Report Summary 1. Report Industry Investment Rating - Bullish on four major stock index futures contracts, suggesting a long position [2] - Recommend buying out - of - the - money long - term index call options [2] 2. Core View - The capital market's role as a multi - level "accelerator" and "stabilizer" in promoting consumption is becoming more prominent through a closed - loop policy design [1][2] - The market is expected to evolve into a trending upward market as the central financial commission promotes the construction of a unified national market and regulates disorderly low - price competition among enterprises [2] 3. Summary by Relevant Sections Market Review - On Wednesday, the main stock indices in the two markets showed divergent trends. Value - based indices were consolidating strongly, while growth - based indices were adjusting. The photovoltaic sector led the gains. The total trading volume of the two markets was 1.37 trillion yuan, showing a contraction. The CSI 1000 index closed at 6309 points, down 64 points (-1.01%); the CSI 500 index closed at 5892 points, down 41 points (-0.70%); the SSE 300 index closed at 3943 points, up 1 point (0.02%); the SSE 50 index closed at 2722 points, up 4 points (0.18%) [1] - Among industry and theme ETFs, steel ETF, photovoltaic leading ETF, building materials ETF, coal ETF, and new energy innovation ETF led the gains, while innovative drug ETF (Fuguo), aerospace ETF, and 5G communication ETF led the losses [1] - Among the sector indices in the two markets, the marine economy, general steel, photovoltaic equipment, cement, and BC battery indices led the gains, while the ground military equipment, components, military trade concept, communication equipment, and human brain engineering indices led the losses [1] - The net inflow of settled funds in the SSE 300 index futures (IH) was 300 million yuan [1] Important News - The automotive industry's "involution - style" competition has led to a continuous 10% - 15% decline in parts procurement prices, deteriorating the operations of upstream suppliers and downstream dealers [1] - Bond ETFs have become an important tool in asset allocation, with their total scale exceeding 350 billion yuan in the first half of 2025 [1] - The prices of Chinese - made goods on Amazon in the US are rising faster than the overall US inflation rate, and tariffs are starting to impact US consumers [1] - The eurozone manufacturing sector showed signs of stabilization in June, with the PMI rising to 49.5, and Germany's manufacturing PMI reaching a 34 - month high [1] - US JOLTS job openings in May were 7.769 million, higher than the expected 7.3 million, and the number of voluntary quits increased from 3.215 million to 3.293 million [1][2] - Goldman Sachs expects the S&P 500 index to continue its upward trend in July and may start to decline in the next month [2] - Hedge funds' net buying of bank stocks last week reached the highest level in nearly a decade, supported by expectations of banking regulatory relaxation and Fed rate cuts [2] - Morgan Stanley reported that the US tariff revenue in June reached an annualized 327 billion US dollars, equivalent to 1.1% of the US GDP [2] - The US Senate passed the "big and beautiful" tax and spending bill by a narrow margin of one vote [2] Market Logic - The main stock indices in the two markets showed divergent trends on Wednesday. The central financial commission is promoting the construction of a unified national market and regulating disorderly low - price competition among enterprises, highlighting the capital market's role in promoting consumption [1][2] Future Outlook - The domestic supply - demand imbalance in the photovoltaic glass market will improve as domestic leading photovoltaic glass enterprises plan to cut production by 30% starting from July [2] - Goldman Sachs expects the Fed to cut interest rates three times by 25 basis points each in September, October, and December this year, and has lowered its terminal interest rate forecast [2] - Morgan Stanley said that technology giants hope to expand AI tools to the physical world through open - source, and China may take the lead in the "robot race" [2] - The global financial asset re - allocation trend of "de - Americanization" is expected to accelerate the inflow of international funds into A - shares [2] - The central financial commission's efforts to promote the unified national market and regulate disorderly competition are expected to boost listed companies' performance, and the market is expected to evolve into an upward - trending market [2] Trading Strategy - For stock index futures directional trading, be bullish on the four major stock index futures contracts, as growth - based indices have higher elasticity [2] - For stock index option trading, buy out - of - the - money long - term index call options as the market is expected to evolve into an upward - trending market [2]

Core Viewpoint - The 2025 version of the Market Access Negative List has been released, reducing the number of restrictions from 117 to 106, indicating a continued effort to simplify market access and promote economic development [1][2]. Group 1: Changes in the Negative List - The new list directly removes 8 national measures, including changing the seal engraving industry from a licensing system to a filing system [2]. - A total of 17 local measures have been deleted, affecting sectors such as transportation logistics and vehicle rental services [2]. - Eight national measures have been relaxed, including the establishment of television production units and the management of drug wholesale and retail enterprises [2]. Group 2: New Regulations and Emphasis - The new list further regulates access to new industries, including unmanned aerial vehicles and e-cigarettes, while emphasizing the importance of safety in key areas such as finance and production [3]. - It specifies that non-financial institutions must not use terms like "futures company" in their registration names or business scopes, reinforcing regulations against unauthorized futures activities [3]. Group 3: Market Access Barrier Removal - The government will initiate actions to clear market access barriers, aiming to eliminate unreasonable regulations and practices that hinder market entry [3]. - A long-term mechanism will be established for collecting, verifying, and reporting cases of market access barriers to ensure a fair market environment [3].

中国银河证券首席经济学家、研究院院长章俊表示，公告明确规定了三类需履行报告义务的行为，并且 排除"多层次投资"的报告要求，旨在避免监管泛化现象，切实减轻企业的合规负担。 ◎记者白丽斐陈芳 商务部近日公告外商投资企业境内投资信息报告有关事项，进一步简化了投资信息报送手续，支持外商 投资企业扩大境内再投资。根据公告，外商投资企业境内投资信息报告将以试点方式稳步推进，在江 苏、上海、天津等8个地区开展首批试点，自7月1日起正式生效。 公告显示，外商投资企业以本企业名义在中国境内投资设立企业、对被投资企业增资或购买被投资企业 投资者股权（不含多层次投资）时，需依法履行信息报告义务。 章俊表示，此次试点采取渐进式改革路径，优先选择的8个试点地区涵盖了东部沿海、中西部、东北以 及直辖市等不同类型的经济区域，区域差异化设计旨在积累多元且丰富的经验，以最大程度降低政策推 行过程中的潜在风险。 周密也认为，外资在东中西部不同区域投资时，重点关注的产业领域和投资模式有所不同，此次试点平 衡了各个区域，有利于在利用外资过程中了解差异化的诉求，也为进一步的扩大试点提供更加有效的经 验。 在中国人民大学经济学院教授王孝松看来，与201 ...

"反内卷式竞争"的投资机会 20250702 摘要 反内卷政策升级，人民日报等媒体密集发文，预示行业协会将密集发文 控价控产能，主要集中在新能源车和光伏行业，可能引发市场预期波动， 影响相关公司股价和大宗商品价格。 大宗商品价格下跌源于需求侧居民收入和地产下滑。传统行业经过前期 去产能和企业整合，供给侧大幅出清空间有限，本轮周期股反弹更多源 于市场内生需求，而非供给侧改革。 新能源车和光伏领域是反内卷政策重点，政府鼓励民营企业信心。未来 或通过控制价格实现红利，但难以复制 2015-2016 年供给侧改革驱动 的大宗商品牛市。 钢铁行业：限产政策短期影响有限，但制造业需求超预期增长，成本端 双胶价格下跌提升钢厂利润。关注电炉减产及低位库存对钢铁价格和利 润的推动作用，预计 7-8 月钢铁股将有一波反弹行情。 水泥行业：协会推动供给侧改革，要求企业严格按照设计产能生产，有 望提升标的配置性价比。今年企业具备底线思维，避免激烈价格战，确 保行业微盈利，但需求淡季和错峰执行力度不足构成不利因素。 Q&A 如何理解中央财经委关于建设全国统一大市场的政策？ 中央财经委近期强调建设全国统一大市场，旨在依法依规治理企业低价 ...

过去四年里，作为构建新发展格局的重要举措之一，推进全国统一大市场建设在多个高层会议、文件中 被着重强调。 2021年12月，习近平主持召开中央全面深化改革委员会第二十三次会议时强调，构建新发展格局，迫切 需要加快建设高效规范、公平竞争、充分开放的全国统一大市场，建立全国统一的市场制度规则，促进 商品要素资源在更大范围内畅通流动。2022年4月，《中共中央 国务院关于加快建设全国统一大市场的 意见》发布，从六个方面明确了加快建设全国统一大市场的重点任务。 尤其是最近半年，建设全国统一大市场被提到了经济体制改革的标志性举措的高度。2024年底的中央经 济工作会议在布置2025年重点任务时提及，要发挥经济体制改革牵引作用，推动标志性改革举措落地见 效，其中具体举措包括了制定全国统一大市场建设指引。 本报（chinatimes.net.cn）记者刘诗萌 北京报道 2025年以来，从《全国统一大市场建设指引（试行）》（下称《指引》）发布到政府工作报告将纵深推 进全国统一大市场建设作为标志性改革举措之一，从2月份公平竞争座谈会召开到近期17家重点车企主 动承诺支付账期不超过60天，推进全国统一大市场建设、综合整治"内卷式 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Overall, the market is influenced by various factors such as policy changes, supply - demand dynamics, and geopolitical events. Different metals show different trends and investment opportunities based on their unique fundamentals [4][12][21]. - For copper, the 232 tariff uncertainty and inventory changes are key factors affecting price and spread. For alumina, Guinea's policy reform and market sentiment play important roles. For electrolytic aluminum, macro - sentiment and seasonal changes in production and consumption are crucial. Other metals also have their own influencing factors and corresponding price trends [4][12][21]. 3. Summary by Related Catalogs Copper - **Market Review** - Futures: The Shanghai Copper 2508 contract closed at 80,540 yuan/ton, up 0.65%, with the Shanghai Copper index increasing positions by 4,906 lots to 601,000 lots. - Spot: The spot premium of Shanghai copper dropped to 120 yuan/ton, down 80 yuan/ton from the previous day. Guangdong and Tianjin had different spot premiums and changes [2]. - **Important资讯** - Logistics transportation of some mines in Peru was disrupted due to roadblocks set by informal miners, leading to an interruption in copper concentrate transportation [3]. - **Logic Analysis** - The market expects the 232 tariff to be implemented in September - October, and the expectation of a 25% tariff is strengthening. LME inventory is increasing, and short - term external market squeeze risk is easing. Non - US inventories are difficult to increase effectively before the 232 tariff is implemented, which supports price and spread [4]. - **Trading Strategy** - Unilateral: Low - inventory and 232 delay expectations drive prices up. - Arbitrage: Buy near - term and sell far - term. - Options: Wait and see [5][7]. Alumina - **Market Review** - Futures: The Alumina 2509 contract rose 130 yuan to 3,071 yuan/ton, with positions decreasing by 6,396 lots to 422,300 lots. - Spot: Spot prices in different regions remained flat [8]. - **Related资讯** - China's central government emphasized the construction of a unified national market and marine economic development. Guinea plans to reform its mining industry, including creating an aluminum ore index and exercising sales and transportation rights. An aluminum plant in Xinjiang had a higher winning bid price for alumina. The Shanghai Futures Exchange's alumina warehouse receipts decreased [9][10][11]. - **Logic Analysis** - Alumina prices rose due to Guinea's new policy and market rumors. The market is worried about the impact on alumina production. The supply - demand of bauxite is in a tight - balance in the second half of the year, and the price is supported but limited by previous over - supply [12]. - **Trading Strategy** - Unilateral: Alumina prices are expected to rebound due to market sentiment, and subsequent warehouse receipt changes should be monitored. - Arbitrage: Wait and see. - Options: Wait and see [14][15]. Electrolytic Aluminum - **Market Review** - Futures: The Shanghai Aluminum 2507 contract rose 100 yuan/ton to 20,850 yuan/ton, with positions increasing by 12,660 lots to 693,100 lots. - Spot: Spot prices in different regions increased [17]. - **Related资讯** - Aluminum inventory decreased slightly. Warehouse receipts decreased. Aluminum rod production decreased last week. China's photovoltaic new - installed capacity increased significantly in May. The US Senate passed a bill [18]. - **Trading Logic** - Macro - sentiment improved, and the seasonal decrease in aluminum water conversion rate and the increase in photovoltaic new - installed capacity are important factors. Aluminum ingot social inventory is expected to fluctuate slightly in July, and the decline in warehouse receipts may slow down. The off - season of aluminum consumption may not be too severe [21]. - **Trading Strategy** - Unilateral: Aluminum prices are expected to fluctuate strongly with the sector. - Arbitrage: Pay attention to positive arbitrage opportunities between 7 - 9 and 9 - 12 during de - stocking and exit during stocking. - Options: Wait and see [22]. Casting Aluminum Alloy - **Market Review** - Futures: The Casting Aluminum Alloy 2511 contract rose 90 yuan to 19,885 yuan/ton, with positions increasing by 383 lots to 10,472 lots. - Spot: Spot prices in different regions remained flat [24]. - **Related资讯** - China emphasized the construction of a unified national market. The expected sales volume of passenger cars in June increased. The social inventory of recycled aluminum alloy ingots in some places increased. A company plans to build a recycling aluminum project [24][25]. - **Trading Logic** - The futures price of aluminum alloy follows the price of aluminum. The spot market is weak in the off - season, but the price is supported by cost. There are still futures - spot arbitrage opportunities [28]. - **Trading Strategy** - Unilateral: The absolute price of aluminum alloy futures is expected to fluctuate strongly with the price of aluminum. - Arbitrage: Consider arbitrage when the spread between aluminum alloy and aluminum is between - 200 and - 1,000 yuan, and consider futures - spot arbitrage when the spread is over 400 yuan. - Options: Wait and see [28]. Zinc - **Market Review** - Futures: The Shanghai Zinc 2508 contract fell 0.11% to 22,230 yuan/ton, with the index position decreasing by 4,934 lots to 263,800 lots. - Spot: The spot market in Shanghai had limited trading, with the premium of domestic spot to the average price rising, but downstream buyers remained on the sidelines [30]. - **Related资讯** - A zinc smelter in Peru resumed production. The domestic zinc ore tender price in June increased [31]. - **Logic Analysis** - Supply - side interference factors have subsided, and domestic refined zinc production is expected to increase in July. The consumption of zinc is entering the off - season, and downstream demand is weak. Domestic social inventory is expected to increase, and zinc prices may face downward pressure [32]. - **Trading Strategy** - Unilateral: Wait and see, and consider short - selling at high prices. - Arbitrage: Wait and see. - Options: Wait and see [35][39]. Lead - **Market Review** - Futures: The Shanghai Lead 2508 contract rose 0.23% to 17,175 yuan/ton, with the index position increasing by 239 lots to 83,800 lots. - Spot: The spot transaction of primary lead improved, with different regions having different price quotes and changes [35]. - **Related资讯** - A recycled lead smelter in the western region will complete maintenance in July and may resume production in August. Overseas crude lead arrived at the port this week [36]. - **Logic Analysis** - The operating rate of domestic primary lead smelters remains high, while the recycled lead smelters are in a loss, and the supply may tighten. The traditional peak season of lead - acid batteries is coming, and lead prices may fluctuate strongly [37]. - **Trading Strategy** - Unilateral: Hold profitable long positions. - Arbitrage: Wait and see. - Options: Wait and see [39][40]. Nickel - **Market Review** - Futures: The Shanghai Nickel main contract NI2508 rose 830 to 121,220 yuan/ton, with the index position increasing by 2,288 lots. - Spot: The premium of Jinchuan nickel decreased, and the premiums of Russian nickel and electrowinning nickel remained unchanged [41]. - **Related资讯** - Analysts expect nickel prices to rebound significantly in the second half of 2025 due to supply tightening in Indonesia. Indonesia plans to shorten the mining quota period [42]. - **Logic Analysis** - Nickel prices are fluctuating weakly above 120,000 yuan. The demand in July is entering the off - season, and the supply - demand is in a weak balance. Indonesia's policy adjustment may have limited impact on actual production, and nickel prices will continue to fluctuate [43]. - **Trading Strategy** - Unilateral: Consider short - selling on rebounds. - Arbitrage: Wait and see. - Options: Consider selling call options after rebounds [44][46]. Stainless Steel - **Market Review** - Futures: The main SS2508 contract rose 135 to 12,670 yuan/ton, with the index position decreasing by 4,059 lots. - Spot: The spot prices of cold - rolled and hot - rolled stainless steel are in a certain range [48]. - **Important资讯** - The EU's carbon border adjustment mechanism may bring cost risks to stainless steel importers [49][51]. - **Logic Analysis** - Stainless steel prices rebounded with the commodity market, but exports and domestic demand are weak. The decline in nickel ore prices may provide some breathing space, and there may be hedging opportunities. The upward space of stainless steel prices is limited [52]. - **Trading Strategy** - Unilateral: Stainless steel prices are expected to decline in a fluctuating manner. Pay attention to domestic stimulus policies and US tariff progress. - Arbitrage: Wait and see [53][54]. Tin - **Market Review** - Futures: The main Shanghai Tin 2508 contract closed at 268,520 yuan/ton, up 1,180 yuan/ton or 0.44%, with positions increasing by 282 lots to 56,207 lots. - Spot: The spot price of tin in Shanghai rose, but the actual transaction was limited, with most downstream buyers remaining on the sidelines [56]. - **Related资讯** - The US Senate passed a tax - cut and spending bill, which is beneficial to photovoltaic stocks [57]. - **Logic Analysis** - The market expects the 232 tariff to be postponed to September/October. LME inventory is decreasing, and the supply is fragile. The supply of tin ore is tight, and the demand is in the off - season [58]. - **Trading Strategy** - Unilateral: The short - term market is strong. Pay attention to the resumption of tin ore production [59]. Industrial Silicon - **Market Review** - Futures: Driven by the sentiment of polysilicon futures, the main contract of industrial silicon futures rose 4.79% to 8,210 yuan/ton. - Spot: After the futures price increase, the shipment of silicon plants in Xinjiang and Inner Mongolia accelerated, with shipment prices ranging from 7,600 to 8,050 yuan/ton [62][63]. - **Related资讯** - China emphasized the construction of a unified national market. In July, the resumption and new - investment capacity of polysilicon will exceed 350,000 tons [64]. - **Comprehensive Analysis** - The demand for industrial silicon will increase in July, and the spot price may not decline before the full resumption of leading manufacturers. Market rumors and policy factors may affect market sentiment. In the short - term, it is recommended to participate in the long - side with a pressure level of 8,500 yuan/ton [64]. - **Strategy** - Unilateral: Participate in the long - side in the short - term, with a pressure level of 8,500 yuan/ton. - Options: Wait and see. - Arbitrage: Consider reverse arbitrage for Si2511 and Si2512 [65]. Polysilicon - **Market Review** - Futures: Affected by price - limit rumors, polysilicon futures rose to the daily limit. - Spot: The spot prices of different types of polysilicon decreased to varying degrees [66]. - **Related资讯** - China emphasized the construction of a unified national market. In July, the resumption and new - investment capacity of polysilicon will exceed 350,000 tons, and polysilicon may face inventory accumulation [64][68]. - **Comprehensive Analysis** - Although the industry is facing negative factors, policy implementation may support the price above 34,000 yuan/ton. It is recommended to participate in the long - side in the short - term, with a pressure level of 36,000 yuan/ton [68]. - **Strategy** - Unilateral: Participate in long - positions in far - month contracts in the short - term, with a pressure level of 36,000 yuan/ton. - Options: Wait and see. - Arbitrage: Wait and see [69]. Lithium Carbonate - **Market Review** - Futures: The main 2509 contract rose 1,980 to 62,780 yuan/ton, with the index position decreasing by 2,761 lots, and the Guangzhou Futures Exchange's warehouse receipts increasing by 240 to 23,180 tons. - Spot: The spot prices of battery - grade and industrial - grade lithium carbonate increased [70]. - **Important资讯** - CATL has future plans for battery recycling and started a battery factory project in Indonesia. Chile's copper company obtained a lithium mining quota, and the Chilean Congress passed a bill to speed up project approval [71][73]. - **Logic Analysis** - Lithium carbonate prices rose, but the industry has over - capacity. In July, the supply may increase, and the demand may increase slightly. The short - term rebound may not last, and it is recommended to short on rebounds [74]. - **Trading Strategy** - Unilateral: Short on rebounds. - Arbitrage: Wait and see. - Options: Sell out - of - the - money call options [75][77].

Core Viewpoint - The recent emphasis on "strengthening the disclosure of investment attraction information" by the Central Financial Committee aims to promote a more transparent and fair competitive environment in local investment attraction practices, reducing the space for "policy arbitrage" by investment funds [1][3]. Group 1: Policy Changes and Implications - The government has implemented multiple policies over the past year to regulate local investment attraction practices, including prohibiting illegal policy incentives such as tax reductions and financial subsidies [4]. - The new directive on information disclosure is expected to reduce information asymmetry, making local government investment policies and project performances more transparent [3][4]. - The shift from relying on administrative resources to leveraging market forces in local investment attraction is anticipated to enhance the quality of investments [3][4]. Group 2: Benefits for Venture Capital Institutions - Strengthened information disclosure will facilitate due diligence for venture capital institutions, allowing them to compare policies and business environments across different regions more effectively [7]. - The risk of unfulfilled government commitments post-investment will be mitigated, as publicly available information will serve as a safeguard for the rights of enterprises and investors [8]. - Lesser-known cities with solid business environments and strong policy implementation capabilities may become more attractive to venture capital institutions [9]. Group 3: Evolving Investment Strategies - Investment institutions are encouraged to focus less on short-term, non-standard subsidies from local governments and more on fundamental aspects such as core technology, business models, team capabilities, and market prospects [10]. - The evolving local investment environment necessitates that venture capital institutions reassess their partnerships with government LPs, prioritizing those with a strong understanding of industry dynamics and market principles [11]. - Developing a nationwide industrial cluster map will help guide investment decisions and resource allocation for enterprises [12]. - Venture capital institutions should enhance their ability to provide strategic, market, and supply chain support to portfolio companies, enabling them to thrive in a more equitable market landscape [13].

国债期货日报 2025/7/2 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 57955 | 109.130 | 0.14% T主力成交量 | | 1131↑ | | | TF主力收盘价 45931 | 106.250 | 0.07% TF主力成交量 | | 1382↑ | | | TS主力收盘价 | 102.512 | 0.03% TS主力成交量 | 24944 | 34↑ | | | TL主力收盘价 | 121.180 | 0.4% TL主力成交量 ...

中原期货研究所 晨会纪要 2025 第（118）期 发布日期：2025-07-02 | | | | 商品指数每日市场跟踪 | | | | --- | --- | --- | --- | --- | --- | | 宏观指标 | | 2025/7/2 08:00 | 2025/7/1 15:00 | 涨 跌 | 涨跌幅/% | | 道琼斯工业指数 | | 44494.94 | 44094.77 | 400.170 | 0.908 | | 纳斯达克指数 | | 20202.89 | 20369.73 | -166.840 | -0.819 | | 标普500 | | 6198.01 | 6204.95 | -6.940 | -0.112 | | 恒生指数 | | 24072.28 | 24284.15 | -211.870 | -0.872 | | SHIBOR隔夜 | | 1.37 | 1.42 | -0.055 | -3.868 | | 美元指数 | | 96.65 | 96.65 | 0.005 | 0.005 | | 美元兑人民币(CFETS) | | 7.16 | 7.16 | 0 | 0 | | 主力 ...

Core Viewpoint - The recent meeting of the Central Financial Committee emphasizes the deepening of the construction of a unified national market, with a focus on the basic requirements of "Five Unifications and One Opening" [1][2]. Group 1: Five Unifications and One Opening - The basic requirements of "Five Unifications and One Opening" include unifying market basic systems, infrastructure, government behavior standards, market supervision and law enforcement, and resource markets, while continuously expanding domestic and international openness [2][5]. - The shift from "Five Unifications and One Breaking" to "Five Unifications and One Opening" reflects a strategic upgrade, indicating a transition from breaking down barriers to enabling openness and collaboration [3][4]. Group 2: Focus Areas and Implementation - The meeting highlights the need to focus on key challenges such as regulating low-price disorderly competition among enterprises, enhancing product quality, and promoting the orderly exit of outdated production capacity [6][11]. - The establishment of foundational systems for the unified national market is underway, including the introduction of the "Fair Competition Review Regulations" to ensure equal participation in market competition [4][5]. Group 3: International Trade and Market Integration - The emphasis on expanding domestic and international openness is crucial for the construction of a unified national market, with a focus on integrating domestic and foreign trade to facilitate the flow of goods and resources [8][9]. - The meeting stresses the importance of promoting high-level openness and the integration of domestic and international markets as a pathway to enhance economic resilience [8][10].