【企业】 大悦城：大悦城地产拟退市 机构：1-7月百强房企销售总额为20730.1亿元 7月31日，中指研究院最新发布的《2025年1~7月中国房地产企业销售业绩排行榜》显示，2025年1~7 月，TOP100房企销售总额为20730.1亿元，同比下降13.3%，降幅较1~6月扩大1.5个百分点。7月单月， TOP100房企销售额同比下降18.2%，建发、中国金茂、滨江集团、中建壹品等房企销售表现较为强劲。 TOP100房企权益销售额为14522.5亿元，权益销售面积为7451.8万平方米。 【政策】 中共中央政治局：落实好中央城市工作会议精神，高质量开展城市更新 7月31日，大悦城公告称，公司控股子公司大悦城地产拟向除公司和得茂以外的其他股东提出私有化建 议，以协议安排方式回购股份，每股对价0.62港元，总金额约29.32亿港元。交易完成后，公司将增厚对 大悦城地产的权益，有利于提升公司归母净利润。本次交易存在不确定性，需满足或豁免若干条件后方 可生效。 万科A：深铁集团再向公司提供不超过8.69亿元借款 7月30日，万科A公告称，经协商，公司第一大股东深圳市地铁集团有限公司向公司再提供不超过8.69亿 元 ...

Core Viewpoint - China's economy demonstrated strong vitality and resilience in the first half of the year, achieving a GDP growth rate of 5.3%, with macro policies expected to continue to support growth in the second half [2][3] Economic Growth and Policy Measures - The Politburo meeting emphasized the need for proactive fiscal policies and moderately loose monetary policies to fully unleash policy effects [2][3] - Analysts suggest potential new measures such as interest rate cuts, increasing fiscal deficit ratios, and enhancing special bond issuance to boost domestic demand and counter external demand slowdown [2][3][4] Internal Demand and Consumption - The meeting highlighted the importance of effectively releasing internal demand potential and implementing actions to boost consumption, including support for service consumption and improving consumer environments [10][11] - The government plans to issue 690 billion yuan in special bonds to support consumption initiatives, with a focus on promoting new consumption models and enhancing consumer experiences [10][11] Foreign Trade and Investment - The meeting called for expanding high-level opening up and stabilizing foreign trade and investment, with specific support for foreign trade enterprises facing challenges [12][13] - Data showed that China's goods trade reached 21.79 trillion yuan in the first half of the year, with exports growing by 7.2% [13] Risk Management and Debt - The meeting stressed the need to prevent and mitigate risks in key areas, particularly regarding local government debt, while promoting urban renewal and infrastructure safety [6][7] - Emphasis was placed on balancing risk prevention with development, with a focus on eliminating hidden debts and ensuring the stability of financing platforms [7][8] Capital Market Development - The meeting aimed to enhance the attractiveness and inclusiveness of the domestic capital market, with reforms to attract international capital and more investors [8] - Key initiatives include promoting financial openness and deepening investment reforms to support long-term capital inflow [8]

Core Viewpoint - The article discusses the Chinese economy's performance in the first half of the year, achieving a GDP growth of 5.3%, and outlines the macroeconomic policies for the second half aimed at sustaining growth and addressing challenges [1][4]. Economic Growth and Policy Measures - The political bureau meeting emphasized the need for continuous and timely macroeconomic policy adjustments, including more proactive fiscal policies and moderately loose monetary policies to fully unleash policy effects [2][5]. - Analysts suggest that new significant measures may be introduced to stabilize growth, such as interest rate cuts, increasing the fiscal deficit ratio, and enhancing special bond issuance [2][6]. Internal Demand and Consumption - The meeting highlighted the importance of effectively releasing internal demand potential and implementing actions to boost consumption, particularly in services, which saw a 5.3% year-on-year growth in retail sales [12][13]. - The government plans to support consumption through special bonds and policies aimed at enhancing consumer environments and promoting new consumption models [12][13]. Foreign Trade and Investment - The meeting called for maintaining a stable foreign trade and foreign investment environment, with measures to support export enterprises facing challenges due to external pressures [14][16]. - The article notes that China's goods trade reached 21.79 trillion yuan in the first half of the year, with exports growing by 7.2% [17]. Risk Management and Debt - The meeting stressed the need to actively and prudently manage local government debt risks, prohibiting new hidden debts while promoting the development needed to mitigate these risks [9][10]. - The focus on high-quality urban renewal aims to prevent excessive supply and further debt risks in the real estate sector [8][9]. Capital Market Development - The meeting emphasized enhancing the attractiveness and inclusivity of the domestic capital market, which is crucial for maintaining economic confidence and supporting new productive forces [10]. - Key reforms will focus on financial openness, investment reforms, and increasing long-term capital market participation [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On July 30, the current-month contracts of the four major stock index futures showed mixed performance, with IF up 0.04%, IH up 0.32%, IC down 0.43%, and IM down 0.44%. The total trading volume of stock index futures rebounded on the trading day, indicating increased trading enthusiasm among investors. The total trading volume and positions of IF, IH, IC, and IM all increased [1][2]. - The trends of IF and IH have a strength of 1, while those of IC and IM also have a strength of 1. The取值 range of trend strength is an integer within the [-2, 2] interval [6]. - The market was affected by multiple factors, including the decisions of the Politburo meeting, the党外人士座谈会, and Powell's remarks on interest rates. The Shanghai Composite Index rose 0.17%, the Shenzhen Component Index fell 0.77%, and the ChiNext Index fell 1.62%. A - shares had a full - day trading volume of 1.87 trillion yuan, up from 1.83 trillion yuan the previous day [7]. Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **IF Series**: The closing prices of IF2508, IF2509, IF2512, and IF2603 were 4147, 4136.4, 4105.2, and 4074.4 respectively, with increases of 0.04%, 0.04%, 0.08%, and 0.13%. The trading volumes were 35444, 81931, 15870, and 4786 respectively, with increases of 11217, 23415, 5044, and 692. The positions were 46692, 162604, 54981, and 10426 respectively, with increases of 4803, 9027, 435, and 918. The basis was - 4.24, - 14.84, - 46.04, and - 76.84 respectively [1]. - **IH Series**: The closing prices of IH2508, IH2509, IH2512, and IH2603 were 2821.4, 2820, 2820.2, and 2821.6 respectively, with increases of 0.32%, 0.28%, 0.23%, and 0.26%. The trading volumes were 16238, 46511, 6381, and 1819 respectively, with increases of 5126, 15965, 2807, and 904. The positions were 20777, 64619, 15228, and 2657 respectively, with increases of 2883, 4265, 841, and 570. The basis was 2.05, 0.65, 0.85, and 2.25 respectively [1]. - **IC Series**: The closing prices of IC2508, IC2509, IC2512, and IC2603 were 6271.2, 6215.4, 6079, and 5955.2 respectively, with decreases of 0.43%, 0.42%, 0.36%, and 0.31%. The trading volumes were 26089, 58280, 15042, and 5843 respectively, with increases of 3022, 11610, 1455, and 1074. The positions were 51234, 108507, 57093, and 13089 respectively, with changes of + 2292, + 3193, - 964, and + 621. The basis was - 43.49, - 99.29, - 235.69, and - 359.49 respectively [1]. - **IM Series**: The closing prices of IM2508, IM2509, IM2512, and IM2603 were 6675.6, 6604.2, 6415.2, and 6249.8 respectively, with decreases of 0.44%, 0.43%, 0.43%, and 0.43%. The trading volumes were 46466, 144840, 31250, and 8723 respectively, with increases of 7945, 28437, 4954, and 1394. The positions were 64269, 185002, 78570, and 18656 respectively, with increases of 4761, 79688, 75, and 1303. The basis was - 42.88, - 114.28, - 303.28, and - 468.68 respectively [1]. 2. Trading Volume and Position Changes - **Trading Volume**: The total trading volume of IF increased by 40368 lots, IH by 24802 lots, IC by 17161 lots, and IM by 42730 lots [2]. - **Position**: The total positions of IF increased by 15183 lots, IH by 8559 lots, IC by 5142 lots, and IM by 16585 lots [2]. 3. Top 20 Member Position Changes - **IF Series**: For IF2508, long - order increase was 5738, and short - order increase was 4801; for IF2509, long - order increase was 7911, and short - order increase was 6415; for IF2512, long - order increase was 1200, and short - order increase was 313; for IF2603, long - order increase was 669, and short - order increase was 781 [5]. - **IH Series**: For IH2508, long - order increase was 2480, and short - order increase was 2467; for IH2509, long - order increase was 4125, and short - order increase was 3941; for IH2512, long - order increase was 962, and short - order increase was 919; for IH2603, data was not announced [5]. - **IC Series**: For IC2508, long - order increase was 2097, and short - order increase was 2029; for IC2509, long - order increase was 2973, and short - order increase was 2564; for IC2512, long - order increase was - 376, and short - order increase was - 849; for IC2603, long - order increase was 795, and short - order increase was 456 [5]. - **IM Series**: For IM2508, long - order increase was 4501; for IM2509, long - order increase was 9904, and short - order increase was 7544; for IM2512, long - order increase was 693, and short - order increase was 1559; for IM2603, data was not announced [5]. 4. Important Driving Factors - **Policy - related**: The Politburo meeting emphasized maintaining policy continuity and stability, promoting domestic and international dual - circulation, and achieving the goals of economic and social development for the year. The党外人士座谈会 also focused on promoting economic development in the second half of the year [6][7]. - **International Factor**: Powell did not give guidance on a September interest - rate cut, stating that it was too early to determine, and that the current interest - rate level was appropriate given the uncertainties in tariffs and inflation. He also said the job market was not weakening [7].

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting a recovery in the Shanghai Composite Index after a political bureau meeting that released positive signals for the economy and investment opportunities in the innovative pharmaceutical sector [1][2][8]. Group 1: A-share Market Performance - The A-share market experienced a pullback but rebounded in the afternoon, with the Shanghai Composite Index closing in the green, reaching a new high for the year [2][7]. - The market showed significant structural differentiation, with consumer and banking sectors rising while technology and new energy sectors faced declines [6][7]. - The trading volume exceeded 1.84 trillion yuan, indicating active market participation [5]. Group 2: Political Bureau Meeting Insights - The Central Political Bureau meeting emphasized the need to "stably resolve local government debt risks" and introduced a roadmap for "clearing financing platforms," alleviating systemic risk concerns [9]. - The meeting also highlighted the importance of stimulating domestic demand and implementing actions to boost consumption, positively impacting sectors like tourism, retail, and food and beverage [10]. - A focus on technological innovation was reiterated, aiming to foster new competitive industries and integrate technological advancements with industrial development [12]. Group 3: Investment Opportunities in Innovative Pharmaceuticals - A significant number of funds have achieved over 100% returns this year, particularly in the innovative pharmaceutical sector, with several funds listed showing substantial year-to-date performance [17]. - Fund managers suggest a cautious yet optimistic approach to the innovative pharmaceutical sector, advising investors to match risk and return expectations and avoid excessive chasing of high-flying stocks [18][19]. - Key guidelines for selecting funds include focusing on long-term performance stability, understanding investment strategies, and aligning with personal risk preferences [20].

•中共中央政治局召开会议指出 要持续防范化解重点领域风险 积极稳妥化解地方政府债务风险 •外交部：中方希望美方同中方一道 按照两国元首通话达成的重要共识 发挥好中美经贸磋商机制作用 •各地将在8月下旬陆续开放育儿补贴申领 【国内要闻】 •中共中央政治局7月30日召开会议。会议分析研究当前经济形势，部署下半年经济工作。会议指出，要持续防范化解重点领域风险。落实好中央城市工作会 议精神，高质量开展城市更新。积极稳妥化解地方政府债务风险，严禁新增隐性债务，有力有序有效推进地方融资平台出清。增强国内资本市场的吸引力和 包容性，巩固资本市场回稳向好势头。 •7月30日，商务部部长王文涛会见美中贸易全国委员会董事会主席芮思博率领的代表团一行。双方就中美经贸关系、美资企业在华发展等议题交换意见。王 文涛表示，对外开放是中国的基本国策，中国开放的大门只会越开越大，利用外资政策没有变也不会变。中国消费市场规模稳居全球前列，极具增长潜力和 创新活力。中国欢迎包括美资企业在内的各国企业投资中国，共享发展机遇。 转自：新华财经 【重点关注】 【国际要闻】 •美国总统特朗普29日在搭乘总统专机"空军一号"从英国返程途中对媒体记者表示， ...

文/王兆寰 编辑：麻晓超 据新华社最新消息，中共中央政治局7月30日召开会议，会议分析研究当前经济形势，部署下半年经济 工作。会议强调，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头。 同时，会议表示，持续防范化解重点领域风险。落实好中央城市工作会议精神，高质量开展城市更新。 积极稳妥化解地方政府债务风险，严禁新增隐性债务，有力有序有效推进地方融资平台出清。 ...

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the need to continuously prevent and resolve risks in key areas, particularly focusing on urban renewal and local government debt management [1] Group 1: Risk Management - The meeting highlights the importance of actively and prudently addressing local government debt risks, with a strict prohibition on the creation of new hidden debts [1] - There is a call for effective and orderly advancement in the clearing of local financing platforms [1] Group 2: Capital Market - The meeting stresses the need to enhance the attractiveness and inclusiveness of the domestic capital market [1] - It aims to consolidate the positive momentum of the capital market's recovery [1]

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the need to continuously prevent and mitigate risks in key areas, particularly focusing on urban renewal and local government debt management [1] Group 1 - The meeting highlighted the importance of implementing the spirit of the Central Urban Work Conference to conduct high-quality urban renewal [1] - There is a call for proactive and prudent measures to resolve local government debt risks, with a strict prohibition on the creation of new hidden debts [1] - The meeting stressed the need to effectively and orderly advance the clearing of local financing platforms [1] Group 2 - The meeting aims to enhance the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum of market stabilization [1]

智通财经APP获悉，7月30日，财政部部长蓝佛安在学习时报刊文表示，用好用足更加积极的财政政 策，加大财政逆周期调节力度。加快发行和使用超长期特别国债、地方政府专项债券，尽早形成实物工 作量。发挥财政资金引导和带动效应，推动各项政策效能不断释放。落实好助企帮扶各项财税政策，有 效改善经济微观循环。统筹运用专项资金、税收优惠、政府采购和政府投资基金等政策工具，支持传统 产业改造提升、新兴产业发展壮大和未来产业前瞻布局。指导督促地方做好隐性债务置换工作，积极稳 妥化解地方政府债务风险。 蓝佛安表示，推动税收制度改革，关税、增值税立法取得积极进展，优化离境退税政策，出台实施境外 投资者以分配利润直接投资有关税收优惠政策，研究明确海南自由贸易港全岛封关后税收制度。建立促 进高质量发展转移支付激励约束机制，激发地方发展产业、涵养税源的内生动力。构建更加科学高效的 政府投资基金管理体系，提升专业化市场化运作水平，促进政府投资基金高质量发展。 蓝佛安提到，以促消费为重点支持扩大内需，进一步释放国内市场潜力。不断完善支持养老、育幼、文 化、旅游等服务消费的政策体系。完善免税店政策，推动免税商品零售业务健康有序发展。强化财政与 ...