点击注册小程序 查看完整报告 （张旭） 2026-03-05 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】如何科学评价"春节月"的PMI？——2026年3月4日利率债观察 传统方法是依照PMI是否超过50%判断，当制造业PMI高于50%时，反映经济总体较上月扩张，当低于 50%时，则反映经济总体较上月收缩。在投资实践中，部分投资者重点关注当期值相对于上一期值的变 化，这种方法的好处是可以灵敏地对最新数据进行感知。我们认为也可以与历史的分位数相比，例如与中 位数和1/4分位数相比。 （张旭） 2026-03-04 您可点击今日推送内容的第1条查 看 【固收】物价的合理回升与长债的收益率——2026年3月5日利率债观察 2025年四季度以来，推动物价回升的积极因素便不断累积。去年12月CPI当月同比涨 ...

点击小程序查看报告原文 2月市场出现结构分化，"涨价"主题因具备确定性表现突出，一方面是与地缘风险上升、资源安全相关的有色、石油石化、油运等，另一方面是受益于AI 相关投资扩张的存储、PCB、MLCC等成长细分行业。3月初全国"两会"召开，有利于提振市场情绪。今年是"十五五"开局之年，市场对于稳增长政策落地 预期较为积极，"两会"期间涉及消费、民生、科技、能源等领域的中长期改革有望逐步部署、实施。在全球货币秩序重构、AI应用推广、国内稳增长与改 革等因素支撑下，市场"稳进"趋势有望延续，当前仍是配置可为"窗口期"。 大类行业景气表现：1）能源及基础材料："涨价"商品具备需求支撑与业绩确定性。 在我们观察的主要商品中，2月能源（石油、煤炭）、有色表现较 好，动力煤、WTI原油、伦敦金、铜、碳酸锂、镨钕氧化物、钨条、锑、南华玻璃指数分别环比上涨8%、3%、8%、2%、7%、18%、20%、4%、1%，而 多数地产链商品延续弱势，焦煤、焦炭、铁矿石、化工产品价格指数、水泥价格指数、锌、钴分别下跌5%、5%、5%、2%、1%、2%、3%，螺纹钢、铝 价格基本持平。近期中东地缘风险显著上升，供应冲击、避险情绪等推升原油 ...

Asia Insights Global Markets Research Economics - Global Asia: IEEPA invalidation = Near-term relief, medium-term fog Lower tariffs are a positive for Asia's growth in the near term, but trade policy uncertainty is back. Negotiations will proceed at a slower pace. State of tariff play After the US Supreme Court (SCOTUS) struck down President Trump's International Emergency Economic Powers Act (IEEPA) tariffs in a 6-3 ruling, President Trump announced that he would impose a 10% temporary import surcharge (la ...

Core Insights - The Changsha Economic and Technological Development Zone held a high-quality development conference for 2026, inviting 300 key enterprises and executives to discuss development opportunities [1] - The conference introduced a comprehensive investment opportunity list for 2026, with a total expected investment scale exceeding 50 billion yuan, focusing on various core areas such as zero-carbon park development and AI+ manufacturing [1][2] Group 1: Investment Opportunities - The first batch of the "Top Ten Investment Opportunities List" for 2026 was released, targeting major asset revitalization, smart platform construction, and industry-education integration [1][2] - The zone aims to support the construction of 100 basic-level smart factories and promote AI applications through initiatives like "computing power vouchers" for small and medium-sized enterprises [2] Group 2: Innovation and Support Systems - The "Star Innovation Hub" service system was launched to address information silos and resource mismatches in technological innovation, featuring an online matching platform and a series of brand activities [2] - A fund service system was introduced, including a 5 billion yuan advanced manufacturing industry fund to support key industries and emerging future industries [3][4] Group 3: Economic Performance and Recognition - The zone has seen a 24% annual growth in the number of high-tech enterprises and has established 230 new R&D institutions, showcasing its role as a pioneer in building "three high grounds" in Hunan [3] - The conference recognized 100 enterprises for their outstanding contributions to the zone's development, with notable companies like SANY Group and Lens Technology receiving accolades [4]

Group 1 - The "Spring Breeze Action" job fair in Shiyan Economic Development Zone provided over 6,000 job positions from 136 companies across various sectors including new energy, smart connected vehicles, cross-border e-commerce, and modern services [1][3] - Job seekers, including recent graduates and skilled workers, were actively engaging with employers, with one candidate expressing satisfaction with a job offer in mechanical repair offering a monthly salary between 6,000 to 8,000 yuan [3] - The majority of job openings were in the automotive and automotive parts sector, with positions such as salespersons, sales managers, product engineers, technical engineers, and various skilled labor roles being highlighted [3] Group 2 - The event featured initiatives aimed at improving recruitment efficiency, including one-on-one job matching, online and offline interactive sessions, and direct access to supportive policies [5] - Over 2,000 individuals reportedly reached employment agreements during the event, indicating a strong demand for labor in key industries [5] - Companies like Hubei Yageli Electric Co., Ltd. offered competitive salaries, with salespersons earning over 80,000 yuan annually and sales managers potentially earning up to 200,000 yuan [3]

Core Viewpoint - The Changsha Economic Development Zone has launched 18 major projects with a total investment of 25.195 billion yuan, emphasizing the importance of project-driven economic growth and development in the region [1][3]. Group 1: Project Launch and Investment - A total of 18 major projects have officially commenced construction, with a combined investment of 25.195 billion yuan [1]. - In 2025, the zone plans to initiate 56 major projects and has already completed investments of 14.364 billion yuan, exceeding the annual target by 23.39% [1]. - The zone has 39 major projects included in the municipal development and reform commission's assessment, with a planned total investment of 63.694 billion yuan [1]. Group 2: Industry Focus and Development - The newly launched projects span various sectors, including engineering machinery, automotive parts, high-end equipment, electrical equipment, new energy, electronic information, new materials, and medical devices [3]. - The Changsha Economic Development Zone is home to two trillion-level industrial clusters in engineering machinery and automotive parts, with leading companies like SANY Group and CRRC maintaining strong global rankings [3]. Group 3: Innovation and Research - The zone is establishing a high-energy innovation platform matrix, attracting international and domestic research institutions, including the global R&D center of Megmeet and the Bosch electric drive system R&D center [4]. - As of January, the zone has accumulated 388 various innovation platforms, including 29 national-level platforms, forming a comprehensive innovation system [4]. - The Megmeet smart industrial base project, with an investment of 5.16 billion yuan, will focus on intelligent production lines and R&D testing platforms for various high-tech products [6].

□ 孙峰承 产业链、供应链是大国经济循环畅通的关键支撑，更是筑牢国家经济安全、推动高质量发展的重要保 障。江苏是制造业大省，拥有全国最大规模的制造业集群。与此同时，全省制造业产业链供应链也存在 进口端对外依存度高、生产端关键核心技术受制于人、市场端出口贸易受限等薄弱环节。针对这些薄弱 环节江苏应坚持统筹兼顾、系统推进，多措并举提升产业链供应链韧性和安全水平，坚定扛起经济大省 挑大梁的责任担当。 进口端重在"补链"， 补齐多元化供应链断点 找准关键断供环节，集聚优质资源保障供应。组织专家从产业链各环节摸排信息，锁定关键断供节点， 深入调查对外依存度较高的领域，科学评估产业链断链、断供风险。通过建强重点实验室、组建产业高 层次智囊团、鼓励龙头企业引育人才、加大科创奖补、深化产学研合作等举措，集聚创新、人才、政 策、技术等各类要素，推动实现本土供应。 建立本土化生产基地，补足本土化资源要素供给。发挥财政补贴与基金投资引导作用，鼓励企业加大核 心技术、关键原材料研发投入，支持企业在本土建设生产基地，提升关键零部件和原材料本土化水平。 强化链主企业引领，提高关键行业核心零部件本土化生产能力。设立专项资金支持高端新材料、 ...

央视网消息：假期进入尾声，不少务工人员开始返岗，各地通过返岗"点对点"包车等形式解决务工人员"出行难"。有的地方把招聘 会办在"家门口"，便利一部分务工者留在家乡就业。 "点对点"返岗直通车启程 家乡味温暖返岗路 作为三峡库区的劳务输出大县，重庆忠县这两天一辆辆"点对点"返岗直通车整装待发，外出务工人员有序排队安检、候车。为保障 务工群体平安、便捷出行，当地人社部门在节后返岗高峰期组织了300多辆专车，分批护送外出务工人员安全到达目的地。腊肉、 柚子、柑橘、油豆腐、汤圆粉，成了返程行囊里的"标配"。 专车接驳复工包机 实现"落地即进厂" 2月22日，一架免费搭载了181名云南籍务工人员的返岗复工包机顺利抵达福州长乐国际机场，经过短暂休整，务工人员搭乘专车前 往福州市的26家企业，实现"落地即进厂"的无缝衔接。 家乡产业升级 招聘会促进"家门口"就业 除了返程务工，很多地方也举办了各种形式的新春招聘会，有效推动人员与岗位的精准对接。在安徽芜湖南陵县，招聘会提供就业 岗位4000多个，涵盖汽车及零部件、新能源、智能物流装备制造、电子信息等重点产业，吸引数千名求职者前来咨询应聘。 招聘会岗位丰富 满足不同群体就业需 ...

（来源：嘉兴日报） "不敢说能为家乡带来多少直接投资，但我会利用自己的身份，多多促成嘉兴与德国莱茵—美因地区之 间商业代表团的互访。"从海盐澉浦走出的"村娃子"袁袭，在德国创业生活20余载，却始终乡音未改。 作为拥有300多家企业会员的商业俱乐部亚洲事务主管，她惦念的不仅是家乡"炒雪冬"的乡土滋味，更 是如何让家乡的企业走向世界，让世界的资本看见嘉兴。 活动伊始，嘉兴市商务局、市投资促进中心相关负责人便为乡贤们送上了一份厚重的"家乡发展报告"。 报告不仅细数了嘉兴经济社会发展的最新成果，更重磅推介了以新材料、新一代网络通信、智能光伏、 新能源汽车及零部件为核心的"135N"现代产业体系。面对新一轮科技革命，嘉兴已然在人工智能、临 空经济等新兴赛道上提前布局，展现出强大的产业韧性与未来潜力。 "每次回来，都能感受到嘉兴的更新和变化。"从嘉兴一中毕业走出去的郁虹刚，亲身经历了中国制造的 辉煌十年，如今转身为投资人，他对家乡产业的蝶变升级感触尤深。正是家乡这份扎实的产业底气和清 晰的战略眼光，让他毫不犹豫地作出了"优先选择家乡"的承诺。 活动的重头戏是"嘉兴市招商合作大使"的聘任仪式。9位来自航空航天、投资金融、生 ...

Group 1 - Nanshan District in Shenzhen has become the first district in China to surpass a GDP of 1 trillion yuan, highlighting the potential of China's economy and the emergence of more districts aiming for similar achievements [1][2] - The economic leap of Nanshan is attributed to Shenzhen's innovative ecosystem, the collaborative opportunities provided by the Guangdong-Hong Kong-Macao Greater Bay Area, and the effective interaction between government and market forces [2][3] - The construction of a unified national market is breaking down regional barriers and reshaping economic geography, creating opportunities for more districts to replicate the "Nanshan miracle" [2][3] Group 2 - The county-level economy in China now accounts for nearly 40% of the national GDP, indicating its significance in the national economy and a narrowing gap in regional development [3] - Various counties are developing unique industrial clusters, such as Jiangyin's listed companies and Yiwu's global trade network, contributing to a multi-faceted economic growth across different regions [3][4] - The acceleration of industrial upgrades in specific sectors, such as electronics and sports goods, is driving China's economy towards higher-end, intelligent, and green transformations [4][5] Group 3 - Nanshan District leads in innovation, with over 860 invention patents per 10,000 people, significantly higher than the national average, indicating a strong capacity for innovation [5] - The rapid development of county clusters is expected to spread quality innovation resources across broader regions, enhancing the overall stability and resilience of China's economy [5] - The breakthrough of Nanshan is seen as a new starting point, with over 2,800 counties in China poised to unleash their potential and contribute to economic growth [5]