陕西日报讯（记者 付玉玮）1月27日，记者从陕西省宝鸡市发展和改革工作会议上获悉：今年，宝 鸡市聚焦经济建设中心工作，把高质量项目建设作为重中之重，全年谋划项目3000个以上、总投资突破 2000亿元，465个市级重点项目年度计划投资586亿元以上。 今年，宝鸡市还将扩大高水平对外开放，推动宝鸡机场主体工程年内全面完成、鄠周眉高速尽快通 车，关环高速公路、310国道市区段路基基本贯通；推动宝汉高铁纳规，力争陇海铁路改造上半年开工 建设；争取农产品进口关税配额，高质量开行中欧班列；加快工业重点领域企业节能降碳改造，严控规 上非电力煤炭消费总量，有序推进一批新能源项目建成并网。 去年以来，以深化"三个年"活动、聚力打好"八场硬仗"、扎实推动"十项重点任务"为抓手，宝鸡市 发展改革系统全力以赴抓项目、扩投资、稳增长、促转型，多项工作取得显著成效：宝鸡市地区生产总 值增长6%、规上工业增加值增长10%、固定资产投资增长8.6%，"十四五"规划主要目标任务顺利完 成；宝鸡市争取中央和省上政策性资金42.1亿元，47个省级重点项目、419个市级重点项目投资完成率 分别达125.29%、144.54%，项目开工率、投资完成 ...

Market Overview - On February 2, 2026, both stock indices closed lower with a trading volume of 2.86 trillion, a decrease of approximately 400 billion from the previous trading day[1] - The coal, communication, and agriculture sectors saw minor gains, while non-ferrous metals, food and beverage, real estate, computer, and military industries experienced significant declines[1] - The market showed a wide fluctuation with a V-shaped intraday trend, influenced by the overnight volatility in non-ferrous metals, leading to a significant drop in the non-ferrous sector[1] Industry Trends - The technology and non-ferrous sectors are currently in a consolidation phase, resulting in a lack of a leading sector to drive the market[1] - The communication sector, despite maintaining an upward technical pattern, faces skepticism regarding the sustainability of its rebound due to previous substantial gains and lack of valuation advantages[1] Investment Insights - The market is expected to enter a weak consolidation phase, suggesting a need for cautious positioning in portfolios[1] - Precious metals and non-ferrous metals are in a high-level fluctuation phase, making it unsuitable for aggressive buying; however, potential investment opportunities may arise if there is a stabilization after a pullback[1] Fund Flow - On January 30, 2026, the Shanghai Composite Index saw a net outflow of 34.314 billion, while the Shenzhen Composite Index had a net outflow of 1.775 billion[4] - The top three sectors for capital inflow were communication equipment, semiconductors, and agriculture, while industrial metals, minor metals, and software development saw the highest outflows[4] Economic Indicators - The Ministry of Industry and Information Technology reported that the electronic information manufacturing industry is expected to achieve a revenue of 17.4 trillion yuan in 2025, with a year-on-year growth of 7.4%[5] - The profit margin for the electronic information manufacturing sector is projected to be 4.3%, an increase of 0.2 percentage points compared to the previous year[5]

宝鸡市发展和改革委员会相关负责人介绍，今年，宝鸡市将继续坚持项目带动，抢抓"十五五"规划 编制和各类扩内需政策机遇，健全完善项目推进工作机制，力争省市重点项目开工率、投资完成率继续 位居全省前列，全年争取各类政策性资金40亿元以上。 1月27日，记者从宝鸡市发展和改革工作会议上获悉：今年，宝鸡市聚焦经济建设中心工作，把高 质量项目建设作为重中之重，全年谋划项目3000个以上、总投资突破2000亿元，465个市级重点项目年 度计划投资586亿元以上。 去年以来，以深化"三个年"活动、聚力打好"八场硬仗"、扎实推动"十项重点任务"为抓手，宝鸡市 发展改革系统全力以赴抓项目、扩投资、稳增长、促转型，多项工作取得显著成效：宝鸡市地区生产总 值增长6%、规上工业增加值增长10%、固定资产投资增长8.6%，"十四五"规划主要目标任务顺利完 成；宝鸡市争取中央和省上政策性资金42.1亿元，47个省级重点项目、419个市级重点项目投资完成率 分别达125.29%、144.54%，项目开工率、投资完成率稳居全省第一。 今年，宝鸡市还将扩大高水平对外开放，推动宝鸡机场主体工程年内全面完成、鄠周眉高速尽快通 车，关环高速公路、31 ...

Group 1 - The railway department has sold over 51 million tickets for the Spring Festival travel season, indicating a strong demand for travel among residents [1] - The ticket sales reflect a concentrated release of travel demand, which is expected to catalyze growth in transportation, tourism, and hospitality sectors [1] - Key routes such as Beijing to Shanghai and Shanghai to Nanjing have sufficient remaining tickets, suggesting a stable operational environment for the railway system [1] Group 2 - Pop Mart has chosen London as its European headquarters and plans to open 27 new stores in Europe, including seven in the UK, which will create over 150 jobs [2] - This move signifies a deepening of Pop Mart's global strategy, enhancing its brand penetration and channel layout in the European market [2] - The expansion is expected to improve overseas revenue contributions and positively influence market perceptions of the company's long-term growth potential [2] Group 3 - Gimi, a coffee machine company, has filed for an IPO in Hong Kong and is the second-largest brand in China's coffee machine industry, with a projected market share of approximately 7.5% in 2024 [3] - The company reported revenues of 308 million yuan, 498 million yuan, and 449 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, along with increasing pre-tax profits [3] - Gimi's IPO is likely to enhance market attention on the small appliance and coffee industry, highlighting the investment value in domestic alternatives and consumption upgrades [3] Group 4 - The price of high-end roasted snacks has surged to 200 yuan per jin, driven by consumption upgrades, raw material and process enhancements, and seasonal supply and demand factors [4] - The rising prices reflect a trend of consumption stratification in niche markets, with brands that focus on high-end products and cost control likely to see improved profit expectations [4] - This phenomenon is expected to increase attention on the leisure food and nut industry sectors [4]

【 摘要 】浙商证券廖静池称，展望后市，科技成长板块在经历三周的强势期之后，"跟随"权重 指数节奏进入高位震荡整理。招商银行陈峤认为，短期黄金回调动能仍在累积，中长期看，黄金 基本面逻辑稳固，牛市趋势未改。 一、焦点锐评 1．黄金、白银史诗级暴跌 1月30日，在亚市早盘传出特朗普将提名凯文·沃什任美联储主席的消息后贵金属即转跌，现货白 银价格一度暴跌36%，创出历史最大日内跌幅；现货黄金价格一度下跌超过12%，盘中跌穿每盎 司4700美元，遭遇40年来单日最大跌幅。沃什在美联储任职期间一贯对通胀保持警惕，经常支持 更高利率。但去年他转而呼应特朗普观点。 【解读】招商银行陈峤分析称，短期看，在本月极端单边行情落地后，市场回调动能仍在累积， 后续调整走势或进一步延续，建议交易型投资者保持警惕，防范市场波动风险。中长期看，黄金 基本面逻辑稳固，牛市趋势未改。当下市场更多聚焦于美元信用重塑与全球秩序重构，与1970- 1974年布雷顿森林体系瓦解时的黄金牛市更为类似。 二、权益市场 1.富国基金：从"结构牛"走向"全面牛" A股 | 万得全A | 6783.79 -1.59% | | 5. 78% | 5. 83% ...

Economic Overview - The latest GDP weekly high-frequency prosperity index as of January 31 is 5.8%, a slight decrease from the previous value of 5.9%, indicating a marginal improvement in economic growth at the start of Q1 2026[1][9]. - The economic activity is entering a seasonal slowdown as the Spring Festival approaches, despite maintaining a high overall economic prosperity level in January[1][9]. Production Sector Insights - Industrial indicators show an overall recovery, likely linked to increased upstream raw material production activities, while service sector indicators have shown mixed results with a slight decline[2][11]. - The industrial weekly prosperity index increased to 8.7%, up from 8.6%, while the service sector index decreased to 4.1% from 4.2%[10]. Demand Side Analysis - Consumer demand is positively impacted by the Spring Festival, with a significant increase in travel data; the consumer high-frequency index rose to 5.0% from 2.7%[10][20]. - Real estate sales in 30 major cities showed a slight recovery with a transaction area of 128.5 million square meters, an 8% increase from the previous week[51]. Price Trends - Consumer prices have seen a slight rebound, with the agricultural product wholesale price index increasing by 0.38% week-on-week, while industrial product prices have also shown a minor increase[67]. - The average wholesale price of pork rose by 2.4% week-on-week, continuing a trend of price increases over the past four weeks[70]. Risks and Challenges - Economic structural transformation may lead to a decline in the fitting degree of traditional indicators to the economy, posing a risk to accurate economic forecasting[3]. - Geopolitical tensions may exceed expectations, potentially impacting economic stability and growth[3].

1. Report Industry Investment Rating The report does not explicitly mention the overall industry investment rating. 2. Core Viewpoints - The analysts are optimistic about the equity market in February with a balanced style, while the bond market has an increased risk of adjustment [2][7]. - The marginal expansion of the real - sector balance sheet in February is highly certain, and the probability of a significant tightening of the capital market is low [2]. - In the context of the marginal convergence of the national balance sheet, the top - down subjective allocation strategy focusing on position selection and style analysis will gain more attention and favor from the market [22]. 3. Summary by Directory 3.1 National Asset - Liability Sheet Analysis - **Liability Side**: In December 2025, the real - sector liability growth rate was 8.4% (previous value 8.6%). It is expected to drop to around 8.3% in January 2026, rebound slightly in February, and decline in March. The capital market tightened marginally last week. There is a risk of significant tightening in February, but the probability is not high [2][17]. - **Fiscal Policy**: The net increase of government bonds last week was 235.3 billion yuan (higher than the planned 141.3 billion yuan), and the planned net increase next week is 721.4 billion yuan. The government liability growth rate at the end of December 2025 was 12.4% (previous value 13.1%), expected to rebound to around 12.6% in January 2026 and likely decline in February [3][18]. - **Monetary Policy**: Last week, the average weekly trading volume of funds decreased, the price increased, and the term spread narrowed. The one - year Treasury bond yield ended at 1.30% on the weekend. It is estimated that the lower limit of the one - year Treasury bond yield is about 1.3%, with a central value around 1.4%, and there may be a 10 - basis - point interest rate cut in 2026. The term spread between the ten - year and one - year Treasury bonds narrowed to 51 basis points [3][18]. - **Asset Side**: The physical quantity data in December 2025 continued to run smoothly compared to November. The full - year real economic growth target in 2025 was around 5%, and the nominal economic growth target was around 4.9%. It needs further observation whether 5% will be the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 3.2 Stock - Bond Cost - effectiveness and Stock - Bond Style - Since 2011, China has been in a downward cycle of potential economic growth, which may have ended in Q4 2024, followed by a low - level narrow - range oscillation in the profit cycle. The government put forward three policy goals in 2016: stabilizing the macro - leverage ratio, financial institutions benefiting the real economy, and "housing is for living in, not for speculation." Currently, the convergence of the liability side has not ended, but the space is limited [6][20]. - Last week, the capital market tightened marginally, the overall equity market declined, but value stocks strengthened. The long - end bond yield decreased slightly, and the short - end increased. The stock - bond cost - effectiveness slightly favored bonds. The ten - year Treasury bond yield decreased by 2 basis points to 1.81%, the one - year increased by 2 basis points to 1.30%, and the 30 - year remained stable at 2.29% [7][21]. - In February, the analysts are optimistic about the equity market with a balanced style and believe that the bond market has little investment value. They recommend a 50% position in the Shanghai Composite 50 Index and a 50% position in the China Securities 1000 Index [7][22]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market declined with increased trading volume. The Shanghai Composite Index fell 0.44%, the Shenzhen Component Index fell 1.62%, and the ChiNext Index fell 0.09%. Among the Shenwan primary industries, petroleum and petrochemicals, communication, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery had the largest increases, while national defense and military industry, power equipment, automobiles, computers, and comprehensive industries had the largest declines [30]. 3.3.2 Industry Crowding - out and Trading Volume - As of January 30, the top five crowded industries were electronics, non - ferrous metals, power equipment, machinery, and communication, with crowding - out degrees of 15.9%, 10.3%, 9%, 6.4%, and 6.2% respectively. The bottom five were comprehensive, beauty care, social services, environmental protection, and steel, with 0.1%, 0.2%, 0.7%, 0.8%, and 0.9% respectively [31]. - This week, the top five industries with increased crowding - out were non - ferrous metals, agriculture, forestry, animal husbandry, and fishery, food and beverage, media, and communication. The top five with decreased crowding - out were power equipment, national defense and military industry, electronics, automobiles, and machinery [31]. - As of January 30, non - ferrous metals, petroleum and petrochemicals, communication, national defense and military industry, and electronics had relatively high crowding - out quantiles since 2018, while pharmaceutical biology, transportation, light industry manufacturing, beauty care, and non - bank finance had relatively low quantiles [31]. - The average daily trading volume of the entire A - share market this week was 3.06 trillion yuan, up from 2.8 trillion yuan last week. Petroleum and petrochemicals, agriculture, forestry, animal husbandry, and fishery, coal, non - ferrous metals, and non - bank finance had the highest year - on - year growth rates in trading volume, while national defense and military industry, automobiles, household appliances, commercial retail, and power equipment had the largest declines [33]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, the PE(TTM) of petroleum and petrochemicals, communication, coal, non - ferrous metals, and food and beverage had the largest increases, while national defense and military industry, power equipment, computers, automobiles, and comprehensive industries had the largest declines [37]. - As of January 30, 2026, industries with high full - year 2024 earnings forecasts and relatively low current valuations compared to history include banks, insurance, power, public utilities, transportation, pharmaceutical biology, beauty care, new energy, and consumer electronics [38]. 3.3.4 Industry Prosperity - **External Demand**: It showed mixed trends. The global manufacturing PMI dropped from 50.5 in December to 50.4, and most of the disclosed PMI data of economies in January increased. The CCFI index fell 2.74% week - on - week. Port cargo throughput declined. South Korea's export growth rate rose to 13.4% in December and 33.9% in January. Vietnam's export growth rate rose from 15.8% in November to 23.9% in December [42]. - **Domestic Demand**: The second - hand housing price increased last week, and quantity indicators showed mixed trends. Highway truck traffic declined. The capacity utilization rate of ten industries declined from September to October 2025, increased from November to December, and slightly declined in January. Automobile sales were weaker than the historical seasonality, new - home sales remained at the historical low, and second - hand home sales were stronger than the historical seasonality [42]. 3.3.5 Public Fund Market Review - In the fourth week of January (January 26 - 30), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% quantiles of weekly returns were 2.3%, 1.1%, 0.4%, and - 0.6% respectively, while the CSI 300 rose 0.08% [59]. - As of January 30, the net asset value of active public equity funds was estimated to be 4.04 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [59]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond cost - effectiveness favors equities to a limited extent, and value stocks are more likely to be dominant. The recommended A + H dividend portfolio includes 13 stocks, and the A - share portfolio includes 20 stocks, mainly in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [62].

Economic Overview - In 2025, Nanjing's GDP reached 19,428.78 billion yuan, with a year-on-year growth of 5.2% [1][5] - The primary industry added value was 338.50 billion yuan, growing by 3.4%; the secondary industry added value was 5,873.07 billion yuan, increasing by 3.7%; and the tertiary industry added value was 13,217.21 billion yuan, rising by 6.0% [1][5] Agricultural Sector - The agricultural, forestry, animal husbandry, and fishery sector's added value grew by 3.8%, with grain production steadily increasing [1][5] - The total grain sown area was 2.147 million acres, up by 0.6%, and total grain output was 1,007,800 tons, increasing by 0.5% [1][5] - Livestock production improved, with 373,900 pigs slaughtered, a growth of 5.0%, and 17,412,000 poultry, increasing by 10.1% [1][5] Industrial Sector - The industrial added value for large-scale industries grew by 5.8%, with 28 out of 37 major industry categories experiencing growth, resulting in a growth rate of 75.7% [2][6] - Key industries such as general equipment manufacturing, pharmaceutical manufacturing, and instrument manufacturing saw increases of 8.9%, 10.8%, and 12.1% respectively [2][6] - High-tech industries' output surpassed 900 billion yuan, accounting for 55.2% of the total output of large-scale industries [2][6] - Notable growth in specific sectors included aerospace manufacturing (17.7%), instrument manufacturing (12.0%), and significant increases in production of new energy vehicles (99.0%), integrated circuits (28.2%), and industrial robots (35.4%) [2][6][7] Service Sector - The service sector's added value increased by 6.0%, with information transmission, software, and IT services growing by 7.3%, transportation and warehousing by 8.1%, and finance by 9.4% [3][7] - From January to November 2025, the revenue of large-scale service enterprises reached 8,238.82 billion yuan, a year-on-year increase of 4.8% [3][7] - The cultural, sports, and entertainment sectors benefited from events like "Su Chao," with revenues growing by 5.5%, including significant increases in sports organizations (26.4%), museums (17.3%), and leisure activities (11.4%) [3][7] Consumer Market - Nanjing's total retail sales of consumer goods reached 8,135.85 billion yuan, with a year-on-year growth of 3.5% [3][7] - Consumer policies significantly boosted retail sales of household appliances and audio-visual equipment by 9.8%, with smart appliances growing by 78.2% [3][7] - Automotive retail sales increased by 3.4%, with new energy vehicles growing by 33.1% [3][7] Investment Landscape - Fixed asset investment in Nanjing decreased by 4.9%, but investment excluding real estate development grew by 2.4% [4][8] - Industrial investment rose by 12.1%, with its share of total fixed asset investment increasing by 4.3 percentage points compared to the previous year [4][8] - Infrastructure investment grew by 3.2%, and high-tech manufacturing investment increased by 8.9%, with notable growth in aerospace (44.9%), computer and office equipment (20.1%), and medical instruments (11.8%) [4][8] Future Outlook - Nanjing's economy is expected to maintain a steady growth trajectory, focusing on quality development and addressing external environmental changes and weak domestic demand [4][8]

（3）具体方向上，一方面，资金长期聚焦的科技方向或依然是重点，对于算力 AI、 机器人、商业航天等具备事件持续迭代催化且长期发展空间巨大的新质生产力主题 产业链，持续保持关注并积极寻找具备业绩支撑的标的，适度配合高低切；另一方 面，对于人气阶段性关注但近期表现较为平抑的主题行业，或可把握节奏适度轮动 布局，包括创新药、新消费、新型能源等。 （4）本周可能即将上市的新股：世盟股份、北芯生命等。 上周新股表现： （1）新股发行表现：上周，共有 3 只新股网上申购；其中，2 只为科创板、1 只为 主板。从上周网上申购的新股情况来看，平均发行市盈率为 37.7X。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 212.2%，比较本月此前交易周沪深新股首日涨幅，总体基本维持在 200% 左右相对活跃区间，可能新股首日交投情绪较为稳定。具体来看，科创板上市公司 恒运昌首日涨幅超过 300%，首日表现明显更为活跃；预计或与其发行市值相对较 低且所属行业主题为人气热度更高的半导体设备有关。2）其次，从二级市场投资 ...

（1）上周沪深新股次新板块出现休整；假设以 2025 年以来上市的沪深新股次新 板块比较来看，期间板块平均涨幅-4.0%，实现正收益占比约 13.8%。 （2）回顾元旦之后行情，可能上周休整早已埋下伏笔；可以观察到，元旦之后新 股活跃周期正式拉开，本次活跃周期前段拉升较为急剧、短线情绪出现过热迹象； 此后交易周，虽然新股次新板块依然延续震荡活跃走势，但资金对于性价比的重视 逐步提升；而上周前半周，伴随资金更为极致地转向以周期消费为首的偏低估值方 向，科创特征相对较强的新股次新板块波动加剧。但需要注意的，上周休整可能并 未改变新股次新板块活跃周期继续演绎，新股板块资金交投依然保持较高热度，做 多动能也尚未有衰竭迹象；上周新股次新休整或只是风格过于极致转向之后带来的 短暂冲击、而上周后半周也可以观察到活跃资金重新回流部分热点主题标的，短期 以相对性价比和热点主题为两端的轮动博弈向上活跃行情可能并未结束。同时，由 于极短线新股情绪遇冷，短端反弹动能或也将有所蓄势；综合来看，春节前我们依 然建议灵活积极择机，或可跟随热点事件、把握好主题轮动节奏或高低切轮动节奏。 （3）具体方向上，一方面，资金长期聚焦的科技方向或依然 ...