7月30日，据国家发改委网站消息，国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》(以下简称《工作指引》)和《加强政府投资基 金投向指导评价管理办法》(以下简称《管理办法》)意见。其中提出，政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关， 推动加快实现高水平科技自立自强。 《工作指引》规定，政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关，推动加快实现高水平科技自立自强。其中，产业投 资类基金要在产业发展方面发挥引领带动作用，围绕完善现代化产业体系，支持改造提升传统产业、培育壮大新兴产业、布局建设未来产业；创业投资类 基金要围绕发展新质生产力，通过市场化方式投资种子期、初创期企业，兼顾早中期中小微企业，支持科技创新，解决重点关键领域"卡脖子"难题。 《工作指引》明确，国家级基金要立足全局、抓大放小，重点支持国家层面现代化产业提质升级、关键核心技术攻关和跨区域重大项目建设，补齐产业发 展短板，突破产业基础瓶颈，聚焦少数关键领域发挥示范引领作用。鼓励国家级基金加强与地方基金联动，在前沿科技领域和产业链关键环节，结合地方 资源禀赋，通过联合设立子基金或对地 ...

Core Viewpoint - The meeting emphasizes the importance of the "15th Five-Year Plan" as a critical period for achieving socialist modernization, focusing on "consolidating the foundation and making comprehensive efforts" [1][6][7] - The overall economic outlook is positive, with key economic indicators performing well and a strong emphasis on maintaining economic recovery momentum [1][9][10] Economic Policy - The meeting highlights the need for macroeconomic policies to be "continuous, stable, flexible, and predictable," aiming for sustained growth and maximizing policy effects [2][10][11] - Emphasis is placed on implementing proactive fiscal policies and moderately loose monetary policies to support economic stability [11][12] Consumption and Investment - The meeting stresses the importance of expanding service consumption and stimulating effective investment, particularly in the context of weak fixed asset investment growth [3][12] - The "old-for-new" policy has already released some elasticity in durable goods consumption, and there is a call to cultivate new growth points in service consumption [3][12] Supply-Side Policies - The meeting calls for deepening the construction of a unified national market and optimizing market competition order, while also addressing issues of local government debt and hidden debts [4][13] - Policies will focus on promoting high-quality development and addressing overcapacity in key industries [4][12] Capital Market - The meeting emphasizes enhancing the attractiveness and inclusiveness of the domestic capital market, aiming to consolidate the positive momentum in capital market recovery [5][14] - There is a focus on ensuring that the capital market functions effectively and supports long-term investment [5][14] Transition from 14th to 15th Five-Year Plan - The meeting outlines the need for a smooth transition from the "14th Five-Year Plan" to the "15th Five-Year Plan," with a focus on urban renewal and managing hidden debts [5][14] - The importance of maintaining strategic determination and confidence in achieving long-term economic goals is highlighted [7][8]

策 略 研 究 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 30 日 反内卷路径明细，十五五预期升温 ———申万宏源策略 7 月政治局会议点评 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 究 请务必仔细阅读正文之后的各项信息披露与声明 报 A 股 策 略 证 券 研 与公司有关的信息披露 告 本公司隶属于申万宏源证券有限公司。本公司经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司关联机 构在法律许可情况下可能持有或交易本报告提到的投资标的，还可能为或争取为这些标的提供投资银行服务。本公司在知晓 范围内依法合规地履行披露义务。客户可通过 compliance@swsresearch.com 索取有关披露资料或登录 www.swsrese ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has proposed significant policies for government investment funds, focusing on enhancing high-end production capacity, promoting technological innovation, and achieving high-level self-reliance in technology [2][4]. Group 1: Government Investment Fund Guidelines - The proposed guidelines emphasize that government investment funds should avoid investing in industries with structural contradictions and prevent blind following in emerging industries [2][6]. - The guidelines require that investments align with national industrial policies and support the upgrading of traditional industries while fostering new industries [4][5]. - Government investment funds are encouraged to collaborate with local funds to leverage regional resources and enhance funding effectiveness [5]. Group 2: Evaluation and Management - The management measures outline a comprehensive evaluation system that combines quantitative and qualitative assessments of fund operations, focusing on policy alignment, investment optimization, and execution capability [3][7]. - The evaluation results will be communicated to provincial governments and relevant departments, with incentives for high-performing funds and corrective measures for underperforming ones [8].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The Politburo meeting set the tone for the second - half macro - policies and clarified the strategic claims and development ideas during the 15th Five - Year Plan period. Policies will continue to exert force and release policy effects. The strategy emphasizes expanding domestic demand, stabilizing growth, and promoting reform while maintaining stability and progress [2]. - The "anti - involution" market is expected to continue, with a more market - oriented implementation in the industry. The meeting's policies on optimizing market competition order and capacity governance are related to the "anti - involution" concept [3][4]. - The conclusion of the China - US Stockholm talks and the Politburo meeting have a short - term positive impact on the capital market, increasing risk appetite, benefiting risky assets such as stocks, slightly raising the RMB exchange rate, and helping commodity prices regain an upward trend. However, long - term caution is still needed [5]. 3. Summary by Related Content Macro - policy Summary - **Total policies**: Fiscal policy will be more active, accelerating government bond issuance and use, boosting consumption, and promoting high - quality "two major" construction. Monetary policy will be moderately loose to lower financing costs. There is no need for ultra - expected policies for now, and a certain interest - rate cut expectation has formed in the market [3]. - **Structural policies**: Structural monetary policy tools focus on science and technology innovation, consumption boosting, small and micro enterprises, and stable foreign trade. Reform - promoting policies emphasize developing new - quality productivity through science and technology innovation, building a unified national market, and optimizing market competition order [3]. Impact on the "Anti - Involution" Market - Although the term "anti - involution" is not directly mentioned in the meeting announcement, relevant concepts such as optimizing market competition order and capacity governance are reflected. The "anti - involution" market is expected to further develop in the capital market, and its implementation in the industry will be more market - oriented [4]. China - US Talks and Market Impact - The 90 - day extension of the China - US talks is a "fragile cease - fire", reducing short - term market uncertainty. There are still fundamental differences between China and the US in many aspects. In the short term, it is beneficial to the capital market, but long - term risks remain [4][5].

根据新华社报道，7月30日，中共中央政治局召开会议，中共中央总书记习近平主持会议。 会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产力发展，加快培育具有国际竞争力的新 兴支柱产业，推动科技创新和产业创新深度融合发展。纵深推进全国统一大市场建设，推动市场竞争秩 序持续优化。依法依规治理企业无序竞争。推进重点行业产能治理。规范地方招商引资行为。坚持"两 个毫不动摇"，激发各类经营主体活力。 会议指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国发展环境面 临深刻复杂变化，战略机遇和风险挑战并存、不确定难预料因素增多，同时我国经济基础稳、优势多、 韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，中国特色社会主义制度优势、超大规模市场 优势、完整产业体系优势、丰富人才资源优势更加彰显，要保持战略定力，增强必胜信心，积极识变应 变求变，集中力量办好自己的事，在激烈国际竞争中赢得战略主动，推动事关中国式现代化全局的战略 任务取得重大突破。 会议强调，"十五五"时期经济社会发展要坚持马克思列宁主义、毛泽东思想、邓小平理论、"三个代 表"重要思想、科学发展观，全面贯彻习近平新时代中国特 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 7月30日，中共中央政治局召开会议。会议指出，要增强国内资本市场的吸引力和包容性，巩固资本市 场回稳向好势头。 会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产力发展，加快培育具有国际竞争力的新 兴支柱产业，推动科技创新和产业创新深度融合发展。纵深推进全国统一大市场建设，推动市场竞争秩 序持续优化。依法依规治理企业无序竞争。推进重点行业产能治理。规范地方招商引资行为。坚持"两 个毫不动摇"，激发各类经营主体活力。 会议强调，要扩大高水平对外开放，稳住外贸外资基本盘。帮助受冲击较大的外贸企业，强化融资支 持，促进内外贸一体化发展。优化出口退税政策，高水平建设自贸试验区等开放平台。 会议指出，要持续防范化解重点领域风险。落实好中央城市工作会议精神，高质量开展城市更新。积极 稳妥化解地方政府债务风险，严禁新增隐性债务，有力有序有效推进地方融资平台出清。增强国内资本 市场的吸引力和包容性，巩固资本市场回稳向好势头。 （编辑：夏欣 审核：何莎莎 校对：张国刚） 会议指出，做好下半年经济工作，宏观政策要持续发力、适时加力。要落实落细更加积极的财政政策和 适度宽松的货币政 ...

投资界消息，7月30日，国家发改委发布公告，为贯彻落实《国务院办公厅关于促进政府投资基金高质量发展的指导意见》，加强政府投资基金布局规划和 投向指导评价，国家发改委会同有关方面起草了《政府投资基金布局规划和投向工作指引（公开征求意见稿）》和《加强政府投资基金投向指导评价管理办 法（公开征求意见稿）》，现向社会公开征求意见。 其中指出，加强政府投资基金投向调控。政府投资基金不得投资于《产业结构调整指导目录》中的限制类、淘汰类产业，以及其他有关规划和政策文件中明 确要求调控限制的产业领域。设立政府投资基金要落实建设全国统一大市场部署要求，不以招商引资为目的，鼓励降低或取消返投比例。 附：《政府投资基金布局规划和投向工作指引（公开征求意见稿）》、《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》 战略、推动产业升级、促进创新创业等方面的积极作用,引导各地 围绕当地产业发展实际调整投资布局,推动政府投资基金高质量发 展,根据《国务院办公厅关于促进政府投资基金高质量发展的指导 意见》(国办发〔2025〕1号),制定本指引。本指引所称国家级基 金指经国务院批准、中央各部门及其直属机构出资设立的政府投资 基金,地方 ...

新华社北京7月30日电 中共中央政治局7月30日召开会议，决定今年10月在北京召开中国共 产党第二十届中央委员会第四次全体会议，主要议程是，中共中央政治局向中央委员会报告工 作，研究关于制定国民经济和社会发展第十五个五年规划的建议。会议分析研究当前经济形势， 部署下半年经济工作。中共中央总书记习近平主持会议。 会议指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，我国 发展环境面临深刻复杂变化，战略机遇和风险挑战并存、不确定难预料因素增多，同时我国经济 基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，中国特色社会主义 制度优势、超大规模市场优势、完整产业体系优势、丰富人才资源优势更加彰显，要保持战略定 力，增强必胜信心，积极识变应变求变，集中力量办好自己的事，在激烈国际竞争中赢得战略主 动，推动事关中国式现代化全局的战略任务取得重大突破。 会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产力发展，加快培育具有国际 竞争力的新兴支柱产业，推动科技创新和产业创新深度融合发展。纵深推进全国统一大市场建 设，推动市场竞争秩序持续优化。依法依规治理企业无序竞争。推进重点 ...

Core Viewpoint - The establishment of government investment funds aims to implement the requirements for building a unified national market, not for the purpose of attracting investment, and encourages the reduction or cancellation of reinvestment ratios [4]. Group 1: Guidelines for Government Investment Funds - The guidelines emphasize that government investment funds should align with national macro-control requirements for productivity layout and avoid investing in industries with structural contradictions [4]. - The investment focus should prevent blind following in emerging industries and support mergers and acquisitions, accelerate technological updates, and promote industrial quality upgrades [4]. Group 2: Key Support Areas - The investment areas for government investment funds should comply with national industrial adjustment guidance and encourage foreign investment, focusing on industries that align with national development plans [5]. - National-level funds should support modernization, key technology breakthroughs, and major cross-regional projects, addressing industrial development shortcomings [5][6]. - Local funds should consider regional financial capacity and industry resources, focusing on local特色优势产业 and supporting small and micro enterprises [6]. Group 3: Investment Fund Management - Government investment funds are prohibited from increasing local government hidden debts through disguised methods and from engaging in public trading of stocks or derivatives [7]. - The evaluation of fund direction will be based on a combination of quantitative and qualitative indicators, focusing on policy alignment, layout optimization, and execution capability [7][8]. - Existing funds that do not meet the new guidelines will be encouraged to exit upon expiration, while ensuring the protection of legitimate rights and market order [8].