（原标题：刘晓峰参赞会见玻国家公路管理局局长法尔凡） 2月24日，刘晓峰参赞与玻国家公路管理局局长法尔凡、公共工程部运输副部长克里阿雷斯举行会谈， 双方就推进交通基础设施合作深入交换意见。 微信图片_20260224185700.jpg ...

来源：中信证券研究 文|裘翔 高玉森 陈泽平 张铭楷 陈峰 刘春彤 今年2月是个重要的分水岭，AI Coding能力的跃升使得全球有效代码的规模正式进入指数级别膨胀的阶 段，而社会实物生产价值总量和总收入的扩张速度在目前的物理AI技术条件下远落后于AI生成的代码 量扩张的速度，全球大概率会先经历一个代码量膨胀、执行力过剩、竞争加剧和资本投入回报率受损的 过程。我们根据不同行业的物理依赖度和监管/情感壁垒两个维度，可以把行业划分为受损（低物理依 赖、低监管/情感壁垒）、重塑（低依赖、高壁垒）、堡垒（高依赖、高壁垒）和受益（高物理依赖、 低监管/情感壁垒）四个类别。在未来一段时间，实物稀缺的受益者和代码膨胀下的受损者之间的收益 差距或将不断拉大，这个分化趋势还会持续。这是在考虑市场行情和板块配置时不得不重视的新因素。 从短期市场层面来看，A股行业格局以制造和金融为主，在此轮AI冲击下所受影响相对美股和港股更 小，资金流入和人心思涨的格局也未发生变化，节后春季行情有望延续，涨价仍然是一季度的核心配置 线索之一。 全球有效代码的规模正式进入 指数级别膨胀的阶段 如果说去年春节DeepSeek大热让市场对AI应用充满畅 ...

Group 1 - The core viewpoint of the article highlights the establishment of significant projects and institutions in the Beijing-Tianjin-Hebei region, with a total investment exceeding 48 billion yuan [1] Group 2 - The China Resource Recycling Group has set up five secondary enterprises and a national pipeline scientific testing base, taking on 99 major projects from Beijing and establishing 389 new institutions [1] Group 3 - In transportation development, the Tang-Cheng Expressway and the Jin-Shi Expressway have been completed and opened to traffic; the Tianjin Port Xiong'an New Area Service Center has seen its first batch of entries into the Xiong'an Comprehensive Protection Zone, and new sea-rail intermodal trains have been launched from Tianjin Port to Pinggu, Beijing [1] Group 4 - In government services, there are 1,586 items under the "regional handling" initiative between Beijing and Hebei, with 231 online self-service projects under "Beijing-Tianjin-Hebei + Xiong'an" and 727 items under "Bin-Xiong handling"; the free trade pilot zone has 230 items for "non-discriminatory acceptance and uniform processing" [1]

Core Insights - The Dubai Roads and Transport Authority (RTA) completed 67 rapid transport improvement projects in 2025, resulting in a 45% reduction in travel time on certain road segments and a 33% increase in traffic capacity [1] Group 1 - The RTA plans to implement over 45 additional projects in 2026 to continue optimizing urban traffic efficiency [1]

Group 1 - The Kunming Municipal Government is organizing a public engagement initiative where the Director of the Transportation Bureau, Zeng Kaijun, will answer citizen inquiries via the 12345 hotline and the "Zhangshang Chuncheng" platform [1] - The Transportation Bureau is responsible for the planning, construction, and maintenance supervision of transportation infrastructure, including highways, rural roads, and comprehensive transportation hubs, as well as the management of various transportation sectors such as road transport, public buses, taxis, rail transit operations, and water transport [1] Group 2 - The deadline for public submissions is set for January 25 at 18:00, encouraging citizens to provide feedback and suggestions [2]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In January 2026, the secondary - market prices of publicly - offered REITs in China showed an overall fluctuating upward trend, with the secondary - market prices of both equity - type REITs and franchise - type REITs rising, and the equity - type REITs having a larger increase. The trading enthusiasm in the REITs market increased compared to the previous month, and the total net inflow of the main funds reached 588.19 million yuan. The total amount of block trades also increased compared to the previous month [2][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of January 31, 2026, there were 78 publicly - offered REITs products in China, with a total issuance scale of 20.1749 billion yuan (excluding expansion and fundraising). Among them, the transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by the park infrastructure - type REITs with a scale of 3.2933 billion yuan. No new REITs products were listed in January 2026 [11][12]. 3.1.2 Projects to be Listed - As of January 31, 2026, there were 22 REITs in the state of being to be listed, including 20 initial - offering REITs and 2 REITs to be expanded and raised. In January, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". Additionally, 8 commercial real - estate REITs were declared [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the large - asset level**: From January 1 to January 31, 2026, the secondary - market prices of publicly - offered REITs in China showed a fluctuating upward trend. The CSI REITs (closing) and CSI REITs total return index closed at 809.56 and 1052.42 respectively, with monthly returns of 3.98% and 4.22%. The weighted REITs index had a monthly return of 4.83%. Compared with other major asset classes, the return of REITs was 4.83%, ranking behind gold, crude oil, convertible bonds, and A - shares, but ahead of US stocks and pure bonds [17]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs saw price increases, with the equity - type REITs having a larger increase. The return of equity - type REITs was 5.7%, and that of franchise - type REITs was 3.42%. Among different underlying - asset types, water - conservancy facilities - type REITs had the largest increase this month. The underlying - asset categories with better returns this month were water - conservancy facilities, new - type infrastructure, and consumption, with returns of 9.7%, 8.38%, and 7.6% respectively [21][23]. - **At the single - REIT level**: Among the publicly - offered REITs this month, 74 rose, 1 remained the same as last month, and 3 fell. The top three in terms of increase were Huaan Bailian Consumption REIT, Huaxia Zhonghai Commercial REIT, and CICC Chongqing Liangjiang REIT, with increases of 17.43%, 13.68%, and 13.62% respectively. The top three in terms of decrease were E Fund Guangzhou Development Zone High - tech Industrial Park REIT, Huaxia Nanjing Transportation Expressway REIT, and Huaxia Fund China Resources Youchao REIT, with decreases of 3.17%, 1.46%, and 0.07% respectively [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of publicly - offered REITs this month increased compared to last month, and the new - type infrastructure - type REITs led in the average daily turnover rate during the period. As of January 30, the total trading volume of the 78 listed REITs within the month was 36.38 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REITs categories were transportation infrastructure, consumption infrastructure, and park infrastructure, with trading volumes of 7.39 billion, 6.52 billion, and 6.42 billion yuan respectively. In terms of turnover rate, the top three REITs categories in the average daily turnover rate during the period were new - type infrastructure, water - conservancy facilities, and municipal facilities, with rates of 0.96%, 0.84%, and 0.67% respectively [28]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three within the month were Bosera Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 122 million, 121 million, and 120 million shares respectively. In terms of trading amount, the top three within the month were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading amounts of 819 million, 433 million, and 398 million yuan respectively. In terms of turnover rate, the top three within the month were CITIC Construction Investment Shenyang International Software Park REIT, AVIC Yishang Warehouse Logistics REIT, and Southern Wanguo Data Center REIT, with turnover rates of 35.05%, 28.66%, and 25.80% respectively [30]. 3.2.3 Main - Fund Net Inflow and Block - Trade Situation - **Main - fund net inflow situation**: This month, the total net inflow of main funds reached 588.19 million yuan, and the trading enthusiasm in the market increased compared to last month. From the perspective of different underlying - asset REITs, the top three underlying - asset types in terms of net inflow of main funds this month were consumption infrastructure, energy infrastructure, and transportation infrastructure, with net inflows of 366.47 million, 58.62 million, and 44.97 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds this month were Huaxia China Resources Commercial REIT, CICC Yinli Consumption REIT, and Huaxia Joy City Commercial REIT, with net inflows of 193.33 million, 68.38 million, and 42.48 million yuan respectively, and the consecutive inflow days were +1, +5, and +1 days respectively [33]. - **Block - trade situation**: The total amount of block trades this month was 1.55 billion yuan, an increase compared to last month. There were 20 trading days with block trades this month, and the total block - trade turnover was 1.55 billion yuan. The block - trade turnover on January 19, 2026, was the highest within the month, reaching 236.09 million yuan. In terms of single REITs, the top three in terms of block - trade turnover within the month were CITIC Construction Investment State Power Investment New Energy REIT, Ping An Ningbo Traffic Investment REIT, and Penghua Shenzhen Energy REIT, with turnovers of 195.04 million, 180.62 million, and 145.72 million yuan respectively, and the corresponding average discount - premium rates were - 0.19%, - 1.66%, and - 0.47% respectively [37]. 3.3 Related Policies - On January 4, the "Notice of the Ministry of Commerce and Other 9 Departments on Implementing the Action to Promote Green Consumption" was issued, emphasizing support for eligible projects to issue infrastructure - sector real - estate investment trusts (REITs). On January 15, the China Securities Regulatory Commission held the 2026 system work conference, proposing to promote the improvement of quality, adjustment of structure, and expansion of the total amount of the bond market, and to ensure the smooth implementation of the pilot program for commercial real - estate REITs [40].

Group 1 - The report suggests seizing allocation opportunities during market fluctuations and waiting for the next round of market catalysts [1] - The REITs index rose overall in the past week, with the China Securities REITs total return index increasing by 0.47% to 1052.42 [4][6] - The commercial real estate public REITs saw the first batch of concentrated applications, with 8 projects submitted by the end of January 2026, reflecting a positive market response since the policy framework was clarified at the end of 2025 [4][6][7] Group 2 - The current commercial real estate REITs focus on typical commercial properties such as office buildings, shopping centers, and hotels, which helps diversify market asset types and increase market capitalization [7] - The report indicates that the current policy dividends are gradually being realized, and there is strong institutional allocation demand, maintaining a bullish trend [7] - Market sentiment has shown signs of convergence, with strong projects slowing down while previously weaker projects begin to lead the gains [7]

Core Insights - Nanjing has officially released its list of major economic and social development projects for 2026, comprising a total of 516 projects, with 479 being implemented and 37 in the preliminary stage, aimed at injecting sustained momentum into the "14th Five-Year Plan" [1] Group 1: Project Overview - The city will accelerate the advancement of key projects such as the Yangtze River railway crossing channel, focusing on major development strategies including the Yangtze River Economic Belt and the integration of the Yangtze River Delta [1] - The annual planned investment in industrial projects is expected to grow by 6.8% year-on-year, particularly in the new electronic information industry and high-end intelligent equipment sectors, which are projected to see increases of 19.6% and 15.1% respectively [1] Group 2: Innovation and Technology - The city aims to strengthen its industrial capabilities by focusing on "Artificial Intelligence+" applications and key core technology breakthroughs, emphasizing advanced technology and innovative models in project planning [1] - The proportion of annual planned investment in science and technology innovation projects has increased by 6.5 percentage points compared to the previous year, aiming to support the enhancement of industrial functions [1] Group 3: Social and Economic Impact - The investment strategy combines physical infrastructure with human capital development, emphasizing the importance of major projects in improving livelihoods and expanding domestic demand [2] - There is a commitment to increase the allocation of funds for major transportation, energy, and ecological protection projects, alongside the inclusion of high-maturity, high-impact historical and cultural preservation projects in the plan [2]

Core Insights - The article discusses the development of the "Ping-Ji Dual-Use" application scenarios in Pinggu District, including the launch of the Jin Hai Lake service area, which aims to enhance urban resilience and ensure public safety through innovative practices [1] Group 1: Service Area Functions - The Jin Hai Lake service area will primarily serve three core functions: facilitating the coordinated development of Beijing-Tianjin-Hebei, serving as a transportation and tourism hub, and providing support for sports events [1][2] - The service area is designed to create a "one-hour coordination circle" among four regions: Pinggu, Jizhou, Sanhe, and Xinglong, with travel times between 30-50 minutes [1] - It will significantly reduce travel time to Jin Hai Lake, allowing visitors to reach the destination within 5 minutes after exiting the service area [2] Group 2: Emergency Preparedness - In emergency situations, the service area will focus on providing isolation and material storage, offering accommodation and food supplies for related personnel [2][3] - The service area includes an emergency material storage zone capable of meeting food supply needs for 2-3 days, along with medical facilities and equipment [3] - The power supply can quickly switch to emergency backup, enhancing the overall emergency response capability [3]

Core Viewpoint - The approval of Shudao Investment Group as the actual controller of Tianfu Securities marks a significant transformation for the company, positioning it as the only provincial state-owned securities firm in Sichuan, with a new strategic focus aligned with the group's industrial framework [2][4]. Group 1: Change of Control - The China Securities Regulatory Commission (CSRC) has approved Shudao Investment Group as the actual controller of Tianfu Securities, following a thorough review process that took 231 days from submission to approval [4]. - Shudao Group, a major player in the transportation industry and a Fortune Global 500 company, aims to integrate Tianfu Securities into its broader industrial ecosystem [2][4]. Group 2: Strategic Positioning - Following the change in control, Tianfu Securities is expected to align its operations with Shudao Group's strategic goals, focusing on enhancing its brand value as part of the "Tianfu Financial" initiative [6]. - The company plans to leverage its strengths in brokerage services while expanding into asset management and investment banking, as directed by Shudao Group's management [12]. Group 3: Branch Renaming and Rebranding - Tianfu Securities has begun renaming its branches, with three branches officially changing their names in December 2025, reflecting the new brand identity [9]. - Over 60% of the branch renaming is expected to be completed by the third quarter of 2025, aligning with the company's rebranding efforts [9]. Group 4: Employee Growth - As of January 8, 2025, Tianfu Securities has seen its employee count rise to 901, marking a 5.75% increase from the beginning of the year, reversing a trend of employee attrition [11]. - The company aims to strengthen its workforce by enhancing talent development and establishing a market-oriented incentive mechanism [12].