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 ...

Group 1 - The core focus of the news is on the development of the digital economy in Yinchuan, aiming to establish itself as a "computing power capital" with a digital economy total reaching 120 billion yuan, doubling since the end of the 13th Five-Year Plan [1] - Yinchuan has built 9 computing power centers, achieving 100% coverage of gigabit networks, and has launched the "He Lan Mountain No. 1" full-stack AI industry model, marking significant advancements in digital infrastructure [1] - By 2026, Yinchuan plans to construct 1,000 5G base stations and develop a 10-gigabit network to enhance its urban intelligent perception digital foundation [1] Group 2 - For the 14th Five-Year Plan, Yinchuan aims for a digital economy total of 130 billion yuan, with the core digital economy industry value-added accounting for 10% of the regional GDP [2] - The city will focus on innovative applications in healthcare and the wine industry, implementing 20 projects including Turing Town, and cultivating 50 typical application scenarios such as "vehicle-road-cloud integration" [2] - Yinchuan is striving to create a national pilot zone for innovative applications of artificial intelligence [2]

Group 1 - The core focus of the government report is on expanding domestic demand, stabilizing investment, and promoting consumption in Binzhou by 2026 [1] - The strategy includes attracting significant investment by introducing 20 new projects from the Fortune 500 and over 60 projects with investments exceeding 1 billion yuan, aiming for over 70 billion yuan in new investment [1] - The report emphasizes the importance of a service mechanism that ensures resources follow the projects, guaranteeing land, water, and energy for key projects [1] Group 2 - The government plans to implement 10 digital infrastructure projects and has surpassed 10,000 public charging stations for new energy vehicles [2] - Construction is accelerating on 87 water projects, including the Runyang Reservoir, and 120 community water supply facility upgrades [2] - Key transportation projects include the comprehensive upgrade of the Ta'er River Port area, the construction of the Qingzhang Expressway, and the expansion of the Changshen Expressway, with the Jibin High-speed Railway expected to be operational within the year [2]

Group 1: Economic Discrepancies - By the end of 2025, production indicators such as high furnace operation and PTA operation weakened, while manufacturing PMI rose by 0.9 percentage points to 50.1%[3] - Consumer retail volume for automobiles and home appliances showed a downward trend, but the overall consumer goods PMI increased by 1 percentage point to 50.4% in December[3] - Cement shipment rates and rebar apparent consumption remained low, with December year-on-year changes of -1.8% and -10% respectively, yet the construction PMI rose by 3.2 percentage points to 52.8%[4] Group 2: Factors Behind Economic Discrepancies - The shift in economic growth momentum has led to new sectors lacking high-frequency indicators contributing more to the economy, with AI-related industries boosting GDP by approximately 1.5 percentage points[5] - Consumer sectors face "demand overdraw risks," while service consumption, which lacks tracking indicators, has shown resilience, with service retail growth rising since September[5] - Previous debt management affected investment rhythms, with industrial product improvements reflecting raw material purchases rather than actual investments[5] Group 3: Economic Outlook for Early 2026 - The "old-for-new" policy is expected to face downward pressure, but service consumption may benefit from increased policy support, with domestic travel and spending during the New Year holiday exceeding 2019 levels[6] - Infrastructure investment is anticipated to rebound in early 2026 due to reduced special refinancing bond issuance and new infrastructure policies, focusing on digital infrastructure and carbon reduction investments[6] - The delayed Spring Festival in 2026 may extend the "export rush" window, potentially boosting January export figures compared to the previous year[6]

Core Viewpoint - The construction of a strong domestic market is a strategic support for Chinese-style modernization and an important foundation for optimizing the supply system and promoting high-quality development [5][6][22]. Economic Outlook - In 2026, the external environment is expected to continue impacting China's economic development, which still faces challenges. However, the overall conditions supporting long-term economic growth remain unchanged, with strong industrial foundations and broad market space [1][6]. - International organizations and investment banks have raised their economic growth forecasts for China in 2026, indicating a positive outlook for China's role in global trade and value chains [1][6]. Domestic Market Challenges - The supply-demand imbalance in China is a significant issue, limiting the release of the advantages of its large-scale market and hindering the optimization of the supply system [7][8][9]. - Key industries in China face core technology deficiencies, leading to vulnerabilities in the industrial chain. Despite strong competitiveness in manufacturing, there are notable gaps in high-tech and high-value-added sectors compared to developed economies [7][23]. - Some industries experience "involution" competition, resulting in low production efficiency and resource waste. The average profit margin for large industrial enterprises in 2024 is only 5.39%, significantly lower than that of developed countries [8][24]. Strategies for Supply Optimization - Expanding domestic demand is crucial for optimizing the supply structure. The focus should be on enhancing the adaptability and balance between supply and demand to promote a virtuous economic cycle [10][11][25]. - Measures to boost consumption include increasing residents' income, improving social security systems, and encouraging innovation in products and services to enhance consumer confidence [10][11][25]. - Effective investment should be expanded to optimize the supply structure, combining investments in physical assets and human capital to drive high-quality development [11][26]. Global Significance of Domestic Market Expansion - A strong domestic market not only supports China's modernization but also serves as a source of vitality for global economic recovery. China has become the second-largest consumer and import market globally, providing significant opportunities for other countries [13][28]. - The ongoing reforms in foreign investment management and the improvement of the business environment in China are attracting foreign investment, with 22.9 million new foreign enterprises established during the "14th Five-Year Plan" period [13][28]. - The strong domestic market can inject new growth opportunities into the world economy, helping to counteract trade protectionism and promote a more open and inclusive global economic environment [14][28].

Core Insights - Wealth management institutions need to reassess traditional strategies and explore new asset allocation approaches in the context of a global low-interest-rate environment [1] - AI-driven innovation is expected to be a significant driver for global stock markets in the coming year, despite concerns over high valuations in AI concept stocks [4] Group 1: Market Trends and Asset Allocation - UBS's CIO for Asia, Hu Junli, highlights three main concerns for international asset management institutions: global policy uncertainty, debt risks in developed economies, and international tech competition [2][9] - The correlation between Chinese assets and overseas assets has been declining since 2025, driven by ample liquidity and accelerated technological innovation [3] - The Chinese technology sector is viewed as the most attractive investment opportunity due to its reasonable valuations and strong profit growth potential [7][11] Group 2: Investment Opportunities in Asia - UBS is optimistic about offshore Chinese stocks, high-yield domestic Chinese stocks, and markets in Singapore, India, and Indonesia [5][6] - The Asian credit bond market is expected to benefit from strong economic growth, with projected returns of 5%-6% by 2026 [6] Group 3: Technology Sector Insights - The technology sector's earnings are projected to grow by 37% by 2026, making it one of the fastest-growing stock sectors globally [7][12] - The current price-to-earnings ratio for major tech companies is around 30 times, significantly lower than the over 80 times seen during the 1999 internet bubble [4] Group 4: Currency and Capital Flows - The RMB is expected to strengthen against the USD by 2025, influenced by external environment improvements and strong domestic forex deposits [10] - The influx of capital into Hong Kong stocks, particularly in AI and technology sectors, has reached record highs, with net inflows exceeding 1 trillion HKD this year [10]

Summary of Zhongshi Technology Conference Call Industry and Company Overview - **Company**: Zhongshi Technology - **Industry**: Consumer Electronics, Digital Infrastructure, Intelligent Transportation, Clean Energy Key Points and Arguments 1. **Sales Growth and Client Base**: Zhongshi Technology benefited from the launch of new products by major clients in the consumer electronics sector, leading to a significant increase in shipment volumes in Q3 and October. Key clients include North American giants, Samsung, and domestic smartphone manufacturers, with expansions into wearable devices, gaming consoles, and drones, including partnerships with Microsoft, Google, Amazon, and DJI [2][3][6] 2. **Digital Infrastructure Development**: The company collaborates with leading clients like Ericsson, Nokia, Huawei, and ZTE in the digital infrastructure sector, focusing on 5G/6G communication, industrial internet, satellite internet, and AI-driven data and computing centers. Future growth in this area is anticipated [2][7] 3. **Intelligent Transportation Sector**: Zhongshi Technology supplies automotive-grade thermal management materials to companies like BYD, BAIC, and XPeng Motors, and collaborates with top-tier automotive parts manufacturers to provide customized thermal solutions [2][8] 4. **Financial Performance**: In Q3 2025, sales and R&D expenses decreased by over 8 million and 7 million respectively, while gross margin and revenue increased, attributed to cost structure optimization and improved operational efficiency [2][11][12] 5. **Product Offerings**: The company’s main products include: - Graphite films for consumer electronics - Thermal interface materials (TIM) for heat dissipation - High-efficiency cooling modules for high-performance applications - Electromagnetic shielding materials for communication devices - Adhesives for electronic device assembly [10][11] 6. **Light Module Business**: Zhongshi Technology collaborates with Finisar to provide thermal solutions for optical modules, with expectations of significant revenue growth as Finisar's 1.6T module market share increases. Total revenue from optical modules reached several million in the first three quarters [2][18][20] 7. **Cost Management**: The decrease in sales expenses is partly due to the sale of a subsidiary in 2024, which previously accounted for 95% of its expenses. Additionally, the company optimized its sales strategy, focusing on major clients, which reduced operational costs [13] 8. **Production Capacity**: The company has multiple production bases in China and has established a facility in Thailand, with a total planned capacity of 3 to 5 billion yuan. Current capacity utilization meets demand, with future investments aligned with market needs [17] 9. **Future Outlook**: The company anticipates continued growth in the optical module market and expects to leverage its technological advantages in liquid cooling solutions for servers. The demand for liquid cooling is expected to rise significantly, driven by various hardware manufacturers and computing centers [24][25] 10. **Q4 Expectations**: The company expects Q4 performance to remain strong, driven by the successful launch of new products by major clients, although a slight decrease in sequential growth compared to Q3 is anticipated [23] Additional Important Information - **R&D Focus**: The company maintains a strong emphasis on R&D, with innovative solutions in advanced thermal management materials, which are crucial for maintaining competitive advantages in various sectors [4][6] - **Market Trends**: The overall market for optical modules is expected to experience significant growth, with increased demand from chip manufacturers and server companies, indicating a favorable environment for Zhongshi Technology's offerings [21]

Core Insights - The article discusses the recent adjustments in QFII (Qualified Foreign Institutional Investor) holdings in A-shares as companies disclose their Q3 reports, highlighting a clear trend in foreign investment strategies [1][2]. Group 1: Sovereign Wealth Fund Adjustments - Sovereign wealth funds like the Abu Dhabi Investment Authority (ADIA) and the Monetary Authority of Macao have shown distinct trading behaviors, with ADIA significantly increasing its holdings in cyclical resource stocks, particularly Baofeng Energy, which now has a market value exceeding 790 million yuan [3][4]. - In contrast, the Monetary Authority of Macao has adopted a more defensive and stable investment strategy, focusing on resource, environmental, and manufacturing sectors, with a total market value of 1.14 billion yuan across six stocks [3][4]. - The Hong Kong Monetary Authority has reduced its holdings in Chengde Lolo, now holding 9.3 million shares, indicating a cautious approach compared to ADIA's aggressive positioning [4]. Group 2: Traditional Foreign Banks' Strategies - Major foreign banks like Morgan Stanley, UBS, and Goldman Sachs have shown a trend towards concentrated investments in high-certainty sectors, with Morgan Stanley holding 42 A-shares valued at 2.874 billion yuan, focusing on electric power equipment and digital infrastructure [5][6]. - Morgan Chase has the largest coverage with 71 A-shares, significantly increasing its stake in China West Electric from 56.82 million shares to 130 million shares, reflecting a strategic shift towards high-potential stocks [5]. - UBS has diversified its holdings across 55 A-shares, emphasizing mid-to-small-cap growth stocks, while Goldman Sachs has concentrated on resource and chemical stocks, indicating varied investment philosophies among these institutions [5][6]. Group 3: Common Holdings Among Foreign Institutions - Several stocks have emerged as "foreign consensus stocks," held by three or more foreign institutions, indicating strong compatibility in valuation, fundamentals, and policy direction [7][8]. - Notable examples include Chengfei Integration, which is held by multiple institutions with a total market value exceeding 132 million yuan, and Innovation Medical, favored by four foreign entities [7][8]. - Other stocks like Lianhuan Pharmaceutical and Xingwang Yuda have also gained traction among foreign investors, showcasing a trend towards core assets in advanced manufacturing, healthcare, TMT, and military materials sectors [8].

Core Viewpoint - Guangyu Cloud Technology Co., Ltd. has officially launched its "Angel+ Round" financing, focusing on the construction of global digital infrastructure in the Web 3.0 era, with a target of 100 million yuan [1] Company Overview - Guangyu Cloud has signed contracts for projects exceeding 10 billion yuan and market contracts exceeding 600 million yuan, with potential contracts exceeding 30 billion yuan, indicating strong future growth potential [1] - The company has signed over 100 ecological service providers and has the potential to serve over 500,000 enterprises, establishing a broad industrial service network [1] Business Development - The third-generation commercial cloud service was officially launched on August 28, providing more efficient solutions for enterprise digital transformation [1] - The company successfully held the "2025 Global Computing Industry Forum and Distributed Computing Conference," enhancing its industry influence and promoting collaborative development in the computing industry [1] Financing Purpose - The funds from this financing will primarily be used for the technological research and global layout of Web 3.0 digital infrastructure, aiming to better serve the global market and inject new vitality into the high-quality development of the digital economy [1]

Core Viewpoint - The digital economy is significantly transforming daily life in Guizhou, enabling residents to easily complete various tasks such as travel booking, shopping, and government services through mobile devices, enhancing the quality of life and stimulating new consumption potential [1][4]. Digital Infrastructure - Guizhou has achieved full 5G network coverage in administrative villages, with over 99.9% mobile network coverage in natural villages, laying a solid foundation for digital consumption [4]. - The provincial government launched the "Colorful Guizhou Happy Shopping" campaign during the National Day and Mid-Autumn Festival, distributing consumption vouchers and offering discounts to consumers [4]. Consumer Trends - The retail sales of communication equipment in Guizhou are projected to grow over 30% year-on-year by mid-2025, with basic software development increasing by over 100%, indicating a strong support for consumption driven by digital industries [5]. - Digital technology is making shopping more convenient, with residents enjoying the benefits of online shopping and quick delivery services [5]. Smart Tourism - The "AI Tour of Xijiang" experience center has become a popular attraction, offering AI photography and smart ticketing services that enhance the visitor experience [7]. - The virtual assistant "Huang Xiaoxi" provides comprehensive travel services through a WeChat mini-program, making it easier for tourists to plan their trips [7]. - Innovative projects like the "Red Ribbon" initiative use immersive digital technology to create engaging new consumption scenarios for tourists [7][8]. Daily Life Applications - Big data applications in healthcare and government services are enhancing convenience for residents, such as the "24/7 Government Service Station" and "smart photo examination machines" that streamline processes [12]. - These innovations save time for citizens, allowing them to focus on enjoying life rather than running errands, thereby releasing consumer potential and improving quality of life [12].