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]

2026年经济社会发展的主要预期目标： 全省地区生产总值增长5%左右，在实际工作中努力争取更好结果； 城镇调查失业率控制在5%左右，城镇新增就业50万人； 居民消费价格涨幅2%左右； 居民收入增长与经济增长同步； 粮食产量513万吨以上； 完成国家下达的单位地区生产总值二氧化碳排放降低目标。 1.壮大实体经济，推动高质量发展 加快建设现代化产业体系。全面推进新型工业化。实施数字化转型示范行动、新兴产业创新发展行动、 未来产业培育发展行动、制造业重点产业强基提质行动等。深入做好金融"五篇大文章"。加快发展生产 性服务业，培育壮大生活性服务业。严格落实耕地保护和粮食安全责任制，实施特色现代农业"百亿提 升"行动，推动十大乡村特色产业全产业链发展。 加快科技创新和产业创新深度融合。强化科技创新资金统筹管理，实施省科技重大创新项目10个以上。 支持企业参与重大科技攻关，全社会研发经费投入增长10%左右，推广"企业家+科学家+投资家"协同创 新模式。建好高校区域技术转移转化中心（福建），全面开展职务科技成果赋权改革。坚持教育科技人 才一体发展，强化规划衔接、政策协同、资源统筹、评价联动。 加快数智全面赋能。深化数字中国 ...

Core Viewpoint - The report on the budget execution for 2025 and the draft budget for 2026 emphasizes the implementation of proactive fiscal policies to support economic recovery and development in Fujian Province. Fiscal Policy Effectiveness - In 2025, the local general public budget revenue is projected to be 372.335 billion yuan, an increase of 3%, while the general public budget expenditure is expected to reach 614.87 billion yuan, growing by 1.1% [2]. Investment and Consumption - The government plans to increase the new debt limit by 263.3 billion yuan, a 17% rise, to support major strategic implementations and infrastructure projects [3]. - A total of 98.5 million yuan will be allocated for consumer goods replacement programs, with an additional 17.38 million yuan in matching funds [3]. Financial Collaboration - The establishment of a 130 billion yuan government guidance fund matrix is underway, along with a 50 billion yuan social security innovation fund [4]. - The government aims to support 196,600 small and micro enterprises through a financing guarantee system [4]. Technological and Industrial Innovation - A total of 8.96 billion yuan will be allocated to support the operation of provincial innovation laboratories [5]. - Over 1 billion yuan is designated for the development of innovative pharmaceuticals and medical devices [5]. Social Welfare and Employment - Social welfare spending is prioritized, with 4.766 billion yuan allocated for public welfare, accounting for 77.5% of the general public budget expenditure [6]. - Employment policies will receive 975 million yuan to support various employment initiatives [7]. Rural and Urban Development - A total of 20.62 billion yuan is earmarked to consolidate poverty alleviation achievements and promote rural revitalization [9]. - Urban infrastructure projects will receive 15.15 billion yuan for affordable housing initiatives [9]. Environmental Protection - The budget includes 18.8 billion yuan for ecological protection and 13.4 billion yuan for pollution prevention initiatives [10]. - A focus on green low-carbon development is highlighted, with 1.38 billion yuan allocated for promoting green manufacturing [10]. Governance and Financial Management - The report emphasizes the need for improved governance and financial management, including the optimization of fiscal supervision and risk prevention [11]. 2026 Budget Overview - The total planned expenditure for 2026 is 508.934 billion yuan, with specific allocations for various budget categories [12]. Key Areas of Focus for 2026 - The budget will support the growth of the real economy, enhance domestic demand, and promote high-level openness and reform [13][14].

Core Viewpoint - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year, reversing a three-year decline trend [1] Group 1: Profit Performance - The profit of state-controlled enterprises was 20,561 billion yuan, down 3.9% year-on-year [1] - The profit of joint-stock enterprises was 55,408.3 billion yuan, a slight decrease of 0.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw profits rise to 17,447.4 billion yuan, an increase of 4.2% [1] - Private enterprises maintained profits at 22,810.6 billion yuan, unchanged from the previous year [1] Group 2: Sector Analysis - The mining industry experienced a profit decline of 26.2%, totaling 8,345.1 billion yuan [1] - The manufacturing sector's profits grew by 5.0% to 56,915.7 billion yuan [1] - The electricity, heat, gas, and water production and supply sector saw profits increase by 9.4%, reaching 8,721.2 billion yuan [1] Group 3: Monthly Trends - In December 2025, profits for industrial enterprises rebounded by 5.3% from a 13.1% decline in November, marking an 18.4 percentage point recovery [3] - The equipment manufacturing sector's profits increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3] - The share of equipment manufacturing profits in total industrial profits rose to 39.8%, up 2.6 percentage points from the previous year [3] Group 4: High-tech Manufacturing - High-tech manufacturing profits surged by 13.3%, outperforming the overall industrial growth by 12.7 percentage points [4] - The smart consumer electronics sector saw profits grow by 48.0%, with specific industries like smart drones and smart vehicle equipment experiencing profit increases of 102.0% and 88.8%, respectively [4] - The semiconductor industry also showed significant growth, with profits in integrated circuit manufacturing increasing by 172.6% [4] Group 5: Traditional Industries - Traditional industries are showing improved profitability, with sectors like biochemical pesticides and cultural information chemicals seeing profits rise by 20.7% and 15.2%, respectively [5] - In the chemical fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass power generation increased by 88.6% and 47.9%, respectively [5] - Small and medium-sized enterprises, as well as foreign-invested enterprises, reported profit growth of 1.4% and 4.2%, respectively, reversing previous declines [5] Group 6: Overall Economic Outlook - The overall profit growth of industrial enterprises indicates a significant support from new industrial dynamics, with a focus on technological and industrial innovation [6] - Challenges remain due to external environmental changes and the need for continued structural optimization and new productivity cultivation [6]

● 本报记者 连润 数据显示，2025年12月末产成品存货6.73万亿元，增长3.9%，较2025年11月末回落0.7个百分点。中国 民生银行首席经济学家温彬表示，库存增速回落，表明在销售改善带动下库存压力有所缓解，需求边际 修复迹象显现。 "2026年，工业企业利润有望延续修复。"温彬分析，需求端稳中向好，物价端降幅收窄，加之新型工业 化与产业升级推动投资和技术改造，工业企业经营环境和利润率预计逐步改善，利润将由阶段性修复向 温和增长过渡。 工业企业利润结构进一步优化 "规模以上工业企业利润实现增长，工业新动能的支撑作用明显，工业经济发展向新向优。"于卫宁说。 装备制造业为工业向优升级提供坚实支撑。于卫宁表示，2025年，规模以上装备制造业利润较上年增长 7.7%，拉动全部规模以上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最 强的板块。规模以上装备制造业利润占全部工业企业利润的比重达39.8%，较上年提高2.6个百分点，工 业企业利润结构进一步优化。从行业看，装备制造业的8个大类行业中有7个行业利润较上年增长。 高技术制造业为工业高质量发展注入强劲动力。于卫宁表示，2025年，规模 ...

Economic Overview - Qinghai Province aims for a GDP growth of 4.1% by 2025, with per capita disposable income expected to rise by 5.1% and an urban unemployment rate of 5.4% [1] - In the previous year, the province's general public budget expenditure was 216.42 billion RMB, with a focus on implementing proactive macro policies and leveraging over 50 billion RMB in financial resources [1] Industry Performance - The agricultural and pastoral sector saw a value-added growth of 5.5%, with cattle and sheep output increasing by 5.2% and 1.9% respectively, and total grain production at 1.193 million tons [1] - The industrial sector's value-added output grew by 7.6%, with 85 new industrial enterprises established and 20 green factories created, while high-tech and equipment manufacturing sectors grew by 9.5% and 10.7% respectively [1] Service Sector and Consumption - The service sector showed stability with transportation, warehousing, and postal services growing by 8.5%, and total passenger and cargo turnover increasing by 9.5% [2] - Consumer activity was boosted by a 2.03 billion RMB "trade-in" subsidy, leading to a consumption increase of 21.5 billion RMB, alongside the establishment of flagship stores for brands like McDonald's and Xiaomi [2] Investment and Infrastructure - Significant infrastructure developments include the completion of the third phase of Xining Airport, expansion of the Ge'ku Railway, and the opening of 11 national and provincial highways, contributing to a 24% increase in investment funds to 79.56 billion RMB [2] - The province is enhancing its business environment and integrating into the national market, with a 17.6% increase in total import and export value, and notable growth in lithium-ion battery and salt lake chemical product exports [2]

Group 1 - The core viewpoint is that the real estate sector is undergoing an orderly clearing process rather than a panic-driven one, with significant debt restructuring alleviating financial pressures on quality enterprises [1] - CF40 predicts that 2026 will mark the final year of the real estate downturn, with slight declines in transaction volume and prices expected, while stabilization is anticipated in 2027 [1] - In an interview, it was stated that the drag of real estate development investment on fixed asset investment will weaken by 2026 [2] Group 2 - It is suggested that a nominal GDP growth rate of 4% in 2026 should be accompanied by a fixed asset investment growth rate that does not fall below this figure, as this would support improved corporate profitability and investment willingness [3] - The analysis indicates that the peak of the previous manufacturing cycle occurred in mid-2021, followed by a downturn in the real estate sector, with a significant imbalance between supply and demand expected to persist until late 2024 [3] - Currently, half of the industries are entering a healthy supply-demand phase, with demand growth prompting necessary capacity expansions, which has been observed for five consecutive quarters since Q3 2024 [4] - A cyclical rebound in manufacturing investment is anticipated this year, supported by sustained fiscal efforts and some growth in infrastructure investment, leading to a projected fixed asset investment growth rate of around 4% or slightly higher [4]

据万得数据（下同），2025 年规上工业企业营业收入同比增长 1.1%，较前值回落 0.5 个点。 2022-2025 年营业收入年度同比分别为 5.9%、1.1%、2.1%、1.1%。 [Table_Page] 宏观经济研究报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 广发宏观 同比转正，新旧分化：2025 年工业企业利润数据点评 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 2025 年规上工业企业营业收入同比增长 1.1%，略低于 2024 年的 2.1%，持平于 2023 年，营收同比连续 3 年 在 1%-3%的低位区间内徘徊。边际变化看，12 月单月营收同比下降 3.2%，连续 3 个月同比 ...

Core Insights - In 2025, China's industrial enterprises achieved a total profit of 73,982 billion yuan, marking a 0.6% increase from the previous year, the first positive annual growth since 2022 [1] - The manufacturing sector contributed 56,915.7 billion yuan in profits, with a growth rate of 5.0%, significantly rebounding by 8.9 percentage points compared to 2024 [1] - December 2025 saw a monthly profit increase of 5.3% for industrial enterprises, reversing a 13.1% decline in November, representing an 18.4 percentage point recovery [1][4] Manufacturing Sector Performance - The manufacturing sector's profit growth was primarily driven by the equipment manufacturing and high-tech manufacturing industries, which saw profit increases of 7.7% and 13.3% respectively [6] - The equipment manufacturing sector contributed 2.8 percentage points to the overall profit growth of industrial enterprises [6] Factors Influencing Profit Recovery - Key factors for the profit recovery in December included a significant rebound in production, increased external demand and export delivery values, and structural improvements in upstream and midstream industry prices [5] - The Purchasing Managers' Index (PMI) returning to expansion and signs of inventory replenishment also contributed to improved profitability [5] Outlook for 2026 - The economic driving logic in China is shifting from a reliance on real estate and infrastructure to a focus on broad fiscal spending, which is expected to support infrastructure investment and domestic demand recovery [7] - The anticipated policy resonance between China and the U.S. could boost global demand for industrial metals and improve prices, potentially leading to a recovery in the Producer Price Index (PPI) [8] - In 2026, sectors likely to experience rapid growth include technology innovation and advantageous manufacturing areas, particularly those driven by AI technologies such as smart driving and humanoid robotics [9]

日前，温州市十四届人大六次会议召开，温州市市长张文杰在作政府工作报告时表示，2025年温州地区生产总值突破万亿 元。至此，继杭州、宁波之后，浙江再添一座GDP"万亿之城"，构成了稳稳的"铁三角"。 目前，温州已上线智算算力2055P，打造高质量数据集50个，培育行业垂类大模型3个、垂类应用和智能体178个，中国智能 谷已集聚435家人工智能企业，形成从算法研发到智能终端的完整产业链。 同时，资料显示，温州"一港五谷"创新平台持续发力，中国数安港已有100多项数据产品上架交易流通，中国眼谷、基因药 谷等平台填补了晶圆制造等产业链空白，为人工智能产业发展提供了坚实的载体支撑。 浙江是民营经济大省，而在浙江的11地市中，温州的民营经济占比最高。截至2025年11月，温州民营企业和个体工商户计 156.4万户，占全部市场主体的97.6%，近乎覆盖全市经济活动的各个领域。 在经济贡献度上，温州民营经济增加值占GDP比重超过80%，位居浙江省11个地市首位，成为名副其实的"经济压舱石"。 2025年，温州规上工业增加值同比增长10.3%、增速全省第一，且连续33个月增速高于全国、全省。 外贸方面，民营企业同样是主力军。2 ...