◎记者 于祥明 备受市场关注的新型政策性金融工具规模确定——共5000亿元。 "各地积极做好相关项目储备，为政策落地和相关工作推进提供了保障。"国家发展改革委投资所研究员 吴亚平向上海证券报记者表示，新型政策性金融工具的最终落地，将对解决项目建设资本金不足、降低 项目融资门槛、扩大有效投资、推动产业升级等方面均有积极意义，是2025年下半年稳投资、促创新的 重要举措。 吴亚平表示，新型政策性金融工具是"准财政"工具，由政府确定资金投向领域，要按市场化方式进行运 作。他预计，新型政策性金融工具将重点支持新兴产业和基础设施项目，同时在多因素支撑下，下半年 基建投资将回升，继续发挥托底经济作用。 "据我们观察地方透露出的信息，政策性金融工具有利于发挥'调结构+稳经济'两方面的作用。一方面， 围绕新兴产业予以支持，另一方面针对基础设施予以支持，考虑到今年上半年基建投资增速相对放缓， 政策性金融工具发挥作用，有利于加快基建投资的推进节奏，为稳增长提供助力。"中泰证券研究所政 策团队首席分析师杨畅向记者表示。 "下一步，国家发展改革委将持续发力、适时加力实施宏观政策。同时，我们将持续加强经济监测、预 测、预警，做好政策预 ...

Core Viewpoint - The National Bureau of Statistics spokesperson emphasized the challenges in maintaining employment stability amid complex external environments and ongoing domestic pressures, highlighting the need for continued efforts in employment policies and skills training [2] Employment Situation - The overall employment situation remains stable, which is considered a significant achievement given the current challenges [2] - There are structural contradictions in the job market, with both employment difficulties and recruitment challenges persisting [2] Policy Recommendations - There is a call for further strengthening of employment and economic stability measures [2] - Enhancing vocational skills training is essential to improve the matching of labor supply and demand [2] - The focus is on promoting high-quality and sufficient employment to improve living standards and support stable economic development [2]

Group 1: Economic Policies - Shandong Province has introduced a comprehensive set of policies aimed at stabilizing and improving the economy, focusing on various sectors including services, industry, construction, and cultural tourism [1] - The policies include a third batch of targeted measures to promote economic stability and quality improvement, with a particular emphasis on the service sector, which plays a crucial role in overall economic growth [1] Group 2: Support for Enterprises - Shandong will enhance support for struggling industries by expanding the coverage of technology achievement transformation loan interest subsidies to all 16 cities in the province, with a maximum subsidy of 500,000 yuan available for eligible enterprises [2] - The province aims to implement policies that assist small and micro industrial enterprises with annual revenues exceeding 10 million yuan, helping them to meet standards and become new growth entities [2] Group 3: Construction Industry Initiatives - The construction sector is recognized for its positive impact on local economic growth, employment stability, and fiscal revenue, with a new work plan approved that includes 13 specific measures to promote high-quality development [3] - A qualification pre-review mechanism will be implemented for state-funded project bidding to ensure that the proportion of private enterprises and joint ventures is no less than 40% [3] Group 4: Cultural and Tourism Sector - The cultural and tourism sector will see the introduction of a new work plan featuring 20 specific measures aimed at expanding consumption, including the development of new products, scenarios, and models [3]

Group 1 - The meeting emphasized the importance of implementing the spirit of Xi Jinping's recent important speeches, focusing on stabilizing employment, enterprises, markets, and expectations to enhance economic recovery [1] - The meeting discussed the significance of local legislation for the protection and inheritance of Han opera, highlighting the need for systematic protection and innovative development [2] - The meeting called for strengthening fiscal management, optimizing expenditure structure, and enhancing the effectiveness of fund utilization and policy outcomes [2] Group 2 - The meeting underscored the need for sustainable urban renewal models and regulatory frameworks to build a modern, innovative, and resilient city [2] - The meeting highlighted the importance of improving the legal level of petition work to maintain social stability and protect citizens' rights [1]

Group 1: New Infrastructure Investment - Increasing investment in new infrastructure and emerging industries has become a crucial measure for stabilizing the economy [1] - Various regions are implementing measures to expand effective investment, focusing on new infrastructure and strategic emerging industries [1][2] - The investment scale for new infrastructure during the 14th Five-Year Plan period is expected to exceed 15 trillion yuan [3] Group 2: Strategic Emerging Industries - Development of strategic emerging industries is key to achieving the transformation of old and new growth drivers [5] - Policies are being leveraged to support leading enterprises in enhancing supply chain capabilities within the Beijing-Tianjin-Hebei region [5] - There is a focus on attracting foreign investment in advanced manufacturing and strategic emerging industries to support digital, marine, green, and cultural tourism economies [6]

Core Viewpoint - Multiple provinces in China have introduced economic stabilization policies in response to the central government's call for measures to stabilize the economy, focusing on investment expansion, consumption promotion, and supply chain stability [1][2][7] Group 1: Investment Expansion and Consumption Promotion - Effective investment expansion is aimed at addressing current demand and optimizing supply structure, with local governments outlining specific projects and timelines [2] - Provinces like Qinghai and Guangdong are initiating significant infrastructure projects, including rural road construction and support for key projects [2] - Consumption promotion strategies include issuing various types of consumption vouchers and tax reductions for specific vehicle purchases to stimulate consumer spending [2][3] Group 2: Supply Chain Stability - Local governments are implementing measures to ensure the stability of industrial and supply chains, including removing transportation restrictions and supporting key industries [4] - Specific actions include establishing "white lists" for key enterprises and monitoring supply chain risks to facilitate production recovery [4] Group 3: Support for Market Entities - Policies aimed at alleviating burdens on market entities, particularly small and micro enterprises, include tax reductions, financial support, and cost-cutting measures [6] - Provinces like Yunnan and Jiangxi are enhancing tax refund policies and providing subsidies to support struggling sectors [6] Group 4: Policy Coordination and Implementation - The emphasis on forming a coordinated policy approach is evident, with local governments tailoring measures to fit regional needs while aligning with national strategies [7] - The introduction of comprehensive policy frameworks, such as the "1+20" system in Hebei, reflects a commitment to effective and timely economic support [7]

Macro: Economic Recovery Efforts - Jiangsu Province's industrial investment increased by 12.0% year-on-year in the first five months, surpassing the national average by 0.9 percentage points [2] - Shandong Province's "Four New" economy investment grew by 16.8%, accounting for 52.8% of total investment, an increase of 4.1 percentage points year-on-year [2] - Hainan Province's total import and export value of goods rose by 61.4% year-on-year, outpacing the national growth of 53.1% [3] Midstream: New Growth Drivers - In Jiangxi Province, the production of integrated circuits, electronic computers, optical cables, and solar cells saw significant increases of 118.3%, 89.5%, 77.5%, and 58.7% respectively [4] - In Anhui Province, the number of new energy vehicle enterprises reached 322, a year-on-year increase of 245, with retail sales of new energy vehicles growing 3.5 times [4] - Shandong Province's high-tech manufacturing value added increased by 15.1%, outpacing the growth of large-scale industry by 10.6 percentage points [4] Micro: Market Vitality - Guizhou Province saw over 150,000 new tax entities in the first five months, a year-on-year increase of nearly 60% [6] - Jiangxi Province's Nanchang City registered 87,577 new market entities, reflecting a growth of 115.57% [6] - Policies aimed at supporting enterprises have significantly reduced tax burdens and improved cash flow, with Guizhou Province's tax relief exceeding 39.886 billion yuan [6]

Group 1 - The interbank market has increased support for the real economy, with debt financing instruments issued amounting to 4.73 trillion yuan in the first half of 2022, a year-on-year increase of 6%, resulting in a net financing scale of approximately 1.1 trillion yuan, an increase of about 500 billion yuan year-on-year [1] - The unified registration model for debt financing instruments (DFI, TDFI) allows qualified issuers to register once and issue multiple times, significantly facilitating corporate financing [1] - Major state-owned enterprises, such as China Merchants Group, issued 290 billion yuan in debt financing tools to optimize debt structure and reduce financing costs [1] Group 2 - In the logistics sector, the interbank market supported four private enterprises, including SF Express and Yunda, in issuing 5 billion yuan in debt financing tools to supplement operating funds and optimize debt structure [2] - The interbank market actively supports infrastructure construction and major project financing, with 151.5 billion yuan issued for water conservancy projects and 1.62648 trillion yuan for transportation, energy, and agriculture sectors [2] - Leading companies in various industries, such as China Merchants, State Grid, and Sinopec, have benefited from this financing support, contributing to economic stability and fulfilling social responsibilities [2] Group 3 - The aviation industry, significantly impacted by the pandemic, has received increased support from the interbank market, with companies like Air China and China Eastern Airlines registering 123 billion yuan in various debt financing tools [3] - The issuance target for bonds in the aviation sector is set at 200 billion yuan, with 120 billion yuan already provided by the interbank market [3] - As of June 2022, civil aviation companies have issued a total of 965.9 billion yuan in debt financing tools [3] Group 4 - The interbank market has implemented measures to waive transaction fees for private enterprises, further signaling support for them [4] - In 2022, membership fees for private enterprise issuers were waived, and additional fee reductions for bond issuance and financing services were introduced [4] - The interbank market aims to enhance information disclosure and registration efficiency to meet corporate financing needs and support macroeconomic stability [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) of China will implement measures to stabilize employment and the economy while promoting high-quality development [1] Group 1 - The NDRC's Deputy Director Zhao Chenxin announced the upcoming initiatives during a press conference on April 28 [1]

Core Viewpoint - The article discusses the recent developments in the industry and highlights the impact of specific events on market dynamics and investment opportunities [1] Group 1 - The article emphasizes the importance of analyzing financial reports to identify potential growth areas within the industry [1] - It mentions that recent market trends indicate a shift in consumer behavior, which could affect company strategies moving forward [1] - The report outlines key financial metrics that investors should monitor, including revenue growth and profit margins [1] Group 2 - The article provides insights into competitive positioning among major players in the industry, suggesting that some companies may gain a significant advantage [1] - It highlights the role of regulatory changes in shaping the operational landscape for companies, which could lead to both challenges and opportunities [1] - The analysis includes projections for future market performance based on current economic indicators and industry trends [1]