Core Viewpoint - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a significant national strategy aimed at enhancing regional integration and competitiveness, with a focus on infrastructure connectivity, regulatory alignment, and community engagement among the three regions [2][4]. Group 1: Infrastructure Development - By the end of 2025, the Greater Bay Area's railway operating mileage will exceed 2,800 kilometers, and urban rail transit will surpass 1,500 kilometers, facilitating a "one-hour living circle" [32]. - The traffic flow through five cross-river and cross-sea passages in the Pearl River Delta reached 137 million vehicle trips from January to October 2025, marking a year-on-year increase of 10.52% [23]. - The Hong Kong International Airport's second terminal expansion and the Guangzhou Baiyun International Airport's T3 terminal and fifth runway were operational by October 2025, with all three major airports in the region exceeding an annual passenger throughput of 50 million by December 2025 [28][29]. Group 2: Economic and Cultural Integration - The 15th National Games and the Special Olympics will be held in Guangdong, Hong Kong, and Macao in late 2025, marking the first large-scale joint sports event among the three regions, showcasing deepened collaboration [5][6]. - The total sales of licensed merchandise for the 15th National Games reached 680 million yuan, with the mascots becoming a cultural phenomenon [21]. - Over 558 million mainland tourists visited Hong Kong and Macao in 2025, a year-on-year increase of 6.4%, indicating a growing cultural and economic exchange [47]. Group 3: Innovation and Talent Development - The innovation cluster of Shenzhen, Hong Kong, and Guangzhou ranked first globally in innovation index in 2025, with R&D intensity surpassing 4.5% and strategic emerging industries accounting for over 25% of GDP [40]. - By the end of 2025, there were 35 joint laboratories established in the Greater Bay Area, enhancing collaboration in scientific research and innovation [42]. - The number of high-level talents in the region has increased significantly, with over 30% of the nation's high-level talent concentrated in this area [40].

Group 1 - Chongqing has initiated a Level 4 emergency response for low-temperature rain, snow, and ice disasters in 13 districts and counties due to a forecast of severe cold weather from January 19 to 21 [1][2] - The meteorological department issued a "cold wave yellow warning signal" on January 18, indicating high risks of low-temperature rain, snow, and ice disasters in the central and eastern parts of Chongqing [1] - The affected districts include Youyang County, Xiushan County, Chengkou County, Wushan County, Wuxi County, Qianjiang District, Kaizhou District, Fengjie County, Shizhu County, and Yunyang County among others [1] Group 2 - The Chongqing Disaster Prevention and Mitigation Committee emphasizes the need for local disaster response committees to strengthen joint assessments and timely initiate emergency responses based on local weather conditions [2] - Key sectors such as transportation, power supply, telecommunications, tourism, agriculture, and public welfare are highlighted for risk prevention and emergency support [2] - Preparations for rescue operations, equipment deployment, and safety awareness regarding fire, electricity, and gas usage are stressed to prevent accidents and ensure effective disaster response [2]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints - Green bonds are securities raised for green industries, projects, or economic activities, and have become an important financing tool. As of the end of 2025, the cumulative issuance scale in China reached 5.32 trillion yuan [2]. - The development of China's green bond market can be divided into three stages: the exploration and launch stage (2015), the standardization development stage (2016 - 2020), and the system improvement stage (2021 - present) [2][16]. - By the end of 2025, the annual issuance scale increased from 207.231 billion yuan in 2016 to 1.079283 trillion yuan, and the number of issuances rose from 89 to 834. The stock of green bonds was 2,014, with a market size of 2.464521 trillion yuan. Green bonds are suitable for long - term investment [3][109]. - Green bonds generally have a "green spread" over non - green bonds, which has weakened in the past three years but still supports pricing. They are more suitable as a stable portfolio base rather than a source of significant excess returns [4]. Summary by Directory 1. Green Bond Development 1.1 Green Bond Concept - Green bonds are securities that raise funds for green industries, projects, or economic activities. They are divided into four types according to the "China Green Bond Principles (2022)" and play an important role in global green finance [13]. 1.2 Policy Context - China's green bond market has established a relatively complete system. The development is divided into three stages: - Exploration and launch stage (2015): The People's Bank of China and the National Development and Reform Commission issued relevant documents, marking the official start of the green bond market [16][17]. - Standardization development stage (2016 - 2020): Multiple departments issued a series of policies to improve the regulatory mechanism, project catalog, and evaluation and certification mechanism [16][18]. - System improvement stage (2021 - present): Policies continued to be refined, the standard system was integrated with international standards, and cross - border green financing advanced steadily [16][25]. 2. Green Bond Value 2.1 Value to Issuers - Green bonds generally have a lower issuance interest rate than non - green bonds, showing a "green spread," which has weakened in the past three years. They can also access overseas ESG funds [34]. 2.2 Value to Investors - Green bonds are fixed - income tools. Their credit risk is mainly determined by the issuer's quality and credit enhancement. They are suitable as a stable portfolio base and can meet institutional ESG and sustainable investment goals. Their tradability has also improved [46]. 3. Green Bond Issuance Statistics 3.1 Green Asset - Backed Securities - Their issuance rhythm has different stages. From 2016 - 2018, it was in the start - up phase; 2019 - 2020 saw market expansion; 2021 entered the accelerated development stage; 2022 - 2023 maintained a high - level operation; 2024 - 2025 had a decline in scale. They are mainly short - term and ultra - long - term products, with concentrated underlying assets [48][49]. 3.2 Non - Asset - Backed Green Bonds - The issuance showed phased characteristics. It expanded steadily from 2016 - 2020, jumped significantly in 2021, reached a high in 2022, declined in 2023, and significantly increased in 2025. State - owned enterprises are the main issuers, and bank - to - bank market is the main trading platform. Their issuance interest rate has been declining, and the term is mainly medium - short term [59][61][71]. 4. Green Bond Stock and Transaction Analysis 4.1 Green Bond Stock Analysis - As of the end of 2025, the stock of green bonds was 2,014, with a market size of 2.464521 trillion yuan. Financial bonds accounted for nearly half of the stock, followed by medium - term notes and asset - backed securities. The stock was concentrated in short - and medium - term bonds, a few industries, and regions such as Beijing, Shanghai, and Guangdong [83][90][95]. 4.2 Green Bond Transaction Analysis - The secondary - market trading volume of green bonds has been rising with fluctuations, and the turnover rate has shown a trend of "falling from a high level, fluctuating in the central range, and weakening again in recent years." Compared with credit bonds and financial bonds, the turnover rate of green bonds is relatively low, but it has stable trading and periodic surges. The valuation of green bonds shows a clear stratification [100][101][105]. 5. Investment Viewpoint - Similar to the core viewpoints, green bonds have good development prospects, supply - side expansion, and are suitable for long - term investment and portfolio optimization [108][109][110].

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002163 | 海南发展 | 1 | 10.00 | 157亿 | -22.02 | | 300189 | 神农种业 | 1 | 8.87 | 74.14亿 | -2.69 | | 000657 | 中钨高新 | 1 | 7.15 | 916亿 | 45.00 | | 300086 | 康芝药业 | | 7.00 | 50.06亿 | -8.56 | | 688676 | 金盘科技 | 1 | 6.38 | 479亿 | 15.38 | | 000620 | 盈新发展 | 1 | 6.25 | 210亿 | 33.21 | | 601888 | 中国中免 | 4 | 6.05 | 1940亿 | -0.82 | | 000571 | 新大洲A | 1 | 5.95 | 53.79亿 | 9.39 | | 002320 | 海峡股份 | - | 4.59 | 249亿 | -8.30 | | 603069 | 海汽集团 | | 4.37 | 76.22亿 ...

初步核算，2025年，我国国内生产总值(GDP)首次突破140万亿元，达到1401879亿元，按不变价格计 算，比上年增长5.0%。 分产业看，第一产业增加值93347亿元，增长3.9%，对经济增长的贡献率为5.8%;第二产业增加值499653 亿元，增长4.5%，对经济增长的贡献率为32.8%;第三产业增加值808879亿元，增长5.4%，对经济增长 的贡献率为61.4%。三次产业增加值占GDP的比重分别为6.7%、35.6%和57.7%。 2025年是"十四五"规划收官之年，在以习近平同志为核心的党中央坚强领导下，各地区各部门深入贯彻 落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整、准确、全面贯彻新发展理念，加快构 建新发展格局，实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济运行总体平 稳，经济发展向新向优。 一、经济总量再上新台阶，全年增长目标圆满实现 投资结构持续优化。"两重"建设加快推进，重点领域投资增长较快，积极发挥投资在扩内需、优供给、 惠民生方面的关键作用。2025年，资本形成总额对经济增长贡献率为15.3%。其中，四季度资本形成总 额对经济增长贡献率为16.0%。 ...

Report Information - Report Type: Fixed Income Report - Release Date: January 19, 2026 - Analysts: Liang Weichao (SAC ID: S1340523070001), Cui Chao (SAC ID: S1340523120001) [2] Core Views - High - frequency economic data focuses: production end shows a differentiated heat, with the decline in the operating rates of coke ovens, blast furnaces, and PTA, and the increase in the operating rates of asphalt, PX, and tires; the floor area of commercial housing transactions continues to decline while the land supply area slightly increases; price trends are also differentiated, with slight increases in the prices of crude oil, zinc, and rebar, and copper prices rising and then falling; the overall price of agricultural products continues to decline, but the prices of pork, eggs, vegetables, and fruits all increase. In the short term, pay attention to the implementation of fiscal and monetary coordination policies [3][32] Section Summaries Production - Steel: The utilization rate of coke oven capacity decreased by 0.14 pct, the blast furnace operating rate decreased by 0.47 pct, and the rebar output decreased by 0.74 tons in the week of January 16. The inventory also decreased by 5.27 tons [9] - Petroleum Asphalt: The operating rate continued to rise by 1.8 pct from a low level in the week of January 14 [9] - Chemical Industry: The PX operating rate increased by 1.25 pct, while the PTA operating rate decreased by 0.65 pct on January 15 [9] - Automobile Tires: The operating rate of all - steel tires increased by 4.91 pct, and that of semi - steel tires increased by 7.55 pct in the week of January 15 [10] Demand - Real Estate: In the week of January 11, the floor area of commercial housing transactions in 30 large and medium - sized cities decreased by 107.21 square meters, the inventory - to - sales ratio increased, the land supply area in 100 large and medium - sized cities increased by 39.32 square meters, and the premium rate of residential land transactions increased by 0.62 pct [13] - Movie Box Office: It decreased by 711 million yuan in the week of January 11 [13] - Automobile: In the week of January 11, the average daily retail sales of automobile manufacturers decreased by 92,800 vehicles, and the average daily wholesale sales decreased by 175,200 vehicles [17] - Shipping Freight Rates: In the week of January 16, the SCFI index decreased by 4.45%, the CCFI index increased by 1.25%, and the BDI index decreased by 7.17% and has been falling rapidly since the peak in early December last year [20] Prices - Energy: The Brent crude oil price rose by 1.25% to $64.13 per barrel on January 16, while the coking coal futures price decreased by 0.34% to 1,184 yuan per ton [22] - Metals: The LME copper, aluminum, and zinc futures prices changed by - 1.5%, - 0.06%, and + 1.76% respectively, and the domestic rebar futures price rose by 0.86% on January 16 [22] - Agricultural Products: The overall price continued to decline, with the 200 - index of agricultural product wholesale prices decreasing by 0.37%. However, the prices of pork, eggs, vegetables, and fruits increased by 0.56%, 3.31%, 0.18%, and 1.91% respectively compared with the previous week on January 16 [25] Logistics - Subway Passenger Volume: In Beijing and Shanghai, the seven - day moving average of subway passenger volume decreased by 484,700 and 287,100 person - times respectively on January 16 [28] - Flight Operations: On January 17, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations increased by 405.29 flights, domestic (Hong Kong, Macao, and Taiwan) increased by 1.14 flights, and international flights decreased by 18.86 flights [30] - Urban Traffic: On January 17, the seven - day moving average of the peak congestion index in first - tier cities decreased by 0.03 [30]

报告提到，济南将科学制定实施城市更新专项规划，用好中央财政支持城市更新行动政策，推进济南站南广场、洪家楼等片区有机更新。稳步实施城中村 改造，深化低效用地再开发国家试点。完成济南机场二期改扩建工程。加快绕城高速南线改扩建等7个高速公路项目。建成工业北路东延快速路，提速凤 凰黄河大桥南延工程，新建改造岱北大道、物流大道等58条道路，打通8条断头(瓶颈)路。轨道交通6号线西段建成通车，加快7号线、9号线建设，推进三 期规划编制。开通优化公交线路100条。 齐鲁晚报.齐鲁壹点夏侯凤超于泊升李梦瑶杜春娜石晟绮王贝艺 1月19日，济南市第十八届人民代表大会第五次会议开幕，济南市市长于海田作政府工作报告。 ...

全年31个大城市失业率平均值为5.1%，与上年持平，较全国城镇整体水平低0.1个百分点。大城市失业 率走势平稳，峰值较上年下降0.1个百分点，全年保持在5.0%—5.3%之间。 2025年，各地区各部门深入贯彻落实党中央、国务院关于高质量充分就业的决策部署，进一步加大稳就 业政策支持力度，强化重点群体就业服务，就业形势总体稳定。 一、城镇调查失业率总体稳定 2025年，全国城镇调查失业率平均值为5.2%，低于5.5%左右的预期目标。分季度看，一季度受冬季及 春节假期因素影响，2月份失业率升至全年最高的5.4%，3月份随着节后用工逐步恢复，失业率回落至 5.2%。二季度劳动力市场活跃度继续提升，失业率降至5.0%—5.1%的较低水平。三季度受毕业季因素 影响，7、8月份失业率升至5.2%、5.3%，9月份回落至5.2%。四季度，10月份失业率继续降至5.1%， 11、12月份稳定在5.1%。全年来看，个别月份受季节性因素影响失业率有所上升，多数月份保持在 5.2%及以下，就业稳的态势巩固延续。 二、主体劳动力失业率保持较低水平 2025年，城镇30—59岁劳动力失业率平均值为4.0%，低于全国城镇整体水平1.2 ...

Core Insights - The core viewpoint of the article highlights the growth of China's service industry, with a projected increase in value added by 5.4% in 2025 compared to the previous year [1] Group 1: Service Industry Growth - The value added in the information transmission, software, and IT services sector is expected to grow by 11.1% [1] - The leasing and business services sector is projected to increase by 10.3% [1] - The transportation, warehousing, and postal services sector is anticipated to grow by 5.2% [1] - The wholesale and retail sector is expected to see a growth of 5.0% [1] - The accommodation and catering sector is projected to grow by 4.9% [1] Group 2: Production and Business Activity Indices - In December, the service production index increased by 5.0% year-on-year [1] - The production indices for the information transmission, software, and IT services sector, leasing and business services sector, and financial sector grew by 14.8%, 11.3%, and 6.5% respectively [1] - From January to November, the operating revenue of large-scale service enterprises increased by 7.8% year-on-year [1] Group 3: Business Activity Indices - The business activity index for the service industry in December was 49.7%, up by 0.2 percentage points from the previous month [1] - The business activity expectation index for the service industry rose to 56.4%, an increase of 0.5 percentage points [1] - Industries such as telecommunications, broadcasting, television, satellite transmission services, monetary financial services, and capital market services all had business activity indices above 60.0%, indicating a high level of prosperity [1]

Core Viewpoint - Nanjing has successfully implemented traffic optimization measures around tourist attractions, significantly improving traffic flow and enhancing visitor experience, particularly during peak holiday seasons [4][5][20]. Group 1: Traffic Optimization Measures - Seven medical bus routes have been established to alleviate the "last mile" issue for patients, reducing congestion and parking problems around hospitals [1] - The traffic optimization at the Zhongshan Scenic Area includes converting a section of the road into a pedestrian path, allowing for better separation of pedestrian and vehicle traffic [4][20] - The implementation of remote parking and shuttle bus services has reduced the time for visitors to enter attractions, with the time to park and enter the Hongshan Forest Zoo reduced from over an hour to 20 minutes [8][10] Group 2: Visitor Experience Improvement - During the 2023 National Day and Mid-Autumn Festival, the Zhongshan Scenic Area received positive feedback, achieving zero complaints and zero reports of congestion [5] - The number of visitors at the Zhongshan Scenic Area during the New Year reached nearly 270,000, marking the highest attendance for that holiday [5] - The traffic measures have led to a 10% increase in hotel occupancy rates in the area, as well as a rise in business revenue for local merchants [20] Group 3: Technological Integration - Nanjing's traffic management has incorporated advanced technologies, such as big data analysis and smart signal control, to enhance traffic flow and safety [15][16] - The use of drones for traffic management has improved the efficiency of crowd control during large events, allowing for smoother exits [12][16] - The introduction of VR navigation for visitors has further streamlined the experience, helping them avoid congestion and find optimal routes [13][18]