高质量发展 《纲要草案》将"构建现代化产业体系 巩固壮大实体经济根基"摆在重点战略任务第一条，提出坚 持智能化、绿色化、融合化，深入实施工业经济"头号工程"，巩固提升全国重要工业基地优势地位、培 育壮大新兴产业和未来产业、提升产业链自主可控水平、促进服务业优质高效发展。 《纲要草案》强调以经济体制改革为牵引，聚焦关键性、战略性重大问题推出更多走在前列、示范 先行的改革举措，围绕统一大市场、要素配置、国资国企、民营经济、营商环境、经济治理等重点领 域，提出一系列改革举措，确保高质量发展行稳致远。 以制度型开放为重点，深入实施自贸试验区提升战略、高质量建设上合地方经贸合作示范区、深度 融入高质量共建"一带一路"、加快构建国际物流大通道、推动对外贸易创新发展等，全面塑强开放型经 济发展新优势。 基础设施建设 《纲要草案》提出，未来五年，构建泛在互联、智能绿色、韧性可靠、集约高效的现代化基础设施 体系。 高水平建设交通强国山东示范区，规划研究莱芜至临沂、德州至商河、日照至五莲等高铁项目，具 备条件后推进实施，实现"市市通高铁、县县双高速"，打造"双核引领"现代化机场群，构建互联互通综 合运输通道、通江达海内河水运网。 ...

Core Viewpoint - The fiscal system in the province is focused on achieving a robust economic recovery and improving people's welfare while laying a solid foundation for the "15th Five-Year Plan" through a more resilient and high-quality fiscal policy [1][2][8] Fiscal Performance - In 2025, the province's total fiscal revenue reached 7018.7 billion, marking a 2.4% year-on-year increase, with general public budget revenue at 4501.7 billion, up 2.5%, and general public budget expenditure at 11516.1 billion, growing by 0.5% [2] - Over the "14th Five-Year" period, the province's general public budget revenue and expenditure reached 22 trillion and 54 trillion respectively, ranking 8th and 6th nationally, with growth rates of 18.8% and 19.9% compared to the previous five years [1] Investment and Economic Support - The province implemented policies to stimulate investment and consumption, with over 200 billion allocated to support key projects in critical areas [2] - Special funds of 175.1 billion were allocated to enhance the transportation network, achieving record highs in port throughput and international train operations [2] Support for Enterprises - The province has rolled out fiscal policies to support small and medium-sized enterprises, including issuing bonds to clear debts and optimizing the procurement environment [3] - State-owned financial capital has significantly increased, with total assets of 47 trillion, a 54% increase since early 2021, and net assets growing by 58.5% [3] Focus on Key Areas - Fiscal funds are directed towards technology innovation, rural revitalization, and social welfare, with significant investments in agricultural safety and infrastructure [4][5] - The province's spending on people's livelihoods reached 8499.4 billion, accounting for 73.8% of general public budget expenditure, with a focus on education, healthcare, and social security [5] Risk Management - The province has established a multi-faceted risk prevention system, focusing on debt resolution and platform transformation to ensure high-quality development [6] - In 2025, the province issued 1227 billion in replacement bonds and implemented strict management mechanisms to mitigate debt risks [6] Fiscal Reform and Management - The province is advancing fiscal management reforms, including zero-based budgeting and performance management, to enhance resource allocation and fund efficiency [7] - A total of 290.9 billion was saved through fiscal reviews, demonstrating a commitment to fiscal discipline [7] Future Outlook - The fiscal system will continue to focus on the "1+2+4+N" target system, implementing more proactive fiscal policies to support economic growth and modernization efforts in the province [8]

证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 参考A股交易类退市的核心量化维度，同时结合港股市场的数据可获取情况，针对港股近年上市的"沉寂"企业，主要从四大交易类指标展开筛选（统计周期 统一选取2025年下半年）： 1. 股价"仙股化"：日均收盘价低于1港元——对应A股"股价低于1元"的退市阈值。 2. 市值持续低迷：日均总市值不足3亿港元——港股主板各类IPO上市测试中，市值最低标准为5亿港元，当前市值低于该水平，意味着企业已不满足港股主 板最基础的IPO上市市值要求，上市后价值折损显著。 3. 流动性枯竭：日均换手率不足0.02%。 作者：喜乐 在近年港股IPO扩容的繁荣表象下，一批上市时间不长的企业正遭遇市场"冷遇"：2020-2025年上市的589家公司中，除30家已退市或异常停牌外，另有171家 陷入成交低迷、股价"仙股化"等交易层面的困境，占这一周期上市企业总量的近三成。选择这一阶段的上市企业作为观察样本，而非全市场泛化分析，核心 是这类企业的发展轨迹更能精准折射近年港股市场的生态变迁——这一时期既是港股IPO的集中扩容期，也是市场流动性结 ...

据悉，"十四五"期间，山东基础设施建设实现新跃升，该省高铁里程由2110公里增至3055公里，高速公 路由7473公里增至9310公里、八车道里程中国第一。通用机场增加11个，达到25个。沿海港口货物吞吐 量超过21亿吨，居中国首位。(完) 2026年山东计划投5300亿元发力基建 中新网济南1月27日电 (孙婷婷 王采怡)山东将加强基础设施建设作为2026年扩大内需的重要举措，力争 当年完成交通投资2300亿元(人民币，下同)、能源投资2100亿元、水利投资900亿元。山东省人民政府 省长周乃翔1月27日在该省第十四届人民代表大会第四次会议作政府工作报告时作上述表示。 在铁路建设方面，山东将推动莱临、德商、日照至五莲、聊邯长铁路纳入规划，在具备条件后加快推进 前期工作。同时，抓好6条续建高铁建设，2026年建成雄商、济滨高铁，高铁里程突破3400公里，2027 年、2028年分别建成津潍、潍宿高铁。 在机场建设方面，山东推动济南、青岛协同打造区域航空双枢纽，加快建设济南机场二期，投用枣庄机 场。同时，在航运建设方面，该省将开工建设京杭运河与小清河航道连通工程、梁山港二期，打造济宁 北方内河航运中心。 能源领 ...

Group 1: Urban Governance and Development - The Xi'an moat water system has achieved its first full connectivity in over 70 years, attracting significant media attention and highlighting urban governance improvements [2] - The renovation of the moat is not only about waterway connectivity and ecological improvement but also enhances the city's image and citizens' happiness [2] - The project includes the addition of over 3,000 square meters of open water surface and more than 50,000 square meters of ecological restoration area [2] Group 2: Economic and Cultural Events - The third annual China-Europe Railway Express "door-to-door" New Year goods train successfully arrived in Xi'an, marking the opening of the New Year Festival and enhancing market supply for the Spring Festival [5] - The New Year goods train has been operating for three consecutive years, improving transportation efficiency and reducing costs for businesses [5] - The festival features products from countries along the Belt and Road, showcasing unique cultural items and attracting significant public interest [5][6] Group 3: Cultural Exchange and Community Engagement - The "Peony Poetry Lanterns Shine in Chang'an" event allowed foreign friends to experience Tang Dynasty culture, receiving widespread online engagement [7] - The Hong Kong Polytechnic University plans to send a student delegation to Xi'an for cultural and technological exchanges, indicating growing educational collaboration [7] - A Taiwanese individual shared their experience visiting Xi'an, highlighting the cultural resonance and connection to Chinese heritage [7]

Core Insights - The Hong Kong-Zhuhai-Macao Bridge has achieved a significant milestone with over 100 million border crossings, marking an important step in the Greater Bay Area's connectivity [1][10] - The implementation of "seamless customs clearance" has transformed cross-border activities, making them as easy as commuting within a city [5][12] Group 1: Connectivity Achievements - The bridge has become a vital link in the Greater Bay Area, facilitating smooth movement of people and goods [1] - As of January 9, over 200,000 vehicles have been registered under the "two vehicles northbound" policy, with more than 800 private cars from Guangdong successfully registered to travel to Hong Kong [7] - In 2025, foreign travelers entering and exiting the region exceeded 569,000, reflecting a 28.7% year-on-year increase [8] Group 2: Policy and Innovation - The "no-sense customs clearance" system has been a result of technological innovation and policy support, enhancing efficiency in cross-border movement [5][12] - The implementation of 262 standards for the Greater Bay Area and 187 cross-border administrative services has streamlined processes, reducing bureaucratic hurdles [10] - The vision of a "one-hour living circle" within the Greater Bay Area is becoming a reality, showcasing the effectiveness of policy collaboration [7][10] Group 3: Lifestyle Transformation - The advancements in connectivity have led to a significant change in lifestyle, enabling easier access to education, employment, business, and family visits across borders [12] - The integration of hard infrastructure and soft regulatory frameworks is proving essential for true regional collaboration and daily life enhancement [12][14]

聚焦科技创新、现代化产业体系 世界级城市群呼之欲出 1月26日上午，广东省十四届人大五次会议在广州开幕。会议审查省人民政府关于广东省2025年国民经 济和社会发展计划执行情况与2026年计划草案的报告（以下简称"报告"）。 报告围绕粤港澳大湾区建设、现代化产业体系建设、科技创新、扩大内需、扩大开放、海洋强省等领域 展开，谋划了广东下一年重点开展的十三个方面工作。 近年来，广东在科技创新领域不断取得突破，现代化产业体系的四梁八柱也越筑越牢，同时，随着互联 互通不断加速，一个具有国际竞争力的一流湾区和世界级城市群也正呼之欲出。 为进一步深化粤港澳全方位互联互通，一批基础设施项目正有序推进。报告显示，2026年广东将深化粤 港澳大湾区轨道交通"四网融合"，推动新皇岗口岸建成并投入使用，推进广州港（601228）南沙港区五 期工程、狮子洋通道等项目建设，开工建设广州新机场、广珠(澳)高铁鹤洲至横琴段，推动莲花山通道 等项目前期工作，深化港深西部铁路、深珠通道等项目前期研究。 而在推进民生领域的"软联通"方面，报告指出，2026年将扩大"港澳药精通。源区社保通"等政策道用范 围，加快港澳青年创新创业基地设，深化粤港澳青 ...

本报告导读： 1 月第 3 周 A 股市场指数表现分化，中小盘股票表现相对较优，沪深北三市交易活 跃度均有所下降，北证日均成交金额环比下降 34.33%至 264.07 亿元，北证 50 指数 单周上涨 2.60%。当周北交所 1 只新股招股，2 只新股上市，新股上市首日均价涨 幅仍维持 150%以上高位。 投资要点： 新股研究 /[Table_Date] 2026.01.26 北证日均成交金额有所回落，北证 50 指 数单周上涨 2.60% ——北交所周报（2026 年 1 月第 3 周） | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.co ...

Core Insights - The number of jobs lost in the UK due to artificial intelligence (AI) has exceeded the number of jobs created, with the job loss rate outpacing similar economies globally [1][5] - Despite the significant benefits brought by AI technology, UK workers are bearing a heavy cost, exacerbating an already cooling labor market [1][5] Job Loss Statistics - UK businesses reported a net job decrease of 8% over the past 12 months due to AI, which is the highest rate among surveyed countries, double the international average [1][5] - The report indicates that employers in the UK are most likely to cut entry-level positions requiring two to five years of experience [9] Productivity Gains - The report surveyed companies that have used AI for at least a year across five sensitive industries: consumer staples and retail, real estate, transportation, medical devices, and automotive [3][7] - UK companies reported an average productivity increase of 11.5% due to AI, with nearly half of the companies experiencing even greater gains [3][7] - In contrast, US companies achieved similar productivity improvements but created more jobs than they cut due to AI [3][7] Labor Market Impact - Analysis of online job vacancy data from the UK’s Office for National Statistics shows a general reduction in job postings across industries, with a notably faster decline in positions likely affected by AI, such as software developers and consultants [3][7] - The findings serve as an "early warning signal" for how AI will reshape the labor market, according to Rachel Fletcher, co-author of the study and head of sustainable development research for Europe, the Middle East, and Africa [10]