● 本报记者熊彦莎连润 1月28日，云南、重庆进入两会时间。近日，多地陆续召开地方两会，纷纷定下各自的2026年经济发 展"路线图"。 中国证券报记者梳理发现，多地将2026年GDP增长预期目标定在5%左右。从重点目标任务看，扩大内 需，强化科技创新支撑引领、构建现代化产业体系等居于重要位置。各地对人工智能的部署更加注重数 据集建立、场景应用。 扩大内需潜力 "进一步深化消费能力，尤其是服务消费领域，需从三方面发力。"苏商银行特约研究员付一夫告诉中国 证券报记者，一方面，应推动服务消费品质升级，培育定制化、智能化服务产品；另一方面，应完善消 费支撑体系，优化交通网络与支付便利度，释放县域与农村服务消费潜力。此外，应强化收入与保障支 撑，最终形成"场景吸引人、品质留住人、保障激励人"的生态。 此外，各地结合自身特色提出具体举措。河南表示，加快郑州、新乡全国零售业创新提升试点城市建 设，推广胖东来经验。河北提出，创新举办省旅发大会，不断提升"这么近，那么美，周末到河北"影响 力。青海明确，拓展"青品好物"供需产业链，做强"青海拉面"产业平台。 打造新兴支柱产业 站在"十五五"新的发展起点，多地在加快产业转型升级、 ...

Core Insights - By the end of 2025, state-owned enterprises (SOEs) are projected to have total assets exceeding 95 trillion yuan and achieve a total profit of 2.5 trillion yuan, with fixed asset investments reaching 5.1 trillion yuan and tax contributions of 2.5 trillion yuan [1][2] - R&D investment is expected to reach 1.1 trillion yuan, maintaining over 1 trillion yuan for four consecutive years, with significant advancements in various cutting-edge fields through the participation of over 100 innovative entities in 23 innovation alliances [1][2] - Investments in strategic emerging industries are projected to total 2.5 trillion yuan, accounting for 41.8% of total investments, with revenue from these industries exceeding 12 trillion yuan, marking a consistent annual growth of 1 trillion yuan for three years [1][2] Investment and Development - SOEs are expected to have over 70% of their revenue coming from sectors critical to national security, the economy, and public welfare by 2025 [2] - Cumulative investments and support funds are anticipated to reach 16.03 billion yuan and 11.41 billion yuan respectively, with training for 1.487 million personnel and procurement of agricultural products from poverty-stricken areas amounting to 19.83 billion yuan [2] - New enterprises such as China Yajiang Group and China Chang'an Automobile are being established, while existing companies like China FAW and China Tourism Group are integrating resources in sectors like power batteries and cruise operations [2] Future Directions - The State-owned Assets Supervision and Administration Commission (SASAC) aims to create new pillar industries by establishing market-oriented and specialized platforms for state capital operations, focusing on sectors such as new energy, new energy vehicles, new materials, aerospace, low-altitude economy, quantum technology, and 6G [2]

● 本报记者 熊彦莎 连润 1月28日，云南、重庆进入两会时间。近日，多地陆续召开地方两会，纷纷定下各自的2026年经济发 展"路线图"。 中国证券报记者梳理发现，多地将2026年GDP增长预期目标定在5%左右。从重点目标任务看，扩大内 需，强化科技创新支撑引领、构建现代化产业体系等居于重要位置。各地对人工智能的部署更加注重数 据集建立、场景应用。 扩大内需潜力 2026年经济增长预期目标是各地两会颇受关注的内容。海南、新疆2026年地区生产总值增长预期目标分 别为6%左右、5.5%至6%；广东、山东、浙江、河南提出2026年地区生产总值增长预期目标分别为4.5% 至5%、5%以上、5%至5.5%、5%左右。此外，北京、天津、重庆提出2026年地区生产总值增长分别为 5%左右、4.5%和5%以上。 扩大内需成为各地2026年重点部署的任务之一。推动消费转型升级、拓展新型消费、释放服务消费潜力 成为地方两会出现的高频词。北京提出，加大对教育、健康、养老、托育等服务消费政策支持，鼓励平 台创新发展家政等服务业务。浙江提出，拓展消费新业态新模式新场景；加快发展数智消费、悦己消 费、银发经济等新型消费，扩大文旅、餐饮 ...

（来源：经济参考报） 截至2025年底，中央企业资产总额突破95万亿元，2025年实现利润总额2.5万亿元，完成固定资产投资 5.1万亿元，研发投入连续四年超过万亿元，战略性新兴产业营收规模连续三年实现了"每年1万亿元"的 增长……1月28日举行的国新办新闻发布会上，国务院国资委亮出了国资央企最新发展"成绩单"。 2026年是"十五五"开局起步的关键一年。据悉，国务院国资委正在研究起草关于推动中央企业培育新兴 支柱产业的工作文件，引导中央企业实现从重大项目投资、领军企业培育、关键领域突破到国有经济整 体布局优化的跨越式发展。同时，作为优布局调结构的重要抓手，中央企业重组整合将从三个方向发 力。 建设现代化产业体系是推进中国式现代化的重要支撑。近年来，国务院国资委和中央企业牢牢把握新一 轮科技革命和产业变革历史机遇，推动关键领域提质升级、向新向优，新质生产力发展正在积厚成势。 此次发布会上，国务院国资委亮出了主要目标：打造一批新兴支柱产业，通过打造市场化专业化国有资 本运作平台，强化新能源、新能源汽车、新材料、航空航天、低空经济、量子科技、6G等领域布局， 超前谋划具身智能、生物制造、海洋能、绿色船舶等新赛道， ...

1月28日，国新办举行新闻发布会，国务院国资委副主任庞骁刚等相关负责人介绍了2025年国资央企高 质量发展情况，以及重点行业领域2026年的发力方向。对于市场关注的并购重组、新央企组建、航空航 天、具身智能等领域的下一步安排，发布会均有提及。此外，发布会还透露一则重要消息——国务院国 资委正研究起草关于推动中央企业培育新兴支柱产业的工作文件。 推进重组整合和高质量并购 中央企业的重组整合备受资本市场关注。对于2026年中央企业的重组整合工作，国务院国资委企业改革 局局长林庆苗表示，下一步，国务院国资委将聚焦国有资本"三个集中"，以重组整合为抓手，扎实推进 国有经济布局优化和结构调整，加快建设更多世界一流企业。首要任务是扎实做好新央企组建和战略性 重组，更加突出中央企业在战略安全、产业引领、国计民生、公共服务等领域的支撑作用，更好把企业 做强做优做大。 据统计，2025年，国务院国资委指导完成中国雅江集团组建，高质量推进雅下水电工程开工建设。完成 中国长安汽车集团组建，重塑汽车产业竞争新格局，加快智能网联新能源汽车产业高质量发展。 "我们布局的重点方向就是'三个集中'，通过调整存量结构、优化增量投向，助力增强我 ...

Group 1 - The core focus of the State-owned Assets Supervision and Administration Commission (SASAC) is to promote high-quality development of central enterprises by restructuring and integrating state-owned capital, aiming to build more world-class enterprises by 2026 [1][2] - SASAC plans to support the integration of enterprises with strong innovation capabilities, facilitating horizontal and vertical integration within industries to reduce internal competition and enhance efficiency [2][3] - The central enterprises will engage in high-quality mergers and acquisitions to acquire core resources and accelerate the development of strategic emerging industries [2][3] Group 2 - Central enterprises will focus on key sectors such as artificial intelligence, aerospace, and quantum technology, with plans to advance the "AI+" initiative and enhance infrastructure for high-quality development [3][4] - The SASAC is drafting a document to guide central enterprises in cultivating emerging pillar industries, aiming for a leap in the overall layout of state-owned economy [5][6] - The new strategy will likely include a special assessment mechanism for long-term investments in key areas, addressing the conflict between long-term strategies and short-term financial performance [5][6] Group 3 - SASAC emphasizes a differentiated approach to developing strategic emerging industries, focusing on various categories such as leading, growing, and advantageous industries [6] - The commission aims to enhance collaboration across the innovation chain and promote the integration of industry and finance to support the development of a resilient emerging industry ecosystem [6]

Core Viewpoint - The delivery period for the Zeekr 9X Max and Ultra versions has significantly shortened to 2-6 weeks, indicating improved supply chain stability and production capacity [1][5]. Group 1: Product Performance - The Zeekr 9X has become a representative model in China's luxury electric vehicle market, achieving over 10,000 pre-orders within 13 minutes of its launch and selling 8,121 units in November, with sales exceeding 10,000 units in December [4]. - The average price of the Zeekr 9X is over 530,000 yuan, setting a new monthly sales record for large SUVs in the Chinese market [4]. - Over 80% of Zeekr 9X users come from traditional luxury brands like BBA and Porsche, highlighting its appeal to high-end consumers [4]. Group 2: Technological Innovation - The Zeekr 9X features numerous industry-leading technologies, including "2 firsts in China, 16 global firsts, 4 industry firsts, and 24 unique features in its class" [4]. - The vehicle's advanced technologies, such as the Haohan Super Electric Hybrid technology and Thor-U chip, have contributed to its status as a "phenomenal car" [4][5]. Group 3: Supply Chain Challenges - Despite improvements, the Zeekr 9X faces ongoing challenges related to supply chain stability, particularly due to high demand for its Hyper and Black versions, which have resulted in a backlog of orders [5]. - The automotive industry is experiencing a global shortage of storage chips, which has led to increased prices and reduced supply, impacting production capabilities [6][7]. - The demand for high-specification chips in smart vehicles is significantly higher than in traditional cars, complicating supply chain management for luxury models like the Zeekr 9X [6]. Group 4: Industry Outlook - The automotive industry is expected to face a storage chip supply crisis by the end of 2026, with some estimates suggesting that supply may meet less than 50% of demand [7]. - Companies are forming global teams to address supply chain issues and enhance production capacity, indicating a proactive approach to overcoming these challenges [7].

作为北京市大力发展的重点项目之一，新能源汽车市场如何持续"续航"？1月27日，在北京市十六届人 大四次会议期间，市人大代表、北汽集团副总经理常瑞在接受北京商报记者采访时表示，汽车的"新消 费"要在智能网联汽车应用场景中深耕。 在谈及"十五五"期间汽车产业发展方向时，常瑞将智能网联汽车发展看作是新能源汽车市场发展"高 地"之一。"目前新能源汽车市场的智能还处于辅助驾驶阶段，无人驾驶尚未大规模量产，同时相关技术 研发、法规制定等仍在完善阶段。"常瑞表示，无人驾驶车辆仅在Robotaxi、码头、港口、矿山等场景 应用，尚未在生活中全面落地。 据了解，在《汽车驾驶自动化分级》中，驾驶自动化从L0到L5按6级划分，从L3级别开始，车辆控制权 逐渐交由自动驾驶系统，L3级为有条件自动驾驶，L4级为高度自动驾驶，L5级为完全自动驾驶。"从人 才、高科技企业数量上看，北京是国家级甚至国际级的科创中心。基于此，北京市汽车产业发展仍具有 巨大潜力。拥有大量测试、应用场景，是北京推进智能网联新能源汽车发展的优势之一。"常瑞认为。 智能网联新能源汽车板块中，商用车正成为激活市场发展抓手之一。2025年，新能源商用车国内销量同 比增长 ...

格隆汇1月28日丨蓝海华腾(300484.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润4,700万元至5,500万元，同比增长69.85%-98.76%；扣除非经常性损益后的净利润4,688.75，同比增长 128.42%-167.39%。报告期内公司受益于下游新能源重卡需求出现较好增长，公司新能源汽车板块取得 较好增长。 ...

Core Viewpoint - Li Auto is undergoing a restructuring of its R&D system to enhance its competitiveness in the AI sector, particularly in autonomous driving and intelligent robotics [1] Group 1: Organizational Changes - Li Auto will reorganize its R&D into three main teams: Base Model Team, Software Entity Team, and Hardware Entity Team, with a significant focus on the restructuring of the autonomous driving team [1] - The former Senior Vice President of Autonomous Driving, Lang Xianpeng, will lead the Hardware Entity Team, focusing on robotics development and reporting to President Ma Donghui [1] - The autonomous driving team will be integrated into the Software Entity Team, led by Guo Xiaofei, who will also oversee the development of intelligent cockpit and intelligent driving [1] Group 2: Leadership and Reporting Structure - Guo Xiaofei will report to Ma Donghui, while Zhan Kun will lead the Base Model Team, responsible for integrating VLA and self-developed chips, reporting to CTO Xie Yan [1] - This restructuring aligns with Li Auto's strategic vision as articulated by CEO Li Xiang, emphasizing the importance of R&D adjustments to meet new AI competition [1] Group 3: Strategic Vision - Li Xiang indicated that the next decade will see embodied intelligence become a core capability for Li Auto, marking the beginning of a new era for automotive robotics [1] - The company anticipates that the revenue potential from this sector could reach trillions, indicating significant growth opportunities ahead [1]