从2022年《中共中央国务院关于加快建设全国统一大市场的意见》印发，到今年《全国统一大市场建设 指引(试行)》公布，再到这次会议的重磅部署，全国统一大市场建设一步一个脚印。 此次会议的最新部署，有很多看点。 7月1日召开的中央财经委员会第六次会议，为纵深推进全国统一大市场建设明确"路线图"。 其一，对低价无序竞争说"不"。 清华大学中国发展规划研究院常务副院长董煜认为，当前，经济工作中面临的困难和挑战增多。中央以 大魄力加快建设全国统一大市场，对于稳定市场主体信心，进而稳定发展大局，将起到至关重要的锚定 作用。 会议精准聚焦重点难点，如内卷、招商引资乱象等，针对性提出解决方案。 "依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引 资，加强招商引资信息披露"……会议直击当前市场运行中的关键痛点。 在税制层面，刘志彪认为，需进一步理顺中央与地方财政关系，增加地方政府对消费端的投入，激发市 场消费活力。 在干部考核制度方面，过往侧重财政收入、GDP增长的考核导向，成为市场内卷的重要诱因。刘志彪 称，企业在地方政府追求规模扩张的推动下，盲目扩大生产，导致市场供过于求，引发低价 ...

金十数据整理：7月1日欧盘美盘重要新闻汇总 国内新闻： 1. 习近平主持召开中央财经委员会第六次会议强调，纵深推进全国统一大市场建设，推动海洋经济高质 量发展。 5. 比亚迪股份：6月公司新能源车销量为38.26万辆，去年同期为34.17万辆。 国际新闻： 1. 美国5月JOLTs职位空缺意外升至去年11月以来最高，交易员略微削减美联储降息预期。 2. 油价今晚上调！加满一箱油将多花9元。 3. 科创板第五套标准重启后，首家拟IPO企业禾元生物过会。 4. 2025年暑期档电影票房突破20亿。 2. 媒体：美国官员寻求缩小贸易协议范围，力争7月9日前达成协议。 3. 特朗普称愿意推迟"大而美"法案通过的最后期限。 4. 特朗普威胁让DOGE审查马斯克及其公司所获补贴，马斯克回应：全部砍掉，就现在。 5. 特朗普称不想拥有电动汽车，因为可能会爆炸，并扬言"考虑驱逐"马斯克。 6. 媒体称印度寻求本周与美国达成临时贸易协议。美国财长贝森特：与印度的贸易协议"非常接近"。 7. 欧洲央行论坛—①美联储主席鲍威尔：无法断言7月降息是否为时过早，不排除任何一次会议。②欧 洲央行行长拉加德：并未宣告任务完成，但目标已达到 ...

Group 1 - The Central Economic Committee emphasized the need for a unified national market and high-quality development of the marine economy, highlighting the importance of coordination and cooperation to achieve these goals [1] - The meeting underscored that advancing Chinese-style modernization requires a focus on the marine economy, aiming to establish a path with Chinese characteristics [1] Group 2 - In June, new car manufacturers reported significant sales figures, with Hongmeng Zhixing delivering 52,747 vehicles, marking a historical high and securing the top position among new forces in car manufacturing [2] - Leap Motor also achieved a record high in new car deliveries for June, reaching 48,006 units, while Li Auto and Xpeng Motors followed closely [2] Group 3 - The People's Bank of China and six other departments released guidelines to enhance financial support for boosting and expanding consumption, emphasizing the importance of increasing residents' financial capacity to stimulate consumption [3] - Analysts noted that rising stock markets can enhance consumer willingness and ability to spend, as increased asset values create a psychological effect of wealth growth [3] Group 4 - China plans to issue 1.3 trillion yuan in ultra-long special bonds by 2025, with 5.55 billion yuan issued in the first half of the year, accounting for 42.69% of the annual quota [4] - The issuance plan for the second half of the year has been adjusted to be more intensive, with the first issuance scheduled for July 14 [4] Group 5 - In July, several Hong Kong stocks were favored by brokerages, with companies like Pop Mart, Hong Kong Exchanges, and others receiving multiple recommendations from different firms [5] - The technology and brokerage sectors are highlighted as areas of focus for institutional investors, especially with the upcoming mid-year report season [5] Group 6 - The banking sector has seen a continuous rise, with 36 listed banks in A-shares increasing by over 1%, and Suzhou Bank and Xiamen Bank showing notable gains [8] - Analysts attribute this upward trend to recent shareholder meetings focusing on dividends and strategic transformations, laying a foundation for future stock price increases [8] Group 7 - The international copper price surged, reaching a peak of $9,984, driven by market confidence stemming from the "Big and Beautiful" bill in the U.S. and inflation expectations [15] - Goldman Sachs raised its forecast for LME copper prices for the second half of 2025 from $9,140 per ton to $9,890 per ton, predicting a peak of $10,050 in August [15] Group 8 - BYD reported a 33.04% year-on-year increase in new energy vehicle sales for the first half of the year, totaling approximately 2.146 million units [21] - New and existing companies are expected to see significant profit growth, with projections indicating increases of 50%-100% for several firms in the upcoming half-year [21]

证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债涨跌不一，短端几乎持平，长端上涨。股市方面上 证指数放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支 撑债市，但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡 运行。后续展望：股市大盘突破，债市预计高位震荡。 2025 年 07 月 01 日 投资策略 策略日报（2025.07.01）：指数分化 相关研究报告 <<策略日报（2025.06.30）：创业板指 领涨>>--2025-07-01 A 股：三大指数分化，沪指领涨，创新药概念爆发。市场全天成交额 1.49 万亿，较前一日缩量 0.02 万亿，个股涨跌分化，2514 只个股上涨， 2394 只个股下跌。沪指技术面上指数突破了 3 月份的高点，上涨空间已 经打开。有三个观察点来判断行情的强弱支撑是否有效：一是前期油价的 高点也是地缘风险消退和指数止稳的起点，因此 6 月 23 日上涨的低 ...

Group 1 - Xi Jinping emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy during the sixth meeting of the Central Financial Committee [2] - The construction of a unified national market is essential for building a new development pattern and promoting high-quality development, requiring coordinated efforts to implement the Party Central Committee's deployment [2] - The development of the marine economy must follow a path with Chinese characteristics, contributing to China's modernization [2] Group 2 - The latest data shows that the added value of China's above-scale light industry increased by 7.0% year-on-year in the first five months of this year, continuing a positive recovery trend [11] - The total operating income of the light industry reached 9.27 trillion yuan during the same period, indicating steady production growth [11] Group 3 - The new revised Mineral Resources Law officially came into effect, emphasizing special protection for mineral resources critical to national economic security and strategic emerging industries [19] - The law also highlights the importance of balancing resource development and environmental protection, and stresses the market-oriented allocation of resources [19]

粤开证券首席经济学家罗志恒对第一财经记者表示，构建全国统一大市场能充分发挥中国的比较优势和规模效应，提升经济增长潜力。释放中国经济增长的 潜力，也有利于加快构建新发展格局。新发展格局要求以国内大循环为主体，这就涉及畅通供需循环，构建统一大市场，既有利于需求端的提振，也有利于 从供给端提升供给质量和产业链供应链韧性。 全国统一大市场建设迎来了新部署。 国家发改委会同商务部、市场监管总局于今年4月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》，明确了重点清理整治 的15类情形。 此次，中央财经委会议指出，纵深推进全国统一大市场建设，基本要求是"五统一、一开放"，即统一市场基础制度、统一市场基础设施、统一政府行为尺 度、统一市场监管执法、统一要素资源市场，持续扩大对内对外开放。 据新华社消息，中共中央总书记、国家主席、中央军委主席、中央财经委员会主任习近平7月1日主持召开中央财经委员会第六次会议，研究纵深推进全国统 一大市场建设、海洋经济高质量发展等问题。 习近平在会上发表重要讲话强调，建设全国统一大市场是构建新发展格局、推动高质量发展的需要，要认真落实党中央部署，加强协调配合，形成推 ...

投资咨询业务资格：证监许可【2011】1778 号 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 黑色金属 | 日报 2025 年 7 月 1 日 煤焦日报 专业研究·创造价值 基本面压制，煤焦震荡回调 核心观点 焦炭：7 月 1 日，焦炭主力合约报收于 1388.5 元/吨，日内录得 2.46%的 跌幅。截至收盘，主力合约持仓量为 4.96 万手，较前一交易日仓差为- 1264 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1220 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1160 元/吨，周 环比上涨 1.75%。6 月全国安全生产月结束后，焦煤主产区安监压力逐渐 放缓，焦煤产量或迎来回升，成本端供应扰 ...

Group 1 - The economic performance of China's light industry has shown signs of recovery in the first five months of the year [8] - The new revised Mineral Resources Law has come into effect today [18] Group 2 - The railway summer transportation season has started, with an expected passenger volume of 953 million [10] - The film box office in China for the first half of 2025 reached 29.231 billion [14]

观点：持仓观望，不建议追高 南华研究院 高翔（Z0016413） 投资咨询业务资格：证监许可【2011】1290号 国债期货日报 2025年7月1日 资金面依然偏紧 source： wind,同花顺,南华研究 T主力：净基差与基差 source： wind,南华研究 元 T净基差：主连 T基差：主连 10/31 12/31 02/28 04/30 -0.2 0 0.2 0.4 盘面点评： 国债期货开盘后窄幅震荡，盘中启动价格走高，午后先下后上最终长端明显收涨。现券方面日内节奏跟期货 基本一致，早盘盘中和下午收盘前是利率有所回落，结构上，受资金面影响，日内短债弱于长端。公开市场 方面，今日7天期逆回购到期4065亿，央行新做1310亿，净回笼2755亿元 日内消息： 1.中央财经委员会第六次会议召开，研究纵深推进全国统一大市场建设、海洋经济高质量发展等问题。 行情研判： 日内资金依旧偏紧，尽管从资金价格来看，DR001加权回到1.36%，DR007下行37bp回到1.54%，交易所资 金价格也都明显回落，但盘中经纪商报价隔夜依旧在1.5%以上，早盘资金面情绪指数偏高，指向流动性并没 有完全回归充裕状态。午后随着 ...

Group 1 - The central theme of the article revolves around the insights from a high-level meeting and the market sentiment in July, particularly in the technology sector [1][3]. - The sixth meeting of the Central Financial Committee focused on advancing the construction of a unified national market, emphasizing the need to address challenges such as low-price disorderly competition and to guide companies towards improving product quality [3][4]. - The policy direction for the second half of the year is expected to focus on reducing overcapacity and eliminating vicious competition, which has been highlighted in recent discussions and articles [3][4]. Group 2 - Specific industries that may benefit from the policy shift towards reducing internal competition and overcapacity include the new energy sector, automotive industry, traditional energy sectors like coal, and traditional manufacturing industries such as steel [4]. - The anticipated policy changes could lead to a reduction in supply while maintaining demand, potentially allowing prices to recover and improving financial performance for companies within these sectors [4].