研究所日报-20250806

Policy Developments - The State Council of China has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergarten fees for the last year of preschool education[2] - This policy is seen as a continuation of previous investments in child-rearing, with a subsidy of 3,600 yuan per child per year for children under three years old, aimed at improving short-term demand and long-term economic sustainability[2] Economic Insights - President Trump criticized the Federal Reserve for delaying interest rate cuts, indicating potential changes in leadership at the Fed, which could impact the independence of the institution and global financial markets[3] - The brain-computer interface market in China reached 3.2 billion yuan in 2024, with an annual growth rate of 18.8%, expected to exceed 3.8 billion yuan in 2025 and 5.5 billion yuan by 2027, indicating a robust growth trajectory[4] Market Performance - The global diesel generator market was valued at $17.864 billion in 2024, projected to grow to $25.509 billion by 2029, with a compound annual growth rate (CAGR) of 7.02%[5] - The A-share market has a total market capitalization of 96.03 trillion yuan, with a year-to-date increase of 1.017 trillion yuan, and a price-to-earnings ratio (PE) of 20.47x[17] Industry Trends - The Ministry of Industry and Information Technology has released a plan for the digital transformation of the machinery industry from 2025 to 2030, aiming for 50% of enterprises to reach a maturity level of two or above in intelligent manufacturing by 2027[5] - The photovoltaic industry is seeing a push against unfair competition, which is expected to improve the supply-demand dynamics within the sector[6] Financial Metrics - The latest 10-year government bond yield is 1.703%, with a change of -0.89 basis points, while the DR007 rate is at 1.445%, down by 0.73 basis points[7] - The USDCNH exchange rate is currently at 7.1886, reflecting a slight increase of 0.07%[9]