势持续进阶等。到2035年，上海重要发展指标达到国 际领先水平；人均地区生产总值比2020年翻一番；基本建成具有世界影响力的社会主义现代化国际大都 市等。 记者发现，在打造面向未来的现代化基础设施方面，上海"十四五"规划中要求"全面推进与人工智能、 数字孪生等新技术相适应的新型基础设施系统建设和超前布局"。此次《纲要》延续加快构建现代化基 础设施体系的要求，进一步细化布局方向、拓展建设范畴，明确新增要适度超前布局算力、低空等新型 基础设施等相关内容。 中新社上海2月11日电 (谢梦圆高志苗)上海11日举行新闻发布会解读《上海市国民经济和社会发展第十 五 ...

◎记者 王凯丰 育龙头 在产业集群提质升级方面，江西提出持续推进国有企业"争链主、强集群"行动，开展"2152"龙头引育工 程，加快构建"赣鄱氢走廊""赣鄱空中走廊"，力争2026年电子信息、有色金属、装备制造业产业规模分 别达到1.28万亿元、1.18万亿元和8200亿元。 同时，开展未来产业培育发展行动，科学布局金属新材料、脑机接口、具身智能与人形机器人、核医 疗、固态电池、光电子、生物制造等细分赛道，完善未来产业孵化支撑服务链条，建立投入增长与风险 分担机制，推广"中试+投资+孵化"运营模式，分类推进专项培育、集聚区建设，全力抢占产业制高 点。 围绕提升重点产业能级，江西明确：2026年将培育3个以上省级先进制造业集群，力争国家级集群建设 实现新突破，集群营业收入增长10%左右；开展优质企业对标提升行动，力争专精特新中小企业数量突 破6000家。 此外，江西还将深化产业集群数字化转型试点，推动重点产业集群规上企业数字化改造全覆盖；培育壮 大数字经济核心产业，实施工业互联网创新发展工程，力争数字经济核心产业增加值占GDP比重达到 9.5%左右，助力制造业向"新"发展、乘"数"而上。 1月27日，江西省第十 ...

Core Insights - Jiangxi Province plans to invest over 10 trillion yuan in more than 10,000 major projects during the "14th Five-Year Plan" period, with an investment target exceeding 6 trillion yuan [1][2] - The province's GDP has reached 3.6 trillion yuan, with per capita GDP surpassing 11,200 US dollars, indicating significant economic growth [1] - Jiangxi's industrial output value has reached 1.19 trillion yuan, with the electronics and non-ferrous metals industries each exceeding 1 trillion yuan, solidifying its status as a new industrial powerhouse [1] Investment Strategies - The Jiangxi Development and Reform Commission will enhance project-driven strategies to stabilize total investment, optimize structure, stimulate vitality, and improve efficiency, aiming to expand domestic demand comprehensively [2] - Infrastructure development will focus on improving transportation capabilities, with plans to construct key railways and highways, targeting over 6,000 kilometers of railway and 8,400 kilometers of highways by 2030 [2] Energy and Water Infrastructure - Jiangxi aims to accelerate the construction of a new energy system, with plans to add over 18 million kilowatts of new energy capacity during the "14th Five-Year Plan" period [2] - The province will enhance its water security by constructing major water conservancy projects and developing a modern water network, aiming for a comprehensive water safety improvement [2]

Economic Growth and Projections - Guangdong's GDP is expected to grow by 4.5% to 5% year-on-year in 2026, with a target to increase from 11.37 trillion yuan to 14.58 trillion yuan during the 14th Five-Year Plan period [1] - In 2025, Guangdong's GDP grew by 3.9%, maintaining its position as China's largest economy for 37 consecutive years [1] Trade and Investment - The total import and export volume reached 9.5 trillion yuan in 2025, a year-on-year increase of 4.4%, contributing 24.1% to the national growth [1] - Actual foreign investment reached 112.66 billion yuan, up 11.3%, with 36,000 new foreign enterprises established, marking a 38.7% increase [1] Emerging Industries - The drone production in Guangdong increased by 39% in 2025, accounting for 90% of the national output, while industrial robot production rose by 31.2%, making up 40% of the national total [1] - The low-altitude economy is expanding, with the number of take-off and landing facilities increasing to 3,592 and flight operations reaching 20.61 million [1] Infrastructure Development - Guangdong plans to build 2,500 new low-altitude take-off and landing facilities and over 500,000 electric vehicle charging stations to support emerging industries [2] - The province aims to enhance new infrastructure construction to align with the development of emerging and future industries, including autonomous driving and smart transportation [2] Market Expansion - Guangdong will strengthen traditional markets in Europe, America, and Japan while expanding into emerging markets in ASEAN, the Middle East, Africa, and Central Asia [2] - The province intends to establish a long-term trade balance mechanism and increase imports of high-tech products, equipment, and energy resources [2]

Core Viewpoint - The Tianjin Free Trade Zone has released measures to promote the high-quality development of bulk commodity trading venues, reflecting a dual focus on practical advancement and innovative leadership in response to national policies on building a commodity trading center and resource allocation hub [1] Group 1: Policy Measures - The document outlines six areas and twelve specific measures aimed at enhancing the quality of bulk commodity trading venues in Tianjin, showcasing years of policy exploration and innovation in the sector [1] - The measures serve as a practical implementation path for the high-quality development of Tianjin's bulk commodity trading venues and provide a replicable model for the national industry [1] Group 2: Historical Context - Tianjin has a historical significance in the bulk commodity trading sector, having established the influential Tianjin United Exchange in the early 1990s, which once held domestic pricing rights for red beans [2] - The establishment of the Tianjin Precious Metals Exchange in 2008 aimed to create a globally influential trading platform, but the proliferation of similar local platforms led to regulatory challenges and a shift in trading models [3] Group 3: Current Development Strategy - Tianjin's strategy now focuses on compliance and innovation in the bulk commodity trading sector, driven by the city's industrial structure and economic characteristics [4] - The city aims to build national-level financial infrastructure to support a new development pattern that integrates industrial upgrading with financial aggregation [4] Group 4: Comprehensive Service Platform - The evolving trading venues in Tianjin are transitioning from traditional trading platforms to comprehensive service platforms that address various business needs, including trade circulation, financing, and risk management [5] - These platforms integrate multiple stakeholders, including enterprises, financial institutions, and logistics providers, to create a collaborative ecosystem that enhances the efficiency of commodity trading [6] Group 5: Technological Integration - Current trading venues in Tianjin are actively collaborating with innovative policies to accelerate their transformation into comprehensive service platforms, leveraging technologies like AI, big data, and blockchain [4][6] - The Tianjin International Oil and Gas Trading Center has introduced flexible trading mechanisms that have generated significant value for supply chain participants, indicating a positive market response [6]

"十五五"规划建议提出，构建现代化基础设施体系，适度超前建设新型基础设施。作为浙江省台州市光 电产业创新中心主任、上海光机所光电装备部负责人，我亲历了这个"新型基础设施"从无到有、从弱到 强的每一步。 未来，我们要靠着"浙里光谷"的平台优势，啃下光电领域的技术难点，让更多"台州造"的光电芯亮起 来。 （文章来源：经济日报） "十五五"时期，中心将联合长三角的行业协会、龙头企业，把光电技术成熟度的评价标准统一起来，努 力形成"需求清单—成果—匹配"的闭环，企业缺什么技术，我们就对接什么成果，精准滴灌才更有效； 还要组建一支专业服务团队，从项目对接、技术攻关到落地投产，一跟到底，让更多光电高精尖项目感 受"拎包入住"办企业的便利。 中试服务能力逐步加强。我们要建省级中试平台，冲刺国家级质检中心，让我们的检测报告从"自己 认"变成"全国认"。争取一年能接5个到10个中试项目，把成果转化成功率提到70%以上，再把政策、金 融、人才培训这些服务打包，做成一个综合服务链，不仅服务本地企业，还要向长三角开放，提升长三 角地区的光电产业服务能力。 此外，我们要搞专项引才计划，瞄准光电装备研发的关键岗位，精准招才。还要创新"专 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

Group 1 - The core idea emphasizes the importance of both consumption and investment in driving domestic demand and social reproduction, highlighting the need for effective government investment to stimulate a virtuous cycle between investment and consumption [1][2] Group 2 - The focus should shift towards "investment in people," prioritizing social infrastructure such as education, healthcare, and cultural services to enhance human capital and boost consumption [1] - Investment should be directed towards consumption upgrade areas, particularly in technology innovation, new infrastructure, and green consumption, to unlock new growth avenues [1] - There is a need to enhance urban infrastructure and public services to release the consumption potential of urban residents and migrant populations [1] Group 3 - Deepening reforms is essential to promote the linkage between investment and consumption, addressing market access restrictions and price controls that hinder private investment in sectors like education and healthcare [2] - By adjusting prices and attracting social capital investment, the government can amplify the effects of public investment while ensuring that wage increases and subsidies for low-income groups keep pace with rising costs [2] - Expanding investment in social welfare and consumption upgrade sectors will not only stimulate domestic demand and consumption but also support long-term economic transformation [2]