3 月 4 日，2 月 PMI 数据公布，结合前期已经公布的 EPMI、BCI 等经济软指标，我们简要点评如下： ⚫ 2 月制造业 PMI 大致吻合季节性。2 月是制造业淡季，历史上春节部分相近年份的 2 月制造业景气度以环比下 行为主，今年叠加长假影响，环比下行 0.3 个点基本符合预期。 据万得数据（下同），2 月制造业 PMI 为 49.0，低于前值的 49.3。 在前期报告《2 月 EPMI 数据带来哪些增量信息》中，我们指出：预计 2 月制造业 PMI 面临继续放缓的压力。 2 月制造业 PMI 季节性特征以环比下行为主，2015、2018、2021 和 2024 年 2 月环比变动分别为+0.1pct、-1.0 pct、-0.7 pct、-0.1 pct。 ⚫ BCI 数据环比也有所回踩，但因为其兼容环同比，所以中枢相对更积极一些，1 月和 2 月绝对值均处于 2025 年 4 月以来的高点，即 2026 年初经济同比意义上有小幅高开特征。在周度报告中，我们估算 1-2 月累计实际同比 增速为 4.86%。 [Table_Page] 宏观经济研究报告 2026 年 3 月 4 日 证券研究报告 [ ...

澳大利亚：剖析劳动力市场 韧性 cu，约翰·斯普雷，王尼，袁燕·张，莫妮卡·佩特雷斯 SIP/2026/011请注意，这个数字可能是某个文件编号或代码，直译即可。 国际货币基金组织选定问题文件由IMF工作人员编制，作为与成员国 定期磋商的背景文件。 它基于2026年1月21日完成时的可用信息。此 论文还作为IMF国家报告第26/39号单独发表。 2026 二月 份 © 2026 国际货币基金组织 SIP/2026/011请注意，这个数字可能是某个文件编号或代码，直译即可。 国际货币基金组织选定问题报告 亚太部 澳大利亚：解读劳动力市场韧性 由Monica Petrescu、John Spray、Ni Wang和Yuanyan Sophia Zhang*编写* 授权由Lamin Leigh分发，2026年2月 国际货币基金组织选定的议题报告 由国际货币基金组织（IMF）工作人员编制，作为与成员国定期协商的背景文件。 这 是基于当时可用的信息，它也被单独发布为国际货币基金组织国家报告第26/39号。 于2026年1月21日完成。本文是 摘要： 澳大利亚的劳动力市场在增长放缓的情况下依然保持韧性，就业增长强劲，失业 ...

春满济水，福满庭轩。当浓浓的年味与马年的红火撞个满怀，济源的春节消费市场正上演着一场热闹非 凡的"烟火大戏"。从商超货架的琳琅满目到街头巷尾的人声鼎沸，从"开票有喜"的惊喜连连到"以旧换 新"的热潮涌动，这座城市在强监测、稳供应、保价格、促消费的坚实保障下，正以一派供应充足、秩 序井然、繁荣兴旺的动人图景，书写着假日经济的崭新篇章。 商超盛宴：年货堆里的幸福选择 大年初三的午后，大润发超市里暖意融融。"年货大街"四个大字格外醒目，粮油、果蔬、生鲜等专区 前，市民们推着购物车穿梭其间，指尖划过琳琅满目的商品，脸上洋溢着置办年货的喜悦。"本来只想 买点菜，结果选着选着购物车就满了！"市民陈女士一边核对小票，一边笑着向记者展示满满当当的购 物车，"米面油都备齐了，价格和平时差不多，心里踏实。" 据超市工作人员介绍，为了守护市民的"年货安心购"，春节期间超市严格落实生活必需品储备管理，米 面油肉蛋奶等物资储备充足，价格保持平稳。同时，通过完善仓储设施和应急调运机制，确保物资调配 高效顺畅，让每一位市民都能买得放心、购得舒心。 这样的热闹场景，在济源各大商超随处可见。臻友邻、大张盛德美、丹尼斯等重点商超纷纷联动促销， ...

分行业看，信息与通讯技术行业平均净工资以2211马克领跑；金融和保险行业以 2188马克紧随其后；电力、燃气及蒸汽供应行业为2068马克。住宿和餐饮服务业平均 净工资最低，为1157马克；建筑业以1287马克次之；批发零售和汽车维修业1347马克位 列倒数第三。 此外，去年12月，全国平均总工资为2538马克，同比名义增长14.5%，实际增长 10.0%。（驻波黑使馆经商处） （原标题：波黑2025年12月平均净工资1633马克） 波黑国家台2月19日报道。波黑国家统计局数据显示，2025年12月全国职工平均实 发净工资为1633马克，环比名义增长2.1%，实际增长2.0%；同比名义增长14.2%，实际 增长9.7%。 ...

Group 1 - The peak period for job seeking and hiring follows the Spring Festival holiday, with large-scale recruitment events taking place in various regions [1][3] - In Chongqing, over 1,000 companies offered more than 30,000 job positions across multiple industries, resulting in over 4,800 job seekers reaching preliminary employment agreements [3] - Zhejiang province launched the "New Spring Talent Month" with over 100 recruitment events planned, focusing on key industries such as artificial intelligence and biomedicine [4][6] Group 2 - In Taizhou, a recruitment area was established at the high-speed railway station, offering 1,800 job positions, attracting many returning workers [8] - The Taizhou Employment Recruitment Cloud Platform provided over 20,000 job positions online, enhancing job matching efficiency through AI algorithms [10] - In Haining, 111 companies presented over 3,200 job positions in sectors like textiles and food processing during the Spring recruitment fair [10] Group 3 - In Jinhua's Wuyi County, over 60 companies offered more than 800 job positions, with a high demand for skilled workers, particularly in automation and mechatronics [12] - The recruitment event in Wuyi County also featured live streaming to interact with job seekers in real-time [12]

宏 观 研 究 "K 型分化"的边际收敛 [Table_Authors] 梁中华(分析师) ——2025 年 Q4 美国 GDP 数据点评 本报告导读： 2025Q4 美国经济主要受政府关门拖累，总体韧性犹在，并展现出"K型分化"的收 敛迹象，这明显提升了"再通胀"的概率。关注白宫在推动替代性关税框架的过程 中，对企业关税转嫁行为的影响。 投资要点： [Table_Summary] 2025 年 Q4 美国经济：受政府关门拖累明显，但韧性犹在 美国经济四季度展现出"K 型分化"的收敛迹象 究 报 告 宏观研究 /[Table_Date] 2026.02.21 | | 021-23219820 | | --- | --- | | | liangzhonghua@gtht.com | | 登记编号 | S0880525040019 | | | 张剑宇(研究助理) | | | 021-38674711 | | | zhangjianyu@gtht.com | | 登记编号 | S0880124030031 | [Table_Report] 相关报告 M2 增速：创新高的背后 2026.02.14 超级核心通胀压力仍 ...

Group 1 - The core idea of the announcement is to stimulate the consumption in accommodation and dining sectors in Yunnan Province through the issuance of "Beautiful Stay Consumption Coupons" and "Food Consumption Coupons" for the year 2026 [2] - The issuance period for these coupons is from February 14, 2026, to March 31, 2026 [2] - The "Beautiful Stay Coupons" will be distributed via platforms like Fliggy and JD.com, while the "Food Consumption Coupons" will be available through Douyin and JD.com [2] Group 2 - The "Beautiful Stay Coupons" are categorized into four different face values, and the "Food Consumption Coupons" are categorized into six different face values [2] - Consumers can access these coupons by searching for keywords like "Yunnan Consumption Coupons" or "Colorful Cloud Consumption Coupons" on the respective platform apps [2]

烟火气撞上绿茵热，江苏的街头小店们即将站上省级顶流体育舞台！2026江苏省城市足球联赛("苏超")小微企业商务遴选合作报名已圆满收官，这场专为 小微市场主体打造的赛事合作盛宴，让遍布江苏街巷的小店、个体户，迎来了品牌出圈的全新机遇，而3582家小店竞争32个亮相席位，更是开启了一场百 里挑一的角逐。 自1月27日报名公告发布，仅16天时间，全省13个设区市的小微企业和个体工商户踊跃参与，最终3582家符合条件的市场主体成功报名，覆盖制造业、商 贸、住宿餐饮、科技科研等多个领域，其中制造业占比28.31%居首，商贸、住宿餐饮紧随其后。多元的行业构成尽显江苏本土商业的鲜活活力，真正实 现了"街头小店"与"苏超"赛事的全省联动，而这3582份热情参与，最终将只为角逐32个珍贵的赛场亮相席位，百里挑一的竞争，让每一个入围名额都更具 分量。 此次"苏超"为小微主体量身打造的合作模式，打破了体育赛事赞助的高门槛，仅5万元的亲民赞助费，就能让突围的小店们享受到与知名企业同等的官方 赞助商权益，赛场广告露出、品牌官方授权等价值满满的回报，让街头小店得以与行业巨头同框亮相，站上"苏超"的顶流舞台。这份百里挑一的机会，也 成为小 ...

Core Insights - The Shendong City has launched a consumer promotion event for the first quarter of 2026, coinciding with the Spring Festival, to stimulate market activity and enhance consumer spending [1][2] Group 1: Event Overview - The event, themed "Hui Ju Xin Chun · Le Gou Shen Mu," aims to cover all consumption scenarios and includes participation from 51 enterprises and 77 offline stores [1] - The launch ceremony took place at Chengye Square in the Binhe New District, showcasing various promotional offers from supermarkets, automotive sales, and hospitality sectors [1] Group 2: Consumer Incentives - Electronic consumption vouchers are being issued from February 6 to March 3, allowing citizens to redeem discounts at supermarkets, with varying thresholds for savings [2] - A significant subsidy policy for automotive purchases is introduced, offering a direct subsidy of 2,000 yuan for each vehicle purchased from participating dealerships during the promotion period [2] Group 3: Integration of Services - The city is promoting the integration of accommodation, dining, and cultural tourism industries, with special services like New Year reunion dinners and pre-prepared meals to meet festive dining needs [3] - Consumers can enjoy discounts by presenting tickets from local attractions or accommodation bookings, enhancing the overall consumer experience [3] Group 4: Future Plans - Shendong City plans to continuously monitor the effectiveness of the promotional activities and adapt policies to introduce more targeted consumer incentives in the future [3]

Group 1 - In January 2026, Lianyungang City's Haizhou District experienced a strong start in market entity development, with 519 new registered enterprises and 771 individual businesses, representing year-on-year growth of 7.01% and 19.9% respectively, indicating robust economic resilience and vitality [1] - The growth momentum is driven by "innovation" and "vitality," with a significant increase in new enterprises in scientific research and technical services, totaling 113, which is a substantial year-on-year growth of 63.77%, positioning these sectors as core engines for industrial upgrading [1] - The rapid growth of individual businesses in the wholesale, retail, accommodation, and catering sectors reflects the resilience of the economic internal circulation and the vigorous vitality of micro entities [1] Group 2 - The transformation of government services from "convenience" to "empowerment" has played a crucial role in enhancing market vitality, with the full process of enterprise establishment being compressed to within 0.5 working days [1] - The innovative "home-based registration" model has been successfully implemented in Banpu Town, allowing individual business registrations to be completed within one day without leaving the town, and this model is being promoted to more towns [1] - The district has effectively reduced burdens on enterprises by over 50 million yuan through inclusive and prudent regulation in 2025, significantly improving service efficiency [1] Group 3 - The development ecosystem is being optimized to provide a "inclusive" and "fair" environment for market entities, with a focus on creating a stable, transparent, and predictable development environment [2] - The district implements credit risk classification supervision, ensuring minimal disruption for trustworthy enterprises, while encouraging innovation and trial through an "observation period" for new business models [2] - Continuous focus on the concerns of market entities will be maintained, with efforts to deepen reform and innovation, optimizing the business environment to inject sustained momentum into regional economic high-quality development [2]