郭基煇建言广东产业生态：优化首店服务、强化总部支撑 中新网广州1月26日电 (记者 蔡敏婕)政协第十三届广东省委员会第四次会议25日在广州开幕。广东省政 协常委、新鸿基地产执行董事郭基煇当天在联组会议上，建议以首发经济和总部经济为抓手，将广东建 成全球消费新品首发地、总部经济枢纽区。 广东省政协常委、新鸿基地产执行董事郭基煇。受访者 供图 郭基煇指出，广东正加快建设具有国际竞争力的现代化产业体系，近期开展的"广货行天下"活动，为全 省消费升级注入动力。他提到，广东省"十五五"规划建议在"大力提振消费"专栏中明确"发展首发经 济，以广州、深圳等城市为重点，推进新品首发、渠道首店、活动首秀首展"，并在另一专栏提出"培育 总部经济，推动服务业高端化发展"。 "''广货行天下'关键在于'广店'能不能'引天下'。因此，做好首发经济和总部经济，必将有力激活内需、 促进国内国际双循环。"郭基煇说。 三是实施弹性安保与补贴政策，根据活动规模对安保要求提出弹性安排，减轻首发活动主办商的成本压 力，以吸引更多品牌落户天河路、白鹅潭等核心区域。 而在总部经济方面，郭基煇表示，广州、深圳已培育和吸引华为、腾讯、小鹏、比亚迪、顺丰等一 ...

摩根大通私人 银行亚洲固定收益信贷策略主管李子隽表示，香港 房地产似乎正由危机时期逐步迈向初 步复苏的迹象，对于专注优质资产的投资者而言，香港房地产信贷在市场转角之际提供了具吸引力的机 会。投资策略方面，虽对香港房地产信贷的看法愈来愈正面，但仍维持审慎、专注质素的投资取向。他 表示，首选配置投资级信贷，BBB级以上的发展商可提供约5%收益率；在优质发行人的有评级永久债 中看到策略性机会；至于无评级债券，则保持高度审慎。 ...

Group 1 - Since September 2024, the proportion of southbound capital transactions has rapidly increased to 20%-30%, nearly doubling compared to before 2024 [2][5] - In 2025, both active and passive foreign capital have become synchronous indicators of the Hong Kong stock market, showing no leading characteristics [2][5] - During sharp declines or corrections in the Hong Kong stock market, southbound capital tends to buy against the trend [2][5] Group 2 - Each round of pricing power competition typically begins with the optimization of the Stock Connect policy or the influx of incremental capital, which usually flows into dividend and scarce assets [5] - Net outflows of southbound capital often occur in response to adverse industry policies or external macroeconomic environments, particularly in sectors where foreign capital pricing power is increasing, such as software services, hardware equipment, consumer services, and discretionary retail [5][12] - Industries less likely to experience significant net outflows include those favored by long-term capital, such as banking, telecommunications, and public utilities, unless there are clear adverse policies affecting the sector [5][12] Group 3 - The proportion of medium to long-term capital in the current round of southbound capital inflow into Hong Kong stocks has increased, with insurance capital making 41 stakes, 35 of which are in H-shares, marking the highest record in the past decade [8] - Key industries for increased holdings include discretionary retail, finance (banking, insurance), innovative pharmaceuticals, software services, and hardware equipment [8] Group 4 - Current industries with pricing power for southbound capital and Chinese capital include semiconductors and dividend stocks, while industries lacking pricing power include internet, hardware equipment, software services, home appliances, and media [11][12] - Active management public funds have low pricing power in the Hong Kong stock market, focusing heavily on AI-related CSP giants, electronics, and innovative pharmaceuticals [16]

"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 ...

Group 1 - The report suggests a strategic bullish outlook with tactical flexibility, emphasizing the importance of performance fundamentals in investment decisions [4][7][13] - It identifies a favorable investment window from mid-December 2025 to early March 2026, while cautioning against rapid upward trends in indices [4][7] - Key sectors to watch include commercial aerospace, satellite industries, AI applications, and sectors driven by price increases such as non-ferrous metals and chemicals [4][13] Group 2 - Economic growth is projected at 5.0% for 2025, with a focus on high-quality development and a potential GDP growth target of around 5% for 2026 [7][10] - The real estate market is still in a deep adjustment phase, with new housing sales expected to decline by 8.7% in 2025, indicating a need for careful observation of stabilization points [8][9] - Fiscal policy is expected to maintain a "only increase, not decrease" approach, with significant spending in key areas to support economic growth [10] Group 3 - The public fund industry is anticipated to solidify its high-quality development framework, with new guidelines enhancing the accountability of performance benchmarks for funds [11] - Precious metals are expected to retain investment value due to increasing global instability and ongoing central bank gold purchases, with gold prices nearing $5,000 per ounce [12][13] - The report highlights the importance of monitoring industry-specific data, such as cement price indices and industrial production growth rates, to gauge market trends [19][20]

第 4 周成交涨跌互现，供给下降有利市场重获均衡 [Table_Industry] 房地产 票 研 究 [Table_Report] 相关报告 房地产《通胀好转，资产价格预期受益》2026.01.20 房地产《风雨之后，等待彩虹》2026.01.19 房地产《第 3 周成交回升，商业地产首付比下调有 利稳定市场》2026.01.18 房地产《第 2 周成交回落，期待未来政策对冲外部 不利影响》2026.01.11 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | | | 谢盐(分析师) | 021-23185696 | xieyan@gtht.com | S0880525040098 | | ...

Valuation Summary - The overall valuation of A-shares as of January 23, 2026, shows the CSI All Share (excluding ST) PE at 22.7x and PB at 1.9x, positioned at the historical 83rd and 52nd percentiles respectively [2] - The Shanghai Stock Exchange 50 PE is at 11.5x and PB at 1.3x, at the historical 58th and 36th percentiles [2] - The CSI 300 PE is at 14.1x and PB at 1.5x, at the historical 63rd and 37th percentiles [2] - The CSI 500 PE is at 38.9x and PB at 2.7x, at the historical 71st and 63rd percentiles [2] - The CSI 1000 PE is at 51.5x and PB at 2.7x, at the historical 74th and 61st percentiles [2] - The National Index 2000 PE is at 64.1x and PB at 3.0x, at the historical 79th and 71st percentiles [2] - The ChiNext Index PE is at 43.0x and PB at 5.8x, at the historical 42nd and 68th percentiles [2] - The Sci-Tech 50 PE is at 180.4x and PB at 6.9x, at the historical 98th and 83rd percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Retail, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [2] - Industries with PB valuations above the historical 85th percentile include Defense and Military, Electronics (Semiconductors), and Communications [2] - Industries with both PE and PB valuations below the historical 15th percentile include Aquaculture and White Goods [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, downstream spot prices continue to rise, while upstream polysilicon futures prices fell by 10.8% [2] - Battery materials show mixed trends, with cobalt prices down by 3.7% and lithium carbonate prices up by 9.8% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 0.4%, and the Taiwan Semiconductor Index increased by 2.3% [3] - The DRAM price index increased by 3.0%, while NAND prices surged by 10.8% [3] Real Estate Chain - The average price of rebar fell by 1.3%, while iron ore prices decreased by 2.2% [3] - National commercial housing sales area decreased by 8.7% year-on-year, with real estate development investment down by 17.2% [3] Consumer Sector - The average price of live pigs increased by 1.5%, while pork wholesale prices rose by 2.1% [3] - Retail sales growth for 2025 is projected at 3.7%, with December's growth at 0.9%, below expectations [3] Midstream Manufacturing - Manufacturing investment grew by 0.6% year-on-year, while narrow infrastructure investment fell by 2.2% [3] - Heavy truck sales increased by 13.0% year-on-year in December, with a total annual growth of approximately 26% [3] Cyclical Industries - Brent crude oil futures closed up by 3.2% at $66.23 per barrel, influenced by geopolitical tensions [3] - The Baltic Dry Index rose by 12.4%, indicating increased shipping demand [3]

在外部不确定性显著增加的背景下，中国经济与贸易总量保持合理增长，主要得益于经济发展质量的有 效提升。一是工业生产转型升级加快。2025年规模以上装备制造业、高技术制造业增加值同比分别增长 9.2%、9.4%，均高于全部规上工业增加值增速5.9%，占全部规上工业增加值比重分别较上年提高2.2 个、0.8个百分点。 二是出口多元化程度提升，出口商品竞争力增强。2025年，中国对美国出口规模同比减少20%，但对非 洲、东盟和欧盟出口分别增长25.8%、13.4%和8.4%，对整体出口增速的拉动作用分别为1.3个、2.2个和 1.2个百分点。同期，机电和音像设备、车辆等运输设备、光学医疗设备等高级工业品出口对整体出口 增速的拉动作用由上年4.2个百分点提升至4.8个百分点，是出口增长韧性的重要来源。 四是数字渗透力明显增强，绿色引领力全面彰显。2025年，规上数字产品制造业增加值比上年增长 9.3%，信息传输、软件和信息技术服务业增加值增长11.1%；规上工业水电、核电、风电、太阳能等清 洁能源发电量比上年增长8.8%，非化石能源占能源消费总量的比重较上年提高约2个百分点；规上建 材、钢铁、有色等主要耗能行业单位增加 ...

Group 1 - The core viewpoint of the article is that 保集健康 (Company) reported a significant increase in revenue but also a notable increase in losses for the six months ending September 30, 2025 [1] Group 2 - The company reported revenue of HKD 51.738 million, representing a year-on-year growth of approximately 59% [1] - The loss attributable to owners increased to HKD 35.509 million, a year-on-year increase of 31.65% [1] - The loss per share was reported at HKD 0.0261 [1] Group 3 - Revenue growth was primarily driven by increased sales in the building materials and health care and leisure segments [1] - The net impact of reduced property deliveries from the Yangzhong project for the six months ending September 30, 2024, also contributed to revenue growth [1] - The increase in net loss was mainly due to a decrease in gross profit and an increase in financial costs [1]

Strategy Insights - The report highlights a strong spring market driven by active trading in small-cap and thematic investments, with A-share trading volume exceeding 3 trillion, indicating robust market confidence and capital inflow [3][8][22] - The report identifies key themes for investment, including commercial aerospace, AI applications, and the price increase chain, which are expected to attract medium-risk capital [3][22] - The report notes a shift in market structure, with increased focus on real estate, resource products, and price increase chains, reflecting a rebalancing of investment styles [3][22] Market Dynamics - The A-share market has shown a recovery with the Shanghai Composite Index stabilizing and trading volumes rebounding, indicating a restoration of investor confidence [8][13] - Small-cap indices such as the CSI 500 and CSI 1000 have outperformed large-cap indices, suggesting a growing interest in mid and small-cap stocks [11][22] - The report emphasizes the importance of supply-demand mismatches in driving price increases across various sectors, particularly in the semiconductor and resource sectors [3][22][27] Sector Focus - The report suggests that the real estate sector is a critical area for investment, driven by recent policy signals aimed at boosting domestic demand, with leading companies in this sector likely to see revaluation opportunities [3][24] - The cyclical resource sector is expected to benefit from rising PPI and inflation expectations, with a notable increase in prices for industrial metals and chemicals [27][28] - Communication stocks, particularly in the optical communication segment, have faced downward pressure, indicating a need for cautious investment in this area despite overall market optimism [29][41]