禅龙资产表示，税收政策的调整对存量券和新发券采取"新老划断"，存量券相较于新发券具备免税优 势，短期机构投资者在综合成本的考虑之下，可能会出现抢购存量券的情况，部分交易盘对此进行博 弈，推动存量券收益率下行，而新发券由于征税，对机构投资者的吸引力将下降。对于存量券而言，存 在中短期利好。 此外，禅龙资产还认为，在此政策之前，利率债利息收入免征增值税而信用债需征税，信用利差中涵盖 了这部分税收溢价，新规对利率债恢复征税后，利率债相对于信用债的税收优势不再，税收溢价也将收 敛，从而带动信用债利差与其他券种的利差收窄。另外，随着国债、地方政府债券、金融债券等利率债 配置性价比的降低，市场利率中枢有望整体上移。 日前，财政部和税务总局发布公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地 方政府债券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、 金融债券（包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 消息公布的当天，市场瞬间作出反应——新债征税意味着持有成本飙升，债券收益率应声暴涨。但短短 几小时后，剧情陡然反转：老债因"免税 ...

● 本报记者 张佳琳 在政策引导下，8月以来工商银行、农业银行、建设银行、交通银行、平安银行等多家银行积极响应个 人消费贷款贴息政策与服务业经营主体贷款贴息政策，部署政策落地实施的各项准备工作，确保贴息政 策精准高效地传导至千企万户，为提振消费、激发市场活力注入强劲动能。 持续创新普惠金融产品 滚烫的辣油浇在铺满鲜花椒的鱼肉上，香气瞬间炸开，厨房里锅铲翻飞，泡椒的酸香、豆瓣酱的醇厚在 空气中交织……在四川，杨先生经营的江湖菜馆凭借独特的味道获得消费者认可，门口的食客经常大排 长龙。"做江湖菜，讲究的就是'鲜'和'快'。"杨先生在餐饮领域深耕多年，对烹饪颇有心得。 然而，餐馆经营规模不断扩大让他面临房租、供应商货款等资金周转难题。工商银行广安分行在深入开 展"千企万户大走访"活动时，得知了杨先生的情况，便迅速为其制定了专属融资方案，发放近500万 元"烟火贷"，解决了他的燃眉之急。"创业不容易，感谢银行的专业服务！"杨先生激动地说。 对杨先生的金融支持，是工商银行积极推动普惠金融创新实践的生动缩影。工商银行相关负责人表示， 为响应国家政策，该行不断创新普惠金融产品，加大对服务型经营主体的贷款支持力度。针对个体工 ...

● 本报记者 熊彦莎 分商品看，在中国物流与采购联合会重点监测的50种大宗商品中，与上月相比，7月份32种大宗商品价 格上涨，18种大宗商品价格下跌。 中国物流与采购联合会表示，中国大宗商品价格指数环比连续三个月实现正增长，表明企业预期乐观， 市场持续稳定恢复，总体保持扩张态势。随着国家"反内卷"政策密集出台，以及宏观经济逆周期调节政 策实施力度加大，大宗商品市场整体有望继续平稳向好。当前全球大宗商品价格波动加剧，外部不确 定、不稳定风险仍然较多，部分行业仍面临有效需求不足、生产经营压力加大等问题，巩固经济回升向 好基础，激发经济增长内生动力和创新活力，仍需进一步发挥大宗商品流通业扩内需、稳增长、促发展 的重要作用。 中国物流与采购联合会8月5日发布数据显示，7月份中国大宗商品价格指数为111.4点，环比上涨0.5%。 分行业看，7月份黑色价格指数止跌反弹，达到77.9点，环比上涨1.7%；有色价格指数延续涨势，报 130.1点，环比上涨1.1%；农产品价格指数继续回落，报97.9点，环比下跌0.2%；能源价格指数小幅走 低，报96.7点，环比下跌0.6%；化工价格指数冲高回落，报102.9点，环比下跌1.4 ...

这是8月5日拍摄的2025第二十七届哈尔滨国际车展现场（无人机照片）。 当日，为期7天的2025第二十七届哈尔滨国际车展在哈尔滨国际会展中心开幕。 新华社发 ...

Core Viewpoint - The article discusses the ongoing efforts of China's macroeconomic policies to support economic stability and growth amid complex external challenges, emphasizing the role of structural monetary policy tools in targeting specific sectors and weaknesses in the economy [1][2]. Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are highlighted as essential for providing precise support to specific economic sectors and weak links, with a focus on technology innovation and consumption [1][2]. - The People's Bank of China (PBOC) plans to create new loans for consumption and elderly care, increase the quotas for technology innovation and agricultural loans by 300 billion yuan each, and reduce interest rates on various structural monetary policy tools by 0.25 percentage points [1][2]. - By May 2025, loans for technology innovation and technological transformation are expected to reach 1.7 trillion yuan, which is 1.9 times the amount at the end of 2024, indicating the effectiveness of these tools [2]. Group 2: Financing Costs and Economic Support - The average interest rate for new corporate loans from January to June was approximately 3.3%, down about 45 basis points from the previous year, while personal housing loan rates were around 3.1%, down about 60 basis points [2][3]. - The PBOC aims to enhance the effectiveness of monetary policy by improving the transmission of monetary policy and reducing overall financing costs, particularly focusing on non-interest costs such as collateral and intermediary service fees [3][4]. Group 3: Liquidity Management - The PBOC has lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan in long-term liquidity, and has maintained a stable liquidity supply through various monetary policy tools [4][5]. - The expectation is that the PBOC will continue to implement a moderately loose monetary policy in the second half of the year, utilizing reverse repos and other tools to ensure ample liquidity for government bond issuance and credit support [4][5].

● 本报记者 彭扬 中国人民银行8月5日消息，中国人民银行、工业和信息化部、国家发展改革委、财政部、金融监管总 局、中国证监会、国家外汇局近日联合印发《关于金融支持新型工业化的指导意见》。意见提出，实 施"科技产业金融一体化"专项，开展"一月一链"投融资路演和"千帆百舸"专精特新中小企业上市培育； 支持新一代信息技术、基础软件和工业软件、智能（网联）汽车、商业航天、生物医药等新兴产业符合 条件的企业在多层次资本市场融资。 下一步，中国人民银行、工业和信息化部将会同有关部门全力推动意见各项举措落实落地，深化产融合 作，完善金融支持新型工业化体系，为加快推进新型工业化提供更有力的金融支撑。 优化金融政策工具 意见对照新型工业化重点领域，提出针对性支持举措。在提升产业科技创新能力和产业链供应链韧性方 面，意见提出，优化金融政策工具，支持关键技术和产品攻关。发挥结构性货币政策工具激励作用，引 导银行为集成电路、工业母机、医疗装备、服务器、仪器仪表、基础软件、工业软件、先进材料等制造 业重点产业链技术和产品攻关提供中长期融资。对突破关键核心技术的科技企业，适用上市融资、并购 重组、债券发行"绿色通道"。加大对首台（套） ...

Core Insights - In July, despite adverse weather conditions, China's logistics demand remained strong, with a logistics industry prosperity index of 50.5%, indicating continued expansion in logistics activities [1][2] Group 1: Logistics Industry Performance - The logistics industry maintained vitality, with e-commerce express and air logistics showing significant growth. The e-commerce express business activity index reached 69.3%, indicating a high prosperity level [1] - Air transportation business activity index was 52.8%, reflecting a month-on-month increase of 0.8 percentage points. Road and rail transportation indices were 54.6% and 51.7%, respectively, both showing a slight month-on-month recovery of 0.1 percentage points [1] Group 2: Market Demand and New Orders - The new orders index for logistics companies rose to 52.5%, indicating a month-on-month increase of 0.1 percentage points. Most sectors, except warehousing and water transportation, maintained new orders in the expansion zone [1] - Rail, road, and air transportation new orders indices increased by 0.3, 0.2, and 0.1 percentage points, respectively, indicating positive trends in these sectors [1] Group 3: Investment and Market Expectations - Fixed asset investment in the logistics sector showed continuous expansion, with a completion index of 54.9% in July, reflecting a month-on-month increase of 0.4 percentage points [2] - The business activity expectation index for July was 55.6%, remaining in a high prosperity zone, with air transportation and postal express indices at 58.9% and 57.2%, respectively [2] - The "old-for-new" national subsidy policy and regional subsidies have expanded consumption scenarios, further driving logistics demand growth [2]

● 本报记者王宇露 8月5日，港股创新药板块再度爆发。全市场涨幅前十的ETF中，9只为港股创新药相关ETF。市场交投 显著活跃，短融ETF(511360)成交额突破200亿元，另外有8只ETF成交额突破百亿元。资金流向方面，8 月4日全市场ETF共获37.72亿元资金净流入。展望后市，机构表示，在政策面与资金面的共振背景下， 市场有望维持震荡向上格局。 港股创新药板块再度爆发 8月5日，A股三大指数继续上涨，沪指收盘再度站上3600点。板块方面，银行、通信、钢铁等板块领 涨。 港股创新药板块再度爆发，港股创新药ETF(513120)收涨3.17%，涨幅在全市场ETF中居首位。全市场涨 幅前十的ETF中，9只为港股创新药相关ETF。 银华基金表示，当前多因素利好创新药发展。首先，销售费用等成本持续下降，有助于创新药企利润提 升。其次，创新药获批数量大幅增加。据国家药监局数据显示，上半年共批准创新药43项，同比增长 59%，接近2024年48项的全年总量。创新药获批上市意味着能够更快地进入市场，不仅提高了患者的用 药可及性，也为药企带来了收入增长机会。此外，出海交易量攀升，全年规模增速或达到新高水平，中 国的创新 ...

Core Viewpoint - Fangda Special Steel (600507) is implementing a research and application project for intelligent coking coal blending technology to enhance resource utilization efficiency and control blending costs through automation and data analysis [1][2]. Group 1: Intelligent Coking Coal Blending Technology - The project aims to replace traditional manual blending methods with an intelligent coking coal blending system, utilizing advanced mathematical algorithms, artificial intelligence, and big data analysis [1]. - The quality of coke, a crucial raw material for blast furnace ironmaking, directly impacts the quality and production efficiency of steel products [1]. Group 2: Research and Development Investment - Fangda Special Steel has increased its investment in research and development, launching 48 new projects this year across various fields including new technologies, materials, processes, products, and artificial intelligence [2]. - The intelligent coking coal blending project is expected to optimize coal resource utilization, reduce excessive consumption of high-quality coking coal, and address energy waste caused by unreasonable blending [2]. Group 3: Sustainable Development and Industry Upgrade - The initiative aligns with sustainable development strategies by promoting intelligent development in coking coal blending and facilitating industry upgrades [2].

● 本报记者杨梓岩 宠物主粮业务实现爆发式增长，成为中宠股份盈利新引擎。2025年上半年，公司宠物主粮收入达到7.83 亿元，同比增长85.79%，远高于宠物零食的6.37%增速，且毛利率达36.63%，显著优于宠物零食的 30.63%。 不止中宠股份，今年一季度，天元宠物（301335）实现总营业收入5.69亿元，同比增长13.07%；实现归 母净利润0.17亿元，同比增长18.97%。公司表示，营收增长主要得益于市场需求增加及产品线扩展。 今年一季度，依依股份（001206）实现总营业收入4.85亿元，同比增长26.56%；实现归母净利润0.54亿 元，同比增长27.96%。 宠物产业链上市公司业绩增长的背后，是近年来宠物消费热度不断升温，宠物食品、宠物用品、宠物医 疗服务等需求量攀升，宠物经济产业链条不断延伸。 宠物经济浪潮下，国内宠物食品龙头中宠股份（002891）于8月5日晚披露2025年半年报。公告显示，中 宠股份业绩延续高增长态势，主粮业务爆发式增长与全球化产能布局成为核心驱动力。"随着年轻群体 养宠渗透率提升和消费升级，宠物行业正从基础用品向主粮、健康服务等高端领域延伸，产业链上市公 司集体受 ...