原标题：国家发展改革委部署下半年九方面工作 为扎实做好下半年发展改革工作，努力完成全年预期目标和"十四五"规划各项任务，国家发展和改革委 员会就下半年九方面工作进行部署。 这是从31日召开的2025年上半年发展改革形势通报会上了解到的。 国家发展和改革委员会主任郑栅洁在会上表示，发展改革系统要扎扎实实做好下半年发展改革工作，努 力完成全年预期目标和"十四五"规划各项任务，为"十五五"良好开局打好基础。一是聚焦重大变化、重 要指标、重大问题等做好形势分析和研判。二是扎实做好"十四五"规划收官各项工作。三是加大力度稳 投资促消费。四是因地制宜培育壮大新质生产力。五是纵深推进全国统一大市场建设。六是坚定不移扩 大高水平对外开放。七是以碳排放双控全面转型推动绿色低碳发展。八是全面推进区域城乡协调发展。 九是强化综合统筹和综合平衡。 郑栅洁表示，要着力稳就业、稳企业、稳市场、稳预期，进一步做强内循环、优化外循环、搞好双循 环。同时更大力度稳定就业，扎实维护粮食、能源、产业链供应链等重点领域安全，做好迎峰度夏、迎 峰度冬能源电力保供工作，加强安全生产和防灾减灾，强化重点行业领域风险隐患治理，加强普惠性、 基础性、兜底性民 ...

Group 1: Government Policies and Initiatives - The State Council approved the "Artificial Intelligence +" action plan to promote large-scale commercialization of AI applications across various sectors, emphasizing innovation-driven applications and a supportive ecosystem for AI development [1] - The National Development and Reform Commission (NDRC) aims to eliminate "involution" competition and standardize local investment attraction behaviors to promote healthy and high-quality development of the private economy [2] - The National Financial Regulatory Administration issued guidelines to regulate "benefit insurance," emphasizing the need for fair pricing and adherence to insurance principles [3] Group 2: Corporate News and Financial Performance - Sinopec expects a significant decline in net profit for the first half of 2025, projecting a decrease of 39.5% to 43.7% year-on-year, with estimated net profit ranging from RMB 201 billion to RMB 216 billion [5][6] - South Road Machinery announced that if its stock price continues to rise, it may apply for a trading suspension due to significant market volatility and potential irrational speculation [3] - Tibet Tourism reported a cumulative stock price increase of 135.98% from July 21 to July 31, indicating a risk of a sharp decline if trading anomalies persist [4] Group 3: Innovations and Developments - HaiSiKe received FDA acceptance for its new drug HSK3486, a key step towards international market entry for its innovative anesthetic [9] - Huahai Pharmaceutical's dual-target antibody drug HB0043 received clinical trial approval, representing a breakthrough in treating autoimmune diseases [11] - The company YingweiKe has developed a complete liquid cooling technology and solution, aiming to expand its market presence in data centers and computing equipment [7]

Core Points - The State Council, led by Premier Li Qiang, emphasized the importance of understanding the economic situation and enhancing the sense of responsibility for economic work in the second half of the year [3] - The meeting approved the "Artificial Intelligence+" action plan to promote the large-scale commercialization of AI applications across various sectors [4] - The implementation of personal consumption loan interest subsidies and service industry loan interest subsidies was discussed to stimulate consumer potential and enhance market vitality [4] - The draft of the "Soil Protection and Quality Improvement Law" was discussed and approved in principle, focusing on the responsibility of protecting arable land [5] Group 1 - The meeting highlighted the need to strengthen the internal driving force for economic development and deepen reforms in key areas [3] - Emphasis was placed on the importance of a unified national market and optimizing the business environment [3] - The government aims to ensure systemic risk prevention while enhancing disaster response measures [3] Group 2 - The "Artificial Intelligence+" action plan aims to leverage China's complete industrial system and large market scale to accelerate AI integration into economic and social development [4] - The plan includes enhancing the innovation ecosystem for AI, improving data supply, and strengthening talent development [4] - A focus on establishing a dynamic and collaborative governance framework for AI was also mentioned [4] Group 3 - The personal consumption loan interest subsidy policy is expected to lower credit costs for residents and financing costs for service industry entities [4] - The meeting stressed the need for effective implementation of the subsidy policy, including simplifying procedures and ensuring proper fund utilization [4] Group 4 - The draft law on soil protection emphasizes the need for comprehensive measures to restore and enhance the ecological function of arable land [5] - The meeting underscored the importance of legally protecting arable land and ensuring its sustainable use [5]

Group 1 - As of the end of July, the net inflow of the Fortune China Hong Kong Stock Connect Internet ETF has exceeded 30 billion yuan, while the net inflows for the Huaxia CSI 300 ETF, Huaan Gold ETF, and Haifutong CSI Short-term Bond ETF have surpassed 20 billion yuan each [1] - The World Gold Council's report on global gold demand trends for Q2 2025 indicates that global gold demand reached 1249 tons in Q2, a year-on-year increase of 3%, driven primarily by strong investment demand [1] - The National Development and Reform Commission held a meeting on July 31 to discuss the economic situation, emphasizing the need to advance the construction of a unified national market, eliminate "involution" competition, and promote healthy and high-quality development of the private economy [1]

Group 1 - The core viewpoint of the Central Political Bureau meeting on July 30 is the assessment of the current economic situation and the deployment of economic work for the second half of the year, emphasizing both immediate needs and long-term strategies [1][2] - The meeting highlighted that China's economy is showing strong vitality and resilience, with GDP growth of 5.3% year-on-year, surpassing expectations, and positive performance in consumption, investment, and foreign trade [1][2] - The meeting's language shifted from "the economy shows a favorable trend" to "consolidate and expand the economic recovery," indicating a stronger confirmation of the recovery momentum [3] Group 2 - The meeting reiterated the importance of "stabilizing employment, enterprises, markets, and expectations," reflecting continuity and stability in policy while emphasizing flexibility and foresight [4] - The macroeconomic policy framework for the second half of the year is characterized by "sustained efforts and timely increases," indicating ongoing implementation of existing policies and the introduction of new measures as needed [4] - Specific monetary and fiscal policies will focus on more proactive fiscal measures and moderately loose monetary policies, with an emphasis on effective implementation to maximize policy effects [5] Group 3 - Key areas for structural monetary policy support include technology innovation, boosting consumption, small and micro enterprises, and stabilizing foreign trade, addressing real challenges in the economy [5] - The meeting also emphasized the need to expand commodity consumption and cultivate new growth points in service consumption, reflecting a commitment to economic stability and quality improvement [5] - The focus on breaking the "involution" phenomenon includes deepening reforms and promoting a unified national market, highlighting a pragmatic and targeted approach to policy [6] Group 4 - The meeting stressed the importance of stabilizing foreign trade and foreign investment, with plans to support export enterprises facing challenges and optimize export tax rebate policies [7] - The discussion included the formulation of the 15th Five-Year Plan, marking a critical period for achieving significant breakthroughs in modernization and strategic tasks [7] - The meeting acknowledged the complex changes in the development environment, emphasizing the need for strategic determination and confidence in overcoming challenges [7]

Group 1 - US stock indices collectively declined, with Meta rising over 11% and the Chinese concept index increasing by 0.66% [2] - Nvidia responded to concerns regarding a "backdoor" issue in its chips [2] - Apple reported a net profit of $23.43 billion for Q3, a year-on-year increase of 9% [2] - Amazon's stock fell over 6% after a solid growth in AWS but provided disappointing profit guidance [2] Group 2 - The Ministry of Commerce announced that the US and China will continue to push for a 90-day extension on previously suspended tariffs [2] - The Ministry of Industry and Information Technology reported that profits of major internet companies in China fell by 8.3% year-on-year to 74.32 billion yuan [2] - The State Council emphasized the need to implement the "Artificial Intelligence +" initiative to promote large-scale commercialization of AI applications [2] - The National Development and Reform Commission is advancing the construction of a unified national market to eliminate "involution" competition [2] - The National Healthcare Security Administration supports the clinical application and charging of new technologies like brain-computer interfaces [2] Group 3 - CICC canceled the issuance of a short-term financing bond worth 1.18 billion yuan due to unmet expectations [3] - Zhengdan Co. reported a 120.35% year-on-year increase in net profit for the first half of the year and plans to distribute 3 yuan per 10 shares [3] - Hewei Electric stated that it currently has no HVDC products [3] - KX-826 treatment for androgenetic alopecia in adult males has completed patient enrollment in its Phase III clinical trial [3] - Jeya Co. announced that its shareholder Mingyuan Fund and its concerted parties plan to reduce their holdings by up to 4.95% [3]

Industry Insights - The State Council of China has approved the implementation of the "Artificial Intelligence +" initiative, aiming to promote the large-scale commercialization of AI applications across various sectors, fostering a virtuous cycle of innovation and application [2] - The National Development and Reform Commission (NDRC) emphasized the need to deepen the construction of a unified national market and eliminate "involutionary" competition, while also promoting high-level opening-up [4] - The global brain-computer interface medical application market is projected to reach $40 billion by 2030, with supportive policies expected to accelerate the industry's development [10] - The low-altitude economy in Shenzhen is targeted to exceed a production scale of 130 billion, driven by policy and capital [11] - The domestic gaming market in China has seen record highs in revenue and user scale in the first half of the year, with strong long-term investment value in leading gaming companies [12] Company Insights - Apple's Q3 revenue reached $94.04 billion, marking a 10% year-on-year increase, with net profit at $24.43 billion; however, concerns remain regarding the lack of a compelling AI strategy and potential tariff impacts [3] - XGIMI Technology reported a net profit of 88.66 million yuan for the first half of the year, a significant increase of 2062.33% [15] - Jinhe Biology's net profit for the first half of the year was 138 million yuan, reflecting a year-on-year increase of 51.52% [15] - PetroChina Oilfield Services secured a construction project worth 3.597 billion yuan [15] - Nanchin Technology expects a net profit of between 109 million and 133 million yuan for the first half of the year, representing a decrease of 35.09% to 47.03% year-on-year [15]

Core Viewpoint - The recent release of guidelines by the National Development and Reform Commission emphasizes the importance of government investment funds in supporting innovation and addressing market failures in China’s economy, particularly in the context of high-quality development and technological self-reliance [1][2]. Group 1: Government Investment Fund Objectives - Government investment funds are designed to address market failures, focusing on major national strategies and key sectors while attracting more social capital through market-oriented approaches [2][3]. - The establishment of local government investment funds has led to a trend where they are used as tools for attracting investment, resulting in homogeneous investment patterns across regions [2][3]. Group 2: Guidelines for Investment Direction - The new guidelines specify that national-level funds should focus on modernizing industries, tackling core technological challenges, and supporting significant cross-regional projects, while local funds should consider regional characteristics and support small and medium-sized enterprises [3][4]. - Investments in restricted or eliminated industries, as outlined in the "Industrial Structure Adjustment Guidance Catalog," are prohibited to prevent local governments from indirectly subsidizing overcapacity sectors [3][4]. Group 3: Market Efficiency and Competition - The guidelines stress the need to prevent local governments from excessively utilizing investment funds for attracting investments and engaging in homogeneous competition, highlighting that market efficiency stems from effective resource allocation and fair competition [4]. - The role of government investment funds is primarily to address temporary strategic capital shortages and to demonstrate leadership in attracting social capital participation [4].

Group 1 - The current "anti-involution" differs from previous efforts by focusing more on regulating local government behavior, particularly in investment attraction and market openness [2][9][76] - The emphasis on "unifying government behavior standards" reflects a shift from previous policies that addressed nationwide supply-demand imbalances to a more localized approach addressing government actions [9][76] - Local governments are increasingly involved in "involution" competition, characterized by creating policy gaps, blindly launching projects, and setting market barriers [14][76] Group 2 - Local governments are under pressure to find new growth drivers due to declining real estate sales and investment, with cumulative declines of 39.7% and 27.3% respectively from 2021 to 2024 [23][30] - The reliance on land finance has decreased, leading local governments to focus on high-tax industries such as manufacturing and wholesale retail, which accounted for 32% and 14% of total tax revenue in 2021 [33][38] - The central government's transfer payments have become increasingly important for local governments, with significant subsidies for emerging industries like renewable energy exceeding revenues by 357.9 billion yuan [41][76] Group 3 - The overlap in industrial planning among local governments has led to excessive investment and competition, particularly in sectors like pharmaceuticals, new materials, and renewable energy, with 19 industries appearing in over 20 provinces' plans [54][77] - Local governments are competing through tax incentives and subsidies to attract industries, resulting in significant disparities in manufacturing tax burdens across provinces, ranging from 9.7% to 30.1% [63][77] - The lack of coordination in industrial planning has resulted in repeated construction and increased regional competition, leading to lower product prices and reduced industry concentration in sectors like automotive [66][77]

Group 1 - The core viewpoint of the articles emphasizes the importance of government investment funds in supporting innovation and addressing market failures in China’s economy, particularly in the context of high-quality development and technological self-reliance [1][2][4] - The newly released guidelines specify that national-level funds should focus on modernizing industries, tackling key technological challenges, and supporting major cross-regional projects, while local funds should consider regional characteristics and support small and micro enterprises [3][4] - The government investment funds are intended to complement market forces rather than replace them, aiming to attract more social capital and avoid homogeneous investments across regions [2][4] Group 2 - The guidelines prohibit investments in restricted or eliminated industries as per the industrial adjustment directory, aiming to prevent local governments from using these funds to subsidize overcapacity sectors [3] - There is a call for improved management of government investment funds to avoid resource wastage and ensure effective allocation, particularly in light of the competition among local governments [2][3] - The articles highlight the necessity of establishing a high-level socialist market economy system to foster innovation and ensure that government investment funds serve as a catalyst for social capital engagement [4]