Market Overview - The A-share market exhibited a structurally differentiated pattern last week, with major broad indices generally under pressure. The Shanghai Composite Index closed at 4117.95 points, down 0.44% for the week [2] - The ChiNext Index and the North Star 50 both fell over 3.5%, indicating a significant pullback in growth sectors. In contrast, value styles performed relatively strongly, with the Shanghai 50 rising 1.13% and the CSI Dividend Index increasing by 1.58%, reflecting a trend of capital flowing towards undervalued, high-dividend assets [2] - Overall, the market continued to experience style switching amid high-level fluctuations, with value sectors showing relative resilience while growth sectors faced adjustment pressures [2] Industry Performance - Last week, most of the Wind first-level industries declined, with the energy sector leading the gains at 6.4%, benefiting from rising oil prices and geopolitical risk premiums. Defensive sectors such as daily consumption and finance also performed relatively well [10] - In contrast, sectors like discretionary consumption, industrials, and healthcare experienced notable declines, each falling over 3% due to weak demand and pre-holiday risk aversion [10] Fund Issuance - A total of 47 funds were issued last week, including 19 equity funds, 21 mixed funds, 4 bond funds, 2 QDII funds, and 1 FOF fund, with a total fundraising amount of 48.272 billion units [14] Fund Performance - The Wind All-Fund Index fell by 0.49% last week, with ordinary equity funds down 1.07% and equity-mixed funds down 0.76%. Bond funds experienced a slight decline of 0.09%, indicating overall pressure on fund performance, particularly in equity categories [6] Global Market Overview - Global markets showed significant differentiation last week. Among the three major U.S. indices, the S&P 500 rose slightly by 0.34%, while the Dow Jones fell by 0.42% and the Nasdaq dipped by 0.17%. European markets saw declines in France's CAC40 and Germany's DAX by 0.20% and 1.45%, respectively, while the UK's FTSE 100 rose by 0.79% [4] - In Asia, the Nikkei 225 fell by 0.97%, while the Hang Seng Index rose by 2.38%, and the Korean Composite Index surged by 4.70%, becoming the best-performing index globally [4] Bond Market Overview - The convertible bond index fell by 2.61% last week, while the 10-year government bond futures rose slightly by 0.10%. The 30-year main contract dropped by 0.33%, reflecting a defensive positioning by investors amid unclear policy expectations and rising credit risk concerns [12]

第 1页 共 4页 2026 年中国经济形势展望——新质驱动， 能级跃迁-ciic 中智咨询 一、研究背景评估 二、范围与边界确认 三、核心摘要提炼 四、关键数据抓取与呈现 五、风险与机遇诊断 第 2页 共 4页 一、研究背景评估 三、核心摘要提炼 | 序 | 核心观点 | | --- | --- | | 号 | | 第 3页 共 4页 | 序 | 核心观点 | | --- | --- | | 号 | | | 1 | 经济增长换挡提质：2026 年 GDP 预计保持 5%左右增速，从高速增长转向高质量发展，依赖 | | | 新质生产力驱动。 | | 2 | 投资结构剧变：投资从房地产驱动转向"两重"建设（国家重大战略项目与重点安全能力建设） | | | 与高技术制造，设备更新、绿色能源、新基建成为关键。 | | 3 | 消费呈现"沙漏型"分层：消费升级与降级并存，高端体验与高性价比两端走强，中端市场承 | | | 压，服务消费、县域消费、银发经济等成为新增长点。 | | 4 | 外贸韧性增强：出口从"新三样"向"新新三样"升级，市场从欧美向"一带一路"多元化拓 | | | 展，进口服务于产业升级与消费升级。 ...

Core Insights - The article discusses China's unique governance approach in balancing fairness and efficiency in the digital economy, emphasizing institutional innovation and technological governance to create a symbiotic relationship among various stakeholders [1]. Group 1: Institutional Innovation - China's governance practice begins with restructuring property rights and distribution patterns, focusing on mixed ownership reform to establish a "capital-labor" community of interests [2]. - The mixed ownership reform connects public ownership with market economy, particularly evident in the digital infrastructure sector [2]. - The innovation of data ownership rights aims to break platform monopolies and protect the rights of data providers, exemplified by Shenzhen's "three rights separation" model, which allocates 70% of data revenue rights to data providers [3]. Group 2: Technological Governance - China emphasizes regulating the negative externalities of technology while leveraging it, creating a regulatory paradigm that balances efficiency and fairness [4]. - The "Interim Measures for the Management of Generative Artificial Intelligence Services" introduced in 2023 addresses core risks associated with algorithm applications [4]. - The algorithm audit system has evolved from passive response to proactive regulation, requiring platforms to disclose records of discriminatory parameters in their algorithms, promoting transparency and fairness in algorithm development and operation [4]. Group 3: Theoretical Advancement - China's governance practices are not a collection of isolated policies but a coherent system with a clear internal logic, focusing on the collaboration of institutions, technology, and distribution [5]. - The exploration of new production relationships in the digital economy aims to actively reconstruct the underlying rules of production relations and optimize capital movement through technological means, ultimately striving for a fairer and more sustainable distribution of interests [5]. - The future direction involves systematizing and normalizing these institutional innovations across broader temporal and spatial dimensions [5]. Group 4: Case Studies - China Unicom's mixed ownership reform in 2017 resulted in a shareholding structure of 53% state capital, 36% strategic investors, and 11% core employee ownership, significantly enhancing innovation capabilities and increasing digital business revenue from under 10% to over 30% within five years [6]. - Eastern Airlines Logistics, as the first "airline mixed reform stock," established a three-party interest community with 10% employee ownership, leading to a 210% increase in per capita profit since the reform [6]. - The Shenzhen Data Exchange facilitated transactions where data providers earned an average of approximately 12,000 yuan, demonstrating the practical implementation of market-oriented data allocation and profit-sharing [6].

1月28日，国新办举行新闻发布会，国务院国资委介绍2025年国资央企高质量发展情况。 数据显示，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，上缴税费2.5万亿元，有效带动产业链上下游企业融通发展，为我国顺利完成经济社会发展主 要目标任务提供了有力支撑。同时，国资央企在科技创新、产业焕新、深化改革等方面也取得积极进展。 对于央企重组整合、发展人工智能（AI）等热点话题，会上发布的信息显示，国务院国资委将扎实做好新央 企组建和战略性重组，深入推进专业化整合，支持中央企业开展高质量并购。国资央企将探索组建"AI+"产业 共同体，加快推进交通物流、智慧能源、绿色低碳、金融服务等重点领域数据资源开放开发。 2025年，中央企业战略性新兴产业营收规模超过12万亿元，连续三年实现了"每年1万亿"可喜增长。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。 "十四五"时期国资央企资产总额连续跨上三个重要台阶 截至2025年底，中央企 ...

Core Viewpoint - Suzhou Transportation Investment Group is focusing on transforming traditional transportation and nurturing emerging industries to achieve high-quality development during the 14th Five-Year Plan period, with significant growth in assets and revenue [1][12]. Group 1: Traditional Transportation Transformation - The company has successfully managed 77 major transportation infrastructure projects with a total investment of nearly 178 billion yuan, completing investments of approximately 32.1 billion yuan [1]. - Key projects include the extension of Tongjing Road, the Su-Tai Expressway, and the expansion of Suzhou North Station, contributing to Suzhou's development as a national comprehensive transportation hub [1]. Group 2: Digital Transformation in Highway Management - The company is leading the digital transformation in highway management, with the first holographic perception smart highway for vehicle-road collaboration completed during the 14th Five-Year Plan [3]. - A total of 36 toll stations and 256 lanes have undergone digital transformation, with plans to upgrade all 45 toll stations by 2026 [5]. Group 3: Emerging Industry Development - 2025 marks the beginning of the new quality productivity development year for the company, focusing on eight emerging industries including new energy and new materials [6]. - The "Super Charging" network for new energy charging terminals has seen a growth of 245.1%, and new materials have been successfully applied in over 30 projects [8]. Group 4: AI Integration and Innovation - The company is actively engaging in the AI sector, launching the Suzhou AI Innovation Application Laboratory and applying AI technology in various operational areas [10]. - The first data product, the "Toll Evasion Audit Model Data Set," has been introduced, marking a step towards market-oriented data exploration [10]. Group 5: Party Building and State-Owned Enterprise Reform - The company emphasizes high-quality party building to drive high-quality development, establishing a "Pioneer Party Building" system with 70 regulations and 80 case studies [12][14]. - The company has introduced 263 talents during the 14th Five-Year Plan, with a focus on developing a high-quality talent team to support its transformation [14]. Group 6: Future Development Goals - The company aims to achieve a comprehensive transportation and financial group with 10 billion yuan in revenue and 100 billion yuan in assets, positioning itself as a leading state-owned enterprise in China [14].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Report's Core View The report presents a detailed table of Maike Futures' basis statistics on January 16, 2026, covering various futures products across different sectors such as non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures, including their basis rates, changes compared to the previous day, and basis values for different contract months [3]. 3. Summary by Related Catalogs Non - Ferrous Metals - Copper (CU): The main contract basis rate is - 0.51%, a decrease of 0.26% from the previous day. The spot price is 102,575, and the price of the main contract is 102,730 [3]. - Aluminum (AL): The main contract basis rate is - 1.12%, a decrease of 0.82% from the previous day. The spot price is 24,190, and the price of the main contract is 24,380 [3]. - Zinc (ZN): The main contract basis rate is 1.54%, an increase of 1.62% from the previous day. The spot price is 25,410, and the price of the main contract is 24,935 [3]. - Lead (PB): The main contract basis rate is - 1.31%, a decrease of 0.22% from the previous day. The spot price is 17,325, and the price of the main contract is 17,475 [3]. - Tin (SN): The main contract basis rate is - 1.62%, a decrease of 3.04% from the previous day. The spot price is 426,000, and the price of the main contract is 433,000 [3]. - Nickel (NI): The main contract basis rate is 1.92%, a decrease of 1.95% from the previous day. The spot price is 150,050, and the price of the main contract is 147,230 [3]. - Industrial Silicon: The main contract basis rate is 6.32%, a decrease of 0.12% from the previous day. The spot price is 9,250, and the price of the main contract is 8,630 [3]. - Lithium Carbonate (LC): The main contract basis rate is 2732%, an increase of 2.08% from the previous day. The spot price is 116,750, and the price of the main contract is 159,960 [3]. Precious Metals - Gold (AU): The main contract basis rate is - 0.12%, an increase of 0.17% from the previous day. The spot price is 1033.92, and the price of the main contract is 1035.20 [3]. - Silver (AG): The main contract basis rate is 0.08%, an increase of 0.08% from the previous day. The spot price is 22,684, and the price of the main contract is 22,713 [3]. Industrial Products - Rebar (RB): The main contract basis rate is 3.48%, a decrease of 0.57% from the previous day. The spot price is 3,270, and the price of the main contract is 3,160 [3]. - Hot - Rolled Coil (HC): The main contract basis rate is - 0.51%, an increase of 1.18% from the previous day. The spot price is 3,290, and the price of the main contract is 3,307 [3]. - Iron Ore: The main contract basis rate is 7.49%, an increase of 1.05% from the previous day. The spot price is 873.9, and the price of the main contract is 813.0 [3]. - Coke and Coking Coal (JIM): The main contract basis rates are - 7.45% and - 7.16% respectively, with changes of - 0.35% and 0.70% from the previous day [3]. - Steam Coal (ZC): The main contract basis rate is - 11.90%, with no change from the previous day. The spot price is 706.0, and the price of the main contract is 801.4 [3]. - Ferrosilicon (SF): The main contract basis rate is - 5.35%, an increase of 1.33% from the previous day. The spot price is 5,310, and the price of the main contract is 5,600 (estimated from basis formula) [3]. - Silicomanganese (SM): The main contract basis rate is - 1.70%, an increase of 0.83% from the previous day. The spot price is 5,770, and the price of the main contract is 5,898 [3]. - Stainless Steel: The main contract basis rate is - 0.10%, a decrease of 0.28% from the previous day. The spot price is 14,400, and the price of the main contract is 14,440 [3]. - Glass (FG): The main contract basis rate is - 6.08%, an increase of 0.86% from the previous day. The spot price is 1,020, and the price of the main contract is 1,086 [3]. Agricultural Products - Soybean (A): The main contract basis rate is - 7.69%, a decrease of 0.21% from the previous day. The spot price is 4,000, and the price of the main contract is 4,333 [3]. - Soybean Meal (M): The main contract basis rate is 12.77%, an increase of 0.45% from the previous day. The spot price is 3,090, and the price of the main contract is 2,740 [3]. - Rapeseed Meal (RM): The main contract basis rate is 8.19%, a decrease of 0.59% from the previous day. The spot price is 2,470, and the price of the main contract is 2,283 [3]. - Vegetable Oils and Oilseeds: For soybean oil (V Ol), the main contract basis rate is 7.08%, an increase of 0.20% from the previous day; for rapeseed oil, the main contract basis rate is 8.74%, a decrease of 0.21% from the previous day [3]. - Peanut (PK): The main contract basis rate is 16.13%, an increase of 0.12% from the previous day. The spot price is 9,100, and the price of the main contract is 7,800 [3]. - Palm Oil (b): The main contract basis rate is 0.84%, a decrease of 0.33% from the previous day. The spot price is 8,650, and the price of the main contract is 8,578 [3]. - Corn (C): The main contract basis rate is 1.53%, a decrease of 1.25% from the previous day. The spot price is 2,330, and the price of the main contract is 2,283 [3]. - Corn Starch (CS): The main contract basis rate is 0.19%, a decrease of 0.87% from the previous day. The spot price is 2,570, and the price of the main contract is 2,597 [3]. - Apple (AP): The main contract basis rate is - 12.82%, an increase of 1.11% from the previous day. The spot price is 8,220, and the price of the main contract is 9,807 [3]. - Egg (JD): The main contract basis rate is 14.16%, a decrease of 2.24% from the previous day. The spot price is 3,500, and the price of the main contract is 3,584 [3]. - Live Pig (LH): The main contract basis rate is 9.21%, an increase of 0.96% from the previous day. The spot price is 13,050, and the price of the main contract is 12,210 [3]. - Cotton (CF): The main contract basis rate is 8.84%, an increase of 1.01% from the previous day. The spot price is 15,972, and the price of the main contract is 14,675 [3]. - Sugar (SR): The main contract basis rate is 2.08%, an increase of 0.37% from the previous day. The spot price is 5,390, and the price of the main contract is 5,280 [3]. Chemicals - Methanol (MA): The main contract basis rate is - 0.35%, with no change from the previous day. The spot price is 2,265, and the price of the main contract is 2,273 [3]. - Ethanol (EG): The main contract basis rate is - 3.72%, an increase of 0.08% from the previous day. The spot price is 3,675, and the price of the main contract is 3,817 [3]. - PTA (TA): The main contract basis rate is - 0.95%, a decrease of 0.05% from the previous day. The spot price is 5,000, and the price of the main contract is 5,048 [3]. - Polypropylene (PP): The main contract basis rate is 3.91%, a decrease of 0.03% from the previous day. The spot price is 6,920, and the price of the main contract is 6,595 [3]. - Styrene (EB): The main contract basis rate is 1.86%, an increase of 0.19% from the previous day. The spot price is 7,235, and the price of the main contract is 7,181 [3]. - Short - Fiber (PF): The main contract basis rate is 2.28%, an increase of 1.20% from the previous day. The spot price is 6,540, and the price of the main contract is 6,460 [3]. - Plastic: The main contract basis rate is 4.94%, an increase of 1.86% from the previous day. The spot price is 7,120, and the price of the main contract is 6,785 [3]. - PVC (V): The main contract basis rate is - 3.66%, an increase of 0.20% from the previous day. The spot price is 4,690, and the price of the main contract is 4,868 [3]. - Rubber (RU): The main contract basis rate is - 2.16%, a decrease of 0.24% from the previous day. The spot price is 15,650, and the price of the main contract is 15,995 [3]. - 20 -号 Rubber (NR): The main contract basis rate is 4.16%, an increase of 0.48% from the previous day. The spot price is 13,385, and the price of the main contract is 12,940 [3]. - Soda Ash (SA): The main contract basis rate is - 4.19%, an increase of 0.72% from the previous day. The spot price is 1,143, and the price of the main contract is 1,193 [3]. - Urea (UR): The main contract basis rate is - 2.28%, an increase of 1.25% from the previous day. The spot price is 1,760, and the price of the main contract is 1,801 [3]. - Pulp (SP): The main contract basis rate is 2.37%, an increase of 1.08% from the previous day. The spot price is 5,565, and the price of the main contract is 5,436 [3]. Energy Chemicals - Crude Oil (SC): The main contract basis rate is - 4.87%, an increase of 0.10% from the previous day. The spot price is 423.2, and the price of the main contract is 448.4 [3]. - Fuel Oil (FU): The main contract basis rate is 3.79%, a decrease of 0.03% from the previous day. The spot price is 2,684, and the price of the main contract is 2,566 [3]. - Asphalt (BU): The main contract basis rate is - 2.12%, an increase of 0.03% from the previous day. The spot price is 3,100, and the price of the main contract is 3,174 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.60%, an increase of 1.90% from the previous day. The spot price is 3,106, and the price of the main contract is 3,074 [3]. - LPG (PG): The main contract basis rate is 19.25%, a decrease of 0.23% from the previous day. The spot price is 5,048, and the price of the main contract is 4,355 [3]. Financial Futures - CSI 300 (IF): The main contract basis rate is 0.10%, an increase of 0.06% from the previous day. The spot price is 4,751.4, and the price of the main contract is 4,752.0 [3]. - SSE 50 (IH): The main contract basis rate is - 0.08%, a decrease of 0.02% from the previous day. The spot price is 3,105.6, and the price of the main contract is 3,104.6 [3]. - CSI 500 (IC): The main contract basis rate is 0.20%, a decrease of 0.16% from the previous day. The spot price is 8,223.3, and the price of the main contract is 8,217.4 [3].

Core Viewpoint - Shenzhen has released the "Overseas Professional Qualification Facilitation Recognition List (Version 4.0)", allowing professionals holding qualifications on the list to practice in Shenzhen and provide professional services [1] Group 1: Expansion and Upgrading of the List - The updated list covers 12 key areas including taxation, construction, planning, healthcare, maritime, cultural tourism, law, finance, accounting, safety, environmental protection, and social services [2] - The list includes 40 professional qualifications such as tax advisors, registered architects, urban planners, doctors, nurses, crew members, tour guides, and lawyers, facilitating easier access for overseas professionals [2] - The inclusion of "Hong Kong crew members' certificate exchange for employment on Shenzhen-registered vessels" marks a breakthrough in maritime regulations and talent mobility between Shenzhen and Hong Kong [2] Group 2: Impact on Industry Development - Shenzhen's efforts in cross-border practice facilitation have attracted high-quality overseas professionals, injecting vitality into regional industrial upgrades and innovation [3] - In the healthcare sector, Hong Kong and Macau doctors can practice in multiple locations, enhancing medical integration in the Greater Bay Area [3] - Over 300 Hong Kong and Macau lawyers are practicing in Shenzhen, the highest number in the province, indicating significant legal sector integration [3] - By December 2025, the number of overseas professionals employed in various fields in Shenzhen is expected to reach 1,758 [3] Group 3: Service System Optimization - Shenzhen is enhancing its service network with a combination of online and offline services, providing a "one-stop" integrated service for international talent, including visa and residency assistance [4] - Each qualification in the list is accompanied by clear legal and regulatory guidelines, offering a structured framework for overseas professionals to practice in Shenzhen [4] - Professionals in fields like taxation and cultural tourism can complete their practice registration through an "entirely online process + mailing service," allowing them to enjoy convenient registration without leaving Hong Kong or Macau [4] - Future plans include exploring mutual recognition of professional qualifications and titles between Shenzhen and overseas qualifications, supporting more international professionals to innovate and realize their dreams in Shenzhen [4]

上证报中国证券网讯（记者 费天元）Choice数据显示，1月12日，资金净流入额排名前十的个股依次是 东方财富、领益智造、中国卫星、山子高科、岩山科技、太平洋、海格通信、四川长虹、北方稀土、中 国长城。其中，东方财富、领益智造分别获净流入16.55亿元和16.42亿元。 | 庭号 | 证券代码 | 证券名称 | > | 当日净流入额 [单位]亿元 | | | --- | --- | --- | --- | --- | --- | | | 300059.SZ | 东方财富 | V | | 16.55 | | 2 | 002600.SZ | 领益智造 | V | | 16.42 | | 3 | 600118.SH | 中国卫星 | V | | 14.35 | | র্ব | 000981.SZ | 山子高科 | V | | 13.92 | | 5 | 002195.SZ | 岩山科技 | > | | 13.87 | | 6 | 601099.SH | 太平洋 | > | | 11.90 | | 7 | 002465.SZ | 海格通信 | V | | 10.67 | | 8 | 600839'SH | 四川长虹 ...

Core Viewpoint - The Ministry of Commerce has issued a comprehensive pilot task document for expanding the service industry in nine cities, encouraging them to leverage their unique advantages and focus on key service sectors such as telecommunications, healthcare, commerce, and finance [1][2] Group 1: Pilot Tasks and City Focus - Nine cities, including Dalian, Ningbo, Xiamen, Qingdao, Shenzhen, Hefei, Fuzhou, Xi'an, and Suzhou, have been assigned a total of 159 pilot tasks [1] - Dalian is encouraged to enhance its role as a Northeast Asia international shipping center and improve logistics transport channels [1] - Ningbo is supported in promoting the healthy development of bonded maintenance new business formats, leveraging its advanced manufacturing and cross-border trade advantages [1] - Xiamen is to facilitate cultural trade and cooperation with BRICS countries, utilizing key parks and platforms [1] - Qingdao will focus on modern marine city development and marine technology innovation, including trialing cruise routes without specific destinations [1] - Shenzhen aims to optimize free trade account functions and trial electronic bills of lading in shipping and trade [1] - Hefei is set to deepen reforms in the technology service sector, capitalizing on its technological innovation and industrial development strengths [1] - Fuzhou will enhance cross-strait economic and trade cooperation, particularly in people's livelihoods [1] - Xi'an is tasked with piloting the property rights reform of railway waybills and strengthening technology innovation and industrial application [1] - Suzhou will explore the import of items for biopharmaceutical research and develop efficient and secure cross-border data flow mechanisms [1]

Core Viewpoint - The Ministry of Commerce has issued a comprehensive pilot task document for expanding the service industry in nine cities, encouraging them to leverage their unique advantages and focus on key service sectors such as telecommunications, healthcare, trade, and finance [1][2] Group 1: Pilot Tasks and City Focus - Dalian is supported to enhance its role as an international shipping center in Northeast Asia and improve logistics transportation channels [1] - Ningbo is encouraged to promote the healthy development of new business models in bonded maintenance, leveraging its advanced manufacturing and cross-border trade advantages [1] - Xiamen is to facilitate cultural trade and cooperation with BRICS countries, utilizing key parks and platforms [1] - Qingdao is focusing on modern marine city development, emphasizing marine technology innovation and trialing cruise routes without destinations [1] - Shenzhen aims to optimize free trade account functions and trial electronic bills of lading in shipping and trade [1] - Hefei is set to deepen reforms in the technology service sector, capitalizing on its technological innovation and industrial development strengths [1] - Fuzhou is advancing cross-strait economic and social cooperation, enhancing exchanges in various fields [1] - Xi'an is conducting trials for the property rights of railway waybills and strengthening technology innovation and industrial applications [1] - Suzhou is exploring the import of biomedical research materials and developing efficient and secure cross-border data flow mechanisms [1]