Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [23] Core Insights - The North Exchange A-share trading volume reached 22.508 billion yuan on February 4, an increase of 0.958 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,538.571, down 0.71% [1][7] - The market exhibited characteristics of "few leading stocks declining, many individual stocks diverging," with notable rebounds in undervalued stocks like Kaiter Co., while weighted stocks like Liancheng CNC dragged down the index [3] - The report highlights ongoing positive factors for the North Exchange market, including policy support from the central bank for technology and green sectors, and successful IPOs of national-level specialized and innovative "little giant" enterprises [3] Market Review - On February 4, among 292 companies listed on the North Exchange, 113 stocks rose, 9 remained flat, and 170 declined [15] - The top five gainers were *ST Yunchuang (24.1%), Haitai New Energy (14.1%), Oputai (13.0%), Kaiter Co. (8.7%), and Tress (8.4%) [15] - The top five decliners were Liancheng CNC (-9.1%), Tianli Composite (-8.8%), Meibang Technology (-7.6%), Meideng Technology (-6.9%), and Liujin Technology (-5.8%) [15] Important News - Elon Musk's teams from SpaceX and Tesla are exploring China's photovoltaic industry, with the Tesla team currently in the factory inspection phase and SpaceX having placed orders with a leading heterojunction equipment manufacturer [2][17] - The first satellite launch technology facility for commercial aerospace has been established, which is expected to double the efficiency of single-rocket launches and reduce network costs by over 30% [2][18] Company Announcements - Yizhi Magic Yam announced the completion of a share buyback of 17,521 shares, accounting for 0.0170% of the total share capital before the buyback [19] - Tress plans to repurchase shares primarily to reduce registered capital, with a total repurchase amount between 10 million and 20 million yuan, representing 0.41%-0.82% of the current total share capital [20]

证券研究报告 | 2026年02月05日 策略专题研究 26 年 A 股业绩亮点有哪些？——2026 年牛市展望系列 4 核心结论：①25 年 A 股盈利边际企稳，主要动力源于整体企业的降本、以及 上市公司层面新经济的拉动已超过老经济的拖累。②宏微观基本面出现脱 钩，意味着传统盈利预测模型效果阶段性下降，定量模型显示中性假设下 26 年 A 股盈利望增长约 10%。③结构上，26 年科技及高端制造或仍维持较明显 增长，此外 A 股企业盈利的点状改善有望往其他行业扩散，例如消费地产。 25 年 A 股上市公司盈利已在企稳，其主因成本压降，内生性动能仍偏弱。 从整体情况看，全部 A 股盈利于 25 年确认企稳回升趋势。同时，全部 A 股 净资产收益率自 22 年以来首次出现企稳。剔除金融两油企业后，其复苏改 善更为明显，ROE 同样边际企稳。从盈利回升的驱动看，这主要源自成本压 降，内生性动能或仍偏弱。拆分净利润增速看，动力或主要来自于整体企业 降费增效，销售毛利率同比仍承压，净利率同比上行主因企业控费增效；其 收入端贡献相对有限，整体复苏节奏仍偏慢。从 ROE 拆分看，其企稳主因净 利润率回升，但上市公司扩表意 ...

证券研究报告 | 2026年02月05日 策略专题研究 26 年 A 股业绩亮点有哪些？——2026 年牛市展望系列 4 核心观点 策略研究·策略专题 | 证券分析师：吴信坤 | 证券分析师：余培仪 | | | --- | --- | --- | | 021-61761046 | 021-61761040 | | | wuxinkun@guosen.com.cn | yupeiyi@guosen.com.cn | | | S0980525120001 | S0980526010001 | | | 基础数据 | | | | 中小板/月涨跌幅(%) | | 8526.31/3.18 | | 创业板/月涨跌幅(%) | | 3311.51/3.38 | | AH 股价差指数 | | 119.27 | | A 股总/流通市值 (万亿元) | | 101.97/93.33 | | 市场走势 | | | 核心结论：①25 年 A 股盈利边际企稳，主要动力源于整体企业的降本、以及 上市公司层面新经济的拉动已超过老经济的拖累。②宏微观基本面出现脱 钩，意味着传统盈利预测模型效果阶段性下降，定量模型显示中性假设下 26 年 A ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Overseas data shows a decline in the US labor market and a recovery in manufacturing, with continued tech decline in overseas markets and lingering or potentially escalating risk - aversion sentiment. The focus on tech is more on performance realization rather than long - term narratives [1]. - The domestic market shows an oscillating trend with significant internal divergence, where the market index is stronger than individual stocks, and hotspots are concentrated in photovoltaic electrical equipment. High - valuation sectors with difficult - to - realize performance face risks, and there is a shift in capital from high - to low - valuation sectors, which is an important factor for the rise of the resource sector at the beginning of this year. The index is in a state of oscillatory consolidation, with strong support at 4000 - 4050 points and pressure at 4200 points. Market trading sentiment will further decline approaching the Spring Festival holiday, and is expected to pick up after the holiday. Attention should be paid to the performance of traditional cyclical sectors [2]. 3. Summary by Relevant Catalogs 3.1 Important Information - The US ADP employment in January was 22,000, lower than the expected 48,000 and the previously - reported figure. The US Department of Labor will resume normal full operation on February 4, with the release of non - farm payroll data on February 11 and CPI data rescheduled to February 13 [1][4]. - The US Treasury maintains its debt - issuing strategy unchanged. Iran - US nuclear negotiations will be held in Oman on Friday. The US announced cooperation with Japan, Mexico, and the EU to jointly develop key mineral resources [5][6]. - On the evening of February 4, Chinese President Xi Jinping had a phone call with US President Trump. In the afternoon of February 4, President Xi Jinping had a video meeting with Russian President Putin. The central bank held a 2026 credit market working meeting, focusing on supporting key areas such as expanding domestic demand, technological innovation, and small and medium - sized enterprises. The Ministry of Commerce expressed high concern and strong dissatisfaction over the EU's frequent use of the "Foreign Subsidies Regulation" to investigate Chinese enterprises. An expert seminar on the "14th Five - Year Plan for the Gold Industry (Discussion Draft)" was held in Beijing [7][8][9]. 3.2 Futures Market Tracking - **Futures Market Performance**: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various stock index futures contracts, including those of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [11]. - **Futures Trading Volume and Open Interest**: It presents data on the trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, weekly position increases, net positions, net position changes, short - position open interest changes, and long - position open interest changes of various futures contracts and their corresponding indices, as well as the total data [12]. - **Futures Basis and Spread Charts**: There are multiple charts showing the basis of each contract and the inter - period spreads of different indices, such as the Shanghai 50 Index and CSI 300 Index [14][15][17]. 3.3 Spot Market Tracking - **Spot Market Performance**: Data on the current year's price changes, trading value, daily price change rates, monthly price change rates, current points, weekly price change rates, and other indicators of major stock indices and sectors are provided, including the Shanghai Composite Index, Shenzhen Component Index, and various industry sectors [35]. - **Market Style Impact on Indexes**: The report analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index, including the number of stocks, weights, daily contributions, weekly contributions, monthly contributions, and annual contributions [36][37]. - **Index Valuation**: Charts show the current valuations and historical percentile rankings of important indices and Shenwan sectors [39][43]. - **Market Trading Volume and Turnover Rate**: Charts present the Sunday - average trading volume, Sunday - average turnover rate, the number of rising and falling stocks in the two markets, index trading value changes, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading value [45][46][47]. 3.4 Liquidity Tracking - **Central Bank's Open - Market Operations**: A chart shows the currency injection, currency withdrawal, and net currency injection of the central bank's open - market operations [50][51]. - **Shibor Interest Rate Levels**: A chart presents the levels of different - term Shibor interest rates [50][52].

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Core Viewpoint - The A-share market is experiencing fluctuations, with a shift towards high-growth and policy-supported technology and defensive sectors, as indicated by the performance of the CSI A500 Index and related ETFs [1] Group 1: Market Performance - As of February 5, the CSI A500 Index (000510) declined by 1.10%, while stocks like Light Media and Wangsu Science & Technology showed strength against the trend [1] - The A500 ETF (512050) saw a significant trading volume, exceeding 15.4 billion yuan, with a net inflow of over 570 million yuan in the past two days [1] Group 2: Investment Opportunities - The market is expected to continue showing structural opportunities amidst fluctuations, with a focus on technology growth (computing hardware) and certain defensive stocks [1] - The A500 ETF (512050) offers advantages such as a low fee rate of 0.2%, strong liquidity, and a large scale exceeding 40 billion yuan, making it an attractive option for investors [1] Group 3: Sector Allocation - The A500 ETF tracks the CSI A500 Index and employs a dual strategy of balanced industry allocation and leading stock selection, covering all 35 sub-industries [1] - Compared to the CSI 300, the A500 ETF is overweight in sectors like AI, pharmaceuticals, renewable energy, and defense, providing a natural "barbell" investment strategy [1]

证券研究报告——宏观策略月报 理性降温，风格暂回稳健 ——2026年2月资产配置报告 HWABAO SECURITIES 2026年2月5日 分析师： 蔡梦苑（执业证书编号：S0890521120001） 分析师： 郝一凡（执业证书编号：S0890524080002） 分析师： 刘 芳（执业证书编号：S0890524100002） ► 请仔细阅读报告结尾处风险提示及免责声明 宏观主线梳理 | | | 宏观主线梳理 | | --- | --- | --- | | | Ø | 美国劳动力延续疲弱，美联储短期或维持利率不变，缩表落地概率较低 美国劳动力市场疲软，通胀温和 | | | u | 12月新增非农人数走弱、前期数据下修，与失业率"虚低"并存，这共同指向劳动力市场状况正在仍在恶化。 | | | u | 12月通胀温和，反映了先前市场担忧的关税传导效应，其影响可能是"一次性"的。未来通胀更多取决于租房价格服务业和能源 | | 海外宏观 | | 价格，整体相对温和可控。 | | | Ø | 美联储短期或维持利率不变，缩表落地概率较低 | | | u | 美联储在1月FOMC会议上维持政策利率不变，且表态偏鹰。考虑 ...

Group 1 - The A500 Index (000510) shows mixed performance among its constituent stocks, with Light Media leading at an increase of 8.21%, followed by Wangsu Science & Technology at 6.70%, and Proya at 5.37% [1] - The A500 ETF (512050) has a latest price of 1.22 yuan, with a turnover rate of 27.77% and a trading volume of 11.177 billion yuan, indicating active market trading [1] - Over the past three months, the A500 ETF has seen a scale increase of 21.718 billion yuan [1] Group 2 - The A500 Index is designed to reflect the overall performance of the most representative listed companies across various industries, selecting 500 securities with larger market capitalization and better liquidity [2] - As of January 30, 2026, the top ten weighted stocks in the A500 Index include Ningde Times, Kweichow Moutai, and Ping An, collectively accounting for 19.39% of the index [2] - The A500 ETF is closely linked to the A500 Index, with various related funds available, including the 华夏中证A500ETF联接 series and the 华夏中证A500指数增强 series [2]

Economic Policy and Agricultural Development - The central government's focus for 2026 includes four key tasks in the agricultural sector aimed at enhancing production capacity and quality, providing targeted assistance, promoting stable income growth for farmers, and advancing rural development[2] - The importance of developing new agricultural productivity is emphasized due to the return of migrant workers to rural areas, which can help utilize rural labor and improve income levels[2] - A pilot program for land extension will be implemented in 29 provinces, excluding Guizhou and Tibet, to support rural land management[2] Monetary Policy and Market Liquidity - The central bank conducted a 750 billion yuan reverse repurchase operation at a rate of 1.40%, with a net withdrawal of 302.5 billion yuan on February 4[3] - Current market liquidity is described as neutral and moderately loose, with seasonal tightening expected as the Spring Festival approaches[3] - There is potential for lowering existing mortgage rates to stimulate consumption, as pressures from exchange rates and bank net interest margins have eased[3] Stock Market Performance - On February 4, the Shanghai Composite Index rose by 0.85%, while the Shenzhen Component Index increased by 0.21%, with total trading volume at 24,809.71 billion yuan, down by 632.6 billion yuan from the previous trading day[4] - The ChiNext Index fell by 0.4%, and the STAR 50 Index decreased by 1.2%[4] - The overall A-share market saw a 0.45% increase, with the Hang Seng Index slightly up by 0.05%[4] Bond Market and Interest Rates - The yield on the 10-year government bond was reported at 1.8201%, with a change of +0.24 basis points[4] - Average interbank rates for R001 and R007 were 1.3962% and 1.5554%, respectively[4] Sector Performance - The top-performing sectors included coal (7.58%), construction materials (3.48%), real estate (2.97%), and transportation (2.82%), while sectors like media and telecommunications saw declines of -3.12% and -2.73% respectively[4][25]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Since 2026, the continuous improvement of the stock market is the result of the joint action of factors such as the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. In February, the overall situation is still expected to continue the phased positive pattern. February is in the window period of the "Spring Market", coupled with the release of policy dividends at the beginning of the "15th Five - Year Plan", the profit expectations of the main lines such as AI and overseas expansion are clear. At the same time, the seasonal recovery of the consumer side and the implementation of investment projects will further enhance market confidence. However, with the approaching of the Spring Festival holiday, there may be large fluctuations in overseas capital markets during the holiday, especially geopolitical risks, and potential disturbances need to be vigilant [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4657.60, 4653.00, 4625.00, and 4576.20 respectively, and the previous day's closing prices were 4698.80, 4693.60, 4665.00, and 4611.00 respectively. The price increases were 45.00, 42.40, 37.60, and 32.00 respectively, and the corresponding price increase rates of the CSI 300 were 0.97, 0.91, 0.81, and 0.70 respectively. The trading volumes were 20774.00, 65238.00, 17565.00, and 7368.00 respectively, and the positions were 31278.00, 159248.00, 75130.00, and 27954.00 respectively. The changes in positions were - 4353.00, - 11006.00, - 1529.00, and - 546.00 respectively [1]. - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 3032.80, 3033.00, 3025.20, and 2999.80 respectively, and the previous day's closing prices were 3071.60, 3071.80, 3065.80, and 3036.80 respectively. The price increases were 41.60, 42.20, 42.00, and 38.00 respectively, and the corresponding price increase rates of the SSE 50 were 1.37, 1.39, 1.39, and 1.27 respectively. The trading volumes were 9444.00, 33658.00, 6464.00, and 3162.00 respectively, and the positions were 13571.00, 59111.00, 23822.00, and 10060.00 respectively. The changes in positions were - 2214.00, - 3666.00, - 1910.00, and - 151.00 respectively [1]. - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 8295.80, 8282.00, 8189.60, and 8095.00 respectively, and the previous day's closing prices were 8321.00, 8313.60, 8216.00, and 8105.00 respectively. The price increases were 36.40, 40.40, 33.00, and 22.00 respectively, and the corresponding price increase rates of the CSI 500 were 0.44, 0.49, 0.40, and 0.27 respectively. The trading volumes were 29003.00, 100543.00, 37249.00, and 14601.00 respectively, and the positions were 36698.00, 145579.00, 95513.00, and 40043.00 respectively. The changes in positions were - 4487.00, - 5519.00, 1217.00, and - 542.00 respectively [1]. - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 8213.00, 8183.00, 8031.00, and 7885.80 respectively, and the previous day's closing prices were 8230.00, 8203.40, 8045.20, and 7888.60 respectively. The price increases were 19.20, 12.60, 10.60, and 8.20 respectively, and the corresponding price increase rates of the CSI 1000 were 0.23, 0.15, 0.13, and 0.10 respectively. The trading volumes were 38126.00, 136596.00, 37630.00, and 16012.00 respectively, and the positions were 54982.00, 186743.00, 108653.00, and 53144.00 respectively. The changes in positions were - 3669.00, - 2801.00, 2692.00, and 1782.00 respectively [1]. - **Inter - month Spreads**: The current values of the inter - month spreads of IF, IH, IC, and IM contracts were - 5.20, 0.20, - 7.40, and - 26.60 respectively, and the previous values were - 4.60, 0.20, - 13.80, and - 30.00 respectively [1]. 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index was 4698.68, the trading volume was 264.88 billion lots, and the total trading amount was 6360.19 billion yuan. The previous two - day value was 4660.11, the trading volume was 265.55 billion lots, and the total trading amount was 6666.27 billion yuan. The price increase rate was 0.83 [1]. - **SSE 50 Index**: The previous value of the index was 3069.24, the trading volume was 61.04 billion lots, and the total trading amount was 1698.82 billion yuan. The previous two - day value was 3034.58, the trading volume was 64.83 billion lots, and the total trading amount was 1927.80 billion yuan. The price increase rate was 1.14 [1]. - **CSI 500 Index**: The previous value of the index was 8299.06, the trading volume was 268.86 billion lots, and the total trading amount was 5018.87 billion yuan. The previous two - day value was 8286.70, the trading volume was 272.23 billion lots, and the total trading amount was 5432.64 billion yuan. The price increase rate was 0.15 [1]. - **CSI 1000 Index**: The previous value of the index was 8207.12, the trading volume was 316.46 billion lots, and the total trading amount was 5162.15 billion yuan. The previous two - day value was 8209.10, the trading volume was 299.22 billion lots, and the total trading amount was 5257.60 billion yuan. The price increase rate was - 0.02 [1]. - **Industry Indexes**: Different industries had different price increase rates. For example, the energy industry had a price increase rate of 4.80%, the raw materials industry had a rate of 0.66%, the industrial industry had a rate of 2.79%, and the optional consumer industry had a rate of 1.64%. The main consumer industry had a rate of 2.73%, the pharmaceutical and healthcare industry had a rate of 1.19%, the real estate and finance industry had a rate of 1.46%, and the information technology industry had a rate of - 1.89%. The telecommunications business industry had a rate of - 3.29%, and the public utilities industry had a rate of 1.38 [1]. 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of the basis of IF contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 300 were 0.12, - 5.08, - 33.68, and - 87.68 respectively, and the previous two - day values were - 2.51, - 7.11, - 35.11, and - 83.91 respectively [1]. - **IH Contracts and SSE 50**: The previous values of the basis of IH contracts (current month, next month, next quarter, and far - quarter) relative to the SSE 50 were 2.36, 2.56, - 3.44, and - 32.44 respectively, and the previous two - day values were - 1.78, - 1.58, - 9.38, and - 34.78 respectively [1]. - **IC Contracts and CSI 500**: The previous values of the basis of IC contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 500 were 21.94, 14.54, - 83.06, and - 194.06 respectively, and the previous two - day values were 9.10, - 4.70, - 97.10, and - 191.70 respectively [1]. - **IM Contracts and CSI 1000**: The previous values of the basis of IM contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 1000 were 22.88, - 3.72, - 161.92, and - 318.52 respectively, and the previous two - day values were 3.90, - 26.10, - 178.10, and - 323.30 respectively [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4102.20, 14156.27, 8526.31, and 3311.51 respectively, and the previous two - day values were 4067.74, 14127.11, 8524.43, and 3324.89 respectively. The price increase rates were 0.85%, 0.21%, 0.02%, and - 0.40% respectively [1]. - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26847.32, 54293.36, 6882.72, and 24603.04 respectively, and the previous two - day values were 26834.77, 54720.66, 6917.81, and 24780.79 respectively. The price increase rates were 0.05%, - 0.78%, - 0.51%, and - 0.72% respectively [1]. 3.5 Macro Information - President Xi Jinping had a phone call with US President Trump, emphasizing the importance of the Taiwan issue and asking the US to handle the issue of arms sales to Taiwan carefully. He also had a video meeting with Russian President Putin, stating that China and Russia should promote the international community to adhere to fairness and justice and maintain global strategic stability [2]. - The central bank deployed key work in the credit market in 2026, requiring continuous improvement of high - quality financial services for major strategies, key areas, and weak links, and strengthening financial support in the consumption field, focusing on supporting key areas such as expanding domestic demand, scientific and technological innovation, and small and medium - sized enterprises [2]. - The EU Commission launched an in - depth investigation into Chinese wind power enterprises under the "Foreign Subsidies Regulation". The Ministry of Commerce responded that the investigation was discriminatory, and China would take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises [2]. 3.6 Industry Information - The Minister of Housing and Urban - Rural Development, Ni Hong, said that efforts should be made to meet the basic housing needs of young people, develop affordable rental housing, public rental housing, and affordable housing for sale, and increase the area of affordable housing according to the needs of multi - child families [2]. - According to data from the China Index Academy, in January, 20 cities had a total of 118,000 second - hand housing transactions, a slight month - on - month decrease of 3.1% and a year - on - year increase of 15.3%. However, the market still had prominent structural contradictions and obvious differentiation between new and second - hand housing [2]. - During the "15th Five - Year Plan" period, China will strongly support the innovation and development of the bio - manufacturing industry, and promote the transformation of the pharmaceutical industry from "follow - up innovation" to "systematic innovation". In 2026, attention will be paid to frontier technology fields such as new drug targets and mechanisms, AI - driven drug R & D, and cell and gene therapy, and efforts will be made to accelerate the launch of new and good drugs [2]. - The Ministry of Culture and Tourism and the National Fire and Rescue Bureau issued a notice to clarify the fire safety standards for new - type performance venues and optimize the performance approval process to promote the healthy and orderly development of new - type performance venues [2].