Core Viewpoint - The State Council's approval of the "Green Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)" aims to promote deep green transformation in traditional industries, facilitating a shift from "scale speed" to "quality efficiency" in manufacturing [1][2]. Group 1: Policy Implementation and Industry Transformation - The manufacturing sector has made significant progress in green transformation due to the introduction of various supportive policies, with a target for notable achievements by 2030 [2]. - By 2024, the number of national-level green factories reached 6,430, contributing approximately 20% to the total manufacturing output value, an increase of 2 percentage points from the previous year [2]. - The emphasis on accelerating green upgrades in key industries, such as steel, chemicals, and construction materials, is expected to lead to increased investments in technology upgrades and energy-saving measures [3][4]. Group 2: Industry-Specific Developments - As of April 20, 2025, 189 steel enterprises have completed or partially completed ultra-low emission modifications, with 141 fully achieving these upgrades, impacting a crude steel capacity of approximately 591 million tons [4]. - The steel industry is enhancing its competitiveness through equipment updates and green technology modifications, which are essential for building a green manufacturing system [4]. Group 3: Future Policy Directions - The Ministry of Industry and Information Technology (MIIT) plans to establish a comprehensive green low-carbon development mechanism, including the formulation of carbon footprint accounting standards and promoting clean hydrogen applications in the industrial sector [5][6]. - Future policies are expected to focus on refining standards for energy efficiency, carbon emissions, and green manufacturing, which will guide the green low-carbon development of the manufacturing industry [6]. - Financial policies are suggested to support enterprises in green technology research and development, energy-saving projects, and green upgrades, encouraging the adoption of advanced green technologies [6].

【重点关注】 ·国常会审议通过《制造业绿色低碳发展行动方案（2025－2027年）》 强调传统产业绿色转型有"深度" 新兴产业绿色发展"高起点" ·央行、外汇局完善境内企业境外直接上市资金管理统一境内企业赴境外上市本外币管理政策参与H 股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发 ·八部门联合印发《支持小微企业融资的若干措施》 从增加融资供给等方面进一步改善小微企业、个体 工商户融资状况 ·多部门合力支持科技金融创新金融监管总局将批复600亿元第三批保险资金长期投资改革试点证监会大 力度支持优质未盈利科技企业上市 ·前4个月全国一般公共预算支出同比增长4.6% 财政支出进度为2020年以来同期最快 ·商务部：中国连续16年保持非洲第一大贸易伙伴国地位 ·连续第三个月加量续做中国人民银行将开展5000亿元MLF操作 5月MLF净投放量达到3750亿元 ·宁德时代20日登陆港交所为近年港股最大IPO项目 ·美国会众议院通过大规模减税法案预计将在未来十年再增加约3.8万亿美元 ·商务部新闻发言人就美国商务部调整芯片出口管制有关表述答记者问。中方敦促美方立即纠正错误做 法，停止对华歧视性措施。双方应 ...

Core Viewpoint - The article discusses the potential for the upward limit of equity assets to be opened further through three emerging clues: government investment acceleration, supply-demand relationship management, and improvements in US-China trade relations. Group 1: Government Investment - Government investment is expected to accelerate following the issuance of special bonds and project implementation, with significant activity anticipated in May. The issuance of special bonds began on April 24, and the acceleration of project implementation is expected to lead to increased construction activity, particularly in urban renewal projects [2][4]. - The economic data from April indicates that while equipment and appliance sales are strong, the real estate and narrow infrastructure sectors are lagging, with fixed asset investment showing a year-on-year increase of only 3.6% [2]. Group 2: Supply-Demand Relationship - New signals from policies indicate a shift towards managing low prices and addressing "involution" competition. The central bank's report emphasizes a transition from managing high prices to low prices, aiming for high-quality development and preventing disorderly competition [3]. - The past two years have seen nominal growth rates lag behind actual growth, leading to higher real interest rates, which in turn dampen investment and consumption. Improving the supply-demand balance is seen as a pathway to raise the price level and stimulate economic activity [3]. Group 3: US-China Trade Relations - Recent communications between US and Chinese officials following the Geneva talks are viewed as a positive signal for improving macroeconomic uncertainty. Enhanced relations could lead to simultaneous improvements in the economic fundamentals and risk appetite [4]. Group 4: Market Performance - The week of May 22 saw significant upward pressure on risk-free rates in the US, leading to a "risk-off" sentiment in global markets. The S&P 500, NASDAQ, and Dow Jones all recorded declines of approximately 2.5% [5]. - The Hong Kong Hang Seng Index outperformed global markets, rising by 1.1%, while A-shares showed mixed performance with a slight decline in technology stocks [5][6]. Group 5: Commodity Market Dynamics - The commodity market displayed divergence, with gold leading gains amid geopolitical risks and tightening liquidity. Gold prices rose by 5.0% for London gold and 5.6% for COMEX futures, while copper also saw a slight increase [6][7]. - Oil prices adjusted downwards, with Brent crude futures falling by 1.0% during the same period [6]. Group 6: Economic Indicators - Industrial production in May is expected to show resilience, with a year-on-year growth estimate of 5.99%, supported by export demand. The actual and nominal GDP growth rates for May are projected at 5.24% and 4.10%, respectively [14]. - Consumer price index (CPI) and producer price index (PPI) estimates indicate slight declines, with PPI expected to be -2.98% year-on-year, reflecting ongoing price pressures in the industrial sector [15][16]. Group 7: Policy Developments - The State Council approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)," emphasizing the need for green technology innovation and the transformation of traditional industries [24]. - The government is focusing on addressing "involution" competition to promote healthy industrial development and enhance market competition [25].

Group 1 - The State Council of China has approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [1] - The plan aims to accelerate the deep green transformation of traditional industries and promote the green development of emerging industries, focusing on clean energy and resource recycling [1] - As of the end of 2024, China has cultivated 6,430 green factories, accounting for over 20% of the total manufacturing output value, with significant investments in green low-carbon transformation projects exceeding 250 billion yuan [1] Group 2 - Despite progress in green development, China's manufacturing sector still faces challenges such as the need to improve green technology levels and optimize industrial structure [2] - The Ministry of Industry and Information Technology plans to establish a green low-carbon development mechanism and develop carbon footprint accounting standards for key products like steel and new energy vehicles [2] - There is a focus on the comprehensive utilization of waste materials, including used power batteries and photovoltaic components, to prepare for the upcoming retirement peak [2]

Group 1 - The core viewpoint of the article emphasizes that green development will become the core driving force for promoting high-quality economic development in China, as indicated by the approval of the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)" [1][3] - The meeting highlighted the necessity of advancing green low-carbon development in the manufacturing sector, accelerating green technology innovation, and promoting the application of advanced green technologies [3] - The government plans to focus on key products such as steel, electrolytic aluminum, lithium batteries, and new energy vehicles, and will develop carbon footprint accounting standards while preparing for the comprehensive utilization of retired products like used power batteries and photovoltaic components [3] Group 2 - Establishing a horizontal ecological protection compensation mechanism is crucial for enhancing ecological environment protection and promoting regional collaborative development [4] - The meeting called for a comprehensive, clear, and efficient horizontal ecological protection compensation mechanism, which will facilitate the interaction between ecological product supply areas and beneficiary areas [4] - The discussion on the revision of the Food Safety Law reflects the government's high emphasis on food safety issues, providing a stronger legal guarantee for ensuring the safety of food for the public [4]

·国常会审议通过《制造业绿色低碳发展行动方案（2025－2027年）》 强调传统产业绿色转型有"深度" 新兴产业绿色发展"高起点" ·央行、外汇局完善境内企业境外直接上市资金管理统一境内企业赴境外上市本外币管理政策参与H股"全流通"的上市主体对境内股东的分红款在境内以人民 币形式派发 ·关税新动向：特朗普威胁对欧盟商品和苹果手机分别征收50%和25%关税 ·国务院总理李强5月23日主持召开国务院常务会议，审议通过《制造业绿色低碳发展行动方案（2025－2027年）》，研究进一步健全横向生态保护补偿机制 有关举措，讨论《中华人民共和国食品安全法（修正草案）》。会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广 应用，强化新型工业化绿色底色。要推进传统产业深度绿色转型，结合大规模设备更新等政策实施，积极应用先进装备和工艺，加快重点行业绿色改造升 级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色产品推广，提升资源循环利用水平。要加强共性技术攻关，完善重点领域标准，优化相关政策， 健全绿色制造和服务体系，更好支持和帮助企业转型升级。（新华社） ·5月23日，26只新型浮动费率基金获证 ...

Core Viewpoint - The article emphasizes the importance of promoting green and low-carbon development in the manufacturing industry, highlighting the need for technological innovation and the establishment of effective ecological compensation mechanisms [2][3]. Group 1: Green Low-Carbon Development - The State Council has approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)", focusing on deep green transformation of traditional industries and high-start green development of emerging industries [3][4]. - Key industries such as steel, electrolytic aluminum, lithium batteries, and new energy vehicles will be prioritized for green transformation, with efforts to establish carbon footprint accounting standards [4]. - The plan aims to enhance resource recycling and promote clean energy and green products, supported by policies for equipment upgrades and technological advancements [3][4]. Group 2: Ecological Protection Compensation Mechanism - The meeting discussed the establishment of a comprehensive horizontal ecological protection compensation mechanism, which is crucial for ecological environment protection and regional collaborative development [2][5]. - The mechanism will focus on clear responsibilities, diverse methods, and efficient governance, promoting interaction between ecological product supply areas and beneficiary areas [5]. - The article mentions the implementation of the "Ecological Protection Compensation Regulations" in June 2024, which establishes basic rules for ecological protection compensation in China [5][6].

Group 1 - The development of China-Germany relations is emphasized, focusing on mutual respect, cooperation, and win-win outcomes [3] - China aims to solidify political mutual trust with Germany and enhance resilience in their relationship by expanding cooperation in traditional sectors like automotive and machinery, as well as emerging fields such as artificial intelligence and quantum technology [3] - China expresses willingness to share development opportunities arising from high-level opening-up and seeks more policy support from Germany for bilateral investment cooperation [3] Group 2 - The State Council of China, led by Premier Li Qiang, has approved the "Green and Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)" to promote green technology innovation and the application of advanced green technologies [5] - The plan aims to facilitate the deep green transformation of traditional industries and promote high-starting-point green development in emerging industries, focusing on clean energy and resource recycling [5][6] - A horizontal ecological protection compensation mechanism is proposed to enhance ecological environment protection and promote regional collaborative development [6] Group 3 - The meeting also discussed the revision of the Food Safety Law, emphasizing the importance of food safety for health and the need for a more scientific and rigorous food safety standard system [6] - The focus is on shifting food safety governance towards prevention, enhancing supervision, and ensuring strict enforcement against violations [6] Group 4 - The meeting with the Turkmenistan Speaker highlighted the elevation of China-Turkmenistan relations to a comprehensive strategic partnership, focusing on cooperation in natural gas, digital economy, green development, and renewable energy [7] - The commitment to mutual respect and win-win principles is reiterated, aiming for stable and long-term bilateral relations [7] Group 5 - The UN Conference on Trade and Development criticized the US tariff policies for disregarding WTO rules, which negatively impact vulnerable economies [8]

Group 1 - The core viewpoint emphasizes the necessity of promoting green and low-carbon development in the manufacturing industry, highlighting the acceleration of green technology innovation and the application of advanced green technologies [1] - The action plan aims to facilitate the deep green transformation of traditional industries through policies such as large-scale equipment updates and the application of advanced equipment and processes [1] - The initiative also focuses on leading the high-start green development of emerging industries by increasing the promotion of clean energy and green products, as well as enhancing resource recycling levels [1] Group 2 - The establishment of a horizontal ecological protection compensation mechanism is deemed crucial for strengthening ecological environment protection and promoting regional collaborative development [2] - The mechanism aims to create a more comprehensive coverage, clearer responsibilities, diverse methods, and more efficient governance, facilitating a positive interaction between ecological product supply areas and beneficiary areas [2] - The meeting also discussed the need for a robust food safety law, emphasizing the importance of a scientific and rigorous food safety standard system, particularly for mandatory standards [2]

新华社北京5月23日电 国务院总理李强5月23日主持召开国务院常务会议，审议通 过《制造业绿色低碳发展行动方案（2025－2027年）》，研究进一步健全横向生态保护 补偿机制有关举措，讨论《中华人民共和国食品安全法（修正草案）》。 会议还研究了其他事项。 来源：新华社 会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技 术推广应用，强化新型工业化绿色底色。要推进传统产业深度绿色转型，结合大规模设 备更新等政策实施，积极应用先进装备和工艺，加快重点行业绿色改造升级。要引领新 兴产业高起点绿色发展，加大清洁能源、绿色产品推广，提升资源循环利用水平。要加 强共性技术攻关，完善重点领域标准，优化相关政策，健全绿色制造和服务体系，更好 支持和帮助企业转型升级。 会议指出，建立成本共担、效益共享、合作共治的横向生态保护补偿机制，对于加强 生态环境保护、促进区域间协同发展具有重要意义。要推动建立覆盖更加全面、权责更 加清晰、方式更加多元、治理更加高效的横向生态保护补偿机制，进一步细化重点任务 和落实举措，实现生态产品供给地与受益地良性互动。要深入推进大江大河干流横向生 态保护补偿机制建设，稳步拓展补 ...