2025 年 09 月 14 日 十五五将全力因地制宜推进要素市 场化改革 ——《关于全国部分地区要素市场化配置综合改革试点实 施方案的批复》点评 相关研究 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 (8621)23297818× chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 研 究 报 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 略 证 券 告 - ⚫ 事件：9 月 11 日，国务院对外发布《关于全国部分地区要素市场化配置综合改革试点实 施方案的批复》，同意自即日（9 月 8 日）起 2 年内开展北京城市副中心、苏南重点城 市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆市、 成都市等 10 个要素市场化配置综合改革试点。 ⚫ 要素市场化配置改革是建设全国统一大 ...

新华财经北京9月14日电（王菁）在当前国际形势复杂多变、科技与产业变革深刻重塑全球格局的背景 下，我国发展进入战略机遇和风险挑战并存的关键时期。 （文章来源：新华财经） 9月14日，中国经济体制改革研究会会长郭兰峰在第二十二届中国改革论坛上表示，"十五五"时期要坚 定不移依靠改革开放，把握正确方向，推动标志性改革举措落地，为实现经济社会高质量发展和中国式 现代化注入强劲动力。 "进一步全面深化改革必须紧紧围绕制度建设这一主线。"郭兰峰强调，要把握好几个重点着力方向：一 是坚持以经济体制改革为牵引，重视其对社会各方面改革的影响和传导作用；二是将因地制宜发展新质 生产力摆在更加突出的战略位置，加快构建与之相适应的新型生产关系；三是加快建设全国统一大市 场，深化要素市场化改革，推动国内市场由大到强转变；四是促进民营经济健康与高质量发展，落实 《民营经济促进法》，营造公平竞争环境；五是推进教育、科技、人才一体化改革，提升国家创新体系 整体效能；六是协同推动降碳、减污、扩绿、增长等体制机制改革，加速经济社会全面绿色转型。 ...

央视网消息：商务部相关负责人13日表示，汽车产业市场规模大，是稳增长、促消费的重要领域。未来，商务部继续加大力度采取多种措 施持续释放汽车消费潜力。 商务部市场运行和消费促进司一级巡视员耿洪洲称："支持地方在破除汽车消费限制性措施、发展汽车后市场等方面积极创新探索，延伸 汽车消费链条，加快构建统一高效、绿色循环的汽车流通消费大市场。" 专家表示，建立全国统一大市场这一重大战略对汽车产业来说至关重要，对拉动汽车消费将起到积极作用。 中国汽车流通协会副会长王都称："尤其在流通端，它主要是能够让社会资源更有效地配置，全国统一大市场的建立是我们下一步汽车消 费能够高速发展的一个最重要的基石。" 商务部相关负责人表示，今年以来，截至9月10日，汽车以旧换新申请量达到了830万份。不仅是汽车以旧换新，商务部还将持续开展千县 万镇新能源汽车消费季，加强新能源汽车供需对接。下一步，商务部还将推进汽车流通税费改革。 ...

新一轮重磅改革开启，这一次的对象是生产要素市场化配置。日前，国务院批复同意，2年内开展北京 城市副中心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九 市、重庆市、成都市等10个要素市场化配置综合改革试点。 众所周知，改革试点的核心目的是通过先行先试，探索可复制、可推广的制度经验和实现路径，为更大 范围的改革提供示范和参考。同时，对于试点地区而言，也意味着能在相关领域获得先行发展的机会。 那么，为什么是这十个区域获得试点资格？这一轮试点，又将会释放哪些改革红利？ 为什么是这十大区域 什么是生产要素？它是指所有用于创造商品和服务所需的基本资源的组合。最常见的如劳动力、土地、 资本等。而随着现代科技和产业的发展，技术、数据、算力等新型要素也显得日益重要。 此次要素试点改革，不仅涉及土地、劳动力、资本等传统要素，同时支持试点地区深化探索数据、算 力、空域、频谱轨道等新型要素配置方式和价值实现路径，有效促进新质生产力培育和发展。 选择这十个地区开展要素市场化配置综合改革试点，突出了战略布局与区域代表性的综合考量。如根据 国家发改委提供的数据，这10个试点地区发展基础较好、牵引性强，202 ...

Core Viewpoint - The private economy in Guangxi is entering a high-quality development phase, significantly contributing to the region's economic performance and benefiting from national policies aimed at creating a unified market [1]. Group 1: Economic Contributions - Private enterprises contribute 50% of tax revenue, 60% of regional GDP, 70% of total imports and exports, and over 80% of urban employment in Guangxi [1]. - From January to July, the industrial added value of private enterprises in Guangxi increased by 12%, contributing 76.9% to the overall industrial growth [2]. - The revenue of private service industries in Guangxi grew by 19.7% in the first half of the year, with other profit-making service sectors seeing a 29.6% increase [2]. Group 2: Government Support and Reforms - The government has implemented comprehensive support services for private enterprises, facilitating project implementation and production [2]. - Guangxi has launched 10 key initiatives for efficient government services, providing 253 value-added services from January to July [2]. - Policies have been streamlined to allow 3,152 items to be accessed without application, ensuring that benefits reach enterprises directly [2]. Group 3: Business Environment Optimization - Beihai City has been recognized for its excellent business environment, reducing average processing times for administrative licenses from 23.8 days to 3.5 days [3]. - The introduction of AI technologies has enabled self-service and streamlined processes for over 1,110 administrative tasks [3]. - The number of private business entities in Guangxi reached 4.394 million by the end of July, marking a 4.47% year-on-year increase [3]. Group 4: AI Empowerment in Industries - Guangxi is leveraging AI to enhance the quality of its private economy, with significant advancements in various sectors [4]. - Companies like iFlytek are collaborating with the government to establish AI innovation centers, enhancing language recognition capabilities for cross-border trade [4]. - Traditional industries are also benefiting from AI, with companies developing tailored agricultural machinery and achieving multiple patents [5]. Group 5: Regional Advantages and International Trade - Guangxi's geographical location facilitates trade with ASEAN countries, with private enterprises achieving significant export growth [7]. - From January to July, 4,515 private enterprises engaged in foreign trade, contributing to a total import and export value of 310.8 billion yuan, a 13% increase [7]. - Companies like Liuzhou Guoxuan Battery Co., Ltd. are utilizing regional advantages to establish export bases for new energy products [7]. Group 6: Future Outlook - Guangxi aims to attract private enterprises to create an international AI cooperation hub targeting ASEAN markets [6]. - The region is enhancing its open cooperation mechanisms to support private enterprises in expanding internationally [9]. - Ongoing efforts to improve the business environment and protect the rights of private enterprises are expected to further stimulate economic growth [9].

当前，相比商品与服务，我国要素市场化配置的程度仍待提高，受多种因素影响，土地、劳 动力、资本等要素流动仍需进一步顺畅。试点地区在各自省内统筹和推动要素跨区域协同配 置，以点带面，将有助于形成示范效应，积累可复制、可推广的经验，最终推动全国层面的 改革深化。 进入高质量发展阶段后，我国需要构建起要素从低质低效领域向优质高效领域流动的机制， 破除无效供给、释放错配资源、盘活闲置低效要素，不断提高全要素生产率。要素市场化配 置是推动形成新质生产力的根本保障，创新生产要素配置方式，让各类先进优质生产要素向 发展新质生产力顺畅流动是当前最重要的任务。可以看到，十个试点地区都属于产业高地、 创新高地、人才高地，对新质生产力的发展有引领作用。十个试点方案都将技术要素配置排 在第一位，表明更加重视促进新质生产力的发展。 我国要素市场化配置改革将是一场攻坚战，要通过市场化、法治化的改革方向，通过试点先 行、以点带面的策略，加强改革的系统集成和协同高效，让市场在资源配置中起决定性作 用，为推动建成全国统一大市场奠定基础，对提高全要素生产率、发展新质生产力、推动经 济高质量发展具有重要意义。 出品丨21财经客户端 21世纪经济报道 ...

党的十八届三中全会提出"使市场在资源配置中起决定性作用和更好发挥政府作用"后，我国围绕"发挥 市场在资源配置中的决定性作用"出台一系列重大举措，有效推进了要素市场化配置改革的进程，土 地、劳动力、资本、技术、数据等要素市场得到加快发展，市场配置要素能力得到增强。比如探索建设 城乡统一的建设用地市场，探索实施积分落户等新型政策以推进以人为核心的城镇化，多层次资本市场 不断完善，技术创新和转移服务体系持续健全，数据市场逐步建立相应标准与制度等等。 日前，国务院印发《关于全国部分地区要素市场化配置综合改革试点实施方案的批复》，北京城市副中 心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆 市、成都市等10个地区成为试点。 此次改革试点选择的10个地区都是发展基础较好、经济增长支撑作用强的城市群、都市圈或者中心城 市。更重要的是，这些试点都各自在同一个管辖区域内，其中有六个属于城市群、都市圈且在同一个省 内，有利于通过搭建跨区域要素市场一体化平台，在更大范围内协同配置要素，探索推动要素跨区域自 由流动的机制与经验，对于纵深推进全国统一大市场建设、落实国家重大区域战略和区域协调发 ...

新华财经北京9月13日电（记者魏玉坤）我国要素市场化配置改革迎来重要进展：国务院日前印发《关 于全国部分地区要素市场化配置综合改革试点实施方案的批复》，部署在10个地区开展要素市场化配置 综合改革试点。业内专家分析，这是纵深推进全国统一大市场建设的重要举措，将为推动高质量发展提 供强劲动力。 郭丽岩表示，推动实施方案落地，要推动有效市场和有为政府更好结合，通过系统性、整体性、协同性 的制度改革和政策创新，充分激发各类要素的活力，使其高效组合、顺畅流动，最终汇聚成推动中国经 "10个试点地区覆盖京津冀、长三角、粤港澳大湾区、成渝等重大战略区域，兼具东、中、西部地区代 表性，既有利于破解区域要素流动共性难题，又有利于疏通要素在城市群内部、跨区域间的流动堵点， 为加快建设全国统一大市场、做强国内大循环提供坚实支撑。"徐善长说。 细看实施方案，这次要素市场化配置综合改革试点，紧扣推进协同创新、集约高效配置、引导合理流动 等主要目标，既坚持问题导向，又突出系统集成，具有鲜明的时代特点。 精准施策，做好"一把钥匙开一把锁"。10个试点地区从实际出发，瞄准要素领域的主要堵点，着力探索 相关改革举措。例如，在技术要素方面，重 ...

Group 1: Core Viewpoints - The article emphasizes the importance of cultivating regional comparative advantages through four key aspects: location advantages, institutional advantages, market advantages, and brand advantages [1][24] - It suggests that the "14th Five-Year Plan" should focus on identifying, nurturing, and promoting local advantages to enhance regional competitiveness and economic quality [1][24] Group 2: Location Advantages - Location advantages have expanded significantly with the rapid development of the flow economy and regional strategies, necessitating cities to leverage urban clusters and innovate development paths [2][4] - Cities should integrate their development into urban clusters and enhance transportation connectivity to improve regional economic efficiency [3][4] Group 3: Institutional Advantages - Institutional advantages are crucial for regional competition and should focus on creating a market-oriented, law-based, and international business environment [6][7] - The article highlights the need for substantial improvements in the business environment to lower costs for enterprises and enhance their competitiveness [7][9] Group 4: Market Advantages - Market advantages are identified as the core engine for activating regional economic momentum, with a focus on expanding consumption markets and promoting the integration of various market elements [13][14] - The article stresses the importance of leveraging local characteristics to develop unique consumption markets and enhance regional economic vitality [15][16] Group 5: Brand Advantages - Brand advantages are essential for enhancing city image and attracting industries, talent, and capital [19][20] - The article recommends a systematic approach to brand building, focusing on unique cultural elements and integrating them with local industries to create distinctive city brands [20][21] Group 6: Overall Strategy - The article concludes that fostering regional comparative advantages is vital for addressing chaotic competition and guiding differentiated regional development [24]

Core Viewpoint - The State Council has approved a two-year pilot program for market-oriented allocation of factors in ten key urban areas, including the Guangdong-Hong Kong-Macao Greater Bay Area, aimed at enhancing economic vitality and efficiency in resource allocation [1][2]. Group 1: Market-Oriented Allocation of Factors - Market-oriented allocation of factors means that the prices and ownership of these factors are determined by the market [2]. - The reform aims to eliminate institutional barriers and address key issues in various factors, such as technology, land, and data [2][3]. Group 2: Objectives and Challenges - The core objective of the reform is to establish a unified, open, and competitively ordered factor market system [3]. - The Greater Bay Area faces complex challenges due to its unique status as a "one country, two systems, three tariff zones" region, necessitating improved efficiency in factor allocation [3]. Group 3: Focus on New Factors - The pilot program emphasizes the efficient allocation of new factors, particularly data, which is crucial in the digital economy [4]. - The proposal includes exploring mechanisms for data property rights, circulation, and cross-border transmission to unlock data value and position the Greater Bay Area as an international data hub [4]. Group 4: Integration of Government Services - Promoting integrated government services is a key direction of the reform, requiring rule alignment, standard recognition, and regulatory collaboration [5]. - The pilot program aims to facilitate the flow of human resources, technology transfer, and capital allocation across the nine cities, enhancing cooperation in areas like household registration and social security [5]. Group 5: Broader Implications - The reform is expected to strengthen the flow and cooperation of factors between the nine cities in the Greater Bay Area and Hong Kong-Macao, creating a model for factor allocation that accommodates different systems and economic frameworks [5]. - The initiation of this pilot program represents a significant opportunity for regional development and a strong declaration of China's commitment to deepening reforms and expanding openness [5].