同时，将进一步优化外商投资支持政策。落实好境外投资者已在华取得的利润直接投资税收抵免、鼓励 外商投资产业目录等政策措施，一视同仁支持外资企业参与提振消费、政府采购、招投标等活动，助力 外资企业在华长期生根发展。 人民财讯1月26日电，1月26日，商务部外国投资管理司负责人王亚在国新办新闻发布会上表示，今年将 以服务业为重点，扩大市场准入和开放领域，有序扩大电信、医疗、教育等领域自主开放，推动试点项 目尽早落地，支持服务业外资企业延伸价值链，实现专业化、融合化、数字化发展。 ...

Group 1 - The core viewpoint of the news emphasizes the importance of improving people's livelihoods as a priority in Beijing's governance, with a focus on specific measurable goals for 2026 [1][2] - The 2026 work goals include the addition of 5,000 elderly care beds, renovation of over 300 old residential communities, creation of 35,000 new parking spaces, and construction of 1,000 kilometers of greenways, reflecting a commitment to enhancing the quality of life for citizens [1] - The government aims to address diverse public needs through a combination of traditional and innovative services, ensuring that economic development translates into tangible benefits for the population [2][3] Group 2 - The "14th Five-Year Plan" emphasizes the need for a balanced approach to economic growth and social welfare, highlighting that improving livelihoods is essential for sustainable development [2] - The government report outlines a commitment to respond to citizens' urgent needs through initiatives like the "China's Warmest Hotline," which aims to resolve public concerns effectively [2] - The importance of grassroots engagement by representatives is stressed, encouraging them to transform public sentiment into actionable proposals that enhance community welfare [3]

证券研究报告 | 2026年01月26日 美元债双周报（26 年第 4 周） 弱于大市 地缘风险与财政隐忧下美债利率升至半年新高 美国 11 月 PCE 物价指数符合预期，通胀温和且支出稳健。1 月 22 日美国经 济分析局发布的 11 月 PCE 报告显示，PCE 物价指数同比上涨 2.8%，环 比上涨 0.2%，均与市场预期一致，反映通胀温和运行。剔除食品和能源 后的核心 PCE 同比亦上涨 2.8%，环比增长 0.2%，同样符合预期。报告 同时指出，美国个人支出在 11 月保持稳健增长，显示消费者支出依然 是经济增长的重要支撑，不过储蓄率进一步下滑，这或对中长期消费动 力构成一定压力。核心 PCE 维持在较高水平但未显著超预期，表明通胀 压力虽有所缓解但仍高于美联储 2%的长期目标。 风险提示：美国经济和货币、财政、贸易政策的不确定性。 核心观点 行业研究·海外市场专题 美股 弱于大市·维持 | 证券分析师：王学恒 | 证券分析师：徐祯霆 | | --- | --- | | 010-88005382 | 010-88005494 | | wangxueh@guosen.com.cn | xuzhenti ...

Employment - The government will implement actions to stabilize and expand employment, focusing on key groups and enhancing service quality for high-quality employment [2] - Policies will include employment subsidies, guaranteed loans, and support for labor-intensive industries to maintain existing jobs [2] - There will be an emphasis on protecting the rights of flexible and new employment forms, ensuring their access to social insurance [2] Housing - The housing sector will see a shift towards a "current housing sales system" to mitigate delivery risks and enhance consumer protection [3] - Policies will include the acquisition of existing properties for affordable housing and the regulation of pre-sale fund management [3] - Reforms will also focus on improving the housing provident fund system and enhancing property service quality [3] Fertility - The goal is to achieve "no out-of-pocket" expenses for childbirth within the policy framework by 2026, with an emphasis on increasing medical expense coverage [4][5] - The number of individuals covered by maternity insurance reached 259 million by the end of November 2025, with direct disbursement of maternity benefits to insured individuals [5] - Future plans include expanding coverage to flexible workers and migrant workers, and incorporating prenatal check-ups into the basic service package [5] Elderly Care - A comprehensive and accessible elderly care service system will be developed to address the needs of the aging population, projected to reach 320 million by the end of 2025 [6][7] - Initiatives will focus on care for disabled and elderly individuals living alone, and the promotion of rural elderly care services [7] Education - A new round of "Double First Class" construction will be initiated to enhance the quality of local universities and align them with regional strategic needs [8] - The education sector will focus on optimizing resource allocation in response to demographic changes and supporting the development of schools in under-resourced areas [8] Consumption - The government will optimize the implementation of the old-for-new consumption policy to stimulate consumer spending and upgrade product offerings [9][10] - A budget of 62.5 billion yuan will be allocated to support the old-for-new policy, with a focus on promoting green and smart products [10] Agriculture - The agricultural sector aims to maintain food security and enhance production capacity, with a focus on increasing farmers' income and improving rural living conditions [11] - The government will continue to support agricultural technology innovation and rural reform to modernize the agricultural industry [11]

Report Industry Investment Rating - The investment rating for the US dollar bond market is "Underperform" [1][6] Core Viewpoints - The US economy shows signs of growth, with the Q3 2025 real GDP annualized quarterly growth rate revised up to 4.4%, driven by export growth, reduced negative impacts of inventory changes, and consumer resilience. However, inflation remains sticky, with the core PCE at 2.9%, above the Fed's 2% target. The market expects the Fed to keep rates unchanged in January, with the first rate cut likely in June - July [2] - Geopolitical risks and fiscal concerns have led to an increase in US Treasury yields. The 10 - year yield has exceeded the high since August last year, reaching above 4.3%. The long - term concern lies in the US fiscal situation, with a budget deficit to GDP ratio of about 6% [4] - European pension institutions' consideration of selling US Treasuries has caused market fluctuations, but the actual possibility of large - scale selling is low. The market is currently in a multi - factor game, and it is recommended to adopt a "short - duration core + steepening satellite" configuration [3][4] Summary by Directory US Macroeconomic and Liquidity - The November PCE price index in the US was in line with expectations, with the PCE price index rising 2.8% year - on - year and 0.2% month - on - month. Core PCE also rose 2.8% year - on - year and 0.2% month - on - month. Personal spending remained robust in November, but the savings rate declined, which may pressure long - term consumption [1] - The Q3 2025 real GDP annualized quarterly growth rate was revised up to 4.4%, the fastest in two years. The core PCE remained at 2.9%, above the Fed's target. The market expects the Fed to keep rates unchanged in January, with a nearly 97% probability, and the first rate cut likely in June - July [2] Exchange Rate - No specific content in the provided text directly elaborates on exchange rate analysis, but it is likely related to the impact of US Treasury yield changes on the US dollar index and other non - US currencies [53] Chinese - Issued US Dollar Bonds - The text shows various charts related to the returns, yields, and spreads of Chinese - issued US dollar bonds since 2023, including breakdowns by level and industry [64] Rating Actions - In the past two weeks, the three major international rating agencies took 11 rating actions on Chinese - issued US dollar bond issuers, including 2 rating revocations, 2 upgrades, 2 downgrades, and 5 initial ratings [76]

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [3][28]. Core Insights - The report highlights the acceleration of investments in the silver economy, driven by recent government policies aimed at fostering the development of elderly care services and related sectors [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52% during the review period, surpassing the broader market by 2.71 percentage points [1][12]. Summary by Sections Industry and Company Dynamics - Recent policies from eight government departments aim to cultivate elderly care service providers, enhancing the silver economy's growth potential [2][17]. - New Oriental has launched a "Retirement Club" to offer local interest courses and social activities for seniors, while China Travel Group has introduced a wellness tourism brand [2][18]. - The Spring Festival travel period is expected to see a surge in passenger numbers, with a projected 5% increase in rail travel and a similar growth in air travel [2][20]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones [2][21]. Stock Performance - During the review period, notable stock performances included Tongdao Liepin (+26.86%), Keri International (+17.50%), and Zhongxin Tourism (+15.91%) [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, and Huatu Shanding dropped by 11.55% [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip, among others, for potential investment opportunities [3][28]. - Long-term recommendations include China Duty Free, Meituan, and various educational and hospitality companies, indicating a diverse investment strategy across sectors [3][28].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The silver economy is gaining traction with active policy support from multiple government departments aimed at fostering the development of elderly care services and enhancing consumption potential [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52%, surpassing the market by 2.71 percentage points during the review period [1][12]. Industry Dynamics - Recent policies have been introduced to cultivate elderly care service providers, with companies like New Oriental and China Travel Group launching initiatives targeting the silver economy [2][17][18]. - The Spring Festival travel period is expected to see a substantial increase in passenger numbers, with a forecast of 22.4 million travelers in Hainan, marking a 5.3% increase year-on-year [2][19]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones in store openings and financial performance [2][21]. Stock Performance - Notable stock performances in the social services sector include increases of 26.86% for Tongdao Liepin and 17.50% for Keri International during the review period [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, indicating volatility within the sector [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip Group, among others, as potential investment opportunities [3][28]. - Long-term recommendations include companies like Meituan, Mijia Group, and various educational and travel service providers, reflecting a diversified approach to investment in the sector [3][28].

Group 1 - The core message emphasizes the successful conclusion of the municipal meetings, highlighting the unity and collective effort of representatives from various sectors to discuss development strategies for the city [1] - The meetings resulted in the approval of reports and resolutions that reflect the common will of the people, aiming to harness the collective strength of Suzhou for future progress [1] Group 2 - The "14th Five-Year Plan" has seen significant achievements, with the region's GDP and industrial output reaching historic highs, indicating a robust momentum for high-quality development [2] - The "15th Five-Year Plan" aims for a GDP growth of over 5% and an industrial output exceeding 5 trillion yuan, focusing on innovation and the establishment of a modern industrial system centered on advanced manufacturing [2] - The plan emphasizes the importance of maintaining a strong foundation in the real economy and fostering high-tech innovation to enhance Suzhou's competitiveness as a "smart manufacturing city" [2] Group 3 - The meetings stress the importance of cultural empowerment in building a strong socialist cultural city, balancing heritage preservation with urban renewal [3] - Initiatives will focus on enhancing the charm and cultural appeal of the ancient city while promoting the "Jiangnan culture" brand on the international stage [3] - The commitment to prioritizing the people's well-being includes addressing urgent needs in employment, education, healthcare, and housing, ensuring that development benefits are tangible for the community [3] Group 4 - The "15th Five-Year Plan" marks a new beginning, calling for unity and commitment to implement the central government's directives and advance the modernization of Suzhou [4] - There is a strong emphasis on confidence and continuous effort to achieve significant progress in the city's development, aligning with the broader goals of the nation [4]

Core Viewpoint - The report on Beijing's economic and social development plans emphasizes seven major tasks focused on "development," including boosting domestic demand, driving innovation, and ensuring shared benefits for the people [1] Group 1: Economic Development - Beijing's GDP growth target for this year is set at around 5%, aimed at boosting confidence and allowing for flexibility in addressing uncertainties and development issues [1] - The city plans to implement a special action plan to boost consumption and optimize the mechanism for trade-in policies [2] Group 2: Urban Upgrades - Four vitality zones in Beijing will accelerate upgrades this year, featuring various cultural and sports events, including the World Athletics Championships and the Beijing Marathon [2] - The city will enhance its urban infrastructure, including the construction of new public transport lines and the opening of 50 "dead-end roads" [5] Group 3: Innovation and Technology - Beijing aims to enhance its autonomous innovation capabilities by establishing new research platforms in fields like brain-machine interfaces and high-temperature superconductors [3] - The city plans to build 30 advanced smart factories and a number of 5G-connected model factories to elevate industrial capabilities [3] Group 4: Reform and Business Environment - The city will focus on improving the business environment by addressing the needs of enterprises and citizens, including pilot programs for market access in various service sectors [4] Group 5: Infrastructure and Public Services - The report outlines plans for significant improvements in public services, including the addition of 15 new family-friendly hospitals and 5,000 new family care beds [6] - Educational infrastructure will also see enhancements, with the addition of 10,000 new middle school seats and upgrades to existing facilities [6]

"十五五"期间，副中心建设发展将有哪些大变化？1月25日，北京市第十六届人民代表大会第四次会议 审议了关于北京市2025年国民经济和社会发展计划执行情况与2026年国民经济和社会发展计划（草案） 的报告（以下简称《计划报告》）。 北京市经济社会发展研究院改革开放所副研究员刘沛罡表示，规划建设北京城市副中心，是党中央着眼 京津冀协同发展作出的重大战略部署，承载着疏解非首都功能、推动区域协调发展的重要使命。当前， 城市副中心正在从政府主导的规划建设阶段，迈入市场导向的高质量发展新阶段。 "改革让家门口的好机会变多了" "十四五"期间，副中心已引入20家市级优质教育资源，2024年义务教育均衡发展指数居全市第一。随着 中国人民大学通州校区全面投用，清华大学金融发展与人才培养基地、北京服装学院通州校区等高校陆 续建成，副中心的教育资源会进一步提质升级。医疗方面，已有北大人民医院、友谊医院、安贞医院等 知名医院相继落地，首儿所通州院区预计于2027年投用。 刘沛罡表示，试点获批以来，北京市迅速行动，对照国务院批复的试点任务逐项细化分解，紧紧围绕副 中心功能定位，坚持问题导向，聚焦技术、土地、人才、数据、资本、绿色等重点 ...