证 券 研 究 报 告 【华创策略】AI视角下的政府工作报告投资要点 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 本次政府工作报告延续此前"双宽"的货币、财政政策总基调，为股市持续走牛营造了宽松良好的宏观政策环境。 其中2026年经济增长目标设定为4.5％—5％更加务实；财政政策"更加积极"并提升赤字规模：赤字率４％， 赤字规模5.9万亿元、比上年增加2300亿元；货币政策"适度宽松"为降准降息提供空间以形成流动性宽松。 • 对26年上市公司业绩给予更大期待。在经济社会发展总体要求章节中，明确提出"推动价格总水平由负转正、消 费价格合理温和回升"；货币政策中同样提到"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"。 经测算4%的赤字率和5.9万亿的财政赤字对应隐含名义GDP增速约5%，则隐含GDP平减指数有望转正回升至0- 0.5%。通胀回归有望带动上市公司业绩上行从而消化当前静态相对较高的估值，推动股市的主线逻辑由上半场流 动性驱动的金融再通胀转向下半场EPS驱动的实物再通胀。 • 关注顺周期+科创。①顺周期："十五五"时期重大工程项目建设与财政政策明确持续 ...

Core Insights - The event highlights the role of technology in empowering state-owned enterprises (SOEs) in Hebei Province, focusing on innovation as a driver for development [1] Group 1: Event Overview - The technology achievement exhibition in Hebei's Zhengding New District showcases nearly 400 innovative results across 11 key sectors, including modern steel, green chemicals, new energy, and aerospace information [3] - The exhibition features a series of activities such as expert keynote speeches, youth technology talent sharing sessions, and a patent conversion matchmaking event [3] Group 2: Key Innovations - Hebei's Hebei Steel Group has achieved a global first with the stable production of the "zero-reforming hydrogen metallurgy project," marking a revolutionary breakthrough in low-carbon steelmaking technology [3] - The Kailuan Group has successfully scaled production of the world's first 50 tons/year micron-level "polyformaldehyde high-strength fiber," filling a domestic gap in high-end engineering plastics [3] - The Tangshan Sanyou Group has introduced an internationally pioneering technology for "concentrated seawater dissimilation treatment and deep utilization," setting a global industrialization record for seawater concentration [3] Group 3: Advancements in Intelligent Manufacturing - Hebei Steel Group's Weisaibo Steel model has transitioned the steel industry from "assisted decision-making" to "autonomous cognition," marking a significant leap in smart manufacturing [4] - Hebei Port Group has established the province's first automated container terminal, achieving an overall intelligent level that meets international advanced standards [4] - The Hebei Construction Investment Group has developed the country's first "UTC600 self-climbing tower crane," overcoming limitations in super-tall construction with internationally advanced core technology [4] Group 4: Energy and New Materials - The Hebei Construction Investment Group's first liquid air energy storage project has successfully connected to the grid, driving technological upgrades in the energy storage and low-temperature materials sectors [5] - The Tangshan Sanyou Group's annual production of 100,000 tons of battery-grade sodium carbonate provides essential raw materials for the burgeoning sodium-ion battery industry in China [5] Group 5: Transportation and Smart Services - Hebei Expressway Group has launched "full-scale Harmony Highway Smart Technology," achieving the first adaptation of the Harmony system across all highway scenarios [5] - The Hebei Transportation Investment Group has completed the development of a new generation 94GHz ultra-distance traffic millimeter-wave radar, achieving six major breakthroughs [5] - The Hebei Port Group's "power coal industry model" has enhanced port operational efficiency by over 30% through AI empowerment [5] Group 6: Research and Development Achievements - Since the launch of the "three years up, five years strong" initiative, Hebei's SOEs have initiated 14,718 research projects, with 147 key core technologies reaching international or domestic leading levels [6] - A total of 7,767 patents have been authorized, and 587 standards have been established, with 488 provincial-level or higher technology awards received [6] - Cumulative R&D investment has reached 95.5 billion yuan, maintaining a leading position in R&D intensity nationwide, with a projected technology conversion rate of over 20% by 2025 [6]

Core Viewpoint - The seventh China-Arab States Expo Technology Transfer and Innovation Cooperation Conference was held, showcasing 500 advanced applicable technology achievements and signing 13 cooperation agreements to enhance technology transfer and innovation collaboration between China and Arab countries [1][2]. Group 1: Technology Achievements - The conference presented 500 technology achievements collected from renowned institutions and enterprises in China, focusing on the development needs of Arab countries [2]. - The showcased technologies span six key areas: green agriculture, ecological protection, high-end equipment and intelligent manufacturing, new materials and modern chemistry, artificial intelligence and digital information, and clean energy [2]. Group 2: Cooperation Agreements - 13 cooperation projects were successfully signed, focusing on three core dimensions: platform construction, technology transfer, and talent services, creating a multi-dimensional cooperation matrix [2]. - The China-Arab Technology Transfer Center plans to establish sub-centers in Zhejiang, Beijing, and Shaanxi to build a nationwide collaborative network [2]. Group 3: Collaborative Initiatives - Agreements were signed with institutions such as Kazakhstan National Agrarian University and Ningxia University to collaborate on modern agricultural development and smart applications [2]. - Tsinghua University will jointly establish a laboratory with the National Higher School of Artificial Intelligence in Algeria, while Ningxia Academy of Agriculture and Forestry Sciences will collaborate with Egypt's National Research Center on desertification prevention [2]. Group 4: Event Activities - The conference will organize multiple rounds of specialized matchmaking and on-site inspections to create a "one-stop" channel for the 500 technology achievements to connect with users and capital in Arab countries [3].