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]

7月30日，中共中央政治局召开会议。会议指出，今年以来，我国经济运行稳中有进，高质量发展取得 新成效。但当前我国经济运行依然面临不少风险挑战，要正确把握形势，增强忧患意识，坚持底线思 维，用好发展机遇、潜力和优势，巩固拓展经济回升向好势头。 进入7月份，A股市场情绪持续升温，上证指数接连攀升3500点、3600点并站稳，7月30日收盘，上证指 数报3615.72点。 聚焦下半年经济工作，会议指出，宏观政策要持续发力、适时加力；要有效释放内需潜力；要坚定不移 深化改革；要扩大高水平对外开放，稳住外贸外资基本盘；要持续防范化解重点领域风险；要扎实做好 民生保障工作；要充分调动各方面积极性。 证监会年中工作会议也提出，下半年要全力巩固市场回稳向好态势。进一步健全稳市机制，增强市场监 测监管和风险应对的有效性、前瞻性，加强预期引导。 湘财证券指出，7月政治局会议明确了下半年将落实更加积极的财政政策和适度宽松的货币政策，整体 政策具有较强延续性。对于资本市场则认同回稳向好态势，要求增强国内资本市场的吸引力和包容性。 如何增强资本市场的吸引力和包容性？ 如何理解中共中央政治局会议提出的增强国内资本市场的吸引力和包容性，巩 ...

7月30日召开的中共中央政治局会议提出，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。东吴证券首席经济学家芦哲表示，增强资本市场的吸引力和包容性，本质上是通过制度创新、 市场开放和生态优化，构建一个高效配置资源、广泛服务各类主体、兼顾风险与收益平衡的现代金融体 系。"吸引力体现为对境内外资金、优质企业的持续虹吸效应，包容性则表现为对不同发展阶段、不同 所有制、不同行业企业的全覆盖支持，以及对中小投资者合法权益的切实保障。"他说。(上海证券报) ...

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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。 ...