[Table_Title] [Table_Summary] 投资要点： | 分析师: [Table_Authors] | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 18028875418 | | 邮箱： | gonghj@wlzq.com.cn | [Table_ReportList] 相关研究 地方两会着力促进经济高质量发展 A 股迎来春节行情，资金表现活跃 A 股盈利能力有望延续回升 证 券 研 究 报 告 [Table_RightTitle] 策略研究|策略快评报告 政府工作报告部署年度重点工作 [Table_ReportType] ——策略快评报告 [Table_ReportDate] 2026 年 03 月 05 日 策 略 快 评 报 告 策 略 研 究 ⚫ 事件：2026 年 3 月 5 日，国务院总理李强代表国务院，向 十四届全国人大四次会议作政府工作报告。 ⚫ 经济增长目标略有下调，经济发展更务实稳健、更重质量： 政府工作报告明确今年经济社会发展主要预期目标，其中 GDP 增速为 4.5%-5%，较 2025 年有所下调 ...

证券研究报告 | 浙商早知道 报告日期：2026 年 03 月 05 日 浙商早知道 2026 年 03 月 05 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 ❑ 【浙商宏观 李超/潘高远】宏观专题研究：2 月 PMI：春节短期因素扰动较大——20260304 3 月 4 日上证指数下跌 0.98%，沪深 300 下跌 1.14%，科创 50 下跌 0.49%，中证 1000 下跌 0.59%，创业 板指下跌 1.41%，恒生指数下跌 2.01%。 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：3 月 4 日上证指数下跌 0.98%，沪深 300 下跌 1.14%，科创 50 下跌 0.49%，中证 1000 下跌 0.59%，创业板 指下跌 1.41%，恒生指数下跌 2.01%。 ❑ 行业：3 月 4 日表现最好的行业分别是国防军工（+1.33%)、农林牧渔（+1.29%)、电力设备（+0.32%)、环保 （+0.03%)，表现最差的行业分别是交通运 ...

就业是民生之本，解决就业问题根本要靠发展，同时要不断完善就业服务体系。健全公共就业服务体系 是消除信息不对称、弥合劳动力市场供求不平衡的重要手段，是提高劳动者素质、增强就业能力的有效 途径，也是维护劳动者权益、实现就业公平的必要之举。 南京农业大学金善宝农业现代化发展研究院研究员仇童伟表示，地方政府既面临"健全精准高效的就业 公共服务体系""完善覆盖全民的就业公共服务制度"等优化民生服务体系的目标任务，又需要兼顾地方 经济发展任务。设定合理的经济增长目标既是稳就业、防风险、惠民生的需要，也有经济增长潜力和有 利条件支撑，并与中长期发展目标相衔接。这意味着，地方政府既需要在就业服务体系中投入财政资金 以完成就业增长任务，又需要在经济发展中投入财政资金以完成经济增长任务。 为推动就业提质扩容，西南财经大学中国家庭金融调查与研究中心执行主任徐舒认为，要从以下三方面 进一步完善体制机制建设： 推动经济高质量发展，在促增长中稳就业。经济发展始终是促就业最为重要的手段之一。尤其在经济下 行压力较大阶段，需要通过高质量发展，转换发展动能，寻找新的增长点，从而实现以进促稳。当前仍 要围绕经济建设这个重点，寻找新的经济增长点和 ...

春节假期后首个工作日，各地企业锚定年度目标，抢时间、拼效率、提产能，全国各地企业迎来开工热 潮。专家表示，此次春节后复工复产热潮，不仅彰显了我国企业的强劲韧性与发展活力，也为 2026 年经 济高质量发展奠定了坚实基础。 本报记者 王琰 2月24日，春节假期后首个工作日，全国各地企业迎来开工热潮。各地企业锚定年度目标，抢时间、拼 效率、提产能，以开局即冲刺、起步即决战的奋进姿态，全力冲刺一季度"开门红"。 重大项目集中开工 项目建设是经济增长的"压舱石"。马年新春，江苏各地重大项目全线发力，从南到北皆是热火朝天的建 设场景。 24日早8点，苏州市相城区苏州北站综合枢纽项目已是一片繁忙景象：地面上塔吊林立，钢索紧绷运送 建材；地下20多米深的基坑内，工人俯身加固螺栓，敲击声此起彼伏，施工节奏分秒不停。苏州高铁枢 纽投资开发有限公司副总经理魏荣亮表示，该项目计划2027年底完工，建成后将推动苏州跻身长三 角"十"字发展轴枢纽中心，全面提升城市能级与核心竞争力。 无独有偶，24日清晨，常州高新区罗森伯格常州智慧工厂建设现场，施工人员与企业监理人员已悉数到 岗。这个总投资超1亿美元的重点项目，春节前已完成主体结构封顶 ...

春节万家团圆，假期祥和安宁，群众的安全感与幸福感始终是最坚实的底色。带着大家的关切，我 们对话北京市公安局东城分局接诉即办工作组罗警官，倾听一线守护者的坚守与担当。 (责任编辑：姜智文) 中国是世界上最安全的国家之一，这份稳稳的安全感，源自无数基层民警的默默坚守与无私奉献。 在经济生活中，社会和谐稳定是经济高质量发展的重要前提，规范有序则为经济复苏注入坚实底气。 把群众诉求放在心上，将每一通热线认真回应，没有惊天壮举，只有声声回响；不是亲人，却胜似 亲人。新春佳节，你守护小家团圆，他们守护万家灯火，这便是最踏实、最温暖的中国安全感。 ...

孟凡利还前往新兴县簕竹镇五联村，现场调研春耕备耕工作，实地查看紫云英种植有关情况，强调要不 误农时抓好春耕生产，积极推广紫云英等绿肥种植，有效提升耕地地力，助力粮食增产和农民增收。 （李凤祥 符信） 羊城晚报讯 新春佳节将至，2月14日至15日，省委副书记、省长孟凡利到广州、云浮，走访慰问比音勒 芬服饰股份有限公司、广州希音国际进出口有限公司、温氏食品集团股份有限公司等企业，代表省委、 省政府向广大企业家和员工送上新春祝福，对大家长期以来为广东经济社会发展所作的积极贡献表示诚 挚感谢。 孟凡利表示，企业是推动经济高质量发展的关键力量，希望广大企业奋发进取、抢抓机遇，不断提高自 主创新能力，锻造更为强大的国际竞争力，在广东开展更多投资和业务布局，推动更多合作项目落地， 企地携手共图发展大业。全省各级政府和部门要坚持好充分发挥市场在资源配置中的决定性作用并努力 更好发挥政府作用的理念，认真落实好全面联系服务企业机制，全力为企业发展做好服务保障工作。今 年是"十五五"开局之年，要锚定经济建设这一中心工作和高质量发展这一首要任务，坚持目标导向、问 题导向、结果导向，着力打造一流产业生态和市场化法治化国际化营商环境，推 ...

2026/01/12 科学把握消费与投资的关系 汇报人:红船视觉网 畅通供需循环增强内动力 2026/01/12 十五五规划建议 需求体系支柱 登调消费投资良性互动，增强国内大循环动力，形成 供需动态平衡。 消费投资为需求体系两大支柱，影响经济即时动力与 长期潜能释放。 科学把握消费与投资的关系 汇报人:红船视觉网 实现消费与投资良性互动是 经济高质量发展的应有之义 01 01 02 投资与消费关系再认识 CONTENTS 目录 投资与消费关系再认识 增强供震适配性,推动投资 03 与消费形成良性循环 作为青年学生，我们也要从中汲取智慧：在生活中理性消费、避免浪费；在学习中"投资"自己——把时间、精力投入到知识积累、技能提升和身 心健康上，这是回报率最高的"人生投资"。未来无论从事何种职业，理解这一关系都有助于做出更明智的经济决策。 6 推动结构协同,赋能高质量转型进程:民生改善与生活质量 良性循环提升生活品质 民生领域投资促进消费 投资与消费协同效应 03 推动投资与消费协同发展是提高 人民生活质量的重要途径，能扩 增加优质产品服务供给、完善社 会保障体系，实现民生与增长良 加大民生领域投资改善消费条件, ...

Core Insights - A series of pragmatic measures have been implemented over the past year to stimulate the endogenous power of the private economy, enabling private enterprises to operate more steadily, run faster, and develop better [1] Group 1: Policy Initiatives - The Fujian Development and Reform Commission has established a service mechanism for enterprises centered around the "Four Connections and Four Arrivals" [1] - A unified digital platform named "Minzhifa" has been created to standardize law enforcement practices [1] Group 2: Industry Development - A number of internationally leading private enterprises have been cultivated, along with key core technologies and products that have broken foreign monopolies [1]

Core Viewpoint - Investment is both a current demand and a future supply, with a projected decline of 3.8% in national fixed asset investment by 2025, influenced by both short-term and long-term factors [1] Group 1: Investment Trends - Infrastructure investment is expected to decrease by 2.2%, while manufacturing investment is projected to grow by 0.6%, and real estate development investment is anticipated to decline by 17.2% [1] - The current slowdown in investment growth is attributed to local government debt pressures and inefficient local investment cycles, as well as changes in economic development stages and the transition of growth drivers [1] Group 2: Structural Adjustments - Investment plays a systemic role in leading economic quality and efficiency, with growth in high-tech sectors driving R&D input, technology transformation, and high-end capacity formation [2] - Traditional industries are revitalized through technological upgrades and green investments, while emerging industries rapidly expand with new investments [2] Group 3: Effective Investment - Expanding effective investment requires a focus on quality improvement and structural optimization rather than mere scale expansion [3] - Investment decisions should balance immediate economic stimulation with long-term development potential, targeting areas such as industrial transformation, consumption upgrades, and social welfare improvements [3] Group 4: Role of Private Investment - Private investment is the main force behind national fixed asset investment, necessitating effective government guidance through funds, tax incentives, and financial support to encourage social capital participation in public welfare investments [3] - Despite the current challenges of slowing investment growth, there remains significant potential for investment in infrastructure and industrial upgrades, with room for improvement compared to developed countries [3]

Group 1 - The article emphasizes the importance of cultivating future industries to seize technological and industrial advantages, enhance modern industrial systems, and improve people's quality of life [2] - The focus is on the strategic, forward-looking, and disruptive characteristics of future industries, which require tailored development based on national strategic needs and technological maturity [2] - The article highlights the need for collaboration between emerging and traditional industries, leveraging the advantages of a new type of national system and the role of enterprises in driving innovation [2] Group 2 - The Central Document No. 1 outlines the goal of agricultural modernization and comprehensive rural revitalization, emphasizing the enhancement of agricultural production capacity and the implementation of precise assistance measures [4] - Key targets include stabilizing grain production at around 1.4 trillion jin, improving agricultural technology innovation, and ensuring farmers' stable income through various support mechanisms [4][5] - The document also stresses the importance of building beautiful and livable rural areas through infrastructure improvements and ecological protection [4][5] Group 3 - The "Happy New Year" initiative aims to stimulate consumption during the Spring Festival, focusing on six key areas including food, accommodation, transportation, tourism, shopping, and entertainment [6] - The initiative includes measures such as prize invoices, subsidies for replacing old products, and financial incentives to encourage consumer spending [6][7] Group 4 - The State Council's press conference elaborated on the Central Document No. 1, highlighting four key tasks and two major support guarantees for rural revitalization [8] - The tasks include enhancing agricultural production capacity, implementing regular assistance, promoting farmers' income stability, and advancing rural construction [8][9] Group 5 - The market regulatory authority has outlined six key areas of focus to support high-quality economic development, including promoting a unified national market and optimizing the consumer environment [10] - The regulatory efforts will also address platform economy governance and enhance quality standards across various sectors [10][11] Group 6 - Shanghai has initiated a pilot program to acquire second-hand housing for affordable rental projects, targeting young professionals and new residents [12] - The program aims to match housing supply with demand effectively, ensuring a balance between work and living conditions for talent in the city [12][13]