Group 1 - The stock price of XD Tianyuan Intelligent Equipment Co., Ltd. (603273) closed at 18.91 yuan on January 30, 2026, with an increase of 1.83% and a turnover rate of 7.25% [1] - The trading volume was 40,600 shares, with a total transaction amount of 76.8843 million yuan [1] - On January 30, the net inflow of main funds was 4.4186 million yuan, accounting for 5.75% of the total transaction amount [2] Group 2 - The company redeemed a structured deposit purchased with part of its idle raised funds on January 30, amounting to 27 million yuan, with an actual return of 0.93 million yuan [1][2] - The principal and returns have been fully returned to the raised funds account, and as of the announcement date, the remaining cash management quota of idle raised funds is 40 million yuan [1]

1. Report's Investment Rating for the Industry - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - In January 2026, the manufacturing PMI declined more than seasonally with supply - demand converging and enterprise - scale differentiation intensifying, while price indices rose. The service industry PMI slightly dropped and the construction industry's prosperity significantly declined, thus more efforts are needed to promote economic - stabilizing policies [1][10][34]. - In January, the shock of sentiment was gradually digested, and the bond market recovered after adjustment. However, there were still some constraints for a smooth short - term decline. The 10Y Treasury bond yield may return to the central part of the oscillation range in February. Two structural investment opportunities are recommended: the allocation opportunities of 5Y government - financial bonds and 3 - 5Y general - credit bonds, and the spread - compression opportunities such as 10Y CDB - 10Y Treasury bonds [4][34][35]. 3. Summary According to the Directory 3.1 1 - month PMI Data Overview - Manufacturing PMI declined by 0.8 percentage points to 49.3% in January, returning to the contraction range and being weaker than the seasonal average. The production index expansion slowed, demand was under pressure, price indices rose, and enterprises replenished inventory passively with a decline in purchasing willingness [10]. - In the non - manufacturing sector, the service industry PMI slightly decreased by 0.2 percentage points to 49.5%, and the construction industry's business activity index dropped by 4.0 percentage points to 48.8%, both showing different degrees of deviation from seasonal performance [11][14]. 3.2 Manufacturing: Demand - side Operation Under Pressure, Both Price Indices Rising - **Production**: The manufacturing PMI production index was 50.6% in January, down 1.1 percentage points month - on - month, weaker than the seasonal level. The slowdown was due to factors like cold weather and approaching Spring Festival, especially the over 4 - percentage - point decline in the consumer goods manufacturing production index [17]. - **Demand**: The new order index and new export order index of manufacturing PMI decreased by 1.6 and 1.2 percentage points respectively. The "new order - new export order" index dropped to 1.4%. Seasonal factors and external policy changes affected demand, but the proportion of manufacturing enterprises reporting insufficient market demand decreased [19]. - **Enterprise Scale and New Kinetic Energy**: The PMI of large, medium, and small enterprises decreased by 0.5, 1.1, and 1.2 percentage points respectively. New kinetic energy industries continued to lead, while traditional industries' prosperity declined [20]. - **Price**: Affected by multiple factors, the main raw material purchase price index and ex - factory price index were 56.1% and 50.6% respectively, up 3.0 and 1.7 percentage points month - on - month. The index difference reached 5.5 percentage points, compressing the profit space of mid - and downstream enterprises [23]. - **Inventory**: The raw material inventory index decreased by 0.4 percentage points, and the finished - product inventory increased by 0.4 percentage points. The economic kinetic energy index decreased by 2.0 percentage points, and the purchasing volume index dropped to 48.7%. The start of the replenishment cycle depends on the recovery of market demand [24]. 3.3 Non - manufacturing: Slight Decline in Service Industry PMI, Significant Decline in Construction Industry - **Service Industry**: In January, the service industry PMI slightly declined. The strong support from the financial industry, the stable development of new kinetic energy, and the good performance of some consumption - related service industries maintained its stability. However, the real - estate industry's business activity index fell below 40.0%, and Spring Festival consumption may boost the consumption - related service industries [29]. - **Construction Industry**: Due to cold weather and the approaching Spring Festival, the construction industry's business activity index decreased by 4.0 percentage points to 48.8% in January. Both housing construction and civil engineering construction activities slowed down, and the off - season characteristics may continue in February [32]. 3.4 Impact on the Bond Market - In January, after the shock of sentiment was digested, the bond market recovered. The 10Y Treasury bond yield dropped to the lower limit of the 1.8% - 1.9% oscillation range. With insufficient broad - money expectations and increased local - bond supply in February, the 10Y Treasury bond yield may return to the central part of the oscillation range. Two parts of structural investment opportunities are recommended [4][34][35].

21世纪经济报道记者冉黎黎 北京报道 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。1月份，制造业采购经理指 数（PMI）为49.3%，比上月下降0.8个百分点，制造业景气水平有所回落。 对于制造业PMI回落的原因，国家统计局服务业调查中心首席统计师霍丽慧解读时提到，1月份，部分制造业行业进入传统淡季，加之市场有效需求仍显不 足。 中信证券首席经济学家明明对21世纪经济报道记者表示，2025年12月制造业PMI超预期回升至50.1%，产需全面改善下，春节备货情况有所前置，导致本月 数据回落。 从供需来看，生产指数为50.6%，高于临界点，制造业生产保持扩张；新订单指数为49.2%，市场需求有所回落。从行业看，农副食品加工、铁路船舶航空 航天设备等行业生产指数和新订单指数均高于56.0%，产需释放较快。 需要注意的是，高技术制造业PMI为52.0%，连续两个月位于52.0%及以上较高水平，相关行业发展态势持续向好。装备制造业PMI为50.1%，保持在扩张区 间。 另外，制造业市场价格总体水平改善。受近期部分大宗商品价格上涨等因素影响，主要原材料购进价格指数和出厂价格指数分别为 ...

Core Viewpoint - The "Great Craftsman Assisting Enterprises in Gansu" event aims to enhance the high-quality development of Gansu's key industrial chains and advanced manufacturing through the collaboration of skilled craftsmen and local workers [1][4]. Group 1: Event Overview - The event commenced on January 25 in Lanzhou New Area, involving 50 national craftsmen and 20 local craftsmen, who formed 12 working groups to address technical challenges in 19 enterprises [1]. - The initiative focuses on integrating craftsmanship, solving problems through skills, and promoting innovation to inject strong momentum into Gansu's industrial development [1][4]. Group 2: Addressing Technical Challenges - A specific technical issue was raised by a chief operator regarding welding cracks in steel castings, which hindered production and increased costs [2]. - A national craftsman provided detailed solutions, including process adjustments like annealing and preheating, demonstrating a hands-on approach to problem-solving [2][3]. Group 3: Innovation and Collaboration - The event introduced a collaborative model between national and local craftsmen, aiming for a three-way win: skill transfer, capacity enhancement, and resolution of technical issues for enterprises [4]. - The participating craftsmen come from various critical sectors, including manufacturing, aerospace, and energy, showcasing their expertise in significant national projects [4]. Group 4: Long-term Empowerment - The initiative is part of a broader strategy to enhance the role of craftsmen in supporting small and medium enterprises, addressing their technological challenges, and boosting local economic development [6]. - The program emphasizes establishing long-term mentorship relationships between national craftsmen and frontline workers, promoting skill transfer through various teaching methods [6]. Group 5: Future Directions - The provincial labor union plans to institutionalize the "Great Craftsman Assisting Enterprises in Gansu" as a regular service brand, aligning with the development needs of key industries like new energy and modern agriculture [7]. - The initiative aims to create a collaborative ecosystem between craftsmen and enterprises, enhancing the overall skill level and fostering a culture of innovation and excellence among local workers [7].

价格指数双双回升。受近期部分大宗商品价格上涨等因素影响，主要原材料购进价格指数和出厂价格指 数分别为56.1%和50.6%，比上月上升3.0个和1.7个百分点，其中出厂价格指数近20个月来首次升至临界 点以上，制造业市场价格总体水平改善。有色金属冶炼及压延加工、电气机械器材等行业主要原材料购 进价格指数和出厂价格指数均升至55.0%以上，相关行业原材料采购和产品销售价格总体水平上涨。 大型企业PMI继续高于临界点。大型企业PMI为50.3%，仍位于扩张区间，大型企业支撑作用持续显 现；中、小型企业PMI分别为48.7%和47.4%，比上月下降1.1个和1.2个百分点，景气水平有所回落。 光明日报北京1月31日电（记者董蓓）国家统计局服务业调查中心和中国物流与采购联合会31日发布的 数据显示，1月份，制造业采购经理指数（PMI）、非制造业商务活动指数和综合PMI产出指数分别为 49.3%、49.4%和49.8%。生产指数为50.6%，高于临界点，制造业生产保持扩张。 《光明日报》（2026年02月01日 02版） 国家统计局服务业调查中心首席统计师霍丽慧解读数据时说，从行业看，农副食品加工、铁路船舶航空 航天设 ...

Group 1 - The core report emphasizes the promotion of high-end, intelligent, and green development in the manufacturing industry, with Heilongjiang Province identifying digitalization as a key engine for building a modern industrial system [2] - By 2024, Heilongjiang plans to implement policies to accelerate the digital transformation of manufacturing, having already cultivated 335 provincial-level digital workshops and smart factories across key sectors such as equipment manufacturing, petrochemicals, and pharmaceuticals [2] - Suggestions from provincial political advisor Ma Jingmei include implementing core technology breakthroughs and digital empowerment actions, focusing on high-end industrial software and sensors, and establishing special funds to support collaborative digital innovation centers between schools and enterprises [2] Group 2 - A targeted support plan for small and medium-sized enterprises (SMEs) will be promoted, including the establishment of provincial special funds and tools like service vouchers and solution subsidies to reduce transformation costs [3] - The creation of a talent cultivation mechanism integrating industry and education is proposed, which includes systematic training for engineers and management personnel to enhance digital skills, as well as special allowances for high-level talent [3] - A digital engineer sharing platform and school-enterprise co-education alliance will be established to align talent training with industry needs [3]

Group 1: PMI Data Overview - January manufacturing PMI decreased to 49.3%, down 0.8 percentage points from December's 50.1%[1] - Non-manufacturing PMI fell to 49.4%, a decline of 0.8 percentage points from the previous month's 50.2%[1] Group 2: Factors Influencing PMI Changes - The significant drop in January PMI is attributed to the early return of workers for the Spring Festival and weak domestic demand[2] - The national migration scale index increased from 4% to approximately 8.6% year-on-year, indicating an earlier return home[2] Group 3: Sector-Specific Insights - Labor-intensive sectors, such as consumer goods and high-energy industries, saw larger PMI declines of 2.1 and 1 percentage points, respectively, to 48.3% and 47.9%[3] - The construction sector's PMI dropped 4 percentage points to 48.8%, while service sector PMI remained relatively stable at 49.5%, down only 0.2 percentage points[3] Group 4: Future Economic Outlook - Despite short-term weaknesses in manufacturing and construction due to the Spring Festival, the overall economic recovery trend is expected to continue in the coming months[4] - Service sector expectations may improve due to increased travel and holiday consumption, supported by recent policy measures[4]

证 券 研 究 报 告 【债券日报】 关注"价"的积极信号 ——1 月制造业 PMI 点评 1、制造业 PMI：短期因素叠加，景气重返收缩区间 （1）新订单：1 月新订单降至 49.2%，再度回到收缩区间，反映上月需求透 支效应。在 12 月冲刺之后，1 月需求释放透支。下游春节提前放假、降温天 气也导致需求放缓。另外，新出口订单环比降幅低于新订单总体，显示内需订 单放缓的力度相对更大。 （2）生产：生产节奏放缓，但仍在扩张区间。受需求端承压影响，生产相应 波动，增势有所放缓。其中，消费品制造业生产指数下滑 4pct 至荣枯线以下 是主要拖累，而代表新动能的行业生产仍在高景气，分化有所加大。 （3）外贸：进口偏强、出口订单转弱。新出口订单环比-1.2pct 至 47.8%，收 缩再度加剧。1 月美国针对部分高技术制造品类加征关税，美欧贸易关税摩擦 也有波动，叠加临近春节，新出口订单增势环比放缓。进口环比+0.3pct 至 47.3%，生产景气对进口需求或有一定支撑。 （4）价格：原材料购进价格、出厂价格环比+3.0pct、+1.7pct 至 56.1%、50.6%， 其中后者自 2024 年 5 月以来首次回 ...

Core Viewpoint - Gansu province is accelerating its high-quality development during the "14th Five-Year Plan" period through strategic determination, reform innovation, and open collaboration, aiming to write a chapter of Chinese-style modernization for Gansu [1]. Group 1: Industrial Development - Gansu is focusing on becoming a strong industrial province by enhancing leading enterprises, supplementing industrial chains, and clustering industries [4]. - The province is implementing 1,424 "three transformations" projects to upgrade key industrial chains under the "14+1" framework [4]. - Gansu is creating advanced manufacturing clusters, including the Jinbailanwu non-ferrous metals cluster and two national advanced manufacturing clusters in Baohan and Tian [4]. Group 2: Industry Growth Metrics - The annual growth rate of the non-ferrous metallurgy industry value added is 17.8% [6]. - The petrochemical industry has an annual growth rate of 4.8% [6]. - The equipment manufacturing industry shows an annual growth rate of 9.9% [6]. - The new materials industry has seen a remarkable growth of 195.6% in output value [6]. - The biopharmaceutical industry has an output value growth of 83.5% [6]. - The traditional Chinese medicine industry reached an output value of 1,109 billion [6]. - The new energy and new energy equipment manufacturing industry achieved an output value of 1,006.6 billion [6]. Group 3: Innovation and Technology - Gansu has optimized and restructured 14 national key laboratories and established 13 enterprise innovation alliances [7]. - The annual growth rate of technology contract transaction value is 20.85% [7]. - Five new national champion enterprises and 1,003 specialized and innovative small and medium-sized enterprises have been added, with three enterprises listed on the main board and five on the "New Third Board" [7]. - Ten enterprises have entered the "China Hidden Unicorn 500" list [7]. - Huatiandian's integrated circuit packaging and testing scale ranks third in China [7]. - The heavy ion cancer treatment system has become a "national key device" [7]. - Gansu has built the world's first "needle-based molten salt experimental reactor" in Wuwei [7]. Group 4: Resource Production Growth - Gold production has increased by 544.4% [9]. - Silver production has grown by 199.2% [9]. - Refined copper production has risen by 110.9% [9]. - Coal production has increased by 71.5% [9]. - Crude oil production has grown by 31.2% [9]. - Natural gas production has surged by 141% [9]. Group 5: Economic Growth Projections - The province's GDP is expected to grow at an annual rate of over 5% [11]. - Labor productivity is projected to increase by an annual rate of 5% [11]. - Gansu aims to build a modern industrial system with unique advantages, targeting four national advanced manufacturing clusters and six trillion-level industrial clusters [11].

分企业类型看，大型企业PMI为50.3%，仍位于扩张区间，大型企业支撑作用持续显现；中、小型企业 PMI分别为48.7%和47.4%，比上月下降1.1个和1.2个百分点。 中新社北京1月31日电 (记者 王恩博)中国国家统计局1月31日公布，由于部分制造业行业进入传统淡 季，加之市场有效需求仍显不足，1月份中国制造业采购经理指数(PMI)回落至49.3%，但企业预期仍保 持乐观。 1月份，生产经营活动预期指数为52.6%，继续高于临界点。从行业看，农副食品加工、食品及酒饮料 精制茶等行业生产经营活动预期指数连续两个月位于56.0%以上较高景气区间，相关企业对近期行业发 展信心较强。(完) 具体而言，1月份，生产指数为50.6%，制造业生产保持扩张；新订单指数为49.2%，市场需求有所回 落。从行业看，农副食品加工、铁路船舶航空航天设备等行业生产指数和新订单指数均高于56.0%，产 需释放较快；石油煤炭及其他燃料加工、汽车等行业两个指数均低于临界点，相关行业市场需求放缓， 企业生产有所回落。 受近期部分大宗商品价格上涨等因素影响，1月份，主要原材料购进价格指数和出厂价格指数分别为 56.1%和50.6%，比上月 ...