Core Viewpoint - The 20th China Western International Expo focuses on expanding high-level opening-up, deepening regional cooperation, and promoting the construction of a modern industrial system, which is crucial for building a new development pattern and high-quality co-construction of the "Belt and Road" initiative [1] Group 1 - The expo provides an effective platform for countries to share development opportunities in China's western region [1] - Emphasis on unity and cooperation among countries to maintain a stable and smooth multilateral trade system and global industrial supply chains [1] - The theme of the expo is "Deepening Reform to Increase Momentum, Expanding Opening-up to Promote Development" [1]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is recognized as one of the most open and economically vibrant regions in China, with a focus on becoming an international first-class bay area and world-class city cluster [1][2] - The GBA has achieved significant economic growth, with a GDP of approximately 1.99 trillion USD in 2023, surpassing New York and San Francisco Bay Areas, and is expected to cross a new trillion milestone in 2024 [2] - The GBA is home to several leading enterprises such as Huawei, Tencent, and BYD, which are pivotal in driving China's technological innovation [2] Economic Performance - In 2024, the GDP of the nine mainland cities in the GBA is projected to contribute over 80% to Guangdong's economy, amounting to approximately 11.54 trillion CNY [2] - The GBA has established eight industrial clusters with over 1 trillion CNY in value, alongside three clusters worth 500 billion CNY, seven worth 100 billion CNY, and two worth 10 billion CNY [2] Industrial Development - The GBA is recognized as one of the most dynamic and competitive manufacturing city clusters globally, with ongoing efforts in industrial integration and collaboration [3] - The region is focusing on building a modern industrial system through collaborative innovation, industrial upgrades, and talent cultivation [3][4] Innovation and Research - The GBA has significantly increased its R&D expenditure, reaching nearly 500 billion CNY in 2023, with an average annual growth rate exceeding 30% since 2018 [6][7] - The area is becoming a crucial source of innovation in China, with the highest number of effective invention patents granted nationwide [7] Recommendations for Growth - Experts suggest enhancing the integration of technology and industry, improving regional collaboration, and expanding the GBA's role in international supply chains [5] - There is a call for increased investment in basic research and the attraction of international high-end innovation resources to strengthen the GBA's competitive edge [5][8]

Group 1 - The meeting focused on accelerating the construction of a modern industrial system in Guangdong, emphasizing the importance of Xi Jinping's expectations for the province [1][2] - Key tasks identified include strengthening advanced manufacturing, upgrading traditional industries, and fostering emerging industries such as artificial intelligence and low-altitude economy [2] - The government aims to enhance the innovation chain by focusing on core technologies in high-tech industries and promoting breakthroughs in fields like biomanufacturing and advanced materials [2] Group 2 - The meeting highlighted the need to cultivate modern enterprise entities and implement policies to stimulate market vitality, including the establishment of regulations for modern enterprise systems [2] - Efforts will be made to optimize the development environment, including the "Million Talents Gather in South Guangdong" initiative to improve the business environment [2] - Responsibilities were assigned to various research groups and relevant units to ensure effective collaboration and execution of tasks related to the modern industrial system [2][3]

Core Viewpoint - The construction of a modern industrial system in China relies heavily on the integration of technological innovation and industrial innovation, emphasizing that these two aspects should not be treated separately [1][3]. Group 1: New Quality Productivity - The development of new quality productivity should be a key focus in the "14th Five-Year Plan," particularly in strategic emerging industries and future industries [3]. - The main challenges facing industrial development include uncertainties in economic operations, such as technological shocks from big data and artificial intelligence, as well as geopolitical factors [3]. Group 2: Industrial Concepts - New concepts introduced include industrial scope, industrial boundaries, and industrial depth, which emphasize the importance of not only the scale of industry development but also the composition and connections between industries [3]. - The balance between technological and economic factors, as well as domestic and international dynamics, is crucial for the growth of any industry [3]. Group 3: Financial Support for Innovation - Financial policies must innovate to provide precise support for technological innovation and green transformation while balancing financial openness and risk prevention [4][5]. - Key elements of financing for technological innovation and green transformation include quantity, price, and duration, with a focus on mobilizing commercial financial institutions through lower interest rates and longer terms [5]. Group 4: Financial Openness and Risk Management - Financial openness is essential, requiring the effective utilization of both domestic and international financial resources, while continuously improving compliance and risk management systems [5]. - Future risk prevention will focus on cross-border capital flows and cross-market risk transmission, necessitating international regulatory cooperation and the use of modern technologies like big data and AI [5].

Core Insights - The Export-Import Bank of China has issued over 180 billion yuan in medium to long-term loans for the manufacturing sector from January to April 2023 [1] - As of the end of April, the balance of medium to long-term loans for the manufacturing sector reached 1.8 trillion yuan [1] - The bank is focusing on supporting the export of manufacturing products such as ships and construction machinery, while also addressing the financial needs of technology-driven enterprises [1] Summary by Categories - **Loan Issuance** - The Export-Import Bank of China provided more than 180 billion yuan in loans to the manufacturing sector in the first four months of 2023 [1] - **Loan Balance** - The total balance of medium to long-term loans for the manufacturing sector stood at 1.8 trillion yuan by the end of April 2023 [1] - **Sector Support** - The bank is prioritizing support for the export of key manufacturing products, including ships and engineering machinery, and is committed to meeting the full-cycle financial needs of technology-oriented companies [1]

近日，由申万宏源证券担任主承销商的"中建投租赁股份有限公司2025年面向专业 投资者公开发行公司债券（第二期）"成功发行，本期债券发行规模8亿元，期限3年， 票面利率2.38%。本期债券是我司在商租领域公司债券领域的又一力作。 本期债券的发行主体中建投租赁聚焦绿色低碳、装备制造、信息技术等领域，为国 家重大战略、重点领域和薄弱环节提供优质金融服务，积极促进科技创新、先进制造、 绿色能源等业务发展，通过"融资租赁"特色服务为助力科技创新和现代化产业体系建 设、服务绿色发展战略、支持中小微企业及促进区域协调发展等领域提供金融"活水"。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 在本期债券发行过程中，公司充分发挥综合金融服务优势，实现票面利率精准引 导，获得发行人的高度认可。本次合作是公司第十三次担任该发行人公司债券的主承销 商，持续巩固了我司在商租领域债券融资服务市场的地位。未来，公司将深度把握国家 增强金融服务实体经济能力政策导向，以专业价值服务国家经济高质量发展。 ...

Core Viewpoint - The article emphasizes the importance of standards in promoting industrial green and low-carbon development, aligning with national strategies for modernization and sustainability [5][12]. Group 1: Carbon Management Standards - The establishment of a comprehensive carbon management standard system is prioritized, focusing on greenhouse gas standards across various aspects such as calculation, verification, and monitoring [12]. - Development of standards for carbon footprint accounting and clean low-carbon hydrogen applications is also highlighted [12]. Group 2: Green Manufacturing Standards - The revision of standards for green factories, green industrial parks, and green supply chains is essential, with a focus on sector-specific evaluations [2][12]. Group 3: Resource Conservation and Recycling Standards - Accelerating the formulation of standards for industrial solid waste utilization, pollution prevention, and water conservation is crucial [3][12]. - The article mentions the need for standards related to water quotas and water-saving enterprises [3]. Group 4: Coordination of Standards with Industry Development - The article stresses the need for standards to align with industrial development strategies, planning, and policies to enhance the resilience and safety of supply chains [6][7]. - It highlights the importance of integrating standards into national-level planning for digital economy and green development [6][7]. Group 5: Traditional and Advantageous Industries Standards - The development of standards for traditional industries such as petrochemicals and heavy machinery is emphasized, focusing on advanced processes and quality consistency [8]. - Standards for advantageous industries like photovoltaics and lithium batteries are also prioritized to drive innovation and product development [8]. Group 6: Emerging and Future Industries Standards - The article discusses the need for standards in emerging industries such as cloud computing and blockchain, as well as future industries like quantum information and humanoid robots [9][10]. - It emphasizes the importance of establishing standards for new materials and advanced manufacturing technologies [9][10]. Group 7: Information Technology and Industrial Integration - Establishing standards for the digital transformation of manufacturing and the integration of artificial intelligence is crucial for enhancing productivity [10][11]. - The article highlights the need for standards in networked collaboration and smart manufacturing [11]. Group 8: Globalization of Standards - The article encourages participation in international standard-setting organizations to promote global industrial development [14][15]. - It emphasizes the importance of aligning domestic standards with international standards to enhance competitiveness [15]. Group 9: Modernization of Industry Governance - The article calls for the establishment of a comprehensive national standard system to ensure product quality and safety [13][16]. - It highlights the need for effective management of the standard lifecycle and the establishment of standardization technical organizations [16][17].

这是一条见贤思齐、对标找差的"取经路"，也是一次学以致用、补齐短板的再"启航"。 日前，2025年三亚市"招商引资与产业发展"专题研讨班在浙江杭州举办。 课堂授课，边听边记；实地走访，边问边思；招商实战，边做边悟……在为期5日的培训中，来自各区 及市发改委、市营商环境建设局、市商务局、市投资促进局、崖州湾科技城管理局等单位的53名干部围 绕招商引资、现代化产业体系建设、优化营商环境等方面进行系统全面学习。 杭州，是我国经济最活跃、创新能力最强的城市之一，在开展精准招商、培育壮大人工智能等新兴产 业、打造一流的营商环境等方面有着很多先进的经验和做法。 在思想上充电，在能力上加油。此次研讨班旨在进一步提升三亚干部招商引资和推动产业发展的业务能 力，助力三亚改革开放和经济社会高质量发展。 专家解惑？理论深耕注入"智慧引擎" 今年春节假期后第一天，三亚市招商引资暨项目建设促进大会召开，擂响新一年奋进战鼓，释放出大抓 实抓招商引资、紧抓硬抓项目建设的鲜明导向。 在此关键时刻，三亚急需一支会洽谈、懂经济、熟业务的高素质专业人才队伍。 培训期间，在浙江大学，"精准滴灌"式的能力培训，为来自招商引资战线主力军的学员们"充电赋 ...

Core Viewpoint - The Zhejiang Provincial Finance Department has released a draft opinion aimed at promoting the high-quality development of government investment funds, establishing a more standardized and efficient management system to support the modernization of the industrial system and major strategic implementations in Zhejiang Province [1][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to support the transformation of traditional industries, foster emerging industries, and build future industries, focusing on major industrial strategies such as the "415X" industrial cluster and the "315" technological innovation system [4]. - The government investment funds will emphasize sustainable development, effective market operation, and the combination of government guidance and market efficiency [4][5]. - The management of government investment funds will be categorized by function and administrative level, ensuring a unified planning of investment directions at the provincial level [4][8]. Group 2: Fund Function and Management - Government investment funds will focus on major strategies and weak links where the market cannot fully play its role, attracting more social capital to support the construction of a modern industrial system [6]. - The funds will be divided into industrial investment funds and venture capital funds, with the former focusing on key projects and the latter on future industries such as artificial intelligence and biotechnology [6][7]. - A differentiated management mechanism will be established, allowing for longer fund durations and higher government contribution ratios for venture capital funds [7]. Group 3: Coordination and Planning - The establishment of funds will require thorough evaluation and adherence to approval procedures, with a focus on regional coordination and the prevention of redundant fund establishment in the same industry [8][9]. - A strategic guidance committee will be formed to oversee the operation and management of government investment funds, promoting a collaborative investment mechanism for major strategic projects [8][9]. - The government will compile a list of key investment areas for the funds, adjusting it dynamically based on regional industrial capacity utilization [9]. Group 4: Decision-Making and Performance Evaluation - A scientific and standardized fund operation management and investment decision-making mechanism will be established, ensuring that government departments respect the operational autonomy of fund managers [10]. - A performance evaluation mechanism will be implemented, focusing on the comprehensive achievement of policy goals and allowing for normal investment risks [10][11]. - The government will encourage the establishment of various funds to broaden exit channels and improve the capabilities of regional equity markets [11]. Group 5: Risk Management and Organizational Support - The initiative emphasizes the importance of organizational leadership and inter-departmental collaboration to ensure effective management of government investment funds [11]. - A risk prevention system will be established to protect investors' rights and prevent illegal financing practices by local governments [11]. - The implementation of this opinion is set to take effect from a specified date in 2025, highlighting the commitment to enhancing the role of government investment in supporting high-quality economic and social development [12].

来源|中国证券报 更加积极的财政政策有何内涵？财政部网站3月24日发布的2024年中国财政政策执行情况报告显示，2025年财政政策要更加积极，持续用力、更加给力。 具体体现在五个方面：一是提高财政赤字率，加大支出强度、加快支出进度；二是安排更大规模政府债券，为稳增长、调结构提供更多支撑；三是大力优 化支出结构、强化精准投放，更加注重惠民生、促消费、增后劲；四是持续用力防范化解重点领域风险，促进财政平稳运行、可持续发展；五是进一步增 加对地方转移支付，增强地方财力、兜牢"三保"底线。 落实落细一揽子化债政策，坚决遏制新增隐性债务 报告明确，重点做好以下工作： 要点速览： 图：财政部网站 加大民生保障力度，多渠道增加居民收入 适当提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗保险财政补助标准等 加大中央本级科技投入，全力支持关键核心技术攻关 统筹用好化债支持政策，支持地方加快偿还政府拖欠企业账款 支持全方位扩大国内需求。 大力提振消费。加大民生保障力度，多渠道增加居民收入。推进实施提振消费专项行动，加大消费品以旧换新支持力度。适当 提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗 ...