新华财经北京10月11日电 进入四季度，多地抢抓重大项目施工"黄金期"，推动项目建设取得积极进 展。 记者了解到，自国家发展改革委近日宣布将5000亿元新型政策性金融工具全部用于补充项目资本金后， 多地已开始陆续对接该工具，让资金及时落地形成实物工作量，同时一些地区还通过召开推进会、动员 会等方式，部署扩大有效投资相关工作。专家表示，在多路资金有力保障下，四季度基建投资增速有望 回升。 重大项目正加紧建设 10月3日，广西钦州抽水蓄能电站地下厂房交通洞贯通，长度超过1400米、横截面超过60平方米的长洞 直通地下百米深处。钦州抽水蓄能电站预计于2029年建成投产，项目建成后，每年最多可消纳清洁能源 21.6亿千瓦时，对应减少二氧化碳排放160万吨，为平陆运河经济带的电力负荷调节提供坚强保障。 为冲刺四季度，多地近日召开推进会、动员会，部署重大项目建设工作。10月9日，湖北召开2025年四 季度全省重大项目建设推进会，要求鼓足干劲、加压奋进，奋战四季度、决胜"十四五"，在全省持续掀 起大抓项目、抓大项目的热潮。9月30日，安徽举行2025年全省第四批重大项目开工动员会。本次开工 重大项目587个，总投资3323 ...

● 本报记者 欧阳剑环 进入四季度，多地抢抓重大项目施工"黄金期"，推动项目建设取得积极进展。 中国证券报记者了解到，自国家发展改革委近日宣布将5000亿元新型政策性金融工具全部用于补充项目 资本金后，多地已开始陆续对接该工具，让资金及时落地形成实物工作量，同时一些地区还通过召开推 进会、动员会等方式，部署扩大有效投资相关工作。专家表示，在多路资金有力保障下，四季度基建投 资增速有望回升。 重大项目正加紧建设 金秋时节，正是项目建设的黄金时期。眼下，各地重大项目正加紧建设，在国庆中秋假期也不停工。 10月2日，渝昆高铁重点工程——小龙潭特大桥成功实现桥梁合龙，标志着这条西南地区高铁大通道建 设取得重大进展，为后续全线贯通奠定了坚实基础。作为国家"八纵八横"高速铁路网京昆通道的重要组 成部分，渝昆高铁线路全长约699公里，建成通车后，重庆至昆明铁路运行时间将大幅缩短。 10月3日，广西钦州抽水蓄能电站地下厂房交通洞贯通，长度超过1400米、横截面超过60平方米的长洞 直通地下百米深处。钦州抽水蓄能电站预计于2029年建成投产，项目建成后，每年最多可消纳清洁能源 21.6亿千瓦时，对应减少二氧化碳排放160万吨， ...

10月9日，在2025年四季度全省重大项目建设推进会举行之后，我市举行2025年四季度 全市重大项目建设推进会。省委常委、市委书记郭元强出席会议并强调，要深入学习贯彻习 近平总书记考察湖北重要讲话精神，认真落实省委、省政府工作要求，抓紧抓实项目建设， 全力扩大有效投资，奋力完成全年经济社会发展目标任务，确保"十四五"圆满收官，为实 现"十五五"良好开局打牢基础。 市委副书记、市长盛阅春主持会议。市人大常委会主任胡立山、市政协主席杨智出席。 会上介绍了2025年四季度全市重大项目开工有关情况。东湖高新区、江岸区、黄陂区汇 报了抓项目、抓投资情况。会议以视频连线方式进行，各区（开发区）组织收听收看。 市领导刘子清、陈劲超、曾晟、张忠军在主会场参加活动。 编辑：宗夏 郭元强指出，今年以来，全市上下认真贯彻党中央决策部署和省委、省政府工作要求， 全力以赴扩投资、抓生产、促转型，推动经济持续回升向好，成绩值得充分肯定。四季度是 全年经济工作决战决胜的冲刺期，也是推动"十五五"开好局、起好步的关键节点。要切实把 思想和行动统一到党中央对经济形势的科学判断上来，坚定信心、鼓足干劲，全力以赴抓项 目、促投资，充分发挥投资的关 ...

会议强调，要深入学习贯彻习近平总书记历次来陕考察重要讲话重要指示，坚决落实党中央、国务 院决策部署和省委、省政府工作安排，牢牢把握高质量发展首要任务，更好统筹发展和安全，持续深 化"三个年"活动，聚力打好扩大有效投资、提振消费等攻坚硬仗，扎实做好稳就业、稳企业、稳市场、 稳预期各项工作，推动经济实现质的有效提升和量的合理增长。会议要求，要咬定目标，下定决心，落 实建设全国统一大市场要求，加力提效落实好各项政策措施，充分发挥能源工业"压舱石"作用，加力推 动非能工业企业稳产增产，多措并举挖掘消费潜力，促进服务业繁荣发展，进一步用好"四个一批"项目 管理机制，加强偏离度管理，持续加强督导帮扶、靠前推动和穿透式调度，及时解决经济运行和企业发 展中的堵点难点问题，推动重点项目早建成早投产早达效，加快形成更多实物工作量，高质量做好 省"十四五"经济发展各项工作，为完成全年既定目标任务和"十五五"发展打下坚实基础。（记者：杨晓 梅） 9月29日，全省稳增长暨高质量项目建设工作调度会召开。会议听取近期经济运行情况汇报，分析 研判形势，研究解决问题，安排部署下一步工作。省委常委、常务副省长王晓主持会议并讲话。 ...

Core Viewpoint - The recent economic indicators show a marginal weakening in China's economic performance, with industrial value-added growth at 5.2%, service production index growth at 5.6%, retail sales growth at 3.4%, and export growth at 4.8% in August, indicating certain downward pressure on the economy [1][3][4]. Group 1: Economic Performance - In August, the value-added of major industrial enterprises turned from a decline of 1.7% in the first seven months to a growth of 0.9% in the first eight months, with a significant monthly increase of 20.4% in August compared to a decline of 1.5% in July [3][4]. - The manufacturing and service sectors showed stable growth, with the value-added of equipment manufacturing and high-tech manufacturing increasing by 8.1% and 9.3% respectively, outpacing the overall industrial growth rate [3][4]. - The retail sales of new energy vehicles increased by over 20% year-on-year in the first eight months, reflecting strong consumer demand [4]. Group 2: Investment and Policy Measures - A new policy financial tool worth 500 billion yuan is set to support project capital requirements, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon projects [5][6]. - The new financial tool is designed to enhance effective investment and is expected to play a crucial role in stabilizing investment by providing capital for key projects [6]. - The National Development and Reform Commission (NDRC) is actively promoting the implementation of these financial tools to ensure timely project initiation and increase physical workload [5][6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Monday, the HC2601 contract decreased with a reduction in positions. Macroscopically, the EU plans to impose a 25%-50% tariff on Chinese steel and related products. In terms of supply and demand, the weekly output of hot-rolled coils slightly decreased but remained at a high level, with a capacity utilization rate of 82.81%. Demand was relatively stable, and there were little changes in inventory and apparent demand. Overall, the spot market lacked momentum approaching the holiday, and the EU's plan to impose tariffs on Chinese steel dampened market confidence and pressured steel prices. Technically, the 1-hour MACD indicator of the HC2601 contract showed that both DIFF and DEA were weakening downward. The operation strategy was to expect a fluctuating and bearish trend and hold a light position during the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,289 yuan/ton, a decrease of 24 yuan, and the position volume was 1,384,470 lots, a decrease of 6,738 lots. - The net position of the top 20 in the HC contract was -60,643 lots, an increase of 14,911 lots, and the HC1 - 5 contract spread was -9 yuan/ton, a decrease of 2 yuan. - The HC warehouse receipt report from the Shanghai Futures Exchange was 46,314 tons, with no change, and the HC2601 - RB2601 contract spread was 192 yuan/ton, a decrease of 7 yuan [2]. 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,380 yuan/ton, with no change; in Guangzhou, it was 3,320 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,400 yuan/ton, with no change; and in Tianjin, it was 3,290 yuan/ton, with no change. - The basis of the HC main contract was 91 yuan/ton, an increase of 24 yuan, and the price difference between hot-rolled coils and rebar in Hangzhou was 90 yuan/ton, an increase of 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 779 yuan/wet ton, a decrease of 4 yuan, and the price of quasi-first-class metallurgical coke in Hebei was 1,490 yuan/ton, with no change. - The price of 6 - 8mm scrap steel in Tangshan (excluding tax) was 2,250 yuan/ton, with no change, and the price of Q235 billet in Hebei was 2,970 yuan/ton, a decrease of 20 yuan. - The inventory of iron ore at 45 ports was 139.9735 million tons, an increase of 1.9313 million tons; the coke inventory of sample coking plants was 392,900 tons, a decrease of 29,200 tons; the coke inventory of sample steel mills was 6.6138 million tons, an increase of 164,800 tons; and the billet inventory in Hebei was 1.225 million tons, an increase of 7,700 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 84.47%, an increase of 0.47%, and the blast furnace capacity utilization rate was 90.88%, an increase of 0.50%. - The weekly output of hot-rolled coils of sample steel mills was 3.2419 million tons, a decrease of 23,000 tons, and the capacity utilization rate of hot-rolled coils was 82.81%, a decrease of 0.59%. - The hot-rolled coil inventory of sample steel mills was 817,000 tons, an increase of 4,000 tons, and the social inventory of hot-rolled coils in 33 cities was 2.988 million tons, an increase of 21,100 tons. - The monthly output of domestic crude steel was 7.737 million tons, a decrease of 229,000 tons, and the net export volume of steel was 901,000 tons, a decrease of 38,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 2.8154 million vehicles, an increase of 224,300 vehicles, and the monthly sales volume was 2.8566 million vehicles, an increase of 263,200 vehicles. - The monthly output of air conditioners was 16.8188 million units, a decrease of 3.7777 million units; the output of household refrigerators was 9.4532 million units, an increase of 722,500 units; and the output of household washing machines was 10.1318 million units, an increase of 1.3575 million units [2]. 3.6 Industry News - The Director of the National Development and Reform Commission, Zheng Shanjie, hosted a symposium to solicit opinions and suggestions from private enterprises on expanding effective investment during the 15th Five-Year Plan period. The National Development and Reform Commission will implement a series of practical measures in areas such as expanding access, removing bottlenecks, and strengthening safeguards, and strengthen the coordination of industrial, investment, fiscal, and financial policies to further stimulate the vitality of private investment and promote its development. - The Jiangsu Provincial Department of Commerce adjusted the policy on replacing old cars with new ones. The subsidy policy for car replacement was suspended at 24:00 on September 28, 2025 [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) has announced a new policy financial tool with a total scale of 500 billion yuan, aimed at enhancing financial support for the real economy and promoting effective investment [1][2]. Group 1: Financial Tool Details - The new policy financial tool is designed to supplement project capital and is expected to leverage between 1.5 trillion yuan to 2.5 trillion yuan in infrastructure investment, potentially increasing the annual growth rate of infrastructure investment to 6.0% [1][2]. - The NDRC is actively working to allocate the funds from the new financial tool to specific projects and will encourage local governments to expedite project construction to generate tangible work volume [1][2]. Group 2: Project Preparation and Support - Various regions are preparing for project applications related to the new financial tool, with a focus on new industries and infrastructure projects [2][3]. - The NDRC has emphasized the importance of understanding policy requirements and seizing opportunities to ensure effective project preparation and application processes [2]. Group 3: Broader Economic Impact - The policy financial tool is expected to play a dual role in adjusting the economic structure and stabilizing the economy by supporting both new industries and infrastructure [3]. - The NDRC plans to coordinate with various departments and localities to accelerate project construction and ensure high-quality implementation of investment initiatives [3].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The September trend of the stock index was more volatile compared to July and August, entering a high - level consolidation phase after continuous growth. Due to some funds' hedging needs at high levels after a long - term uptrend, there was a divergence in long - and short - term forces, leading to significant fluctuations in the stock index. However, in the medium - to long - term, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mainly composed of technology growth stocks, are more aggressive with larger fluctuations and potentially higher returns. The SSE 50 and CSI 300 indices, which are dominated by dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summaries by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (for different delivery months) decreased compared to the previous two days, with declines ranging from - 0.87% to - 1.16%. Trading volumes were 35095.00, 3254.00, 71448.00, and 11288.00 respectively, and the changes in open interest were - 2835.00, 367.00, - 3631.00, and - 350.00 [1]. - **IH Contracts**: The closing prices also declined, with decreases from - 0.43% to - 0.48%. Trading volumes were 15109.00, 966.00, 29241.00, and 2910.00 respectively, and the changes in open interest were 819.00, 301.00, 341.00, and - 420.00 [1]. - **IC Contracts**: The prices dropped by - 1.44% to - 1.48%. Trading volumes were 35918.00, 3743.00, 82089.00, and 14285.00 respectively, and the changes in open interest were - 1087.00, 841.00, 3028.00, and 583.00 [1]. - **IM Contracts**: The prices decreased by - 1.33% to - 1.47%. Trading volumes were 56703.00, 5684.00, 155277.00, and 25326.00 respectively, and the changes in open interest were 623.00, 1021.00, 8777.00, and 1116.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts showed different changes compared to the previous values [1]. 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all declined, with decreases of - 0.95%, - 0.40%, - 1.37%, and - 1.45% respectively. The trading volumes and total trading amounts also changed [1]. - **Industry Performance**: Different industries had different trends. Energy, main consumption, pharmaceutical and healthcare, etc. showed certain percentage changes in prices [1]. 3.3 Futures - Spot Basis - The futures - spot basis of IF contracts (for different delivery months) compared to the CSI 300 index had different values on the previous day and the previous two days [1]. 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all declined, with decreases of - 0.65%, - 1.76%, - 1.85%, and - 2.60% respectively [1]. - **Overseas Indices**: The Hang Seng Index declined by - 1.35%, while the Nikkei 225, S&P 500, and DAX Index increased by 0.27%, 0.59%, and 0.87% respectively [1]. 3.5 Macro Information - The National Development and Reform Commission will implement practical measures to stimulate private investment. The National Bureau of Statistics reported that the labor - age population still has scale advantages and demographic dividends. During the National Day and Mid - Autumn Festival holidays, small - passenger cars can pass toll - free on national highways, and the expected cross - regional passenger flow is 23.6 billion person - times, a 3.2% increase from last year. The 2025 Conference on Accelerating the Construction of a Transportation Power emphasized multiple transportation construction tasks. South Korea will implement a visa - free policy for Chinese group tourists from September 29 to next June 30, and the number of Chinese tourists to South Korea is expected to exceed 5 million this year [2]. 3.6 Industry Information - Eight departments issued a work plan for the non - ferrous metals industry, aiming for an average annual growth of about 5% in added value and 1.5% in the output of ten non - ferrous metals from 2025 - 2026. From January to August, the national transportation fixed - asset investment was 2.26 trillion yuan. The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises. As of September 27, more than 470 policies to stabilize the real - estate market were introduced in about 200 cities (counties) [2].

Group 1 - The potential of domestic demand in China is significant, and the key is to effectively release it through targeted policies [1] - Three main policy areas are suggested to stimulate consumer demand: implementing counter-cyclical consumption stimulus policies, enhancing social security and public services for low-income groups, and increasing supply-side policies to expand quality service offerings [1][2] - Effective investment should be prioritized alongside consumer demand, with a focus on stabilizing the real estate market and promoting investment in traditional industries, strategic emerging industries, and infrastructure projects [2] Group 2 - Policies to stabilize expectations and invigorate private enterprises are essential, including the implementation of the Private Economy Promotion Law and reducing administrative discretion to enhance business confidence [3] - There is a need for better alignment and coordination between non-economic policies and macroeconomic policies to avoid disruptions caused by formalism or excessive regulations [3]

Group 1 - The potential for domestic demand in China is significant, and effective policies are needed to release it [1] - Three policy areas are suggested to stimulate consumption: counter-cyclical consumption stimulus, improving social security for low-income groups, and enhancing supply-side policies [1][2] - Emphasis on supporting service consumption, particularly in education, healthcare, elderly care, and childbirth, through increased government subsidies [1] Group 2 - Investment demand remains substantial and requires institutional and policy innovation to support it [2] - Key to stabilizing effective investment is to achieve a recovery in the real estate market, which involves resolving structural contradictions and restoring market confidence [2] - Significant investment potential exists in traditional industry upgrades, strategic emerging industries, and infrastructure projects such as urban renewal and major safety engineering [2] Group 3 - Policies to stabilize expectations and invigorate private enterprises need to be effectively implemented [3] - The introduction of the Private Economy Promotion Law should be accompanied by clear implementation guidelines and reduced discretionary power in enforcement [3] - There is a need to enhance the consistency and coordination between non-economic policies and macroeconomic policies to avoid disruptions in economic activities [3]