Group 1 - The core viewpoint is that the photovoltaic ETF (515790) has shown significant trading activity and liquidity, with an average daily trading volume of 7.73 billion yuan and a net inflow of 1.462 billion yuan during the period from June 30 to July 4 [1] - The ETF's shares reached a historical high for four consecutive trading days, with the latest share count at 16.627 billion and a total scale of 11.423 billion yuan, marking a new high since the second quarter [1] - Positive policy signals for the photovoltaic industry have been released, including a 30% production cut by leading photovoltaic glass companies to address long-standing industry issues [1] Group 2 - The photovoltaic ETF (515790) closely tracks an index that covers the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituents being leading firms in the sector [2] - As the first photovoltaic-themed ETF to exceed 10 billion yuan in scale, it stands out for its large size and liquidity, with over 220,000 investors holding shares, indicating its role in capturing opportunities in the high-quality development of the photovoltaic industry [2]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" marks a significant step in supporting the high-quality development of the private economy in China, establishing its legal status and ensuring equal treatment with state-owned enterprises, thereby enhancing the overall business environment for private enterprises [1][2][3]. Summary by Sections Legal Status of Private Economy - The "Promotion Law" legally recognizes the private economy as an essential part of the socialist market economy, ensuring equal status with state-owned enterprises and emphasizing the government's commitment to its sustainable and high-quality development [3]. Government-Enterprise Communication - The law mandates the establishment of effective communication mechanisms between government and private enterprises, allowing for timely feedback and support for private sector needs, thus enhancing service efficiency [4]. Financing Channels and Accessibility - Financial institutions are required to develop tailored financial products for private enterprises, improving credit supply and encouraging innovative financing methods, such as accounts receivable and intellectual property pledges [5]. Technological Innovation - The law encourages private enterprises to engage in technological innovation and participate in national projects, enhancing their integration into the national innovation system and protecting their intellectual property rights [6][7]. Market Access and Fair Competition - The law promotes private enterprises' participation in major national strategies and projects, reduces market entry barriers, and ensures fair competition, thereby enhancing their market access [7]. Modern Corporate Governance - The law guides private enterprises in improving their governance structures and management practices, emphasizing compliance and social responsibility to enhance their overall quality and public image [8]. Policy Recommendations for Development - Recommendations include strengthening fiscal support, improving monetary policy precision, facilitating private investment in various sectors, and providing comprehensive support for international expansion [9][10][12][13][14]. Financial Service System - A multi-layered financial service system is proposed to enhance credit information sharing and support private enterprises in accessing various financing options, including equity and debt markets [15][16]. Communication and Policy Supervision - The establishment of regular communication channels between government and private enterprises is emphasized, along with mechanisms for monitoring policy implementation to ensure effective support for the private sector [17]. Legal Environment Optimization - The law aims to strengthen the legal environment for private enterprises by combating unfair competition and ensuring judicial protection against administrative overreach [18].

Group 1 - The core viewpoint highlights Jinxiang County's strategic development of its garlic industry, aiming to be included in the provincial "14th Five-Year" agricultural and rural planning, and striving to create a national-level condiment production and processing base [1] Group 2 - Jinxiang County has a leading advantage in garlic planting and storage, with 700,000 acres of garlic cultivated, supporting around 2 million acres in the surrounding area, accounting for one-third of the national garlic planting area. The annual processing capacity exceeds 3 million tons, with exports covering over 170 countries and regions, representing more than 70% of the national export volume [1] - The county's logistics system for condiments is among the best in the country, with a cold chain storage capacity of 4.8 million tons, ranking high in the industry. It holds the largest storage volume for spices like San Ying pepper and black pepper, and significant storage for star anise and cinnamon, ensuring stable raw material supply for condiment production [1] Group 3 - The professional park in Jinxiang, covering 11 square kilometers, is the largest specialized food park in the country, promoting an integrated service model for wastewater treatment, heat supply, and foreign trade services. It hosts 82 enterprises, including Fortune Global 500 companies, forming four major industrial clusters and nurturing 24 national high-tech enterprises and 13 provincial leading enterprises [1] - In 2024, the park is set to be included in Shandong Province's pillar industry cluster, with its industrial scale and competitiveness ranking among the top in the province [1] Group 4 - The industry has a complete certification system, enhancing ecological upgrades. Jinxiang has established strategic cooperation with the Shandong Condiment Association, aiming to receive titles such as "Quality Raw Material Base for Spices" by June 2025. Several local enterprises have been recognized as quality condiment producers, achieving full-chain quality certification from raw materials to manufacturing [2] - Jinxiang is accelerating the construction of a national benchmark area for high-quality development in the condiment industry, leveraging its "five major centers" industrial ecosystem [2]

吕绍刚 刘森君 走进深圳壁虎科技生产厂房，一排造型各异的专用车映入眼帘：纯电动物流专用车、适合野外勘探的皮 卡车、尾箱配咖啡机的旅居车……不久前，来自非洲加纳的合作商到访这里，并签订协议，将在当地建 设半散件组装生产基地。 "我们面向全球提供滑板底盘和商用车产品，瞄准细分市场，产品已打入欧洲、北美等海外市场。"该公 司副总经理陈祖国介绍，今年投产后，计划在深汕生产300台特种车辆。 新能源汽车产业方兴未艾，深汕精心构建以新能源汽车产业为主，新型储能、新材料、智能制造产业为 辅的现代化产业体系，"一主三辅"协同联动，加快建设深圳新一代世界一流汽车城核心承载区。 "在深汕，是深圳"——合作区的街头，巨幅标语引人瞩目。这片火热的"飞地"，距离深圳市中心100公 里，正处于大开发、大建设、大发展的关键阶段。 一年间，园区高楼拔地而起、科创企业先后落户、名校名院建设进展显著……热火朝天的实干，传递出 发展的信心，彰显出这座汽车城的无限潜力。 亚迪汽车工业园二期。深汕融媒体中心供图 7月7日，深圳市深汕特别合作区，数千台汽车整齐列阵，集结在小漠国际物流港。全球最大汽车运输滚 装船比亚迪"深圳号"即将靠港，装载这批"中国智 ...

Group 1 - The core message emphasizes the importance of implementing Xi Jinping's speech on promoting urban-rural integration and reducing disparities through the "Ten Million Project" [1] - The focus is on enhancing internal driving forces through mountain-sea cooperation and paired assistance mechanisms to activate high-quality development in Chun'an County [1] - The goal is to ensure that Chun'an County's economic growth and residents' income growth consistently exceed the provincial average [1] Group 2 - Development of specialized industries is identified as a crucial path for Chun'an County to enhance wealth for its residents, promoting the full-chain development of local specialties [2] - The encouragement of enterprises to leverage technology and channel advantages to develop and promote unique agricultural products is highlighted [2] - The need for continuous investment in research and development and technological innovation by local companies to meet market demands and enhance competitiveness is stressed [2] Group 3 - The integration of basic public services in education, healthcare, and elderly care is emphasized to improve the overall capacity of county towns and facilitate the urbanization of agricultural transfer populations [3] - The establishment of a comprehensive "common prosperity workshop" in Shuguang Community is recognized as a model for integrating various services to support employment and income generation [3] - The importance of transforming educational and training outcomes into tangible high-quality development results is underscored [3]

宏观经济 | 动态跟踪 "反内卷"强化供给侧国家治理预期，有 望推动实现更高质量增长 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ "反内卷"旨在治理企业低价无序竞争，引导提升产品品质，推动国家治理预期抬 升再进一步。一些观点认为当前产能利用率偏低的行业更多集中于中下游，"反内 卷"推升价格的作用可能有限，但我们认为，借助"反内卷"一系列措施，政策目 标更侧重质量提升、科技投入、劳动者和中小企业权益呵护，以及地方招商引资模 式优化，化解"内卷式"竞争带来的低效率问题、实现"量增质升"比关注价格本 身更加重要。 ⚫ 价格过度竞争抑制创新活力释放的问题已被重视，自上而下的高规格推动持续在 位，这有望成为各部门、各行动的催化剂。从去年政治局会议、中央经济工作会 议，到今年总书记两会参加地方代表团审议、人民日报 6 月 29 日推出金社平文章 《在破除"内卷式"竞争中实现高质量发展》、中央财经委会议的表态，这一提法 多次高规格地出现，涉及行业也在增加：年初市场监管总局座谈会涉及的行业为新 能源链条（天合光能、晶澳科技、 ...

▲ 点 击图片即可报名 "中国保险业方舟奖"由证券时报社于2016年发起设立，多年来，"方舟奖"品牌得到广泛认可，成为保险业颇具影响力的品牌活动之一。 方舟奖旨在评选表彰每年度在风险管理能力、投资管理能力、创新发展能力等方面表现突出的保险机构，希望传递保险价值，促进保险业成为生命的方舟、财富的 方舟、社会的方舟。 2024年，保险业进一步明确"经济减震器和社会稳定器"的功能定位，从助力中国式现代化建设高度寻找自身高质量发展的着力点。2024年，保险业迎来第三份"国十 条"，行业未来一段时期发展方向得以明晰。面对复杂且极具挑战性的市场环境，保险行业持续加强资产负债管理、优化业务结构、提升服务能力，在助力经济社会 发展与民生保障中彰显自身价值。 2024年全年，保险公司原保险保费收入5.7万亿元，同比增长5.7%；赔款与给付支出2.3万亿元，同比增长19.4%；新增保单件数1038亿件，同比增长37.6%。截至 2024年末，保险公司总资产接近36万亿元。 当前虽有挑战，但保险业高质量发展仍面临历史性机遇。"两器""三网"需要保险业高质量发展，做好"五篇大文章"仍需保险业久久为功。在不确定性增多的环境 中，保险的 ...

Core Viewpoint - The government of Tongchuan City has issued a notification to support the high-quality development of specialty fruit industries, particularly apples and cherries, through ten specific measures aimed at enhancing rural industrial revitalization and promoting employment and income growth [1][2][3] Group 1: Production Foundation and Modernization - The initiative includes the cultivation of leading seed enterprises and the establishment of a breeding center for quality fruit tree seedlings [1] - Financial support of 1,000 yuan per mu is provided for standardized fruit tree seedling propagation bases [1] - Subsidies of 200 yuan per mu (up to a maximum of 50,000 yuan) are available for designated model orchards [1] - Support for village collective economic organizations to build standardized modern orchards, with a subsidy of 1,000 yuan per mu for orchards over 20 mu with a survival rate of 95% or higher [1] - Encouragement for the development of smart orchards, with subsidies of 20,000 yuan, 10,000 yuan, 3,000 yuan, and 1,000 yuan per mu for various types of greenhouses [1] Group 2: Market Circulation and Brand Strengthening - The establishment of a comprehensive cold chain logistics system for fruit products is a key focus [2] - Financial support of 500,000 yuan is available for the construction of regional and specialized fruit trading markets [2] - Promotion of geographical indication trademarks such as "Tongchuan Apple" and "Tongchuan Cherry," with a subsidy of 100,000 yuan for counties hosting major fruit industry events [2] - Subsidies for enterprises participating in large-scale exhibitions, with up to 3,000 yuan for domestic and 5,000 yuan for international events [2] Group 3: Technological Services and Innovation - The initiative aims to promote the scale and specialization of fruit industries, with subsidies of 100,000 yuan and 50,000 yuan for recognized provincial and municipal social service organizations [2] - Participation in the provincial modern apple technology alliance to support research, development, and technology transfer [2] Group 4: Financial Support and Investment - From 2025, the municipal government will allocate over 5 million yuan annually for the high-quality development of the fruit industry [2] - 65% of rural industry development funds will be prioritized for supporting high-quality fruit industry development [2] - Encouragement for financial institutions to innovate products like "优果贷" and "种植e贷" to support enterprises and rural areas [2]

Core Insights - The Jiangxinzhou E^3PARK Sports Park in Nanjing has officially opened, covering approximately 100 acres and is a key project aimed at establishing high-quality outdoor sports destinations in China [1][2] - The park features various sports facilities, including 6 outdoor tennis courts, 5 indoor tennis courts, 6 standard basketball courts, and more, accommodating multiple sports activities [1] - The park has seen significant interest, with daily visitor numbers around 1,500 and facilities often fully booked within 5 minutes during trial operations [2] Group 1: Development and Features - The park is part of the Nanjing Ecological Science Island initiative, which emphasizes ecological preservation with 55% of the area designated for ecological protection and over 70% green coverage [2] - The park's name, E^3, reflects its focus on Ecology, Energy, and Enjoyment, highlighting its unique characteristics [2] - The park is expected to host approximately 70 events in the latter half of the year, enhancing its role as a community sports hub [1] Group 2: Strategic Positioning - The Nanjing government aims to create a national high-quality outdoor sports destination, leveraging the ecological advantages of the island [3] - The spatial structure of the area includes a racing circuit, waterfront sports areas, and designated zones for various outdoor activities, positioning the island as a premier destination for marathons and extreme sports [3] - The initiative aligns with national policies promoting high-quality outdoor sports development, indicating strong governmental support for such projects [3]

Group 1 - The core viewpoint of the article is the introduction of measures by Nanchong City, Sichuan Province to support the high-quality development of the aquatic industry through various initiatives [1][2] Group 2 - The measures focus on four main areas: seed industry revitalization, base construction, full-chain development, and element support [1] - The seed industry revitalization includes infrastructure construction for breeding bases, creation of new varieties, and support for breeding facilities and parent stock updates [1] - Base construction emphasizes standardized transformation of concentrated breeding ponds over 50 acres, integrated rice-fish farming over 300 acres, and ecological circle breeding in reservoirs with over 1,000 cubic meters [1] Group 3 - Full-chain development aims to enhance key aspects such as entity cultivation, aquatic product processing, brand creation, and market expansion [1] - The support includes the establishment of leading enterprises at various levels, acquisition of processing facilities, and promotion of online marketing through e-commerce platforms [1] Group 4 - Element support focuses on enhancing core factors such as talent, funding, and projects, including the introduction of high-level talent and financial support for aquatic production [2] - The city aims to strengthen financial support for the aquatic industry, including interest subsidies for loans and innovative insurance models [2] - Efforts will be made to attract key projects related to green circular development and aquatic product processing to Nanchong [2]