显微镜下的中国经济（2025年第32期）：年内还有哪些政策值得关注

Policy Directions - The two main policy directions for the second half of the year are anti-involution and expanding domestic demand, aimed at stabilizing price levels[1] - Anti-involution policies are expected to further expand in industries like steel, cement, and photovoltaics, with potential governance in other sectors such as lithium batteries[1] Economic Indicators - Recent high-frequency indicators show a weakening in both supply and demand, with production rates for asphalt, cement, and rebar declining[1] - The national average operating rate for asphalt companies was 30.7%, down 2.2 percentage points week-on-week, but up 15.8% year-on-year[9] - The average operating rate for electric furnaces was 62.82%, a decrease of 0.64 percentage points week-on-week, with a year-on-year increase of 24.1%[12] Production and Prices - The average daily crude steel production in early August was 2.074 million tons, an increase of 92,000 tons from late July, with a year-on-year growth of 3.5%[72] - Cement production last week was 13.337 million tons, down 2.979 million tons week-on-week, but up 1.1% year-on-year[92] - The average price of cement in East China was 433 RMB/ton, up 15 RMB/ton week-on-week, while in Southwest China, it was 460 RMB/ton, up 17 RMB/ton[100] Market Risks - Key risks include geopolitical tensions, domestic policy implementation falling short of expectations, global recession, and major economies' monetary policies exceeding expectations[2]