光大期货金融期货日报 | | 国债期货收盘，30 年期主力合约跌 0.21%，10 年期主力合约跌 0.11%，5 年 | | | --- | --- | --- | | | 期主力合约跌 0.09%，2 年期主力合约跌 0.03%。中国央行开展 2148 亿元 7 | | | | 天期逆回购操作，利率持稳于 1.4%。公开市场有 3425 亿元逆回购到期，净 | | | 国债 | 回笼 1277 亿元。银行间市场方面，DR001 加权利率上行 bp 至 1.37%，DR007 | 震荡 | | | 加权利率上行 1 bp 至 1.48%。6 月出口增速超预期，金融数据总量超预期同 | | | | 时结构持续改善，二季度 GDP 增速 5.2%，6 月经济数据保持韧性。经济保 | | | | 持韧性短期内降息预期较低，当前股债跷跷板效应明显，短期国债偏空运行。 | | 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | ...

招商引资是地方发展经济的重要手段，在提升营商环境、优化资源配置、促进产业发展、培育经营主 体、带动居民增收等方面发挥着至关重要的作用。招商引资过程倒逼地方政府持续提升服务效能、完善 基础设施、健全法治保障，从而系统性提升营商环境。通过精准引入外部项目与资本，能够有效优化区 域内外资金、土地、人才等资源的配置效率，使资源流向更具发展潜力的领域。同时，招商引资也是促 进产业结构优化升级的重要路径，不仅能带来增量投资，而且通过引入先进技术、前沿管理模式和成熟 市场经验赋能本地产业，加速传统产业转型升级并培育壮大新兴产业，形成更具韧性和活力的现代化产 业体系。 但一段时间以来，一些地方片面追求本地局部利益，为争夺更多投资和项目，违规实施税费、用地等各 类优惠，人为制造政策洼地，使招商引资陷入盲目无序竞争，出现招商引资乱象。这些短视行为干扰了 资本、技术、人才等要素在区域间的合理流动，显著降低了资源要素整体配置效率，阻碍了国民经济循 环畅通。这种扭曲的竞争还在一定程度上导致大量项目重复建设和产业同质化发展，引发部分行业严重 的价格内卷，企业陷入"增收不增利"的困境，抑制了企业创新投入和产业创新升级的动力，制约了全国 统 ...

Policy Dynamics - The Central Urban Work Conference emphasized a shift from rapid urbanization to high-quality, inclusive development, focusing on five transformations and five areas of increased attention[22] - The Central Financial Committee's sixth meeting highlighted the deepening of the national unified market construction and high-quality development of the marine economy, with a focus on eliminating "involution" competition[8][9] Fiscal Policy - The adjustment of the long-cycle assessment mechanism for state-owned insurance companies aims to enhance their role as stabilizers in the market, with total commercial insurance fund utilization reaching approximately CNY 34.9 trillion by March 2025[44][45] - The management of special bond project revenues will be strengthened to improve the efficiency of fund usage and ensure sustainable fiscal operations[46] Monetary Policy - The monetary policy remains moderately loose, with June 2025 financial data showing M1 growth at 4.6% and M2 at 8.3%, indicating a recovery in liquidity and credit support for the economy[54][55] - New social financing in June 2025 reached CNY 4.2 trillion, with a year-on-year growth rate of 8.9%, supported mainly by government bonds and loans[54] Regional Policy - The experience from the Shanghai Free Trade Zone will be further promoted to other regions, with 77 tasks outlined for enhancing trade and investment environments[59] - The Yangtze River Delta region is collaborating to build a national unified market pilot area, focusing on optimizing the business environment and maintaining fair competition[63]

Policy Dynamics - The Central Urban Work Conference emphasized a shift from rapid urbanization to high-quality, inclusive development, focusing on five transformations and five areas of increased attention[22] - The Central Financial Committee's sixth meeting highlighted the need for a unified national market and high-quality marine economic development, with a focus on eliminating "involution" competition[8][9] Fiscal Policy - The adjustment of the long-term assessment mechanism for state-owned insurance companies aims to enhance their role as stable long-term capital providers, with total insurance fund utilization reaching approximately CNY 34.9 trillion by March 2025[44][45] - The government is enhancing the management of special bond project revenues and asset management to improve the efficiency of fiscal policy implementation[46] Monetary Policy - The People's Bank of China continues to maintain a moderately loose monetary policy, with M2 growth at 8.3% and M1 growth at 4.6% in June 2025, indicating a recovery in liquidity[54] - New social financing reached CNY 4.2 trillion in June, with a year-on-year growth rate of 8.9%, supported mainly by government bonds and loans[54] Regional Policy - The experience from the Shanghai Free Trade Zone is being promoted nationwide, with 77 tasks outlined to enhance trade and investment environments across various sectors[59] - The Yangtze River Delta region is collaborating to create a unified national market, focusing on optimizing the business environment and maintaining fair competition[63] Industry Policy - Policies addressing "involution" are set to accelerate, with a focus on technological innovation and high-end development in the construction sector, as indicated by a joint initiative from 33 construction companies[5][6]

Core Viewpoint - China's domestic demand contributed 68.8% to economic growth, showcasing the resilience of the large market as a key driver for high-quality development [1][3]. Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, indicating strong economic performance despite external pressures [1][3]. - The domestic market's contribution to economic growth highlights its critical role in supporting the transition to a new development paradigm [1][5]. Market Development - The establishment of a unified national market is essential for promoting high-quality development and addressing complex external challenges [1][5]. - The Southern Regional Electricity Market, which began trial operations, is the world's largest electricity market, facilitating real-time trading and optimizing resource allocation across provinces [4][5]. Policy Initiatives - The Chinese government has implemented a series of reforms to enhance market access, including the reduction of the market access negative list from 151 items in 2018 to 106 items in 2025 [6][7]. - The government aims to standardize behaviors across regions to eliminate administrative barriers and promote fair competition [7][8]. Industry Growth - The removal of regulatory barriers in the elderly care sector has led to a doubling of service institutions since 2019, reflecting the potential for growth in various industries through market liberalization [6][7]. - The logistics and transportation sectors are thriving, with over 1,200 billion yuan in trade and more than 5 billion express packages delivered, indicating robust market activity [5][6]. Open Market Strategy - China's strategy emphasizes both domestic and international market integration, aiming to leverage its vast market size for global resource allocation [8]. - The expansion of free trade zones and the Belt and Road Initiative are part of China's commitment to deepening reform and opening up to the world [8].

Group 1 - The core viewpoint of the article emphasizes the importance of the newly implemented regulations for internet platform enterprises in promoting market regulation, ensuring fair competition, and supporting the construction of a unified national market [1][2][4][8] - The regulations require internet platform enterprises to report tax-related information about their operators and employees, which will enhance transparency and accountability in the market [2][3] - The implementation of these regulations is expected to curb "involution" competition, where businesses engage in unfair practices such as selling counterfeit goods or undercutting prices [2][3] Group 2 - The regulations aim to standardize local investment attraction practices, addressing issues of "policy hollows" where local governments offer excessive incentives to attract platform enterprises, leading to distorted GDP figures and resource misallocation [4][5] - By breaking down information barriers related to business registration and operation locations, the regulations will help regulatory bodies identify fraudulent activities and ensure compliance with local investment policies [4][5] - The regulations promote the efficient and compliant flow of capital, technology, data, and labor across regions, aligning with high-quality development goals [4][5] Group 3 - The regulations establish a unified enforcement standard across regions, addressing disparities in local regulatory practices that contribute to unfair competition [5][6] - Tax authorities are expected to leverage their capabilities for cross-regional coordination to ensure consistent application of tax laws, thereby reducing enforcement gaps [6] - The regulations standardize the reporting requirements for tax-related information, ensuring that all platform enterprises adhere to the same rules regardless of their headquarters or operational regions [6] Group 4 - The regulations are designed to ensure tax fairness, primarily affecting high-income individuals with low compliance rates while protecting the majority of small and micro enterprises from increased tax burdens [7][8] - By targeting tax evasion and fraudulent reporting, the regulations aim to create a level playing field for all businesses, fostering fair competition [7][8] - The successful implementation of these regulations is expected to enhance the legal and fair business environment, supporting the sustainable development of the platform economy [8]

2025.07. 21 本文字数：1418，阅读时长大约2分钟 作者 | 一财评论员 日前召开的国务院常务会议研究了做强国内大循环重点政策举措落实工作，并作出一系列针对性部 署；18日，国家发改委官网发布了《关于实施鼓励外商投资企业境内再投资若干措施的通知》，强 调要更大力度吸引和利用外资，鼓励外商投资企业境内再投资。 两者存在着紧密联系，通过加快全国统一大市场建设可以进一步增强对外资的吸引力。目前两项工作 都在积极推进中。 积极吸引外资是推进高水平对外开放的重要方面。党中央、国务院对此高度重视。党的二十届三中全 会提出，深化外商投资和对外投资管理体制改革；稳步扩大制度型开放。今年的政府工作报告也对积 极稳外贸稳外资、大力鼓励外商投资作出部署。随后多项促进外资投资的政策陆续发布。 根据商务部官方网站日前发布的数据，今年上半年，全国新设立外商投资企业30014家，同比增长 11.7%，实际使用外资金额4232.3亿元人民币，同比下降15.2%。由此可以看出，在吸引外资方面 还有提升空间。 实际使用外资同比下降有多方面原因，其中包括全球投资环境日益复杂化，不确定因素增多等。但我 国加快全国统一大市场建设可以为外资 ...

Core Viewpoint - The key to attracting foreign investment lies in providing a stable, predictable, and fair market environment, which is being addressed through various government initiatives aimed at strengthening domestic circulation and encouraging foreign reinvestment [1][2]. Group 1: Government Initiatives - The State Council has emphasized the importance of implementing policies to strengthen domestic circulation and has made targeted deployments to enhance foreign investment [1]. - The National Development and Reform Commission has issued measures to encourage foreign investment enterprises to reinvest domestically, highlighting the need for greater efforts to attract and utilize foreign capital [1][2]. - The government has recognized the need for reforms in foreign investment management and has outlined plans to steadily expand institutional openness in its work report [1]. Group 2: Market Environment - The construction of a unified national market aims to eliminate regional and industry barriers, allowing for the free flow and optimal allocation of production factors such as goods, services, capital, and labor across the country [2][4]. - Ensuring fair competition and equal treatment for foreign enterprises in areas such as resource acquisition, licensing, and government procurement is crucial for attracting foreign investment [2][4]. - The establishment of a unified market system is expected to enhance the attractiveness of the market to foreign investors by providing a consistent legal framework and equal status for both domestic and foreign enterprises [2][5]. Group 3: Challenges and Solutions - The government is focused on addressing bottlenecks and obstacles in the construction of a unified national market to improve policy precision and operability [4]. - Key requirements for establishing a unified market include creating a national market regulatory framework, facilitating the smooth flow of production factors, and implementing a unified market access management system [4][5]. - The construction of a unified national market is seen as a way to attract global resources and integrate them into the domestic economy, thereby enhancing the overall investment environment [5][6].

Core Viewpoint - The meeting held on July 11, 2025, in Nanjing focused on the collaborative efforts of the Yangtze River Delta region to enhance market regulation and build a unified national market, showcasing significant progress in cross-regional cooperation and regulatory mechanisms [1][2]. Group 1: Achievements and Initiatives - The Yangtze River Delta region has implemented over 170 high-frequency government services and applications for cross-province "one-stop" services, with 40 types of high-frequency electronic certificates recognized across provinces [2]. - A total of 6.98 billion data entries have been collected in the regional business entity database, with data update cycles reduced from monthly to daily [2]. - Six new cooperation agreements were signed, including those focused on platform economy innovation and integrated risk warning in credit regulation, indicating a commitment to further regulatory integration [5][6]. Group 2: Future Plans - The region aims to deepen fair competition reforms, enhance anti-monopoly enforcement collaboration, and promote a unified regulatory framework across the four areas [3][4]. - There is a focus on standardizing quality support and leading standards in key industries such as biomedicine and artificial intelligence, as well as developing green and low-carbon standards [3]. - The initiative includes enhancing digital collaboration and data sharing to improve regulatory efficiency and create impactful application scenarios [3][4]. Group 3: Consumer Environment and Safety - The Yangtze River Delta region plans to enhance consumer protection by implementing a three-year action plan to optimize the consumer environment, including the establishment of "trustworthy" stores and markets [7][8]. - Strengthening food safety regulations through cross-regional inspections and monitoring is a priority, ensuring consumer health and safety [7][8].

Group 1 - The meeting emphasized the importance of innovation to lead the development of a modern industrial system in Zhenjiang, focusing on strengthening emerging industries, nurturing future industries, and revitalizing traditional industries [1] - It highlighted the need for comprehensive understanding and implementation of the "five unifications and one openness" principle to optimize the business environment and enhance the integration of domestic and international markets [1] - The meeting discussed leveraging Zhenjiang's transportation advantages to strengthen the marine industry and contribute to the high-quality development of the marine economy [1] Group 2 - The meeting underscored the importance of cultural preservation and reform in cultural systems to build a culturally strong city [2] - It called for enhanced support and services for youth, promoting talent development initiatives to create favorable conditions for their growth and contributions [2] - The meeting reviewed the progress of various initiatives aimed at implementing the important directives from the General Secretary, focusing on responsibility and effectiveness [2] Group 3 - The meeting addressed the management of collective assets at the village level, emphasizing the need for high-quality pilot projects and collaborative efforts [3] - It reviewed the progress of strict party governance, focusing on political leadership, theoretical education, and strengthening the cadre team [3]