Group 1: Industry Investment Rating - No relevant content Group 2: Core Viewpoints - On June 27, 2025, the coking coal price continued to rise. The price increase was due to multiple factors including supply - side constraints, demand - side expectations, futures market factors, and capital inflows. However, high inventory levels suppressed the price rebound space [3][4][5] - The A - share market is expected to continue to fluctuate upwards as the NDRC released positive policies and data [8][9] - Gold is expected to reach a new high in the long - term despite a short - term adjustment due to the Fed's decision not to cut interest rates. Investors can buy in batches at low prices [12][13] - Iron ore is considered to be in a wide - range oscillation with a slightly stronger trend. Attention should be paid to steel mill profits, industry repair status, and the over - valuation risk caused by weak market conditions [16][17] - Glass is in a narrow - range consolidation, and an uptrend depends on the effects of real - estate stimulus policies or major policy announcements [19][20] - Short - term soybean oil prices may fluctuate or strengthen due to the US biodiesel policy and the Middle - East situation. When the price reaches the previous high pressure area of 8150 - 8100, short - selling with a light position is recommended [23] Group 3: Summaries by Directory Coking Coal - Supply - side factors: In June (the "Safety Production Month"), major coking coal - producing provinces like Shanxi strengthened production restrictions after safety accidents. The upcoming implementation of the new "Mineral Resources Law" on July 1 may force out backward production capacity. Some coal prices are close to cash costs, pressuring private mines to cut production [4] - Demand - side factors: Although the current terminal is in a seasonal off - peak, there is an expected increase in demand during the traditional coking coal peak season from April to October as steel mills may replenish stocks. More macro - policies to stabilize the economy and promote infrastructure could also boost demand [4] - Futures and capital factors: Coking coal futures have been falling since 2025, with a strong need for correction. Some short - position funds took profits and reduced positions, and the net long positions of the top 20 seats increased [5] - Inventory factor: The inventory of imported coking coal at ports and the total inventory are at a three - year high, and the frequent auction failures of Mongolian coal have led to inventory backlogs, suppressing price rebounds [5] A - share Market - Market trend: The three major A - share indexes showed a pattern of rising and then falling, closing with small shrinking - volume negative lines. The market is in a shrinking - volume adjustment state [9] - Policy influence: The NDRC released positive policies and data at a regular press conference, and the market is expected to continue to fluctuate upwards [8][9] Gold - Market situation: The Fed's decision not to cut interest rates has reduced the expectation of rate cuts this year, causing a short - term adjustment in the gold market [13] - Outlook: The long - term trend of gold is still bullish, and it is expected to reach a new high. Investors can buy in batches at low prices [12][13] Iron Ore - Market fundamentals: Supply has increased month - on - month, pig iron production has weakened seasonally, and port inventories have started to accumulate again. The weak market conditions have increased the risk of over - valuation [17] - Technical analysis: The market closed with a large positive line today but remains within a wide - range oscillation, showing a slightly stronger trend [16] Glass - Supply - demand situation: There has been no significant cold - repair of production lines due to losses on the supply side, factory inventories are still high, and downstream deep - processing orders lack the motivation to replenish stocks, resulting in a lack of continuous demand growth [20] - Technical analysis: The market is in a narrow - range consolidation, and an uptrend depends on the effects of real - estate stimulus policies or major policy announcements [19] Soybean Oil - Market factors: The long - term expectations of the US biodiesel policy and the uncertain Middle - East situation may cause short - term price fluctuations or strengthen the market. However, the current supply - demand situation is not tight, and there will be a seasonal increase in production and inventory in the medium - term [23] - Trading strategy: When the price reaches the previous high pressure area of 8150 - 8100, short - selling with a light position is recommended [23]

Core Viewpoint - Shandong Province has released a second batch of policy measures aimed at stabilizing the economy and promoting high-quality development, focusing on employment, enterprise support, domestic demand, and resource supply [2][3]. Group 1: Employment Stabilization - The policy measures prioritize youth employment, particularly targeting college graduates and unemployed youth aged 16-24, with incentives for organizations hiring them [3]. - A one-time expansion subsidy policy for enterprises hiring recent graduates or unemployed youth will be effective until December 31, 2025 [3]. - The maximum credit limit for small and micro enterprises has been increased from 30 million to 50 million yuan, with individual credit limits set at 10 million yuan [3]. Group 2: Enterprise Support - The measures include targeted policies for credit financing, debt repayment, and subsidies to assist enterprises facing difficulties, especially in the foreign trade sector [4]. - A financial direct connection service mechanism for private enterprises will be established, aiming for an additional credit of over 500 billion yuan by 2025 [4]. - Support for high-growth service enterprises will be coordinated through funding and insurance premium subsidies [4]. Group 3: Market Demand Expansion - The policy aims to expand domestic demand through various promotional activities, including over 1,000 consumption promotion events [5]. - A dynamic adjustment mechanism for housing loan limits will be established, with increased support for families with multiple children [5]. - The introduction of a new model for direct payment of rent from housing provident funds is part of the measures to enhance housing consumption [5]. Group 4: Optimizing Environment and Expectations - The measures focus on improving government services, optimizing policy effectiveness, and strengthening resource supply [6]. - A reform of the investment project approval system will be implemented to streamline processes and enhance efficiency [6]. - The "Ru Hui Tong" platform will be optimized to ensure policies reach the grassroots level effectively [6].

Group 1: Employment Stability - The policy emphasizes stabilizing employment, particularly focusing on youth employment, including college graduates, through various support measures such as subsidies and special loans [3] - The maximum credit limit for small enterprises has been increased from 30 million to 50 million yuan, and individual loans can go up to 10 million yuan [3] - The policy aims to support migrant workers and small and foreign trade enterprises by enhancing job stability and providing targeted services [3][4] Group 2: Business Support - The policy introduces measures to support foreign trade enterprises facing operational difficulties, ensuring they can access loans quickly and fully [4] - A financial service mechanism for private enterprises has been established, aiming to provide over 500 billion yuan in new credit through the "Xinyi Loan" platform by 2025 [4][5] - The policy includes subsidies for insurance related to intellectual property protection to support business operations [5] Group 3: Market Stability - The initiative aims to boost domestic demand by organizing over 1,000 promotional consumption events and providing 50 million yuan in funding for retail and dining vouchers [7] - The policy promotes the integration of various sectors with the aging population economy and supports the development of automotive culture and tourism [7] - Plans are in place to organize over 370 international exhibitions and support over 6,000 enterprises in participating in domestic international exhibitions [7] Group 4: Expectations Management - The policy focuses on enhancing government services and optimizing policy effectiveness, with plans to update 100 service scenarios by the end of the year [8] - It aims to improve coordination between economic and non-economic policies to ensure a unified approach [8] - The policy includes measures to secure land for major infrastructure projects and ensure the availability of necessary resources [8] Group 5: Implementation Timeline - The policies outlined in the document will take effect immediately upon issuance and remain valid until December 31, 2025 [9]

贯彻落实中央政治局会议精神，相关部门加快推出稳就业稳经济推动高质量发展的若干举措，有力有效 应对外部冲击，国民经济顶住压力稳定增长，延续向新向好发展态势。 6月5日，新华社推出第十八期"中国经济圆桌会"大型全媒体访谈节目，邀请国家发展改革委综合司副司 长丁琳、人力资源社会保障部就业促进司副司长陈勇嘉、中国人民银行金融研究所所长丁志杰，共 话"四稳"最新进展。 各项举措加快出台实施，对经济形成有力支撑 "稳就业稳经济推动高质量发展的若干举措，是应对外部环境变化、做强国内大循环的重要举措。在一 季度实现良好开局的基础上，我国经济延续了稳中向新向好的发展态势。"丁琳在接受"中国经济圆桌 会"访谈时说，目前，各项举措正在加快出台实施，政策组合效应不断释放： 经济有韧性——尽管外部环境复杂严峻，但工业生产、服务业发展、国内需求、对外出口等都保持了较 快增速。 内需有潜力——前4个月家电、通讯器材等商品零售额保持20%以上增速，设备工器具购置投资增长 18.2%，"两重""两新"政策效应持续显现。 创新有活力——4月份高技术制造业增加值同比增长10%、比全部工业快近4个百分点，新能源汽车、人 工智能大模型、人形机器人等产 ...

一季度，抚顺市经济运行"成绩单"十分抢眼：地区生产总值同比增长7.3%，位列全省第一，创10年 来最好位次；规上工业增加值同比增长12.1%，位列全省第一；固定资产投资同比增长23%，位列全省 第二。好势头从何而来，下一步如何巩固？5月30日，省政府新闻办组织召开"振兴新突破决胜勇争 先"主题系列新闻发布会，抚顺市政府相关负责人介绍全市奋力打好打赢决胜之年决胜之战的工作部署 及相关进展情况。 新闻发布会上，抚顺市政府相关负责人介绍下一步七个方面重点工作，即全力抓好经济运行、持续 扩大有效投资、加力推动产业升级、不断深化改革开放、大力加强创新驱动、强力推动冰雪经济、统筹 做好发展和安全。第一产业方面，将加快实施黑土区侵蚀沟治理经验总结推广，高质量推进高标准农田 建设，粮食产量突破18亿斤。第二产业方面，进一步稳油稳钢稳煤，强化骨干企业监控运行，提升排产 时序，确保全年原油加工量770万吨，新钢市场直供率达到55%以上，抚矿和特钢产值双双过百亿元。 第三产业方面，扎实推进提振消费专项行动，全面落实以旧换新加力扩围政策。项目建设方面，抚顺市 推动新建项目6月底前开工率达80%、9月底全部开工。 年初以来，抚顺市全面 ...

Group 1: Policy Signals - The April Politburo meeting emphasized "stabilizing employment, economy, market, and expectations" amid external risks, marking a shift towards high-quality development and proactive policy adjustments[1] - The government plans to implement flexible and unconventional policies based on changing circumstances, focusing on timely incremental reserve policies and counter-cyclical adjustments[1] Group 2: Employment and Market Stability - The April 28 press conference highlighted coordinated efforts to stabilize domestic demand and employment, with initiatives like "trade-in" subsidies and support for service consumption[2] - The May 7 press conference focused on stabilizing the stock and real estate markets, including measures like lowering public housing loan rates by 0.25 percentage points and increasing long-term capital market participation[2] Group 3: Incremental Policies and Financial Support - The 90-day tariff "grace period" serves as a crucial window for implementing existing policies and preparing incremental measures, with strong export performance expected to continue into May[3] - The central bank's recent policies, including comprehensive reserve requirement cuts and structural monetary policy rate reductions, aim to lower commercial banks' funding costs and facilitate loan rate reductions[3] Group 4: Fiscal Policy and Revenue Trends - In Q1, broad fiscal revenue fell by 2.6% year-on-year, below the initial target of 0.2%, while fiscal expenditure increased by 5.6% due to government debt financing[4] - The issuance of local government bonds is expected to accelerate, with new special bonds projected to grow by 36.5% compared to Q1[4] Group 5: Future Focus Areas - If tariff negotiations progress positively, future policies may shift towards long-term institutional reforms and structural support, emphasizing consumer relief and income growth as key drivers for consumption[5] - Service consumption recovery remains critical, with current levels at only 87.7% of historical trends, indicating significant potential for policy-driven growth[5]

Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of financial policies aimed at stabilizing the market and expectations in response to external economic pressures, particularly from tariffs and declining export orders [1][2][3] - The newly established monetary policies include a 500 billion yuan service consumption and pension relending facility and a risk-sharing tool for technology innovation bonds, which are designed to address external demand disturbances and promote long-term growth through innovation [1][2] - The financial policies focus on stabilizing the stock and real estate markets, which are crucial for macro-prudential management, as they can help boost consumption and mitigate declines in real estate investment [2][3] Group 2 - The capital market policies include an action plan to promote the high-quality development of public funds, addressing the disconnect between fund managers' income and performance, and shifting the focus from scale to returns [2][3] - The need for coordinated economic cycles is emphasized, as any lag in one area can negatively impact the overall economic structure, highlighting the importance of a "package" approach to policy implementation [3][4] - The current macroeconomic policies are in a state of counter-cyclical adjustment, with the expectation of further fiscal policies to support livelihoods and expand investments, enhancing the sense of security among micro-entities [4]

5月6日，诸城市政府召开新闻发布会，正式发布《诸城市购房消费券发放实施办法》，推出总额4000万 元的购房消费券，旨在通过"真金白银"的惠民举措提振住房消费，促进房地产市场平稳健康发展。 本次购房消费券面向购买诸城新建商品住宅的所有购房者，首次置业的刚需家庭与改善型住房需求市民 均可通过官方平台"房欣购"小程序参与申领。消费券分五批次发放，首批将于5月10日12:00-14:00限时 上线，后续每月发放一次，每次投放200张，单张面值4万元。购房者可通过"安居龙城""今日诸城、诸 城融媒"公众号、各参与楼盘售楼处及住建局政务服务窗口四大渠道进入申领平台。成功申领后，需在3 个工作日内至市政务服务中心兑换纸质消费券，券面有效期20天，过期未使用自动失效。 经企业自愿申报、政府严格筛选，本次活动确定17家企业旗下21个楼盘参与，具体包括：山钢.舜德 府、东鲁文苑、阳光.海棠湾、金栗福地、范阁园、盛元名府、恒信龙栖府、恒信风华尚品、恒信潍水 春风、书香府郡、君和君泰、万家苑、君华.香柏国际、新东苑名邸、金源府邸、芦山家园、长运.玺悦 府、正大繁华新城(南区)、润东.华府壹号、红星家园.E区、红星家园.老年社区。 政 ...

据了解，自2月1 7日民营企业座谈会以来，中国银行已对座谈会参会企业和5 0 0强民企中泛科 技客户开展营销调研、邀约客户座谈、组织编写优秀服务案例等一系列的营销和对接活动， 并于3月1 2日举办全国工商联-中国银行民营企业座谈会及中国银行支持民营企业高质量发展 暨共建"一带一路"服务方案发布会。 4月29日，中国银行公布一季度业绩。数据显示，截至3月末，中国银行资产总额35.99万亿元，较年初 增长2.64%；负债总额33.02万亿元，较年初增长2.84%，业务规模平稳增加。实现营业收入1,649亿 元，同比增长2.41%；实现税后利润586亿元，财务效益保持稳健。净息差1.29%，平均总资产回报率 （ROA）0.66%，净资产收益率（ROE）9.09%，成本收入比26.17%，主要指标保持合理区间。 国有大行是实体经济的"稳定器"和"压舱石"。对于包括中国银行在内的国有大行而言，稳健 的经营业绩是"成绩单"的一面，"成绩单"的另一面，是服务实体经济、服务国家战略的具体 行动。随着一季报发布，中国银行以金融力量助力稳经济的具体行动进一步显现。 促消费的"先锋军" 消费是拉动经济增长的主引擎。今年的《政府工作 ...

以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭 等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 贾东旭 报告正文 事件：4月28日，国新办举行新闻发布会，介绍稳就业稳经济推动高质量发展政策措施。 稳内需、稳就业相辅相成。促消费政策侧重改善服务消费供给，稳投资侧重既有政策落地 消费方面，除了继续拨付消费品以旧换新补贴资金外，政策后续还将通过建立育儿补贴制度、创设专项再 贷款工具等多维发力。 发改委副主任赵辰昕透露第二批以旧换新补贴资金已拨付到位，后续仍有1400亿元 待分配额度。服务消费方面聚焦供给侧，央行副行长邹澜表示"着重从服务消费供给侧发力，聚焦文旅体 育、餐饮住宿、教育培训等重点领域，加大金融支持力度"，预计配套再贷款工具将加快落地。值得关注的 是，赵主任明确表示"将建立实施育儿补贴制度"，此举既可稳定人口长期趋势，又能短期提振相关消费。 投资方面，政策着重加快项目落地，通过政策性开发性金融工具破解资本金缺口问题。 本本次发布会实质 是对4月政治局会议决策的深化落实：一方面，发改委提出"力争6月底前 ...