宏观专题 消费补贴和信贷贴息如何推动扩内 需？——挖掘经济潜能系列二 2026 年 02 月 27 日 【宏观观点】 【风险提示】 挖掘价值 投资成长 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：陈然 证书编号：S1160524060002 相关研究 《"双碳"政策有望提力加速》 2026.02.25 《地方两会系列（一）——经济增长目标》 2026.02.13 2026.01.05 宏 观 研 究 / 宏 观 专 题 / 证 券 研 究 报 告 2025 年，补贴对经济的贡献加大，"两新""两重"等政策支撑消费和 投资稳步修复。一方面，消费补贴和供给优化协同发力，补贴类商品 增速保持高位。另一方面，"财政补贴+税收信贷优惠"对投资的影响 较大，设备更新、高技术服务、政策托底基建等重点领域投资较快增 长。 2026 年，扩内需政策持续优化，消费补贴和投资贴息或仍是年内核心 举措。"两新"政策的优化支持范围、补贴标准、实施机制，突出对中 小企业、绿色转型、新技术新产品新场景的支持。降低结构性货币政 策工具利率，同时对中小微民营、制造业设备更新、服务业贷款进行 贴息 ...

这个春节假期刚过，大家陆续回到工作岗位上。今天，咱们就好好盘点一下这个"史上最长"春节假期的文旅、消费等数据，看看马年新春里，大家都是怎么 过的。 首先，文旅市场亮点十足。先说一个有意思的变化：以前都是年轻人往家赶，今年多了不少"反向过年"的爸妈。平台数据显示，60岁以上的长辈订景区门票 的量同比增长了40%，像北京环球影城、上海迪士尼等这些地方，多了很多银发族的身影。而年轻人呢？不少人选择了小县城——阳朔、平潭等地的酒店平 台预订热度涨幅超4倍。你看，一边是爸妈去大城市看看热闹，一边是年轻人去小城寻个清静，这种双向流动，让春节假期有了更多可能性。 此外，今年春节国内游的订单又创新高，入境游的机票也翻了几倍。西安、成都等国内热门地区，多了不少穿汉服逛庙会的外国面孔，大家一起凑个"热 闹"。最新数据显示，经文化和旅游部数据中心测算，春节假日9天，全国国内出游5.96亿人次，较2025年春节假日8天增加0.95亿人次，国内出游总花费 8034.83亿元。春节吸引160多个国家和地区的游客，足迹覆盖国内300多个城市，较去年假期日均增长28.5%。 其次，很多人过年不光是吃吃喝喝，更愿意去体验点有年味的老传统。例如 ...

秦皇岛：新春佳节游客穿梭街巷逛集市 还有一个很明显的消费变化，值得关注：绿色家电、智能产品、健康年货越来越受欢迎。过年消费，不再是图便宜、图量大，而是更看重质量、看重体验、 看重生活品质。这也说明，咱们的消费市场，正在往更健康、更高质量的方向发展。日前，商务部、财政部、国家税务总局确定在50个城市开展有奖发票试 点，半年实施期内将发放100亿元奖补资金。其中，春节9天假期的奖金规模超10亿元。所以，不管你是买年货、下馆子、买家电，还是出门旅游，都能享受 到优惠。政府搭台、企业让利、大家得实惠，花钱更放心、更安心。 总体来看，今年马年春节消费市场，我想有三个关键词可以概括：有人气、有底气、有活力。人气，来自大家过年的热情；底气，来自惠民政策的支持；活 力，来自消费升级的新趋势。三者互为支撑，让我们看到了中国消费市场的强大韧性和潜力，共同绘就中国经济高质量发展的温暖底色。 新的一年，在政策助力和市场活力带动下，希望咱们的生活更红火，经济也如骏马奔腾，一路向上。 这个春节假期刚过，大家陆续回到工作岗位上。今天，咱们就好好盘点一下这个"史上最长"春节假期的文旅、消费等数据，看看马年新春里，大家都是怎么 过的。 首先， ...

来源：瑞恩资本 华勤技术招股书链接： 来自上海的A股上市公司华勤技术(603296.SH)发布公告，港交所上市委员会于2026年2月5日举行上市聆 讯，审议公司本次发行H股并上市的申请。 华勤技术本次发行上市的联席保荐人已于2026年2月6日收到香港联交所向其发出的信函，其中指出香港 联交所上市委员会已审阅公司的上市申请，但该信函不构成正式的上市批准，香港联交所仍有对公司的 上市申请提出进一步意见的权力。 本次发行H股并上市尚需取得香港证券及期货事务监察委员会和香港联交所等相关监管机构、证券交易 所的最终批准，该事项仍存在不确定性。 华勤技术，于2025年9月16日在港交所递交招股书，于2026年1月28日获中国证监会境外上市备案通知书 (可发行不超过101,573,100股H股)，中金公司、美林联席保荐。 华勤技术，作为一家全球领先、技术驱动的智能产品平台型公司，主要为全球领先科技公司提供涵盖移 动终端、计算及数据中心业务、AIoT和创新业务领域的智能产品。根据灼识咨询的资料，华勤技术是 全球领先的全栈智能产品ODM(原始设计制造)平台，在多个智能产品品类实现了全球第一，于2024年按 全球消费电子产品(包 ...

各大商圈、商业综合体、特色街区及夜经济专区人潮涌动。 赵丽丽 摄 春节期间，晋城掀起了一场覆盖服装、百货等热门品类的促消费热潮。新春大集暨网上年货节，三天时 间线上线下销售额近180万元。各县(市、区)重点商圈、品牌门店及夜经济专区联动发力，近40场特色 促销活动精彩纷呈，延长营业时间、引入文娱演绎，打造一站式消费场景。 春节团圆宴、亲友聚餐成为餐饮市场主流，多家餐饮企业上座率持续保持在95%以上。借力"太行山上 过大年"系列活动，在龙马湖推出美食配套，30个美食摊位累计销售额超28万元，有效拉动了餐饮消 费。 中新网晋城2月24日电 (杨佩佩 赵丽丽)2026年春节期间，山西晋城消费市场呈现出一派供需两旺、活力 迸发的景象。全市各大商圈、商业综合体、特色街区及夜经济专区人潮涌动，传统年味与时尚潮流交 织，消费潜能持续释放，奏响全年消费市场"开门红"的序曲。 山西晋城 2026年春 节期间，山西晋城消费市场呈现出一派供需两旺、活力迸发的景象。 张乐 摄 2026年消费品以旧换新政策在春节期间持续发力。晋城紧抓节日契机，通过加大政策解读和宣传力度， 鼓励商贸流通企业持续开展汽车、家电、数码产品及智能产品等展销活 ...

二是经济大省继续勇挑大梁。经济总量前十的省份占全国比重六成，是稳增长的"压舱石"与"风向标"。 2026年，有9个经济大省的增速目标保持在"5"字头，与2025年实际增速基本相当；广东增速目标 为"4.5%—5%"，高于其2025年3.9%的实际增速。经济大省保持相对较高的增长水平，将继续发挥拉动 全国经济增长的"火车头"作用。 三是高质量发展导向更加突出。各地不再单纯追求GDP增速，而是更注重实实在在、不含水分的增长， 力求在质的有效提升上取得更大突破。纵观各地政府工作报告，工作部署与"十五五"规划建议、中央经 济工作会议的主线高度契合，共同勾勒高质量发展"施工图"。 扩大内需，重点是坚持惠民生和促消费、投资于物和投资于人紧密结合。山东提出，持续扩大汽车、家 电、数码和智能产品等消费。上海提出，发展首发经济、夜间经济、直播经济、银发经济，丰富数字消 费、悦己消费、邮轮消费供给。"情绪经济""青春经济""票根经济""国潮IP"等新词热词，被写入多地政 府工作报告。投资方面更强调精准、有效。江西提出，聚焦新质生产力、新型城镇化、人的全面发展等 重点领域谋划实施项目。甘肃提出，发挥政府投资带动作用，激发民间投资活 ...

Core Viewpoint - The company Beishidake (300822) is expected to experience a significant decline in net profit for 2025, with changes in shareholder structure and involvement in smart home and AI sectors [1] Group 1: Performance and Financial Outlook - The company forecasts a net profit attributable to shareholders for 2025 to be between 8.6 million and 12.9 million yuan, representing a year-on-year decline of 76.65% to 84.43% [2] - The expected non-recurring net profit is projected to be between 8.14 million and 12.21 million yuan, also reflecting a decline of 76.85% to 84.57% year-on-year [2] Group 2: Shareholder Structure - As of September 30, 2025, the number of shareholders is reported to be 20,400, a decrease of 11.71% compared to the previous period [3] - Hong Kong Central Clearing Limited holds 739,800 shares, which is a reduction of 106,400 shares from the previous period [3] Group 3: Business Operations - The company's main business includes smart controllers and smart products, accounting for 67.14% and 18.47% of revenue, respectively, and is involved in smart home and artificial intelligence sectors [4] - In December 2025, the company announced a joint investment with professional investment institutions, although specific timelines were not disclosed [4]

Core Viewpoint - The article emphasizes the importance of boosting consumer spending as a strategic initiative to expand domestic demand, with a focus on implementing various measures to stimulate consumption effectively [1]. Group 1: Policy Initiatives - New policies for consumer goods trade-in and unique cultural tourism projects have been introduced to stimulate consumption, yielding positive results [1]. - The central economic work conference prioritizes "domestic demand as the main driver" for economic tasks in 2026, highlighting the need for integrated policy effects to enhance consumer motivation [1]. Group 2: Support for Durable Goods - Local governments are prioritizing support for trade-in programs for high-value durable goods such as electric vehicles and home appliances, which have shown significant short-term effects on consumption [2]. - However, the long lifespan and replacement cycles of these products may lead to diminishing marginal effects over time, necessitating a broader approach to subsidies and support [2]. Group 3: Supply and Demand Alignment - There is a current mismatch between strong supply and weak demand, with insufficient quality supply limiting consumption potential [3]. - The need to enhance the adaptability of supply and demand is critical, focusing on leading new supply with new demand and creating a virtuous cycle of domestic demand [3]. Group 4: Enhancing Consumer Capacity - Improving subsidy policies and optimizing the supply of goods and services can enhance consumer willingness to spend [3]. - It is essential to ensure that residents have the ability and confidence to consume, linking industrial development with job creation and income stability to foster a positive cycle of consumption [3].

Core Insights - The article discusses the launch of the "Wuhan Smart Economy Development Action Plan (2026-2028)" aimed at establishing Wuhan as a leading city in smart economy by 2028, with a target of over 200 billion yuan in AI industry scale and more than 1,500 AI-related enterprises [1][2][3] Group 1: Development Goals - By 2028, Wuhan aims for an AI industry scale exceeding 200 billion yuan and over 1,500 AI-related companies, establishing itself as a super-large AI city [1][6] - The plan emphasizes the integration of smart technologies with economic and social development across various sectors, including manufacturing, agriculture, and services [1][2] Group 2: Key Initiatives - The action plan includes eight major projects focusing on industrial upgrades, scene cultivation, infrastructure enhancement, data element development, and smart governance [7][14] - Specific targets include the production of high-performance computing power exceeding 15,000 P, a cumulative data transaction volume of 3 billion yuan, and the establishment of 1,000 large-scale data enterprises [6][10] Group 3: Infrastructure and Ecosystem - The plan outlines the construction of a multi-layered application ecosystem and advanced infrastructure to support smart economy initiatives, including enhanced 5G coverage and high-quality data sets [2][10] - It aims to create a collaborative innovation ecosystem that encourages technological breakthroughs and supports talent development [2][11] Group 4: Strategic Focus Areas - The strategy includes a shift from "Internet+" to "AI+" and emphasizes the importance of integrating smart technologies into various industries and public services [13][15] - The focus will be on three core industries: sensors, optical communication, and integrated computing, along with the development of application service providers and intelligent products [16][17] Group 5: Future Outlook - The plan anticipates that by 2025, the core industries of Wuhan's smart economy will reach a scale of 1.1 trillion yuan, positioning the city as a strategic growth engine for industrial upgrades [16][18] - The city aims to enhance its overall competitiveness and ensure the successful implementation of the smart economy development blueprint through detailed task assignments and organizational support [2][14]

Group 1 - The core viewpoint of the news is that China's fiscal revenue is expected to maintain stable growth in 2025, with strong support for key expenditures, reflecting an improving economic situation [1] - Fiscal revenue showed a trend of slight decline in Q1, turning to growth in Q2, and stabilizing in Q3 and Q4, indicating a gradual recovery in economic operations [1] - The proactive fiscal policy has increased counter-cyclical adjustments, with the deficit rate raised by 1 percentage point to 4%, and the issuance of special bonds to support state-owned banks [1] Group 2 - The fiscal policy aims to boost market consumption confidence by allocating 300 billion yuan for special long-term bonds to support consumer upgrades, promoting green and intelligent products [2] - Measures include personal consumption loan subsidies and support for new consumption models, enhancing both supply and demand sides to stimulate consumption potential [2] - Continuous strengthening of social welfare is emphasized, with increased funding for healthcare, pensions, and childcare subsidies, effectively enhancing residents' consumption capacity [2] Group 3 - In 2026, a more proactive fiscal policy will be implemented, maintaining necessary deficit levels and expanding total fiscal expenditure to support key areas like national strategy and basic livelihoods [3] - The focus will shift towards enhancing local financial autonomy and optimizing transfer payment structures to stimulate local economic vitality [3] - More funds will be directed towards consumption and social welfare, aiming to increase disposable income and consumption propensity, thus expanding domestic demand [3] Group 4 - Fiscal support will concentrate on high-level technological self-reliance, with increased investment in key laboratories and research institutions to strengthen foundational research [4] - The government will leverage investment funds to support leading enterprises in pioneering technological advancements in cutting-edge fields [4] - Collaboration between fiscal and financial sectors will be enhanced through special funds and risk compensation tools to support industries like AI, quantum information, and biomanufacturing [4]