Core Viewpoint - The Chinese government emphasizes the importance of private investment as a key indicator of economic activity and stability, particularly in the context of the 14th Five-Year Plan, aiming to enhance effective investment and support private enterprises in seizing opportunities in emerging technologies and industries [1][2]. Group 1: Government Initiatives - The National Development and Reform Commission (NDRC) is actively seeking to expand private investment by addressing the challenges of project identification and funding access, referred to as the "two helps" [2][3]. - Recent meetings have highlighted the need for policies that facilitate private sector participation in key national projects, with a focus on new industries and innovative business models [1][2]. - The introduction of a negative list for market access allows private enterprises to enter sectors not listed, thereby promoting greater participation in strategic projects [3]. Group 2: Policy Implementation - The government has been lowering entry barriers for private capital in critical sectors, such as increasing the allowable share of private investment in nuclear power projects from 10% to 20% [3]. - Collaborative efforts among various policies, including industrial, investment, fiscal, and financial measures, are being strengthened to invigorate private investment [3][4]. - A mechanism has been established to share key private investment project lists with banks and insurance institutions, aiming to enhance financing support for private enterprises [3]. Group 3: Future Outlook - The ongoing implementation of supportive measures is expected to provide easier access to financing for private capital, potentially reducing costs and increasing investment activity [4]. - The government is committed to continuously refining policies to better support private investment, with a focus on new opportunities and the "two helps" framework [4][5].

Core Insights - The new policy financial tools are expected to tilt towards private enterprises, aiming to address current investment challenges and promote high-quality economic development [1][6][8] - The scale of the new policy financial tools is set at 500 billion yuan, intended to supplement project capital [1][3] - The implementation of these tools could potentially leverage an investment of approximately 6 trillion yuan, significantly impacting infrastructure investment growth [3][5] Investment Trends - Fixed asset investment in China from January to August reached 32.6111 trillion yuan, with a year-on-year growth of 0.5%, indicating a slowdown in investment growth [2] - Manufacturing investment grew by 5.1%, while infrastructure investment (excluding certain utilities) saw a growth of only 2.0% [2] - The introduction of the new policy financial tools is anticipated to enhance infrastructure investment growth by 3-4 percentage points annually over the next three years [3] Focus Areas for Investment - The new policy financial tools will primarily target sectors such as digital economy, artificial intelligence, low-altitude economy, consumer infrastructure, green and low-carbon transition, agriculture, transportation, and municipal and industrial parks [4][5] - Local governments are actively organizing training and project application meetings to align projects with the new funding opportunities [4] Support for Private Enterprises - The new financial tools are expected to allocate 100 billion yuan specifically to support private enterprises, reflecting the government's commitment to bolster the private economy [6][8] - Measures to promote private investment are set to be announced, focusing on expanding access, addressing bottlenecks, and enhancing support for private capital in emerging sectors [6][7] Policy Coordination - The government plans to implement practical measures to enhance coordination among industrial, investment, fiscal, and financial policies to stimulate private investment [8][9] - The emphasis will be on addressing deep-rooted issues affecting the business environment that have led to a decline in private investment [9]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][3] 2. Core View of the Report - Amid the dual demand for funds during the quarter - end and holidays, the central bank has intensified liquidity injection. The bond market has shown mixed trends with some yields rising and falling. The Fed's entry into the interest - rate cut cycle expands the policy space for the domestic central bank, but policy adjustments await central unified deployment. With the equity market strengthening, bond futures prices fluctuate at low levels. It is recommended to maintain a short - term neutral stance on long - term bonds and stay on the sidelines for short - term bonds, while controlling risks before the holiday [3] 3. Summary by Relevant Catalogs Futures Market - **Price and Volume**: On the previous trading day, treasury bond futures prices generally rose. For example, the T2512 contract rose 0.07%. The trading volume and open interest of different contracts showed different changes, such as the open interest of T2512 decreasing [2] - **Arbitrage Opportunity**: The IRR of the CTD bonds corresponding to the main treasury bond futures contracts was at a low level, indicating no arbitrage opportunities [2] Spot Market - **Domestic Bond Yields**: The yields of key - term treasury bonds in China showed mixed trends. The 10Y treasury bond yield dropped 0.78bp to 1.88%, and the long - short (10 - 2) treasury bond yield spread was 42.06bp [2] - **Overseas Bond Yields**: The yields of key - term overseas treasury bonds also showed mixed trends. The 10Y US, German, and Japanese treasury bond yields rose by 2bp, 1bp, and 1bp respectively [2] Macro News - **Central Bank Liquidity**: The central bank carried out 1817 billion yuan of 7 - day reverse repurchase operations on September 28, achieving a net injection. In the previous two days, it also made significant net injections through reverse repurchase and MLF operations [3] - **Private Investment**: The National Development and Reform Commission will implement practical measures to stimulate private investment [3] - **Population Statistics**: In 2024, the working - age population aged 16 - 59 was 857.98 million, accounting for 60.9% of the total population [3] - **Monetary Policy**: The central bank's monetary policy committee proposed to strengthen monetary policy regulation, maintain capital market stability, and support the real estate market [3] - **Real Estate Policy**: Since 2025, about 200 cities (counties) have introduced over 470 policies, and the fourth - quarter policies are expected to continue to stabilize the real estate market [3] - **Industrial Profits**: From January to August, the total profits of industrial enterprises above designated size reached 4,692.97 billion yuan, a year - on - year increase of 0.9%. In August, the profits increased by 20.4% year - on - year [3] - **US Economic Data**: The US core PCE price index in August was in line with expectations, and consumer spending was strong, increasing the uncertainty of the Fed's interest - rate cut [3] Industry Information - **Money Market Rates**: On September 28, most money market rates in China showed mixed trends, with some rising and some falling [3] - **US Treasury Yields**: US Treasury yields showed mixed trends, with some maturities rising and some falling [3] Comment and Strategy - **Market Situation**: The central bank increased open - market operations last week, and the profits of industrial enterprises above designated size improved significantly in August. The Fed restarted interest - rate cuts, and US inflation remained stubborn [3] - **Investment Strategy**: It is recommended to be bearish on long - term bonds and stay on the sidelines for short - term bonds, while controlling risks before the holiday [3]

Group 1: Government Initiatives - The National Development and Reform Commission (NDRC) plans to implement practical measures to promote private investment development by expanding access, addressing bottlenecks, and strengthening guarantees [2] - The Ministry of Industry and Information Technology (MIIT) and eight other departments issued a work plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in value-added output from 2025 to 2026 [3] Group 2: Company News - New Dazheng announced a major asset restructuring plan to acquire 75.15% of Jiaxin Liheng's equity, aiming to enhance its business presence in key economic regions [4][5] - Yidao Information is planning to acquire controlling stakes in Guangzhou Langguo Electronics and Shenzhen Chengwei Information, which is expected to constitute a major asset restructuring [5] - Guanzhong Ecology's controlling shareholder is transferring 15.5% of shares to Deep Blue Financial Whale, which will result in a change of control [6] - Duori Pharmaceutical is undergoing a control change process, leading to a temporary suspension of its stock [7] - Asia Pacific Pharmaceutical is also planning a control change, with its stock suspended for a short period [7] - Zhonghuan Environmental Protection is in the process of a control change, resulting in a temporary stock suspension [7] - Zhiguang Electric is planning to purchase minority stakes in its subsidiary Zhiguang Energy, with a stock suspension expected [8] - New Light Optoelectronics received a notice regarding the detention of its controlling shareholder, but the company's control remains unchanged [8]

Core Viewpoint - The province is experiencing strong growth in private investment, accelerated investment in emerging industries, and effective policy implementation, leading to significant progress in high-quality project construction and overall economic improvement [1][4]. Group 1: Project Construction Progress - Major project construction in the province has accelerated, with a total of 1,044 key projects planned for 2025 and an annual investment target of 8,510 billion yuan. As of the first eight months of the year, 7,335 billion yuan has been invested, achieving 86.2% of the annual target, exceeding the timeline by nearly 20 percentage points [3][4]. - The province has implemented a monthly scheduling system for major projects, utilizing a "map-based combat" platform for monitoring and analysis, and has established a warning system to address project delays, resolving over 100 major project issues to ensure timely progress [3][4]. Group 2: Private Investment Dynamics - The province has introduced a series of policies to encourage private investment in major projects, aiming to enhance the role of private enterprises in driving high-quality development. The "Action Plan for Promoting High-Quality Development of the Private Economy" was issued in May, focusing on optimizing the policy environment and strengthening financial support [5][6]. - From January to August, private investment in the province increased by 7.3% year-on-year, contributing 4.4 percentage points to overall investment growth. This growth is attributed to various policy measures aimed at expanding the development space for private investment [5][6]. Group 3: Emerging Industries Development - The province is focusing on projects with high innovation content to foster new productive forces and enhance industrial competitiveness. For instance, the integrated circuit and new materials application industrial park project in Sanmenxia is set to support critical national projects and advanced civilian products [6]. - In August, the added value of high-tech manufacturing and strategic emerging industries grew by 11.1% and 10.9% year-on-year, respectively, outpacing the overall industrial growth rate by 2.9 and 2.7 percentage points [6].

9月28日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，就"十五五"时期扩大有效投资听取企 业意见建议。座谈会上，企业负责人结合自身发展情况，深入分析所在行业领域的投资现状、投资潜 力，并对"十五五"时期进一步扩大有效投资提出了具体政策建议。郑栅洁与大家深入交流互动，逐一回 应企业关切和诉求。 （责任编辑：蔡情） 本报记者 杜雨萌 郑栅洁表示，民间投资是反映经济活跃程度的重要风向标，对稳就业稳经济具有重要作用。我国工业门 类齐全、产业体系配套完整，经济发展基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本 趋势没有变。希望企业保持发展定力、坚定发展信心，把握投资机遇、深挖投资潜力，为企业未来发展 打牢基础，为促进民间投资高质量发展多作贡献。对企业提出的意见建议，将在"十五五"规划编制工作 中认真研究吸纳。国家发展改革委将深入贯彻落实党中央、国务院决策部署，在扩大准入、打通堵点、 强化保障等方面实施一批务实举措，加强产业、投资、财政、金融政策协同，进一步激发民间投资活 力，促进民间投资发展。同时，坚持政企常态化沟通交流，认真倾听企业意见和诉求，充分发挥统筹协 调作用，切实帮助解决企业实际困难，促进民营 ...

Core Insights - The issuance of special bonds by local governments has accelerated significantly this year, with a total of approximately 36,613 billion yuan issued as of September 28, representing 83.2% of the planned 44,000 billion yuan for the year [1][2][3] - The quarterly issuance has shown a clear upward trend, with 9,602 billion yuan in Q1, 12,004 billion yuan in Q2, and 15,006 billion yuan in Q3, indicating a proactive fiscal policy aimed at stabilizing the economy and promoting project construction [1][3] Group 1 - Special bonds are a core tool of fiscal policy, playing a positive role in strengthening infrastructure, addressing shortfalls, benefiting people's livelihoods, and expanding investments [1] - The rapid issuance of special bonds reflects a more aggressive fiscal policy, which is crucial for stabilizing economic operations and accelerating project construction [1][3] - The government plans to leverage special bonds and other financial tools to support public services, encourage private investment, and assist in the transformation of financing platforms [2] Group 2 - Future efforts should focus on maintaining the continuity and stability of proactive fiscal policies to boost market confidence and inject vitality into the market [3] - There is a need for structural adjustments in special bonds to better reflect their usage effectiveness, with an emphasis on expanding their application to stimulate investment and consumption [3] - Increased support for major infrastructure projects in sectors such as transportation, energy, and water conservancy is recommended to enhance economic growth [3]

郑栅洁表示，民间投资是反映经济活跃程度的重要风向标，对稳就业稳经济具有重要作用。我国工业门 类齐全、产业体系配套完整，经济发展基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本 趋势没有变。希望企业保持发展定力、坚定发展信心，把握投资机遇、深挖投资潜力，为企业未来发展 打牢基础，为促进民间投资高质量发展多作贡献。对企业提出的意见建议，将在"十五五"规划编制工作 中认真研究吸纳。国家发展改革委将深入贯彻落实党中央、国务院决策部署，在扩大准入、打通堵点、 强化保障等方面实施一批务实举措，加强产业、投资、财政、金融政策协同，进一步激发民间投资活 力，促进民间投资发展。同时，坚持政企常态化沟通交流，认真倾听企业意见和诉求，充分发挥统筹协 调作用，切实帮助解决企业实际困难，促进民营经济健康发展、高质量发展。 （文章来源：证券日报） 9月28日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，就"十五五"时期扩大有效投资听取企 业意见建议。座谈会上，企业负责人结合自身发展情况，深入分析所在行业领域的投资现状、投资潜 力，并对"十五五"时期进一步扩大有效投资提出了具体政策建议。郑栅洁与大家深入交流互动，逐一回 应企业 ...

Group 1 - The National Development and Reform Commission (NDRC) held a meeting on September 28 to discuss expanding effective investment during the 14th Five-Year Plan period, with participation from various private enterprises [1][2] - Attendees emphasized the importance of optimizing the business environment and supporting private enterprises in seizing opportunities for innovation, particularly in artificial intelligence [1][2] - The NDRC aims to incorporate the suggestions from private enterprises into the 14th Five-Year Plan, focusing on enhancing innovation, improving financing mechanisms, and strengthening intellectual property protection [2] Group 2 - Zheng Zhaojie, the NDRC director, highlighted that private investment is a key indicator of economic activity and plays a crucial role in stabilizing employment and the economy [2] - The NDRC plans to implement practical measures to stimulate private investment, including improving access, addressing bottlenecks, and enhancing policy coordination [2] - Continuous communication between the government and enterprises is emphasized to address practical challenges faced by businesses and promote healthy development of the private economy [2] Group 3 - Shenzhen-based Yanzheng High-Tech Holdings Group has been invited multiple times to participate in private enterprise meetings, indicating its significant role in the industry [3] - The company is recognized as a leading provider of industrial internet solutions, offering a range of technologies and services across over 30 industries [3] - Chen Zhili, the chairman of Yanzheng, expressed commitment to contributing to Shenzhen's high-quality economic development through technological independence and innovation [5]

Group 1 - The National Development and Reform Commission (NDRC) held a seminar with private enterprises to gather opinions on expanding effective investment during the 14th Five-Year Plan period [1] - Participating companies suggested that the NDRC should emphasize the role of enterprises in innovation, optimize the layout of technology innovation platforms, improve investment and financing mechanisms, and strengthen intellectual property protection [1] - The NDRC Director emphasized that private investment is a key indicator of economic activity and plays a significant role in stabilizing employment and the economy [1] Group 2 - The NDRC plans to implement practical measures to enhance private investment vitality by expanding access, addressing bottlenecks, and strengthening guarantees [2] - The NDRC has been holding regular seminars with private enterprises since July 2023, with over 80 companies participating to express their views and concerns [2]