Core Viewpoint - The Chinese government is committed to implementing more proactive macroeconomic policies and is confident in achieving a growth target of around 5% by 2025 [1] Economic Contribution - China has maintained a contribution rate of approximately 30% to global economic growth in recent years [1] - In the first quarter of this year, China's GDP grew by 5.4% year-on-year, indicating a strong start [1] Policy Direction - The Chinese government plans to continue building a unified domestic market and expand high-level opening-up to the outside world [1] - There is an emphasis on sharing development opportunities and benefits with the world, particularly with Asia-Pacific members, to jointly address contemporary challenges [1]

在当前全球贸易保护主义抬头、美国单边挑起贸易争端导致国际贸易形势日趋复杂的背景下，外贸拓内 销这一"内外联动"举措充分彰显出中国经济体系具有强大的韧性。 经济韧性是衡量一个经济体应对内外部重大冲击能力的重要指标，主要表现为抵御能力、恢复能力和更 新发展能力三个维度。从抵御能力看，中国对美国的出口额占全部出口额的比重已从2018年的19.2%降 至2024年的14.7%。依托全球最大的单一国内市场，完全可以消化大量转内销的外贸商品，有效对冲美 国滥施关税的负面冲击；从恢复能力看，沿海地区快速响应，扶持困难出口企业渡过难关，为外贸企业 转型升级提供了关键窗口期。以浙江省"外贸优品转内销"专项扶持计划为例，通过创新性的品牌展示和 直播电商等数字化营销手段，大幅提升了外贸企业开拓国内市场的效率；从更新发展能力看，外贸拓内 销不仅能够丰富国内市场供给，更将通过强化市场竞争机制，倒逼产业升级，推动经济高质量发展。 在外贸拓内销的过程中，政府、电商平台和外贸企业等多元主体协同发力，构建起高效的合作网络。 在需求侧，不仅政府推出的消费补贴、税收优惠等政策工具拓展了企业的市场空间，外贸企业自身在转 内销过程中学习如何快速适应国 ...

证券研究报告 忽视关税噪音，关注自主科技 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年5月5日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：上周交易日为4月28日-30日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 注：本报告所涉及个股/公司仅代表与产业或交易 ...

证券研究报告 忽视关税噪音，关注自主科技 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年5月5日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：上周交易日为4月28日-30日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 注：本报告所涉及个股/公司仅代表与产业或交易 ...

Core Viewpoint - The speech emphasizes the importance of maintaining a stable economic foundation while promoting high-level opening-up and adapting to international changes [1] Group 1: Economic Development Strategy - The need to proactively understand the impact of international developments on China's economic layout and make necessary adjustments [1] - A commitment to steadfastly manage domestic affairs and expand high-level foreign openness [1] - The focus on stabilizing employment, enterprises, markets, and expectations to effectively maintain the economic fundamentals [1] Group 2: High-Quality Development - Accelerating the construction of a new development pattern and promoting high-quality development comprehensively [1] - Greater emphasis on coordinating development and security, considering both internal and external risks and challenges [1] - Enhancing the national security system and improving the ability to maintain security to foster a positive interaction between high-quality development and high-level security [1]

Group 1 - The core viewpoint of the article highlights the recent optimization of the departure tax refund policy in China, which lowers the minimum refund threshold from 500 yuan to 200 yuan and increases the cash refund limit from 10,000 yuan to 20,000 yuan, aiming to stimulate consumer spending and enhance the shopping experience for both small and large purchases [1][2][3] Group 2 - The adjustment of the tax refund threshold is expected to release consumer enthusiasm, benefiting small-scale purchases and encouraging frequent buying behaviors, while the increase in cash refund limits is advantageous for high-value purchases [2][3] - The "China Travel" and "China Purchase" trends are mutually reinforcing, with the optimized tax refund policy attracting more international travelers to shop in China, thus boosting inbound consumption [2][3] - China's efforts to transform from a "world factory" to a "cultural marketplace" are evident through various innovative measures in the tourism and consumption sectors, enhancing the country's appeal to global shoppers [3][5] Group 3 - The article emphasizes that the ongoing improvements in the service chain for international tourists and the overall enhancement of the travel experience will position China as a desirable destination for global travelers [5]

Economic Resilience and Market Opportunities - China's economy is showing a positive trend despite complex international challenges, highlighting its strong resilience and potential [1] - The country has a large domestic market with over 1.4 billion people and more than 400 million middle-income groups, providing significant development space [5] Trade and Market Strategies - To counter external risks, companies are actively expanding into diverse markets and leveraging domestic consumption through promotional activities [3] - E-commerce platforms are accelerating efforts to assist foreign trade enterprises in transitioning to domestic sales and enhancing service offerings [7] Corporate Adaptation and Innovation - Many foreign trade companies are focusing on internal adjustments to respond to market changes, emphasizing the importance of self-reliance [9] - A medical protective equipment company in Shandong is expanding its product line through cross-border mergers and acquisitions [11] - An agricultural technology company in Shandong is innovating its hardware to meet international market demands, showcasing automated "plant factories" [13] Open Market Initiatives - China is adopting a more proactive approach to global engagement, with measures such as reducing the negative list for foreign investment and optimizing the business environment [14] - The number of newly established foreign-invested enterprises in China is projected to reach 59,000 in 2024, reflecting a 9.9% year-on-year increase [19]

中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议强调，要坚持用深化改革 开放的办法解决发展中的问题。坚定不移办好自己的事，坚定不移扩大高水平对外开放。 业内人士表示，我国积极有序扩大自主开放，坚持推进高水平对外开放，不仅凭借坚韧的经济表现吸引 外国机构真金白银投入中国市场，境内机构也加码布局境外业务，进一步增加中国金融市场的国际影响 力。 同时，在业务牌照方面，外资券商的经营范围也在不断扩大。例如，瑞银证券已获全牌照身份，摩根士 丹利证券、汇丰前海证券等外资券商也在2024年获得了业务变更的核准，增加了证券投资咨询业务、融 资融券业务等。2024年12月，高盛中国获得公开募集证券投资基金销售业务资格。2025年1月，渣打证 券上海分公司获得《经营证券期货业务许可证》，正式获准展业。 外资金融机构加码布局投入真金白银，彰显了对中国资本市场发展的信心。 外资机构真金白银投入国内市场 近年来，外资券商独资化进程明显提速，业务资质不断拓展。 中证协近日发布的《证券公司2024年度经营情况分析》(以下简称《分析》)显示，截至2024年末，证券 行业外资公司总资产507.1亿元，较上年末增长10.2 ...

Group 1 - Boao has transformed from a remote fishing village into a globally influential international conference center, primarily due to the establishment of the Boao Forum for Asia in 2001 [5][6] - The geographical advantages of Boao, where three rivers converge and flow into the South China Sea, have contributed to its development as a diplomatic hub [5] - The Boao Zero Carbon Demonstration Zone has been established, showcasing a comprehensive approach to carbon reduction through renewable energy, green building modifications, and ecological landscaping [6] Group 2 - Boao Lecheng International Medical Tourism Pilot Zone has emerged as a significant area for China's medical openness, integrating medical services, research, and production [6] - The Lecheng zone operates under a unique policy framework that allows for special medical practices and international exchanges, achieving synchronization with international standards in medical technology and equipment [6] - Lecheng has established deep cooperation with over 180 pharmaceutical and medical device companies from 20 countries, introducing more than 470 types of cutting-edge international drugs and devices [6]

Core Viewpoint - The implementation plan for the reform of drug, medical device, and cosmetic regulation in Hainan aims to enhance the competitiveness of the biopharmaceutical industry by introducing 20 reform measures across five key areas [1][2] Group 1: Regulatory Reforms - The plan emphasizes improving the efficiency of review and approval processes, focusing on the actual needs of enterprises during product development and registration [1] - It aims to facilitate the market entry of innovative products, targeting the launch of at least one innovative product annually and the introduction of over 60 licensed medical devices each year [1] Group 2: Innovation in Biopharmaceuticals - The initiative seeks to address bottlenecks in innovation by enhancing clinical research levels and increasing support for traditional Chinese medicine research and development [2] - By the end of 2027, the goal is to promote the registration or filing of over 15 hospital preparations [2] Group 3: International Competitiveness - The plan includes regulatory innovations to enhance product participation in international markets, aiming to create a high ground for real-world research applications [2] - It promotes the "Research and Use + Haikou/Qionghai Production" model to facilitate local production of more innovative drugs and medical devices [2] Group 4: Industry Development - The implementation of the plan is expected to significantly promote structural adjustments, efficiency transformations, and quality improvements in Hainan's biopharmaceutical industry [2] - It aims to create a unique competitive advantage for Hainan's biopharmaceutical sector, contributing to the establishment of a modern industrial system with Hainan characteristics [2]