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：杨雅婷 证书编号：S1160525100004 宏观专题 地方两会系列（二）——重点工作如何 部署？ 2026 年 02 月 26 日 【宏观观点】 【风险提示】 挖掘价值 投资成长 联系人：李沅芷 相关研究 《地方两会系列（一）——经济增长目标》 2026.02.13 《纵深推进全国统一大市场建设的方向、 举措、效果推演——挖掘经济潜能系列一》 2026.01.25 《2026 年经济会有开门红吗》 2026.01.05 《延续稳中有进发展态势——11 月经济 数据解读》 2025.12.30 《特&马"将相和"，马斯克链王者归来》 2026.02.02 宏 截至 2026 年 2 月 5 日，地方两会已全部召开完毕，综合来看各地具 体部署，以下几个方面值得关注： 地方重点工作：一是供需协同发力，投资和消费结合；二是融通教育、 科创、人才与产业四链，加速科技在产业层面的落地应用；三是区域 协调发展和全国统一大市场建设。 投资：一是依托重点产业和重大项目进行投资布局，数字基建、人工 智能、量子科技、低空经济等是重点领域 ...

去年底，IBM公司推出两款新型量子计算机——"夜鹰"与"潜鸟"；与此同时，丹麦宣布将打造"全球最 强大的商用量子计算机"。这些消息是量子技术从实验室走向现实世界的最新进展。 量子技术，根植于量子力学。在这一领域，昔日被视为玄奥理论的奇观，如今已化为创新引擎，催生以 全新方式处理信息的计算机、以前所未有精度测量世界的传感器，以及几乎牢不可破的通信网络。 极小尺度中蕴藏着无限可能。如今，量子技术正悄然渗入工业、安全乃至人们日常生活的诸多方面。澳 大利亚《对话》杂志网站在近日的报道中，盘点了量子技术即将深刻影响人类日常生活的五种方式。 在医药领域，这意味着更快发现新药，更快应对疫情；在材料科学领域，则有望催生高效能源材料、超 强催化剂，乃至颠覆性的聚合物。所谓"工欲善其事，必先利其器"，量子模拟正是那把开启未来之门的 钥匙。 尽管全功能量子计算机仍在路上，但"量子+经典"混合模式已初露锋芒。 量子传感器"明察秋毫" 量子传感器，借量子叠加与纠缠之力，可探测微弱到近乎无形的变化，如地磁的轻颤、重力的波动、空 气中亿万分之一的污染物。 在导航领域，这些量子传感器无需依赖GPS，仅凭地球磁场与重力场的细微差异，即可引导潜 ...

第二，加快国防科技自主创新、原始创新。核心技术是买不来的，军事核心技术更是买不来的。 推进国防和军队现代化，必须高度重视科技创新特别是自主创新、原始创新。这些年，随着建设 创新型国家和科技强国进程不断推进，我国科技创新水平正加速迈向世界第一方阵，基础研究国 际影响力快速提升，在信息技术、量子通信、超级计算、人工智能、航空航天、深海探测等一些 前沿技术领域取得显著进步。推动国防科技创新，应紧跟科技强国建设进程，立足自主创新战略 基点，优化国防科技创新布局和环境条件，集中各方面优势力量和资源，加快突破关键核心技 术，加快发展战略性、前沿性、颠覆性技术，推进高水平自立自强，牢牢掌握创新主动权、发展 主动权。自主创新、原始创新归根结底要靠人才。应树牢全国一盘棋思想，加快培养高层次人才 和创新团队，加强科研力量整合、资源统合、体系融合，为国防科技创新提供有力支撑。自主创 新、原始创新需要大力弘扬创新文化，倡导敢闯敢试、敢为人先，鼓励成功、宽容失败，切实把 有利于创新创造的动力活力充分激发出来。 第三，畅通先进科技成果向战斗力转化路径。加强创新性、突破性成果转化运用，是推动创新成 果形成先进战斗力的关键"一公里"。如果花 ...

从港A两市近期表现来看，港股科技板块逐步回暖，硬科技赛道成为资金布局重点，量子科技作为国家 战略级赛道，叠加政策密集利好，板块关注度持续升温。截至2月10日收盘，恒生科技指数震荡回升， 港股量子概念标的表现亮眼，而A股量子计算板块虽当日微跌1.57%，但主力资金博弈加剧，长期成长 逻辑未改，港A两市量子赛道呈现"分化中趋同"的投资特征。 政策层面，量子科技迎来多重红利共振。香港金管局2月3日公布金融科技推广蓝图，推出量子准备度指 数等四大举措，作为"金融科技2030"战略的具体落地，标志着香港金融科技向量子安全领域升级。内地 方面，四川发布量子科技产业突破发展行动计划，广东携手港澳构建创新共同体，粤港澳大湾区量子科 学中心等高能级平台加速成型，形成"国家+区域"的政策支撑体系，为量子产业跨境发展奠定基础。 A股市场上，国盾量子（688027.SH）作为量子通信领域龙头企业，近期股价伴随"十五五"规划中量子 科技战略布局的推进呈现稳步上行态势；中国电信（601728）（00728）凭借其在量子通信网络建设及 产业化应用方面的先发优势，亦获市场重点关注。港股方面，量子标的稀缺性凸显，国富量子 （00290）表现稳 ...

Group 1 - Effective investment is seen as a stabilizing force for growth, with a focus on "big projects" across various regions [1] - For instance, Henan plans to implement over 1,000 key provincial projects with an annual investment of 1 trillion yuan, while Shanghai aims for a major engineering investment of 255 billion yuan [1] - Beijing emphasizes optimizing the implementation of key projects and maintaining a strong project reserve, with a total investment of no less than 200 billion yuan aimed at private capital [1] Group 2 - Regions are focusing on cultivating new productive forces to activate new momentum for high-quality development, with Zhejiang supporting private enterprises in new infrastructure and productive sectors [2] - Henan is accelerating the construction of a new energy system and optimizing its power grid structure, while also advancing projects in digital infrastructure [2] - The layout of these initiatives shows three characteristics: precise direction focusing on AI, bio-manufacturing, and low-altitude economy; practical paths; and emphasis on regional collaboration [2] Group 3 - The next steps should focus on promoting the cross-regional allocation of innovative elements and constructing a comprehensive support system for "basic research + technological breakthroughs + industrialization of results" [3]

Group 1 - The quantum industry is experiencing a critical period of simultaneous technological breakthroughs, application exploration, and industry cultivation driven by policies, funding, and technology [1] - The global quantum technology financing reached approximately 34.9 billion yuan by Q3 2025, surpassing the total of the previous two years and setting a historical high [1] - The quantum computing market is expected to grow from 5 billion USD in 2024 to over 800 billion USD by 2035, with a CAGR exceeding 55% [2] Group 2 - GuoDun Quantum is recognized as the absolute leader in China's quantum technology, covering quantum communication, quantum computing, and quantum precision measurement [3] - KeDa GuoChuang is actively investing in high-quality enterprises in the quantum technology sector and promoting collaboration in quantum software [3] - The company leverages the advantages of the "KeDa system" in research and development to explore software technologies that integrate quantum computing with classical computing [3]

Core Viewpoint - The establishment of a 1 billion yuan Sichuan Quantum Fund aims to support the development of quantum technology in Sichuan, focusing on areas such as quantum computing, quantum communication, and quantum precision measurement [1] Group 1: Fund Establishment - The Sichuan Quantum Fund is a joint initiative between the Sichuan Industrial Fund and Chengdu Xingjin Industrial Investment Co., Ltd., with a total scale of 1 billion yuan [1] - The fund will prioritize investments in cutting-edge fields related to quantum technology, supporting key core technology breakthroughs and industrial chain ecosystem construction [1] Group 2: Strategic Collaborations - Sichuan Industrial Fund's subsidiaries, Sichuan Xingchuan and Chuan Chuangtou, have formed strategic partnerships with several technology companies, including Chengdu Zhongweida Xin, Chengdu Yangpai Technology, Shanghai Turing Quantum, and Shenzhen Liuxuan Technology [1] - These collaborations focus on areas such as quantum chips, quantum algorithms, quantum measurement and control, and industry applications, promoting the integration of various industry chains [1] Group 3: Government Support and Objectives - The establishment of the quantum fund aligns with the provincial government's strategy to layout future industries and cultivate new productive forces [1] - The fund aims to leverage government investment to guide and amplify resources, integrating policies, capital, technology, and talent to systematically support the development of quantum technology industry clusters [1]

Core Viewpoint - China's manufacturing industry has demonstrated remarkable resilience and growth, solidifying its position as a global manufacturing powerhouse despite challenges such as trade wars [2][3]. Group 1: Trade Performance - By 2025, China's foreign trade imports and exports are projected to reach 45.47 trillion yuan, setting a historical record [1]. - Exports of the "new three items" (new energy vehicles, lithium batteries, and photovoltaic products) are expected to reach 1.3 trillion yuan, reflecting a 27% increase year-on-year [1]. - In the first 11 months of 2025, China's trade surplus surpassed 1 trillion USD, marking a record high [1]. Group 2: Manufacturing Dominance - China possesses the most comprehensive industrial system globally, leading in the production of a vast majority of 504 industrial products [4]. - The country dominates the global market for lithium batteries, producing over 75% of the world's supply, and six of the top ten battery manufacturers are based in China [5]. - China's new energy vehicle production accounts for 60% of the global market share, with two out of every three electric vehicles sold worldwide being manufactured in China [6]. Group 3: Technological Advancements - China has made significant strides in high-tech manufacturing, including breakthroughs in solid-state batteries and high-speed rail technology, which have become symbols of Chinese manufacturing excellence [9]. - The country is also advancing in critical areas such as quantum communication and high-voltage transmission technology, with commercial applications being implemented globally [10]. - Despite existing gaps in high-end chips and key materials, China is actively working to overcome these challenges, with notable progress in domestic production capabilities [8].

Core Viewpoint - The year-end bonuses for telecom operators are expected to decrease, but the situation is not as dire as rumored, with overall bonus pools still substantial despite slower profit growth [1][3] Group 1: Industry Performance - The telecom industry is experiencing a slowdown, with profit growth for the three major operators expected to drop to around 5% by the first three quarters of 2025 [1] - The saturation of 5G users and continuous reductions in data service fees have contributed to the lack of growth in traditional business areas [1] Group 2: Bonus Distribution Changes - Bonuses are being allocated differently, with a focus on new business areas such as AI, cloud computing, and quantum communication, where high-performing employees may receive bonuses exceeding 50,000 [3] - Employees in traditional business departments, frontline positions, and less profitable regions may see a reduction in their bonuses, with some experiencing significant declines [3] Group 3: Compensation Reform - The compensation system for state-owned enterprises has shifted to emphasize "total wage management," meaning that slower profit growth limits the overall wage pool [3] - Bonus distribution is now strictly based on performance, job value, and regional profitability, leading to significant disparities in bonuses among employees in the same company [3]

Core Viewpoint - The Hefei Municipal Committee emphasizes the development of future industries with a focus on "quantum intelligence" and aims to drive innovation in sectors with technological advantages and development foundations [1] Group 1: Quantum Technology Industry - The plan includes promoting breakthroughs and applications in quantum communication, quantum computing, and quantum precision measurement [1] - There is a focus on accelerating the research and industrialization of key materials, devices, and equipment [1] - The initiative aims to expand "quantum+" demonstration projects in government, finance, energy, and meteorology sectors [1] Group 2: Nuclear Fusion and Hydrogen Energy Industry - The development of compact fusion energy experimental devices is highlighted as a key infrastructure project [1] - The plan aims to accelerate the development of superconducting materials, equipment, and smart sensors [1] - There is an emphasis on advancing the application of hydrogen and ammonia energy technologies and laying out advanced nuclear energy technologies like small reactors [1] Group 3: Biomanufacturing Industry - The focus is on biobased chemicals and materials, new food products, bio-agriculture, and non-food biomass raw materials [1] - The initiative aims to expand large-scale applications in these areas [1] Group 4: Embodied Intelligence Industry - The plan promotes the integrated development of intelligent decision-making systems, high-precision control systems, and innovative structural design [1] - It aims to construct a full-chain innovation ecosystem encompassing precision processing, data training, evaluation, and competitive testing [1] Group 5: Emerging Technologies - The strategy includes tracking and laying out plans in niche areas such as brain-computer interfaces, sixth-generation mobile communication, and deep space and deep sea exploration [1] - The goal is to promote more technological research and industrialization to achieve "parallel running" and "leading" positions in these fields [1]