走进兰州，可以感受到这座老工业城市在嬗变。 一些企业家说，以前"跑断腿"的事，现在有政府专班人员在帮着跑，企业只专心做好生产经营；有科研 人员感慨，以前很多成果写完论文、评完奖就被束之高阁，现在转化的渠道更通畅了；有的干部坦言， 以前碰见棘手问题绕着走，现在不怕事、敢担事，还要琢磨如何干成事…… 这些心声被总结为一句话："当前的兰州呈现态势更好、气势更足、趋势更向上的发展势头。""十四 五"期间，特别是甘肃实施"强省会"行动以来的相关数据印证"兰州向上"—— 全市经济增速由2022年的0.8%提升至2025年的5.5%，对全省经济增长的贡献率由5.2%提升至27.7%；5 年来累计实施投资项目3270个，省外招商引资项目到位资金年均增长13%；综合科技进步水平指数达到 82.61%，跃居全球科研城市百强榜第48位；连续3年入选全国营商环境创新城市，连续4年居甘肃省营 商环境考评第一位。 近年来，兰州将营商环境视为"生命线"。甘肃省委常委、兰州市委书记张晓强说，对标国际国内一流水 平，兰州向高标准看齐，坚决打好优化营商环境攻坚战，着力营造良好产业发展生态和创业创新生态， 为推动高质量发展带来了新气象、新活力、新 ...

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...

核心提示 从医疗机构检查检验结果的跨域互认，到沿黄陆海大通道的筋骨舒展；从惠企政策的直达快享，到"扫码入 企"的有形边界；从"国有+集体"土地的跨权属激活，到鲁豫毗邻地区的握手共赢……2025年以来，河南 以"开"为笔，全面落实"五统一、一开放"基本要求，把国家所需、河南所能、经营主体所盼紧密结合起来， 着力破卡点、强联通、建枢纽、增动力、提能级，在融入和服务全国统一大市场上不断走深走实、见行见 效。 看得见的手打破无形的墙，要素在跨省际、跨权属间自由流动，规则在阳光下透明运行。今日，河南日报推 出"枢纽与支点·开年开局看见统一大市场"特刊，用小场景折射大变革，展现河南在纵深推进融入和服务全国 统一大市场中形成的可借鉴、可复制、可推广的经验做法和创新实践。当中原从内陆腹地走向开放前沿，一 个更具活力、更加畅通的枢纽新河南、循环新支点，正在这些细微而深刻的改变中，动力澎湃。 【开锁破局】一张报告单 异地就医顺 2月23日上午，省人民医院豫东北医院肾内科诊室内，医生苗风楠正在坐诊。诊室门被推开，50多岁的张女士 走进来，手里攥着一沓检查单。 "医生，这是刚在梁山县查的……能用不？"张女士语气里带着试探。她来自山东 ...

Core Viewpoint - Chengdu's industrial enterprises are rapidly resuming production after the Spring Festival, aiming for a strong start to the year, with many companies operating at full capacity to meet domestic and international orders [4][5][6]. Group 1: Production Resumption - Key industrial enterprises in Chengdu are leading the recovery of production, with some maintaining 24-hour operations during the holiday to fulfill orders [5]. - For instance, BaMo Technology reported that all orders for the first quarter are fully booked, and employees are working diligently to ensure timely delivery [5]. - China National Beverage Corporation's Sichuan branch achieved full production capacity on the second day of the new year, producing 237,000 products in one day, matching regular output levels [5]. Group 2: Production Efficiency - Chengdu Tianma Precision Machinery Company has improved its production efficiency to 70% of normal capacity post-holiday, compared to only 50% in previous years [5]. - China National Heavy Duty Truck Group's Chengdu subsidiary expects to produce 10,000 vehicles in the first quarter, with a projected output value of 2.8 billion yuan [6]. Group 3: Regional Collaboration - Various districts and industrial parks in Chengdu are working in unison to boost production, with companies like Quan Yi Food ramping up operations to meet a quarterly output target of 260 million yuan [7]. - In Jin Tang County, Sichuan Natuo New Materials has maintained full production since December, achieving over 1 billion yuan in output [8]. Group 4: Technological Innovation - Chengdu's robotics industry is showcasing its capabilities, with local companies exporting products to over 40 countries, enhancing production efficiency [9]. - The "Chengdu-made" robots are not only improving industrial productivity but also providing innovative solutions in community services, such as elder care [9].

Group 1: Economic Resilience - The Chinese economy remains strong during the Spring Festival, with many listed companies continuing operations to meet market demand and fulfill orders [1][2][8] - Companies like LiuGong and TianNai Technology are maintaining production during the holiday to capitalize on increased demand, particularly from overseas markets [2][3] Group 2: Manufacturing Sector - Manufacturing companies are strategically scheduling production and reasonable breaks to ensure continuous delivery and meet customer needs [2][3] - LiuGong reported significant growth in industry demand, leading to a busy production schedule during the holiday [2] - TianNai Technology is also continuing production to better serve customers due to rapid market demand for its products [2] Group 3: Consumer Sector - The Spring Festival is a peak consumption period, with companies like Quanjude and Guangzhou Restaurant Group launching various marketing activities to attract customers [4][5] - Quanjude has prepared for a strong demand for New Year's Eve dinners and is implementing online and offline marketing strategies [4] - Guangzhou Restaurant Group is promoting themed activities and special menus to enhance customer engagement during the holiday [4][5] Group 4: Digital Technology Integration - Companies are leveraging digital technology to enhance traditional festive experiences, such as the fully digitalized lantern festival in Shanghai [7] - Cybersecurity firm Qihoo 360 is providing 24/7 technical support during the holiday to ensure smooth operations for clients [7] - AI service provider Zongheng Communication anticipates increased traffic and engagement on major platforms during the Spring Festival, which may positively impact its business [7] Group 5: Overseas Projects - Some companies are accelerating overseas projects during the Spring Festival, with Hongbang Biological confirming that construction is proceeding as planned in Australia and Indonesia [8]

Core Viewpoint - Kraft Heinz has paused its plan to split into two independent companies, reallocating approximately $600 million intended for the split towards marketing, sales capability building, R&D, product quality improvement, and strategic pricing adjustments [1][3]. Group 1: Business Strategy - The original plan aimed to simplify the business structure and enhance brand resource allocation and profitability by splitting into a North American grocery company and a global flavor enhancement company by the second half of 2026 [3]. - New CEO Steve Cahillane emphasized the need to restore profitable growth and stated that pausing the split is a prudent decision given the current unfavorable external environment [3][4]. - The decision to halt the split is seen as a strategic move to stabilize core operations amidst increasing competition in the food industry [4]. Group 2: Management Changes - Nicolas Amaya will take over as the head of North American operations on February 23, 2026, succeeding Pedro Navio [4]. - Amaya has extensive experience in managing brands and markets, which is expected to benefit Kraft Heinz's largest market [4]. Group 3: Financial Performance - Kraft Heinz reported a revenue of $24.9 billion for 2025, a decline of 3.5% year-over-year, with a net loss of $5.8 billion and an organic net sales decrease of 3.4% [5]. - Sales volume dropped by 4.1%, exacerbating the decline compared to the previous year's 3.5% decrease, with North American and international developed markets experiencing declines [5]. Group 4: Future Plans - The company plans to increase R&D investment by approximately 20% in 2026 compared to 2025 and raise marketing investment to about 5.5% of net sales [6]. - The combination of R&D and pricing strategy investments is aligned with industry competition logic, aiming to enhance product superiority and competitive differentiation [6].

中新网成都2月23日电(祝欢)机器轰鸣此起彼伏，生产线高速运转不停，"成都造"机器人贴心服务…… 随着春节假期落幕，成都市工业企业开足马力按下复工复产"快进键"，为一季度工业经济"开门红"筑牢 根基、夯实底气。 企业复工现场。成都市经信局市新经济委供图 重点企业是工业经济的"压舱石"，更是复工复产的"排头兵"。成都重点工业企业率先发力、抢先一步， 以最快速度恢复生产、释放产能，引领全市工业复工复产跑出"加速度"。 "为抢抓海内外订单，我们春节期间未停工、不停产，生产线始终保持24小时连续运转、满负荷生产状 态。"成都巴莫科技有限责任公司相关负责人介绍，目前企业一季度海内外订单已全部排满，全体员工 凝心聚力赶进度，全力确保订单按时交付。 中粮可口可乐四川公司正月初二复工，实现复工首日即满产。新都区生产车间内，一条条智能化生产线 高速运转，依托先进的数字化工厂管理系统，复工首日便高效生产产品23.7万件，产能与日常水平持 平。与此同时，该企业销售力量下沉市场一线，全面覆盖全省239家主要商场、超市及社区零售点，全 力保障全川32万家客户的服务不打折、产品供应不断档。 成都天马精密机械有限公司正月初三启动复工，正月 ...

Global Assets: Rebalancing Continues - The current market rebalancing is based on internal and external recovery, with AI trading entering its second phase, leading to a focus on the actual impact of AI on various industries [3][13] - From February 16 to February 20, 2026, global risk assets showed an overall upward trend, but internal performance was mixed, with industrial, financial, and energy sectors gaining favor [3][13] - The focus has shifted from whether AI is a bubble to identifying the real industrial impacts and critical supply-demand issues as AI transitions from a thematic to a macro factor [3][13] Manufacturing Cycle Further Rising - The U.S. GDP data for Q4 2025 showed slower growth primarily due to government spending disruptions, while AI-related investments remained strong [4][25] - Non-AI and residential investment growth is showing signs of bottoming out, indicating a broader recovery in investment activities beyond just AI [4][25] - The February manufacturing PMI data indicated a recovery in global manufacturing, with Europe exceeding expectations and the U.S. maintaining expansion, suggesting a positive trend in manufacturing cycles [4][25][34] Commodities: Transitioning from Financial Overtrading to Industrial Pricing - Recent fluctuations in industrial and precious metals prices are attributed to macro and industrial events, with a return to real supply-demand signals expected [5][44] - Geopolitical risks continue to support industrial metal prices, while demand from tech giants for AI investments remains robust, indicating a potential new support for demand [5][44] - Historical data suggests that current copper and aluminum price ratios are low compared to historical manufacturing PMI levels, indicating potential for price recovery [5][44][45] Focus on Global Physical Assets vs. Chinese Assets - The core of market rebalancing is not about the existence of an AI bubble but rather the macro impacts of AI combined with monetary and major country policy choices [6][56] - The relative smooth path for future U.S. interest rate cuts is expected to support the recovery of the global manufacturing cycle, which may lead to a revaluation of Chinese asset capacity [6][56] - Specific investment recommendations include physical assets like copper, aluminum, and oil, as well as sectors benefiting from capital inflows and consumption recovery in China [6][56]

th 7 R t 新华财经上海2月23日电（记者杜康）春节长假临近尾声，今年春节档拥有9天"史上最长假期"的加持，给消费注入十足动力。来自部分沪市公司的数据显 示，今年春节期间出行、票房等数据都释放了积极信号，同时，文旅、白酒、食品等公司也借助"年味"加速文旅融合或强化互动，助力消费"开足马力"。 从机场"热力图"到影院"人气榜" 节日消费数据迎来"开门红" 春节长假期间，机场客流量持续增长。2月20日，上海机场单日客流量达到42.49万人次，其中浦东机场27.57万人次、虹桥机场14.92万人次，同比增长 6.4%，创下历史新高，迎来新年"开门红"。上海机场预计，今年春运期间，上海浦东、虹桥两场的航班量将达到9.6万架次，同比增长1.9%；旅客吞吐量达 到1553万人次，日均38.8万人次，同比增长3.6%。 今年春运，随着我国免签"朋友圈"再扩大，以及北方冰雪游、南方避寒游热度持续走高，上海机场客流量持续增长。快报数据显示，自2月2日春运启动至2 月20日，上海机场共保障进出港航班超4.6万架次，其中浦东机场3.1万架次、虹桥机场1.5万架次，同比增长2.7%；保障进出港旅客743.4万人次，其中浦东 机 ...

Core Insights - The report suggests adopting a "steady first, with growth in mind" approach to maintain gains in the second half of the spring market and to reserve space for future positioning [2][15] - The spring market of 2026 began on December 17, 2025, driven by favorable policies and early capital allocation, leading to a strong performance in the A-share market, with the Shanghai Composite Index achieving 17 consecutive days of gains [9][13] - The convertible bond market experienced rapid growth followed by volatility, with median prices and conversion premiums reaching historical highs, indicating a significant reduction in the safety cushion of bonds [9][10] Market Trends - Historical data from 2017 to 2025 indicates that the market typically experiences a "rise then fall" pattern from the Spring Festival to the National People's Congress (NPC) [13][14] - The report highlights that during the period from the Spring Festival to the NPC, the market is likely to see a "spring surge," with small-cap growth stocks outperforming, particularly in TMT and high-end manufacturing sectors [13][14] - As the NPC approaches, the market may shift towards defensive sectors like pharmaceuticals and utilities, with high valuations in convertible bonds facing potential compression due to stock adjustments [13][14] Investment Strategy - The report recommends a balanced investment strategy, transitioning from aggressive profit-seeking to balancing returns and risks as the market moves into the NPC and Q1 earnings preview phase [15] - It emphasizes the importance of selecting convertible bonds with solid performance and reasonable pricing, while also considering high-quality, high-priced convertible bonds with clear growth prospects [15] - The report identifies sectors such as AI computing, semiconductors, non-ferrous metals, and post-cycle industries like consumption and real estate as favorable for convertible bonds due to improving supply-demand dynamics and favorable policy catalysts [15]