本刊记者 王红茹 7月30日，中共中央政治局召开会议，分析研究当前经济形势，并部署下半年经济工作。上半年经济数据刚刚发布，此次会议备受国内外关注。 《中国经济周刊》记者专访了全国政协委员、中国财政科学研究院原院长刘尚希，解读会议内涵。 这种政策取向既保持了连续性，又为应对不确定性预留了空间。 2 《中国经济周刊》：会议指出，宏观政策要持续发力、适时加力。如何理解？ 刘尚希：去年年底中央经济工作会议和今年政府工作报告均强调要"实施更加积极有为的宏观政策"，此次会议提出的"持续发力"，正是对这一政策基调的 延续和坚持。 需要特别注意的是，这些政策表述都具有特定的时代背景和政策语境，必须结合具体形势理解。自去年9月26日中央政治局会议部署一揽子增量政策以 来，直至今年上半年两会期间，宏观政策始终保持积极有为的基调，这正是"持续发力"的实质内涵。 而"适时加力"则是本次会议提出的新要求，意味着要根据形势变化灵活调整政策力度，必要时出台新的政策措施。这体现了相机抉择的宏观调控策略，因 为面对诸多难以预见的变量因素，必须保持政策灵活性和应变能力。 《中国经济周刊》：会议着重强调要"有效释放内需潜力"，与中央经济工作会议提 ...

Core Insights - At the 2025 World Artificial Intelligence Conference (WAIC), Moore Threads showcased its full-featured GPU as the core of its "cloud-edge-end" full-stack AI products and solutions [1] - The company's full-featured GPU chip is based on the self-developed MUSA architecture, achieving breakthroughs in multi-technology integration on a single chip, supporting AI computing, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] Company Developments - Since its establishment in 2020, Moore Threads has launched four generations of GPU architectures and intelligent SoC products, creating a comprehensive matrix of computing acceleration products to meet diverse market and scenario needs [1] - The company presented the Kuai'e (KUAE) intelligent computing cluster solution, which uses full-featured GPUs as the hardware core, providing system-level support for large-scale GPU computing power construction and operation management, with support for expansion to tens of thousands of cards [1] Product Offerings - The showcased products include the full-featured GPU OAM module, AI large model integrated machine MCCX D800 X2, large model computing acceleration card MTT S4000, cloud rendering card MTT S3000, desktop graphics card MTT S80, and edge AI computing module, covering intelligent computing, graphics acceleration, and desktop applications [1][2]

在看似平静的水面之下，美联储内部"暗流涌动"。本次会议投票结果为9票赞成、2票反对，1位理事缺 席未投票，其中由美国总统特朗普任命的两位理事公开"唱反调"，支持降息25个基点。这也是自1993年 以来，美联储理事首次有两名成员投反对票。深入分析可知，美联储内部已明显分化为激进派、中间派 和观望派三大阵营。面对内部愈演愈烈的分歧，以及外部政治与经济数据的加压，美联储主席鲍威尔乃 至美联储如何施展"平衡术"？降息时点何时到来？重重问题待解。 美联储连续五次维持利率不变 北京时间7月31日凌晨，美联储结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在 4.25%至4.50%之间不变。 相较于6月议息会议会后声明，本次声明将经济活动"继续稳步扩张"修改为"上半年经济活动增长有所放 缓"，若后续数据延续这一趋势，将为未来降息提供依据。此外，将经济前景的不确定性"有所下降"的 判断删除，保留"仍处于较高水平"的表述，美联储通胀和就业的双重目标仍然面临风险。 与声明相比，本次会议的投票结果或许更有看点：9票赞成、2票反对，1位理事缺席未投票。其中，反 对票来自由美国总统特朗普任命的两位理事——克里斯托弗·沃勒和米 ...

Core Viewpoint - The A-share market experienced a collective decline across the three major indices, indicating a bearish sentiment among investors [1] Market Performance - The Shanghai Composite Index closed at 3573.21 points, down 1.18%, with a trading volume of 845.893 billion [1] - The Shenzhen Component Index closed at 11009.77 points, down 1.73%, with a trading volume of 1,090.142 billion [1] - The ChiNext Index closed at 2328.31 points, down 1.66%, with a trading volume of 541.201 billion [1] Sector Performance - Major sectors such as coal, steel, chemical fiber, oil, non-ferrous metals, real estate, brokerage, insurance, electricity, and liquor all saw declines [1] - Conversely, the AI industry chain stocks showed resilience, with liquid cooling servers and computing power concepts performing strongly [1] - The assisted reproduction concept also saw gains, along with active performance in brain engineering and innovative drug concepts [1]

近日，2024年工业和信息化部下属中国电子技术标准化研究院发布"智能制造标杆企业（第九 批）"名单，泸州老窖作为全国白酒行业唯一代表成功入选，成为白酒行业首家国家级智能制造标杆企 业。 泸州老窖入选标杆企业 传统行业迎来智能制造"高光时刻" 据了解，"智能制造标杆企业"由工信部指导、中国电子技术标准化研究院组织遴选，评估标准依据 国家《智能制造能力成熟度模型》和《评估方法》，全面覆盖企业在设计、生产、物流、销售、服务等 全生命周期业务的智能化水平，是当前中国制造业智能化转型的重要风向标。自启动以来，全国共评选 出63家企业，均为各行业具备代表性、示范性与引领性的头部企业。 泸州老窖智能包装中心 泸州老窖的入选，标志着智能制造已从以装备制造、电子信息为代表的"离散型制造"领域，逐步向 酿造、化工、建材等"流程型制造"行业纵深拓展。对整个产业而言，泸州老窖的"上榜"不仅释放出白酒 行业加快数字化转型的积极信号，更展现了"数智中国"战略在传统行业落地生根的生动实践。 数智融合深植酿艺 释放白酒产业结构性升级势能 作为七百余年酿艺的传承者，泸州老窖始终坚持"守正创新"，以智能制造为引擎，推动传统技艺与 现代科技融合重 ...

Group 1 - The third Yunnan Business Conference was held in Kunming, focusing on promoting new dynamics for Yunnan entrepreneurs and attracting investment [1] - Approximately 300 guests attended the conference, including well-known entrepreneurs from Yunnan and overseas, as well as government officials [1] - The conference featured six government-enterprise discussion sessions led by provincial leaders, addressing key areas such as economic transformation, resource-based industries, and highland characteristic agriculture [3] Group 2 - A government-enterprise discussion on "Leading with Technological Innovation to Strengthen Resource-Based Industries" took place, with over 30 entrepreneurs participating [5] - Good Doctor Group, a major player in the biopharmaceutical sector, has invested in several companies in Yunnan, focusing on pharmaceutical manufacturing and rural revitalization [7] - The company has established the first intelligent production base for ethnic medicine in China and is developing a full industry chain matrix centered on traditional Chinese medicine [7][8] Group 3 - Good Doctor Group aims to deepen collaboration with Yunnan's development strategy, focusing on the core biopharmaceutical sector and cultivating major traditional Chinese medicine products [8] - The company plans to extend its reach into health products, including functional foods, leveraging innovation in biopharmaceutical research and development [8] - Provincial leaders emphasized the importance of creating a favorable environment for businesses in Yunnan, encouraging companies to explore cooperation opportunities [8]

"全国非公有制经济人士优秀中国特色社会主义事业建设者"由中央统战部、工业和信息化部、人力资源社会保障部、市场监管总局和全国工商联共同评选， 是党和国家赋予非公有制经济人士的崇高荣誉。截至目前，已开展六届，全国仅有近600人获此殊荣。（顾金菊） 回顾恒力的发展历程，自成立之初便锚定实体经济主航道，深耕主业、做精实体。历经31年的沉淀，如今的恒力集团已成长为横跨炼油、石化、聚酯新材 料、纺织、造船、海工全产业链发展的国际型企业，在全球产业版图中刻下了鲜明的"中国民企"印记。 恒力集团始终坚持自主创新，补齐全产业链关键核心技术短板，在国家和区域支柱产业及战略性新兴产业中发挥了重要的生力军作用。截至目前，恒力集团 国内外专利授权总数已突破2000件，荣获国家高新技术企业、国家知识产权示范企业、国家科技进步奖、中国专利奖银奖、行业科技创新奖、省长质量奖等 重大荣誉。 在新时代的征程中，恒力集团还将继续以实业为基、以创新为翼，在风起云涌中锚定航向，为新质生产力发展注入澎湃动力，为民族工业崛起扛鼎担当。 7月29日，在第六届全国非公有制经济人士优秀中国特色社会主义事业建设者表彰大会上，恒力集团副董事长范红卫等100名非公有 ...

Group 1 - New regulations on cash transactions for gold purchases require reporting for amounts exceeding 100,000 RMB or equivalent foreign currency [2][3] - The implementation of the "Anti-Money Laundering and Counter-Terrorism Financing Management Measures for Precious Metals and Gemstone Practitioners" will take effect on August 1, 2025 [3] Group 2 - The revised "Occupational Disease Classification and Catalog" will expand the categories from 10 to 12, adding two new categories: occupational musculoskeletal diseases and occupational mental and behavioral disorders [4] - The new regulations will be effective from August 1, 2025 [4] Group 3 - The "Regulations on the Management of Commercial Passwords for Critical Information Infrastructure" will be implemented on August 1, 2025, requiring operators to report on the use of commercial passwords annually [7] Group 4 - The "Public Building Energy Efficiency Design Standards" will be updated to enhance energy-saving measures, aiming for a 20% improvement in energy efficiency, reaching a target of 78% [15] Group 5 - The "Management Measures for the Filing of Infant Formula Food Raw Materials" will be implemented on August 1, 2025, requiring filing with the provincial market supervision administration [23]

Core Insights - The "14th Five-Year Plan" period has seen China's economy achieve stable growth, with total tax revenue expected to exceed 155 trillion yuan, accounting for approximately 80% of total fiscal revenue [1] - A series of tax reduction and fee reduction policies have been implemented, with a cumulative expected reduction of 10.5 trillion yuan, significantly promoting economic and social development [1] - The number of tax-registered entities in China has surpassed 100 million, indicating strong market vitality and resilience [2] Tax Revenue and Reduction - Tax revenue (excluding export tax rebates) is projected to exceed 85 trillion yuan, strengthening the financial foundation for social development and improvement of people's livelihoods [1] - From 2021 to mid-2023, the cumulative tax and fee reductions reached 9.9 trillion yuan, with an expected total of 10.5 trillion yuan by the end of this year, averaging over 2 trillion yuan annually [1] - Policies focused on supporting technological innovation and advanced manufacturing accounted for 3.6 trillion yuan of the total tax reductions, representing 36.7% of the total [1] Beneficiaries of Tax Policies - Private enterprises and individual businesses benefited significantly, with tax reductions for private economic taxpayers amounting to 7.2 trillion yuan, making up 72.9% of the total reductions [1] - Small and medium-sized enterprises received 6.3 trillion yuan in tax reductions, which is 64% of the total [1] Economic Performance Indicators - The manufacturing sector's sales revenue maintained a steady share of about 29% of total sales revenue during the "14th Five-Year Plan" period, with high-tech industry sales revenue growing at an annual rate of 13.9% [2] - The sales revenue of the private economy accounted for 71.7% of total sales revenue in the first half of this year, an increase of 2.8 percentage points compared to 2020 [2] - County-level economic sales and inter-provincial trade sales as a proportion of total sales have increased by 1.5 and 3 percentage points, respectively, since 2020 [2] Support for Innovation and Tax Policy Impact - The number of individuals benefiting from personal income tax deductions increased by 55% compared to the first tax settlement in 2020, with the amount of tax reduction growing by 156.5%, from 116 billion yuan to nearly 300 billion yuan [2] - The R&D expense deduction policy has been continuously optimized, with 3.32 trillion yuan in deductions expected for the 2024 fiscal year, representing a 25.5% increase from 2021 [2]

Group 1: Consumption Policy and Economic Support - The government has allocated 300 billion yuan in special bonds to support the consumption of old goods, aiming to stimulate consumer potential [1] - As of now, 231 billion yuan has been distributed in three batches, with the remaining funds expected to be released in October [1] - The Ministry of Finance plans to accelerate the introduction of policies to boost consumption and improve the consumption environment [1][6] Group 2: Fiscal Revenue and Expenditure - In the first half of the year, the national general public budget revenue was 1,155.66 billion yuan, a slight decrease of 0.3% year-on-year, while government fund budget revenue was 194.42 billion yuan, down 2.4% [2] - General public budget expenditure increased by 3.4% to 1,412.71 billion yuan, and government fund budget expenditure surged by 30% to 462.73 billion yuan [2] - Key areas such as social security, education, and environmental protection saw expenditure growth exceeding 5% [2] Group 3: Special Bonds and Debt Management - The issuance of new local government special bonds reached 2.16 trillion yuan in the first half of the year, a 45% increase year-on-year [4] - The funds from special bonds are being directed towards project capital, with 191.7 billion yuan allocated, marking a 16% increase [4] - The implementation of debt replacement policies has reduced liquidity pressure and lowered interest expenses for local governments [4] Group 4: Consumer Goods Sales Performance - The "old-for-new" consumption initiative has led to significant sales in various sectors, with total sales reaching 1.6 trillion yuan [5] - Retail sales of home appliances and communication equipment saw year-on-year growth rates of 30.7% and 24.1%, respectively, contributing to a 5% increase in total social retail sales [5] Group 5: Future Consumption Strategies - The Ministry of Finance aims to promote new consumption models in key cities and enhance the consumer experience [6] - The focus is on expanding domestic demand, particularly in consumption, to strengthen the domestic market [6] - The dual-track strategy for consumption stimulation includes fostering new consumption scenarios in potential cities while enhancing global competitiveness through international consumption center city development [6]