构建全国统一大市场是坚持社会主义市场经济改革方向的重要部署，也是推动高质量发展的重要保障。 《习近平经济文选》第一卷相关著作对构建全国统一大市场的要义和重点作出全面系统论述，是指引我 们做强国内大循环、以国内大循环牵引国际循环的根本遵循。 习近平总书记强调，"我国是一个超大规模经济体，而超大规模经济体可以也必须内部可循环"。我国基 于国内大市场形成的强大生产能力，能够促进全球要素资源整合创新，使规模效应和集聚效应最大化发 挥。在国际形势充满不稳定性不确定性的背景下，立足国内、依托国内大市场优势，充分挖掘内需潜 力，有利于化解外部冲击和外需下降带来的影响。迈上新征程，向实现第二个百年奋斗目标进军，使命 更加伟大、任务更加艰巨，要坚定地用好战略性有利条件，不断促进国内市场高水平统一，从而以自身 高质量发展的最大确定性对冲外部不确定性，同时为全球经济治理提供中国经验。 构建新发展格局以全国统一大市场基础上的国内大循环为主体。《把握新发展阶段，贯彻新发展理念， 构建新发展格局》中提出，要注意防范一些认识误区，其中一个就是"各自为政、画地为牢，不关心建 设全国统一的大市场、畅通全国大循环，只考虑建设本地区本区域小市场、 ...

Group 1 - The core viewpoint emphasizes the combination of policy tools aimed at both short-term economic stabilization and long-term high-quality development, addressing deep-seated structural contradictions while optimizing resource allocation mechanisms to respond to uncertainties with certainty in high-quality development [1][4] - The implementation of more proactive macroeconomic policies has effectively stabilized market expectations and boosted economic confidence, as evidenced by the continuous recovery in fiscal revenue growth and accelerated fiscal spending from January to April [1][2] - The fiscal revenue data shows a year-on-year increase of 1.9% in April for national general public budget revenue, with tax revenue also growing by 1.9%, indicating a marginal improvement in the tax revenue structure, particularly in the equipment manufacturing sector [2][3] Group 2 - Fiscal expenditure is highlighted as a crucial means to ensure people's livelihoods and promote socio-economic development, with a reported expenditure of 93,581 billion yuan from January to April, reflecting a year-on-year growth of 4.6% [3] - The increase in spending is particularly focused on social security, health, and education, which enhances the accessibility and equity of basic public services, thereby improving the overall well-being and happiness of the population [3] - The government's proactive measures include issuing long-term special bonds worth 1.3 trillion yuan and local government special bonds of 4.4 trillion yuan to support local investment, alongside other financial tools aimed at stabilizing capital market expectations and facilitating industrial policy implementation [4]

5月12日，中美在瑞士日内瓦达成初步经贸协议，双方同意大幅降低关税水平，并建立磋商和会谈机制，继续就经贸关 系进行协商。 在6月7日的"中国宏观经济论坛"（CMF）上，与会专家表示，短期内，特朗普关税面临挑战，中长期来看，世界经济大 概率会形成中美双核驱动、更多国家参与其中的大循环格局。 上海财经大学校长刘元春指出，现在预测中美贸易走向是一件很复杂的事，原因之一在于特朗普将关税作为一种谈判砝 码，而谈判存在高度不确定性，这就导致理解美国关税政策已经超越了传统的政策框架和博弈框架。现在需要更多关注 一些外围因素，如金融市场、两党冲突等。 对外经贸大学中国WTO研究院院长屠新泉表示，短期来看，特朗普关税政策的实施方式面临较大不确定性，主要原因 在于遭遇国内司法挑战。国际贸易法院的裁定实际上是否定了芬太尼关税和对等关税，以及针对中国的报复性关税。在 此背景下，特朗普政府未来很可能会绕开司法限制，推动针对特定产业、产品或者特定国家的关税。 智通财经记者 | 刘婷 5月28日，美国国际贸易法院裁定总统唐纳德·特朗普对多国加征关税的行政令属于越权行为，禁止执行相关政策。一天 后的29日，美国联邦上诉法院批准特朗普政府的上 ...

Group 1 - The consumer price index has not met expectations, currently at -0.1%, making it unlikely to achieve the 2% target set in the report, which is already lower than last year's 3% target [2] - Achieving the 2% target is crucial, especially in 2025, as it will be a significant year due to an unprecedented tariff war that will reshape the economy's reliance on external demand [3] - The macroeconomic strategy involves stimulating domestic consumption to counteract the effects of the tariff war, emphasizing the need for a strong internal market to avoid factory closures and unemployment [3] Group 2 - The challenge lies in boosting consumer spending, with strategies including lowering deposit rates and providing consumption subsidies, but market reactions have been tepid, leading to concerns among scholars [5] - Direct cash distribution to consumers is suggested as a more effective method to stimulate spending, allowing consumers to dictate market resource allocation rather than pushing them to buy surplus products [5][9] - The lack of positive expectations is a significant barrier to consumption and investment, with banks holding vast amounts of deposits due to a pessimistic outlook on the private economy and structural issues in income distribution [7] Group 3 - The most effective consumption stimulus policy is direct cash distribution combined with improving expectations, aiming to reduce household debt and promote consumption upgrades [9] - Addressing insufficient domestic demand is critical, especially in the context of the tariff war, as failure to do so could lead to ongoing economic risks [9]

Core Viewpoint - The Chengdu-Chongqing economic circle has made significant progress in the past five years, becoming a vital growth engine in Western China, with a focus on high-quality development and regional collaboration [2][3][16]. Economic Growth and Industrial Development - The GDP of the Chengdu-Chongqing economic circle is projected to grow from 6.3 trillion yuan to 8.6 trillion yuan from 2020 to 2024, marking an increase of two trillion yuan and raising its share of the national economy from 6.3% to over 6.5% [6]. - The region has established four trillion-yuan industrial clusters in electronic information, equipment manufacturing, advanced materials, and specialty consumer goods, with automotive production and electronic information output accounting for over 10% of the national totals [6][7]. - The electronic information industry has become a key pillar, with Sichuan emerging as a global manufacturing hub, producing two-thirds of the world's iPads and significant quantities of laptops and smartphones [6][7]. Technological Innovation - The Chengdu-Chongqing economic circle aims to build a nationally influential technology innovation center, with over 257 key R&D projects implemented and significant investments made in supercomputing and collaborative innovation platforms [10][11]. - The region has over 70,000 technology-based enterprises and 27,000 high-tech companies, with technology contract transactions exceeding 280 billion yuan in 2024 [11]. Reform and Open Economy - The Chengdu-Chongqing economic circle is positioned as a new high ground for reform and opening up, with initiatives like the cross-provincial administrative and economic separation reform being piloted in the Gaizhu New Area [14][16]. - The region has made strides in market integration, with 626 mutual evaluations of fair competition and the establishment of a unified market framework [14][15]. Public Services and Quality of Life - The region has implemented 355 cross-provincial public service items, enhancing the convenience of living for residents, with significant improvements in healthcare collaboration and transportation infrastructure [18][19]. - Educational resources are being shared, with over 180,000 additional higher education enrollment plans and collaborative programs between universities [19][20]. Future Outlook - The Chengdu-Chongqing economic circle plans to continue expanding its reform depth and openness, focusing on building a high-quality living environment and enhancing public service collaboration [16][20].

Group 1 - The company completed a significant asset restructuring by the end of December 2024, gradually exiting the real estate business and transforming its strategic focus to core duty-free operations, centered around the large consumption industry [1] - The company aims to leverage the resource advantages and industrial synergy capabilities of its indirect controlling shareholder, Huafa Group, to concentrate on the "duty-free + commercial management + trade" business development system [1][2] - The company has committed to an orderly exit from its existing real estate business within five years, accelerating its de-real estate strategy [1][2] Group 2 - The company has made strategic plans for the development of its large consumption business, including expanding duty-free operations in key national strategic areas such as Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone [2] - The company is integrating large shopping center assets to enhance consumer experiences and create a new flagship commercial brand [2] - The company is strengthening its supply chain resources to build a comprehensive platform covering procurement, warehousing, and digital marketing, forming a closed-loop business model of "promoting trade through duty-free and vice versa" [2] Group 3 - The company is benefiting from national policies aimed at expanding domestic demand and promoting consumption, which provide strong momentum for its duty-free and large consumption business development [3] - As of May 30, 2025, the passenger flow through the Gongbei Port between Guangdong and Macao exceeded 50 million, a year-on-year increase of 12%, which is expected to positively impact the company's duty-free sales [3] - The company is managing the Hongwan Fishing Port project, which covers an area of approximately 720,000 square meters, with an average annual fish unloading volume exceeding 60,000 tons, focusing on smart fishing port and industrial upgrades [3]

回顾2025年5月国资国企主要相关政策与企业动态，总结两个热点事件进行解读： 1. 5月9日，《习近平经济思想研究》刊发国务院国资委主任署名文章《在构建高水平社会主义市场经济体制中 更好发挥国资央企作用》； 2. 5月15日，国务院召开做强国内大循环工作推进会，国务院总理出席并发表讲话。 文章围绕构建高水平社会主义市场经济体制，系统阐述了国资央企的五大任务以及对应的五大核心作用，为新时代国资央企明确了战略定位与实施路径。 图：在构建高水平社会主义市场经济体制中国资央企应发挥的重要作用 在五大任务中，"突出提升价值创造能力，在国民经济运行中发挥稳定器、压舱石作用"被放在了第一位，其中重点提到"持续提振市场预期和信心"，这在 目前关税战、贸易战的大背景下具有重要战略意义。 首先，持续提振市场预期和信心能够维护产业链安全稳定、激发创新活力。一方面，市场信心不足会影响企业的投入和创新热情，只有在市场信心增强 后，企业才更愿意进行长期投资，开展创新活动，实现产业链关键环节的自主可控；另一方面，当市场主体对未来持积极预期时，产业链上下游的合作意 愿会显著增强，携手共克时艰，提升产业链整体的安全性和稳定性。 其次，持续提振 ...

Group 1: Manufacturing Sector - In May, the manufacturing Purchasing Managers' Index (PMI) rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing sentiment [1] - The production index for manufacturing activities returned to the expansion zone at 50.7%, up 0.9 percentage points from last month, reflecting a recovery in production activities [1] - New orders index increased to 49.8%, up 0.6 percentage points, while the business activity expectation index rose to 52.5%, indicating stable confidence among manufacturers regarding market development [1] Group 2: High-Tech and Equipment Manufacturing - The high-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while the equipment manufacturing and consumer goods PMIs were 51.2% and 50.2%, respectively, both showing month-on-month increases [2] - New orders indices for both high-tech and equipment manufacturing remained above 52%, indicating strong market demand [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.3%, slightly down 0.1 percentage points but still above the critical point, indicating stable growth in the service sector [3] - The service sector business activity index rose to 50.2%, driven by increased consumer activity during the "May Day" holiday, with a business activity expectation index of 56.5%, reflecting optimism among service providers [3] - The construction industry continued to expand, with the civil engineering business activity index at 62.3%, up 1.4 percentage points, indicating accelerated project construction [3] Group 4: Economic Outlook and Policy Implications - The rise in manufacturing PMI in May suggests that proactive macroeconomic policies are beginning to show results, although the price index remains slightly down, indicating an oversupply situation [4] - Experts emphasize the need for continued government investment in public goods to support production and employment recovery, while also advocating for measures to boost domestic demand and enhance external trade [4] - The manufacturing sector's recovery is still under observation due to external uncertainties and the fact that many sub-indices remain below 50%, indicating potential risks [4]

从技术面分析，目前半年线和年线仍然保持稳定向上的态势，这足以支撑市场维持慢牛格局。然而，由 于成交量始终无法有效放大，难以同时支持多个板块的持续上涨，因此市场只能在一两个板块之间进行 轮番表现。回顾4月和5月的市场表现，新型消费、可控核聚变、创新药以及化工板块等表现相对较好。 从昨天的市场表现来看，科技股在一些事件驱动因素的影响下，出现了资金介入的迹象。此前在4月和5 月，科技股整体表现较为平淡，因此也急需一次表现机会。展望后市，进入6月份，科技股和消费股这 两个板块可能会出现轮番互动的格局。它们之间可能会相互转换强弱态势，但都不会呈现出明显的主升 浪特征，市场仍将维持震荡攀升的格局。不过，由于下方均线系统的支撑，6月份的行情有望比5月份表 现得更好。 在操作策略上，我们应更加关注那些在低位开始有资金介入、且经过一段时间调整后出现新增资金攻击 的板块。这些板块可能会成为我们后续关注的重点方向。而消费板块作为政策预期支持的重点领域，仍 将保持一定的活跃度。因此，大消费、大循环和大科技这三个板块可能会在6月份继续轮番表现。这是 我们对6月份行情的总体看法。总的来说，我们对市场既不悲观，也不过于乐观，盘整向上仍是主 ...

国务院近日召开的做强国内大循环工作推进会提出，结合现阶段我国发展实际，做强国内大循环重点要 体现在四个方面，其中之一是产业链供应链的自主完备，发挥各地优势加强专业化分工、地区间协作， 持续补链强链拓链，增强产业发展韧性。当前，无论是面对"卡脖子"困境的现实挑战，还是立足塑造中 国制造新优势的长远考虑，提升产业链供应链韧性已非选择题，而是必答题。 产业链供应链自主完备强调的是安全可控。产业链、供应链在关键时刻不能"掉链子"，这是大国经济必 须具备的重要特征。产业链供应链自主完备是指在核心技术、零部件、产品等供应受限的情况下，能够 依靠国内稳定运行的产业链供应链提供相应产品和服务，满足国民经济运转的基本需要。其核心目标是 构建内外部风险冲击下仍能维持高效运转的经济体系。 产业链供应链自主完备，是做强国内大循环的重要一环。从生产端看，自主完备的产业链供应链能保障 原材料、设备、技术等要素稳定供给，避免断链风险干扰企业生产。从消费端看，产业链供应链安全稳 定才能持续提供多样化、高品质的产品，激发居民消费意愿。更进一步看，自主完备的产业链供应链能 推动产业链与创新链深度融合，推动产业链价值链向高端攀升，提升供给体系对国 ...