目 录 | | 每日报告精选（2026-02-06 09:00——2026-02-09 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《春节效应延续》2026-02-08 3 | | |  | 宏观周报：《美国：制造业景气度超季节回升》2026-02-08 3 | | |  | 策略周报：《坚定信心，持股过节》2026-02-08 3 | | |  | 策略专题报告：《地方两会聚焦扩内需与强科技》2026-02-08 4 | | |  | 策略观察：《成交活跃度下降，万得全 估值微跌》2026-02-08 5 A | | |  | 行业跟踪报告：餐饮《千问加码外卖补贴，行业价格战趋缓》2026-02-09 6 | | |  | 行业跟踪报告：钢铁《淡季维持累库趋势，但库存处于历史低位》2026-02-09 7 | | |  | 行业跟踪报告：有色金属《关注企稳后的布局机会》2026-02-09 7 | | |  | 行业跟踪报告：钢铁《钢铁行业周报数据库 20260208》2026-02-09 8 | | |  | 行业周报：金融《建议左侧增持非银板 ...

Core Insights - The article highlights the significant breakthroughs in general artificial intelligence (AGI) technology and its integration across various industries, marking a transformative shift in productivity globally [1] - A-share listed companies in China are prioritizing technological innovation, particularly in AI, as a central aspect of their development strategy [1] Group 1: R&D Investment Overview - In 2024, the total R&D investment by A-share listed companies reached 1.88 trillion yuan, accounting for 51.96% of the national R&D expenditure [1] - The number of R&D personnel in these companies totaled 3.42 million, representing 11.08% of the total workforce [1] - The Shanghai Stock Exchange companies' R&D investment exceeded 1 trillion yuan, making up nearly 40% of the national corporate R&D spending [2] Group 2: Sector-Specific R&D Insights - The computer, machinery, defense, automotive, pharmaceutical, and communication sectors showed high R&D intensity, with respective contributions of 14%, 6%, 5%, 5%, 4%, and 4% [2] - The Science and Technology Innovation Board (STAR Market) saw its R&D investment reach 168.08 billion yuan in 2025, which is 2.5 times its net profit, reflecting a 6.4% year-on-year growth [2] - The Shenzhen Stock Exchange companies' total R&D investment surpassed 760 billion yuan, with 410 companies having an R&D intensity exceeding 10% [3] Group 3: Leading Companies in R&D - BYD led the A-share market with R&D expenses of 53.195 billion yuan, focusing on advancements in blade battery technology and smart driving algorithms [3] - China State Construction maintained a strong position with R&D investment of 45.459 billion yuan, focusing on smart construction and low-carbon materials [4] - Companies like ZTE, iFlytek, and Hikvision are increasingly investing in AI infrastructure and applications, with a significant portion of their R&D resources directed towards AI-related fields [4]

一开年，A股上市公司密集披露订单，不少企业在公告中显示"新签订重大合同"以及"订单饱和、充 足"。 作为企业最真实、最直观的经营状况，以及反映所在行业景气度的"晴雨表"，上市公司手握和新增订单 情况一直备受关注。 根据万得数据，开年以来，已经有百余家上市公司陆续披露重大中标或合同签订信息，订单覆盖领域十 分广泛，从国内大基建项目到国际市场合作，规模可观、结构多元，不仅为企业全年经营创造了良好开 端，也传递出中国经济稳步复苏、内生动力持续增强的积极信号。 中国资本市场学会理事 田利辉：十亿元级"大标"主要集中在基建领域，开年以来，多家上市公司接连 收获重大工程订单，合计金额超过430亿元。 值得注意的是，当前基建投资正与新能源、智慧城市等国家战略深度融合。比如有地方建工上市企业公 告：中标了可持续航空燃料加氢装置项目，以及半导体产业园建设项目。还有公司表示：联合中标乡村 振兴5G智慧路灯示范区项目，体现了传统基建向智能化、绿色化升级的趋势。在生态环保领域，近期 也有多个亿元级项目被披露，涵盖环卫服务、水利调蓄、垃圾处理等方向，显示出绿色基建正成为新的 增长点。 田利辉：这些重大项目的落地，不仅为企业带来了直接业 ...

根据万得数据，开年以来，已经有百余家上市公司陆续披露重大中标或合同签订信息，订单覆盖领域十 分广泛，从国内大基建项目到国际市场合作，规模可观、结构多元，不仅为企业全年经营创造了良好开 端，也传递出中国经济稳步复苏、内生动力持续增强的积极信号。 中国资本市场学会理事 田利辉：十亿元级"大标"主要集中在基建领域，开年以来，多家上市公司接连 收获重大工程订单，合计金额超过430亿元。 值得注意的是，当前基建投资正与新能源、智慧城市等国家战略深度融合。比如有地方建工上市企业公 告：中标了可持续航空燃料加氢装置项目，以及半导体产业园建设项目。还有公司表示：联合中标乡村 振兴5G智慧路灯示范区项目，体现了传统基建向智能化、绿色化升级的趋势。在生态环保领域，近期 也有多个亿元级项目被披露，涵盖环卫服务、水利调蓄、垃圾处理等方向，显示出绿色基建正成为新的 增长点。 一开年，A股上市公司密集披露订单，不少企业在公告中显示"新签订重大合同"以及"订单饱和、充 足"。 作为企业最真实、最直观的经营状况，以及反映所在行业景气度的"晴雨表"，上市公司手握和新增订单 情况一直备受关注。 订单"能见度"提升 展现中国经济持续向好 记者注意 ...

Core Viewpoint - The article highlights the successful and sustainable development model of Sijia Village, which has consistently provided annual dividends to its villagers for 19 years, with the total amount exceeding 240 million yuan, showcasing a strong community and business synergy [8][13][22]. Group 1: Dividend Distribution - On January 26, Sijia Village distributed 20.5 million yuan in dividends to over 2,000 villagers, with each share yielding a pre-tax dividend of 8,000 yuan [8][12]. - The village has maintained a steady increase in dividend amounts since 2007, with this year's distribution being more than double that of 2007 [8][13]. Group 2: Real Estate Development - Sijia Village's real estate projects have seen high demand, with over 80% of units pre-sold before official launches, attributed to the community's trust in the quality and reliability of the housing [10][11]. - The village has committed to a permanent warranty on its properties, ensuring customer satisfaction and building a strong reputation in the real estate market [11][12]. Group 3: Financial Performance - By 2025, Sijia Village's enterprise group is projected to achieve a production value of 960 million yuan and a tax revenue of 148 million yuan, with fixed assets exceeding 2.5 billion yuan and a debt ratio maintained below 7% [13][14]. - The group has consistently reported profitability across all 11 subsidiaries, reflecting a stable and resilient business model [13][14]. Group 4: Community Engagement and Support - The village has fostered a strong sense of community, with over 60% of the enterprise's workforce being villagers, ensuring that the interests of the community and the business are aligned [18][19]. - Sijia Village has implemented initiatives to support entrepreneurship among villagers, including facilitating access to loans against shareholdings, which has significantly increased the value of villagers' shares over the years [20][21]. Group 5: Strategic Growth and Risk Management - The enterprise group has diversified its operations into multiple sectors, including logistics and commercial real estate, to enhance its resilience against market fluctuations [14][15]. - The leadership has demonstrated a proactive approach to risk management, making strategic decisions to ensure long-term stability and growth, such as investing in logistics infrastructure during peak real estate years [15][16].

Core Viewpoint - The construction of the Zhongguancun Digital Economy Headquarters Park is progressing well, with the main structure completed ahead of schedule, showcasing innovative construction techniques and strong team commitment [1][3]. Group 1: Project Overview - The total construction area of the Zhongguancun Digital Economy Headquarters Park is 407,900 square meters, making it the largest ongoing TOD industrial park in Haidian [1]. - The project is located near the Qinghe transportation hub and is expected to be completed by May 2027, integrating industrial offices, vibrant commercial spaces, high-end hotels, and serviced apartments [3]. Group 2: Construction Challenges and Solutions - The project faced significant challenges, including uneven groundwater levels and complex geological conditions, which were addressed through innovative dewatering methods [1]. - A combination of "vacuum pump lightweight well points + drainage wells" was successfully implemented to tackle the underground water issues, facilitating subsequent construction [1]. Group 3: Technological Innovations - A 350-meter long prefabricated steel bridge was constructed to enhance transportation efficiency, increasing horizontal transport capacity by 40% and concrete pouring volume by 85% [2]. - The use of intelligent construction robots has significantly improved efficiency, with construction speed increased by 2-3 times compared to manual labor [2]. Group 4: Team Commitment - The construction team demonstrated strong dedication, with many workers postponing their return home for the New Year to meet project deadlines, reflecting their sense of responsibility [3]. - At peak construction, over 2,000 workers were on-site, with a commitment to continue working through the holiday period to ensure project completion [3].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 建筑装饰行业周报 继续推荐政策持续加码的未来产业成 长赛道，同时重视低位央国企配置机会 2026 年 02 月 08 日 【投资要点】 2）本周，《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村 全面振兴的意见》正式发布，意见要求努力把农业建成现代化大产业， 使农村基本具备现代生活条件，让农民生活更加富裕美好。我们注意 到 2025 年国家发布《逐步把永久基本农田建成高标准农田实施方案》， 并发出通知，要求各地区各部门结合实际认真贯彻落实。主要目标是， 到 2030 年，力争累计建成高标准农田 13.5 亿亩，累计改造提升 2.8 亿亩，统筹规划、同步实施高效节水灌溉，新增高效节水灌溉面积 8000 万亩，测算高标农田建设年空间 2000 亿元，且由于政府补贴能够覆盖 30%左右成本，因此资金确定性较高。高标农田建设企业【棕榈股份】、 水系统建设企业【大禹节水】有望受益。 3）本周，上海启动收购二手住房用于保障性租赁住房工作，浦东新区、 静安区、徐汇区为首批试点区。第一批拟收购房源将着重房型匹配、 布局合理、配套成熟、交通便捷等特点，尽量精 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading atmosphere weakened this week, and the credit spreads widened slightly from a low level. The AA commercial and trade industry's credit spreads widened significantly, while the AA+ steel industry's credit spreads compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [2][4][6][27][45] - The net financing of traditional credit bonds increased this week, and the net financing of asset - backed securities increased by 58 billion yuan compared with last week. The issuance and repayment volumes of different types of bonds showed different trends. [4][12] - The credit bond trading volume decreased this week, and the turnover rate declined overall. The yields of credit bonds with different ratings and maturities fluctuated within 3BP compared with last week. [4][20][21] - There were 36 bond implicit ratings downgraded involving 8 entities this week, and the "Xiangyi You" bond issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted. [5][43] - The central bank conducted large - scale net cash withdrawals this week. In the future, the credit spreads of bank secondary and perpetual bonds may continue to compress. [6][45] 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - On February 2, 2026, Anhui Small - loan Re - lending Co., Ltd. successfully issued two small public - offering corporate bonds, with a total issuance scale of 600 million yuan. This is the first public - offering corporate bond of a small - loan company in China, indicating increased regulatory recognition of the standardized financing of small - loan companies. [10] - On February 3, 2026, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Anchoring Agricultural and Rural Modernization and Solidly Promoting Comprehensive Rural Revitalization" was released, proposing to innovate the investment and financing mechanism for rural revitalization and strictly control the new village - level debt. [11] 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 298.2 billion yuan, an increase of 55.5 billion yuan compared with last week. The net financing of asset - backed securities was 1.84 billion yuan, an increase of 58 billion yuan compared with last week. [12] - By product type, the net financing of urban investment bonds was 98.6 billion yuan, an increase of 49.2 billion yuan; the net financing of industrial bonds was 136.1 billion yuan, an increase of 18 billion yuan; the net financing of financial bonds was 63.5 billion yuan, a decrease of 11.6 billion yuan. [12] 3.2.2 Issuance Cost - This week, the weighted average issuance interest rates of AA urban investment bonds and industrial bonds remained in the range of 2.5% - 2.6%. The average issuance interest rate of AA+ industrial bonds rose above 2.3%, and the issuance interest rates of other credit bonds with different ratings and varieties were less than 2.2%. [17] 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 92.7 billion yuan compared with last week. The trading volume of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all decreased. [20] - In terms of turnover rate, the turnover rate of credit bonds decreased overall this week. The turnover rates of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all declined. [20] 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared with last week. The yields of different - rated and different - term credit bonds showed different trends. [21] 3.3.3 Credit Spreads - Overall, the credit spreads of the AA commercial and trade industry widened significantly, and the credit spreads of the AA+ steel industry compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [27] - For urban investment bonds, the credit spreads of different maturities widened slightly this week. [33] - For industrial bonds, the credit spreads of different maturities fluctuated within 5BP this week. [38] - For bank capital bonds, the credit spreads of bank secondary and perpetual bonds with different maturities fluctuated within 5BP, and the short - term (1Y) and long - term (10Y) spreads compressed. [40] 3.4 This Week's Bond Market Public Opinion - This week, the implicit ratings of 36 bond items of 8 entities were downgraded, and the "Xiangyi You" bond issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted. [5][43] 3.5 Investment Suggestions - The central bank conducted large - scale net cash withdrawals this week. Overall, the credit spreads of the AA commercial and trade industry widened significantly, and the credit spreads of the AA+ steel industry compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [45] - The credit spreads of urban investment bonds widened slightly, the credit spreads of industrial bonds fluctuated within 5BP, and the credit spreads of bank secondary and perpetual bonds fluctuated within 5BP, with the short - term and long - term spreads compressing. [45] - In January 2026, the yields of bank secondary and perpetual bonds decreased significantly, and the excess spreads were still at a high level since the beginning of 2025. The credit spreads of bank secondary and perpetual bonds may continue to compress in the future. [45][46]

中青报·中青网记者 王一迪 冬日暖阳下，两座高195米的双子塔楼巍然屹立，与滴水湖畔串串新春彩灯相映生辉。这座被称为"时代 之门"的上海临港最高标志性建筑，即将迎来竣工后的首个农历新年。 农历腊月二十，大多数同事踏上返乡归途，27岁的潘俊涛和十几名青年建设者依然在工地上忙碌着。作 为中建二局华东公司的工程师，他们选择在春节留守工地，完成最后的维保工作。 "项目刚竣工，维保工作不能掉以轻心。"作为该项目最年轻的片区主管之一，潘俊涛望着参与建造的这 座地标建筑，眼中满是自豪。 提及巨型锥体提升的场景，潘俊涛至今记忆犹新。"那天是项目上人员最多的一天，整个过程可以用惊 心动魄来形容。"为确保安全平稳，团队在南北塔楼分别设置临时观测室，实时监测锥体10个吊点的高 度差，根据风向随时调整。"10个吊点的高度差必须控制在零点零几米的浮动范围内，所有人的心都悬 着。" 提升作业持续了两天，完成后还需静置观察48小时。那段时间，潘俊涛和同事们轮班值守监测，"施工 期间最不方便的就是上厕所，等一趟电梯要30分钟，我干脆爬楼梯，从1层到34层只用16分钟。为不耽 误进度，甚至不敢多喝水。" 团队创新应用新型造楼机。相比传统工艺， ...

Core Viewpoint - The Jiangsu Provincial Safety Production Committee has issued an urgent notice to enhance safety production efforts before and after the Spring Festival, highlighting the extended holiday period and the associated risks due to adverse weather conditions and high transportation activity [1][2]. Group 1: Construction Safety - Comprehensive safety inspections are mandated for ongoing bridge construction projects, with a focus on analyzing construction risks and eliminating safety hazards [1]. - Strict management of hazardous projects is emphasized, including rigorous fire approval processes and on-site supervision [1]. - Companies are urged to manage construction schedules responsibly, ensuring key personnel are present and maintaining full coverage supervision during construction [1]. Group 2: Fire Prevention - Increased attention is required for fire safety in elderly care facilities, with a pre-holiday electrical safety inspection and a thorough cleaning of fire escape routes [2]. - Ongoing efforts to address fire hazards in crowded venues and self-built commercial properties are necessary, including the removal of obstacles that impede escape routes [2]. Group 3: Transportation Safety - A comprehensive assessment of transportation safety risks during the Spring Festival is essential, particularly for key transport companies [2]. - Enhanced safety measures are required for tunnels, bridges, and culverts, along with the development of emergency response plans [2]. Group 4: Cultural and Tourism Safety - Large public events during the Spring Festival, such as lantern festivals and fireworks displays, require strict crowd monitoring and control measures [2]. - Safety regulations for amusement facilities and special equipment must be enforced to prevent accidents [2]. Group 5: Fireworks and Hazardous Chemicals - Safety regulations for the transportation, storage, and use of fireworks must be strictly followed, with an emphasis on public safety during celebrations [2]. - Companies in high-risk sectors are urged to implement winter safety measures and avoid high-risk operations during the holiday period [2]. Group 6: General Industry Safety - A thorough inspection of equipment and facilities is required across various industries, focusing on high-risk operations involving molten metals and gases [3]. - Safety measures must be strengthened in mining, fisheries, electricity, and other critical sectors to prevent accidents [3]. Group 7: Emergency Preparedness - The importance of maintaining a 24-hour duty system for key positions and timely reporting of major incidents is highlighted [3]. - Emergency preparedness must be enhanced through the development of response plans and practical drills to ensure rapid response to unexpected situations [3].