@fectivnfy112358/minimax-code-web 0.1.0-preview.0 → 0.1.0-preview.3

This diff represents the content of publicly available package versions that have been released to one of the supported registries. The information contained in this diff is provided for informational purposes only and reflects changes between package versions as they appear in their respective public registries.
Files changed (656) hide show
  1. package/bin/mcode-webui.mjs +6 -2
  2. package/package.json +1 -1
  3. package/server/assets/agents/_default/prompt-base-all.md +121 -0
  4. package/server/assets/agents/_default/prompt-base-all.md.hbs +255 -0
  5. package/server/assets/agents/_default/prompt-base-windows.md +6 -0
  6. package/server/assets/agents/_default/prompt-base-windows.md.hbs +6 -0
  7. package/server/assets/agents/_default/prompt-base-worker.md +12 -0
  8. package/server/assets/agents/_default/prompt-base-worker.md.hbs +27 -0
  9. package/server/assets/agents/_default/prompt-session-branch.md +3 -0
  10. package/server/assets/agents/_default/prompt-session-branch.md.hbs +30 -0
  11. package/server/assets/agents/_default/prompt-session-root.md +4 -0
  12. package/server/assets/agents/_default/prompt-session-root.md.hbs +32 -0
  13. package/server/assets/agents/_migration/README.md +20 -0
  14. package/server/assets/agents/_migration/coder/PERSONA-zh.md +10 -0
  15. package/server/assets/agents/_migration/coder/PERSONA.md +11 -0
  16. package/server/assets/agents/_migration/coder/system-prompt.md.hbs +42 -0
  17. package/server/assets/agents/_migration/general/PERSONA-zh.md +11 -0
  18. package/server/assets/agents/_migration/general/PERSONA.md +11 -0
  19. package/server/assets/agents/_migration/general/system-prompt.md.hbs +49 -0
  20. package/server/assets/agents/_v2/AGENT_CONTEXT.md.hbs +222 -0
  21. package/server/assets/agents/_v2/coding/SYSTEM.md.hbs +161 -0
  22. package/server/assets/agents/_v2/explore.md.hbs +38 -0
  23. package/server/assets/agents/_v2/tui/SYSTEM.md.hbs +147 -0
  24. package/server/assets/agents/_v2/verifier.md.hbs +32 -0
  25. package/server/assets/agents/_v2/work/SYSTEM.md.hbs +173 -0
  26. package/server/assets/agents/_v2/worker.md.hbs +27 -0
  27. package/server/assets/agents/builtin-agents.json +1 -0
  28. package/server/assets/agents/desktop-task/archive-title/system-en.md +1 -0
  29. package/server/assets/agents/desktop-task/archive-title/system-zh.md +1 -0
  30. package/server/assets/agents/desktop-task/checkpoint/system.md +15 -0
  31. package/server/assets/agents/desktop-task/output-revision/system.md +1 -0
  32. package/server/assets/agents/desktop-task/retry/continuation.md +4 -0
  33. package/server/assets/agents/desktop-task/session-title/system.md +41 -0
  34. package/server/assets/agents/explore/PERSONA-zh.md +8 -0
  35. package/server/assets/agents/explore/PERSONA.md +8 -0
  36. package/server/assets/agents/explore/agent.md +14 -0
  37. package/server/assets/agents/explore/system-prompt.md.hbs +35 -0
  38. package/server/assets/agents/greeting-zh.md +61 -0
  39. package/server/assets/agents/greeting.md +61 -0
  40. package/server/assets/agents/managed-prompts.json +54 -0
  41. package/server/assets/agents/mavis/PERSONA-zh.md +7 -0
  42. package/server/assets/agents/mavis/PERSONA.md +7 -0
  43. package/server/assets/agents/mavis/features/cron.md.hbs +23 -0
  44. package/server/assets/agents/mavis/features/delegation.md.hbs +56 -0
  45. package/server/assets/agents/mavis/features/memory.md.hbs +61 -0
  46. package/server/assets/agents/mavis/features/recoverable-deletion.md.hbs +10 -0
  47. package/server/assets/agents/mavis/features/task-management.md.hbs +11 -0
  48. package/server/assets/agents/mavis/features/web-search.md.hbs +11 -0
  49. package/server/assets/agents/mavis/modes/coding/online/PERSONA-zh.md.hbs +20 -0
  50. package/server/assets/agents/mavis/modes/coding/online/PERSONA.md.hbs +20 -0
  51. package/server/assets/agents/mavis/modes/coding/online/SYSTEM.md.hbs +159 -0
  52. package/server/assets/agents/mavis/modes/work/online/PERSONA-zh.md.hbs +20 -0
  53. package/server/assets/agents/mavis/modes/work/online/PERSONA.md.hbs +20 -0
  54. package/server/assets/agents/mavis/modes/work/online/SYSTEM.md.hbs +161 -0
  55. package/server/assets/agents/mavis/prompt-session-root.md +4 -0
  56. package/server/assets/agents/mavis/prompt-session-root.md.hbs +4 -0
  57. package/server/assets/agents/mavis/skills/control-in-app-browser/SKILL.md +491 -0
  58. package/server/assets/agents/mavis/skills/minimax-code-product/SKILL.md +114 -0
  59. package/server/assets/agents/mavis/skills/minimax-code-product/references/account-models.md +32 -0
  60. package/server/assets/agents/mavis/skills/minimax-code-product/references/agents.md +25 -0
  61. package/server/assets/agents/mavis/skills/minimax-code-product/references/extensions.md +33 -0
  62. package/server/assets/agents/mavis/skills/minimax-code-product/references/workflows.md +30 -0
  63. package/server/assets/agents/mavis/system-prompt.md.hbs +97 -0
  64. package/server/assets/agents/prompt-exemptions.json +38 -0
  65. package/server/assets/agents/verifier/PERSONA-zh.md +8 -0
  66. package/server/assets/agents/verifier/PERSONA.md +8 -0
  67. package/server/assets/agents/verifier/agent.md +17 -0
  68. package/server/assets/agents/verifier/system-prompt.md.hbs +28 -0
  69. package/server/assets/agents/worker/PERSONA-zh.md +8 -0
  70. package/server/assets/agents/worker/PERSONA.md +8 -0
  71. package/server/assets/agents/worker/agent.md +18 -0
  72. package/server/assets/agents/worker/system-prompt.md.hbs +22 -0
  73. package/server/assets/agents/workflow/code-review/review-candidates.md +120 -0
  74. package/server/assets/agents/workflow/code-review/reviewer-system.md +75 -0
  75. package/server/assets/agents/workflow/goal/budget-limit.md +16 -0
  76. package/server/assets/agents/workflow/goal/continuation.md +62 -0
  77. package/server/assets/agents/workflow/goal/objective-updated.md +16 -0
  78. package/server/assets/agents/workflow/goal/recovery-terminal-audit.md +12 -0
  79. package/server/assets/agents/workflow/goal/recovery.md +11 -0
  80. package/server/assets/agents/workflow/goal/terminal-audit.md +9 -0
  81. package/server/assets/agents/workflow/plan-mode/agent-entry.md +72 -0
  82. package/server/assets/agents/workflow/prompt-hook/system.md +0 -0
  83. package/server/assets/models-dev-catalog.json.gz +0 -0
  84. package/server/assets/prompts/code-review/review-candidates.md +120 -0
  85. package/server/assets/prompts/code-review/reviewer-system.md +75 -0
  86. package/server/assets/skills/code-review/SKILL.md +51 -0
  87. package/server/assets/skills/cu-desktop/SKILL.md +257 -0
  88. package/server/assets/skills/deep-research/SKILL.md +219 -0
  89. package/server/assets/skills/deep-research/scripts/render_plan.py +33 -0
  90. package/server/assets/skills/deep-research/steps/1_background.md +65 -0
  91. package/server/assets/skills/deep-research/steps/2_judgment.md +66 -0
  92. package/server/assets/skills/deep-research/steps/3_analysis.md +114 -0
  93. package/server/assets/skills/deep-research/steps/4_research.md +161 -0
  94. package/server/assets/skills/deep-research/steps/5_writing.md +358 -0
  95. package/server/assets/skills/deploy-website/SKILL.md +55 -0
  96. package/server/assets/skills/docx/LICENSE +21 -0
  97. package/server/assets/skills/docx/SKILL.md +261 -0
  98. package/server/assets/skills/docx/assets/styles/academic_styles.xml +250 -0
  99. package/server/assets/skills/docx/assets/styles/corporate_styles.xml +284 -0
  100. package/server/assets/skills/docx/assets/styles/default_styles.xml +449 -0
  101. package/server/assets/skills/docx/assets/xsd/aesthetic-rules.xsd +470 -0
  102. package/server/assets/skills/docx/assets/xsd/business-rules.xsd +130 -0
  103. package/server/assets/skills/docx/assets/xsd/common-types.xsd +159 -0
  104. package/server/assets/skills/docx/assets/xsd/wml-subset.xsd +589 -0
  105. package/server/assets/skills/docx/docs/acceptance-checklists/create.md +7 -0
  106. package/server/assets/skills/docx/docs/acceptance-checklists/edit.md +6 -0
  107. package/server/assets/skills/docx/docs/acceptance-checklists/layout-repair.md +7 -0
  108. package/server/assets/skills/docx/docs/acceptance-checklists/template.md +6 -0
  109. package/server/assets/skills/docx/docs/acceptance.md +139 -0
  110. package/server/assets/skills/docx/docs/anti-patterns.md +14 -0
  111. package/server/assets/skills/docx/docs/backends.md +116 -0
  112. package/server/assets/skills/docx/docs/evidence.md +73 -0
  113. package/server/assets/skills/docx/docs/failure-taxonomy.md +71 -0
  114. package/server/assets/skills/docx/docs/index.md +50 -0
  115. package/server/assets/skills/docx/docs/rendered-delivery.md +125 -0
  116. package/server/assets/skills/docx/docs/router.md +122 -0
  117. package/server/assets/skills/docx/docs/tables-and-numbering.md +27 -0
  118. package/server/assets/skills/docx/docs/task-apply-template.md +141 -0
  119. package/server/assets/skills/docx/docs/task-compare-two-docx.md +48 -0
  120. package/server/assets/skills/docx/docs/task-create.md +124 -0
  121. package/server/assets/skills/docx/docs/task-edit-fill.md +69 -0
  122. package/server/assets/skills/docx/docs/task-read-content.md +148 -0
  123. package/server/assets/skills/docx/docs/task-read-rendered.md +78 -0
  124. package/server/assets/skills/docx/docs/task-read-structure.md +93 -0
  125. package/server/assets/skills/docx/docs/task-repair-layout.md +70 -0
  126. package/server/assets/skills/docx/docs/template-dsl.md +32 -0
  127. package/server/assets/skills/docx/docs/track-changes.md +15 -0
  128. package/server/assets/skills/docx/docs/xml-patch-dsl.md +33 -0
  129. package/server/assets/skills/docx/references/cjk_typography.md +357 -0
  130. package/server/assets/skills/docx/references/cjk_university_template_guide.md +184 -0
  131. package/server/assets/skills/docx/references/comments_guide.md +191 -0
  132. package/server/assets/skills/docx/references/design_good_bad_examples.md +829 -0
  133. package/server/assets/skills/docx/references/design_principles.md +819 -0
  134. package/server/assets/skills/docx/references/openxml_element_order.md +308 -0
  135. package/server/assets/skills/docx/references/openxml_encyclopedia_part1.md +4061 -0
  136. package/server/assets/skills/docx/references/openxml_encyclopedia_part2.md +2820 -0
  137. package/server/assets/skills/docx/references/openxml_encyclopedia_part3.md +3381 -0
  138. package/server/assets/skills/docx/references/openxml_namespaces.md +82 -0
  139. package/server/assets/skills/docx/references/openxml_units.md +72 -0
  140. package/server/assets/skills/docx/references/sample-patch-plans.json +22 -0
  141. package/server/assets/skills/docx/references/sample-task-intents.json +5 -0
  142. package/server/assets/skills/docx/references/sample-template-manifests.json +21 -0
  143. package/server/assets/skills/docx/references/scenario_a_create.md +284 -0
  144. package/server/assets/skills/docx/references/scenario_b_edit_content.md +295 -0
  145. package/server/assets/skills/docx/references/scenario_c_apply_template.md +456 -0
  146. package/server/assets/skills/docx/references/track_changes_guide.md +200 -0
  147. package/server/assets/skills/docx/references/troubleshooting.md +506 -0
  148. package/server/assets/skills/docx/references/typography_guide.md +294 -0
  149. package/server/assets/skills/docx/references/xsd_validation_guide.md +158 -0
  150. package/server/assets/skills/docx/scripts/build_patch_plan.py +29 -0
  151. package/server/assets/skills/docx/scripts/diff_docx_structure.py +61 -0
  152. package/server/assets/skills/docx/scripts/doc_to_docx.ps1 +85 -0
  153. package/server/assets/skills/docx/scripts/doc_to_docx.sh +40 -0
  154. package/server/assets/skills/docx/scripts/docx_preview.ps1 +76 -0
  155. package/server/assets/skills/docx/scripts/docx_preview.sh +37 -0
  156. package/server/assets/skills/docx/scripts/docx_to_pdf.py +87 -0
  157. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Cli/MiniMaxAIDocx.Cli.csproj +19 -0
  158. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Cli/Program.cs +18 -0
  159. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/AnalyzeCommand.cs +147 -0
  160. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/ApplyTemplateCommand.cs +322 -0
  161. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/CreateCommand.cs +324 -0
  162. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/DiffCommand.cs +155 -0
  163. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/EditContentCommand.cs +487 -0
  164. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/FixOrderCommand.cs +108 -0
  165. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/MergeRunsCommand.cs +122 -0
  166. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Commands/ValidateCommand.cs +107 -0
  167. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/MiniMaxAIDocx.Core.csproj +15 -0
  168. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/CommentSynchronizer.cs +169 -0
  169. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/ElementOrder.cs +80 -0
  170. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/NamespaceConstants.cs +42 -0
  171. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/RunMerger.cs +81 -0
  172. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/StyleAnalyzer.cs +81 -0
  173. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/TrackChangesHelper.cs +99 -0
  174. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/OpenXml/UnitConverter.cs +23 -0
  175. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/AestheticRecipeSamples.cs +1832 -0
  176. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/AestheticRecipeSamples_Batch1.cs +910 -0
  177. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/AestheticRecipeSamples_Batch2.cs +999 -0
  178. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/AestheticRecipeSamples_Batch3.cs +1048 -0
  179. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/AestheticRecipeSamples_Batch4.cs +1038 -0
  180. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/CharacterFormattingSamples.cs +1020 -0
  181. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/DocumentCreationSamples.cs +1121 -0
  182. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/FieldAndTocSamples.cs +624 -0
  183. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/FootnoteAndCommentSamples.cs +675 -0
  184. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/HeaderFooterSamples.cs +838 -0
  185. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/ImageSamples.cs +917 -0
  186. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/ListAndNumberingSamples.cs +826 -0
  187. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/ParagraphFormattingSamples.cs +1199 -0
  188. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/StyleSystemSamples.cs +1487 -0
  189. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/TableSamples.cs +1163 -0
  190. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Samples/TrackChangesSamples.cs +595 -0
  191. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Typography/CjkHelper.cs +39 -0
  192. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Typography/FontDefaults.cs +24 -0
  193. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Typography/PageSizes.cs +20 -0
  194. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Validation/BusinessRuleValidator.cs +224 -0
  195. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Validation/GateCheckValidator.cs +148 -0
  196. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Validation/ValidationResult.cs +23 -0
  197. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.Core/Validation/XsdValidator.cs +69 -0
  198. package/server/assets/skills/docx/scripts/dotnet/MiniMaxAIDocx.slnx +4 -0
  199. package/server/assets/skills/docx/scripts/env_check.ps1 +327 -0
  200. package/server/assets/skills/docx/scripts/env_check.sh +340 -0
  201. package/server/assets/skills/docx/scripts/extract_docx_text.py +1075 -0
  202. package/server/assets/skills/docx/scripts/pack_docx.py +31 -0
  203. package/server/assets/skills/docx/scripts/read_docx_structure.py +1032 -0
  204. package/server/assets/skills/docx/scripts/render_docx_pages.py +147 -0
  205. package/server/assets/skills/docx/scripts/rendered_report.py +609 -0
  206. package/server/assets/skills/docx/scripts/setup.ps1 +542 -0
  207. package/server/assets/skills/docx/scripts/setup.sh +537 -0
  208. package/server/assets/skills/docx/scripts/unpack_docx.py +29 -0
  209. package/server/assets/skills/docx/scripts/validate_template_manifest.py +60 -0
  210. package/server/assets/skills/docx/scripts/verify_anchor_atomicity.py +87 -0
  211. package/server/assets/skills/edit-deployed-website/SKILL.md +27 -0
  212. package/server/assets/skills/init/SKILL.md +137 -0
  213. package/server/assets/skills/lark-tools/SKILL.md +321 -0
  214. package/server/assets/skills/lark-tools/cli-skills/lark-approval/SKILL.md +48 -0
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  216. package/server/assets/skills/lark-tools/cli-skills/lark-base/SKILL.md +372 -0
  217. package/server/assets/skills/lark-tools/cli-skills/lark-base/references/dashboard-block-data-config.md +350 -0
  218. package/server/assets/skills/lark-tools/cli-skills/lark-base/references/examples.md +130 -0
  219. package/server/assets/skills/lark-tools/cli-skills/lark-base/references/formula-field-guide.md +735 -0
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  237. package/server/assets/skills/lark-tools/cli-skills/lark-base/references/lark-base-data-query.md +375 -0
  238. package/server/assets/skills/lark-tools/cli-skills/lark-base/references/lark-base-field-create.md +104 -0
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  631. package/server/assets/skills/xlsx/scripts/office/schemas/ISO-IEC29500-4_2016/wml.xsd +3646 -0
  632. package/server/assets/skills/xlsx/scripts/office/schemas/ISO-IEC29500-4_2016/xml.xsd +116 -0
  633. package/server/assets/skills/xlsx/scripts/office/schemas/ecma/fouth-edition/opc-contentTypes.xsd +42 -0
  634. package/server/assets/skills/xlsx/scripts/office/schemas/ecma/fouth-edition/opc-coreProperties.xsd +50 -0
  635. package/server/assets/skills/xlsx/scripts/office/schemas/ecma/fouth-edition/opc-digSig.xsd +49 -0
  636. package/server/assets/skills/xlsx/scripts/office/schemas/ecma/fouth-edition/opc-relationships.xsd +33 -0
  637. package/server/assets/skills/xlsx/scripts/office/schemas/mce/mc.xsd +75 -0
  638. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-2010.xsd +560 -0
  639. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-2012.xsd +67 -0
  640. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-2018.xsd +14 -0
  641. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-cex-2018.xsd +20 -0
  642. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-cid-2016.xsd +13 -0
  643. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-sdtdatahash-2020.xsd +4 -0
  644. package/server/assets/skills/xlsx/scripts/office/schemas/microsoft/wml-symex-2015.xsd +8 -0
  645. package/server/assets/skills/xlsx/scripts/office/soffice.py +191 -0
  646. package/server/assets/skills/xlsx/scripts/office/unpack.py +132 -0
  647. package/server/assets/skills/xlsx/scripts/office/validate.py +117 -0
  648. package/server/assets/skills/xlsx/scripts/office/validators/__init__.py +15 -0
  649. package/server/assets/skills/xlsx/scripts/office/validators/base.py +851 -0
  650. package/server/assets/skills/xlsx/scripts/office/validators/docx.py +446 -0
  651. package/server/assets/skills/xlsx/scripts/office/validators/pptx.py +275 -0
  652. package/server/assets/skills/xlsx/scripts/office/validators/redlining.py +247 -0
  653. package/server/assets/skills/xlsx/scripts/recalc.py +450 -0
  654. package/server/mcode-tools.js +2 -0
  655. package/server/package-info.json +1 -1
  656. package/server/server.js +2 -0
@@ -0,0 +1,1660 @@
1
+ <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
2
+
3
+ <html lang="zh-CN" xmlns="http://www.w3.org/1999/xhtml">
4
+ <head><meta charset="UTF-8"/>
5
+ <meta content="width=device-width, initial-scale=1" name="viewport"/>
6
+ <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
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+ <meta content="light dark" name="color-scheme"/>
8
+ <meta content="light dark" name="supported-color-schemes"/>
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+ <meta content="en" http-equiv="Content-Language"/>
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+ <title></title>
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+ <!--
12
+ /etc/designs/research/clientlibs/fonts
13
+ -->
14
+ <style type="text/css">
15
+ :root {
16
+ color-scheme: light dark;
17
+ supported-color-schemes: light dark;
18
+ }
19
+ @media (prefers-color-scheme: dark) {
20
+ .lightimage {
21
+ display: none !important;
22
+ }
23
+ .darkimageWrapper,
24
+ .darkimage {
25
+ display: block !important;
26
+ }
27
+ body
28
+ {
29
+ background-color: #fffffe;
30
+ }
31
+ }
32
+ table.portalAlertButton {
33
+ border: 1px solid #ccc;
34
+ }
35
+ @media (prefers-color-scheme: dark) {
36
+ table.portalAlertButton {
37
+ border-color: #ffffff !important;
38
+ }
39
+ body
40
+ {
41
+ background-color: #fffffe;
42
+ }
43
+ }
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+ @media (min-width: 780px) {
45
+ .author-email {
46
+ display: block;
47
+ }
48
+ }
49
+
50
+ @media (max-width: 780px) {
51
+ .layout-shift {
52
+ width: 350px !important;
53
+ float: left !important;
54
+ }
55
+
56
+ .author-email .author-company {
57
+ display: inline;
58
+ }
59
+ }
60
+
61
+ @font-face {
62
+ font-family: "GS Sans";
63
+ src:
64
+ url("https://cdn.gs.com/fonts/gs-sans/v1/gs-sans-variable.woff2") format("woff2"),
65
+ }
66
+
67
+ #outlook a {
68
+ padding: 0;
69
+ }
70
+
71
+ .ReadMsgBody {
72
+ width: 100%;
73
+ }
74
+
75
+ .ExternalClass {
76
+ width: 100%;
77
+ }
78
+
79
+ .ExternalClass,
80
+ .ExternalClass p,
81
+ .ExternalClass span,
82
+ .ExternalClass font,
83
+ .ExternalClass td,
84
+ .ExternalClass div {}
85
+
86
+ body,
87
+ table,
88
+ td,
89
+ p,
90
+ a,
91
+ li,
92
+ blockquote {
93
+ -webkit-text-size-adjust: 100%;
94
+ -ms-text-size-adjust: 100%;
95
+ }
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+
97
+ table,
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+ td {
99
+ mso-table-lspace: 0pt;
100
+ mso-table-rspace: 0pt;
101
+ }
102
+
103
+ img {
104
+ -ms-interpolation-mode: bicubic;
105
+ }
106
+
107
+ .outlook_spacer {
108
+ display: none;
109
+ }
110
+
111
+ ul li {
112
+ color: #222 !important;
113
+ }
114
+
115
+ body,
116
+ #bodyTable,
117
+ #bodyCell {
118
+ height: 100% !important;
119
+ margin: 0;
120
+ padding: 0;
121
+ width: 100% !important;
122
+ }
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+
124
+ #bodyCell {
125
+ padding-bottom: 10px;
126
+ border-top: none;
127
+ height: 100%;
128
+ margin: 0;
129
+ width: 100%;
130
+ }
131
+
132
+ img[class=gsLogo] {
133
+ height: auto !important;
134
+ max-width: 200px !important;
135
+ width: 200px !important;
136
+ }
137
+
138
+ .hidden {
139
+ color: #ffffff !important;
140
+ height: 0 !important;
141
+ visibility: hidden !important;
142
+ max-height: 0 !important;
143
+ overflow: hidden !important;
144
+ display: none !important;
145
+ margin: 0 !important;
146
+ padding: 0 !important;
147
+ font-size: 1px !important;
148
+ }
149
+
150
+ .bodyContent h2 {
151
+ $ {
152
+ font.fontFamily.headlineFont @ context='html'
153
+ }
154
+
155
+ padding-top: 0px;
156
+ padding-bottom: 0px;
157
+ font-size: 18px;
158
+ color: #222;
159
+ line-height: 1.3;
160
+ }
161
+
162
+ .textTableHeaderRow h2 {
163
+ color: #FFFFFF;
164
+ }
165
+
166
+ .textTableHeaderRow h3 {
167
+ color: #FFFFFF;
168
+ }
169
+
170
+ .textTableRow h2 {
171
+ color: #0D0D0D;
172
+ font-size: 18px;
173
+ line-height: 22px;
174
+ }
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+
176
+ .textTableRow h3 {
177
+ color: #0D0D0D;
178
+ font-size: 16px;
179
+ line-height: 19px;
180
+ }
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+
182
+
183
+ .bodyContent p,
184
+ .bodyContent li {
185
+ margin-top: 0 !important;
186
+ padding-top: 0 !important;
187
+ margin-bottom: 10px;
188
+ }
189
+
190
+ .headline td {
191
+ vertical-align: middle;
192
+ }
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+
194
+ #templateHeader {
195
+ background-color: #ffffff;
196
+ }
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+
198
+ .desktop-header td {
199
+ vertical-align: middle;
200
+ text-align: left;
201
+ font-size: 12px;
202
+ line-height: 12px;
203
+ }
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+
205
+ #header_branding {
206
+ text-align: left;
207
+ vertical-align: middle;
208
+ border: none;
209
+ }
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+
211
+ .preamble-leadin p,
212
+ .preamble-summary p {
213
+ $ {
214
+ font.fontFamily.headlineFont @ context='html'
215
+ }
216
+
217
+ font-size: 15px;
218
+ mso-line-height-rule:exactly;
219
+ line-height: 19px;
220
+ color: #222;
221
+ }
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+
223
+ .desktop-header td img.icon {
224
+ width: 20px;
225
+ display: inline-block;
226
+ float: initial;
227
+ padding-top: 10px;
228
+ }
229
+
230
+ .desktop-header td {
231
+ font-size: 15px;
232
+ text-align: right;
233
+ }
234
+
235
+ .buy {
236
+ color: #ffffff;
237
+
238
+ $ {
239
+ font.fontFamily.headlineFont @ context='html'
240
+ }
241
+
242
+ font-size: 25px;
243
+ }
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+
245
+ .headline-main {
246
+ border-collapse: collapse;
247
+ color: #fff;
248
+ display: block;
249
+
250
+ $ {
251
+ font.fontFamily.headlineFont @ context='html'
252
+ }
253
+
254
+ font-size: 19px;
255
+ font-style: normal;
256
+ font-weight: bold;
257
+ height: 19px;
258
+ letter-spacing: normal;
259
+ mso-line-height-rule:exactly;
260
+ line-height: 19px;
261
+ margin-bottom: 10px;
262
+ margin-left: 0px;
263
+ margin-right: 0px;
264
+ margin-top: 0px;
265
+ text-align: left;
266
+ text-decoration: none;
267
+ }
268
+
269
+ .headline-sub {
270
+ border-collapse: collapse;
271
+ color: #fff;
272
+ display: block;
273
+
274
+ $ {
275
+ font.fontFamily.headlineFont @ context='html'
276
+ }
277
+
278
+ font-size: 23px;
279
+ font-style: normal;
280
+ font-weight: normal;
281
+ height: 56px;
282
+ letter-spacing: normal;
283
+ mso-line-height-rule:exactly;
284
+ line-height: 28px;
285
+ margin-bottom: 10px;
286
+ margin-left: 0px;
287
+ margin-right: 0px;
288
+ margin-top: 0px;
289
+ text-align: left;
290
+ text-decoration: none;
291
+ }
292
+
293
+
294
+ .textSlug {
295
+ border-collapse: collapse;
296
+ color: #fff;
297
+ display: block;
298
+
299
+ $ {
300
+ font.fontFamily.headlineFont @ context='html'
301
+ }
302
+
303
+ font-size: 18px;
304
+ font-style: normal;
305
+ font-weight: bold;
306
+ letter-spacing: normal;
307
+ line-height: 22px;
308
+ margin-bottom: 10px;
309
+ margin-left: 0px;
310
+ margin-right: 0px;
311
+ margin-top: 0px;
312
+ text-align: left;
313
+ text-decoration: none;
314
+ }
315
+
316
+ .paddedContent {
317
+ padding: 20px;
318
+ background-position: center;
319
+ }
320
+
321
+ .cta-btn {
322
+ background: #698aab;
323
+ font-size: 12px;
324
+ text-align: center;
325
+ vertical-align: middle;
326
+ }
327
+
328
+ .cta-btn {
329
+ padding: 10px 0;
330
+ }
331
+
332
+ .ctaLink {
333
+ border-collapse: collapse;
334
+ color: #fff;
335
+ cursor: auto;
336
+ display: inline;
337
+
338
+ $ {
339
+ font.fontFamily.headlineFont @ context='html'
340
+ }
341
+
342
+ font-size: 15px;
343
+ height: auto;
344
+ mso-line-height-rule:exactly;
345
+ line-height: 19px;
346
+ text-align: center;
347
+ text-decoration: none;
348
+ width: auto;
349
+ }
350
+
351
+ .authorsMainHeading {
352
+ border-collapse: collapse;
353
+ color: #0D0D0D;
354
+ display: block;
355
+ font-family: 'Arial Narrow', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
356
+ font-size: 22px;
357
+ font-style: normal;
358
+ font-weight: bold;
359
+ height: 22px;
360
+ letter-spacing: normal;
361
+ mso-line-height-rule: exactly;
362
+ line-height: 22px;
363
+ margin-bottom: 5px;
364
+ margin-left: 0px;
365
+ margin-right: 0px;
366
+ margin-top: 20px;
367
+ text-align: left;
368
+ text-decoration: none;
369
+ }
370
+
371
+ .author-name {
372
+ border-collapse: collapse;
373
+ color: #0D0D0D;
374
+ display: block;
375
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
376
+ font-weight: normal;
377
+ letter-spacing: normal;
378
+ mso-line-height-rule: exactly;
379
+ line-height: 18px;
380
+ margin-bottom: 2px;
381
+ margin-left: 0px;
382
+ margin-right: 0px;
383
+ margin-top: 5px;
384
+ text-align: left;
385
+ text-decoration: none;
386
+ }
387
+
388
+ .author-title {
389
+ border-collapse: collapse;
390
+ color: #0D0D0D;
391
+ display: block;
392
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
393
+ font-weight: normal;
394
+ letter-spacing: normal;
395
+ mso-line-height-rule: exactly;
396
+ line-height: 18px;
397
+ margin: 0;
398
+ text-align: left;
399
+ text-decoration: none;
400
+ }
401
+
402
+ .author-phone {
403
+ border-collapse: collapse;
404
+ color: #0D0D0D;
405
+ cursor: auto;
406
+ display: inline;
407
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
408
+ font-size: 14px;
409
+ height: auto;
410
+ mso-line-height-rule: exactly;
411
+ line-height: 18px;
412
+ text-align: -webkit-left;
413
+ text-decoration: none;
414
+ width: auto;
415
+ }
416
+
417
+ .author-email {
418
+ border-collapse: collapse;
419
+ color: #0D0D0D;
420
+ display: inline;
421
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
422
+ font-size: 14px;
423
+ height: auto;
424
+ mso-line-height-rule: exactly;
425
+ line-height: 18px;
426
+ text-align: -webkit-left;
427
+ width: auto;
428
+ }
429
+
430
+ .author-list {
431
+ padding-top: 14px;
432
+ }
433
+
434
+ .author-email a,
435
+ .author-list a {
436
+ border-collapse: collapse;
437
+ color: #0D0D0D;
438
+ cursor: auto;
439
+ display: inline;
440
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
441
+ font-size: 14px;
442
+ height: auto;
443
+ mso-line-height-rule: exactly;
444
+ line-height: 18px;
445
+ text-align: -webkit-left;
446
+ text-decoration: none;
447
+ width: auto;
448
+ }
449
+
450
+ .author-list a {
451
+ font-weight: 700;
452
+ }
453
+
454
+ .author-company {
455
+ border-collapse: collapse;
456
+ color: #0D0D0D;
457
+ display: inline;
458
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
459
+ font-size: 14px;
460
+ height: auto;
461
+ mso-line-height-rule: exactly;
462
+ line-height: 18px;
463
+ text-align: -webkit-left;
464
+ width: auto;
465
+ }
466
+
467
+ .related a {
468
+ border-collapse: collapse;
469
+ color: #446ea6;
470
+ cursor: auto;
471
+ display: inline;
472
+
473
+ $ {
474
+ font.fontFamily.headlineFont @ context='html'
475
+ }
476
+
477
+ font-size: 15px;
478
+ font-weight: normal;
479
+ height: auto;
480
+ letter-spacing: normal;
481
+ mso-line-height-rule:exactly;
482
+ line-height: 19px;
483
+ text-align: left;
484
+ text-decoration: none;
485
+ }
486
+
487
+ .publications-meta {
488
+ border-collapse: collapse;
489
+ color: #A6A6A6;
490
+ display: block;
491
+
492
+ $ {
493
+ font.fontFamily.headlineFont @ context='html'
494
+ }
495
+
496
+ font-size: 13px;
497
+ height: 48px;
498
+ mso-line-height-rule:exactly;
499
+ line-height: 18px;
500
+ margin-top: 0px;
501
+ text-align: left;
502
+ }
503
+
504
+ .related {
505
+ color: #333333;
506
+ margin-top: 5px;
507
+ margin-bottom: 0;
508
+ mso-line-height-rule: exactly;
509
+ line-height: 18px;
510
+ }
511
+
512
+ .legal-border {
513
+ border-bottom: 1px solid #808080;
514
+ border-top: 1px solid #808080;
515
+ margin-bottom: 20px;
516
+ }
517
+
518
+ .footer_legal p {
519
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif !important;
520
+ font-size: 15px;
521
+ mso-line-height-rule: exactly;
522
+ line-height: 19px;
523
+ color: #222;
524
+ }
525
+
526
+ .footer_legal a {
527
+ color: #446ea6;
528
+ text-decoration: none;
529
+ }
530
+
531
+ .footer-legals a {
532
+ border-collapse: collapse;
533
+ color: #446ea6;
534
+ cursor: auto;
535
+ display: inline;
536
+ font-family: 'GS Sans', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
537
+ font-size: 15px;
538
+ height: auto;
539
+ mso-line-height-rule: exactly;
540
+ line-height: 19px;
541
+ text-decoration: none;
542
+ width: auto;
543
+ }
544
+
545
+ .footer_copy_space {
546
+ margin-bottom: 20px;
547
+ margin-top: 20px;
548
+ }
549
+
550
+ .headerLineDivider {
551
+ color: #808080;
552
+ font-weight: normal;
553
+ font-family: 'Arial Narrow', Arial, Helvetica, 'MS PGothic', 'Hiragino Mincho Pro', sans-serif;
554
+ }
555
+
556
+
557
+ .ctaLink {
558
+ border-collapse: collapse;
559
+ color: #fff;
560
+ cursor: auto;
561
+ display: inline;
562
+
563
+ $ {
564
+ font.fontFamily.headlineFont @ context='html'
565
+ }
566
+
567
+ font-size: 15px;
568
+ height: auto;
569
+ mso-line-height-rule:exactly;
570
+ line-height: 19px;
571
+ text-align: center;
572
+ text-decoration: none;
573
+ width: auto;
574
+ }
575
+
576
+ .copybody a {
577
+ color: #446ea6;
578
+ text-decoration: none;
579
+ }
580
+
581
+ .reportNumbers {
582
+ color: #698aab;
583
+ text-decoration: none;
584
+
585
+ $ {
586
+ font.fontFamily.headlineFont @ context='html'
587
+ }
588
+
589
+ mso-line-height-rule:exactly;
590
+ line-height: 12px;
591
+ }
592
+
593
+ .bodyContent ol,
594
+ .bodyContent ul {
595
+ $ {
596
+ font.fontFamily.emailNestedBulletStyle @ context='html'
597
+ }
598
+
599
+ font-size: 15px;
600
+ mso-line-height-rule:exactly;
601
+ line-height: 19px;
602
+ }
603
+
604
+ .newtooltip .tooltiptext {
605
+ display: none;
606
+ }
607
+
608
+ @media only screen and (max-width: 480px) {
609
+
610
+ a[class=reportNumbers] {
611
+ font-size: 12px !important;
612
+ }
613
+
614
+ .body {
615
+ width: 100% !important;
616
+ }
617
+
618
+ img[class=gsLogo] {
619
+ height: auto !important;
620
+ width: 100% !important;
621
+ }
622
+
623
+ body,
624
+ table,
625
+ td,
626
+ p,
627
+ a,
628
+ li,
629
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+ img { max-width: 100% !important; height: auto !important; }
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+ img[src^="https://publishing.gs.com/CI0"] { display: none !important; width: 1px !important; height: 1px !important; }
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+ figure, img { page-break-inside: avoid; }
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+ a { color: #446EA6; }
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+ @media screen { html { background:#d0d0d0; } body { margin:0; padding:20px 0; } #templateContainer { background:#fff; box-shadow:0 4px 24px rgba(0,0,0,.18); } }
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+ </style></head>
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+ <td style="font-size: 1px;" width="10"> </td>
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+ <td align="center"><font class="headerLineDivider" style="-webkit-text-size-adjust: none; color: #446EA6;font-weight: normal; font-family:'GS Sans','Arial Narrow', Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif; white-space:nowrap;"> | </font></td>
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+ <td style="font-size: 1px;" width="10"> </td>
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+ <tr>
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+ <td height="10" style="font-size: 1px;"> </td>
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+ <td>
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+ <div>
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+ <span style="font-family: 'GS Sans Condensed',Arial,Helvetica,sans-serif; font-size: 24px; line-height:28px; border-collapse: collapse;color: #000000f2;display: inline; letter-spacing: normal; margin-right: 0px;margin-top: 0px;text-align: left;text-decoration: none;"> 中国: </span>
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+ <span style="font-family: 'GS Sans Condensed',Arial,Helvetica,sans-serif; font-size: 24px; line-height:28px; border-collapse: collapse;color: #000000f2;display: inline; letter-spacing: normal; margin-right: 0px;margin-top: 0px;text-align: left;text-decoration: none;"> 地方“两会”指向今年全国增长目标低于去年 </span>
982
+ </div> </td>
983
+ </tr>
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+ </tbody>
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+ </table> </td>
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+ </tr>
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+ <tr>
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+ <td width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif;; font-weight:normal; font-size: 13px; color: #7f7f7f; text-align: left; margin: 0"> 2026年2月3日 | HKT 下午6:29 | 研究 | 经济学 </font> </td>
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+ <tr>
1050
+ <td class="copybody" style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; color: #000000f2; text-align: left;" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; font-size: 14px;"> <p>截至今日(2月3日),中国大陆31个省份中已有29个在其地方“两会”期间正式公布2026年增长目标。在这29个省份中,19个下调了2026年增长目标。鉴于近期政策沟通、媒体报道以及地方“两会”释放的信号,我们目前预计政策制定者将把今年全国实际GDP增长目标从去年的“5%左右”下调至“4.5-5.0%”。对于将在3月全国“两会”上公布的其他目标和财政预算,我们预计大多与去年相同,包括通胀目标为2%(实践中为上限)、官方财政赤字率为GDP的4.0%、地方政府专项债(LGSB)发行额度RMB4.6tn(若计入10月批准的新增地方政府专项债(LGSB)额度,则与2025年持平),以及中央政府特别债(CGSB)发行额度RMB1.8tn。我们认为,如有必要,政策制定者可能为今年晚些时候的预算外融资安排留下空间,并 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQKaHF2rUcRXOCwT_9bN9x7VZhIwiRC_aTsuzG60jFPd6sgJl2RdAACwBz-QtYNWRohf_Ek7nkpYseHSG-xBQtrwwKoJkiASr4uQf1r2AmfagwdGYuMVlqZXxj_Tz2eXkJjkYmNI9-hAjFBCAs4BNpR8eE1ol_uFTwNbiKMgGjTH257uY4EI8-KxJAoH-NvqA2fFpgZC3AdarqNhUbjNKeUrM-AAVAgjkqWuTRItwm82EFk9GFaZcmn5mLnZFOZyqhyiYpFnbXh5cN46ol8VgbRIsVUUuSSMS2s*%26id=cd133c91-02d6-4e8b-9bd6-436272df59bf%26utm_medium=pa/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/Ud_z-IzzbAgQY43UcmfVVE3IufCCrCxWcmzplvUnhuI=442">预计</a> 我们专有的广义财政赤字(AFD)指标今年将扩大GDP的1个百分点。</p> </font> </td>
1051
+ </tr>
1052
+ </tbody>
1053
+ </table> </td>
1054
+ </tr>
1055
+ </tbody>
1056
+ </table>
1057
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1058
+ <tbody>
1059
+ <tr>
1060
+ <td>
1061
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1062
+ <tbody>
1063
+ <tr>
1064
+ <td class="copybody" style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; color: #000000f2; text-align: left;" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; font-size: 14px;"> <p><b>主要观点:</b></p> </font> </td>
1065
+ </tr>
1066
+ </tbody>
1067
+ </table> </td>
1068
+ </tr>
1069
+ </tbody>
1070
+ </table>
1071
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1072
+ <tbody>
1073
+ <tr>
1074
+ <td>
1075
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1076
+ <tbody>
1077
+ <tr>
1078
+ <td class="copybody" style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; color: #000000f2; text-align: left;" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; font-size: 14px;"> <p>1. 尽管1月-2月通常被视为 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQJlA9O2zWxROKxzG2l7U5GynDdwGxAAQB-Oxj5iJu3snyMo1G1dAACwEzxQqlkHW74NW1YteLgTSCqBMTHPGE7CYKj3ZNbkku3GzlNwR3-WbCiLiK9k-th3ewXu16R33MLaUsA-ZOQPZ5-3xW4z4UH-y8WfPqd_x72rli6N7HDrB7woAKfjFADmFFsS3u7qQ3f4-3VJv70MjYx60u5ZAcVpn6FJeFqMhTjoNX5-sNiCv6Zk_ho1JiwT6FrwGouHyxR_FL_KcAumsU7NVxjOo0Pfpxgkeo1oMxU*%26id=a01f97a8-4cb3-45da-b92e-2ecdb039b1e3%26utm_medium=pa/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/9ihtFymmsfIMjTiwSOFLU-DBx_jisRu5MypJKf-NhzU=442">12月中央经济工作会议</a> (CEWC)与3月全国“两会”之间的政策会议真空期,但这一窗口期内的省级“两会”有助于阐明全国经济目标和政策重点,因为最高政策制定者通常会在中央经济工作会议上将这些关键目标传达给地方政府。今年,截至今日(2月3日),中国大陆31个省份中已有29个召开地方“两会”,其余省份将在未来数日跟进。我们将主要观察总结如下:</p> </font> </td>
1079
+ </tr>
1080
+ </tbody>
1081
+ </table> </td>
1082
+ </tr>
1083
+ </tbody>
1084
+ </table>
1085
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1086
+ <tbody>
1087
+ <tr>
1088
+ <td>
1089
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1090
+ <tbody>
1091
+ <tr>
1092
+ <td>
1093
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1094
+ <tbody>
1095
+ <tr>
1096
+ <td class="copybody" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;font-family: Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro'; font-size: 14px; line-height: 19px; color: #222; text-align: left;" width="100%">
1097
+ <table>
1098
+ <tbody>
1099
+ <tr>
1100
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1101
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>2025年地方GDP增长结果:根据我们的估算,31个省份中有17个(占总数55%)实现了其2025年地方GDP增长目标,14个未达标(45%),相比之下2024年为13个达标、18个未达标。2025年31省加权平均(按名义GDP加权)实际GDP增长率较2024年持平于5.1%,略低于2025年5.3%的加权平均增长目标。海南和辽宁的未达标幅度最大,而上海和北京的超额完成幅度最大。在较发达的东部和南部沿海省份中,广东和海南再次未能实现其2025年增长目标(类似于2024年的模式),因为它们受到持续房地产下行的冲击可能比其他省份更大。 </p> </font> </td>
1102
+ </tr>
1103
+ <tr>
1104
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1105
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>2026年地方GDP增长目标:与2025年相比,在迄今已正式公布2026年地方增长目标的29个省份中,19个下调了2026年增长目标,9个保持不变,仅1个上调目标(江西, <a href="#_13fcc364-25d1-4000-a8dd-11196b3f2000">图表1</a>)。此外,北京、上海和广东的GDP增长目标在历史上与全国目标高度相关(Covid年份除外),而这些地区今年呈现出不同模式——北京和上海将增长目标维持在“5%左右”不变,而广东将目标从去年的“5%左右”下调至“4.5-5.0%”(<a href="#_ce9311bd-6cb1-4000-a676-e992522d9000">图表2</a>)。根据我们的估算,所有省份加权平均GDP增长目标在2026年可能放缓0.2个百分点至5.1%(相比2025年的5.3%),不过当其余省份在未来数日公布其地方增长目标时,这一数字可能会有小幅变化(<a href="#_acd8c3b9-180f-4000-aa9f-7ae0372a2000">图表3</a>). </p> </font> </td>
1106
+ </tr>
1107
+ <tr>
1108
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1109
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>2026年地方CPI通胀目标:若设定目标,几乎所有省份均将其CPI通胀目标维持在去年“2%左右”不变。 </p> </font> </td>
1110
+ </tr>
1111
+ </tbody>
1112
+ </table> </td>
1113
+ </tr>
1114
+ </tbody>
1115
+ </table> </td>
1116
+ </tr>
1117
+ </tbody>
1118
+ </table> </td>
1119
+ </tr>
1120
+ </tbody>
1121
+ </table>
1122
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1123
+ <tbody>
1124
+ <tr>
1125
+ <td>
1126
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1127
+ <tbody>
1128
+ <tr>
1129
+ <td class="copybody" style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; color: #000000f2; text-align: left;" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; font-size: 14px;"> <p>2. 中国2026年全国“两会”——中国人民政治协商会议(CPPCC)和全国人民代表大会(NPC)——计划分别于3月4日和3月5日开幕,通常持续约一周。李总理将在3月5日上午随政府工作报告发布,宣布今年各项经济目标,包括GDP增长、通胀、财政赤字和就业。随后将发布2026年财政预算完整草案,以提供有关财政安排和支出的更多细节。不同于往年,此次政策制定者还将发布“十五五”规划完整报告,其中将公布2026-30年的部分量化目标,广泛涵盖经济发展、科技创新、民生、绿色转型和社会保障。 </p> </font> </td>
1130
+ </tr>
1131
+ </tbody>
1132
+ </table> </td>
1133
+ </tr>
1134
+ </tbody>
1135
+ </table>
1136
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1137
+ <tbody>
1138
+ <tr>
1139
+ <td>
1140
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1141
+ <tbody>
1142
+ <tr>
1143
+ <td class="copybody" style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; color: #000000f2; text-align: left;" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; font-size: 14px;"> <p>3. 我们对3月全国“两会”的简要前瞻如下: </p> </font> </td>
1144
+ </tr>
1145
+ </tbody>
1146
+ </table> </td>
1147
+ </tr>
1148
+ </tbody>
1149
+ </table>
1150
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1151
+ <tbody>
1152
+ <tr>
1153
+ <td>
1154
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1155
+ <tbody>
1156
+ <tr>
1157
+ <td>
1158
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1159
+ <tbody>
1160
+ <tr>
1161
+ <td class="copybody" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;font-family: Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro'; font-size: 14px; line-height: 19px; color: #222; text-align: left;" width="100%">
1162
+ <table>
1163
+ <tbody>
1164
+ <tr>
1165
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1166
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>关于 <b>增长</b>,鉴于 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpaper.people.com.cn%2Frmrb%2Fpc%2Fcontent%2F202512%2F14%2Fcontent_30120285.html/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/v-pSKa1aLYezKOWmww-stGjrWzd7b0MhT-Sjj_rNQ_c=442">近期评论</a> 来自高层官员、 <a href="https://publishing.gs.com/CL0/https:%2F%2Fwww.scmp.com%2Feconomy%2Feconomic-indicators%2Farticle%2F3340889%2Fchina-set-gdp-growth-range-providing-policy-flexibility-2026-sources/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/nkDNRrtChn2XMgfXv0lYIRc8kQWSIF087JHikAdhGKw=442">媒体报道</a>以及地方“两会”释放的信号(<a href="#_ee4b6a70-47b6-4000-a346-4ad4c63d5000">图表4</a>),我们目前预计政策制定者将把今年官方实际GDP增长目标从去年的“5%左右”下调至“4.5-5.0%”。不过,我们认为“4.5-5%”并不意味着政策制定者瞄准4.5%的增长。作为背景,过去三年的增长目标均为“5%左右”,实际GDP增长在2023年为5.4%,2024年和2025年均为5.0%。较低的“4.5-5%”目标将允许实际GDP增长略低于5%,与 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQK_Gx08-hipW5Em-xk5vnY-5551zhDT6SBxewFqJkixF0dzfpY4AACwchcfggCpzv83t1V_TtcNTzl11zJyN9dwX_Pv3yNZPcDat6p-NtucgGmqdZLI73mpddSDjQQNMr0QDGnqrv267vEQjfk5xE5nuIo6HjD5Ou4624zl6vcGj63u9_aksE9Vx2zWlTqzXxQqwgPZSPOwkjZYI6erEzQNfLzSpvsj-Scm6HRhL7DV4e8bpiZXvtdGxD2CLxi4SDYLqkQXzdbp6GYFOM5us6jfnj4KD8QNOj8*%26id=9e31ec36-2753-4946-a1b4-a906dea8630e%26utm_medium=pa/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/aeAHOp0Y0QZ_5hOZKzH5Yf8KEv5MmRX8YZT3bAXXnPk=442">我们的预测</a> 4.8%一致。若出现重大负面冲击,这也为政策制定者提供了灵活性;鉴于当前地缘政治不确定性,这可能是政策制定者的一个担忧。 </p> </font> </td>
1167
+ </tr>
1168
+ <tr>
1169
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1170
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>关于 <b>通胀</b>,我们预计今年官方CPI通胀目标将维持在去年“2%左右”不变,尽管这一目标被广泛认为在实践中是上限,而非约束性目标。我们维持预测,即CPI通胀年均值将从2025年的0%升至2026年的0.6%。 </p> </font> </td>
1171
+ </tr>
1172
+ <tr>
1173
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1174
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>关于 <b>关键预算参数</b>, <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQKaHF2rUcRXOCwT_9bN9x7VZhIwiRC_aTsuzG60jFPd6sgJl2RdAACwBz-QtYNWRohf_Ek7nkpYseHSG-xBQtrwwKoJkiASr4uQf1r2AmfagwdGYuMVlqZXxj_Tz2eXkJjkYmNI9-hAjFBCAs4BNpR8eE1ol_uFTwNbiKMgGjTH257uY4EI8-KxJAoH-NvqA2fFpgZC3AdarqNhUbjNKeUrM-AAVAgjkqWuTRItwm82EFk9GFaZcmn5mLnZFOZyqhyiYpFnbXh5cN46ol8VgbRIsVUUuSSMS2s*%26id=cd133c91-02d6-4e8b-9bd6-436272df59bf%26utm_medium=pa/2/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/syjk-J6WKA2vDOEh7c-WXSAkBW1ucFzmbf8SyUo1t1c=442">我们预计</a> 政策制定者将把官方财政赤字率和中央政府特别债(CGSB)发行额度分别维持在去年的“GDP的4%”和RMB1.8tn不变,并将地方政府专项债(LGSB)发行额度从去年的RMB4.4tn小幅上调至RMB4.6tn(注意,如果计入10月批准的新增RMB200bn地方政府专项债(LGSB)发行额度,2025年全年实际结果将为RMB4.6tn)。相应地,2026年政府债券净发行额度总额将约为RMB12.3tn,高于2025年预算公布的RMB11.9tn额度。我们认为,鉴于不确定性仍然较高,在当前“反应式”(而非“预防式”)宽松模式下,如有必要,政策制定者可能会为今年晚些时候的预算外融资安排留下空间。 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQKaHF2rUcRXOCwT_9bN9x7VZhIwiRC_aTsuzG60jFPd6sgJl2RdAACwBz-QtYNWRohf_Ek7nkpYseHSG-xBQtrwwKoJkiASr4uQf1r2AmfagwdGYuMVlqZXxj_Tz2eXkJjkYmNI9-hAjFBCAs4BNpR8eE1ol_uFTwNbiKMgGjTH257uY4EI8-KxJAoH-NvqA2fFpgZC3AdarqNhUbjNKeUrM-AAVAgjkqWuTRItwm82EFk9GFaZcmn5mLnZFOZyqhyiYpFnbXh5cN46ol8VgbRIsVUUuSSMS2s*%26id=cd133c91-02d6-4e8b-9bd6-436272df59bf%26utm_medium=pa/3/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/fU409wzwlwvyQWBESTb7uYgCpBk3raFS0chngTWYBS4=442">我们预计</a> 我们专有的广义财政赤字(AFD)指标将在2026年扩大GDP的1.0个百分点至12.0%(相比2025年的11.0%),主要受益于央行 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQLbCUBy28ermd8YuqDZDnjNUzsDUBA6fOYbFiwZBEi2_ejMG2dMAACw5aLpgGjlSGayBoCHsvhb845t_ty0R0JqZBtznrkmMMVz-8rN_MF6fW8w0QFucTzcgly9nyWn5I_XEFgEA0ZLXy9yHTMv0vBP3w1QkY53WtDl0TvUXreYTP4RgCXZgJZ2KYUODVHoOJO0RlvvxQA2Aw5d-7oxZjTRZZ6LmywGsSrFTBRUEfJ9c2-bMrRMQPWSu4O8YGyBdRo1rvgGYbomCgFj2sLepU_NF-q1rMnZvWY*%26id=50f3443d-432d-4fee-996d-fcad5cdb8459%26utm_medium=pa/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/xdRTHdIo3_5ZmuAyCyEIH-lNuqaJFHTbXDFfIw4byG4=442">抵押补充贷款(PSL)</a> 工具提供更多支持。这意味着财政政策在2026年可能仍将对增长形成支撑。</p> </font> </td>
1175
+ </tr>
1176
+ <tr>
1177
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1178
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>关于 <b>劳动力市场</b>,我们预计政策制定者将把2026年目标维持在2025年水平不变,包括城镇新增就业“1200万以上”和调查失业率“5.5%左右”。劳动力市场稳定一直是政策制定者的“底线”,过去几年就业目标在各项经济目标中的重要性上升。然而,由于这些指标的设计——例如,“城镇新增就业”为总量口径而非净额口径,调查失业率未涵盖返乡农民工——这些就业目标通常可以实现,且在实践中并不构成约束。注意,“1200万以上”城镇新增就业目标与今年高校毕业生人数大体一致(根据 <a href="https://publishing.gs.com/CL0/https:%2F%2Fwww.news.cn%2F20251120%2Fead0f25dff2948dfa7f01fa78f207882%2Fc.html%23:~:text=%25E6%2596%25B0%25E5%258D%258E%25E7%25A4%25BE%25E5%258C%2597%25E4%25BA%25AC11%25E6%259C%2588,%25E5%2590%258C%25E6%25AF%2594%25E5%25A2%259E%25E5%258A%25A048%25E4%25B8%2587%25E4%25BA%25BA%25E3%2580%2582/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/VMlKJHYjyGuorDf5V0DsLIWgESV6hgvvtbdBGhizhb0=442">教育部估算</a>).</p> </font> </td>
1179
+ </tr>
1180
+ </tbody>
1181
+ </table> </td>
1182
+ </tr>
1183
+ </tbody>
1184
+ </table> </td>
1185
+ </tr>
1186
+ </tbody>
1187
+ </table> </td>
1188
+ </tr>
1189
+ </tbody>
1190
+ </table>
1191
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1192
+ <tbody>
1193
+ <tr>
1194
+ <td>
1195
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1196
+ <tbody>
1197
+ <tr>
1198
+ <td>
1199
+ <table cellpadding="0" cellspacing="0" class="twelve columns" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%; mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1200
+ <tbody>
1201
+ <tr>
1202
+ <td class="copybody" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; -webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;font-family: Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro'; font-size: 14px; line-height: 19px; color: #222; text-align: left;" width="100%">
1203
+ <table>
1204
+ <tbody>
1205
+ <tr>
1206
+ <td style="vertical-align: top; width: 20px"> <p style="font-family:'GS Sans',Arial,Helvetica,sans-serif; margin:0; font-size: 14px; line-height: 20px;">●</p> </td>
1207
+ <td style="vertical-align: top; margin: 0; padding: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; margin:0; margin-bottom: 10px; vertical-align: top;"> <p>关于 <b>“十五五”规划</b>:根据 <a href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQIQ3oWFhpfZqyk1h2sNdax-zE8XvxAc3hmvwiem2IPaWfVhnYhJAACwyuP6ruAR3mkAtml6nuVY5KQ3no0PBRuJuikCerckqTmmSXNJK9Vw3vlrV6QPAQV1lBn3ilZXIU3yEFdprDkvWZDjhWM_HItNISh00o0F_Az5mD5EB6z_uhX2j1hpPaD-OddGCU3TLsaHNGpYtyxlfjv178ROhQS1qxw8o0gk_KdrrEaNOhapTXBPu8g7yFq0e5Jw4peK1M08Ztk5Rp0Y9LfVOP7_yi-hIlGs5L8VoP8*%26id=a68db52a-a8c1-40cd-bd62-d609410f452d%26utm_medium=pa/1/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/dnz8W2MCUzPAVRLkDub1TRdyRtwjuXFU8GQ6iPs5Vp4=442">四中全会</a>的表述,我们认为科技、安全和民生是中国2026-30年发展战略的最高优先事项,反映出政策制定者对“高质量增长”和“高水平安全”的长期追求。关于中期增长,我们的基准情形意味着中国实际GDP增长在2026-30年期间将平均为4.5%,我们认为这是实现中国到2035年人均收入达到“中等发达经济体”水平目标所必需的。</p> </font> </td>
1208
+ </tr>
1209
+ </tbody>
1210
+ </table> </td>
1211
+ </tr>
1212
+ </tbody>
1213
+ </table> </td>
1214
+ </tr>
1215
+ </tbody>
1216
+ </table> </td>
1217
+ </tr>
1218
+ </tbody>
1219
+ </table>
1220
+ <div class="exhibitGroup parsys">
1221
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1222
+ <tbody>
1223
+ <tr>
1224
+ <td>
1225
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1226
+ <tbody>
1227
+ <tr>
1228
+ <td>
1229
+ <table border="0" cellpadding="0" cellspacing="0" width="100%">
1230
+ <tbody>
1231
+ <tr>
1232
+ <td height="10" style="font-size: 1px;" width="20"> </td>
1233
+ </tr>
1234
+ <tr>
1235
+ <td style="vertical-align: top"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 13px; line-height: 18px; color: #29323A; font-weight: bold; text-align: left;"> <span>图表1</span><span>: </span><span>已正式公布2026年增长目标的29个省份中,有19个较2025年下调目标</span> </font> </td>
1236
+ </tr>
1237
+ <tr>
1238
+ <td> <img alt="Exhibit" src="image_1.png" style="max-width: 100%;" width="700"/> </td>
1239
+ </tr>
1240
+ <tr>
1241
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1242
+ </tr>
1243
+ <tr>
1244
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> “31省”指31个省份GDP增长目标的加权平均值(按名义GDP加权)。对于“&gt;x%”格式的目标,我们按(x+0.25)%录入。2026年的“31省”仅涵盖截至本报告撰写时已正式公布增长目标的省份。 </font> </td>
1245
+ </tr>
1246
+ <tr>
1247
+ <td height="5px" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1248
+ </tr>
1249
+ <tr>
1250
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1251
+ </tr>
1252
+ <tr>
1253
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> 资料来源:政府网站、Wind、Goldman Sachs Global Investment Research整理的数据 </font> </td>
1254
+ </tr>
1255
+ <tr>
1256
+ <td height="25" style="font-size: 1px; height: 25px; padding: 0;"> </td>
1257
+ </tr>
1258
+ </tbody>
1259
+ </table> </td>
1260
+ </tr>
1261
+ </tbody>
1262
+ </table> </td>
1263
+ </tr>
1264
+ </tbody>
1265
+ </table>
1266
+ </div>
1267
+ <div class="exhibitGroup parsys">
1268
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1269
+ <tbody>
1270
+ <tr>
1271
+ <td>
1272
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1273
+ <tbody>
1274
+ <tr>
1275
+ <td>
1276
+ <table border="0" cellpadding="0" cellspacing="0" width="100%">
1277
+ <tbody>
1278
+ <tr>
1279
+ <td height="10" style="font-size: 1px;" width="20"> </td>
1280
+ </tr>
1281
+ <tr>
1282
+ <td style="vertical-align: top"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 13px; line-height: 18px; color: #29323A; font-weight: bold; text-align: left;"> <span>图表2</span><span>: </span><span>北京和上海将2026年增长目标维持在2025年的“5%左右”不变,而广东将其目标下调至“4.5-5.0%”</span> </font> </td>
1283
+ </tr>
1284
+ <tr>
1285
+ <td> <img alt="Exhibit" src="image_2.png" style="max-width: 100%;" width="512"/> </td>
1286
+ </tr>
1287
+ <tr>
1288
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1289
+ </tr>
1290
+ <tr>
1291
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> 资料来源:政府网站、Wind、Goldman Sachs Global Investment Research整理的数据 </font> </td>
1292
+ </tr>
1293
+ <tr>
1294
+ <td height="25" style="font-size: 1px; height: 25px; padding: 0;"> </td>
1295
+ </tr>
1296
+ </tbody>
1297
+ </table> </td>
1298
+ </tr>
1299
+ </tbody>
1300
+ </table> </td>
1301
+ </tr>
1302
+ </tbody>
1303
+ </table>
1304
+ </div>
1305
+ <div class="exhibitGroup parsys">
1306
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1307
+ <tbody>
1308
+ <tr>
1309
+ <td>
1310
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1311
+ <tbody>
1312
+ <tr>
1313
+ <td>
1314
+ <table border="0" cellpadding="0" cellspacing="0" width="100%">
1315
+ <tbody>
1316
+ <tr>
1317
+ <td height="10" style="font-size: 1px;" width="20"> </td>
1318
+ </tr>
1319
+ <tr>
1320
+ <td style="vertical-align: top"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 13px; line-height: 18px; color: #29323A; font-weight: bold; text-align: left;"> <span>图表3</span><span>: </span><span>我们估计,所有省份加权平均GDP增长目标在2026年可能放缓0.2个百分点至5.1%</span> </font> </td>
1321
+ </tr>
1322
+ <tr>
1323
+ <td> <img alt="Exhibit" src="image_3.png" style="max-width: 100%;" width="700"/> </td>
1324
+ </tr>
1325
+ <tr>
1326
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1327
+ </tr>
1328
+ <tr>
1329
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> 对于将GDP增长目标设定为“&gt;x%”的省份,我们也将实际结果正好为“x%”视为大体实现目标。2026年的“31省合计”仅包括截至本报告撰写时已正式公布增长目标的省份。 </font> </td>
1330
+ </tr>
1331
+ <tr>
1332
+ <td height="5px" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1333
+ </tr>
1334
+ <tr>
1335
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1336
+ </tr>
1337
+ <tr>
1338
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> 资料来源:政府网站、Wind、Goldman Sachs Global Investment Research整理的数据 </font> </td>
1339
+ </tr>
1340
+ <tr>
1341
+ <td height="25" style="font-size: 1px; height: 25px; padding: 0;"> </td>
1342
+ </tr>
1343
+ </tbody>
1344
+ </table> </td>
1345
+ </tr>
1346
+ </tbody>
1347
+ </table> </td>
1348
+ </tr>
1349
+ </tbody>
1350
+ </table>
1351
+ </div>
1352
+ <div class="exhibitGroup parsys">
1353
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1354
+ <tbody>
1355
+ <tr>
1356
+ <td>
1357
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1358
+ <tbody>
1359
+ <tr>
1360
+ <td>
1361
+ <table border="0" cellpadding="0" cellspacing="0" width="100%">
1362
+ <tbody>
1363
+ <tr>
1364
+ <td height="10" style="font-size: 1px;" width="20"> </td>
1365
+ </tr>
1366
+ <tr>
1367
+ <td style="vertical-align: top"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 13px; line-height: 18px; color: #29323A; font-weight: bold; text-align: left;"> <span>图表4</span><span>: </span><span>Goldman Sachs对即将召开的3月全国“两会”的预期摘要</span> </font> </td>
1368
+ </tr>
1369
+ <tr>
1370
+ <td> <img alt="Exhibit" src="image_4.png" style="max-width: 100%;" width="595"/> </td>
1371
+ </tr>
1372
+ <tr>
1373
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1374
+ </tr>
1375
+ <tr>
1376
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> *在财政赤字率的“实际结果”列中,括号外和括号内的数字分别指官方和有效预算内财政赤字率。 </font> </td>
1377
+ </tr>
1378
+ <tr>
1379
+ <td height="5px" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1380
+ </tr>
1381
+ <tr>
1382
+ <td height="5" style="font-size: 1px; height: 5px; padding: 0;"> </td>
1383
+ </tr>
1384
+ <tr>
1385
+ <td style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 12px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 14px; line-height: 20px; font-size: 11px; line-height: 14px; color: #29323A; font-weight: normal; text-align: left; padding: 0; margin: 0;"> 资料来源:政府网站、Wind、Goldman Sachs Global Investment Research </font> </td>
1386
+ </tr>
1387
+ <tr>
1388
+ <td height="25" style="font-size: 1px; height: 25px; padding: 0;"> </td>
1389
+ </tr>
1390
+ </tbody>
1391
+ </table> </td>
1392
+ </tr>
1393
+ </tbody>
1394
+ </table> </td>
1395
+ </tr>
1396
+ </tbody>
1397
+ </table>
1398
+ </div> </td>
1399
+ </tr>
1400
+ </tbody>
1401
+ </table>
1402
+ <table cellpadding="0" cellspacing="0" class="twelve columns" width="100%">
1403
+ <tbody>
1404
+ <tr>
1405
+ <td align="center" class="six sub-columns" height="45" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt; text-align: center;vertical-align: middle; padding: 10px 0 0 0; " valign="middle" width="100%">
1406
+ <table align="left" cellpadding="0" cellspacing="0" class="twelve columns cta-button" height="45" style="margin-left:0;margin-right:auto;" width="100%">
1407
+ <tbody>
1408
+ <tr height="45">
1409
+ <td height="45" width="146">
1410
+ <table cellpadding="0" cellspacing="0" class="twelve columns report-button" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;">
1411
+ <tbody>
1412
+ <tr>
1413
+ <td>
1414
+ <table cellpadding="0" cellspacing="0" class="portalAlertButton" style="border:1px solid #0D0D0D; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;">
1415
+ <tbody>
1416
+ <tr>
1417
+ <td bgcolor="#ffffff" style="width: 146px; height: 40px; text-align: center; vertical-align: middle; font-size: 1px;" width="146"> <a height="45" href="https://publishing.gs.com/CL0/https:%2F%2Fpublishing.gs.com%2FtrustedLink%3Fopentoken=T1RLAQK69TE0n__X-wuLU2dkrE4piRto1RAQQ7LD7kpe7QPQ9wbxAGL4AACwHeKXKV1hdaJfxQ99xpbNPANrzHbUoF63dQ7SYTaX7l2ufRvGCr0o7w-ZUU29GfZEX_EQRx_C82gYJMpBmrx1rt7JymrbThY9Ntl0pL6zCeXr9un9oo4fZOc82wB9yJ1FnvW7l-1o-X5EUbDa5vq8p16J9E8S0rfHEx4nshlBvBBaPWlHs8KcQO7K7NCw4my4DEtGcjQunVpMRgfbeLzDM90CGLtIi02wdj0enDISC-w*%26id=3239e520-f891-4299-8e2b-3e361f901142%26utm_medium=pa/2/0100019c231335f3-1b91eab6-c55a-4015-b12c-9ea4364bae4a-000000/VvgdFREwEMzv7DUo4NIIgD3_SYFB5z3TRh3fiO3yGcI=442" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;border-collapse: collapse;color: #0D0D0D; cursor: auto;font-family: 'GS Sans',Arial, Helvetica,'MS PGothic','Hiragino Mincho Pro', sans-serif;font-size: 16px; height: auto;mso-line-height-rule: exactly;line-height: 20px; text-align: center; text-decoration: none; width: auto; width: 100%; height: 45px;" width="100%"> 阅读完整报告 </a> </td>
1418
+ </tr>
1419
+ </tbody>
1420
+ </table> </td>
1421
+ </tr>
1422
+ </tbody>
1423
+ </table> </td>
1424
+ <td class="edges" height="45" width="398"></td>
1425
+ </tr>
1426
+ </tbody>
1427
+ </table> </td>
1428
+ </tr>
1429
+ <tr>
1430
+ <td height="20" style="font-size: 1px;"> </td>
1431
+ </tr>
1432
+ </tbody>
1433
+ </table>
1434
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1435
+ <tbody>
1436
+ <tr>
1437
+ <td>
1438
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1439
+ <tbody>
1440
+ <tr>
1441
+ <td>
1442
+ <table class="row" width="100%">
1443
+ <tbody>
1444
+ <tr>
1445
+ <td>
1446
+ <table style="mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1447
+ <tbody>
1448
+ <tr>
1449
+ <td>
1450
+ <table border="0" cellpadding="0" cellspacing="0" style="mso-table-lspace: 0pt;mso-table-rspace: 0pt;" width="100%">
1451
+ <tbody>
1452
+ <tr>
1453
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:14px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;;font-weight:700;"> Lisheng Wang </span> </h3>
1454
+ <div style="margin-top:5px;">
1455
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852 3966-4004 | </span>
1456
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Lisheng Wang" href="mailto:lisheng.wang@gs.com?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> lisheng.wang@gs.com | </a> </span>
1457
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1458
+ </div> </td>
1459
+ </tr>
1460
+ </tbody>
1461
+ </table> </td>
1462
+ </tr>
1463
+ </tbody>
1464
+ </table> </td>
1465
+ </tr>
1466
+ </tbody>
1467
+ </table> </td>
1468
+ </tr>
1469
+ </tbody>
1470
+ </table> </td>
1471
+ </tr>
1472
+ </tbody>
1473
+ </table>
1474
+ <table border="0" class="row" style="padding-bottom:15px" width="100%">
1475
+ <tbody>
1476
+ <tr>
1477
+ <td style="background-color: #f7f7fa; padding: 15px">
1478
+ <table border="0" cellpadding="0" cellspacing="0" style=";mso-table-lspace: 0pt;mso-table-rspace: 0pt;" width="100%">
1479
+ <tbody>
1480
+ <tr>
1481
+ <td style="padding: 0px 10px 10px 0px; border-bottom: 1px solid #bfbfbf" width="100%"> <font style="font-family:'GS Sans',Arial,Helvetica,sans-serif; font-size: 17px; font-weight: 500; line-height: 18px; color: #00355F; text-align: left; margin: 0; "> 中国经济团队 </font> </td>
1482
+ </tr>
1483
+ <tr>
1484
+ <td style="padding-top: 10px"></td>
1485
+ </tr>
1486
+ <tr>
1487
+ <td>
1488
+ <table border="0" cellpadding="0" cellspacing="0" style="mso-table-lspace: 0pt;mso-table-rspace: 0pt;" width="100%">
1489
+ <tbody>
1490
+ <tr>
1491
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;font-weight:700;"> Andrew Tilton </span> </h3>
1492
+ <div style="margin-top:5px;">
1493
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-2978-1802 | </span>
1494
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Andrew Tilton" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> andrew.tilton@gs.com | </a> </span>
1495
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1496
+ </div> </td>
1497
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;;font-weight:700;"> Hui Shan </span> </h3>
1498
+ <div style="margin-top:5px;">
1499
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-2978-6634 | </span>
1500
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Hui Shan" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> hui.shan@gs.com | </a> </span>
1501
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1502
+ </div> </td>
1503
+ </tr>
1504
+ <tr>
1505
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;font-weight:700;"> Lisheng Wang </span> </h3>
1506
+ <div style="margin-top:5px;">
1507
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-3966-4004 | </span>
1508
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Lisheng Wang" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> lisheng.wang@gs.com | </a> </span>
1509
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1510
+ </div> </td>
1511
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;;font-weight:700;"> Xinquan Chen </span> </h3>
1512
+ <div style="margin-top:5px;">
1513
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-2978-2418 | </span>
1514
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Xinquan Chen" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> xinquan.chen@gs.com | </a> </span>
1515
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1516
+ </div> </td>
1517
+ </tr>
1518
+ <tr>
1519
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;font-weight:700;"> Yuting Yang </span> </h3>
1520
+ <div style="margin-top:5px;">
1521
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-2978-7283 | </span>
1522
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Yuting Yang" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> yuting.y.yang@gs.com | </a> </span>
1523
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1524
+ </div> </td>
1525
+ <td style="padding-right:2%;padding-bottom:10px;width:50%;vertical-align: top" valign="top" width="50%"> <h3 class="author-name" style="margin:0;padding:0;"> <span style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:13px;line-height:18px;mso-line-height-rule:exactly;text-align:-webkit-left;;font-weight:700;"> Chelsea Song </span> </h3>
1526
+ <div style="margin-top:5px;">
1527
+ <span class="author-phone" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> +852-2978-0106 | </span>
1528
+ <span class="author-email" style="border-collapse:collapse;color:#0D0D0D;font-size:13px;height:auto;mso-line-height-rule:exactly;line-height:18px;text-align:-webkit-left;width:auto;"> <a alt="Email Chelsea Song" href="mailto:?Subject=" style="-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%;border-collapse:collapse;color:#0D0D0D;cursor:auto;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;" target="_blank"> chelsea.song@gs.com | </a> </span>
1529
+ <span class="author-company" style="border-collapse:collapse;color:#0D0D0D;font-family:'GS Sans',Arial,Helvetica,'MS PGothic','Hiragino Mincho Pro',sans-serif;font-size:12px;height:auto;mso-line-height-rule:exactly;line-height:16px;text-align:-webkit-left;"> Goldman Sachs (Asia) L.L.C. </span>
1530
+ </div> </td>
1531
+ </tr>
1532
+ </tbody>
1533
+ </table> </td>
1534
+ </tr>
1535
+ </tbody>
1536
+ </table> </td>
1537
+ </tr>
1538
+ </tbody>
1539
+ </table> </td>
1540
+ </tr>
1541
+ </tbody>
1542
+ </table> </td>
1543
+ </tr>
1544
+ </tbody>
1545
+ </table>
1546
+ <!-- // END BODY --> </td>
1547
+ </tr>
1548
+ <tr>
1549
+ <td style="padding-bottom:10px;"></td>
1550
+ </tr>
1551
+ <tr>
1552
+ <td style="padding-bottom:10px;border-top: 1px solid #bfbfbf"></td>
1553
+ </tr>
1554
+ <tr>
1555
+ <td align="center" valign="top">
1556
+ <!-- BEGIN FOOTER // -->
1557
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1558
+ <tbody>
1559
+ <tr>
1560
+ <td>
1561
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1562
+ <tbody>
1563
+ <tr>
1564
+ <td> </td>
1565
+ </tr>
1566
+ </tbody>
1567
+ </table> </td>
1568
+ </tr>
1569
+ </tbody>
1570
+ </table>
1571
+ <table border="0" cellpadding="0" cellspacing="0" class="row footer" width="100%">
1572
+ <tbody>
1573
+ <tr>
1574
+ <td>
1575
+ <table border="0" cellpadding="0" cellspacing="0" class="body" width="100%">
1576
+ <tbody>
1577
+ <tr>
1578
+ <td>
1579
+ <table cellpadding="0" cellspacing="0" class="row footer" id="footer" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt;" width="100%">
1580
+ <tbody>
1581
+ <tr>
1582
+ <td class="footer_legal twelve" style="-webkit-text-size-adjust: 100%;-ms-text-size-adjust: 100%;mso-table-lspace: 0pt;mso-table-rspace: 0pt;">
1583
+ <div id="unsubscribe_footer_message">
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