[Table_Page] 宏观经济研究报告 2026 年 2 月 25 日 证券研究报告 [Table_Title] 广发宏观 2 月 EPMI 数据带来哪些增量信息 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 2 月战略性新兴产业采购经理人指数（EPMI）环比下降 5.4 个点至 44.6。春节所在月份的季节性是 EPMI 下行 的主要原因，与历史上春节位于 2 月中旬的年份相比，今年 EPMI 环比降幅小于 2021 年、基本持平于 2024 年、弱于 2015 和 2018 年的环比小幅上行。中观景气面同样回落，7 大细分行业中仅新能源行业位于景气扩张 区间。 据中采咨询（下同），2 月战略性新兴产业采购经理人指数（EPMI）环 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the technology sector, with the Kweichow Moutai ETF (588120) rising over 1.5% [1] - The market is expected to focus on technology and cyclical sectors, with technology likely to lead the way in the short term [1] - The domestic technology industry is experiencing continuous catalysts during the Spring Festival, particularly in the fields of robotics and AI, indicating a growing acceptance of AI among residents [1] Group 2 - The Kweichow Moutai ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which includes 100 securities selected from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - The index reflects the overall performance of representative enterprises in the Sci-Tech Innovation Board, primarily focusing on high-tech and strategic emerging industries such as new generation information technology, biomedicine, and high-end equipment manufacturing [2] - The upcoming 14th Five-Year Plan is expected to provide quantitative targets for various industries, potentially catalyzing the technology sector's growth [1]

Investment Rating - The report indicates a decline in the Emerging Industries PMI to 44.6, reflecting a significant drop of 5.4 percentage points from the previous month, which suggests a cautious investment outlook for the industry [1][6]. Core Insights - The Emerging Industries PMI has decreased to 44.6, aligning with historical trends during the Spring Festival period, indicating a temporary dip in production and demand due to the extended holiday [2][6]. - Despite the low PMI reading, new orders have shown resilience, with the month-on-month value exceeding historical averages, suggesting potential recovery in demand [2][3]. - The report highlights that production and product orders have both decreased significantly, with production volume dropping to 38.9% and product orders to 42.8%, indicating a contraction in activity [2][6]. - User inventory has reached a six-year low, which may lead to a substantial rebound in production in March as companies address the shortfall caused by the holiday [3][29]. - The report notes a rise in purchasing prices to 59.1%, which could positively influence future demand as companies adjust to cost pressures [3][24]. Summary by Sections Data Overview - The Emerging Industries PMI for February is reported at 44.6, down 5.4 percentage points from the previous month, reflecting a seasonal impact from the Spring Festival [1][6]. - Key indices such as production volume and product orders have seen significant declines, with production volume at 38.9% and product orders at 42.8% [2][6]. Employment and Inventory - Employment index has decreased to 45.9%, reflecting temporary reductions in workforce due to the holiday, while salaries remain stable [3][28]. - User inventory is at a low of 40.7%, which may support future production stability as companies work to replenish stock [3][29]. Price Trends - Purchasing prices have increased to 59.1%, indicating rising costs that may affect future demand dynamics [3][24]. - Sales prices have also risen to 49.7%, suggesting that companies are maintaining profitability despite the downturn in orders [3][24]. Export and Import Dynamics - Export orders have decreased to 36.6%, down 8.1 percentage points, indicating challenges in international markets [2][30]. - Import levels have also dropped to 35.3%, reflecting weak procurement activity among companies [2][30]. Sector Performance - The report indicates significant disparities in performance across different sectors, with the new energy vehicle sector showing the lowest PMI at 39, while the business consulting services sector leads with a PMI of 77.4 [37][42]. - The new energy sector is experiencing a decline in production and orders, attributed to market competition and policy changes [17][18].

科创板作为服务科技创新企业的重要平台，自2019年设立以来，以"注册制"为核心，强调"包容性""市场化"和"强监管"，其上市规则与传统板块（如主板、 创业板）存在显著差异。以下从定位与行业范围、上市条件、发行与审核机制、信息披露与持续监管、退市制度、投资者适当性六大维度梳理核心要点： 一、科创板定位与行业范围 科创板聚焦"硬科技"，服务于符合国家战略、突破关键核心技术、市场认可度高的科技创新企业。 重点支持行业：新一代信息技术（如集成电路、人工智能）、高端装备、新材料、新能源、节能环保、生物医药，以及其他符合科创板定位的领域。 禁止类行业：金融、投资类企业，房地产，模式创新（如单纯电商、O2O）等非硬科技企业。 二、上市条件：五套差异化标准（市值+财务指标） 科创板实行交易所审核+中国证监会注册的分层审核机制，强调"以信息披露为中心"，审核重点从"盈利能力"转向"科创属性"与"信息披露真实性"。 1. 审核流程 时间周期：通常3-6个月（不含反馈回复时间）。 2. 科创属性评价 需符合"3+5"指标（常规指标+例外条款）： 科创板允许未盈利企业上市，设置五套标准（满足其一即可），核心围绕"市值"与"财务/研发 ...

今天分享的是：中国企业评价协会：2025年中国科创企业创新力TOP500发展报告 报告共计：113页 在企业经营策略上，文档总结了两类核心路径。其一为"聚焦核心能力"，企业纷纷剥离非核心业务，将资源集中于技术研发、品牌建设 等核心板块，通过强化差异化优势构建竞争壁垒；其二为"长期主义布局"，企业更加注重可持续发展能力，在产品创新、人才培养、客 户粘性维护等方面持续投入，摒弃短期逐利思维，以稳健的经营节奏应对市场变化。 总体而言，文档认为，当前商业金融领域的发展，正处于"效率重构"与"价值回归"的关键阶段。无论是产业、市场还是企业，唯有顺应 趋势、聚焦核心、拥抱变化，才能在复杂的商业环境中实现持续发展。 文档核心内容总结 本次文档围绕当前商业与金融领域的核心发展趋势展开分析，聚焦于产业模式迭代、市场需求变迁与企业经营策略优化三大核心维度， 梳理了行业发展的内在逻辑与实践方向。 在产业模式层面，文档指出，数字化转型已从"可选动作"转变为行业标配，核心并非单纯的技术应用，而是通过数据链路打通实现全流 程效率提升。传统产业链中"生产-渠道-消费"的线性结构，正逐步向以用户需求为核心的"网状生态"演变。头部企业通过搭建 ...

科创板IPO（首次公开募股）流程严格遵循中国证监会、上海证券交易所（上交所）的监管要求，覆盖从前期筹备到上市后持续 监管的全周期。以下是所有核心环节的详细拆解，按时间顺序梳理： 一、前期筹备阶段（Pre-IPO） 1. 企业自我评估与战略决策 科创板IPO需4类核心中介协同： 3. 初步尽职调查与问题整改 二、辅导备案与辅导阶段 1. 辅导备案 企业与保荐机构签订《辅导协议》后，向当地证监局提交辅导备案材料（包括辅导方案、中介机构资质等），证监局受理 后启动辅导期（通常≥3个月）。 2. 辅导实施 3. 辅导验收 三、申报与受理阶段 1. 申报材料制作 对照科创板定位（"硬科技"：新一代信息技术、高端装备、新材料、新能源、节能环保、生物医药等6大领域+符合科创属 性指标），评估是否符合上市条件。 决策层确定IPO目标，成立上市工作小组（由高管、财务、法务、券商等组成）。 2. 选聘中介机构 保荐机构（主承销商）：负责整体协调、尽职调查、申报材料制作及后续发行承销（必须是证券公司，且具备保荐资 格）。 会计师事务所：负责财务审计（需具备证券期货相关业务资格）、内控鉴证。 律师事务所：负责法律合规审查、出具法律意 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2月9日，沪深北交易所宣布推出优化再融资一揽子措施，进一步提高再融资便利性和灵活性，更好服务 科技创新和新质生产力发展。 在更好适应科创企业再融资需求方面，沪深交易所研究推出交易所主板上市公司"轻资产、高研发投 入"认定标准；优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前 次募集资金基本使用完毕或未改变募集资金投向的，融资间隔期调整为不少于6个月。同时，沪深北交 易所明确，存在破发情形的上市公司，可以通过定增、发行可转债等方式合理融资，募集资金需投向主 营业务。 在提升再融资灵活性、便利度方面，沪深北交易所明确，上市公司披露再融资预案时，应当同时简要披 露前次募集资金使用情况以及下一步使用进度考虑，申报时前次募集资金使用进度原则上应当达到基本 使用完毕的标准。 在加强再融资全过程监管方面，沪深北交易所提出，完善再融资预案公告相关要求，对于以取得上市公 司控制权为目的的锁价定增，发行对象应当公开承诺在批文有效期内完成发行。加大事中事后监管力 度，从严处理再融资违法违规行为。 记者注意到，同一天，沪深交易所就主板上市公司"轻资产、高研 ...

中新网北京2月12日电 2025年北京新设经营主体38.01万户，同比增长20.7%；新设科技型企业15.25万 户，占新设企业的47.49%。科技创新引领作用更加凸显，全社会研发经费投入强度稳定在6%左右，连 续9年蝉联《自然指数-科研城市》全球榜首，人工智能核心产业规模和企业数量均占全国约一半，国家 高新技术企业、专精特新"小巨人"企业数量领跑全国。 北京市发改委组织33个市级部门、16区及北京经济技术开发区共同撰写的《北京市营商环境发展报告 2025："北京服务"推动首都高质量发展》(下称《报告》)提到上述内容。 北京新一代信息技术等3个万亿级、人工智能等7个千亿级产业集群持续壮大，前瞻布局23个未来产业新 赛道。医药健康产业规模达1.1万亿元，创新医疗器械与AI医疗产品获批数全国第一。深化运营全市应 用场景统一发布平台，2025年统筹发布457项场景创新资源，产出行政复议垂类大模型等27项国内首创 成果。 京津冀重点领域协同取得显著成效。印发京津冀自贸试验区内政务服务"同事同标"事项动态管理工作规 则，"同事同标"事项达230个。率先实现涉税事项跨区域征纳互动咨询，开通三地12366热线实时互转功 能 ...

Core Viewpoint - The Ministry of Education has released opinions on deepening the reform of key elements in vocational education, emphasizing the need for dynamic adjustments in professional settings and the introduction of new majors in emerging fields such as low-altitude economy, artificial intelligence, and high-end equipment [1] Group 1: Professional Adjustments - The reform includes the addition of new majors in critical areas and the elimination or upgrading of existing ones to better align with industry needs [1] - Specific fields targeted for new major development include low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas with a shortage of skilled labor [1] Group 2: Curriculum Design - The initiative calls for a scientific design of course combinations and the establishment of a curriculum list for new and upgraded courses, along with a capability map for courses [1] - There is a focus on enhancing ideological education and general education courses, as well as diversifying textbook formats and developing urgently needed teaching materials [1] Group 3: Teacher Development - The plan includes a detailed teacher capability list and the establishment of a dual-flow mechanism for teachers and industry talent [1] - This aims to facilitate the movement of educators between educational institutions and enterprises, enhancing the practical relevance of vocational training [1] Group 4: Industry-Education Integration - The construction of internship and training bases through various collaborative methods, such as enterprise commissioning and school-enterprise joint construction, is emphasized [1] - The initiative will promote a "high-skilled talent cluster training plan" focusing on major strategies and key areas, leveraging the strengths of industry, enterprises, and educational institutions [1] Group 5: Pilot Programs - Six advanced manufacturing sectors with significant talent shortages have been selected as pilot areas, including new energy vehicles, advanced rail transit equipment, aerospace equipment, high-end CNC machine tools, robotics, and agricultural machinery [1]

Core Perspective - The article emphasizes the strategic positioning of Beijing as a capital city, focusing on the development of its "Four Centers" and the need for a coordinated approach to urban growth and functionality [5][6][11]. Group 1: Capital Development Strategy - The core strategy for Beijing's development is centered around its role as a national political, cultural, international exchange, and technological innovation center [5][6]. - The transition from "Beijing development" to "capital development" aims to enhance the functionality of the city while ensuring sustainable growth [6][12]. - The city is undergoing a historical transformation by optimizing its functions and addressing urban challenges through a dual approach of external relocation and internal restructuring [6][13]. Group 2: Economic and Cultural Growth - Beijing's cultural and economic sectors are thriving, with cultural industry revenues exceeding 2.6 trillion yuan, and the city hosting over 60,000 performances annually [12][19]. - The city has seen a 39% increase in inbound tourists, reflecting its growing international exchange capabilities [19]. - The technology sector is a key driver of economic growth, with significant advancements in core technologies and a high number of national high-tech enterprises [19]. Group 3: Urban Planning and Infrastructure - The construction of the urban sub-center is crucial for alleviating pressure on the main city and enhancing the overall functionality of the capital [15][16]. - The sub-center is designed to support the relocation of non-capital functions and improve the quality of urban life through better infrastructure and services [16][17]. - The integration of digital technologies and smart governance is enhancing urban management efficiency and responsiveness to citizen needs [13][14].