【中泰策略】假日期间重大事项有哪些"预期差"与节后市场的演绎 1.结论：特朗普袭击伊朗风险被显著高估，贵金属、能化不能追高；最高法的判决不影响关税实际税率，特朗普 可轻易找其他理由再出新关税行政令；从资金流入和拥挤度及节日期间海外/港股科技股表现看，春节后至2月 底，市场依然将向上，科技—机器人、AI应用依然是主线，而非"利多兑现"，商业航天和半导体设备或活跃，但 需注意拥挤度过高问题。 1.节前市场整体反弹，且科技占优，但节前最后一天受 从信息面看，美国方面明确，谈判的重点是聚焦核问题的部分协议（而非伊朗不能接受的长程导弹等问题），周 四双方将进行新一轮谈判，这些基本是缓和局势的信号，实际上，周五和周一，全球油价已出现顶部回落信号。 3.特朗普关税：为何最高法判决实际影响有限？与社会普遍认为的"三权分立"不同，过去几十年来，白宫行政权逐 渐独大，在特朗普第一任期，尽管发起的"行政令"诉讼数以百起，实际上，能够起到作用的仅有1起。针对此次最 高法对依据ieepa征收的全球对等关税无效的判决，并不难阻拦特朗普寻找一个新的所谓法律理由继续加关税（实 际其也是这么做的，依据1974年《 查找图书 》第122条，立即 ...

深圳市政府工作报告： 2026年，深圳将巩固提升制造业领先优势，规上工业增加值力争增长6%以上。 建成投用 比亚迪全球研发中心等项目，加快推进赛米科技园、惠科 新能源、 江丰电子、深汕尖端聚酰 亚胺高分子材料等项目。今年深圳将制定实施"20+8"战略性新兴产业集群和未来产业政策体系3.0版， 提升新一代电子信息、新能源汽车、 半导体与 集成电路等优势产业发展能级；抢占 低空经济与空天、 生物医药、高性能材料等产业发展新赛道；积极推动第六代移动通信、 量子科技、生物制造、未来能 源、 脑机接口等未来产业成为新的经济增长点。 加快建设全球 人工智能先锋城市，今年深圳力争人工 智能产业集群增加值增长10%以上。具体来讲，将加强全栈自主可控人工智能软硬件生态建设，集中力 量攻坚 算法理论、模型架构、智算芯片、 基础软件、智能 机器人等核心技术；建好用好鹏城云脑Ⅲ等 国家人工智能重大训力基础设施、国家超算深圳中心二期，打造世界一流超智融合新范式。深化拓 展"人工智能+"，推动人工智能全域全时全行业高水平应用。高水平建设国家人工智能应用中试基地。 深入实施人工智能终端产业发展行动计划。 在服务业重点领域，今年深圳将加快软 ...

Core Viewpoint - The article emphasizes the importance of tailored strategies for enterprises to promote transformation, focusing on smart manufacturing, green upgrades, and emerging strategic industries, while also aiming for a strong start in the first quarter of the year [1] Group 1: Industry Transformation and Investment - The initiative "One Enterprise, One Policy" aims to drive the transformation of large-scale enterprises and guide investments towards intelligent manufacturing and green modifications [1] - There is a strong push to develop industries that favor air transport and to create a high-speed rail economic zone, integrating into the future city of Xiong'an [1] Group 2: Economic Development and Innovation - The plan includes accelerating the incubation and industrialization of technological achievements in Bazhou [1] - The furniture industry is targeted for transformation and upgrading, with plans to establish a small home appliance industrial park and expedite the development of the Bazhou billiards industry cluster [1] Group 3: Reform and Open Market - The article highlights the need for deep reforms and expanded openness, including the reform of development zone systems and optimizing market resource allocation [1] - There is a focus on developing cross-border trade and supporting private enterprises to create a first-class business environment [1] Group 4: Urban and Rural Development - The implementation of urban renewal actions and comprehensive improvements in rural living environments are emphasized to enhance the quality of urban and rural areas [1] Group 5: Social Welfare and Stability - Continuous implementation of livelihood projects and addressing urgent public concerns are prioritized to ensure social stability and safety [1]

Investment Rating - The report maintains a "Strong Buy" rating for the construction decoration industry, indicating a positive outlook for the sector [3]. Core Insights - The report emphasizes the arrival of a new industrial era, highlighting significant opportunities for construction companies to engage in cross-industry transformations [17]. - It notes that the net financing of special bonds has increased year-on-year, with a total of 3,086 billion yuan in net financing as of January 30, 2026, which is higher than the average of the past three years [22][23]. - The report identifies key sectors for investment, including commercial aerospace, low-altitude economy, quantum technology, AI, and future energy sources like nuclear power and controlled nuclear fusion [17][20]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the construction of key projects in the western region during the "14th Five-Year Plan," recommending state-owned enterprises such as China Railway Construction and China State Construction [11]. - It highlights the potential benefits for companies involved in tunneling, civil explosives, and geotechnical engineering due to high demand in these sectors [28]. - The report also encourages investment in new economic directions such as commercial aerospace, low-altitude economy, computing power, and AI, recommending companies like Roman Technology and Honglu Steel Structure [28]. Market Performance Review - The construction decoration index fell by 1.44% this week, underperforming the overall A-share index, which declined by 0.44% [34]. - Notable performers included Roman Technology (+18.6%) and Taiji Industry (+16.03%), while companies like Hexin Instruments (-20.65%) and Su Testing (-15.05%) saw significant declines [34][35]. Key Company Dynamics - The report tracks significant company developments, including China Railway Construction signing new contracts worth 1.6 trillion yuan in Q4, showing stability compared to the previous year [21]. - It also notes that Zhite New Materials expects a net profit of 160-200 million yuan for 2025, reflecting a year-on-year increase of 117.11% to 171.39% [21].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 建筑装饰行业周报 未来产业大时代来临，重视建筑企业跨 界转型大机遇 2026 年 02 月 01 日 【投资要点】 商业航天&低空经济：商业航天与低空经济同为拓展人类活动与资源 获取边界，激发经济活力的重要载体。同时本周中国航天科技集团宣 布全面实施"155 战略"，关注【苏州规划】（拟收购的东进航科布 局低空基建并与中国星网合作空天大数据的算法与系统研发），【亚 玛顿】（钙钛矿电池）、【隆华科技】（PMI）、【凯盛科技】（UTG 玻璃）、【上海港湾】（钙钛矿电池）、【中衡设计】（参股致航科 技）、【招标股份】（卫星数据分析）。 （太空）算力：本周 SpaceX 申请部署至多 100 万颗卫星欲建轨道 AI 数据中心网络，重视算力基建与商业航天结合并扩展至太空的逻辑。 关注板块内布局算力业务的【罗曼股份】、【浦东建设】。 机器人：以具身智能、人形机器人、黑灯工厂等为核心，进一步推动 我国制造业竞争力提升。与国内领先四足/双足机器人企业镜识科技/矩 阵超智深度合作的【宏润建设】，进军消防机器人行业的【青鸟消防】， 以及研发工业机器人的头部钢结构企业【鸿 ...

◎记者 严曦梦 操子怡 作为长三角一体化发展的先手棋和突破口，长三角生态绿色一体化发展示范区（简称"示范区"）已经从 夯基垒台、立柱架梁进入全面推进、厚积成势的新阶段。 上海证券报记者从1月29日举行的上海市政府新闻发布会获悉，经过六年多建设，特别是"十四五"期间 聚力推进，示范区一体化高质量发展势头强劲：GDP年均名义增速7.3%，2025年GDP达到5716亿元， 两区一县各自增速均位居所在省市前列，示范区规模以上工业总产值、工业投资增速等都高于长三角平 均水平。 提升"含金量"与"含绿量" 顾军表示，"十五五"期间，示范区将持续聚焦"一厅三片"重点区域和水利生态环保、设施互联互通、产 业创新转型、公共民生服务等四大重点领域，全力推进重大项目建设。 其中，"一厅三片"重点区域功能将加快呈现。水乡客厅是两省一市共建的绿色发展样板区，其核心地标 方厅水院将导入更多高能级的会议、展览、活动，成为长三角标志性公共建筑和展示长三角一体化高质 量发展的重要窗口。核心区域创智引擎、科创学园将全面建成，水乡客厅内部交通路网体系基本成型。 此外，青浦西岑科创中心将加速打造集企业办公、技术孵化、科技服务和配套居住等为一体的开 ...

Core Viewpoint - The article highlights the achievements and future plans of the Yangtze River Delta Ecological Green Integrated Development Demonstration Zone during the 14th Five-Year Plan period and the key work arrangements for the beginning of the 15th Five-Year Plan. Group 1: Economic Performance - The Demonstration Zone achieved an average nominal GDP growth rate of 7.3% during the 14th Five-Year Plan, with a projected GDP of 571.6 billion yuan by 2025 [1] - The industrial output and investment growth rates in the Demonstration Zone exceeded the average levels of the Yangtze River Delta region [3] Group 2: High-tech Development - The number of high-tech enterprises in the Demonstration Zone increased to 3,713, which is 2.4 times the number at its inception [4] - The establishment of the first cross-provincial high-tech zone in China, focusing on new-generation information technology, intelligent equipment, and green new materials, is underway [5][6] Group 3: Institutional Innovations - A total of 26 reform authorization items have been granted to the Demonstration Zone, with 18 from the first two batches already implemented [3] - By 2025, the Demonstration Zone plans to introduce 7 new institutional innovation results, contributing to a total of 161 institutional innovations [3] Group 4: Future Development Plans - The focus for the 15th Five-Year Plan includes enhancing technological innovation and deepening the integration of industrial and innovation chains [9] - The establishment of a cross-regional investment fund with an initial scale of 500 million yuan aims to support green low-carbon development and technological innovation [7] - The construction of data center projects is prioritized to support the development of the new-generation information technology sector [9]

"今年是'十五五'开局之年，是示范区从形象开发到功能跃升的关键之年。"顾军说，下一步，示范 区将在深化改革创新、锚固绿色生态、关注民生福祉等基础上，抓牢科技创新。包括，以重大平台建设 为抓手，推动产业链、创新链、资金链、人才链深度融合，提升示范区高质量发展"含新量"；推进长三 角青吴嘉高新区争创国家高新区，提升园区创新浓度和发展能级；推进新一代信息技术和绿色新材料等 优势产业集群化发展，积极布局人工智能、未来能源等产业新赛道；推动世界级湖区建设，打造示范区 的"创新绿核"。 新华社上海1月29日电（记者胡洁菲）记者从29日举行的长三角生态绿色一体化发展示范区新闻发 布会上获悉，截至2025年底，示范区高新技术企业数量已增至3713家，是2019年底示范区正式挂牌时的 2.4倍，区域创新链与产业链跨域深度融合态势进一步得到巩固加强。 【纠错】 【责任编辑:王雪】 从项目协同看，示范区水乡客厅已落地"水污染控制与资源绿色循环全国重点实验室"等高能级平 台，青浦西岑科创中心、吴江苏州南站科创新城、嘉善祥符荡创新中心等平台加快建设。其中，华为练 秋湖研发中心辐射带动作用日益明显，位于嘉善的祥符实验室概念验证中心、中试 ...

Group 1 - The Shanghai Municipal Economic and Information Commission is organizing the application process for the 2026 Future Industry Testbeds and Accelerators to promote forward-looking layouts in future industries and encourage deep collaboration among industry, academia, and research [1][9] - The application scope includes Future Industry Testbeds focusing on six key areas: Future Intelligence, Future Manufacturing, Future Energy, Future Space, Future Materials, and Future Health [1][10] - The application scope for Future Industry Accelerators focuses on fields such as optoelectronic equipment, embodied intelligence, low-altitude technology equipment, materials and systems, satellite internet, 5G-A (6G), quantum technology, high-performance composite materials, and advanced semiconductors [2][11] Group 2 - The application requirements for Future Industry Testbeds include projects that align with international standards and demonstrate strong foresight, frontier, and advancement, encouraging projects that are slightly ahead of the current market [3][12] - Applicants must be entities with independent legal status registered in the city, possessing strong internal and external expert teams, and should apply in a consortium format with a maximum of four participating units [4][14] - The application requirements for Future Industry Accelerators include projects planned for implementation in 2025 or within the next three years, with a clear track layout and effective connection to local industrial parks [6][15] Group 3 - Future Industry Accelerators should have a hub function for innovation resources, effectively gathering national or provincial innovation platforms, leading enterprises, universities, investment institutions, and professional service organizations [8][16] - Accelerators are encouraged to focus on key links in the industrial chain, providing services such as technical validation, pilot testing, product trial production, computing power support, testing certification, and scenario applications [8][16] - The application process will be conducted online, with a deadline for submissions set for February 12 at 16:00, and applicants are advised to submit their applications early to avoid system congestion [9][18]

Core Viewpoint - The Shanghai Municipal Committee has released recommendations for the 15th Five-Year Plan, focusing on six key areas for future development, including manufacturing, information technology, materials, energy, space, and health [1] Group 1: Key Areas of Focus - The plan emphasizes the importance of advancing quantum technology, brain-computer interfaces, controllable nuclear fusion, biomanufacturing, and sixth-generation mobile communication [1] - There is a call for agile layout and accelerated cultivation in these emerging fields to enhance competitiveness [1] Group 2: Development Zone Reforms - The recommendations propose deepening the reform of development zone management systems to clarify responsibilities and operational models [1] - It highlights the need for integration and efficient use of land in development zones and parks, aiming to create a more innovative and industrial ecosystem [1] - The plan encourages the transformation of development entities into integrated operators to foster specialized industrial clusters [1]