黄艺明认为，当前，以沪深300、中证A500为代表的蓝筹股息率仍具备中长期投资吸引力，中央汇金公 司、社保、养老、保险等耐心资本加大权益市场投资，助力股票市场中长期平稳健发展。上半年香港 IPO募资领跑全球，外资基石投资者加大对华投资，显示对中国经济长期向好信心。他以"聚焦产业， 专注成长"为投资理念，下一阶段，将根据产业运行、上市公司中报业绩等动态优化组合，坚定围绕在 科技创新、提振消费政策支持引领下产业景气上行方向配置，是基金投资组合能否取得超越基准收益的 关键因素。 国泰海通数据显示，截至2025年6月30日，成立于2022年6月16日的百嘉百盛最近一年、最近二年的净值 增长率分别为40.83%、13.82%，在强股混合基金中排名分别为283/3751、348/3165；成立于2023年8月 29日的百嘉百瑞A近一年的净值增长率为49.83%，在偏股混合基金中排9/412。 中证报中证网讯(记者万宇)百嘉基金基金经理黄艺明近日表示，展望下半年，宏观经济在出口关税扰动 下，难免会有阶段性的波动，但在财政政策进一步前置发力，货币政策降准降息支持下，全年经济仍有 望保持整体平稳增长，他将围绕科技创新、提振消费 ...

Group 1 - The People's Bank of China (PBOC) has established a "Service Consumption and Elderly Refinance" tool to encourage financial institutions to increase support for key service consumption areas and the elderly industry [1][2] - The total refinancing quota for this initiative is set at 500 billion yuan, with an annual interest rate of 1.5% and a maximum term of 3 years [1] - The policy will be executed until the end of 2027, involving 26 national financial institutions that can independently decide on loan issuance based on risk [1][2] Group 2 - The focus of current economic policy in China is on expanding domestic demand and boosting consumption, with service consumption being a key area for consumption upgrade [2] - The new refinancing tool is part of an innovative measure by the PBOC to support consumption and is designed to work in coordination with fiscal and other industry policies [2]

"今天我来买单，你们这些企业不要抢……"近日，重庆市荣昌区区委书记高洪波自掏腰包"带头下馆 子"的视频走红网络。他的个人社交账号还晒出菜单，两桌餐费共1100元，由他自己支付，他还配文"带 头消费、带动消费、带领消费"。 连日来，个别地区颇有将禁止违规吃喝扩大为禁止干部职工正常外出吃喝的倾向，不少人"谈吃色变"。 根据违规吃喝问题的构成要素，认定违规吃喝的关键点在于和谁吃、在哪儿吃、谁付钱，高洪波此次自 掏腰包，在一家普通餐馆以人均不到100元的餐标宴请教师、劳模、创业者等多个领域代表，一定程度 上为公职人员的正常生活互动正了名。 高洪波"带头消费"的可贵之处在于其身体力行，用公开透明的消费和接地气的呼吁点燃市场烟火气。但 也必须看到，提振消费不是领导请客吃饭和发表振奋人心的讲话那么简单，而是一项需要综合施策的系 统性工程。 （文章来源：南方都市报） 另外，高洪波此举也体现出对经济民生的关切。一直以来，高洪波以"荣昌老高"的ID活跃于社交平台， 与卤鹅哥互动、卤鹅元素融入荣昌马拉松奖牌设计、节假日免费开放政府车位，再加上此次饭局上"带 头消费"的言论，不难看出背后的治理逻辑，即以烟火气打通经济的毛细血管。 当 ...

Core Viewpoint - The primary focus is on enhancing consumer confidence and optimizing the consumption environment to transform China into a major consumer economy, supported by government policies and actions aimed at boosting domestic demand [1][3]. Group 1: Optimizing the Consumption Environment - Improving the consumption environment is crucial for enhancing consumer confidence and willingness to spend, which directly impacts economic growth and stability [4][6]. - Key strategies include strengthening consumer rights protection, enhancing regulatory enforcement, and creating a fair and safe consumption environment [5][6]. - The establishment of a long-term mechanism for consumption requires foundational systems for quality standards, credit constraints, and consumer rights protection [5][21]. Group 2: Addressing Consumer Pain Points - Current consumer pain points include high costs of rights protection, particularly in areas like cross-border e-commerce and pre-paid consumption, which need to be addressed to improve consumer experience [5][9]. - Issues such as counterfeit goods, inadequate after-sales service, and lack of transparency in product information remain prevalent, necessitating a focus on optimizing the consumption environment [5][9]. Group 3: Ensuring Fair Competition - The consumption market faces challenges such as unfair competition and market saturation, which can be mitigated by enhancing regulatory oversight and ensuring equal competition among market participants [6][9]. - Optimizing the consumption environment will encourage businesses to prioritize product and service quality, thereby improving the overall supply structure [6][9]. Group 4: Supporting Measures for Consumption Environment Improvement - Continuous improvement of the consumption environment requires the enhancement of supporting measures, including infrastructure, financial payment methods, and statistical monitoring [11][12]. - Development of urban and rural consumption infrastructure, leveraging new technologies like big data and AI, is essential for creating modern commercial spaces [11][12]. - Strengthening financial services and payment systems to cater to diverse consumer groups will enhance the overall consumer experience [12][13]. Group 5: Policy Coordination for Consumption Promotion - Coordinated policies across finance, taxation, and investment are necessary to effectively stimulate consumption and create a supportive policy framework [13][20]. - Initiatives such as fiscal subsidies and loan interest discounts can be employed to expand consumer demand [13][20]. - Enhancing the statistical monitoring system for consumption will help in understanding consumer behavior and improving policy effectiveness [13][20].

Group 1: Current Market Trends - The retail sales of consumer goods reached 41,326 billion yuan in May, with a year-on-year growth of 6.4%, marking the highest level since 2024[10] - The growth rate of total retail sales from January to May 2025 was 5%, significantly higher than the 3.5% growth in 2024[10] - The "old-for-new" policy has led to impressive growth in specific sectors, with retail sales of home appliances and audio-visual equipment increasing by 53% year-on-year in May[12] Group 2: Quality Consumption Era - China has entered a quality consumption era, where consumers prioritize product quality over price, even if it requires more time and effort to find high-quality products[18] - The demand for quality consumption is closely linked to the transparency of product quality information and the reduction of trial-and-error consumption[18] - Successful products like "Nezha" and "Labubu" illustrate the importance of quality supply in creating demand, highlighting that good supply can effectively stimulate consumption[24] Group 3: Strategies for Boosting Consumption - To stimulate consumption, it is essential to stabilize income expectations and improve employment quality, focusing on policies that support the real estate and stock markets[34] - The government should encourage the creation of high-quality supply to drive demand, aligning with the emphasis on "leading new demand with high-quality supply"[33] - Key areas for policy focus include stabilizing the real estate market to counter negative wealth effects, enhancing stock market stability to improve residents' financial income, and ensuring employment quality to stabilize income expectations[34][37][39]

Core Viewpoint - The actions of Gao Hongbo, the Secretary of the Rongchang District, to promote local dining and consumption reflect a proactive approach to stimulate the local economy and enhance the business environment, breaking the stigma around public officials' dining habits [1][3]. Group 1: Promotion of Local Consumption - Gao Hongbo hosted a meal for local representatives from various industries, emphasizing the importance of leading by example in consumption [2][3]. - The meal took place at a lesser-known restaurant, showcasing local cuisine and promoting the idea of supporting small businesses [2][3]. - The initiative aims to restore confidence in the restaurant industry, which has faced significant challenges in recent years [2][4]. Group 2: Economic Impact and Initiatives - The Rongchang District has seen a significant increase in tourism and retail sales, with 234.5 million visitors during the "May Day" holiday, a 168.2% increase year-on-year, and retail sales reaching 2 billion yuan, a 258% increase [5]. - The district's social retail sales increased by 25.5% in the first five months of the year, indicating a positive trend in consumer spending [5]. - Gao's earlier initiatives included a consumption advocacy campaign and the implementation of three major promotional actions to boost consumption across various sectors [4].

四川省政府办公厅1日正式印发《四川省贯彻落实国家〈提振消费专项行动方案〉细化举措清单》的通 知。根据清单内容，四川将实施城乡居民增收促进行动、消费能力保障支持行动、服务消费提质惠民行 动等八大行动30项重点任务共计103条细化落实举措，全方位营造敢消费、愿消费、放心消费的环境。 针对消费环境改善提升行动，四川提出实施包括营造放心消费环境、完善城乡消费设施等两大重点任 务。比如，加大投诉信息公示力度，优化拓展投诉信息公示渠道；联合有关部门科学划定夜间人流集聚 区域"潮汐"摊区，加强时段管理。为完善支持政策，方案在围绕加强提振消费政策协同联动、强化投资 对消费的支撑作用、发挥财政政策引导带动作用、完善消费配套保障措施等方面也予以了明确。 （文章来源：新华财经） 提振消费，首先需要增加收入、稳定预期。四川提出了包括促进工资性收入合理增长、拓宽财产性收入 渠道、多措并举促进农民增收、扎实解决拖欠账款问题四大重点任务。比如将研究制定四川省失业保险 新一轮援企稳岗政策；开展最低工资标准评估，科学合理提高最低工资标准；大力促进高校毕业生等青 年就业，拓宽市场化就业渠道，挖掘政策性岗位；积极推动股票回购增持再贷款政策工具在川 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周，政策主要聚焦产业及主题投资领域。涉及"十五五"规划、国防军工、新能源材料、黄金等。 1 ）"十五五"规划 ： 6 月 25 日，总理在第十六届夏季达沃斯论坛开幕式提到，"过去 70 多年，我 们实施了 14 个五年规划，今年还将制定第 15 个五年规划"。 2 ）新能源材料 ： 6 月 23 日至 24 日，何立峰在河北调研新能源新材料产业发展，提出"持续推动 高端装备制造、智能光伏、清洁能源、新材料等企业创新发展，并综合整治内卷式竞争"。 3 ）国防军工 ： 6 月 24 日，国新办举行新闻发布会，介绍中国人民抗日战争暨世界反法西斯战争胜 利 80 周年纪念活动总体安排。 9 月 3 日，北京天安门广场将隆重举行纪念中国人民抗日战争暨世界 反法西斯战争胜利 80 周年大会，总书记将发表重要讲话。 4 ）黄金 ： 6 月 23 日，工信部等九部门印发《黄金产业高质量发展实施方案（ 2025-2027 年）》，提出到 2027 ...

"今天我来买单，你们这些企业不要抢……" 近日，重庆市荣昌区委书记高洪波自掏腰包"带头下馆子"的视频走红，近日， 他的个人社交账号发文"带头消费、带动消费、带领消费"，引起 热议。 ▲重庆市荣昌区委书记高洪波 图/视频号"荣昌老高"视频截图 区委书记带头请客吃饭 "两桌我请了，今天我来买单"！ 相关视频中， 高洪波说"要带头消费，带领消费"，表示"两桌我请了，今天我来买单，你们这些企业不要抢"，并向餐馆老板预付2000元餐 费。 高洪波书记还在网上晒出了请客菜单、付款账单。单据显示， 其请客共消费1108元，店主退回了多收的餐费，还"抹零"8元。 高书记的这顿饭都请了谁？ 视频中，高洪波介绍，客人里有一名华姓老师，有一名养猪的全国劳模， 有一位重庆市人大代表，一位全国人大代表，有90后创业者等等 。 客人从养猪专业户到食品加工工人再到药品制造从业者，覆盖当地一二三产业。 高洪波称，"请大家吃饭， 就是要让大家感受一下荣昌的营商环境，人间气，烟火味"。 其实，这不是高书记第一次倡导干部带头消费。早在今年1月6日荣昌区委经济工作会议上，高洪波在大会上呼吁： 我们要带头消费、带动 消费、带领消费 ，希望在座的每一个 ...

Core Viewpoint - The 2025 National Summer Cultural and Tourism Consumption Season has been officially launched in Qingdao, Shandong Province, aiming to stimulate consumer activity and promote the cultural tourism industry during the summer months [1][2]. Group 1: Event Overview - The event will feature over 4,000 cultural and tourism promotional activities across Shandong Province, with more than 1,000 A-level scenic spots and over 500 star-rated hotels participating in various discount offers [1][2]. - The theme of the consumption season is "Cultural Tourism Benefits the People, Sharing a Beautiful Life," focusing on summer cultural and tourism consumption characteristics [1][3]. Group 2: Government and Institutional Support - The Ministry of Culture and Tourism, along with various institutions, will coordinate a series of consumer promotion activities and benefit measures, including initiatives from the Civil Aviation Administration and the China Meteorological Administration [2]. - Financial institutions such as China UnionPay and major banks are launching cultural and tourism consumption financial incentives [2]. Group 3: Activities and Promotions - During the consumption season, over 43,000 cultural and tourism consumption activities will be held, with measures such as consumption vouchers, ticket discounts, and a total of over 570 million yuan in consumer subsidies being distributed [3]. - Qingdao plans to accelerate its development as an international consumption center city, with over 1,000 coastal tourism-themed consumption activities scheduled for the second half of the year [3].