2025.07. 30 本文字数：2151，阅读时长大约4分钟 据新华社，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。 会议强调，做好下半年经济工作，要坚持以习近平新时代中国特色社会主义思想为指导，坚持稳中求 进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，保持政策连续性稳定性，增强 灵活性预见性，着力稳就业、稳企业、稳市场、稳预期，有力促进国内国际双循环，努力完成全年经 济社会发展目标任务，实现"十四五"圆满收官。 会议指出，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 策，充分释放政策效应。加快政府债券发行使用，提高资金使用效率。兜牢基层"三保"底线。货币 政策要保持流动性充裕，促进社会综合融资成本下行。用好各项结构性货币政策工具，加力支持科技 创新、提振消费、小微企业、稳定外贸等。支持经济大省发挥挑大梁作用。强化宏观政策 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has solicited public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund Investment Direction," which are significant for the government investment fund industry [1][2][3]. Summary by Sections Guidelines - The guidelines emphasize strengthening the planning and investment direction of government investment funds, highlighting government guidance and policy positioning to prevent homogeneous competition and crowding out of social capital [1][2]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology fields and key links in the industrial chain, leveraging local resources through joint establishment of sub-funds or contributions to local funds [1][2]. Investment Direction - Establishing government investment funds should align with the requirements of building a unified national market and should not aim at attracting investment. It encourages lowering or eliminating the return investment ratio [2][11]. - Investment directions must comply with national macro-control requirements, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2][3]. Evaluation Measures - The measures propose a comprehensive evaluation index system that combines quantitative and qualitative assessments, covering the entire process of fund operation management [2][3]. - Evaluation indicators include policy orientation compliance, investment layout optimization, and policy execution capability [2][3]. Industry Transformation - The government investment fund industry is transitioning from a "coarse" development model to a more refined approach, focusing on establishing clusters of guiding funds and enhancing collaboration at provincial and municipal levels [12][13]. - The emergence of specialized fund clusters targeting specific sectors indicates a trend towards more segmented and professional investment strategies [14]. Regulatory Context - The recent emphasis on not establishing government investment funds for the purpose of attracting investment aligns with the broader regulatory framework aimed at standardizing local investment attraction practices [5][10]. - The decline in average return investment ratios over the past six years reflects a shift in industry practices, with many funds now requiring lower return multiples [11].

中共中央政治局召开会议 决定召开二十届四中全会 分析研究当前经济形势和经济工作 中共中央总书记习近平主持会议 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。 会议强调，要有效释放内需潜力。深入实施提振消费专项行动，在扩大商品消费的同时，培育服务消费新的增 长点。在保障改善民生中扩大消费需求。高质量推动"两 ...

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。 市场的吸引力和包容性，巩固资本市场回稳向好势头。 会议强调，做好下半年经济工作，要坚持以习近平新时代中国特色社会主义思想为指导，坚持稳中求进 工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，保持政策连续性稳定性，增强灵活 性预见性，着力稳就业、稳企业、稳市场、稳预期，有力促进国内国际双循环，努力完成全年经济社会 发展目标任务，实现"十四五"圆满收官。 会议指出，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策， 充分释放政策效应。加快政府债券发行使用，提高资金使用效率。兜牢基层"三保"底线。货币政策要保 持流动性充裕，促进社会综合融资成本下行。用好各项结构性货币政策工具，加力支持科技创新、提振 消费、小微企业、稳定外贸等。支持经济大省发挥挑大梁作用。强化宏观政策取向一致性。 会议强调， ...

Group 1 - The meeting decided to hold the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China in October, focusing on the report of work and the formulation of the 15th Five-Year Plan for national economic and social development [1] - The "15th Five-Year" period is identified as a critical time for achieving socialist modernization, with both strategic opportunities and risks present in the current economic environment [1][2] - The meeting emphasized the need to maintain strategic determination and confidence, adapt to changes, and focus on domestic matters to gain strategic initiative in international competition [1][2] Group 2 - Economic development during the "15th Five-Year" period should adhere to Marxism, Mao Zedong Thought, Deng Xiaoping Theory, and Xi Jinping's Thought, aiming for a modern socialist strong country and the rejuvenation of the Chinese nation [2] - The meeting acknowledged that under the strong leadership of the Party, the economy has shown resilience and positive performance in key indicators, with high-quality development making new progress [2][3] - The meeting highlighted the importance of maintaining a stable macroeconomic policy, promoting domestic and international dual circulation, and achieving the annual economic and social development goals [3] Group 3 - The meeting called for deepening reforms, promoting technological innovation, and fostering new competitive industries to enhance economic vitality [4] - It emphasized the need for high-level opening up to stabilize foreign trade and investment, while supporting foreign trade enterprises affected by external shocks [4] - The meeting also stressed the importance of safeguarding people's livelihoods, prioritizing employment, and ensuring food security and disaster response [5]

■中国经济时报记者 童彤 7月1日，中央财经委员会第六次会议研究纵深推进全国统一大市场建设，将"统一要素资源市场"纳入全国统一大市场建设"五统一、一开放"基本要求。我 国要素市场化配置改革迈入纵深阶段。 "提升要素资源利用效能，统一要素资源市场，有助于推动经济高质量发展。"接受中国经济时报记者采访的专家认为，统一要素资源市场，将进一步破除 要素流动壁垒、区域分割等深层次矛盾，通过制度创新与市场机制协同发力，为构建新发展格局注入强劲动能。 统一要素资源市场，对于建设全国统一大市场意义重大，"除在体制机制上消除阻碍外，更要稳步推进要素市场化配置改革，加快推进现代流通体系建 设。"汪浩认为，这就要求在持续不断破除各种区域发展壁垒的同时，推动地方按照一体化思维建设全国统一大市场，先是区域一体化市场，继而扩散成 为畅通的国内大循环市场网络。 典型案例 "这不仅有助于减少地方保护，促进公平竞争，缓解区域间的发展不平衡，更能让建成全国统一大市场后的中国经济长远受益。"中国社会科学院经济研究 所研究员黄群慧对中国经济时报记者表示，建设全国统一大市场的基本内涵是让要素自由流动。对于中西部地区而言，建设全国统一大市场带来了较大的 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released draft guidelines for government investment funds, emphasizing alignment with national economic strategies and avoiding blind investments in emerging industries [1][2]. Group 1: Investment Focus Areas - The guidelines specify four key areas for government investment funds: compliance with national industrial directories, support for modernization and technological innovation, regional resource optimization, and enhancement of high-end production capacity [2][3]. - National-level funds should focus on major projects and critical technology breakthroughs, while local funds should tailor investments to regional strengths and support small and innovative enterprises [2][3]. Group 2: Investment Restrictions - Government investment funds are prohibited from increasing local government hidden debts through indirect means and are restricted from engaging in public stock trading, derivatives, or providing guarantees for non-invested entities [3][4]. - The NDRC will establish a comprehensive evaluation system for fund performance, focusing on policy alignment, investment optimization, and execution capability [4]. Group 3: Evaluation Indicators - The evaluation indicators will assess compliance with policy directions, optimization of investment layouts, and the effectiveness of fund management [4]. - Existing funds that do not meet the new guidelines will be encouraged to exit upon expiration, while promoting consolidation and restructuring where appropriate [4].

Group 1 - The "anti-involution" policy has been progressively implemented since July, with a clear framework established by the Central Financial Committee, focusing on regulating low-price disorderly competition and promoting product quality improvement [2][5][6] - The revised Price Law strengthens the determination to govern low-price competition, introducing specific clauses targeting unfair pricing behaviors such as price collusion and price discrimination [5][6] - The scope of the "anti-involution" policy is expanding from emerging manufacturing sectors like photovoltaics and new energy vehicles to traditional cyclical industries such as coal, cement, and steel, as well as consumer sectors like internet platforms, pharmaceuticals, and finance [6][7] Group 2 - The capital market has reacted positively to the "anti-involution" policy, with significant increases in both equity and commodity markets, particularly in cyclical sectors, driven by rising inflation expectations [2][13][16] - From July 1 to July 25, the Shanghai Composite Index rose by 4.3%, with cyclical sectors such as steel, building materials, and non-ferrous metals leading the gains, reflecting a strong market response to the policy [13][16] - The commodity market showed even greater elasticity, with the Nanhua Commodity Index increasing by 6.2%, and specific commodities like polysilicon and coking coal seeing price increases of 58.0% and 46.8%, respectively [16][17] Group 3 - The "anti-involution" policy is expected to improve industry fundamentals and inflation expectations, creating more investment opportunities, particularly in traditional cyclical industries and emerging manufacturing sectors [19][20] - The report suggests focusing on two main lines for investment: traditional cyclical industries (coal, non-ferrous metals, building materials, steel) and emerging manufacturing sectors (photovoltaics, new energy vehicles, pharmaceuticals) [20][21] - The ongoing policy implementation and market reactions indicate a potential for sustained investment opportunities as the market consensus continues to solidify [19][20]

Group 1 - The express logistics sector experienced significant gains on July 30, with Shentong Express rising by 7%, YTO Express by 5%, and other companies like Yunda and Huapengfei also seeing increases [1] - Shentong Express, a leading private express company in China, reported a market capitalization of 23.4 billion and a trading volume increase of 5.21% [1] - YTO Express, a comprehensive logistics operator, has a market capitalization of 53.94 billion and focuses on expanding its international express and supply chain services [1] Group 2 - The State Post Bureau emphasized the need for improved industry regulation and the establishment of market rules to combat "involution" competition in the express delivery sector [2] - The Central Financial Committee's recent meeting highlighted the importance of promoting a unified national market and addressing low-price competition among enterprises [2] - The Yiwu Postal Administration announced an increase in the minimum express delivery price by 0.1 RMB to 1.2 RMB, effective July 18 [2] Group 3 - Current price adjustments in the Yiwu region have led to a 0.05 RMB increase per ticket, with expectations for similar measures in the southern grain-producing areas [4] - The express delivery industry is anticipated to see improved pricing and profitability in the fourth quarter, driven by regulatory guidance and a shift towards high-quality development [4] - If regulatory policies continue to be implemented, the industry may transition from price wars to value wars, leading to long-term improvements in express companies' performance [4]

Core Insights - The establishment of the "off-site cargo station" cooperation project between Shenzhen Airport Logistics Development Co., Ltd. and Western Airport Group marks a significant step in enhancing cross-regional air logistics collaboration between Xi'an and Shenzhen, focusing on resource integration and efficiency improvement [1][2] Group 1: Project Overview - The cooperation project aims to create a dual-directional air logistics network, leveraging Xi'an's strategic location as a key node connecting the northwest inland with Central Asia and Europe, and Shenzhen's role as a global shipping hub [1] - The project has already led to a significant increase in cargo volume, with the annual freight volume on the Xi'an-Shenzhen route surpassing 24,000 tons, reflecting an 11% year-on-year growth [1] Group 2: Innovative Measures - The signed framework agreement includes three major initiatives: standardizing the entire logistics process, utilizing technologies like blockchain and IoT for real-time tracking, and integrating ground transportation resources to offer multimodal transport solutions [2] - The project is expected to enhance cargo transfer efficiency by over 30% and reduce overall logistics costs by 15%-20% once fully operational [2] Group 3: Industry Trends - The air logistics sector is becoming a core engine supporting China's dual circulation development strategy, with projected air cargo throughput exceeding 8 million tons in 2024 and a more than 25% year-on-year growth in cross-border e-commerce air transport [3] - The Xi'an-Shenzhen off-site cargo station aligns with this trend by linking Xi'an's international air network with Shenzhen's extensive global flight connections, creating a dual-hub model for efficient domestic and international logistics [3] Group 4: Future Development - The Western Airport Group plans to use the off-site cargo station as a leverage point to enhance collaboration across the aviation logistics industry, aiming to establish a nationwide 12-hour delivery network and explore innovative resource-sharing models [4] - This initiative represents a shift from isolated efforts to collaborative strategies in China's air logistics sector, injecting strong momentum into the dual circulation development framework and promoting high-quality growth in air logistics [4]