广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 2025 年规上工业企业营业收入同比增长 1.1% ，略低于 2024 年的 2.1% ，持平于 2023 年，营收同比连续 3 年在 1%-3% 的低位区间内徘 徊。边际变化看， 12 月单月营收同比下降 3.2% ，连续 3 个月同比为负。从四季度名义 GDP 来看，也是三产企稳、二产放缓。 第二， 利润趋势上好于营收。 2025 年全年规上工业企业利润同比增长 0.6% ， 2022-2024 年同比分别为 -4.0% 、 -2.3% 、 -3.3% ；企业利润同 比结束连续 3 年负增长、实现小幅转正。边际变化看， 12 月利润同比增长 5.3% ，较 10-11 月的同比下降明显改善，也显著好于营收表现。 第三， 利润率趋稳是支撑 2025 年企业盈利同比转正的关键。从"量、价、利润率"三因素看， 2025 年呈现"量强 + 价跌"的特征；利润率是支撑利润同 比转正的关键， 2025 年营收利润率 5.31% ，同比微降 0.03 个点，较 2024 年的同比下降 0.3 个点明显收窄。我们理解 ...

各位今天的朋友圈 是不是都被 我国首个 GDP过万亿元的地市辖区 新闻刷屏了？ 没错，这里就是 深圳 · 南山区 1月27日上午，深圳市南山区八届人大六次会议开幕。最新的政府报告也随之出炉，最抢眼的当然是经 济数据重磅！2025年南山区成功迈入万亿城区，成为我国首个GDP过万亿元的地市辖区。 南山经济体量相比"十三五"期末的6527亿元，5年跨上了4个千亿级台阶，年均增长率5.8%以上。 但当笔者扫过 政府工作报告里的民生清单时 家人们呐，咱就是说 看完感觉2026更刺激了！ 这里的发展 正悄悄铺就一条 通往日常幸福的"隐形赛道" 2026年 南山民生福利再度"狂飙" 你我都是这份幸福清单的"收货人"！ 其实呢，每年政府工作报告发布，各种关于南山区经济成绩单的讨论大都集中在了经济和产业发展上， 比如中国硅谷，广东经济第一区 ，中国百强区"九连冠"，创新百强区"八连冠"、文化产业竞争力百强 区"两连冠"······· 万亿成绩单固然耀眼 但数字之外 更值得关注的是： 这座"中国硅谷" 感受到了发展的温度 今天我们不聊经济 从教育、医疗、住房 养老、就业等领域 来看看南山的民生成绩单 "含金量"如何？ 是否能配得 ...

Core Insights - The G60 Science and Technology Corridor is being further developed to enhance the innovation ecosystem in the region, particularly focusing on the Songjiang University Town's innovation source [1] Group 1: Event Overview - The "Winning the Future" competition's second financing roadshow for award-winning companies was held in Shanghai Songjiang [1] - The event aimed to promote the G60 Science and Technology Corridor and support the construction of the Songjiang University Town innovation source [1] Group 2: Financial Products and Presentations - Various financial products were introduced, including the G60 Technology Achievement Transformation Fund and G60 Technology Financial Service Solutions [3] - Nine award-winning companies participated in the roadshow, showcasing their core technological breakthroughs, commercialization efforts, and financing needs [3] Group 3: Investor Engagement - Over 50 professional investors and institutional experts from G60 Financial Service Alliance member organizations attended the event [4] - The event facilitated one-on-one exchanges between investors and company founders, focusing on key dimensions such as application innovation, patent barriers, and market competition [3][4] Group 4: Future Initiatives - The G60 Joint Office plans to continue leveraging the "Financial Empowerment · Building Brands" roadshow platform to establish a regular mechanism for resource, technology, and talent integration [4] - The goal is to create a comprehensive empowerment platform covering all licenses, industry chains, and life cycles [4]

日前，温州市十四届人大六次会议召开，温州市市长张文杰在作政府工作报告时表示，2025年温州地区生产总值突破万亿 元。至此，继杭州、宁波之后，浙江再添一座GDP"万亿之城"，构成了稳稳的"铁三角"。 目前，温州已上线智算算力2055P，打造高质量数据集50个，培育行业垂类大模型3个、垂类应用和智能体178个，中国智能 谷已集聚435家人工智能企业，形成从算法研发到智能终端的完整产业链。 同时，资料显示，温州"一港五谷"创新平台持续发力，中国数安港已有100多项数据产品上架交易流通，中国眼谷、基因药 谷等平台填补了晶圆制造等产业链空白，为人工智能产业发展提供了坚实的载体支撑。 浙江是民营经济大省，而在浙江的11地市中，温州的民营经济占比最高。截至2025年11月，温州民营企业和个体工商户计 156.4万户，占全部市场主体的97.6%，近乎覆盖全市经济活动的各个领域。 在经济贡献度上，温州民营经济增加值占GDP比重超过80%，位居浙江省11个地市首位，成为名副其实的"经济压舱石"。 2025年，温州规上工业增加值同比增长10.3%、增速全省第一，且连续33个月增速高于全国、全省。 外贸方面，民营企业同样是主力军。2 ...

Group 1 - Adidas has become the official strategic partner of the 2026 Jiangsu Province City Football League, with attendance exceeding 2.43 million and an average of 28,000 spectators per match since its inception in 2025 [1] - Samsung and SK Hynix have reportedly decided to significantly increase the price of LPDDR used in iPhones, nearly doubling the price compared to the previous quarter [2] - Vietnamese automaker Kim Long Motor will collaborate with China's BYD to build a $130 million electric vehicle battery factory in northern central Vietnam, with funding provided by Kim Long and technical support from BYD [3] Group 2 - Rheinmetall and Bremen-based satellite manufacturer are planning to bid for a contract to provide a satellite internet service similar to the US Starlink for the German military, with the contract potentially worth several billion euros [4] - OpenAI's Chief Information Security Officer, Nate, is set to resign from his position [5] - The Beijing Stock Exchange has denied rumors regarding a delayed announcement for new stock subscriptions, stating that the circulated notice was false [6] Group 3 - Beijing Yonghui Supermarket has issued a statement regarding the suspension of operations at its Hongkun Plaza store due to property management issues, including water and heating disruptions [7] - Nike is laying off 775 employees to accelerate automation processes in its U.S. distribution centers, following a previous announcement to cut 1,000 positions [8] - DeepSeek has released the DeepSeek-OCR 2 model, which utilizes an innovative DeepEncoder V2 method for dynamic image rearrangement based on meaning [9][10] Group 4 - Alibaba Health's medical AI application "Hydrogen Ion" has launched a new feature for "dynamic evidence positioning," which accurately locates specific statements supporting viewpoints in original texts [11] - AI medical innovation company "Virtual Reality" has completed an A+ round of financing exceeding 50 million yuan, with plans for further development in AI algorithms and hardware [12] - The National Market Supervision Administration has reported 1,169 cases related to charging treasure safety violations, emphasizing the importance of product quality safety [13] Group 5 - Domestic gold jewelry prices have increased, with several brands reporting prices for pure gold jewelry ranging from 1,575 to 1,585 yuan per gram [14] - China's Ministry of Human Resources and Social Security plans to implement measures to support employment in response to the impact of artificial intelligence, including actions to stabilize and expand job opportunities [15]

智通财经APP讯，GUANZE MEDICAL(02427)发布公告，公司股份已自2026年1月26日下午一时正起于 香港联合交易所有限公司主板短暂停止买卖，以待根据香港公司收购及合并守则刊发载有公司内幕消息 的公告。 ...

Group 1: AI Investment Trends - The core narrative of AI investment in 2026 is shifting from a broad approach to a more focused strategy, emphasizing key beneficiaries in infrastructure, companies with pricing power, and industries benefiting from productivity improvements [1][3] - New Horizon Global Advisory highlights that AI technology is no longer benefiting all sectors equally, with opportunities concentrated in specific areas such as infrastructure and healthcare [1][3] Group 2: Power Supply as a Bottleneck - Elon Musk emphasizes that the decisive factor in the AI race is power supply capability rather than just algorithms or chip performance, predicting that China's power generation could reach three times that of the U.S. by 2026 [2] - The energy consumption of generative AI services is significantly higher than traditional services, with estimates suggesting that by 2027, generative AI could consume between 85 to 134 terawatt-hours (TWh) of energy, equivalent to the annual electricity needs of countries like the Netherlands or Argentina [2] Group 3: Healthcare Sector Transformation - AI is becoming a core catalyst for structural changes in the healthcare industry, with applications in drug development, diagnostics, and cost control expected to drive significant transformations [5][6] - The Chinese government is actively promoting AI applications in healthcare, with guidelines issued to accelerate AI's role in drug development and medical diagnostics [6] Group 4: Market Dynamics and Opportunities - Major industry players are increasingly focusing on AI applications in healthcare, with companies like Ant Group and OpenAI launching AI health-related products [7] - The healthcare sector is witnessing improved fundamentals, with rising profit expectations and a resurgence in mergers and acquisitions, indicating a robust market environment [7] Group 5: Regulatory and Market Challenges - The commercialization of AI in healthcare is highly dependent on policy support and regulatory frameworks, with uncertainties surrounding business models and market demand potentially impacting revenue growth [8] - Despite the challenges, the AI investment landscape is evolving, moving towards a more pragmatic exploration of specific sectors like healthcare, which are expected to yield significant returns [8]

编者按："十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，也是广东加强创新 优势、实现更多突破的关键时期。"十四五"期间，广东经济总量已连续跨越12万亿元、13万亿元、14万 亿元三个台阶，五年累计超过67万亿元，这份成绩单殊为不易。《粤讲粤明》为您深度解读这份沉甸甸 的成绩单背后的分量，通过省政府工作报告来看广东省如何在"十五五"开好局、起好步。 本报评论员胡光旗 投资于人是一种新的发展导向。进入到高质量发展阶段，我国投资理念正从单纯的要素扩张向物力资本 与人力资本协同演进的方向转变。作为全国人口第一大省，在"十五五"开局之年，广东坚持投资于物和 投资于人紧密结合，推动更多资金资源投资于人。 投资于人还需要锚定关键领域，精准施策，增加投入。2026年广东省政府工作报告提到，要在充分就 业、办人民满意的教育、推动基础教育扩优提质、健全社会保障体系、稳步推进基本医疗保险省级统筹 以及发展普惠托育和托幼一体化服务等方面"用心用情用力"。 剑指就业、教育、医疗、养老等民生核心领域，无疑是广东全面践行投资于人理念的精准写照。就业是 民生之本，今年广东提出要新增城镇就业110万人以上，彰显出经济大省对 ...

Core Viewpoint - The recent Nipah virus outbreak in India has led to increased attention and investment in the A-share pharmaceutical sector, with significant capital inflows into medical ETFs despite some declines in stock prices [1][3]. Group 1: Market Activity - The medical ETF (159929) experienced a drop of over 1% today, following a previous day of gains, but attracted 64 million yuan in capital [1]. - Over the past 10 days, the ETF has seen net inflows for 9 days, accumulating nearly 300 million yuan [1]. - Trading activity remains robust, with intraday trading volume exceeding 120 million yuan [1]. Group 2: Nipah Virus Research - The Nipah virus outbreak in West Bengal, India, has resulted in deaths and the isolation of close contacts [3]. - A significant research study published in the journal Emerging Microbes & Infections confirms that the oral nucleoside drug VV116 shows promising antiviral activity against the Nipah virus, providing new hope for treatment and prevention [3]. Group 3: Company Updates - Sanofi's (三生国健) 2025 annual performance forecast indicates a net profit of approximately 2.9 billion yuan, reflecting a year-on-year increase of 311.35%, driven by a collaboration with Pfizer [4]. - Junshi Biosciences (君实生物) has completed the issuance of its first phase of technology innovation bonds for 2026, totaling 1 billion yuan, aimed at supporting drug research and development [4]. Group 4: Sector Trends - The pharmaceutical industry is expected to benefit from a favorable investment environment and policy support, particularly for innovative drugs and technologies [6][8]. - The medical manufacturing sector has shown a slight increase in industrial value added, while revenue and profit have seen minor declines [7]. - The healthcare expenditure in China has shown a year-on-year growth of 4.7% for the first 11 months of 2025, marking a recovery after two years of decline [7]. Group 5: Investment Strategies - Investment strategies for 2026 focus on innovation, international expansion, and marginal improvements in the pharmaceutical sector [8][9]. - Key areas of interest include innovative drugs, medical devices, and the integration of new technologies such as AI and brain-machine interfaces [8][9].

Core Insights - The announcement of the 2025 Top Ten Scientific Advances in China and the World highlights significant technological breakthroughs that have the potential for rapid industrialization and future development [1][2][4]. Group 1: China's Top Ten Scientific Advances - The top ten scientific advances in China include the "artificial sun" EAST achieving a world record of "one billion degrees for a thousand seconds," the development of a new AI by DeepSeek, and breakthroughs in thorium molten salt reactors [2][3]. - Other notable advancements include a liver cancer prediction system featured on the cover of Nature, the completion of the first batch of wireless human implants with "North Brain No. 1," and the discovery of original innovation targets and candidate drugs for Parkinson's disease [2][3]. - The introduction of the superconducting quantum computing prototype "Zu Chongzhi No. 3" and new hydrogen production technologies also stand out among the achievements [2][3]. Group 2: Global Top Ten Scientific Advances - The global top ten scientific advances include a brain-machine interface that allows patients to express emotions through speech, the creation of an integrated electronic-photonic-quantum chip system, and the detection of the largest black hole merger event to date [3]. - Other significant discoveries include the highest energy neutrino detected, the first visible "time crystal," and record survival times for genetically modified pig organ transplants [3]. - The first detection of cosmic signals from 13 billion years ago and the largest cosmic map ever created are also highlighted, along with a detailed brain map describing numerous neurons and their activities [3]. Group 3: Characteristics of the Advances - The selected advances reflect three main characteristics: alignment with global scientific frontiers, addressing national needs, and focusing on public health and well-being [3][4]. - The emphasis on originality and practical utility in these advancements indicates a strong connection between technological development and societal needs [4][5]. - The ongoing evaluation of scientific progress through the "Double Ten" initiative has been instrumental in enhancing public understanding of technological advancements and promoting scientific literacy [4][5].