[Table_Title] 策略研究|策略跟踪报告 地方两会着力促进经济高质量发展 [Table_ReportType] ——策略跟踪报告 [Table_ReportDate] [投资要点： Table_Summary] | [Table_Authors] 分析师: | 宫慧菁 | | --- | --- | | 执业证书编号： | S0270524010001 | | 电话： | 18028875418 | | 邮箱： | gonghj@wlzq.com.cn | [Table_ReportList] 相关研究 A 股迎来春节行情，资金表现活跃 A 股盈利能力有望延续回升 机构配置侧重成长与周期板块 报 告 证 券 研 究 报 告 [Table_RightTitle] 2026 年 03 月 03 日 策 略 跟 踪 策 略 研 究 ⚫ 各地召开两会，明确今年工作重点。截至 2 月 25 日，31 个 省（自治区、直辖市）已全部召开了地方两会，公布了 2026 年经济社会发展的主要预期目标，明确各地产业发展思路 及年度工作重点。多个主要经济大省明确坚持稳中求进工 作总基调，完整准确全面贯彻新发展理念，扎实推 ...

北交所策略专题报告 2026 年 03 月 01 日 2025 北交所业绩快报：五大行业均增收，化工新材利润修复领跑 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所业绩快报出炉，化工新材实现营收+归母净利润同比增长 截至 2025 年 2 月 28 日北交所 2025 年业绩快报披露完毕，整体企业营收增速为 5.79%，归母净利润增速为-8.68%。从收入端来看，2025 年北交所企业营业收入 均值为 7.36 亿元，同比 2024 年均值增长 5.79%；中值为 4.19 亿元，同比 2024 年中值增长 0.05%。从利润端来看，2025 年北交所企业归母净利润均值为 4337 万元，同比 2024 年均值下滑 8.68%；中值为 2979 万元，同比 2024 年中值下滑 23.56%。从营收增速的分布维度来看，北交所 2025 年营收实现正增长的企业占 比 62.71%。2025 年北交所共有 185 家公司营收同比正增长，20 家公司增速超 40%。从归母净利润增速的分布维度来看，北交所 20 ...

本报讯（记者 王薇）近日，中国消费者协会确定并对外发布2026年全国消协组织消费维权 【下载黑猫 投诉客户端】年主题为"提升消费品质"。为进一步了解目前消费领域特别是提升消费品质方面存在的短 板问题和消费者期待，提出具有可操作性的建议，中国消费者协会自即日起正式启动2026年"提升消费 品质"消费维权年主题调查。 自2016年起，中消协已连续10年围绕全国消协组织消费维权年主题策划实施消费维权年主题调查工作， 调查结果受到市场监管部门的关注和重视，为推动消费者权益保护工作提供了重要参考。 为确保调查过程及结果的科学、公正、客观、有效，本次调查围绕受访群体的来源分布、群体属性及消 费者在消费感知、消费习惯、消费意愿、消费预期、消费环境、维权体验等方面的感受设定了相应的题 目。 本次调查从2月27日开始至3月6日结束，消费者可以点击问卷链接https://v.wjx.cn/vm/rJ0AXnb.aspx）或 扫描右侧二维码参与答题，也可通过微信、微博等平台搜索官方账号"中国消费者协会"点击相关链接参 与答题。 ...

t 31 - 11 - 1 Friday of Special A JUDD 深圳商报·读创客户端记者 钟国斌 马年初八将迎来A股首个交易日，A股市场将如何运行？招商证券首席策略分析师张夏接受记者采访时表示，马年A股慢牛行情有望延续。"2026年上市公司 盈利增速有望进一步回升，预测非金融及两油A股上市公司2026年有望实现5%至10%的温和增长，盈利增速将会对A股市场上行产生关键动力。"他分析指 出，2026年A股整体仍处在盈利增速回升和估值温和扩张的阶段，预计上证指数上涨幅度介于10%至15%之间。 "A股本轮上行周期正从流动性驱动、赛道股占优的'牛市第二阶段'，向以盈利改善为驱动力的'牛市第三阶段'过渡。关键观察变量是PPI的触底回升，这通常 标志着企业盈利实质性改善"。张夏表示，在此过渡期内，市场风格将趋于均衡。 2026年以来，A股日均成交额保持在2万亿元上方。张夏认为，在A股过去两年有较好赚钱效应以及整体中高回报率资产荒的背景下，2026年A股资金供需有 望延续较大规模净流入，或达1.56万亿元，为实现慢牛带来流动性支持。 具体来看，资金供给端，公募基金将延续发行回暖趋势，如果能够有效突破扭亏阻力 ...

为深入贯彻落实财政部、商务部关于消费"三新"（新业态新模式新场景）试点工作部署，加快推动"三新"试点工作落地见效，进一步激发消费市场活力、 促进服务消费高质量发展，2月11日，西宁市组织召开全市消费"三新"试点工作培训会。相关市直部门，各县区政府、园区管委会的分管负责同志及业务 骨干，重点企业、行业协会代表等共计三百余人参加培训。 为确保培训精准对接企业需求、提升政策辅导实效，市商务局在会前广泛征集企业对培训内容的关切与建议。会议特邀消费领域资深专家，在前期调研基 础上进行专题辅导，系统解读国家"三新"试点政策框架、支持重点、申报遴选标准与材料编制要求，并结合实际案例对常见问题进行细致剖析。在互动答 疑环节，专家就企业代表关心的问题给予现场解答与指导，现场交流热烈，反响积极。 下一步，西宁市将加快完善并正式印发《项目申报指南》，全面启动项目公开征集、评审遴选等工作，推动试点建设尽快取得实质性进展，为我市经济社 会高质量发展注入新动能。 培训会上，市商务局通报了试点工作最新进展，分析了当前项目储备中的突出问题，并对下一步项目提质、申报评审、资金监管等工作进行了具体安排。 市政府副秘书长张奎同志就贯彻落实市主要领 ...

Summary of Conference Call Notes Company/Industry Involved - The conference call primarily discusses the Chinese stock market and investment strategies, with a focus on various sectors including consumer goods, technology, and financial services. Core Points and Arguments 1. **Market Sentiment and Predictions** - The market is expected to experience a "small red envelope" rally before the Spring Festival, indicating a bullish sentiment for holding stocks [3][4][5] - The Shanghai Composite Index has shown signs of weakness, breaking below the 20-day and 5-week moving averages, suggesting a potential end to the previous upward trend [4][5][10] 2. **Market Structure and Adjustments** - The market is undergoing a significant adjustment phase, with a possible three-part correction structure (A-B-C) anticipated [5][9][14] - The recent market volatility has led to a shift in investment style, favoring large-cap stocks over small-cap growth stocks [6][7][21] 3. **Sector Performance** - Consumer sectors, particularly food and beverage, have shown strong performance, while resource and technology sectors have underperformed [11][12][28] - The financial sector, particularly brokerage firms, is expected to enter a bullish phase starting February 4, 2024, although immediate large gains are not anticipated [8][24] 4. **Investment Strategy Recommendations** - Investors are advised to maintain positions but reduce exposure to high-volatility sectors, focusing instead on sectors with lower risk and higher potential for recovery [21][22][23] - Specific sectors to watch include securities, consumer services, and building materials, which are expected to perform well in the current market environment [23][24][28] 5. **Market Dynamics and Future Outlook** - The market is likely to remain in a volatile but upward-trending phase leading up to the Spring Festival, with potential for a rebound after the holiday if no significant negative events occur [15][16][20] - The overall market sentiment remains cautiously optimistic, with expectations of continued sector rotation and a focus on value-oriented investments [19][21][28] Other Important but Possibly Overlooked Content 1. **Historical Context** - The market has experienced significant growth over the past two years, with a rise of over 2500 points, leading to concerns about sustainability and potential corrections [25][26] 2. **Sector Rotation and Investment Behavior** - There is a clear trend of funds reallocating from previously high-performing sectors (like technology and resources) to more stable sectors as investors seek to mitigate risk [22][28] 3. **Technical Analysis Insights** - The analysis indicates that the current market structure is not conducive to a straightforward upward trend, suggesting that investors should be prepared for fluctuations and adjust their strategies accordingly [10][12][25] 4. **Emerging Themes and Indices** - New themes in the market include traditional industries and sectors like electric equipment and consumer services, which are gaining traction as investors seek stability [28][30][31] 5. **Investor Sentiment and Behavior** - There is a noted disconnect between past market performance and current investor expectations, with many still expecting continuous growth despite recent volatility [25][26]

Core Viewpoint - Jiangsu Province has announced the implementation of spring and autumn breaks for primary and secondary schools starting in 2026, with specific arrangements released by cities like Nanjing, Suzhou, and Yangzhou [1][2]. Group 1: Spring Break Implementation - Spring break will be scheduled before the Qingming Festival, allowing for a continuous 6-day holiday [1]. - Nanjing's spring break is set from April 1 to April 3, 2026, aligning with the Qingming holiday on April 4-6 [2]. - The arrangement considers seasonal characteristics and aims to provide students with a break after intensive study periods, facilitating outdoor activities and family time [2]. Group 2: Autumn Break Implementation - Autumn break is planned for the third week of November, providing a 5-day holiday by connecting it with the preceding weekend [5]. - This timing addresses the long gap between the National Day holiday and the New Year, helping to alleviate student fatigue from continuous study [5]. - The autumn break is strategically placed after mid-term exams to reduce anxiety and promote a positive mindset [5]. Group 3: Educational Adjustments - The spring and autumn breaks will be implemented for grades 1-9 in compulsory education, with flexibility for local adjustments [3]. - Schools must ensure that the total number of teaching weeks remains unchanged and avoid scheduling new lessons or exams during these breaks [3]. - Nanjing mandates strict adherence to the "double reduction" policy, limiting homework during breaks and prohibiting supplementary classes [3]. Group 4: Support for Working Parents - Suzhou encourages employers to adopt flexible leave policies that align with school breaks, facilitating family time [4]. - Schools will provide custodial services for students without supervision during breaks, ensuring safety and organized activities [4]. - Custodial services will focus on non-academic activities and will not charge fees for supervision, only for meals based on actual costs [4].

Group 1 - Amazon's high CAPEX indicates strong demand for facilities, benefiting optical communication targets [2][12][22] - In 2024 and 2025, Amazon's cash capital expenditures are projected to reach $77.7 billion and $128.3 billion, primarily for technology facilities and fulfillment network construction [2][12] - The optical communication industry is expected to grow steadily, with China's market size projected to reach 147.3 billion yuan in 2024, reflecting a compound annual growth rate of 5.18% from 2021 to 2024 [14][15] Group 2 - The report identifies five optical communication-related companies on the Beijing Stock Exchange and three on the New Third Board, with a total market capitalization of 55.213 billion yuan as of February 6, 2026 [23][24] - Key companies include: - Hengtong Optic-Electric (920045.BJ) focuses on passive optical components, with a market cap of 24.302 billion yuan and a net profit growth of 123.75% [24][25] - Wanyuantong (920060.BJ) specializes in optical module PCBs, achieving a revenue growth of 15.39% [26][28] - Yunling Optoelectronics (874775.NQ) has seen a revenue increase of 78.17% and a net profit growth of 329.30% [29][34] Group 3 - The pharmaceutical and biological industry on the Beijing Stock Exchange showed an average weekly change of +0.14%, while other sectors like high-end equipment and information technology experienced declines [3][35] - The average P/E ratio for the pharmaceutical and biological sector rose to 29.7X, indicating a positive trend in this industry [48] Group 4 - The technology new industry saw a median P/E ratio decrease from 41.5X to 40.6X, with a total market value decline from 531.795 billion yuan to 527.389 billion yuan [4][57][58] - The report highlights that 27 out of 159 companies in the technology new industry experienced stock price increases, with an average decline of -2.18% for the sector [52][54]

兵团持续深化ODR机制建设，优化诉求处置流程，实行"接诉即办+跟踪回访"全闭环管理，让消费维权 更高效、更便捷。2025年，兵团在线化解消费纠纷1348件，13.2%的消费纠纷实现源头化解。 兵团市场监管局相关负责人表示，将深入开展优化消费环境三年行动，进一步构建"企业自律、消费者 监督、政府监管"的消费维权共治格局，切实维护消费者合法权益，提振消费信心。 本报乌鲁木齐讯（全媒体记者 谌慧） 记者从兵团市场监督管理局获悉，2025年，兵团以构建消费维权 【下载黑猫投诉客户端】多元共治格局为核心，进一步推进在线消费纠纷解决机制（ODR）建设， ODR企业发展质量较上年大幅提升，为兵团消费环境提质升级注入强劲动力。 近年来，兵团按照"政府引导、行业自律、企业自愿"原则，择优吸纳消费集中领域、管理规范、信用优 良的经营主体入驻ODR体系，促进经营主体落实首问责任制，让消费纠纷化解在源头、和解在企业、 解决在基层。2025年，兵团新增ODR企业83家，总数达282家；ODR企业投诉按时办结率提升至 97.98%，和解成功率达88.83%。 ...

Group 1 - The implementation of new national standards starting February 1 aims to guide and regulate emerging industries, protect consumer rights, and ensure public safety [1][2][3][4] - The "5G Mobile Communication Network Security Technical Requirements" standard establishes a security framework for 5G networks, enhancing communication security capabilities during integration with vertical industries [1] - The "Software Process Capability Maturity Model" standard outlines requirements for software process improvement, promoting the overall capability level of the software industry in China [1] Group 2 - The "Energy Metering Equipment Provision and Management Guidelines" standard mandates principles and accuracy requirements for energy metering, aiding energy conservation and economic efficiency for enterprises [2] - The "Guidelines for the Conversion of Scientific and Technological Achievements into Standards" standard facilitates the transformation of cutting-edge technologies into standards, promoting deep integration of standards with technological and industrial innovation [2] - The "General Technical Requirements for Student Rest Desks and Chairs" standard ensures the quality of rest furniture for students, addressing the needs of non-boarding school students [2] Group 3 - The "Design Guidelines for Elderly Furniture" standard provides design recommendations to better meet the needs of elderly users, improving their quality of life and safety [3] - The "Barcode Symbol Placement Requirements" standard standardizes barcode placement on products, enhancing data collection efficiency in the supply chain [3] - The "Consumer Experience Center Construction and Service Guidelines" standard establishes principles for building consumer experience centers, promoting high-quality economic development through improved product evaluation and service levels [3] Group 4 - The "Elevator Safety Requirements Part 2" standard specifies safety parameters for elevators and their components, providing technical support for safety evaluations [4] - The "Basic Requirements for Earthquake Rescue Team Capability" standard outlines overall requirements for rescue teams, enhancing the effectiveness of life-saving operations during earthquake disasters [4]