1月30日，巴中市正式印发《2026年巴中市重点项目建设计划》，聚焦全国革命老区振兴发展示范市建 设目标，敲定247个重点建设项目，年度预计投资461.38亿元，涵盖产业发展、基础设施、民生及社会 事业、生态环保四大核心领域，以项目硬支撑激活区域发展新动能。 2026年巴中重点项目建设呈现"量质齐升"态势，项目个数、总投资、年度计划投资较2025年分别增加49 个、441.25亿元、40.71亿元。在212个新开工及续建项目中，10亿元以上重大项目达38个，占比 17.92%，镇广高速公路川陕界至王坪段、诺水河至光雾山公路(米仓大道)、平昌县页岩油勘探开发等重 大项目将持续发挥硬核支撑作用。 从投资结构来看，产业发展项目表现突出，个数与年度计划投资占比分别达49.39%、50.89%，位居各 类别项目首位，标志着巴中投资结构优化升级步伐加快，特色产业引领发展的态势愈发鲜明。项目建设 将保持滚动接续态势，今年将新开工南江至三台(中江)高速公路、全液冷光储充换检一体化超充站等 124个项目，推进镇广高速通江至广安段、通江县青峪口水库等88个续建项目，同时加快通江县通用机 场、平昌至仪陇高速公路等35个前期项目。 ...

与此同时，该基金最新成交量为8.52亿份，最新成交额达15.36亿元，居可比基金第一。 工业有色ETF万家（560860.SH），场外联接(A类：018489；C类：018490）。 2026年2月2日，工业有色ETF万家（560860.SH）收跌9.98%，主力资金（单笔成交额100万元以上）净 流入1.99亿元，居可比基金第一。（数据来源：Wind） 拉长时间看，该基金近5个交易日有4天主力资金净流入，合计流入1.36亿元，居可比基金第一。（数据 来源：Wind） ...

Group 1 - The company Tianrun Industrial (002283.SZ) announced a share buyback program, having repurchased a total of 6,195,700 shares as of January 30, 2026, which represents 0.5437% of the company's current total share capital [1] - The highest transaction price during the buyback was 5.93 yuan per share, while the lowest was 5.26 yuan per share [1] - The total amount spent on the share buyback was 34,742,568.00 yuan, excluding transaction fees [1]

一方面，1月最后一周，美股披露财报的企业数量较多。另一方面，出口对企业盈利的影响越来越大， 我们补充美国上市公司的盈利数据以完善对出口景气的观察。整体而言，美股盈利增速依然较高，但结 构分化较大。四季度，已披露财报的标普500成分股当季利润增速为10.8%，低于三季度的24.1%。按照 WIND的行业分类，11个一级行业中，有7个利润增速为负。非金融行业中，仅三个利润增速为正，包 括信息技术、工业、公用事业。 来源：一瑜中的 报告摘要 前言：本周周报关注美国四季报盈利情况 整体情况：利润增速有所下滑 截止至2月1日，美国标普500成分股中有180个个股披露了四季报（注：美股财年不统一，此处按日历时 间标记，指业绩对应日期主要在2025年四季度的财报）。这180只个股对应市值占标普500市值一半左 右。 从季度利润增速来看，四季度，美股样本企业增速为10.8%，低于2025年三季度的24.1%，但参考历史 增速来看，依然处于偏高增速水平。 分行业：分化较大，三个方向景气较高 分行业来看，按照wind的行业分类，2025年四季度，11个行业中有7个行业利润增速为负。仅信息技 术、金融、工业、公用事业四个行业利润增 ...

Overall Situation - The profit growth rate of S&P 500 companies has declined, with a reported growth of 10.8% for Q4 2025, down from 24.1% in Q3 2025, although it remains at a relatively high level historically [3][12]. Industry Analysis - There is significant divergence in profit growth across industries, with 7 out of 11 sectors reporting negative growth. Only the information technology, financial, industrial, and utility sectors showed positive growth, with information technology contributing 12.6% to the overall profit growth of sample companies at a rate of 44.5% [4][15]. Information Technology - In the information technology sector, 25 companies reported earnings, with 21 showing positive profit growth. Notably, 18 companies had growth rates exceeding 10%, with standout performers including SanDisk at 672%, Western Digital at 210%, Micron Technology at 180.2%, Broadcom at 97%, and Oracle at 94.7% [5][18]. Utilities - The utility sector performed well, with two companies reporting a combined profit growth of 251.1%. This performance is likely linked to rising electricity prices, with the Consumer Price Index (CPI) for electricity services showing a year-on-year increase of 6.7% in December 2025 [6][22]. Industrial - The industrial sector saw a profit growth rate of 45.9%, driven largely by military production. Key companies included Boeing (returning to profitability), Lockheed Martin with a growth of 155%, Northrop Grumman at 66.7%, and General Electric Aerospace at 34.9%. The production index for aerospace and other transportation equipment has risen significantly, averaging a year-on-year growth of 20.9% over the last four months [7][24].

Economic Performance - In 2025, the GDP of Mangya City is projected to reach 12.04 billion yuan, with a year-on-year growth of 4.6% [1] - The primary industry is expected to achieve 0.02 billion yuan, growing by 9.1%, while the secondary industry is forecasted to reach 10.163 billion yuan, also growing by 4.6%, and the tertiary industry is anticipated to complete 1.858 billion yuan, with a growth of 4.8% [1] Industrial and Investment Growth - The industrial added value above designated size is expected to grow by 4.1% year-on-year [1] - Fixed asset investment is projected to increase significantly by 48.5% year-on-year, with general industrial investment growing by 8.7% and construction investment by 27.7% [1] Consumer Market and Income - The total retail sales of consumer goods in the city are expected to reach 0.305 billion yuan, with a year-on-year increase of 3.1%, indicating a steady recovery in consumer demand [1] - The per capita disposable income for residents is projected to be 47,544 yuan, reflecting a year-on-year growth of 3.4% [2]

Core Viewpoint - Xuzhou is approaching the trillion-yuan GDP milestone, with a reported GDP of 953.7 billion yuan in 2024, generating expectations for its 2025 target [1][3] Economic Performance - In 2025, Xuzhou's GDP reached 995.72 billion yuan, growing by 5.8% year-on-year, which is below the 6% target but exceeds the national average growth rate of 5.0% [6] - The primary industry added value was 79.25 billion yuan, growing by 3.0%; the secondary industry added value was 365.63 billion yuan, growing by 3.5%; and the tertiary industry added value was 550.85 billion yuan, growing by 8.0% [6] Industrial Growth - Xuzhou's industrial output value increased by 6.8% in 2025, with significant growth in chemical fiber manufacturing (10.5%), agricultural and sideline food processing (13.1%), and electrical machinery and equipment manufacturing (18.6%) [6] - High-tech manufacturing in Xuzhou grew by 9.0%, outpacing the overall industrial growth by 2.2 percentage points [6] Investment Trends - Fixed asset investment in Xuzhou fell by 11.9% year-on-year, which is significantly lower than the national average decline of 3.8% [7] - Investment in the primary industry decreased by 27.4%, the secondary industry by 11.5%, and the tertiary industry by 11.9% [7] Consumer Spending - Retail sales of consumer goods in Xuzhou grew by 5.5% year-on-year in 2025, with notable increases in food (18.5%), clothing (15.5%), and communication equipment (11.5%) [7] Income Levels - The per capita disposable income in Xuzhou reached 42,230 yuan in 2025, growing by 4.9% year-on-year, with urban residents earning 48,978 yuan (4.3% growth) and rural residents earning 30,639 yuan (5.6% growth) [7]

质量标准体系持续健全，制修订国家标准1.3万项，国家标准总数达4.8万项。建立国家计量基准219项， 获得国际承认的校准与测量能力2010项，"十四五"时期发布国家计量技术规范652项，较"十三五"增长 18%。 本报北京2月1日电记者从市场监管总局召开的发布会上获悉："十四五"时期质量强国建设取得阶段性成 效。 "十四五"以来，质量工作机制持续优化，宏观政策体系更加健全。首次以党中央、国务院名义印发中长 期质量工作纲领性文件，也就是《质量强国建设纲要》，为质量强国建设提供了全面的行动指南。市场 监管部门深入开展质量强企强链强县工作，选树首批34家企业纳入质量强国建设领军企业培育库，质量 强链十大标志性项目取得一批重要标志性成果，推动全国1500个城市实施质量强县战略，169个城市开 展质量特色实践活动，持续开展计量服务"中小企业行"活动，帮扶中小企业12万余家。制造业产品质量 合格率保持在93%以上，制造业质量竞争力指数稳步提升至85.86，处于历史最高水平。全国生活性服 务、公共服务质量满意度分别提高到81.33、81.62，持续保持在"满意"区间。 （文章来源：人民日报） 强化源头治理，对14类27种工 ...

证券研究报告 | 宏观深度 《【粤开宏观】5%的成绩与发力方向—— 2025 年中国经济复盘》2026-01-19 宏观研究 2026 年 02 月 01 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 《【粤开宏观】美联储是否会屈从政治压 力？》2026-01-29 《【粤开宏观】如何明显提高居民消费 率？》2026-01-27 《【粤开宏观】万亿顺差从何而来？》 2026-01-25 【粤开宏观】2025 年中国区域经济版 图：东进西稳，南升北降 摘要 2025 年是"十四五"规划收官之年，在内外部复杂严峻的形势下，中国实施 更加积极有为的宏观政策，极不平凡地实现了经济增长目标。2025年中国GDP 同比增长 5.0%，名义 GDP 首次站上 140 万亿元台阶，折合 19.6 万亿美元。 区域经济 ...

Core Insights - The article highlights significant economic milestones in 2025, with Shandong becoming the third province in China and the first in the north to surpass a GDP of 10 trillion yuan, Beijing becoming the second city to reach a GDP of 5 trillion yuan, and Dalian emerging as the first city in Northeast China to achieve a GDP of 1 trillion yuan, reflecting a transformation in the northern region's economy [1][2][4] Group 1: Shandong's Economic Transformation - Shandong's achievement of a 10 trillion yuan GDP is characterized as a challenging "turnaround," overcoming a heavy reliance on traditional industries, which constituted 70% of its economy [1] - Since 2018, Shandong has been a pilot zone for new and old kinetic energy conversion, focusing on industrial transformation and maintaining economic growth rates above the national average since 2020 [1] - By 2025, high-tech industries in Shandong are projected to account for 55.3% of its industrial output, with advanced capacities in traditional sectors like steel and petrochemicals exceeding 40% [1] Group 2: Beijing's Quality Growth - Beijing's GDP of 5 trillion yuan is achieved through a focus on quality over quantity, driven by innovation and high-value industries, with R&D investment intensity remaining at a high level of 6% [2] - During the 14th Five-Year Plan, all ten high-tech industries in Beijing surpassed the 100 billion yuan mark, with sectors like information technology and healthcare leading the way [2] - By 2025, the combined contribution of information technology services and finance to Beijing's economic growth is expected to exceed 80% [2] Group 3: Dalian's Role in Northeast Revitalization - Dalian's achievement of a 1 trillion yuan GDP is significant for the revitalization of Northeast China, leveraging traditional industries while promoting technological innovation and upgrading to high-end, green, and intelligent industries [2] - The green petrochemical industry in Dalian remains stable at around 400 billion yuan, with the new automotive sector exceeding 100 billion yuan [2] - Dalian is enhancing its role as an open gateway and international shipping center in Northeast Asia, translating its geographical advantages into competitive strengths [2] Group 4: Implications for Economic Development - The experiences of Shandong, Beijing, and Dalian illustrate that high-quality development paths are diverse and should be tailored to local conditions, encouraging other regions to explore differentiated development strategies [3] - The article emphasizes that transformation and upgrading require long-term commitment and strategic determination, as evidenced by the sustained efforts of these regions [3] - The development of these three regions contributes to a more balanced economic landscape in China, addressing the historical disparity between northern and southern economies [3][4]