地方政府专项债券（以下简称"专项债券"）可以起到强基础、补短板、惠民生、扩投资等积极作用，是 财政政策的核心工具之一。今年以来，新增专项债券发行节奏呈现出明显的加速趋势。Wind数据显 示，截至9月28日，今年以来各地发行新增专项债券规模约为36613亿元，突破3.6万亿元关口。今年我 国安排专项债券4.4万亿元，由此计算，当前新增专项债券发行进度已达到83.2%。 在今年9月份发布的《国务院关于今年以来预算执行情况的报告》中，明确重点做好的工作包括"积极发 挥专项债券、超长期特别国债等作用，加强财政与金融协同配合，将更多公共服务纳入投资支持范围， 积极鼓励民间投资发展""用好相关政策工具，协助做好融资平台改革转型、中小金融机构改革化险、专 项债券支持土地储备和收购存量商品房用作保障性住房等工作"。 陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷告诉《证券日报》记者，当前新增专项债券发行进 度整体较快，且呈现出逐季度加快的趋势，这是更加积极的财政政策主动靠前发力的体现，对稳定经济 运行、推动项目加快建设等具有重要意义。 在下一步财政重点工作安排中，专项债券也被多次提及。 那么，持续发挥专项债券对投资等领域的带 ...

郑栅洁表示，民间投资是反映经济活跃程度的重要风向标，对稳就业稳经济具有重要作用。我国工业门 类齐全、产业体系配套完整，经济发展基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本 趋势没有变。希望企业保持发展定力、坚定发展信心，把握投资机遇、深挖投资潜力，为企业未来发展 打牢基础，为促进民间投资高质量发展多作贡献。对企业提出的意见建议，将在"十五五"规划编制工作 中认真研究吸纳。国家发展改革委将深入贯彻落实党中央、国务院决策部署，在扩大准入、打通堵点、 强化保障等方面实施一批务实举措，加强产业、投资、财政、金融政策协同，进一步激发民间投资活 力，促进民间投资发展。同时，坚持政企常态化沟通交流，认真倾听企业意见和诉求，充分发挥统筹协 调作用，切实帮助解决企业实际困难，促进民营经济健康发展、高质量发展。 （文章来源：证券日报） 9月28日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，就"十五五"时期扩大有效投资听取企 业意见建议。座谈会上，企业负责人结合自身发展情况，深入分析所在行业领域的投资现状、投资潜 力，并对"十五五"时期进一步扩大有效投资提出了具体政策建议。郑栅洁与大家深入交流互动，逐一回 应企业 ...

据国家发展改革委消息，9月28日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，就"十五 五"时期扩大有效投资听取企业意见建议。 深圳企业研祥高科技控股集团负责人受邀参会。此外，金发科技、苏州东山精密制造、北京世纪互联宽 带数据中心、四川科伦药业等企业负责人参加座谈会。 会上，参会企业谈到，近年来国家不断优化营商环境，大力支持民营企业投资兴业，帮助民营企业赢得 更多发展机会、获得更强发展动力。建议国家在编制"十五五"规划时，进一步突出企业创新主体地位、 优化科技创新平台建设布局、完善投融资机制、加强知识产权保护等，支持企业抢抓人工智能创新发展 应用等机遇，不断拓展民营企业投资空间、释放投资潜力。同时，参会企业表示将积极参与国家重大项 目建设，围绕新技术、新产业、新业态、新模式扩大有效投资，更好助力经济社会高质量发展。 郑栅洁主任表示，民间投资是反映经济活跃程度的重要风向标，对稳就业稳经济具有重要作用。我国工 业门类齐全、产业体系配套完整，经济发展基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和 基本趋势没有变。希望企业保持发展定力、坚定发展信心，把握投资机遇、深挖投资潜力，为企业未来 发展打牢基础，为促 ...

Group 1 - The National Development and Reform Commission (NDRC) held a seminar with private enterprises to gather opinions on expanding effective investment during the 14th Five-Year Plan period [1] - Participating companies suggested that the NDRC should emphasize the role of enterprises in innovation, optimize the layout of technology innovation platforms, improve investment and financing mechanisms, and strengthen intellectual property protection [1] - The NDRC Director emphasized that private investment is a key indicator of economic activity and plays a significant role in stabilizing employment and the economy [1] Group 2 - The NDRC plans to implement practical measures to enhance private investment vitality by expanding access, addressing bottlenecks, and strengthening guarantees [2] - The NDRC has been holding regular seminars with private enterprises since July 2023, with over 80 companies participating to express their views and concerns [2]

【重点关注】 ·国家发展改革委主任郑栅洁主持召开座谈会就"十五五"时期扩大有效投资听取民营企业意见建议 ·工业和信息化部等八部门合力推动有色金属行业稳增长 ·国庆中秋假期小客车上高速继续免收通行费 【国内要闻】 ·国家发展改革委主任郑栅洁9月28日主持召开民营企业座谈会，就"十五五"时期扩大有效投资听取企业 意见建议。郑栅洁主任表示，国家发展改革委将深入贯彻落实党中央、国务院决策部署，在扩大准入、 打通堵点、强化保障等方面实施一批务实举措，加强产业、投资、财政、金融政策协同，进一步激发民 间投资活力，促进民间投资发展。同时，坚持政企常态化沟通交流，认真倾听企业意见和诉求，充分发 挥统筹协调作用，切实帮助解决企业实际困难，促进民营经济健康发展、高质量发展。 ·工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026年）》。其中提出，围绕 新一代信息技术、新能源汽车等重点产业链需求，推动超高纯金属等高品质原料、铜合金结构功能一体 化材料、贵金属功能材料、高端稀土新材料等攻关突破，提升铝合金及镁合金结构材料、硬质合金及制 品等产品综合性能。深入实施制造业卓越质量工程，引导企业提升产品品质，以高质量 ...

Core Insights - The private manufacturing investment is undergoing a critical phase of structural optimization, focusing on high-tech, high value-added, and green low-carbon industries [1][3] - The proportion of manufacturing enterprises in the 2025 list of China's top 500 private enterprises has increased from 63.8% in 2023 to 66.4%, marking three consecutive years of growth [1] - Private manufacturing enterprises contributed 68.84% to the revenue of the top 500, with R&D investment accounting for 71.31%, indicating a significant shift towards the upper value chain [1] Group 1: Investment Growth and Structure - Private manufacturing investment grew by 4.2% year-on-year in the first eight months, outpacing the overall private project investment growth by 1.2 percentage points [2] - In 31 major manufacturing sectors, 16 experienced double-digit growth in private investment, with automotive manufacturing and transportation equipment leading the way [2] - The rapid growth of private manufacturing investment is supported by a series of policies aimed at enhancing the investment environment [2] Group 2: Policy Support and Market Environment - National policies have been introduced to stimulate private investment, including allowing private enterprises to participate in major national projects and setting minimum shareholding requirements for private investment in sectors like railways and nuclear power [2] - The focus on new productive forces aligns with the need for rapid technological iteration and continuous innovation, which are essential for fostering new productive capabilities [2] - The ongoing reforms in bidding systems aim to ensure fair market access for private enterprises, addressing hidden barriers to entry [3] Group 3: Challenges and Future Outlook - Despite the expansion of the manufacturing scale, the net profit growth of manufacturing enterprises in the top 500 was only 1.2%, significantly lower than revenue growth [4] - The imbalance between scale expansion and profitability is attributed to rising operational costs and intense competition [4] - The continued investment in R&D by private enterprises, even at the cost of short-term profits, is expected to enhance their competitive edge in the long run [4]

Group 1 - The Chinese government is actively promoting policies to stimulate private investment, which is crucial for sustainable economic growth and enhancing investment quality and efficiency [1][2] - The State Council meeting emphasized the need to broaden the space for private investment, particularly in new productive forces, emerging services, and new infrastructure [2] - The National Development and Reform Commission plans to establish minimum shareholding requirements for private capital in major projects like railways and nuclear power, aiming to attract more private investment [2][3] Group 2 - The latest data from the National Bureau of Statistics indicates a 2.3% year-on-year decline in private investment from January to August, but a 3.0% increase when excluding real estate development [4] - The manufacturing sector has seen a 4.2% year-on-year increase in private investment, outpacing overall private project investment growth by 1.2 percentage points, with significant contributions from the automotive and aerospace industries [5] - The introduction of private capital is expected to enhance funding sources for major national projects, reduce fiscal burdens, and improve market-oriented operations, thereby fostering innovation and industry upgrades [6]

国家统计局数据显示，1月份至8月份，我国民间固定资产投资同比下降2.3％，降幅较前7个月有所扩 大。尽管整体数据承压，民间投资结构却变化积极，韧性较强。接下来，要进一步聚焦效益、精准发 力，通过拓展有效投资空间，推动我国民间投资持续回暖和结构优化。 此前出台的《关于进一步抓好抓实促进民间投资工作努力调动民间投资积极性的通知》，从明确工作目 标、聚焦重点领域、健全保障机制、营造良好环境4个方面，提出17项具体措施，涵盖项目推介、要素 保障、问题反映和工作考核等创新举措。今年5月20日起实施的《中华人民共和国民营经济促进法》， 专设"投资融资促进"章节，立法保障"支持民营经济组织参与国家重大战略和重大工程""支持民营经济 组织参与政府和社会资本合作项目"。这为民间投资营造了良好的政策环境，增强了民营企业投资信 心。 有效化解"不愿投"难题，拓宽民间投资回报空间。进一步放开民间投资市场准入，在基础设施、公共服 务、战略性新兴产业等领域推出一批优质项目，支持民间资本平等参与竞争。完善投资激励机制，对民 间投资参与的重点项目给予适当的财税支持和要素保障倾斜。创新投资模式，推广政府和社会资本合作 （PPP）模式，规范合作 ...

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]

Group 1 - The State Council meeting emphasized the importance of private investment in stabilizing employment and the economy, proposing practical measures to enhance private investment vitality and development [1] - Banks are urged to transform policy guidance into actionable steps by addressing financing difficulties, optimizing service systems, and deepening technological empowerment to provide robust financial support for private investment [1] - Key strategies include establishing precise credit delivery mechanisms for high-growth private enterprises and improving credit response efficiency through streamlined approval processes [1][2] Group 2 - Traditional credit assessments relying solely on financial metrics hinder quality private enterprises from securing financing; banks should incorporate non-financial indicators such as intellectual property value and R&D intensity into their evaluations [2] - After addressing financing challenges, banks need to create a refined service system tailored to the investment needs of private enterprises at different stages of development [2] - Financial technology is essential for banks to build intelligent service systems, utilizing AI and big data to enhance approval efficiency and provide customized services [3] Group 3 - Private investment is a crucial driver of economic growth, and banks must innovate mechanisms, optimize services, and leverage technology to offer high-quality financial support to private enterprises [3]