Core Viewpoint - The recent meeting of the Central Political Bureau emphasizes enhancing the attractiveness and inclusiveness of China's domestic capital market to consolidate its recovery and positive momentum [1][3]. Group 1: Capital Market Development Direction - The development direction of the capital market aligns with the spirit of the 20th National Congress and various central economic meetings, focusing on high-quality development [1][3]. - The chief economist of China Galaxy Securities noted improvements in the intrinsic quality and allocation efficiency of the capital market this year, highlighting the need for further reforms to support technological innovation [1][3]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving investor appeal, market stability, and the quality of listed companies while protecting investor rights [3][4]. - The capital market's role in supporting technological innovation and industrial transformation needs to be strengthened, with a focus on meeting the needs of technology-driven enterprises [3][4]. Group 3: External Factors and Market Stability - Despite external uncertainties, the A-share market has remained stable and has shown signs of recovery, supported by domestic policy measures [4][5]. - Foreign investment institutions have raised their optimistic expectations for China's economy and capital market, indicating a shift in perception towards Chinese assets [4][5]. Group 4: Reforms and Policy Measures - The China Securities Regulatory Commission (CSRC) has accelerated comprehensive reforms in investment and financing, facilitating the entry of long-term capital into the market [8][10]. - Significant reforms have been implemented, including enhancing the quality of listed companies and promoting mergers and acquisitions, with record high dividends and buybacks reported [8][10]. Group 5: Future Directions - The CSRC plans to deepen reforms to enhance the capital market's attractiveness and inclusiveness, focusing on long-term capital cultivation and multi-tiered product offerings [10][12]. - High-level institutional openness is essential for attracting foreign investment, with recent data showing a stable increase in foreign holdings of domestic stocks and funds [12].

Core Viewpoint - The Politburo meeting on July 30 emphasized a focus on stabilizing the economy rather than stimulating it, indicating that the policy direction will prioritize implementation over new initiatives, while remaining flexible to adjust if unexpected situations arise [1][2] Group 1: Economic Policy Focus - The meeting highlighted that the economic performance in the first half of the year was positive despite trade tensions, with major economic indicators showing good results and new productive forces developing positively [1] - The emphasis on high-quality urban renewal in the real estate sector was noted as a key strategy to stabilize the market, requiring further observation from policymakers [1] - The meeting introduced a new focus on enhancing the attractiveness and inclusiveness of the domestic capital market, aiming to attract both domestic and foreign investors, particularly for technology innovation enterprises [1] Group 2: 14th and 15th Five-Year Plans - The 15th Five-Year Plan is characterized as a critical period for achieving decisive progress in socialist modernization, shifting from a focus on stability and risk prevention during the 14th Five-Year Plan to a more proactive approach [2] - The meeting underscored the need for active responses to changes and challenges in international competition, with a focus on technological innovation and common prosperity [2] - The strategic direction for the 15th Five-Year Plan includes more proactive policies in areas such as foreign openness, industrial policy, and distribution policy, aiming to consolidate the economic foundation and activate development momentum [2]

Group 1 - The Politburo meeting on July 30 emphasized the need to enhance the attractiveness and inclusiveness of the domestic capital market, indicating a positive stance towards stabilizing and boosting market confidence [2][4][5] - The meeting highlighted the importance of actively and steadily resolving local government debt risks, with a focus on increasing the efficiency of fund usage from government bonds [3][4] - The meeting introduced the term "clearing" regarding local financing platforms, indicating a stronger commitment from the central government to reform these platforms [4][5] Group 2 - The meeting signaled a shift in macro policy focus from new measures to the implementation of existing policies, with an emphasis on the timely execution of fiscal policies [5][6] - The discussion on real estate policies shifted towards long-term development, with a focus on high-quality urban renewal rather than immediate new measures [5][7] - The meeting reiterated the need for strict supervision to prevent the emergence of new hidden debts, maintaining a cautious regulatory tone [3][4]

Group 1 - The meeting highlighted that the "14th Five-Year Plan" period is crucial for solidifying the foundation for socialist modernization and comprehensive development, indicating that the next five years will focus on concentrated reforms and development tasks [1][4] - The emphasis on maintaining policy continuity and stability while enhancing flexibility and foresight suggests that policy formulation and execution will be more responsive to trends and uncertainties, improving precision and effectiveness [1][4][5] - The call to enhance the attractiveness and inclusiveness of the domestic capital market signals the central government's strong commitment to capital market development, with potential reforms in areas such as listings, delistings, trading mechanisms, and investor protection [1][4] Group 2 - The meeting's focus on not merely pursuing GDP growth but rather emphasizing growth quality, efficiency, and sustainability reflects a strategic shift in economic policy [3][11] - The expectation of potential interest rate cuts and the possibility of issuing special government bonds to stimulate consumption and investment indicates a proactive approach to economic challenges [5][6] - The discussion on maintaining a stable housing market and managing mortgage default risks highlights the importance of risk management in the real estate sector, with a focus on improving the financing environment for property developers [10]

Core Viewpoint - The meeting of the Political Bureau on July 30 emphasized a focus on stabilizing the economy rather than stimulating it, indicating that the policy direction will prioritize implementation over new initiatives, while remaining open to adjustments if unexpected situations arise [2][3]. Economic Policy Focus - The meeting highlighted that the economic performance in the first half of the year was positive despite external challenges, with major economic indicators showing good results and a strong resilience in the economy [2]. - The real estate sector will focus on high-quality urban renewal as the main strategy, with further observation needed from policymakers to promote stabilization [2]. - The concept of "anti-involution" has gained importance, with a shift in language from "promoting the orderly exit of backward production capacity" to "advancing capacity governance in key industries," indicating a move towards market-oriented solutions [2]. Capital Market Insights - A new emphasis on "enhancing the attractiveness and inclusiveness of the domestic capital market" was introduced, aiming to attract both domestic and foreign investors while broadening financing channels for technology-driven enterprises [2]. - Continued high-level attention to the capital market suggests that support from state-owned entities will be more sustainable moving forward [2]. Strategic Planning for the 14th and 15th Five-Year Plans - The 15th Five-Year Plan is positioned as a critical period for achieving decisive progress in socialist modernization, with a focus on proactive measures in various policy areas including openness, industrial policy, and distribution policy [3]. - The meeting underscored the need for active adaptation to changes and competition in the international arena, marking a shift from foundational planning to actionable breakthroughs [3]. - The emphasis on consolidating the economic foundation and activating development momentum is crucial for ensuring strategic breakthroughs in modernization efforts [3].

本报（chinatimes.net.cn）记者王兆寰 北京报道 7月的A股，在最后一个交易日的调整中结束，让投资者一时间有点摸不到头脑。 不过，三大股指在7月里频创新高，特别是沪指冲上3636点，距离去年的高点仅剩不到40个点，已经实 现了完美翻身，足够令人欣慰。 7月30日，备受瞩目的政治局会议明确表示，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。有意思的是，该消息在盘中发布，此前并不多见。 中金公司分析认为，"增强吸引力"的说法是首次在政治局会议提及，将资本市场的重要性上升到新高 度。这不仅需要提升对于国内居民和机构的吸引力，也要提升对于国际资金的吸引力，未来在资本市场 制度建设进一步完善方面值得期待。同时，"巩固回稳向好势头"，也表达了决策层对于资本市场稳定向 好的重视和期待。 跌一跌更健康，蹲下去才可以再跳起来。"慢牛长牛"在此刻更加有了画面感。 股市C位妥了！政治局会议"托底"慢牛，"吸引力"政策可期，8月A股怎么走？ 华夏时报 在财通证券看来，此次会议提出了更高的要求，即增强资本市场的吸引力和包容性，这或意味着后续资 本市场有望进一步放开相关管制。 东海证券研究所所长谢建斌认为， ...

Group 1 - The recent Central Political Bureau meeting has set a clear direction for economic work in the second half of the year, emphasizing the importance of enhancing the attractiveness and inclusiveness of the domestic capital market [1] - The new emphasis on "enhancing attractiveness" marks a significant elevation of the capital market's importance, which is expected to boost market sentiment and alleviate concerns regarding domestic and external demand declines [1] - China International Capital Corporation (CICC) believes that the meeting's positive signals will support a continued upward trend in the domestic equity market, while the bond market remains favorable due to expected loose monetary policy [1] Group 2 - The Huian Quality Selected Incremental Bond Fund is gaining attention as it allows for a minimum stock allocation of 5%, compared to traditional secondary bond funds which typically have a stock allocation of 0-20% [2] - The new fund has a 6-month construction period, allowing for flexible adjustments to the investment portfolio based on market conditions, which can help in accumulating quality assets [2] - The performance benchmark for the fund is based on a combination of high-quality credit bonds from central enterprises and dividend quality indices, emphasizing profitability and growth potential [2]

2025 年 7 月 31 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com 交易咨询资格号： 证监许可[2012]112 [Table_QuotePic] 中泰微投研小程序 [Table_Report] 中泰期货公众号 | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | | 2025/7/31 | | 基于基本面研判 | | | | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | 铝 | | 液化石油气 | 原油 | | | 锌 | | 三十债 | 燃油 | | | 氧化铝 | | 白糖 | 沥青 | | | 棉花 | | 工业硅 | 二债 | | | 棉纱 | | 多晶硅 | 五债 | | | 尿素 | | 乙二醇 | 十债 | | | 硅铁 | | 烧碱 | 沪深300股指期货 | | | 纯碱 | | PTA | 上证50股指期货 | | | 生猪 | ...

Group 1 - The core viewpoint of the articles emphasizes the need for enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum in the market [1][3][4] - The A-share market showed a steady upward trend in the first half of 2025, with the Shanghai Composite Index rising over 2.76%, and the Shenzhen Component and ChiNext Index slightly increasing by 0.49% and 0.53% respectively [2] - The meeting highlighted the importance of macro policies continuing to exert force, effectively releasing domestic demand potential, and deepening reforms while ensuring the stability of foreign trade and investment [2][3] Group 2 - The China Securities Regulatory Commission (CSRC) noted that the capital market has shown resilience against unexpected external shocks, with improved expectations and a solidifying upward trend [2] - Suggestions for enhancing the capital market's attractiveness include institutional arrangements to attract long-term funds and ensuring that financing opportunities are available for innovative companies [4][5] - The focus on technology innovation and the integration of industrial innovation is crucial for supporting the listing of quality unprofitable innovative enterprises [4]

Group 1 - The meeting emphasized the need for macro policies to continue to exert force and be appropriately strengthened, focusing on effective release of domestic demand potential and deepening reforms [1][4] - The current economic situation is characterized by strong resilience, with GDP growth in the first half of the year reaching 5.3%, surpassing market expectations [2] - The meeting highlighted the importance of maintaining policy continuity and flexibility to stabilize employment, enterprises, and market expectations [3] Group 2 - The meeting called for accelerating government bond issuance and improving fund utilization efficiency, with over 2.2 trillion yuan in new local government special bonds issued by the end of June [5] - Emphasis was placed on structural support in monetary policy, particularly for small and micro enterprises, to stabilize employment and residents' income [5][6] - The focus on expanding domestic demand is centered on promoting consumption, particularly in the service sector, which is expected to play a significant role in stabilizing employment and expanding demand [6] Group 3 - The meeting proposed to deepen the construction of a unified national market and optimize market competition order, addressing issues of disorderly competition [7] - There is a need for timely support policies for foreign trade enterprises affected by external uncertainties, including financial support and optimizing export tax rebate policies [8][9] - The meeting emphasized the importance of effectively and orderly addressing local government debt risks and prohibiting the addition of new hidden debts [10] Group 4 - The meeting aimed to enhance the attractiveness and inclusiveness of the domestic capital market, focusing on improving investment return expectations and resource allocation [11] - Suggestions were made to lower operational thresholds for capital market support tools and to create new financial instruments to stabilize the capital market [11]