[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 ...

1月8日早间，A股微幅震荡，主要股指涨跌互现，上证指数低开高走，深证成指、创业板指微幅飘绿、科创50、北证50小幅上涨。上涨个股多于下跌个 股，成交保持平稳。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | | 14003.09 | -0.20% | | 000001 | 上证指数 | D | 4089.45 | +0.09% | | 399006 | 创业板指 | | 3312.47 | -0.52% | | 000016 | 上证50 | | 3133.52 | -0.37% | | 000300 | 沪深300 | | 4753.96 | -0.48% | | 000688 | 科创50 | | 1468.93 | +1.77% | | 899050 | 北证50 | œ | 1508.34 | +0.81% | 盘面上，天津本地股、可控核聚变、产业互联网、航空装备等板块涨幅居前，金融股、一般零售、工程机械、饮料乳品等板块跌幅居前。 利好政策密集出台 天津本地股走强 早间，天津本地股集体高开高走，板块指数 ...

Group 1 - The core viewpoint of the article highlights the significant growth in consumer spending driven by various sectors, including automotive and home appliances, with a total sales amount exceeding 2.5 trillion yuan by November 2025, benefiting over 360 million people [2] - Online retail sales in the country increased by 9.1% year-on-year, while online service consumption surged by 21.7%, indicating that digital consumption and online services are becoming crucial drivers of domestic demand [6] - The silver economy market is projected to reach 15.8 trillion yuan this year, encompassing diverse areas such as elderly care services, health and wellness, and cultural tourism, with the new elderly demographic leading the upgrade in quality consumption [10] Group 2 - Domestic travel participation reached 4.998 billion trips in the first three quarters of 2025, marking an 18.0% year-on-year increase, with spending amounting to 4.85 trillion yuan, reflecting tourism consumption as a key area for boosting overall consumption [13] - The "emotional economy" in China is expected to exceed 2 trillion yuan this year, driven by trends such as the popularity of collectible toys and cross-province concert attendance, showcasing strong growth momentum in emotional consumption [17] - The event economy is anticipated to become a significant engine for economic growth in 2025, with major monitored events, such as the "Suo Super," generating over 38 billion yuan in consumption across various scenarios, demonstrating robust consumer driving capacity [20]

Core Insights - The number of centenarians in Hangzhou has reached 1,929 as of September 2023, reflecting a significant increase of 215 individuals compared to the same period in 2022, indicating a growing elderly population in the region [1] - The increase in centenarians is attributed to various factors including economic development, improved living conditions, healthcare advancements, and positive lifestyle choices among the elderly [1] Group 1: Demographics and Statistics - Hangzhou has a total of 1,929 centenarians, with a gender ratio of 1:2.2, and the number has tripled from 648 in 2016 [1] - The districts with the highest number of centenarians are: Shangcheng District (369), Xiaoshan District (312), Gongshu District (305), Xihu District (237), and Fuyang District (151) [1] Group 2: Healthcare and Social Services - The city has established a comprehensive social security system that provides stable living guarantees for the elderly, with increasing pension standards for both urban and rural residents [1] - Hangzhou has built 224 elderly care institutions with 33,000 beds, over 2,900 home care service centers, and 2,400 senior dining halls, creating a "15-minute happiness elderly care service circle" [2] Group 3: Lifestyle and Health Factors - A survey indicated that most centenarians avoid smoking and drinking, with one-third engaging in regular exercise, and nearly 80% maintaining a light diet rich in fresh vegetables [2] - Over half of the centenarians consume fresh meat and soy products regularly, while nearly half rarely eat pickled or sugary foods [2]

Group 1: Expansion of Domestic Demand - The primary focus for the second half of the year is the comprehensive expansion of domestic demand, with continuous signals for policy implementation being released [2] - The State Council's meeting on July 16 emphasized strengthening domestic circulation and introduced targeted measures, including investments in emerging service industries and optimizing the old-for-new consumption policy [2] - The Ministry of Finance announced plans to accelerate the introduction of policies to boost consumption, guided by the "Special Action Plan for Boosting Consumption" [2][3] Group 2: Anti-Competition Measures - The central economic work conference highlighted the need to comprehensively address "involution" competition, indicating that "anti-involution" will be a significant policy topic in the second half of the year [4] - The Central Financial Committee's recent meeting called for the promotion of a unified national market and the regulation of low-price competition among enterprises [4] - Experts view the current wave of "anti-involution" policies as "Supply-Side Reform 2.0," aimed at addressing the negative effects of excessive competition on profitability and innovation [4][5] Group 3: Stabilizing Real Estate and Stock Markets - The goal of stabilizing the real estate and stock markets has been included in this year's government work report, with expectations for further policy deployment in the second half of the year [7] - Recent policies have focused on stabilizing expectations, activating demand, optimizing supply, and mitigating risks in the real estate market [7] - The stock market has shown significant improvement, with the Shanghai Composite Index surpassing 3500 points, indicating that it is no longer a major variable affecting policy decisions [7][8]

Key Points - The article emphasizes the importance of high-quality development and the need for strategic actions in response to external pressures on the economy [3][4] - It highlights the significance of domestic consumption and the potential for growth in this area, particularly through policies aimed at increasing the income of middle and low-income groups [4][5] - The article discusses the necessity of expanding high-level opening-up to counterbalance external uncertainties, including the need for financial support for foreign trade [7][9] - It points out the resilience and adaptability of Chinese enterprises in facing external challenges, showcasing examples of businesses that have successfully navigated these pressures [12][14] - The integration of domestic and foreign trade is presented as a viable strategy for companies to enhance their competitiveness and market presence [15]

新闻发布会现场。 4月25日，记者从内蒙古自治区人民政府新闻办召开的"内蒙古自治区优化调整消费品'以旧换新'政策解 读"新闻发布会获悉，今年国家进一步加大消费品"以旧换新"资金支持力度，扩大了补贴支持范围，内 蒙古高度重视，积极推动政策落实，不断取得新进展新成效。一季度，内蒙古社会消费品零售总额同比 增长6.7%。 今年内蒙古发展改革委从三个维度发力，全力推进消费品"以旧换新"工作，确保老百姓享受到"真金白 银"的优惠政策。 完善政策体系。国家今年出台加力扩围实施"两新"通知后，内蒙古发展改革委会同财政厅第一时间印发 内蒙古落实政策、分配下达盟市补贴资金，各有关行业主管部门也陆续印发了分领域补贴细则。近期， 内蒙古发展改革委还会同相关部门联合印发了《内蒙古自治区消费品以旧换新补贴资金全流程管理工作 方案》，进一步明确资金分配、下达、审核、拨付、清算全流程各环节工作要求和时限要求，保障企业 和消费者尽快拿到补贴资金，充分享受到"真金白银"的优惠政策。 加强调研督促。内蒙古发展改革委强化进度管理，按周调度汇总各领域、各盟市补贴资金使用情况，从 不同维度全面细致掌握内蒙古消费品以旧换新工作进展，会同财政厅、商务厅、 ...