2月25日，自治区党委书记、自治区人大常委会主任陈刚在香港会见香港特别行政区行政长官李家 超。 陈刚对李家超行政长官和香港特区政府长期以来对广西发展的大力支持表示感谢，对香港特区政府 全面准确、坚定不移贯彻"一国两制"方针，推动香港由治及兴迈出新步伐表示祝贺。陈刚表示，广西与 香港地缘相近、人缘相亲，各领域交流频繁，合作潜力巨大。此次广西代表团到访香港，主要是深入贯 彻落实习近平总书记关于港澳工作的重要论述和关于广西工作论述的重要要求，聚焦人工智能、金融、 经贸、科技、文旅等重点领域，加强与香港对接，加快打造粤港澳大湾区重要战略腹地，携手推进"十 五五"时期高质量发展，更好服从服务于构建中国—东盟命运共同体。希望桂港发挥各自优势，共同加 强发展战略对接，高水平共建西部陆海新通道，携手共建中国—东盟国家人工智能应用合作中心，共同 拓展东盟市场，推动两地合作不断取得新成效。广西将力所能及服务香港高质量发展，助力香港保持长 期繁荣稳定。 李家超欢迎陈刚书记率广西代表团访问香港，对广西长期以来支持香港发展表示感谢。李家超表 示，广西是国家面向东南亚国家联盟（东盟）的国际大通道，与香港同样位处"一带一路"的重要节点， ...

自治区领导周异决，以及广西代表团成员等参加会见。 来源：广西日报 作者: 罗昌亮 2月25日，自治区党委书记、自治区人大常委会主任陈刚在香港会见香港特别行政区行政长官李家超。 陈刚对李家超行政长官和香港特区政府长期以来对广西发展的大力支持表示感谢，对香港特区政府全面 准确、坚定不移贯彻"一国两制"方针，推动香港由治及兴迈出新步伐表示祝贺。陈刚表示，广西与香港 地缘相近、人缘相亲，各领域交流频繁，合作潜力巨大。此次广西代表团到访香港，主要是深入贯彻落 实习近平总书记关于港澳工作的重要论述和关于广西工作论述的重要要求，聚焦人工智能、金融、经 贸、科技、文旅等重点领域，加强与香港对接，加快打造粤港澳大湾区重要战略腹地，携手推进"十五 五"时期高质量发展，更好服从服务于构建中国—东盟命运共同体。希望桂港发挥各自优势，共同加强 发展战略对接，高水平共建西部陆海新通道，携手共建中国—东盟国家人工智能应用合作中心，共同拓 展东盟市场，推动两地合作不断取得新成效。广西将力所能及服务香港高质量发展，助力香港保持长期 繁荣稳定。 李家超欢迎陈刚书记率广西代表团访问香港，对广西长期以来支持香港发展表示感谢。李家超表示，广 西是国家 ...

2月20日，白宫放出一则消息震动各国，特朗普计划在3月31日至4月2日访问中国，中方目前并没有确定 此行程。 而在特朗普敲定访华的另一边，三张"王牌"曝光，中美棋盘大变样，那么，白宫此时曝光特朗普访华行 程究竟有何算盘？美国的三张"王牌"又是什么？ 行程官宣不等于落地，真正的看点在"要换什么" 把日程写进新闻稿很容易，把访问谈出成果很难，美方现在把访华包装成一场可交差的外交大事，背后 有现实算盘。 目前特朗普支持率在38%左右徘徊，中期选举压力不小，他需要一个能上头条的成果，最好还能拉动就 业和出口，给国内讲一个"我又谈成了大交易"的故事。 这也解释了为什么会有"提前铺路"的动作，按公开信息，美国财政部高级官员2月曾低调来华沟通，议 题很务实，绕不开关税、供应链、稀土这几样硬骨头。 说白了，美方想把谈判桌搬到镜头前，但又不想空手来，访华要成"胜利叙事"，就得带着筹码来换结 果。 但问题在于，中美这几年谈判的难点早就变了，以前焦点多在买多少大豆、降多少关税，现在每一个经 贸议题后面都连着安全与地缘。 稀土不是单纯的矿，关税不是单纯的税，连"会不会见面"本身都变成了信号。 而这就引出了他被外界总结的"三张王牌"， ...

Group 1 - The DBA program offers a systematic path for managers to enhance their skills in complex business environments, moving beyond reliance on experience alone [1] - DBA helps in constructing the logical framework behind strategies, as demonstrated by a manufacturing executive who developed a "flexible capacity response model" that was included in an industry white paper [3] - Graduates of the DBA program have successfully transformed research outcomes into national standards and patents, showcasing the program's practical impact [3] Group 2 - The DBA program invites professors from Europe, America, and Asia, while ensuring that research topics are rooted in the Chinese business context, allowing for the integration of local experience with international methodologies [5] - Many DBA graduates transition into roles as guest professors, think tank experts, and contributors to business thought leadership, indicating a shift from executors to innovators [5] - The DBA program is designed for high-level managers seeking to evolve from experience-based leaders to thought leaders, providing lasting decision-making confidence rather than a quick promotion [5] Group 3 - The DBA doctoral program is not just about academic advancement but also about enhancing competitiveness, with a flexible one-year study duration and bilingual instruction [6] - The program covers various doctoral directions, including artificial intelligence, education, business administration, healthcare, law, and finance, catering to diverse professional interests [6] - Research exchange modes include both domestic and international components, combining offline seminars and online lectures with global professors [6]

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Report Industry Investment Rating No relevant content provided. Core Views of the Report - The bond market oscillates between the expectations of stable growth and policy easing, with short - term focus on end - of - month policy signals. This is due to factors such as the stock market trend, the broad - money signal released by the Politburo meeting, the unchanged LPR, the continued expectation of Fed rate cuts, and the increased uncertainty in global trade affecting foreign capital inflows [4]. Summary by Related Catalogs I. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's CPI (monthly) has a 0.20% month - on - month increase and a 0.80% year - on - year increase; China's PPI (monthly) has a 0.20% month - on - month increase and a - 1.90% year - on - year decrease [10]. - **Monthly Economic Indicators**: The social financing scale is 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan (+0.54%); M2 year - on - year growth is 8.00%, with a 0.20% decrease; the manufacturing PMI is 50.10%, with a 0.90% (+1.83%) increase [11]. - **Daily Economic Indicators**: The US dollar index is 99.08, with a 0.10 (-0.10%) decrease; the offshore US dollar - to - RMB exchange rate is 6.9697, with a 0.005 (-0.07%) decrease; SHIBOR 7 - day is 1.55, with a 0.03 (+1.77%) increase; DR007 is 1.57, with a 0.02 (+1.25%) increase; R007 is 1.68, with a 0.17 (+11.44%) increase; the 3 - month inter - bank certificate of deposit (AAA) is 1.61, with no change; the AA - AAA credit spread (1Y) is 0.09, with no change [12]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - **Closing Prices and Fluctuations**: On January 14, 2026, the closing prices of TS, TF, T, and TL are 102.33 yuan, 105.66 yuan, 107.93 yuan, and 111.27 yuan respectively. Their fluctuations are 0.00%, 0.04%, 0.08%, and - 0.04% respectively [4]. - **Net Basis Spreads**: The average net basis spreads of TS, TF, T, and TL are 0.053 yuan, - 0.047 yuan, - 0.017 yuan, and 0.126 yuan respectively [4]. III. Overview of the Money Market Liquidity - **Central Bank Operations**: On January 14, 2026, the central bank conducted a 240.8 billion yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% [3]. - **Repo Rates**: The main - term repo rates for 1D, 7D, 14D, and 1M are 1.390%, 1.550%, 1.567%, and 1.560% respectively, and the repo rates have recently declined [3]. IV. Spread Overview - **Cross - Period and Cross - Variety Spreads**: Information on the cross - period spreads of various treasury bond futures and the cross - variety spreads between spot and futures is presented in multiple figures, such as (4*TS - T), (2*TS - TF), etc. [26][32][34] V. Two - Year Treasury Bond Futures - **Implied Interest Rate and Yield**: The figure shows the implied interest rate of the two - year treasury bond futures' main contract and the treasury bond's maturity yield [36]. - **IRR and Basis Spreads**: Information about the TS main contract's IRR and its relationship with the funding rate, as well as the three - year basis spread and net basis spread trends, is provided [39][44]. VI. Five - Year Treasury Bond Futures - **Implied Interest Rate and Yield**: The figure shows the implied interest rate of the five - year treasury bond futures' main contract and the treasury bond's maturity yield [45]. - **IRR and Basis Spreads**: Information about the TF main contract's IRR and its relationship with the funding rate, as well as the three - year basis spread and net basis spread trends, is provided [50]. VII. Ten - Year Treasury Bond Futures - **Implied Yield and Yield**: The figure shows the implied yield of the ten - year treasury bond futures' main contract and the treasury bond's maturity yield [51]. - **IRR and Basis Spreads**: Information about the T main contract's IRR and its relationship with the funding rate, as well as the three - year basis spread and net basis spread trends, is provided [52]. VIII. Thirty - Year Treasury Bond Futures - **Implied Yield and Yield**: The figure shows the implied yield of the thirty - year treasury bond futures' main contract and the treasury bond's maturity yield [57]. - **IRR and Basis Spreads**: Information about the TL main contract's IRR and its relationship with the funding rate, as well as the three - year basis spread and net basis spread trends, is provided [62]. Strategy - **Single - Side Strategy**: With the decline of repo rates, the prices of treasury bond futures oscillate [5]. - **Arbitrage Strategy**: Pay attention to the decline of the 2603 basis spread [5]. - **Hedging Strategy**: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [5].

Core Viewpoint - Sichuan Development (Holding) Co., Ltd. successfully issued "Belt and Road" technology innovation corporate bonds, with a total issuance scale of 1.6 billion yuan, reflecting its strong financial position and commitment to optimizing debt structure and accelerating the development of new productive forces [2][3]. Group 1: Company Overview - Sichuan Development (Holding) Co., Ltd. was established in December 2008 and is one of the most important core state-owned enterprises in Sichuan, maintaining an "AAA" domestic credit rating for 15 consecutive years and an A-range international rating for 9 years [3]. - The company has over 28,000 employees, directly controls 24 secondary enterprises, and holds stakes in 3 listed companies, with strategic investments in 5 listed companies [3]. - Its business focuses on aerospace, biomedicine, advanced materials, ecological environment protection, capital operations, and technology innovation services, with operations spread across the province and nationwide [3]. Group 2: Bond Issuance Details - The bonds issued include two varieties with a term of 3 years and 7 years, featuring a coupon rate of 1.85% for the 3-year bond and 2.29% for the 7-year bond [2]. - The successful issuance of these bonds is a significant step for Sichuan Development in responding to financial strategies and enhancing its operational capabilities [3]. - The collaboration with Shenwan Hongyuan as the lead underwriter and book manager is expected to deepen future cooperation and expand project opportunities in Sichuan Province [3].

Core Insights - The third AI Suzhou Annual Conference and the Huanxiu Lake Artificial Intelligence OPC Conference was held in Suzhou, showcasing the city's achievements in the "Artificial Intelligence+" sector [1] - The conference released the top ten keywords for AI development in Suzhou, innovative application scenarios in the non-manufacturing sector, and key industry standards to guide the development of the AI industry [1] - Leading scholars, industry leaders, and investment experts gathered to discuss technology development, application integration, and industry governance [1] Group 1 - Suzhou High-speed New City aims to become a preferred location for OPC startups, with a goal to establish 15 OPC communities by 2028, providing around 1,000 workstations and over 10,000 square meters of space [2] - The focus will be on seven innovative fields including "AI+Embodied Intelligence," "AI+Intelligent Connected Vehicles," and "AI+Finance," optimizing layout through industrial clustering, application scenarios, and ecological cultivation [2] - New OPC characteristic communities and ecological platforms were unveiled, along with the launch of the Huanxiu Lake OPC competition [2]

Policy & Regulation - The Ministry of Commerce will collaborate with the People's Bank of China and the National Financial Regulatory Administration to guide local departments and financial institutions in strengthening cooperation [1] - The aim is to promote the implementation of relevant measures and provide greater support for benefiting people's livelihoods and boosting consumption [1] - This effort contributes to a positive start for the "15th Five-Year Plan" [1]

Core Viewpoint - The essence of wealth is the creation and sharing of value, with finance serving as a crucial link to activate value and connect supply and demand [1] Group 1 - The "Shanghai Dahongqiao Financial High-Quality Development Conference" was held in Changning, Shanghai on December 12 [1] - Dong Yibei, Deputy General Manager and Member of the Party Committee of the Shanghai Branch of Bank of Communications, delivered a speech at the conference [1]