Core Viewpoint - The National People's Congress has passed the Private Economy Promotion Law, which will take effect on May 20, 2025, aiming to create a favorable legal environment for the sustainable and high-quality development of the private economy in China [1][2]. Group 1: Legislative Framework - The Private Economy Promotion Law consists of 9 chapters and 78 articles, addressing key areas such as fair competition, investment financing, technological innovation, and rights protection [2]. - This law is the first to explicitly state the legal status of the private economy and emphasizes the importance of promoting its healthy development as a major national policy [2][3]. Group 2: Support for Private Enterprises - The law encourages equal treatment and fair competition for private economic organizations, allowing them to participate in national strategies and major projects [3][5]. - It establishes a nationwide negative list for market access, enabling private enterprises to enter various sectors outside the list [3][5]. Group 3: Innovation and Development - The law supports private enterprises in participating in national technological projects and encourages them to lead significant technological breakthroughs [3][5]. - It promotes the integration of production, education, and research, enhancing the application of new technologies within private enterprises [3]. Group 4: Implementation and Oversight - The law emphasizes the need for a robust institutional framework to ensure its effective implementation, with a focus on coordinating supporting measures [6]. - The Ministry of Justice will oversee the enforcement of the law, ensuring that administrative actions are compliant and addressing any issues raised by private enterprises [6]. Group 5: Market Access and Economic Environment - The 2025 version of the Market Access Negative List has reduced the number of restricted items from 117 to 106, indicating a trend towards a more open market for private enterprises [7]. - The government plans to enhance support for private economic development, including improving access to financing and optimizing the allocation of innovation resources [7].

Group 1: Market Overview - The report indicates that the Hang Seng Index closed at 22,008.11, up 0.16%, with fluctuations throughout the day, including a high of 22,213 and a low of 21,918 [3] - The report highlights that the offshore RMB has strengthened, marking its strongest performance in over three weeks, which is expected to positively influence the Hong Kong stock market ahead of the holiday [2] Group 2: Company Performance - HSBC Holdings reported a 12.26% year-on-year increase in its first-quarter pre-tax profit, amounting to USD 6.126 billion, while its UK operations saw a decline of 5.52% [11] - New World Development experienced a significant increase in residential sales in mainland China, with a year-on-year growth of over 52%, achieving sales of over RMB 2.1 billion in the first quarter [12] - Seaspan Corporation reported a 38.55% increase in revenue for the first quarter, reaching approximately USD 761 million, driven by a rise in average freight rates [13] Group 3: Regulatory and Market Access Developments - The National Development and Reform Commission, along with other regulatory bodies, announced a campaign to eliminate unreasonable market access barriers, aiming to create a fair market environment [6] - The new version of the "Negative List for Market Access" has reduced the number of restricted items from 117 to 106, indicating a further relaxation of market access restrictions in mainland China [7] - The report notes that the potential supply of new private residential units in Hong Kong has decreased to 105,000, a reduction of 2,000 units compared to the end of last year, reflecting a continuous decline over four quarters [8]

2025.04. 29 本文字数：1635，阅读时长大约3分钟 作者 | 第一财经 祝嫣然 新版市场准入负面清单发布之后，我国将开展市场准入壁垒清理整治行动。 国家发展改革委会同商务部、市场监管总局29日发布《关于开展市场准入壁垒清理整治行动 促进全国统一大 市场建设的通知》（下称《通知》）。 《通知》明确，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，通报一批具有典型意义的违 规案例，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即入"落地生根，营造公平的市场准入 环境，为坚持和落实"两个毫不动摇"、构建全国统一大市场提供有力支撑。 根据《通知》，本次清理整治的重点是，以地方性法规、规章、行政规范性文件、其他政策性文件等形式设立 和实行的违反市场准入制度要求的各类规定文件，以及各级政府违规设置市场准入壁垒的各类做法情形。主要 包括国家层面已放开但地方仍在审批、审批依据法律效力不足、行业壁垒造成准入规则不平等、政府监管能力 不足不敢进行审批、审批权下放形成区域间市场壁垒等15类情形。 《通知》强调，扎实推动核实整改。归口建立省级市场准入壁垒台账，分级开展线索核实整改，重点难点问题 督办。 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) aims to eliminate market access barriers and establish a long-term mechanism for collecting leads, verifying, rectifying, and reporting cases to create a fair market access environment [2][5]. Group 1: Market Access Barrier Cleanup - A new action plan has been initiated to clean up market access barriers following the release of the updated negative list for market access [2]. - The focus of the cleanup includes various unreasonable regulations and practices that violate market access requirements, particularly those set by local governments [2][4]. - The action will address 15 specific situations, including local approvals that contradict national policies and unequal access rules due to industry barriers [2]. Group 2: Mechanism for Verification and Rectification - The NDRC will establish a provincial-level market access barrier ledger and conduct graded verification and rectification [4]. - Key issues that are complex or have high social concern will be prioritized for supervision and rectification [4]. - The cleanup effort will last for six months, after which the verification and rectification processes will become a regular mechanism [4]. Group 3: Historical Context and Impact - Since the first version of the market access negative list was issued in 2018, the number of items has been reduced from 151 to 106, representing a reduction of approximately 30% [7]. - The continuous reduction of access restrictions has empowered various business entities and contributed to economic development [7]. - The negative list management model has significantly simplified access processes and reduced administrative intervention, enhancing market access efficiency [7].

钢材期货周度报告 2025年04月28日 宏观预期反复 震荡思路对待 摘 要： 行情回顾：本周钢材价格弱势调整，全国螺纹钢均价环比下 跌15元/吨。本周本周建筑钢材价格偏强运行。截至4月25日，全 国主要城市20mm三级抗震螺纹钢均价3327元/吨，周环比上涨47 元/吨。周五夜盘期钢大幅上涨，27日多数钢厂推涨，市场拉涨 情绪浓厚，现货市场迎来反弹。商家反馈，市场推涨下终端采购 偏谨慎，投机需求表现一般。 基本面分析：从钢材现货市场来看，供给端：由于品种盈亏 的影响，产能释放力度继续增强，铁水产量持续增加，品种产量 也有所上升。需求端：在"买涨不买跌"心态以及节前备货的带 动下，各品种成交呈现了明显上升的态势。成本端：由于铁矿石 价格维持稳定，废钢价格小幅上涨，焦炭价格维持稳定，生产成 本支撑力度继续增强。 投资策略：单边：区间操作 跨期套利：观望为主 卷螺 价差：观望为主 钢材利润：观望为主 期权策略：宽跨式盘整 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：丛燕飞 期货从业资格号：F3020240 期货投资咨询从业证书号：Z0015666 邮箱：congyan ...

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - The A-share market shows increasing resilience. Future focus should be on China's policies to boost the domestic economy. It is recommended to take a cautious long - position approach in operations. The impact of tariffs on the market has decreased, but the outcome of the Sino - US tariff dispute remains uncertain [2]. Group 3: Summary by Directory 1. Stock Index Futures Market - **IF Futures**: The closing prices of IF contracts for different periods increased, with the increase ranging from 1.60 to 6.00. The trading volume of IF next month was 48,747.00, the highest among IF contracts. The open interest of most contracts decreased, except for the IF far - season contract which increased by 149.00 [1]. - **IH Futures**: The closing prices of IH contracts for different periods all increased, with an increase of about 8.00 - 8.80. The trading volume of IH next month was 24,156.00. The open interest of some contracts decreased, while the current - month and far - season contracts increased [1]. - **IC Futures**: The closing prices of IC contracts for different periods decreased, with a decrease of about 15.80 - 18.80. The trading volume of IC next month was 39,686.00. The open interest of most contracts decreased, except for the far - season contract which increased by 385.00 [1]. - **IM Futures**: The closing prices of IM contracts for different periods decreased significantly, with a decrease of about 52.20 - 55.60. The trading volume of IM next month was 135,094.00. The open interest of some contracts decreased, while the far - season and next - season contracts increased [1]. - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM decreased compared to the previous values [1]. 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by 0.07%, the SSE 50 index increased by 0.25%, the CSI 500 index decreased by 0.52%, and the CSI 1000 index decreased by 1.07%. Different industries in the CSI 300 index showed different trends, with industries such as energy rising and industries such as telecommunications business falling [1]. 3. Futures - Spot Basis - The basis of different futures contracts relative to the corresponding spot indexes changed compared to the previous two - day values [1]. 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.03%, the Shenzhen Component Index decreased by 0.58%, the Small and Medium - sized Board Index decreased by 0.42%, and the ChiNext Index decreased by 0.68% [1]. - **Overseas Indexes**: The Hang Seng Index decreased by 0.74%, the Nikkei 225 increased by 0.49%, the S&P 500 increased by 2.03%, and the DAX index increased by 0.47% [1]. 5. Macroeconomic Information - The 2025 version of the Market Access Negative List reduced the number of items from 117 in the 2022 version to 106, further relaxing market access restrictions. New business forms such as unmanned aerial vehicle operations and new - type tobacco products were included in the negative list [2]. - The Chinese Ministry of Commerce and the Ministry of Foreign Affairs clarified that there were no ongoing Sino - US economic and trade negotiations [2]. - Chinese Vice - Premier He Lifeng emphasized promoting cross - border trade facilitation [2]. - The central bank governor stated China's stance on opening - up, free trade, and maintaining global economic and financial stability [2]. - The Ministry of Commerce said China will continue to expand high - level opening - up and support foreign - invested enterprises [2]. 6. Industry Information - Seven ministries including the Ministry of Industry and Information Technology issued an implementation plan for the digital and intelligent transformation of the pharmaceutical industry from 2025 - 2030 [2]. - In the first quarter, the cumulative telecom business revenue was 446.9 billion yuan, a year - on - year increase of 0.7%, and the telecom business volume increased by 7.7% at constant prices of the previous year [2]. - China is willing to resolve Sino - EU electric vehicle trade frictions through dialogue [2]. - In the first quarter, China's freight volume increased by 4.9% year - on - year, and transportation fixed - asset investment reached 675.2 billion yuan [2]. - Shanghai issued measures to cultivate the commercial space advanced manufacturing cluster, aiming for an industrial scale of 100 billion yuan by 2027 [2]. 7. Stock Index Views - The three major US indexes rose. In the previous trading session, the stock indexes were divided, with the beauty care sector leading the gain and the computer sector leading the decline. The total trading volume was 1.14 trillion yuan. The financing balance on April 23 increased by 2.026 billion yuan to 1.799789 trillion yuan [2].

Group 1: Hot News - The "Market Access Negative List (2025 Edition)" was released, with the number of list items reduced from 117 in the 2022 edition to 106, further relaxing market access restrictions and optimizing market access management. New business forms and fields such as unmanned aerial vehicle operations and the production, wholesale, and retail of new tobacco products like e - cigarettes were included in the negative list [3] - The Ministry of Commerce and the Ministry of Foreign Affairs clarified the rumor of "China - US trade negotiations," emphasizing that no economic and trade negotiations are taking place between the two sides [3] - The Zhengzhou Commodity Exchange announced that starting from the settlement on April 29, the trading margin standards and daily price limit ranges for various futures contracts will be adjusted [3] - The Dalian Commodity Exchange announced that starting from the settlement on April 29, the daily price limit ranges and trading margin levels for some futures contracts will be adjusted. It also solicited public opinions on the monthly average price futures contracts of linear low - density polyethylene, polyvinyl chloride, and polypropylene and related rules [4] Group 2: Sector Performance - Key sectors to focus on include urea, polysilicon, crude oil, soybean meal, and Shanghai copper [5] - Night - session performance: Non - metallic building materials rose 2.75%, precious metals 29.72%, oilseeds and oils 12.74%, soft commodities 2.87%, non - ferrous metals 18.58%, coal, coke, steel, and minerals 13.64%, energy 2.43%, chemicals 12.47%, grains 1.92%, and agricultural and sideline products 2.88% [5] Group 3: Sector Positions - The document shows the changes in positions of commodity futures sectors in the past five days [6] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.03%, the SSE 50 rose 0.25%, the CSI 300 fell 0.07%, the CSI 500 fell 0.52%, the S&P 500 rose 2.03%, the Hang Seng Index fell 0.74%, the German DAX rose 0.47%, the Nikkei 225 rose 0.49%, and the UK FTSE 100 rose 0.05% [8] - Fixed - income: The 10 - year Treasury bond futures fell 0.09%, the 5 - year Treasury bond futures fell 0.11%, and the 2 - year Treasury bond futures fell 0.05% [8] - Commodities: The CRB Commodity Index rose 0.75%, WTI crude oil rose 0.80%, London spot gold rose 1.83%, LME copper rose 0.77%, and the Wind Commodity Index rose 0.81% [8] - Others: The US Dollar Index fell 0.62%, and the CBOE Volatility Index remained unchanged [8]

点击上图 ▲立即报名 商务部召开外资企业圆桌会 4月 23日，标普全球公布的数据显示，美国4月Markit综合PMI初值51.2，为2023年12月以来的最低值，预期52，前值53。其中，新订单指数从 3月的53.3降至52.5；产出价格环比上涨，为去年3月以来的最高。美国4月Markit服务业PMI初值51.4，预期52.6，前值54.4。服务出口（包括 旅游及其他跨境服务）下降幅度为2023年1月以来最大，尤其显著抑制了需求增长。 4月 23日，商务部副部长兼国际贸易谈判副代表凌激主持召开外资企业圆桌会，就美加征关税给在华外资企业投资经营带来的影响与企业交流。 会议由中国外商投资企业协会主办，80余家外资企业和在华外国商会代表参会。财政部、商务部、海关总署、国家药监局有关司局负责人参会并 回应企业反映的问题诉求。 凌激表示，希望外资企业发出理性声音，坚定信心、克服困难、化危为机，共同战胜单边主义和保护主义。中国将继续扩大高水平对外开放，努 力保障产供链稳定畅通，推动解决外资企业问题诉求。与会企业代表表示，中国的外资政策持续、稳定、可预期，愿继续对华投资，深化互利合 作，共同应对挑战。（央视新闻） ｜点评｜ ...

Core Viewpoint - The newly released "Market Access Negative List (2025 Edition)" further relaxes market access restrictions in China, reducing the number of items from 117 to 106 compared to the 2022 version, indicating a more vibrant market environment [1][3][7]. Group 1: Market Access Changes - The 2025 edition of the list has removed 8 national access restrictions, such as changing the licensing system for seal engraving to a filing system and modifying the sales of computer information system security products to a mandatory national standard testing and certification system [3]. - The list has also partially relaxed 8 national measures in areas including new telecommunications business trials, TV production, and the establishment of drug wholesale and retail units [5][10]. - Since the first version of the market access negative list was introduced in 2018, the number of items has decreased from 151 to 106, a reduction of approximately 30%, while the total number of business entities has increased by over 70% [7]. Group 2: Impact on Enterprises - The new list opens up more space for private enterprises and aims to create a fairer and more open market environment, enhancing the vitality of various business entities [8][12]. - The revisions emphasize the implementation of a "non-prohibited, non-restricted" principle, ensuring that all types of business entities can enter the market equally without illegal barriers [5][12]. - The ongoing optimization of the market access environment is expected to stimulate innovation and entrepreneurship, boosting social investment confidence and contributing to stable growth and employment [12]. Group 3: Local Initiatives - In Hefei, Anhui Province, pilot projects are being conducted to explore market access policies for new business models, including the establishment of a comprehensive unmanned system [13][15]. - Hefei has built over 30 temporary take-off and landing points for flying vehicles and has become a center for advanced technology applications, fostering a conducive environment for new technology testing [15][17]. - The local government collaborates with enterprises to clarify regulations and standards, facilitating broader market participation and addressing investment hesitations [17].

《市场准入负面清单（2025年版）》今天（24日）对外公布， 我国市场准入限制进一步放宽 。与 此前实施的2022年版清单相比，《市场准入负面清单（2025年版）》事项数量 由117项缩减到106 项 。 准入门槛更低 ，《清单（2025年版）》删除了8条全国性准入限制。如公章刻制业由许可制改为备 案制，计算机信息系统安全专用产品销售业务改为基于强制性国家标准的检测认证制度，相关市场准 入管理措施相应取消。 从2018年我国首版市场准入负面清单出台到现在，共经历四次修订，清单事项数量由2018年的151 项压减至目前的106项，压减比例约30%。 准入力度更大 ，《清单（2025年版）》部分放开了8条全国性措施。涉及试办新型电信业务、电视 剧制作、药品批发和零售单位筹建、药品和医疗器械互联网信息服务、林木种子进口、发票印制等领 域。这些相关领域保持了必要的市场准入管理，但准入环节更加精简。 来源：央视新闻 在推进"宽准入"的同时，《清单（2025年版）》 坚决守住"管得住"的底线 。依据相关法律、行政法 规， 将无人驾驶航空器运营、电子烟等新型烟草制品生产批发零售等新业态新领域纳入负面清单 ， 对部分社会民生 ...