央视网消息：8月1日，国家发展改革委举行新闻发布会。有关负责人介绍，上半年，我国经济在顶住外部压力、消化累积风险的情况下， 稳中有进，好于预期。下一步，国家发展改革委将在依法依规治理企业无序竞争、开展市场准入壁垒清理整治等方面，持续发力、适时加力， 提效实施好已部署的各项政策举措。 据介绍，今年"两重"建设项目清单8000亿元已全部下达完毕，中央预算内投资7350亿元已基本下达完毕。今年，第三批690亿元支持消费 品以旧换新的超长期特别国债资金已下达完毕，将于10月份按计划下达第四批690亿元资金，届时将完成全年3000亿元的下达计划。 降低全社会物流成本工作取得阶段性成效。上半年，社会物流总费用与国内生产总值比率下降至14%，为有统计以来最低水平，节约全社 会物流费用超过1300亿元。 医疗卫生强基工程启动实施 支持约600个县域医共体改善基础条件 发布会上还介绍到，医疗卫生强基工程已启动实施，加快实现"一般病在市县解决，日常疾病在基层解决"。 发言人介绍，一是提升县域诊疗服务能力。统筹安排各类中央资金，支持约600个县域医共体改善基础条件，配备医疗设备1.1万多台 （套）。二是推广"乡镇检查、县级诊断、结 ...

城投债投资框架之一 城投债定价模型综述 2025 年 08 月 01 日 ➢ 城投债定价策略模型综述：城投债定价策略模型需要同时考虑城投平台自身 资质、平台所在区域基本面以及国家政策边际变化，结合短中长期的期限时间来 进行最终定价。 ➢ 城投债定价策略模型：主要包括五大部分，分别是城投平台层级、融资能力， 市场情绪及投资主体，政府信用及债务管控以及区域实力与竞争力，同时还需要 考虑一些特殊变量因素。 ➢ 不同视角看城投平台的考量因素：从短期视角（期限 0-1 年）来看，城投平 台层级、融资能力、市场情绪、投资主体是主要考量因素。从中期视角（期限 1- 3 年）来看，政府信用、区域经济基本面与债务管控机制是影响定价策略的重要 因素。而从长期视角（期限 3 年以上）来看，区域实力、省市竞争力是最大影响 因素，决定了城投债定价的底层逻辑。 ➢ 部分变量因素也会影响城投债定价策略：部分变量因素也正在时时影响城投 债的发行票面利率与二级市场估值，也能在中长期影响城投平台所在区域的产业 基本面与发展竞争力，因而需要给予一定程度重视。从短期来看，每年全国"两 会"正式公布的"赤字率"及"广义财政赤字"，当年的新增地方一般债 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively implementing measures to stabilize the economy and promote consumption, with significant funding allocations and policy initiatives aimed at enhancing domestic demand and supporting various sectors [3][5][8]. Funding and Investment - The fourth batch of 690 billion yuan in "national subsidies" will be allocated in October, completing the annual target of 300 billion yuan in funding [2][3]. - The "two重" construction project list totaling 800 billion yuan has been fully allocated, with 735 billion yuan of central budget investment also largely disbursed [4][5]. Economic Performance - In the first half of the year, China's retail sales of consumer goods grew by 5% year-on-year, significantly driven by the "old-for-new" consumption policy, with home appliances and audio-visual equipment sales increasing by 30.7% and communication equipment sales by 24.1% [3]. - Domestic demand contributed 68.8% to GDP growth, showcasing strong resilience in the economy [7]. Employment and Consumption Initiatives - The NDRC plans to introduce measures to stabilize employment and the economy, ensuring policy continuity and flexibility to convert external pressures into internal growth drivers [8]. - There will be a focus on enhancing consumer capacity and promoting service consumption, particularly in cultural tourism, sports events, and essential services like healthcare and childcare [10]. Market Development - The NDRC reported a 40.4% share of inter-provincial trade sales in total sales revenue, reflecting a 0.6 percentage point increase year-on-year, and an 18.2% year-on-year growth in cross-provincial electricity trading [12]. - The commission aims to deepen market-oriented reforms and improve the national unified electricity market system, while also addressing issues of disorderly competition among enterprises [16]. Private Sector Engagement - The NDRC is set to accelerate the establishment of new policy financial tools to encourage greater participation of private enterprises in major national projects, particularly in the nuclear power sector [18].

国家发展改革委国民经济综合司司长周陈8月1日在新闻发布会上表示，围绕纵深推进全国统一大市场建 设，要更好统筹有效市场和有为政府，更好统筹做优增量和盘活存量。在盘活存量方面，重点推进重点 行业产能治理。在新兴领域坚持鼓励创新、适度竞争；同时，坚决制止盲目跟风，坚决制止一哄而上、 一哄而起形成一哄而散。传统领域将更加注重以创新驱动转型升级，防止出现低水平、同质化重复建 设，加力破除"内卷式竞争"。此外，还要坚持适度超前、不能过度超前原则，建好用好基础设施，充分 发挥多重效应。 （文章来源：证券时报） ...

期货日报网讯(记者杨美实习记者肖佳煊)8月1日，国家发展改革委召开新闻发布会解读当前经济形势和 经济工作。国家发展改革委体制改革综合司司长王任飞就全国统一大市场建设工作部署进行了回应。 王任飞还强调，国家发改委将建立健全常态化的问题征集、核查、约谈、通报机制，对典型负面案例将 进行通报，对性质恶劣的将转有关方面严肃问责。 王任飞表示，下一步，国家发改委将以更加有力有效举措，落实好纵深推进全国统一大市场建设各项部 署。一是抓总体推进。国家发展改革委将发挥好牵头部门作用，研究制定纵深推进全国统一大市场建设 行动方案，统筹协调各方面，压茬推进重点任务落实。二是抓制度建设。重点是实现产权保护、市场准 入、公平竞争、社会信用、质量标准等制度的统一。进一步规范政府行为尺度，制定《妨碍统一市场和 公平竞争行为防范事项清单》。推动健全有利于市场统一的财税体制、统计核算制度和考核评价体系。 三是抓重点领域。深化要素市场化配置改革，完善全国统一电力市场体系，培育全国一体化数据市场， 协同推进统一开放的交通运输市场建设。四是抓问题整治。依法依规治理企业无序竞争，推进重点行业 产能治理，规范招标投标，加强对中标结果的公平性审查，规范 ...

Hot News - The State Council executive meeting chaired by Li Qiang emphasized focusing on the annual development goals, enhancing macro - policy effectiveness, and stimulating the endogenous driving force of economic development [3] - The National Development and Reform Commission's 2025 H1 situation briefing meeting stressed promoting the construction of a unified national market, reforming the tendering and bidding system, and promoting the healthy development of the private economy [3] - The spokesperson of the Ministry of Commerce hoped that the EU would maintain market openness and provide a fair business environment for Chinese enterprises [3] - In July, affected by factors such as the traditional off - season in manufacturing and natural disasters, the PMI dropped to 49.3%, down 0.4 percentage points from the previous month. The non - manufacturing and comprehensive PMI output indexes were 50.1% and 50.2% respectively, down 0.4 and 0.5 percentage points, but still above the critical point [3] - US inflation data for June slightly exceeded expectations. The core PCE price index rose 0.3% month - on - month and 2.8% year - on - year, and the overall PCE index rose 0.3% month - on - month and 2.6% year - on - year, complicating the Fed's interest - rate cut path [4] Sector Performance Key Attention - Key sectors to focus on include coking coal, polysilicon, glass, soda ash, and alumina [5] Night - session Performance - The night - session performance shows that non - metallic building materials rose 2.79%, precious metals 27.86%, oilseeds 12.26%, non - ferrous metals 20.83%, soft commodities 2.67%, coal - coking - steel - ore 14.40%, energy 3.42%, chemicals 11.76%, grains 1.18%, and agricultural and sideline products 2.83% [5] Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days [6] Performance of Major Asset Classes - In terms of equities, the Shanghai Composite Index fell 1.18% daily, the SSE 50 fell 1.54%, the CSI 300 fell 1.82%, the CSI 500 fell 1.40%, the S&P 500 fell 0.37%, the Hang Seng Index fell 1.60%, the German DAX fell 0.81%, the Nikkei 225 rose 1.02%, and the UK FTSE 100 fell 0.05% [7] - For fixed - income products, the 10 - year Treasury bond futures rose 0.17%, the 5 - year Treasury bond futures rose 0.08%, and the 2 - year Treasury bond futures rose 0.01% [7] - In the commodity category, the CRB commodity index fell 1.79%, WTI crude oil fell 1.11%, London spot gold rose 0.45%, LME copper fell 0.94%, and the Wind commodity index fell 0.58% [7] - Other assets: the US dollar index rose 0.08%, and the CBOE volatility index remained unchanged [7]

Group 1: Economic Developments - The National Development and Reform Commission (NDRC) emphasized the need to deepen the construction of a unified national market and eliminate "involution" competition, promoting smooth flow of factors and healthy development of the private economy [1][2] - In July, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, a decrease of 0.4 percentage points from the previous month, while the non-manufacturing business activity index and composite PMI output index were at 50.1% and 50.2%, respectively, both remaining above the critical point [2] - The National Energy Administration reported that electricity consumption growth stabilized in the first half of the year, with June showing a year-on-year increase of 5.4% [2] Group 2: Company News - Daodaoquan (002852) reported a net profit of 1.81 billion yuan for the first half of 2025, a year-on-year increase of 563.15%, and proposed a cash dividend of 1.76 yuan per 10 shares [4] - Zhengdan Co., Ltd. (300641) announced a net profit of 630 million yuan for the first half of 2025, up 120.35% year-on-year, with a proposed cash dividend of 3 yuan per 10 shares [4] - Zhonghua Equipment announced a significant stock price increase, with a cumulative rise of 33.13% over three trading days, indicating potential market volatility [5] - Xizang Tourism reported a cumulative stock price increase of 135.98% over nine consecutive trading days, warning of potential risks due to rapid price increases [6] - Shenzhou Technology plans to increase its investment in a high-speed optical module production base to 800 million yuan, aiming to meet market demand for high-speed optical communication modules [7] Group 3: Industry Insights - Guotai Junan's report suggests that national-level childcare subsidies are expected to boost dairy product consumption, particularly in the milk powder segment, enhancing the industry's overall performance [8] - CITIC Securities indicates that the photovoltaic industry chain is likely to see a reasonable price recovery and profit restoration, with firms that have product differentiation and brand advantages expected to experience performance rebounds [8]

Group 1 - The meeting emphasized the need for the development reform system to fully implement the decisions of the Central Committee and the State Council, focusing on stabilizing employment, enterprises, markets, and expectations, while strengthening the internal circulation and optimizing external circulation to achieve annual targets and tasks of the 14th Five-Year Plan [1] - Key areas of focus include conducting analysis and research on major changes, important indicators, and significant issues, with an emphasis on stabilizing employment and expanding domestic demand through policy preparation [1] - The meeting highlighted the importance of solidifying investment and promoting consumption, enhancing government investment project management, and stimulating private investment to boost market vitality and consumption [1][2] Group 2 - The meeting called for deepening the construction of a unified national market, eliminating "involution" competition, and promoting the healthy and high-quality development of the private economy [2] - There is a commitment to expanding high-level opening up, balancing "bringing in" and "going out," and promoting high-quality cooperation in the Belt and Road Initiative [3] Group 3 - The meeting stressed the need for a comprehensive transition to green and low-carbon development through dual control of carbon emissions and energy consumption, establishing a new mechanism for this transition [4] - It also emphasized the importance of regional and urban-rural coordinated development, implementing strategies for regional coordination, and promoting rural revitalization [4] - The meeting underscored the need for comprehensive planning and balance to stabilize employment, ensure the safety of key areas such as food, energy, and supply chains, and enhance public welfare services [4]

（原标题：河南省委省政府与国家市场监管总局在京举行工作会谈） 罗文对河南经济社会发展取得的成绩表示祝贺，对恳请支持事项作出积极回应。他说，河南省委、省政 府高度重视市场监管工作，在质量和标准化建设、优化市场环境等方面形成了一些好经验好做法。总局 将深入贯彻习近平总书记重要指示精神，结合河南改革发展实际，进一步深化对接合作、加大政策支持 力度，推动河南融入服务全国统一大市场建设不断取得新成效，促进部省合作取得更多务实成果，为更 好推进市场监管现代化、服务高质量发展提供有益借鉴。 刘宁代表省委和省政府感谢总局在质量强企强链强县建设、产业检验检测技术研发、中小企业认证提升 等方面给予河南的大力支持。他说，当前，全省上下深入学习贯彻习近平总书记在河南考察时重要讲话 精神，聚焦"1+2+4+N"目标任务体系，着力稳就业、稳企业、稳市场、稳预期，经济社会保持平稳健康 发展。特别是我们立足中部地区"三基地一枢纽"战略定位，把融入服务全国统一大市场建设作为推动高 质量发展的战略性举措来抓，全面落实"五统一、一开放"基本要求，建强枢纽经济，发挥支点效应，创 新推动"空陆数海"丝绸之路发展，各项工作取得积极进展。希望总局一如既往 ...

记者从国家税务总局了解到，限售股转让纳税地点调整税收合规管理措施已平稳运行半年有余，税务部 门运用税收大数据和信息技术，从操作上实现异地申报缴税的"全国通办"，证券机构可以一次申报、一 次缴税。今年上半年，发生涉税业务的3500余家证券机构累计代扣代缴申报个人所得税超百亿元，税款 均已入库至上市公司所在地，有效防止税源的不合理跨区域转移。公告实施半年来，原来相关制度漏洞 被堵住，招商引资地区"无税可返"，无法通过奖补开展不当竞争，限售股转让中所涉及的个人所得税地 方留成部分从原来被返还给个人转换为地方真正可支配财力。 国家税务总局所得税司有关负责人表示，调整限售股转让个人所得税纳税地点，对保障地方财力、促进 资本市场健康发展等都具有积极意义。下一步，税务部门将持续跟踪政策落地效果，确保相关措施平稳 有序实施，助力加快建设高效规范、公平竞争、充分开放的全国统一大市场。 中国经济网7月31日2024年12月27日，税务总局会同财政部、证监会制发公告，将个人转让上市公司限 售股纳税地点由证券机构所在地调整为上市公司所在地，通过固化税款入库地点，从制度上防止出现上 市公司股东通过转移证券账户变换纳税地点，以享受地方为 ...