本报告导读： 2026 年政府工作报告优化经济增长目标，着力调结构、防风险、促改革，推动投资 止跌回稳。进一步强化中国市场的稳定预期，新兴科技是主线，价值也会有春天。 投资要点： 请务必阅读正文之后的免责条款部分 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 黄维驰(分析师) | | | 021-38032684 | | | huangweichi@gtht.com | | 登记编号 | S0880520110005 | | | 郭胤含(分析师) | | | 021-38031691 | | | guoyinhan@gtht.com | | 登记编号 | S0880524100001 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan@gtht.com | | 登记 ...

Core Viewpoint - Guangdong has issued a notice to accelerate the high-quality construction of a digital society, aiming for significant advancements in digital infrastructure and technology application by 2027 and 2030 [1] Group 1: Goals and Timeline - By 2027, the digital foundation of society is expected to be more robust, with improved digital regulations and a significant increase in the application rates of new intelligent terminals and systems in social services, daily life, and governance [1] - By 2030, the integration of intelligent technologies with social development is anticipated to create an inclusive, smart, and convenient digital society in Guangdong, characterized by local cultural richness and alignment with contemporary development trends [1]

Core Viewpoint - Shanghai aims to achieve a GDP growth rate of around 5% for 2025, with a focus on enhancing its status as an international economic, financial, trade, shipping, and technological innovation center [3][5][12]. Group 1: Economic Goals and Projections - The main expected economic targets for Shanghai in 2025 include a GDP growth of approximately 5%, a 2% increase in local public budget revenue, and R&D expenditure reaching 4.6% of GDP [3][12]. - The "15th Five-Year Plan" outlines an average annual GDP growth target of around 5%, with potential growth levels estimated between 4.6% and 5.2% [3][12]. Group 2: Development of the "Five Centers" - The report emphasizes the continuous enhancement of the "Five Centers," which include international economic, financial, trade, shipping, and technological innovation centers [5][7]. - Specific initiatives include supporting industries such as smart connected vehicles, marine economy, low-altitude economy, aerospace, and satellite internet [5][11]. Group 3: New Quality Productivity - The focus is on integrating technological and industrial innovation to foster new quality productivity, including accelerating the application of major technological achievements and promoting intelligent, green, and integrated industrial development [9][10]. - Shanghai's R&D expenditure as a percentage of GDP reached approximately 4.5% in 2025, with significant growth in key industries like integrated circuits, biomedicine, and artificial intelligence [9][10]. Group 4: Modern Industrial System - The "2+3+6+6" modern industrial system aims to establish a world-class high-end industrial cluster, with a focus on traditional industry transformation and the development of three leading industries: integrated circuits, biomedicine, and artificial intelligence [10][13]. - By 2030, the plan targets that the total output value of strategic emerging industries will account for over 50% of the total industrial output value [12][13]. Group 5: Future Industry Layout - The report highlights the importance of forward-looking layouts in future industries, including quantum technology, brain-computer interfaces, and bio-manufacturing, to enhance Shanghai's competitive edge [14][12]. - The establishment of a reasonable investment mechanism for manufacturing and the promotion of collaboration between industry, academia, and research in emerging fields are emphasized [14][13].

要点速览 1.进一步扩大服务消费，丰富数字消费、悦已消费、邮轮消费供给 8.更大力度培育壮大长期资本、耐心资本 9.加快建设小洋山北作业区、东方枢纽上海东站、浦东国际机场四期等重大项目 10.围绕智算光网、类脑智能等领域，培育前沿技术和颠覆性技术 2.推动一批国有企业重组整合、协同发展 3.加大国有控股上市公司市值管理力度 4.加强科创板制度建设 5.加强算力设施、行业语料、垂类模型等布局建设，推动新一代智能终端、智能体等广泛运用 6.推动深远海风电等重大项目建设，新增新型储能应用规模50万千瓦 7.在集成电路、生物医药、人工智能等领域加快实施一批重大产业项目 二是着力加强核心功能建设，持续提升"五个中心"能级。其中，围绕深化国际金融中心建设，上海将配 合中央金融管理部门纵深推进金融体制改革，加强科创板制度建设，推动银行间和交易所债券市场互联 上海市第十六届人民代表大会第四次会议2月3日上午在上海世博中心开幕。上海市市长龚正作政府工作 报告。 根据政府工作报告，综合各方面因素，建议2026年上海市经济社会发展的主要预期目标是：全市生产总 值增长5%左右，地方一般公共预算收入增长2%，全社会研发经费支出相当于全 ...

2026.02. 03 本文字数：1990，阅读时长大约3分钟 作者 | 第一财经 金叶子 具体包括加快重大科技成果高效转化应用；推进产业智能化、绿色化、融合化发展；一体推进教育科技人才发展几个方面。 例如，深化科技成果全部赋权改革，支持概念验证平台、中试平台、高质量孵化器提升服务能级。深入实施"人工智能+"行动，加强算力设施、行业语 料、垂类模型等布局建设，推动新一代智能终端、智能体等广泛运用，加快重点产业智能化改造，新增50家以上先进智能工厂。 2025经济总量位居全球城市第五的上海，划定新一年的发展目标。 上海市第十六届人大四次会议2月3日上午开幕。上海市市长龚正作《政府工作报告》（下称"报告"）。 报告称，建议今年全市经济社会发展的主要预期目标，是全市生产总值增长5%左右，地方一般公共预算收入增长2%，全社会研发经费支出相当于全市 生产总值的比例达到4.6%左右，城镇调查失业率5%以内，居民人均可支配收入增长与经济增长保持基本同步。 关于今年科技和产业工作的重点，报告提出，在2026年主要任务"持续提升 '五个中心'能级"方面，深化国际经济中心建设。积极支持智能网联新能源汽 车、海洋经济、低空经济、航 ...

2025经济总量位居全球城市第五的上海，划定新一年的发展目标。 支持智能网联新能源汽车、海洋经济、低空经济、航空航天、卫星互联网等产业发展。 而"着力推进科技创新和产业创新深度融合，培育发展新质生产力"，也是今年的主要任务之一。 对于今年重点任务中的智能网联新能源汽车、海洋经济、低空经济、航空航天、卫星互联网等产业，上 海也陆续出台了相关文件。 具体包括加快重大科技成果高效转化应用；推进产业智能化、绿色化、融合化发展；一体推进教育科技 人才发展几个方面。 例如，深化科技成果全部赋权改革，支持概念验证平台、中试平台、高质量孵化器提升服务能级。深入 实施"人工智能+"行动，加强算力设施、行业语料、垂类模型等布局建设，推动新一代智能终端、智能 体等广泛运用，加快重点产业智能化改造，新增50家以上先进智能工厂。 刚过去的2025年，上海全社会研发经费支出相当于全市生产总值的比例达到4.5%左右。集成电路、生 物医药、人工智能三大先导产业规模突破2万亿元。新建7家高质量概念验证平台和6家高质量孵化器， 技术合同成交额达到6496.8亿元、增长24.9%，全市日均新增科技企业超过320家。 根据此前公布的 "十五五"规划 ...

Core Viewpoint - The Shanghai government aims for a GDP growth of around 5% for the year, with a focus on developing future industries and enhancing the modern industrial system [1][2][3] Economic Goals - The expected GDP growth for Shanghai in 2026 is also around 5%, with a target GDP of 5.67 trillion yuan by 2025, reflecting a growth of 5.4% [2] - Local general public budget revenue is projected to reach 850 billion yuan, with a growth of 1.5% [2] - The report sets a goal for R&D expenditure to be approximately 4.6% of the city's GDP, with an urban unemployment rate targeted to remain within 5% [2] Industry Development - The report emphasizes the cultivation of future industries such as brain-computer interfaces and fourth-generation semiconductors [3] - Implementation of the "Artificial Intelligence +" initiative is highlighted, focusing on enhancing computing power infrastructure and promoting the use of new intelligent terminals and models [3] - The construction of high-level innovation communities and the development of specialized industrial parks are prioritized [3] Investment and Infrastructure - A total of 255 billion yuan is planned for major engineering investments this year, including the construction of various metro lines and significant infrastructure projects [4] - The report outlines the initiation of several key transportation projects, including the extension of existing metro lines and the construction of new railways [4] Financial Reforms - The report calls for deepening financial system reforms and enhancing the construction of the Sci-Tech Innovation Board [5] - It aims to improve the connectivity of bond markets and explore the establishment of an offshore financial system [5] - There is a focus on fostering long-term and patient capital, enhancing the integration of finance and industry, and supporting sectors such as technology innovation and green development [5] Social Services - The report includes plans to reform elderly care services, with the addition of 2,000 cognitive care beds and 200 community-based elderly service stations [5] - It emphasizes the need for diverse services in community elderly care, including meal assistance and medical support [5]

Group 1 - The core viewpoint emphasizes the importance of consumer spending as a driver of economic growth and a reflection of people's quality of life, with a projected retail sales total of 25,433.59 billion yuan in 2025, representing a 4.4% increase from the previous year, surpassing the national average [1] - The government aims to activate the consumption engine through special actions to boost consumer spending, with representatives advocating for policies that closely link improving people's livelihoods with stimulating consumption [1][2] Group 2 - The stable growth in retail sales is attributed to the synchronization of activities and policies, including nearly 10,000 promotional events and a trade-in program that generated 79.1 billion yuan in consumption, benefiting over 7.5 million consumers [2] - The continuation of the trade-in policy is expected, with suggestions to increase public service spending and provide differentiated subsidies for smart and green products to enhance consumer willingness to spend [2][3] Group 3 - There is a shift in consumer behavior from primarily goods consumption to a balanced focus on both goods and services, with service consumption expected to be a significant growth driver due to its high frequency and multiplier effect [3] - Recommendations include creating a comprehensive consumption IP that integrates shopping, entertainment, dining, and health, leveraging the region's rich resources and cultural heritage to enhance consumer experiences [3] Group 4 - The government report highlights the need to improve consumer capacity and optimize the consumption environment, with suggestions to enhance infrastructure in underserved areas and strengthen market regulation to combat fraud and improve consumer rights [4] - Emphasis is placed on tapping into domestic demand and facilitating efficient economic circulation, with calls for integrating into the national market and promoting local brand activities to shift consumption growth from recovery to sustainable expansion [4]

Group 1 - The core viewpoint of the news is that Beijing's "14th Five-Year Plan" aims to actively serve and integrate into the new development pattern, promoting sustained and healthy economic development through key tasks such as strengthening industrial foundations, expanding domestic demand, and deepening reform and opening up [1] Group 2 - The plan emphasizes the implementation of a strategy to expand domestic demand as a key support for promoting economic circulation, aiming to create a more vibrant domestic demand system [2] - Beijing plans to build 2-3 new consumption landmarks with a scale of 100 billion, focusing on the integration of culture, commerce, tourism, and sports [2] - The development of consumption aggregation areas will include major projects like Universal Studios and the Beijing Olympic Center, enhancing the attractiveness of these areas [2] Group 3 - Investment is targeted to maintain an annual scale of 1 trillion, with a focus on stimulating investment in technology innovation, emerging industries, and urban renewal [3] - The plan outlines the need to increase investment in technology innovation and emerging industries, with a goal for innovation and industrial investment to account for 25%-30% [3] - Infrastructure investment is also prioritized, with a focus on major projects in transportation, energy, and disaster prevention, aiming for infrastructure investment to maintain a 20% share [3] Group 4 - The plan aims to build a more competitive modern industrial system, emphasizing the dual leadership of the digital economy and green economy [4] - The development of new trillion-level clusters will focus on artificial intelligence and green advanced energy, with a goal for the penetration rate of intelligent terminals to exceed 90% by 2030 [4] Group 5 - The plan highlights the importance of developing a highland for green advanced energy and low-carbon environmental protection industries, focusing on new energy storage and hydrogen energy [5] - The strategy includes enhancing the international influence of low-carbon environmental protection industries through intelligent monitoring and resource recycling [5]

《行动方案》提出了"两步走"发展目标：到2030年，全省智算服务规模达到5000PFlops，建成5个以上 数据标注基地、30个以上高质量行业数据集，打造50个以上垂直领域行业模型，培育2-3个人工智能产 业孵化器和3-5家生态主导企业，新一代智能终端、智能体等应用普及率超90%；到2035年，全省全面 步入智能经济和智能社会发展新阶段，人工智能应用水平跻身全国前列。 中国青年报客户端讯（中青报·中青网记者 陈卓琼）1月16日下午，江西召开新闻发布会，就近期印发的 《江西省"人工智能+"行动方案》（以下简称《行动方案》）进行解读。 刘兵说，未来，江西同步配套算力、数据、资金、人才等十个方面的保障措施，构建"任务清单+政策 清单"的闭环落实体系，实现各类要素向人工智能领域集中汇聚，为"人工智能+"行动落地见效筑牢坚实 支撑。 《行动方案》围绕国家确定的六大重点领域，结合江西实际，部署了十二大"人工智能+"重点行动。江 西省发展和改革委员会副主任刘兵介绍，十二大"人工智能+"重点行动，可分为产业赋能类、民生服务 类、治理提升类。其中产业赋能类，聚焦工业生产、农业生产、科技创新三大领域，推动智能化技术融 入产品研发 ...