（来源：黑龙江日报） 转自：黑龙江日报 中共黑龙江省委办公厅 黑龙江省人民政府办公厅印发 中共黑龙江省委办公厅 黑龙江省人民政府办公厅 2026年1月29日 为深入贯彻中央经济工作会议精神，全面落实省委十三届九次全会暨省委经济工作会议部署，发挥存量 政策和增量政策集成效应，全力巩固拓展经济回升向好势头，确保实现一季度"开门红"，确保"十五 五"开好局、起好步，制定本政策措施。 一、大力提振消费 （一）优化消费品以旧换新政策实施。抓紧审核兑付2025年度消费品补贴，1月底前全部兑付到位，实 现跨年度顺畅衔接和平稳有序过渡。一季度安排各类资金12亿元左右，实施好汽车报废更新、汽车置换 更新、6类家电以旧换新、4类数码和智能产品购新等领域国家补贴政策。汽车更新补贴由定额补贴调整 为按车价比例补贴。家电以旧换新调整为补贴1级能效或水效产品，按照产品售价的15%给予补贴。 （二）开展促消费系列活动。打造"购在龙江"、"龙江味道"、"龙江好物"等品牌，抓住春节、元宵节等 重要消费节点，统筹开展"新春年货节"等冬季促消费活动500场以上。鼓励各市（地）精准发放消费 券，因地制宜设计简便灵活的领用规则，合理确定消费券有效期， ...

Group 1 - The company, Shaanxi Construction Group (陕建股份), stated that it currently does not have a financial shared service center [1]

Population Growth and Economic Implications - The latest U.S. Census Bureau estimates indicate very low population growth from June 30, 2024, to July 1, 2025, suggesting potential future weaknesses in economic growth [2] - Natural population increase has been low, with fluctuations primarily driven by net migration, which is not perfectly measured [4] - The forecast indicates that population growth in the coming years may be even lower than the current estimates, with net migration expected to approach zero due to increased enforcement of border restrictions [7] Labor Market and Productivity - Most immigrants are of working age but tend to be lower-skilled and earn lower wages, which means a decline in immigration has a less significant impact on the economy compared to a drop in native-born workers [5] - Low-skilled workers complement high-skilled workers, enhancing overall productivity in various sectors, such as construction [6] - Labor productivity growth is beginning to reflect advancements in artificial intelligence, with historical data showing variability in productivity growth rates [8] Economic Growth Forecast - With approximately zero population growth and an expected productivity growth of around two percent, inflation-adjusted GDP is projected to increase by slightly more than two percent in the coming years [9] - Business planning should be slightly less optimistic than in previous years, particularly for sectors serving low-wage consumers, which will experience slower growth [10] - The economy can remain healthy with low immigration, but its size and characteristics will differ compared to scenarios with higher immigration levels [11]

Group 1: Precious Metals Market - International gold and silver prices experienced a sharp decline, with spot gold dropping by 7.95% to $4949.62 per ounce and spot silver falling by 16.93% to $95.86 per ounce, hitting a low of $95 [1] - The market volatility was attributed to speculation and a sudden sell-off, with gold prices plummeting by $380 in just 28 minutes, a nearly 7% drop, while silver prices fell by 11% in the same timeframe [3] - The World Gold Council reported that the demand for gold in 2025 is expected to solidify its position among central banks, investors, and consumers, with structural adjustments impacting the market until early 2026 [3] Group 2: Lithium Mining Sector - The lithium mining sector faced a significant drop, but companies like Ganfeng Lithium and Yahua Group reported that their operations are normal and products are in high demand [2] - Battery-grade lithium carbonate prices have surged from approximately 70,000 yuan per ton to around 170,000 yuan per ton since the second half of 2025, indicating a recovery that may benefit companies with their own mines and salt lakes [2] Group 3: Private Equity and IPOs - In January, private equity firms participated in new stock placements, with a total allocation amounting to 338 million yuan across five companies, highlighting the continued interest in private equity investments [4] - The China Securities Regulatory Commission approved the IPO registration of Beijing Weitongli Electric Co., indicating ongoing activity in the public market [7] Group 4: Renewable Energy and Hydrogen Production - By the end of 2025, China's renewable energy hydrogen production capacity is expected to exceed 250,000 tons per year, marking a significant increase compared to the previous year [6] Group 5: Chicken Market - The white feather chicken market has shown signs of recovery, with prices for large wings nearing 50 yuan per kilogram, reflecting a more than 20% increase from the low point in October 2025 [6] Group 6: Pharmaceutical Developments - Kangzheng Pharmaceutical received approval for the first targeted drug for treating vitiligo in China, indicating advancements in the pharmaceutical sector [5] Group 7: Financial Performance Forecasts - Companies such as CICC and Huazi Industrial are projecting significant profit increases for 2025, with CICC expecting a net profit increase of 50% to 85% and Huazi Industrial forecasting a growth of 128% to 167% [16][18]

Core Insights - In 2025, China's non-financial direct investment abroad is projected to reach $145.66 billion, reflecting a 1.3% increase from the previous year [1] Group 1: Investment Growth - China's non-financial direct investment in Africa, Europe, and Asia is expected to grow by 41%, 20.9%, and 1.2% respectively [1] - The scale of foreign contracted projects is steadily increasing, with a total revenue of $178.82 billion, marking a 7.7% growth year-on-year [1] - New contract amounts for foreign projects are anticipated to reach $289.22 billion, up 8.2% from the previous year, both figures hitting historical highs [1] Group 2: Belt and Road Initiative - In 2025, China's non-financial direct investment in Belt and Road Initiative countries is projected at $39.67 billion, a 17.6% increase from the previous year [1] - New contracts for foreign contracted projects in these countries are expected to total $257.98 billion, with completed revenue at $152.63 billion, accounting for 89.2% and 85.4% of the total respectively [1] Group 3: Labor Export - China is expected to send out 428,000 various types of labor personnel, a 4.6% increase, adding 19,000 workers, primarily in construction, transportation, manufacturing, accommodation, and catering sectors [1] - By the end of 2025, the total number of Chinese labor personnel abroad is projected to reach 603,000 [1]

Core Viewpoint - The company has announced the resignation of its auditor, PwC, due to a failure to reach an agreement on audit fees for the fiscal year ending March 31, 2026 [1] Group 1: Auditor Resignation - The company requested the resignation of PwC, which has been accepted, effective January 30, 2026 [1] - The board has resolved to appoint KPMG as the new auditor, effective January 30, 2026, to fill the vacancy left by PwC's resignation [1] - KPMG will serve until the conclusion of the next annual general meeting of the company [1]

Core Viewpoint - The company, Rongli Construction (09639), has announced the resignation of its auditor, PwC, due to a failure to reach an agreement on audit fees for the fiscal year ending March 31, 2026 [1] Group 1 - The company has requested the resignation of PwC, which has been accepted, effective from January 30, 2026 [1] - The board of directors, upon the recommendation of the audit committee, has appointed KPMG as the new auditor, effective from January 30, 2026, to fill the vacancy left by PwC [1] - KPMG will serve until the conclusion of the next annual general meeting of the company [1]

大建筑央企受益于国资央企重组 20260129 摘要 建筑行业面临需求下降和经营压力，2025 年建筑业产值同比下滑 6.95%，新签合同额持续下滑，表明行业整体承压，亟需寻找新的增长 点。 八大建筑央企营收增速放缓，2024 年营收规模同比下降 3.55%，且毛 利率和净利润均低于全行业央企平均水平，2024 年八大建筑央企平均 毛利率不到 11%，净利率仅为 2.75%。 八大建筑央企境外毛利率低于境内，且呈现波动下滑趋势，显示出海外 业务布局中存在同质化竞争，影响了盈利能力，2024 年境外毛利率为 9.84%，境内毛利率为 11.08%。 八大建筑央企资产负债率和有息负债率均达到近年来最高点，截至 2025 年第三季度末，分别达到 77.02%和 26.73%，短期偿债压力增 大。 2024 年起，八大建筑央企员工人数开始减少，同比减少 3.65 万人，反 映出企业正在进行结构调整以应对经营压力。 国资委频繁表态推进国资央企战略性重组和专业化整合，旨在提升资源 利用效率，减少同质化竞争，提高净利润，增强国内外综合竞争力。 八大建筑央企内部整合动作频繁，通过专业化整合提升资源利用效率， 应对行业压力，例 ...

Market Overview - The Hong Kong stock market opened lower on January 30, with the Hang Seng Index down 0.65% at 27,785.98 points, the Hang Seng Tech Index down 0.88% at 5,789.49 points, the National Enterprises Index down 0.68% at 9,487.76 points, and the Red Chip Index down 0.4% at 4,452.34 points [1] - Major tech stocks experienced declines, with Alibaba down 1.9%, Tencent down 1.13%, JD.com down 0.79%, Xiaomi down 1.15%, Meituan down 0.56%, Kuaishou down 2.35%, and Bilibili down 1.23% [1] - Gold stocks fell broadly, with Chifeng Jilong Gold Mining down over 8% [1] - AI application stocks mostly declined, with Pony.ai down over 4% [1] - Oil stocks were active, with PetroChina up over 1% [1] Company Earnings Forecasts - Guoquan (02517.HK) expects revenue for 2025 to be approximately 7.75 billion to 7.85 billion RMB, a year-on-year increase of about 19.8% to 21.3%, and net profit of 443 million to 463 million RMB, a year-on-year increase of about 83.7% to 92.0% [2] - Sunny Optical Technology (02382.HK) anticipates a net profit of 4.5886 billion to 4.7235 billion RMB for 2025, a year-on-year increase of about 70.0% to 75.0% [3] - Baidu (02315.HK) expects to achieve revenue of 1.369 billion to 1.389 billion RMB in 2025, a year-on-year increase of 39.61% to 41.65%, and net profit of 162 million to 182 million RMB, a year-on-year increase of 384.26% to 443.88% [3] - WuXi AppTec (09969.HK) forecasts total revenue of approximately 2.365 billion RMB for 2025, a year-on-year increase of about 134%, and expects to turn a profit with a net profit of around 633 million RMB [3] - Rainbow New Energy (00438.HK) anticipates revenue of approximately 2.885 billion to 2.915 billion RMB for 2025, a year-on-year decrease of about 11.02% to 11.94%, and a net loss of 542 million to 592 million RMB, a year-on-year increase of about 44.15% to 57.45% [3] - Dazhong Public Utilities (01635.HK) expects net profit of 350 million to 500 million RMB for 2025, a year-on-year increase of 50.12% to 114.46% [3] - Spring Medical (01858.HK) forecasts net profit of 245 million to 288 million RMB for 2025, a year-on-year increase of 96.01% to 130.41% [4] - Meet Xiaomian (02408.HK) expects net profit between 100 million to 115 million RMB for 2025, a year-on-year increase of about 64.7% to 89.5% [5] - Macro Holdings (09930.HK) issued a profit warning, expecting a 70%-90% decline in shareholder profit for 2025 [6] - Financial Street Securities (01476.HK) issued a profit alert, expecting shareholder profit to increase to approximately 327 million RMB for 2025 [7] Project Wins and Developments - China Railway (00390.HK) recently won several major projects with a total bid amount of approximately 43.292 billion RMB [8] - New天绿色能源 (00956.HK) reported a cumulative power generation of 15.2104 million MWh for 2025, a year-on-year increase of 7.71% [9] - Hengrui Medicine (01276.HK) received acceptance for a new indication application for its innovative drug, which may become a new clinical treatment option for patients with unresectable liver cancer [9] - Gilead Sciences (01672.HK) reported positive top-line results from a Phase III open-label study of its oral FASN inhibitor for acne treatment [9] Institutional Insights - CITIC Securities noted that the performance expectations adjustment and funding disturbances that led to the decline in Hong Kong stocks in Q4 2025 have come to an end, predicting a continuation of the spring market trend into February 2026 [11] - Huashan Securities highlighted that the consumer sector, particularly food and beverage, has experienced a rare downturn for five consecutive years, with many leading companies now at historical valuation levels below 5%/10% [12] - Huayuan Securities projected that the copper supply-demand balance may shift from "tight balance" to "shortage" due to insufficient capital expenditure in copper mines [12] - Shenwan Hongyuan confirmed a high growth trend in brokerage performance for 2025, supported by increased trading activity and a recovery in investment banking and public asset management [12]

昨天（1月29日），长三角生态绿色一体化发展示范区新闻发布会在沪举行。据悉，示范区经过6年 多建设，在"十四五"期间重点推进，GDP年均名义增速达7.3%，2025年GDP达5716亿元，两区一县各自 增速均位居所在省市前列，示范区规上工业总产值、工业投资增速均高于长三角平均水平。 做好重大建设项目三年行动计划（2024—2026年）评估，启动编制新一轮三年行动计划，谋划储 备、启动实施一批具有前瞻性、牵引性的重大项目。聚焦项目用地需求，编制重大项目用地保障清单， 盘活存量建设用地，提升土地利用效率。 其中，方厅水院建成后已承办全球环境与可持续发展大会、太湖世界文化论坛、世界赛艇锦标赛开 幕式等国际性会议活动；创智引擎一期、浦港路大桥、雪落漾大桥等工程相继竣工；沪苏嘉城际铁路全 线开工，通苏嘉甬高铁加速建设，"轨道上的示范区"框架基本形成。 2026年聚焦重点区域和重点领域，示范区将同步推进项目建设和功能培育，提升示范区高质量发展 新动能。 聚焦重点区域功能培育，示范区将完善方厅水院重大活动一体化保障机制，加强周边餐饮、住宿、 商贸等配套业态发展，提升方厅水院的会议、会展承载能力。协同推进方厅水院运营，做强会 ...