东方财富证券研究所 证券分析师：王笑笑 证书编号：S1160525020006 证券分析师：杨雅婷 证书编号：S1160525100004 宏观专题 地方两会系列（二）——重点工作如何 部署？ 2026 年 02 月 26 日 【宏观观点】 【风险提示】 挖掘价值 投资成长 联系人：李沅芷 相关研究 《地方两会系列（一）——经济增长目标》 2026.02.13 《纵深推进全国统一大市场建设的方向、 举措、效果推演——挖掘经济潜能系列一》 2026.01.25 《2026 年经济会有开门红吗》 2026.01.05 《延续稳中有进发展态势——11 月经济 数据解读》 2025.12.30 《特&马"将相和"，马斯克链王者归来》 2026.02.02 宏 截至 2026 年 2 月 5 日，地方两会已全部召开完毕，综合来看各地具 体部署，以下几个方面值得关注： 地方重点工作：一是供需协同发力，投资和消费结合；二是融通教育、 科创、人才与产业四链，加速科技在产业层面的落地应用；三是区域 协调发展和全国统一大市场建设。 投资：一是依托重点产业和重大项目进行投资布局，数字基建、人工 智能、量子科技、低空经济等是重点领域 ...

2026年2月25日，正月初九上午，佛山市迅速响应和贯彻落实全省高质量发展大会精神，以"马年马上干 开工第一棒"为主题，在南海区九江镇举行2026年新春重大项目动工现场会。今年佛山全市共谋划安排 省、市重点建设正式项目628项，总投资达8728.09亿元，年度计划投资1206.12亿元。 同时，为推动项目快落地、早见效，先行区将实施"四个一"推进机制：建立"一套统筹机制"打破行政壁 垒，打造"一条精品线路"串珠成链展现建设成效，推出"一批改革事项"打通项目全链条审批，组建"一 支铁军队伍"全程护航，全力跑出项目建设加速度。 2026年，佛山"环两江"先行区建设进入"全面铺开" 的关键阶段，今年先行区重点项目数量和投资规模 实现大幅增长，安排重点项目287个，同比增长61%，总投资3357.5亿元，同比增长87%，年度计划投资 471.3亿元。 据介绍，"环两江"先行区建设项目主要呈现三大亮点：一是产业项目向新图强，161个产业项目占总项 目数的56%，其中战新及未来产业项目总投资884亿元，传统产业项目集中投向数智化、绿色化转型； 二是文旅项目类型丰富，既有总投资30亿元的 "岭南幻境"、波子角文旅休闲区等标 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信集团 中信全体干部员工： 灵蛇辞旧岁，骏马踏春来。值此农历马年新春佳节即将来临之际，集团党委向全体干部员工、广大离退 休老同志及家属，致以最诚挚的节日问候和最美好的新春祝福！ 刚刚过去的2025年，是集团硕果盈枝、向新向优的一年。集团党委坚持以习近平新时代中国特色社会主 义思想为指导，坚决贯彻落实党中央决策部署，团结带领全体中信人，圆满完成年度目标任务，推 动"十四五"顺利收官，集团"稳"的基础更加坚实、"进"的势头更加澎湃、"新"的动能更加强劲、"干"的 热情更加饱满，高质量发展实现新进阶。 我们举旗铸魂擦亮"党建红"。坚持笃信笃行铸忠诚，持续探索运用党的创新理论引领改革发展的新路径 新模式，在全力以赴落实党中央交办任务中彰显使命担当，在开展深入贯彻中央八项规定精神学习教育 中淬炼坚强党性，在深化党建引领"四比四看"中激活组织功能，在扎实推进文化践行"九个一"活动中赓 续红色血脉，全系统践行"两个维护"的思想自觉、政治自觉更加坚定，凝聚了开局"十五五"、共赴新征 ...

Economic Growth - Various provinces are setting GDP growth targets around 5% annually during the 14th Five-Year Plan, with Guangdong and Jiangsu leading in high-quality development [1][2] - Shandong aims to become the first northern province with a GDP exceeding 10 trillion yuan by 2025, while Guizhou and Chongqing also set ambitious growth targets [1] New Economic Drivers - Provinces are focusing on cultivating new productive forces and economic growth points, with Jiangsu emphasizing the development of advanced manufacturing clusters and Hubei promoting a dual-driven growth model [2] - Shaanxi targets an annual industrial value-added growth of 6.5% and aims for the digital economy's core industries to account for 9.5% of its economy [2] Income Growth - The goal of common prosperity is emphasized, with provinces like Zhejiang aiming for a per capita disposable income of around 90,000 yuan and a significant urbanization rate [3] - Tianjin and Shaanxi are implementing plans to boost employment and income, focusing on service sector expansion and new job creation [3] Reducing Burdens - Provinces are also working to alleviate financial pressures on citizens, with Hainan and Gansu focusing on investing resources in public welfare and improving social security systems [4] - The emphasis is on reducing daily burdens for citizens while enhancing their quality of life [4] Consumption Promotion - There is a strong focus on boosting consumption, with provinces like Tianjin and Guangxi promoting "emotional consumption" and "scenario-based consumption" [5] - Hunan highlights a shift in consumer behavior towards emotional and meaningful purchases, indicating a transformation in consumption patterns [5][6]

2026年是"十五五"开局之年，也是张家港撤县建市40周年。张家港将聚焦产业优化升级，改造提升 传统产业，培育壮大新兴产业，加速布局未来产业，提质扩容服务业，巩固实体经济根基；聚焦科技创 新赋能，强化科创平台建设，壮大创新企业梯队，加大人才引育力度，优化创新创业生态，加快转型发 展步伐；聚焦内需潜力释放，激发消费活力，扩大有效投资，畅通经济循环动脉；聚焦深化改革开放， 打造开放协作高地，提升港口发展能级，深化重点领域改革，营造一流营商环境，增强发展动力活力； 聚焦城市有机更新，提高城建水平，强化精细管理，守护美丽港城，提升宜居功能品质；聚焦乡村全面 振兴，发展现代农业，打造和美乡村，促进村强民富，提高强农惠农实效；聚焦民生补短提质，擦亮文 明底色，加强社会保障，优化公共服务，回应市民群众期盼；聚焦社会稳定大局，抓牢抓实安全生产， 全面加强社会治理，防范化解风险隐患，筑牢安全发展屏障。 昨天（2月10日），张家港市十五届人大五次会议开幕。过去一年，张家港与时俱进大力弘扬发展 张家港精神，综合实力连续32年保持全国同类城市前三，荣膺全国县域唯一的全国文明城市"七连冠"、 全省县域唯一的全国双拥模范城"八连冠"及国 ...

Group 1: Market Regulation and Business Environment - In 2025, the number of newly established business entities reached 25.745 million, with active enterprises increasing by 9.8% year-on-year, raising their share of total enterprises by 4.7 percentage points [1] - The market regulation system received 26.46 million complaints, recovering economic losses of 4.35 billion yuan for consumers, and recalled 8.236 million consumer goods [1] - The market regulation authority aims to enhance comprehensive market supervision capabilities to support economic growth and high-quality development [1] Group 2: Governance of Unreasonable Charges - In 2025, 5,918 cases of illegal charges by government departments and other entities were investigated, resulting in fines of 347 million yuan and refunds of 1.35 billion yuan to businesses [2] - The market regulation authority is implementing a long-term strategy to address unreasonable charges, including revising guidelines for commercial bank fees and monitoring over 5,200 enterprises for pricing issues [2] - Continuous efforts will be made to alleviate the burden on businesses and ensure a conducive development environment [2] Group 3: Platform Economy Regulation - The market regulation authority has made significant progress in regulating the platform economy, focusing on issues like unreasonable fees and transparency in rules [3] - Measures include rectifying practices such as "only refunds" and "mandatory shipping insurance," and issuing compliance guidelines for platform operations [3][4] - Future efforts will focus on enhancing regulatory frameworks and ensuring platforms fulfill their responsibilities [4][5] Group 4: Consumer Goods Standards Upgrade - The market regulation authority plans to promote the upgrading of consumer goods standards to meet new consumer demands for safety, quality, and sustainability [6] - Initiatives will include updating standards in traditional industries and enhancing service standards across various sectors [6] - There will be an emphasis on developing mandatory standards related to safety to strengthen consumer protection [6]

Core Viewpoint - The Zhejiang Provincial Party Committee and Government emphasize the importance of a "dual carbon" strategy to drive comprehensive green transformation and establish a new energy system, supporting high-quality development and common prosperity [1] Group 1: Goals and Objectives - By 2030, Zhejiang aims to establish a distinctive new energy system, a modern industrial system, and a modern logistics system, significantly enhancing its dual carbon governance capabilities [2] - The focus will be on "three optimizations and one enhancement," leading the green transformation through dual carbon initiatives [2] Group 2: Key Initiatives - Implementation of green low-carbon development and energy supply stability projects, promoting green power, a robust and secure power grid, and a technology-driven new energy storage system [2] - Development of a modern transportation system, leveraging world-class ports and a strong transportation province, with an emphasis on optimizing logistics networks and promoting the use of new energy vehicles [2][3] Group 3: Environmental and Economic Strategies - Accelerating the upgrade of traditional industries and promoting green low-carbon industries, while enhancing the capacity for carbon sinks through pollution prevention and forest management [3] - Advocating for green buildings and comprehensive energy-saving strategies to foster a culture of low-carbon living and drive the transformation towards a greener economy [3]

Group 1: Economic Development and Employment - Guangdong aims to invest more in human resources, emphasizing that the greatest investment potential lies in people, with over 7 million new urban jobs created during the 14th Five-Year Plan period [1] - The province plans to implement a series of measures to enhance social welfare, including expanding employment support for key groups such as college graduates and veterans [1][2] - By 2025, Guangdong's foreign trade is projected to reach 9.49 trillion yuan, with a growth rate of 4.4%, maintaining its position as the largest in the country for 40 consecutive years [7][8] Group 2: Education and Health - Guangdong will improve the allocation of educational resources to adapt to population changes, expand inclusive preschool education, and enhance the quality of compulsory education [2] - The province is committed to strengthening healthcare infrastructure and expanding access to quality medical resources, while also addressing aging and declining birth rates [2] Group 3: Industrial Development - Guangdong is focusing on high-quality development in manufacturing, with over 76,000 industrial enterprises and an expected revenue exceeding 19 trillion yuan, contributing approximately 50% to GDP growth [2][3] - The province plans to support traditional, emerging, and future industries, with a focus on sectors like new energy, smart vehicles, and biotechnology, aiming to create significant industrial clusters [3][4] Group 4: Technological Innovation - Guangdong is enhancing cross-border collaboration in technology innovation, with over 6 billion yuan in research funding allocated to Hong Kong and Macau, and the establishment of high-level innovation platforms [4][5] - The province aims to build a globally competitive open innovation ecosystem, fostering collaboration in education and technology talent development with Hong Kong and Macau [5] Group 5: Agricultural Development - Guangdong has completed a comprehensive survey of agricultural genetic resources, collecting 368,000 samples, and is focusing on the revitalization of seed industries to support local economic development [6][7] - The province has achieved significant breakthroughs in key agricultural technologies, including the development of new rice varieties and advancements in aquaculture breeding [6] Group 6: Foreign Trade and Market Expansion - Guangdong is actively promoting high-quality foreign trade development, with plans to organize over 300 overseas exhibitions to help more than 26,000 companies explore international markets [8][9] - The province is also focusing on expanding imports and fostering new trade dynamics, with initiatives to strengthen major import bases and support small and medium-sized foreign trade enterprises in digital transformation [8][9]

Group 1 - In 2025, China's industrial economy demonstrates strong resilience, with a year-on-year growth of 5.9% in industrial added value for large-scale enterprises, an acceleration of 0.1 percentage points compared to the previous year [1] - In December, the industrial added value grew by 5.2% year-on-year, showing a positive momentum in industrial production recovery at the end of the year [1] - The manufacturing sector continues to play a key supporting role, with a year-on-year growth of 6.4% in added value, and 36 out of 41 major industrial categories achieved growth, resulting in a growth coverage of 87.8% [1] Group 2 - The equipment manufacturing industry shows significant growth, with a year-on-year increase of 9.2% in added value, accounting for 36.8% of the total industrial output, an increase of 2.2 percentage points from the previous year [2] - The automotive industry grew by 11.5%, and the electronics industry by 10.6%, contributing 12.4% and 18.1% respectively to the overall industrial growth [2] - Traditional industries are advancing green transformation, with the petroleum processing industry growing by 6.7%, and the biomass fuel processing sector growing by 16.8% [2] Group 3 - High-tech manufacturing continues to lead industrial high-quality development, with a year-on-year growth of 9.4% in added value, contributing 26.1% to the overall industrial growth [3] - Key sectors such as integrated circuit manufacturing and aircraft manufacturing saw growth rates of 26.7% and 24.8% respectively [3] - The digital product manufacturing sector also shows strong growth, with a year-on-year increase of 9.3% in added value, contributing 20.3% to overall industrial growth [3] Group 4 - From January to November 2025, profits of large-scale industrial enterprises continued to grow, with equipment manufacturing profits increasing by 7.7%, driving an overall profit growth of 2.8 percentage points for all large-scale industrial enterprises [4] - The industrial economy in China is achieving structural optimization and quality improvement under pressure, with new growth drivers accelerating formation [4] - The need for continued adherence to new development concepts and the strengthening of the real economy is emphasized for high-quality industrial development [4]

【纠错】 【责任编辑:张欣然】 温州地区生产总值突破万亿元的背后，离不开产业能级的稳步提升。近年来，温州坚持"工业强市"战 略，推进传统产业改造与新兴产业培育，优化产业结构。2025年，全市五大传统优势产业、五大新兴主 导产业规上工业增加值分别增长11.4%、12.6%，工业总产值突破1.5万亿元。 新华社杭州1月20日电（记者孔令杭）1月20日，记者从温州市两会上获悉，2025年温州地区生产总值突 破万亿元大关，成为浙江继杭州、宁波之后的第三座"万亿城市"。截至目前，"万亿城市"已增至28座。 作为民营经济重镇，民营经济始终是温州发展的核心支撑。截至2025年11月，温州在册民营企业和个体 工商户合计156.4万户，民营规上工业企业增加值占规上工业比重达90.8%，彰显出强劲活力。 ...