1月27日,福建省十四届人大四次会议开幕,省长赵龙在政府工作报告中指出,2025年福建全省地区生产总 值突破6万亿元,"十四五"时期经济总量连跨5万亿元、6万亿元两个台阶。 这份实打实的"成绩单",不仅是经济大省产业向新向优的最佳诠释,更是改革开放先行省份奋勇争先释放 的动力活力。 福建是改革热土、开放前沿。从今年省政府工作报告看,过去一年,福建着力深化改革扩大开放,改革成果 有目共睹,先行先试探路富有成效。 ——改革攻坚纵深突破。福厦泉要素市场化配置综合改革试点获批,国企改革深化提升行动圆满收官,中 国企业500强、民营企业500强中各有20家企业上榜。 ——对外开放不断扩大。积极构建闽企出海综合服务体系,对非洲、拉美出口分别增长20%、7.6%。投 洽会等成功举办,福州、厦门获批服务业扩大开放综合试点。 ——闽台融合深入推进。推动出台大陆首部促进两岸标准共通地方性法规,高校引进台师和招收台生数 量创历史新高,厦金大桥(厦门段)建设加快推进。 "十四五"顺利收官,福建交出亮眼答卷,在现代化产业体系、创新驱动发展、深化改革开放、闽台融合、 生态保护等领域多点突破。省政府工作报告的字里行间,勾勒出福建过去五年的 ...

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with the medical ETF (159929) showing a decline of 1.16% amidst a net inflow of nearly 60 million yuan, indicating ongoing investment interest despite market corrections [1][3]. Group 1: Market Performance - The Shanghai Composite Index has seen a rise, while the pharmaceutical sector is undergoing a pullback, with the medical ETF (159929) recording a trading volume exceeding 120 million yuan [1]. - Major stocks within the medical ETF have mostly declined, with notable drops including over 3% for United Imaging Healthcare and over 2% for Mindray Medical [3]. Group 2: Company Performance and Projections - CITIC Securities expresses optimism for leading pharmaceutical e-commerce platforms, highlighting their resource advantages and AI capabilities, which are expected to enhance revenue through AI medical applications [5]. - According to Everbright Securities, WuXi AppTec's companies have reported strong earnings forecasts, with WuXi AppTec expected to achieve revenue of 45.456 billion yuan in 2025, reflecting a year-on-year growth of 15.84% [5]. - WuXi Biologics anticipates adding 209 comprehensive projects in 2025, with two-thirds being dual-targeted antibodies and ADC drugs, indicating robust growth potential [5]. Group 3: Investment Trends and Strategies - Everbright Securities suggests that future investments in the pharmaceutical sector should focus on clinical value, emphasizing the importance of addressing clinical needs amid evolving domestic and international policies [6]. - CITIC Jinshi identifies four main investment themes for 2026: innovation, international expansion, marginal changes, and consolidation within the pharmaceutical industry [7]. - The innovation theme is particularly highlighted, with expectations for improved global liquidity and supportive national policies for innovative assets, including advanced technologies in pharmaceuticals and medical devices [8].

聚焦深化城市更新行动精准攻坚。坚持城市内涵式发展，完善功能、塑优品质，增强承载能力。加 力片区更新，深化中心城区9大片区规划设计，实施总投资209亿元的123个重点城建项目；深化精细治 理，加强完整社区建设，拓展"城市管理进社区"服务；推动宜居安居，加快构建房地产发展新模式，大 力推进"好房子"建设；激发城镇活力，强化"三镇"建设示范带动作用，推动乡镇驻地扩容提质。 报告中提出八项重点工作： 聚焦拓展需求增长空间精准攻坚。把握政策取向，统筹促消费、扩投资，持续增强拉动作用。更大 力度扩大投资，提速735个省、市、县三级重点项目，完成投资1200亿元；更实举措释放消费，实施提 振消费专项行动，推进零售业创新，落实落细以旧换新政策；更高质效做强现代服务业，实施新一轮服 务业攻坚行动，"一业一策"精准补短提升。 聚焦提升优势产业能级精准攻坚。坚持不懈巩固壮大实体经济根基，深化集成赋能，"耐心"培育一 批优质项目和支柱产业，挺起产业发展"硬脊梁"。壮大主导产业。统筹推进传统产业提升、新兴产业壮 大、未来产业布局；培强优势企业。实施优质工业企业成长计划，健全公共服务体系。 聚焦激活释放发展动力精准攻坚。以重大战略为牵引 ...

Core Viewpoint - The Hong Kong stock market is expected to perform strongly in 2026, with various Hong Kong Stock Connect ETFs becoming key instruments for investors to engage in this bullish trend. Analysts predict a long-term bull market driven by technology as the main theme [1][28]. Group 1: Market Performance and Trends - The Hong Kong stock market had disappointing performance in Q4 2025, which may set the stage for a better performance in 2026. A potential influx of 10% of A-shares' funds into Hong Kong could double its trading activity [28]. - As of January 27, 2026, the trading volume of Hong Kong stocks was less than 300 billion HKD, while A-shares reached 30 trillion HKD, indicating a significant disparity in market activity [28]. - The Hong Kong Stock Exchange achieved a record IPO financing total of 274.6 billion HKD in 2025, ranking first globally, with domestic tech companies being the main contributors [48]. Group 2: ETF Growth and Features - Huabao Fund's equity ETF management scale surpassed 140 billion HKD, reaching 140.48 billion HKD as of January 27, 2026, marking a 71.78% increase from the end of 2024 [1][30]. - The Hong Kong Stock Connect ETFs support T+0 trading, enhancing investment efficiency and liquidity, with a diverse range of industry themes and unique products [33][47]. - Notable ETFs include the Hong Kong Information Technology ETF (159131), which focuses on the chip industry and is the first to track the CSI Hong Kong Stock Connect Information Technology Index [33][39]. Group 3: Sector-Specific ETFs - The Hong Kong Internet ETF (513770) has a significant focus on leading internet companies and had a fund size of 14.5 billion HKD as of January 27, 2026, with an average daily trading volume exceeding 600 million HKD [33][39]. - The Hong Kong Automotive ETF (520780) targets scarce leading automotive companies, while the Hong Kong Medical ETF (159137) covers four major medical sectors, including CXO and biopharmaceuticals [33][40]. - The Hong Kong Dividend Low Volatility ETF (159220) has shown strong performance since 2021, outperforming the CSI 300 Index, highlighting its defensive and growth potential in volatile markets [41][43]. Group 4: Investment Strategies and Future Outlook - The focus on technology and high dividend strategies is forming a robust product line for Huabao Fund, with a comprehensive "high dividend ETF family" across A-shares and Hong Kong stocks [41][46]. - The influx of southbound funds into the Hong Kong market reached a record net inflow of 1.404 trillion HKD in 2025, with continued interest into 2026, indicating a growing demand for Hong Kong investments [49]. - The market is expected to see more high-quality Chinese tech companies listed, providing effective tools for investors to capture beta returns through various Hong Kong ETFs [49].

Core Viewpoint - The fiscal system in the province is focused on achieving a robust economic recovery and improving people's welfare while laying a solid foundation for the "15th Five-Year Plan" through a more resilient and high-quality fiscal policy [1][2][8] Fiscal Performance - In 2025, the province's total fiscal revenue reached 7018.7 billion, marking a 2.4% year-on-year increase, with general public budget revenue at 4501.7 billion, up 2.5%, and general public budget expenditure at 11516.1 billion, growing by 0.5% [2] - Over the "14th Five-Year" period, the province's general public budget revenue and expenditure reached 22 trillion and 54 trillion respectively, ranking 8th and 6th nationally, with growth rates of 18.8% and 19.9% compared to the previous five years [1] Investment and Economic Support - The province implemented policies to stimulate investment and consumption, with over 200 billion allocated to support key projects in critical areas [2] - Special funds of 175.1 billion were allocated to enhance the transportation network, achieving record highs in port throughput and international train operations [2] Support for Enterprises - The province has rolled out fiscal policies to support small and medium-sized enterprises, including issuing bonds to clear debts and optimizing the procurement environment [3] - State-owned financial capital has significantly increased, with total assets of 47 trillion, a 54% increase since early 2021, and net assets growing by 58.5% [3] Focus on Key Areas - Fiscal funds are directed towards technology innovation, rural revitalization, and social welfare, with significant investments in agricultural safety and infrastructure [4][5] - The province's spending on people's livelihoods reached 8499.4 billion, accounting for 73.8% of general public budget expenditure, with a focus on education, healthcare, and social security [5] Risk Management - The province has established a multi-faceted risk prevention system, focusing on debt resolution and platform transformation to ensure high-quality development [6] - In 2025, the province issued 1227 billion in replacement bonds and implemented strict management mechanisms to mitigate debt risks [6] Fiscal Reform and Management - The province is advancing fiscal management reforms, including zero-based budgeting and performance management, to enhance resource allocation and fund efficiency [7] - A total of 290.9 billion was saved through fiscal reviews, demonstrating a commitment to fiscal discipline [7] Future Outlook - The fiscal system will continue to focus on the "1+2+4+N" target system, implementing more proactive fiscal policies to support economic growth and modernization efforts in the province [8]

Economic Growth and Performance - The provincial GDP is projected to reach 60,199.45 billion yuan, with a growth rate of 5% [1] - General public budget revenue is expected to be 3,723.35 billion yuan, reflecting a growth of 3% [1] - Retail sales of consumer goods are anticipated to grow by 4.4% [1] - Per capita disposable income for urban residents is expected to increase by 4.5%, while for rural residents, it is projected to grow by 5.7% [1] - The urban surveyed unemployment rate is forecasted at 4.7% [1] - Consumer prices are expected to remain stable compared to the previous year [1] Industrial Development - The pace of industrial transformation and upgrading is accelerating, with advanced manufacturing playing a key role [1] - Traditional industries are rapidly adopting digital transformation, with the proportion of fully digitalized enterprises ranking second nationally [1] - The new energy sector continues to lead, with the establishment of a green hydrogen pilot base [1] Innovation and Technology - The number of projects funded by the National Natural Science Foundation has seen a continuous increase, indicating enhanced innovation efficiency [2] - Eight new national-level enterprise technology centers have been approved [2] Investment and Infrastructure - Infrastructure investment is projected to grow by 5.6%, with significant projects like the Fuzhou Metro and Zhangzhou Nuclear Power coming online [4] - Industrial investment is expected to increase by 6.1% [4] Reform and Opening Up - The province has made significant progress in market-oriented reforms, with successful pilot programs for resource allocation [5] - There has been a notable increase in exports to Africa and Latin America, with growth rates of 20% and 7.6% respectively [6] Social Development - Urban employment has seen the addition of 545,800 jobs, with stable employment for college graduates [8] - The education system is improving, with an increase in the high school admission rate to 72% [8] - Healthcare access is expanding, with a high coverage rate for community medical services [8] Cultural and Ecological Progress - Cultural initiatives have flourished, with numerous awards for local artistic productions [9] - Environmental quality is improving, with the province recognized as a leading area for beautiful China initiatives [11] - The establishment of a national-level ecological product trading platform highlights the commitment to green transformation [12]

2026年经济社会发展的主要预期目标： 全省地区生产总值增长5%左右，在实际工作中努力争取更好结果； 城镇调查失业率控制在5%左右，城镇新增就业50万人； 居民消费价格涨幅2%左右； 居民收入增长与经济增长同步； 粮食产量513万吨以上； 完成国家下达的单位地区生产总值二氧化碳排放降低目标。 1.壮大实体经济，推动高质量发展 加快建设现代化产业体系。全面推进新型工业化。实施数字化转型示范行动、新兴产业创新发展行动、 未来产业培育发展行动、制造业重点产业强基提质行动等。深入做好金融"五篇大文章"。加快发展生产 性服务业，培育壮大生活性服务业。严格落实耕地保护和粮食安全责任制，实施特色现代农业"百亿提 升"行动，推动十大乡村特色产业全产业链发展。 加快科技创新和产业创新深度融合。强化科技创新资金统筹管理，实施省科技重大创新项目10个以上。 支持企业参与重大科技攻关，全社会研发经费投入增长10%左右，推广"企业家+科学家+投资家"协同创 新模式。建好高校区域技术转移转化中心（福建），全面开展职务科技成果赋权改革。坚持教育科技人 才一体发展，强化规划衔接、政策协同、资源统筹、评价联动。 加快数智全面赋能。深化数字中国 ...

Core Viewpoint - The report on the budget execution for 2025 and the draft budget for 2026 emphasizes the implementation of proactive fiscal policies to support economic recovery and development in Fujian Province. Fiscal Policy Effectiveness - In 2025, the local general public budget revenue is projected to be 372.335 billion yuan, an increase of 3%, while the general public budget expenditure is expected to reach 614.87 billion yuan, growing by 1.1% [2]. Investment and Consumption - The government plans to increase the new debt limit by 263.3 billion yuan, a 17% rise, to support major strategic implementations and infrastructure projects [3]. - A total of 98.5 million yuan will be allocated for consumer goods replacement programs, with an additional 17.38 million yuan in matching funds [3]. Financial Collaboration - The establishment of a 130 billion yuan government guidance fund matrix is underway, along with a 50 billion yuan social security innovation fund [4]. - The government aims to support 196,600 small and micro enterprises through a financing guarantee system [4]. Technological and Industrial Innovation - A total of 8.96 billion yuan will be allocated to support the operation of provincial innovation laboratories [5]. - Over 1 billion yuan is designated for the development of innovative pharmaceuticals and medical devices [5]. Social Welfare and Employment - Social welfare spending is prioritized, with 4.766 billion yuan allocated for public welfare, accounting for 77.5% of the general public budget expenditure [6]. - Employment policies will receive 975 million yuan to support various employment initiatives [7]. Rural and Urban Development - A total of 20.62 billion yuan is earmarked to consolidate poverty alleviation achievements and promote rural revitalization [9]. - Urban infrastructure projects will receive 15.15 billion yuan for affordable housing initiatives [9]. Environmental Protection - The budget includes 18.8 billion yuan for ecological protection and 13.4 billion yuan for pollution prevention initiatives [10]. - A focus on green low-carbon development is highlighted, with 1.38 billion yuan allocated for promoting green manufacturing [10]. Governance and Financial Management - The report emphasizes the need for improved governance and financial management, including the optimization of fiscal supervision and risk prevention [11]. 2026 Budget Overview - The total planned expenditure for 2026 is 508.934 billion yuan, with specific allocations for various budget categories [12]. Key Areas of Focus for 2026 - The budget will support the growth of the real economy, enhance domestic demand, and promote high-level openness and reform [13][14].

转自：成都日报锦观 "十五五"开局看成华 以"活力"为笔，绘就高质量发展新画卷 杉板桥商业街区。 蒋人可 摄 生态宜居北湖。 陶冶 摄 2026年是"十五五"规划的开局之年，也是成华区迈向更高能级发展的关键一年。面对新的历史起点，成华区深刻把握在国家战略全局和省市发 展大局中的使命定位，以推动高质量发展为主题，锚定"熊猫之都·活力成华"区域品牌塑造，坚决推进"六篇文章、六个攻坚突破、六大活 力"深化拓展。通过持续扩大内需、优化供给结构，在"做优增量"与"盘活存量"上双向发力，因地制宜发展新质生产力。同时，更好统筹发展 与安全，着力稳就业、稳企业、稳市场、稳预期，推动经济发展实现质的有效提升和量的合理增长，维护社会和谐稳定，全力确保"十五五"实 现高质量良好开局。 回望2025 "活力成华"交出亮眼答卷 2025年，成华区全力"拼经济、搞建设"，呈现出稳中有进、进中提质的良好态势。从产业发展到城市更新，从文商旅体融合到民生福祉，各领 域亮点纷呈，为"十五五"奠定了坚实基础。 过去一年，成华经济发展动能强劲，交出多项"中心五区第一"的硬核数据：社消零增速、重大产业化项目引进数、进出口增速、规上工业增加 值增速。工 ...

本报讯 今年作为封关首年，该怎么干？政府工作报告指出，今年是"十五五"开局之年，也是海南自由 贸易港全面实施封关运作开局之年，必须迈好第一步、展现新气象。报告部署了十个"聚力"的重点任 务：聚力促进更高水平开放、聚力释放有效需求潜力、聚力构建现代化产业体系、聚力激发教育科技人 才活力、聚力强化区域协调发展、聚力推动城乡融合发展、聚力打造美丽中国样板、聚力提高人民生活 品质、聚力落实宏观经济政策、聚力筑牢安全发展底线。记者 钟起的 王小武 今年经济社会发展主要预期目标： 固定资产投资增长7％左右 社会消费品零售总额增长6%左右 城镇调查失业率控制在5.5％左右 居民消费价格增长2%左右 这些亮点值得期待 ●推动出台实施岛内居民消费进境商品"零关税"政策 ●推动进一步放宽空域管制和航路航权限制 ●新引进国际创新药械100种 ●全年新开工亿元以上项目43个以上，竣工38个以上 ●新增25个"高效办成一件事"重点事项 地区生产总值增长6%左右 ●城镇新增就业17万人左右 今年政府工作总体要求： 以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会、中央经济工作 会议精神，以及习近平总书记关于海 ...