Company Announcements - Tongde Chemical's assets in Beijing have been frozen due to a financing lease contract dispute with Zhejiang Zhiyin Financial Leasing Co., Ltd. The company is in communication to resolve the issue while maintaining normal operations [3] - Jindi Co. plans to acquire 100% equity of Guangzhou Yuni Precision Co., Ltd. for 116 million yuan, focusing on precision stamping products for automotive applications [4] - XWANDA's subsidiary reached a settlement in a lawsuit involving 2.314 billion yuan, with an expected impact on the company's net profit of 500 million to 800 million yuan for 2025 [5] - Wantong Expressway intends to invest approximately 5.42 billion yuan in the renovation and expansion of the Lianhuo Expressway, with construction expected to start in 2026 [6] - ZTE Corporation plans to invest 200 million yuan in the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Fund, which focuses on technology and manufacturing sectors [7] - Fawer Automotive Components has completed the relocation of its Chongqing factory, which will enhance production capacity to 4 million shock absorbers annually [8] - YHLO has been investigated by the China Securities Regulatory Commission for suspected information disclosure violations, but its operations remain normal [9] - Crystal Integrated plans to invest 2 billion yuan to acquire 100% equity of Anhui Jingyi Integrated Circuit Co., Ltd., focusing on advanced semiconductor manufacturing [10] - Dongtian Micro plans to invest 400 million yuan in a global R&D center and manufacturing headquarters in Dongguan [11] Performance Reports - New Hope reported a January sales revenue of 1.628 billion yuan from 1.1218 million pigs, a year-on-year decline of 10.03% [13] - Tianbang Foods achieved a January sales revenue of 674 million yuan from 682,000 pigs, with a year-on-year increase of 9.93% [14] - Guoji General reported a net profit of 58.5157 million yuan for 2025, a year-on-year increase of 45.71% [15] - Zhongtong Bus sold 1,231 vehicles in January, marking a year-on-year growth of 35.72% [16] - Kunming Pharmaceutical Group reported a net profit of 350 million yuan for 2025, a year-on-year decline of 46% [17] - Focus Technology achieved a net profit of 504 million yuan for 2025, a year-on-year increase of 11.73% [18] - China Shipbuilding Special Gas reported a net profit of 347 million yuan for 2025, a year-on-year increase of 12.92% [20] Shareholding Changes - Lushan New Materials' controlling shareholder plans to reduce its stake by up to 3% [22] - Zhongji United's two directors plan to reduce their holdings by up to 0.91% [23] - Dajia Weikang's controlling shareholder plans to reduce its stake by up to 3% [24] - Hu Silicon Industry's National Integrated Circuit Industry Investment Fund plans to reduce its stake by up to 3% [25] Major Contracts - Chuangyuan Technology's subsidiary is a recommended candidate for a National Grid project with a pre-bid amount of 94.7672 million yuan [27]

市政协十四届四次会议昨举行大会发言，21位政协委员先后登台，聚焦"十五五"开局起步，围绕加快建 设"五个中心"、深化高水平改革开放、推进城市治理现代化、保障和改善民生等，建言献策、凝聚共 识，助力上海充分发挥龙头带动和示范引领作用。 当好高质量发展风向标 围绕上海"十五五"开好局，市政协常委阮青提出，首先，要以精准举措做大经济总量。"从增长潜力和 发展条件看，上海经济的潜力和活力正在被有效激发。"未来应聚焦实体经济，加大有效投资力度，持 续促进先进制造业、知识密集型和高品质服务业、算力等领域投资。同时，着力构建大中小微企业协同 共生的生态，分类施策安商助商，既要引育头部和龙头企业，加速培育高新技术企业、上市公司和"独 角兽"，也要重视帮助小微企业和一人公司。其次，必须因业制宜增强发展新动能。阮青提出，需推动 传统产业深度焕新，加快智改数转步伐，带动面上企业提质增效；扩大增长主力型产业优势，乘势而上 发展三大先导产业，支持重点企业深耕核心技术，并保持信息、金融等服务业良好发展态势；布局未来 产业新赛道，在不同技术路线、典型应用场景、可行商业模式和市场监管规则方面加大探索力度。再 次，要以内外联动拓展辐射新空间， ...

Group 1 - The core viewpoint of the news is that the Hong Kong stock market experienced a sharp decline followed by a gradual recovery, primarily due to rumors regarding potential tax rate adjustments targeting the financial and internet value-added services sectors, which led to a collective drop in stock prices of related companies [1] - The rumors about tax adjustments are deemed unfounded based on analyses from RandomlyWriting and Everbright Securities, indicating that the logic behind the comparisons to other industries' tax rates is flawed and that significant tax reforms are complex and typically follow a structured process [1] - The expectation of tightening monetary policy by the Federal Reserve and a strengthening dollar has put pressure on the valuations of Hong Kong tech stocks, particularly under foreign capital influence [1] Group 2 - Looking ahead, the overall liquidity in the Hong Kong stock market may be suppressed due to the anticipated continuation of loose monetary and fiscal policies in the U.S. until 2026, with a low probability of a weak dollar trend similar to the first half of 2025 [2] - The potential for a rebound in the Hong Kong stock market may depend on breakthroughs in AI and related technologies, as well as a recovery in domestic consumption, which could support long-term growth momentum for the sector [2] - Investors are encouraged to consider Hong Kong tech ETFs (513020) or the Cathay Internet ETF (513720) as potential investment options, given the current low historical valuations of the Hong Kong stock market [2]

本周二，港股市场遭遇税收传闻突然袭击，互联网科技股集体跳水。多家券商迅速发声，认为相关传闻属过度推演，在税种、法律及政策逻辑上 均不成立，可信度极低。 香港恒生科技指数当日早盘原本跟随外围走强，但在上午10点50分左右突然大幅跳水，跌幅一度扩大至3.37%，截至午盘跌1.31%。快手一度跌超 7%，哔哩哔哩、百度、腾讯控股一度跌超6%，阿里巴巴一度跌近5%。 市场恐慌源于一则关于"中国将调整高新技术企业认定及相关税收新政"的传闻，涉及金融业及互联网增值服务税率可能上调。华创证券认为，上 述传闻属于过度推演，并没有切实依据，且与目前促进消费的大方针相悖。光大海外更明确指出，该传闻在税种、法律及政策逻辑上均站不住 脚，可信度极低。 传闻再现引发市场震荡 导致市场杀跌的主因是一则税收传闻。在互联网巨头股价杀跌过程中，关于金融业及互联网增值服务（如游戏内购、广告）可能面临增值税率上 调的消息传播甚广，并有传言类比白酒高税率。 分析人士指出，这类"小作文"在市场上传播已经不是第一次。2019年开始就有各种版本流传，但均未实现。去年外媒亦有过类似报道，但随后也 未落地。 机构驳斥：税种混淆与法律约束 针对传言中提到的"游 ...

央广网上海2月3日消息（记者林馥榆 唐奇云 郭振丹）2月3日上午，上海市第十六届人民代表大会第四次会议开 幕，上海市市长龚正向大会作《政府工作报告》。报告全面回顾了2025年上海经济社会发展成就，勾勒出新一年 的发展蓝图。 报告指出，过去一年，上海坚持以高质量发展为首要任务，全市经济社会发展呈现出稳中有进、进中提质的良好 态势。经济持续回升向好，全市生产总值达到5.67万亿元，同比增长5.4%，增速好于预期；地方一般公共预算收 入8500亿元，增长1.5%；居民消费价格保持基本稳定，同比上涨0.1%。 新质生产力加速成长，改革开放纵深推进 2月3日上午，上海市第十六届人民代表大会第四次会议开幕（央广网记者 唐奇云 摄） 科技创新策源功能增强，城市治理效能提升 科技创新引擎作用更加凸显。在沪国家实验室高质量建设推进，科技领军与高成长企业培育力度加大，中试、概 念验证、孵化平台体系持续完善。技术合同成交额达6496.8亿元，大幅增长24.9%，日均新增科技企业超320家。 高水平人才高地建设深入推进，新集聚海内外人才近15万人。 城市治理现代化水平迈上新台阶。城市更新行动扎实开展，城中村改造启动26个项目，完成4 ...

2025年，全市固定资产投资同比下降21.7%，其中，房地产开发投资下降31.0%，基础设施投资下降 1.9%。重点产业投资保持较快增长，工业技术改造投资增长19.2%，居民服务、修理和其他服务业投资 增长88.3%，信息传输、软件和信息技术服务业投资增长67.7%，科学研究和技术服务业投资增长 16.1%。 市场销售规模扩大 1月30日，深圳市统计局发布2025年经济数据。根据广东省地区生产总值统一核算结果，2025年深圳全 市地区生产总值38731.80亿元，按不变价格计算，同比增长5.5%。其中，第一产业增加值28.04亿元， 下降4.5%；第二产业增加值14482.54亿元，增长4.1%；第三产业增加值24221.22亿元，增长6.3%。 工业生产稳步增长 高技术产品产量快速增长 2025年，全市规模以上工业增加值同比增长5.4%。分门类看，采矿业增加值同比下降1.1%，制造业增 长5.9%，电力、热力、燃气及水生产和供应业增长3.7%。主要行业大类中，通用设备制造业增长 13.9%，计算机、通信和其他电子设备制造业增长6.2%，专用设备制造业增长5.1%。高技术产品产量持 续快速增长，其中，3D打印 ...

增长并非简单的规模扩张，而是质效并重的结构性跃升：工业战略性新兴产业占规上工业总产值比重已 达45%，较2024年提升1.4个百分点，标志着上海工业经济已从"规模主导"转向"创新主导"。 产业质变的深层逻辑，是上海对"硬科技"赛道的长期坚守与制度创新。三大先导产业的爆发式增长，源 于"十五五"规划建议中对集成电路全产业链突破、人工智能全栈创新的系统布局，更得益于"产学研 用"协同机制的持续优化。 新质生产力的生命力，在于与城市发展全局的深度融合，既筑牢产业根基，又激活民生温度。 上周，2025年上海经济运行数据重磅发布：全市地区生产总值突破5.67万亿元，同比增长5.4%，第三产 业增加值增长6.0%，工业战略性新兴产业产值增长6.5%，三大先导产业制造业产值更是以9.6%的增速 领跑。 这组亮眼数据的背后，是新质生产力作为核心引擎的强劲驱动——从集成电路、人工智能的技术突破到 长三角协同创新的范式升级，从数字基建的广泛铺展到民生场景的深度赋能，上海正以新质生产力重塑 城市发展肌理，书写中国式现代化龙头城市的高质量答卷。 科技创新是发展新质生产力的核心要素，是产业质变的源动力，这在上海2025年的经济数据中得 ...

来源：参考消息 据香港《南华早报》网站1月29日报道，随着广东省统计局1月30日公布去年全省经济运行情况，中国排 名靠前的经济大省的"年报"已全部发布。 报道称，从结构数据看，经济大省普遍较高的增长速度已非传统动能的延续，而越来越显著地体现为新 兴动能的汇聚。 上海第三产业增加值占GDP的比重已逼近八成，信息服务业继续领跑。去年，上海第三产业增加值同比 增长6.0%，其中，信息传输、软件和信息技术服务业增加值同比增长15.3%，金融业增加值同比增长 9.7%。 河南去年的经济增速亮眼，其中制造业增加值同比增长7.6%，拉动GDP增长2.0个百分点。近年来，河 南抢抓新能源汽车、人工智能等行业发展机遇，引进比亚迪、中州时代、超聚变等龙头企业落户投产， 工业新质生产力加快形成。 四川加快建设世界级优质清洁能源基地，去年水电装机容量突破1亿千瓦，占中国全国20%以上。四川 挖掘水、风、光、气等清洁能源潜力，去年规上工业清洁能源发电量占全省规上工业发电量的81%，规 上工业天然气产量稳居全国第一。 坚持内需主导，深入实施提振消费专项行动，推动投资止跌回稳，是当前中国各地经济工作的重点任 务。 据报道，2025年，北京 ...

Economic Overview - In 2025, Nanjing's GDP reached 19,428.78 billion yuan, with a year-on-year growth of 5.2% [1][5] - The primary industry added value was 338.50 billion yuan, growing by 3.4%; the secondary industry added value was 5,873.07 billion yuan, increasing by 3.7%; and the tertiary industry added value was 13,217.21 billion yuan, rising by 6.0% [1][5] Agricultural Sector - The agricultural, forestry, animal husbandry, and fishery sector's added value grew by 3.8%, with grain production steadily increasing [1][5] - The total grain sown area was 2.147 million acres, up by 0.6%, and total grain output was 1,007,800 tons, increasing by 0.5% [1][5] - Livestock production improved, with 373,900 pigs slaughtered, a growth of 5.0%, and 17,412,000 poultry, increasing by 10.1% [1][5] Industrial Sector - The industrial added value for large-scale industries grew by 5.8%, with 28 out of 37 major industry categories experiencing growth, resulting in a growth rate of 75.7% [2][6] - Key industries such as general equipment manufacturing, pharmaceutical manufacturing, and instrument manufacturing saw increases of 8.9%, 10.8%, and 12.1% respectively [2][6] - High-tech industries' output surpassed 900 billion yuan, accounting for 55.2% of the total output of large-scale industries [2][6] - Notable growth in specific sectors included aerospace manufacturing (17.7%), instrument manufacturing (12.0%), and significant increases in production of new energy vehicles (99.0%), integrated circuits (28.2%), and industrial robots (35.4%) [2][6][7] Service Sector - The service sector's added value increased by 6.0%, with information transmission, software, and IT services growing by 7.3%, transportation and warehousing by 8.1%, and finance by 9.4% [3][7] - From January to November 2025, the revenue of large-scale service enterprises reached 8,238.82 billion yuan, a year-on-year increase of 4.8% [3][7] - The cultural, sports, and entertainment sectors benefited from events like "Su Chao," with revenues growing by 5.5%, including significant increases in sports organizations (26.4%), museums (17.3%), and leisure activities (11.4%) [3][7] Consumer Market - Nanjing's total retail sales of consumer goods reached 8,135.85 billion yuan, with a year-on-year growth of 3.5% [3][7] - Consumer policies significantly boosted retail sales of household appliances and audio-visual equipment by 9.8%, with smart appliances growing by 78.2% [3][7] - Automotive retail sales increased by 3.4%, with new energy vehicles growing by 33.1% [3][7] Investment Landscape - Fixed asset investment in Nanjing decreased by 4.9%, but investment excluding real estate development grew by 2.4% [4][8] - Industrial investment rose by 12.1%, with its share of total fixed asset investment increasing by 4.3 percentage points compared to the previous year [4][8] - Infrastructure investment grew by 3.2%, and high-tech manufacturing investment increased by 8.9%, with notable growth in aerospace (44.9%), computer and office equipment (20.1%), and medical instruments (11.8%) [4][8] Future Outlook - Nanjing's economy is expected to maintain a steady growth trajectory, focusing on quality development and addressing external environmental changes and weak domestic demand [4][8]

chence@kysec.cn 证书编号：S0790524020002 制造业：PMI 再度转弱，生产与需求均下行 (1)需求下行叠加高基数拖累，制造业景气度降至荣枯线下。1 月制造业 PMI 为 49.3%、环比下行了 0.8 个百分点，明显弱于季节性规律。此前我们曾指出"12 月工作日数同比增加 2 天，作为环比指标的 PMI 读数会出现一定改善"，实际 上经济改善幅度可能有限，但这形成了较高的基数并拖累 1 月 PMI 表现。分行 业来看，农副食品加工、铁路船舶航空航天设备等产需指数位于高景气区间， 油煤加工、汽车等行业则相对承压。 (2)有色原油涨价提振工业原材料价格，预计 1 月 PPI 同比延续回升。1 月 PMI 原材料购进价格为 56.1%，较前值上升了 3.0 个百分点；PMI 出厂价格为 50.6%， 较前值上升了 1.7 个百分点。根据高频指标，我们预计 1 月 PPI 环比可能在 0.3% 左右、同比为-1.3%左右。 2026 年 02 月 01 日 开年 PMI 边际放缓 宏观研究团队 ——兼评 1 月 PMI 数据 何宁（分析师） 陈策（分析师） hening@kysec.cn ...