Economic Resilience and Market Opportunities - China's economy is showing a positive trend despite complex international challenges, highlighting its strong resilience and potential [1] - The country has a large domestic market with over 1.4 billion people and more than 400 million middle-income groups, providing significant development space [5] Trade and Market Strategies - To counter external risks, companies are actively expanding into diverse markets and leveraging domestic consumption through promotional activities [3] - E-commerce platforms are accelerating efforts to assist foreign trade enterprises in transitioning to domestic sales and enhancing service offerings [7] Corporate Adaptation and Innovation - Many foreign trade companies are focusing on internal adjustments to respond to market changes, emphasizing the importance of self-reliance [9] - A medical protective equipment company in Shandong is expanding its product line through cross-border mergers and acquisitions [11] - An agricultural technology company in Shandong is innovating its hardware to meet international market demands, showcasing automated "plant factories" [13] Open Market Initiatives - China is adopting a more proactive approach to global engagement, with measures such as reducing the negative list for foreign investment and optimizing the business environment [14] - The number of newly established foreign-invested enterprises in China is projected to reach 59,000 in 2024, reflecting a 9.9% year-on-year increase [19]

Economic Resilience and Potential - The core viewpoint emphasizes China's strong economic resilience, potential, and vitality, asserting that the long-term positive fundamentals will not change [1] - The Central Political Bureau of the Communist Party of China highlights the importance of stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development [1] Trade and Export Performance - In the first quarter, China's import and export scale reached a historical high, with exports amounting to 6.13 trillion yuan, reflecting a year-on-year growth of 6.9% [3] - Despite external challenges such as tariffs, Chinese products remain in high demand in international markets, with significant orders continuing to flow from the U.S. [3][6] - Alibaba's international platform ranks among the top three e-commerce apps in the U.S., indicating strong consumer interest in Chinese products [3] Manufacturing and Supply Chain Strength - China's manufacturing sector shows robust growth, with industrial added value increasing by 6.5% year-on-year in the first quarter, outpacing the previous year's growth rate [12] - The establishment of a complete industrial ecosystem in regions like Hubei has led to high local supply chain integration, with over 95% local sourcing for automotive parts [11] - The production of key industrial products has seen significant growth, with nearly 70% of major products experiencing an increase in output [16] Innovation and Technological Advancement - The focus on innovation and quality improvement is crucial for enhancing competitiveness, with advancements in green, digital, and intelligent manufacturing [7][14] - The development of new technologies, such as flexible solar cells with a conversion efficiency of 23.8%, showcases China's commitment to overcoming technological challenges [14] Global Trade Partnerships - China is a major trading partner for over 150 countries, with trade with Belt and Road Initiative countries accounting for 51.1% of total foreign trade in the first quarter [9] - The 137th Canton Fair attracted over 220,000 foreign buyers from 219 countries, indicating strong global interest in Chinese products [9] Private Sector Growth - Private enterprises in China have shown resilience, with their added value increasing by 7.3% year-on-year, surpassing the growth rate of all industrial enterprises [20] - The number of registered private enterprises has exceeded 57 million, reflecting the dynamic nature of the private sector [21]

Economic Overview - China's economy showed a strong start in the first quarter, with key indicators such as industrial output, service sector growth, retail sales, and fixed asset investment all improving compared to the previous year [1][2] - The resilience and internal stability of the Chinese economy are continuously strengthening despite challenges from the international environment [1] Industrial Performance - In the first quarter, the industrial added value for large-scale enterprises increased by 6.5% year-on-year, contributing 36.3% to macroeconomic growth [2] - Profits for large-scale industrial enterprises returned to positive growth, with a year-on-year increase of 0.8%, and manufacturing profits rose by 7.6% [2] - The equipment manufacturing sector, particularly in railways, shipping, aerospace, and other transport equipment, showed significant revenue and profit growth, highlighting its role as a stabilizing force for the economy [2] Trade and Policy Responses - China's foreign trade demonstrated strong resilience in the first quarter, with import and export volumes reaching historical highs for the same period [3] - The government is actively enhancing open policies and platforms to create a "safety zone" against external shocks [3] - The "old-for-new" policy has positively impacted both subsidized and non-subsidized product consumption, suggesting a need for further promotion of this initiative to boost consumer spending and innovation [3] Employment and Economic Stability - The focus on stabilizing employment remains crucial, with an emphasis on key industries and groups, combining short-term support with long-term optimization [3]

国新办今日举行新闻发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况，并答记者问。 中国经济网北京4月28日讯(记者李方)4月28日，国家发展改革委副主任赵辰昕在国新办新闻发布会上表 示，美国加征的所谓"对等关税"，严重违背历史潮流和经济规律，严重冲击国际贸易规则和秩序，严重 损害世界各国的正当合法权益，属于典型的单边主义霸凌做法，这一行径害人害己、不得人心、必将以 失败告终。 赵辰昕称，今年一季度，内需对经济增长的贡献率比去年四季度提升6.3个百分点，更加有效发挥经济 增长的主动力和稳定锚作用。外需方面，170多个国家和地区自我国进口实现正增长，有力带动我国出 口多元化。 针对该记者提到的中美贸易局势问题，赵辰昕指出，美国加征的所谓"对等关税"的影响和冲击是波及全 球的，大家都在观察、分析、应对。他们凭空做牌、霸凌霸道、出尔反尔，让大家越来越看清一个本 质，那就是，所谓"对等关税"，严重违背历史潮流和经济规律，严重冲击国际贸易规则和秩序，严重损 害世界各国的正当合法权益，属于典型的单边主义霸凌做法，这一行径害人害己、不得人心、必将以失 败告终。 赵辰昕表示，中国是世界上最大的发展中国家，是堂堂正正的负责 ...

央视网消息：国家统计局4月27日发布的数据显示，今年一季度，随着政策效应持续释放，带动工业企业利润由降转增，装备制造业、高 技术制造业利润支撑作用明显，工业经济发展质效持续提升。 中国民航局发布，今年一季度，民航全行业累计完成旅客运输量1.9亿人次，同比增长4.9%；累计完成运输总周转量385.9亿吨公里，同比 增长10.5%；共保障各类飞行158.1万班，日均17564班。 港珠澳大桥今年出入境客流破1000万人次 今年一季度，全国规模以上工业企业实现营业收入32.14万亿元，同比增长3.4%，增速较1—2月份加快。为企业盈利恢复创造有利条件。 一季度，规模以上工业企业实现利润总额15093.6亿元，由上年全年同比下降转为增长0.8%，扭转了自上年三季度以来企业累计利润持续下降 的态势。 装备制造业成为利润增长重要支撑。一季度，装备制造业利润同比增长6.4%，较1—2月份加快1.0个百分点。高技术制造业引领高质量发 展。一季度，航空航天器及设备制造、智能消费设备制造等行业利润分别增长23.9%和63.7%。 中国民航局：预计"五一"假期民航旅客量创同期历史新高 中国民航局27日上午发布的"五一"假期航班计划 ...

金十数据4月28日讯，国家发展改革委副主任赵辰昕4月28日在国新办新闻发布会上表示，一季度中国经 济交出一份亮眼成绩单。一季度中国经济成绩单充分展现出中国经济强大的韧性和活力。同时，一季度 中国经济"成绩单"内涵也非常丰富。展现了中国高质量发展在扎实推进。中国经济在创新、协调、绿 色、开放、共享等多方面都取得新成效。此外，一季度"成绩单"也有力证明了中国在巩固增强确定性， 来应对外部环境急剧变化的不确定性。一季度内需对经济增长贡献率进一步提升，更加发挥了经济增长 主动力和稳定锚的作用。外需方面、民生方面和安全保障方面都取得积极进展。 （证券时报） 国家发改委赵辰昕：一季度中国经济交出一份亮眼成绩单 ...

Group 1 - The publication of "Selected Works of Xi Jinping on Economics" is a significant event in China's political and economic life, providing a comprehensive view of the economic strategies of the Communist Party [1][3] - The collection includes 74 important works by Xi Jinping from November 2012 to December 2024, contributing to the development of Marxist political economy and serving as an authoritative textbook for understanding Xi Jinping's economic thought [1][3][5] - The works emphasize the importance of integrating Marxist political economy with China's specific realities and traditional culture, aiming to establish a Chinese economic knowledge system [7][9] Group 2 - The core of China's economic knowledge system is the socialist political economy with Chinese characteristics, which Xi Jinping has defined as a scientific category [2][4] - The development of this economic thought is rooted in the historical context of China's socialist construction and reform, highlighting the need for original theoretical contributions [2][4][5] - The "two combinations" method is emphasized as a scientific methodology for constructing the Chinese economic knowledge system, focusing on the relationship between theory and practice [6][7] Group 3 - Xi Jinping's economic thought reflects a new understanding of economic development laws, particularly in the context of high-quality development and modernization of socialism [3][5] - The thought provides a framework for addressing major risks and challenges while promoting a comprehensive modernization strategy [3][5][16] - The publication serves as a guide for enhancing confidence in developing a socialist political economy with Chinese characteristics [5][22] Group 4 - The concept of "Chinese-style modernization" is presented as a unique path that breaks away from Western-centric development paradigms, emphasizing the need for a coordinated approach to various development elements [15][16][17] - This modernization is characterized by its multi-dimensional and multi-layered nature, providing fertile ground for theoretical innovation in economics [16][18] - The practical experiences of Chinese-style modernization are seen as essential for developing new economic theories that can address contemporary challenges [20][21] Group 5 - The construction of a Chinese economic knowledge system is framed as a strategic task for the philosophical and social sciences, with the publication of the selected works providing valuable resources for researchers [22][25] - The emphasis is placed on the need for originality and autonomy in economic theory, drawing from China's unique historical and cultural context [24][25] - The integration of Xi Jinping's economic thought into educational and research frameworks is crucial for fostering a new generation of economists [27][28]

/ 国信期货研究 Page1 国信期货有色（镍、不锈钢）月报 镍 黑天鹅灰犀牛齐舞有色仍在强势风口 低位盘整 沪镍有望探底回升 2021 年 4 月 25 日 2025 年 4 月 27 日 ⚫ 主要结论： 行情方面，沪镍主力合约 2506，2025 年 4 月 24 日收于 125770 元/吨，本月 镍价整体呈先下跌后震荡回升的走势。 宏观层面，美国方面，标普全球周三发布的调查显示，4 月美国商业活动降 至 16 个月低点，而企业产品和服务价格却大幅上涨，在关税冲击下，企业对未来 产出的预期恶化，价格压力上升。4 月制造业与服务业综合产出指数初值下降 2.3 点至 51.2。这一矛盾现象强化了市场对滞胀的担忧，可能让美联储决策艰难。调 查还指出，特朗普的保护主义贸易政策和移民限制措施正在损害商品出口和旅游 业。目前，市场预期美联储下一次降息可能在 6 月，具体将取决于美国的就业数 据和通胀情况。 我国方面，国家统计局近期公布的数据显示，初步核算，一季度国内生产总 值 318758 亿元，按不变价格计算，同比增长 5.4%，比上年四季度环比增长 1.2%。 社会消费品零售总额 124671 亿元，同比增长 ...

Group 1 - In the first quarter, China's wholesale and retail industry added value reached 3.3 trillion yuan, with a year-on-year growth of 5.8%, accounting for 10.4% of GDP [2] - The foot traffic and sales revenue in 50 monitored pedestrian streets increased by 5.7% and 5.0% year-on-year, respectively, in the first quarter [4] - The rural online retail sales amounted to 669.75 billion yuan, showing a year-on-year growth of 5.1% [4] Group 2 - In the first quarter of 2025, a total of 6.063 million new business entities were established, including 2.1 million new enterprises and 3.949 million new individual businesses [5] - By the end of March 2025, the number of registered private enterprises exceeded 57 million, accounting for 92.3% of the total number of enterprises [5] Group 3 - The National Development Bank issued 369.1 billion yuan in loans to support infrastructure construction in the first quarter [7] - By the end of the first quarter, the total infrastructure loans issued by the National Development Bank reached 369.1 billion yuan, representing a year-on-year increase of 38% [8] Group 4 - In 2024, the national computer software copyright registration reached 2.827 million cases, an increase of 330,000 cases compared to the previous year, marking a year-on-year growth of 13% [11][12] Group 5 - The first China-Europe rail-air intermodal train successfully arrived in Urumqi after a 4,500-kilometer railway journey, facilitating faster cross-border e-commerce logistics from South China to Europe [14][17] Group 6 - The Global Agricultural Technology Innovation Forum held in Beijing attracted experts and representatives to discuss the latest trends in agricultural technology innovation [18] - During the forum, 73 outstanding achievements in agricultural technology, including gene editing and smart agriculture, were recognized [20]

中国经济的每一步，既写在数据里，也写在数据外。一季度我们看到了很多让人眼前一亮的新鲜事，像Deepseek的横空出世，《哪吒2》的火爆全 球，都是中国经济新动能勃发的生动写照。创新企业的背后，有创新生态的打造，有政府和市场"两只手"的有效配合。爆款电影的诞生，既是电 影工业的升级，也是消费潮流的涌动。 新的赛道、新的动能，这个春天特别活跃。 谷雨至。山川黛绿，草木峥嵘，秧苗初插，时不我待。二季度，是"撸起袖子加油干"的一个季度，是要把"势"延续下去的一个季度。 二季度中国经济"劲往哪儿使"？ 今年一季度，外部冲击对我国经济平稳运行造成一定压力。对复杂多变的外部环境，各方面做好了应对各种不确定因素的准备。深入贯彻中央经 济工作会议部署，加力落实《政府工作报告》明确的政策措施，分析把握国内外形势的新变化，各项工作持续加力、更加给力，才能做好二季度 和下一步经济工作。 形势，一看形，二看势。 如果说，"GDP增长5.4%"是今年一季度中国经济的一种"形"，那么，把它与之前的增速连起来看，就能看到一种"势"。 去年一季度增长5.3%，这个基数不低。所以今年一季度的"5.4%"很有增长含量。去年中国经济"前高、中低、后 ...