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关键窗口、关键应对——前瞻4月政治局会议|宏观经济
清华金融评论· 2025-04-23 10:30
Core Viewpoint - The upcoming political bureau meeting at the end of April is expected to adopt a more proactive and expansive policy stance, focusing on stabilizing expectations, growth, foreign trade, employment, stock market, and real estate, while also introducing new incremental policies [1][5][9]. Economic Outlook - The economic situation is anticipated to be acknowledged as stable with a good start in Q1, but challenges will be highlighted, particularly the complex external environment and insufficient domestic demand growth [3][5]. - The GDP growth rate for Q1 is reported at 5.4%, but indicators like CPI and PPI suggest weak demand characteristics remain unchanged, necessitating policy adjustments [5][9]. Policy Direction - The policy tone is expected to be more aggressive and expansive, with a focus on "real money" measures to stabilize various economic sectors [5][9]. - There is an emphasis on implementing existing policies while also introducing new measures to address external uncertainties [5][9]. Key Focus Areas - Specific areas of focus include central leverage, stabilizing foreign trade and employment, expanding domestic demand, promoting consumption, stabilizing the stock market and real estate, and enhancing industrial reform [9][10]. - Potential measures may include interest rate cuts, increased fiscal stimulus, and adjustments to the use of funds for existing policies [9][12]. Trade and Employment - The government is expected to emphasize support for foreign trade enterprises and employment, with significant backing for transitioning exports to domestic sales [11][15]. - The stock market may see increased support, with actions from central financial institutions to stabilize market confidence [11][15]. Infrastructure and Reform - More infrastructure projects are likely to be launched, focusing on urban renewal and water conservancy [12]. - Long-term reform efforts will continue, with attention to national market unification and state-owned enterprise reforms [12][13]. Recent Developments - Recent government actions include high-level visits to Southeast Asian countries to strengthen cooperation, and responses to increased tariffs from the U.S. [13][14]. - The government is actively supporting the transition of foreign trade enterprises to domestic markets through various platforms and initiatives [15][16].
政策周度跟踪:关注关键窗口期-20250421
Fiscal Performance - In Q1 2025, national general public budget revenue was CNY 60,189 billion, a year-on-year decrease of 1.1%[3] - National general public budget expenditure was CNY 72,815 billion, a year-on-year increase of 4.2%[3] - In March 2025, broad fiscal revenue decreased by 1.7% year-on-year, while broad fiscal expenditure increased by 10.1%[4] Budget Completion - Q1 2025 broad fiscal revenue budget completion was 24.6%, slightly above the five-year average of 24.1%[4] - Broad fiscal expenditure budget completion was 21.9%, slightly above the five-year average of 21.8%[4] Debt Financing - In March 2025, the broad fiscal deficit reached CNY -2.3 trillion, higher than the average of CNY -1.2 trillion from 2020 to 2024[4] - The general fiscal deficit was CNY -1.3 trillion, compared to the average of CNY -0.5 trillion during the same period[4] Special Bonds Issuance - New special bonds issuance is expected to accelerate, with CNY 9,748 billion planned for Q2, a 36.5% increase from Q1[5] - CNY 1.3 trillion of special government bonds will be issued starting April 24, 2025, completing by October 10, 2025[5] Policy Measures - The government emphasizes early and rapid implementation of policies during critical time windows to positively influence market expectations[6] - Recent meetings highlighted the need for enhanced consumer confidence and support for housing demand[6]
早间评论-20250421
Xi Nan Qi Huo· 2025-04-21 06:00
Report Industry Investment Ratings No relevant content provided. Core Views - For Treasury bonds, expect increased volatility and remain cautious [6][7] - For stock indices, be optimistic about the long - term performance and wait for opportunities to go long [10][11] - For precious metals, the medium - to - long - term upward logic remains strong, and previous long positions can be held [12][13][14] - For rebar and hot - rolled coils, investors can look for short - selling opportunities on rebounds and participate with a light position [15][16] - For iron ore, investors can look for buying opportunities at low levels, and participate with a light position [17][18][19] - For coking coal and coke, investors can look for short - selling opportunities on rebounds and participate with a light position [20][21] - For ferroalloys, consider manganese silicon out - of - the - money call options at low levels and short - covering opportunities for silicon iron at the bottom, or consider out - of - the - money call options at low levels if there are large spot losses [22][23] - For crude oil, consider a long - biased operation on the main contract [24][25][26] - For fuel oil, consider a long - biased operation on the main contract [27][28][29] - For synthetic rubber, expect weak oscillations [30][31] - For natural rubber, expect weak oscillations [32][33] - For PVC, expect bottom oscillations [34][35][37] - For urea, expect short - term weakness [38][39] - For p - xylene (PX), expect low - level oscillations following the cost side, and operate with caution [40][41] - For PTA, expect bottom oscillations, and participate with caution [42] - For ethylene glycol, expect bottom oscillations, and participate with caution [43][44] - For staple fiber, expect bottom adjustments following the cost side, and participate with caution [45] - For bottle chips, expect low - level oscillations following the cost side, and pay attention to cost price changes [46][47] - For soda ash, expect short - term weakness [48] - For glass, expect a weak market sentiment [49] - For caustic soda, price fluctuations depend on supply - demand games, and beware of premature market movements [50][51] - For pulp, expect a weak and low - level repeated oscillation [52] - For lithium carbonate, expect a weak operation [53] - For copper, consider a long - biased operation on the main contract [54][55] - For tin, expect price oscillations, control risks in the short term, and wait for the release of risk sentiment [56] - For nickel, control risks in the short term, and wait for the macro sentiment to stabilize [57] - For industrial silicon and polysilicon, consider short - selling at high levels on rebounds [58][59][60] - For soybean oil and soybean meal, remain on the sidelines for soybean meal; for soybean oil, consider out - of - the - money call options at the bottom support range [61][62] - For palm oil, remain on the sidelines for now [63][64] - For rapeseed meal and rapeseed oil, consider the opportunity to widen the spread after the soybean - rapeseed spread narrows [65][66] - For cotton, wait to short sell the far - month contract at high prices after a rebound [67][68][69] - For sugar, remain on the sidelines [71][73][74] - For apples, consider going long at low prices after a pullback [76][77] - For live pigs, consider short - selling opportunities at high prices [78][79][80] - For eggs, wait for the release of the current market sentiment [81][82] - For corn, remain on the sidelines for now [83][84] - For logs, beware of a rapid decline if the reality is weaker than expected [85][86] Summary by Directory Treasury Bonds - The previous trading day saw a differentiated close of Treasury bond futures, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts having different price changes. The central bank conducted 250.5 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 222 billion yuan [5] - The external environment is favorable for Treasury bond futures, but yields are relatively low. China's economy shows a stable recovery trend, and it is advisable to remain cautious [6] Stock Indices - The previous trading day saw slight oscillations in stock index futures, with different changes in the main contracts of various indices [8][9] - The first - quarter fiscal revenue decreased by 1.1% year - on - year, and expenditure increased by 4.2%. In March, total social power consumption increased by 4.8% year - on - year [9] - Although there are concerns about corporate profit growth and global recession, domestic asset valuations are low, and policies have hedging space. Be optimistic about the long - term performance of Chinese equity assets [10] Precious Metals - The previous trading day saw gold and silver main contracts with different price changes. The complex global trade and financial environment, potential monetary policy easing, and other factors are expected to drive up the price of gold [12] - Be optimistic about the long - term value of gold, and previous long positions can be held [13] Rebar and Hot - Rolled Coils - The previous trading day saw a slight correction in rebar and hot - rolled coil futures. The real - estate industry's downturn suppresses rebar prices, but the peak - season demand may provide short - term support. Hot - rolled coils may follow a similar trend. Steel prices are at a low valuation, and the downward space may be limited [15] Iron Ore - The previous trading day saw a slight correction in iron ore futures. The increase in iron ore demand and the decrease in imports and port inventory support the price. The valuation is relatively high among black - series products. Consider buying at low levels [17][18] Coking Coal and Coke - The previous trading day saw weak oscillations in coking coal and coke futures. The supply of coking coal is loose, and the transaction atmosphere has weakened. The shipment of coke has improved, but the possibility of further price increases is low. Consider short - selling on rebounds [20] Ferroalloys - The previous trading day saw slight declines in the main contracts of manganese silicon and silicon iron. The supply of manganese ore may be disturbed, and the demand for ferroalloys is weak while the supply is relatively high. Consider options opportunities based on different situations [22][23] Crude Oil - The previous trading day saw INE crude oil rise and then fall. Speculators increased their net long positions in US crude oil futures. The number of US oil and gas rigs decreased, and OPEC deepened its production - cut agreement. Consider a long - biased operation [24][25][26] Fuel Oil - The previous trading day saw fuel oil rise and then fall. Asian fuel oil demand is unlikely to increase sharply. The sales of marine fuel oil in the UAE's Fujairah Port recovered in March. Consider a long - biased operation as the market may be oscillating upward [27][28][29] Synthetic Rubber - The previous trading day saw a decline in the main contract of synthetic rubber. Supply pressure persists, demand improvement is limited, and it may maintain weak oscillations [30] Natural Rubber - The previous trading day saw different price changes in the main contracts of natural rubber and 20 - number rubber. Global supply is expected to increase, demand is affected by tariffs, and it may maintain weak oscillations [32] PVC - The previous trading day saw a decline in the main contract of PVC. Supply pressure eases marginally, demand recovers weakly, and it may oscillate at the bottom [34][35][37] Urea - The previous trading day saw an increase in the main contract of urea. In the short term, it may oscillate weakly. Agricultural demand is in a lull, and new production capacity is being released [38] P - Xylene (PX) - The previous trading day saw an increase in the PX2509 main contract. PX装置 maintenance and downstream PTA load reduction. It is expected to oscillate at a low level following the cost side [40][41] PTA - The previous trading day saw an increase in the PTA2509 main contract. Supply and demand fundamentals have few contradictions, and it may oscillate at the bottom [42] Ethylene Glycol - The previous trading day saw a decline in the main contract of ethylene glycol. Supply improves due to coal - based plant maintenance, but demand is weak. It is expected to oscillate at the bottom [43][44] Staple Fiber - The previous trading day saw a decline in the staple fiber 2506 main contract. Downstream demand is weak, and it may adjust at the bottom following the cost side [45] Bottle Chips - The previous trading day saw an increase in the bottle chips 2506 main contract. Raw material prices fluctuate, and it is expected to oscillate at a low level following the cost side [46][47] Soda Ash - The previous trading day saw a decline in the main 2509 contract of soda ash. Production and inventory are at high levels, and the market may remain weak in the short term [48] Glass - The previous trading day saw a significant decline in the main 2509 contract of glass. A production line changed its product type. Production lines are at a low level, and inventory changes little. The market sentiment is weak [49] Caustic Soda - The previous trading day saw a slight increase in the main 2505 contract of caustic soda. Production decreased last week, and demand has slightly improved. Price fluctuations depend on supply - demand games [50][51] Pulp - The previous trading day saw a decline in the main 2507 contract of pulp. Port inventory increased slightly, and downstream开工 rates varied. The market is expected to oscillate at a low level [52] Lithium Carbonate - The previous trading day saw a decline in the main contract of lithium carbonate. The trade tariff event affects demand, and supply remains high. It is expected to operate weakly [53] Copper - The previous trading day saw an upward oscillation in Shanghai copper. The price increased, and the spot market had limited supply. Consider a long - biased operation [54] Tin - The previous trading day saw an increase in tin prices. The Bisie tin mine may resume operation, and Indonesian mining costs have increased. Consumption data is good, and prices are expected to oscillate [56] Nickel - The previous trading day saw a decline in nickel prices. The US tariff event has a negative impact on the market. Supply is tightened, and cost support is strong, but demand may weaken in the off - season [57] Industrial Silicon and Polysilicon - The previous trading day saw a significant decline in the prices of industrial silicon and polysilicon. Supply and demand are imbalanced, and prices are expected to continue to bottom - out [58][59] Soybean Oil and Soybean Meal - The previous trading day saw declines in soybean meal and soybean oil main contracts. Brazilian soybean production is high, and domestic supply is abundant. Consider different strategies for soybean oil and soybean meal [61][62] Palm Oil - Malaysian palm oil had a slight decline. Domestic imports decreased, and inventory is at a low level. Remain on the sidelines for now [63][64] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed exports decreased. China has imposed tariffs on Canadian products, and domestic inventories are at high levels. Consider the opportunity to widen the spread [65][66] Cotton - The previous trading day saw a weak oscillation in domestic cotton. US cotton export sales increased, and the planting rate is lower than in previous years. Textile exports are affected by tariffs, and domestic demand is weak. Consider short - selling the far - month contract at high prices [67][68][69] Sugar - The previous trading day saw a strong oscillation in domestic sugar. Brazilian sugar production increased, and Indian sugar production was lower than expected. Domestic inventory is neutral, and it is advisable to remain on the sidelines [71][73][74] Apples - The previous trading day saw apple futures rise and then fall. Cold - storage inventory decreased rapidly, and the market sales are good. Consider going long at low prices after a pullback [76][77] Live Pigs - The previous day saw a slight decline in the national average price of live pigs. Demand is weak, and the supply pressure is increasing. Consider short - selling opportunities at high prices [78][79][80] Eggs - The previous trading day saw an increase in the average price of eggs in the main production areas. Egg production capacity is increasing, and consider waiting for the release of market sentiment [81][82] Corn - The previous trading day saw a decline in the corn main contract. The sales of the current season are almost over, and port inventory is high. Supply pressure exists in the short term, and consumption is slightly increasing. Remain on the sidelines for now [83][84] Logs - The previous trading day saw a decline in the main 2507 contract of logs. A tropical cyclone may affect shipments. Inventory is relatively neutral, and beware of a rapid decline [85][86]
中泰期货晨会纪要-20250421
Zhong Tai Qi Huo· 2025-04-21 01:49
1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The market is currently affected by various factors such as global trade wars, US tariff policies, and domestic economic policies. Different commodities show different trends and investment opportunities based on their own fundamentals and market conditions [4]. - For futures trading, different strategies are recommended for various commodities according to their supply - demand relationships, price trends, and external factors. 3. Summary According to Related Catalogs 3.1 Macro Information - The Chinese government is taking measures to stabilize employment, the economy, and promote high - quality development, including encouraging enterprises to stabilize employment, supporting foreign investment, and promoting service consumption [4]. - Fiscal revenue in the first quarter decreased by 1.1% year - on - year, while fiscal expenditure increased by 4.2% [4]. - In Beijing, the new - start area of real estate development increased by 19.1% year - on - year in the first quarter, and the sales area of new commercial housing increased by 6.2%, but the residential sales area decreased by 2.7% [4]. - The US government is discussing forming a working group to deal with supply - chain crises caused by high tariffs on Chinese goods [4]. 3.2 Futures Market 3.2.1 Stock Index Futures - Consider IH, IM cross - variety arbitrage or stay on the sidelines. The market trading volume has shrunk, and there is a strong wait - and - see sentiment. The market is affected by policy expectations and economic data [4]. 3.2.2 Treasury Bond Futures - In the case that reserve requirement ratio cuts and interest rate cuts do not exceed expectations, maintain a moderately optimistic attitude towards ultra - long - term bonds. Pay attention to reserve requirement ratio cuts, interest rate cuts, and the Politburo meeting at the end of the month [4]. 3.2.3 Shipping (Container Shipping to Europe) - Consider taking appropriate profit on short positions. The market has absorbed the expected increase in freight rates during the peak season and supply - side pressure. The freight rate may face different situations in May, with potential short - term tightness and long - term oversupply [4][5]. 3.2.4 Agricultural Products - **Cotton**: The domestic cotton price is under pressure and fluctuates at a low level. The impact of US tariffs, USDA reports, and domestic supply - demand conditions all affect cotton prices. Although there was good export data in March, the overall situation is still not optimistic [5][6]. - **Sugar**: The sugar price fluctuates due to factors such as the start of the new sugar - making season in Brazil, the reduction in India's production, and the uncertainty of the supply - demand gap [7][8]. - **Oils and Oilseeds**: Short palm oil at high prices and long soybean meal at low prices. The production of palm oil is in the seasonal increase period, while the supply of soybean meal is expected to increase in the future [9][10]. - **Eggs**: The spot price of eggs is expected to be stable and slightly strong in the short term, but the futures price is expected to fluctuate weakly. The supply is expected to increase in the future [10]. - **Apples**: Consider lightly buying near - month contracts at low prices. The spot price is firm, the inventory is low, and the market consumption is in a good state [10]. - **Jujubes**: Hold short positions and pay attention to downstream demand and abnormal changes in the production area. The supply is sufficient, and the demand is weak [10]. - **Pigs**: Consider shorting the LH2507 contract at high prices. The demand is in the off - season, and the supply is increasing [11]. 3.2.5 Energy - **Crude Oil**: The price of crude oil has rebounded slightly. OPEC+ plans to increase production in May, and the US economic slowdown and trade wars affect the demand. The market is in a state of super - decline repair, and the price is expected to be volatile and slightly strong [12]. - **Fuel Oil**: The demand for fuel oil is declining, but there is still power - generation demand in the high - sulfur summer. It is expected to fluctuate with the oil price [13]. 3.2.6 Chemicals - **Plastic**: L is expected to fluctuate weakly, while PP can be considered for long positions in the near - month contract after a correction and short positions in the far - month contract [14]. - **Methanol**: The price of methanol is expected to fluctuate weakly due to the increase in supply and the weakening of demand [15]. - **Caustic Soda**: The spot price of caustic soda is expected to be weak after a restocking cycle. The futures price is expected to follow a similar trend [16]. - **Soda Ash and Glass**: The price of soda ash is expected to fluctuate weakly due to high supply and inventory. The price of glass is expected to be weak as the market expectation is pessimistic [17][18]. - **Asphalt**: The price of asphalt is expected to be in the range of 3250 - 3350 yuan without a significant increase in crude oil prices [19]. - **Pulp**: The fundamentals are short - term weak. Pay attention to the arrival rhythm in April and the inventory rhythm [20][21]. - **Urea**: Keep a long - position idea for the UR09 contract at low prices as the supply and demand are expected to be strong in the later stage [22]. 3.2.7 Metals - **Aluminum and Alumina**: Aluminum is expected to fluctuate weakly, while alumina is expected to oscillate at the bottom and can be considered for long positions at low prices [23]. - **Lithium Carbonate**: Consider an oscillatory approach as the short - term price is mainly affected by its own supply - demand changes [24]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be bearish, while polysilicon has over - supply pressure in the medium term [26][27]. - **Steel and Iron Ore**: The market is expected to oscillate in the short term and decline weakly in the long term [27][28]. - **Coking Coal and Coke**: The price of coking coal and coke is expected to be weak in the short term [30]. - **Ferroalloys**: Short manganese silicon at high prices and long silicon iron at low prices [31].
申万宏观·周度研究成果(4.12-4.18)
赵伟宏观探索· 2025-04-20 00:39
4 . 1 2 - 4 . 1 8 以下文章来源于申万宏源宏观 ,作者宏观团队 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、 深度专题 | "高估"的关税冲击? 热点思考 高频跟踪 电话会议 1、 "周见"系列会议第27期 《关税"压力测试" 》 2、 "洞见"系列会议第54期 周度研究成果 1、 海外高频 | 美国"股债汇"三杀,黄金再创新高 2、 政策跟踪 | 根据形势需要及时推出新的增量政策 3、 短贷高增VS财政托举——3月金融数据点评 4、 为何3月出口大幅反弹? ——3月外贸数据点评 5、 经济结构"新旧转换"的分水岭? ——3月经济数据点评 6、 Top Charts|高估关税冲击的三个"误区"?——"反脆弱"系列专题之三 热点思考 热点思考 2025.4.13 从特朗普2.0的现实约束和美国历史上七次"贸易战"的经验看,后续将如何演绎? 1 热点思考 | 关税的"经济"冲击:GTAP模型测算——关税"压力测试"系列之 二 热点思考 2025.4.14 2 热点思考 | "稳就业"的核心抓手? 基于就业与失业数 ...
申万宏观·周度研究成果(4.12-4.18)
赵伟宏观探索· 2025-04-20 00:39
以下文章来源于申万宏源宏观 ,作者宏观团队 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 4 . 1 2 - 4 . 1 8 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、 深度专题 | "高估"的关税冲击? 热点思考 1、 热点思考 | 关税的"经济"冲击:GTAP模型测算——关税"压力测试"系列之二 2、 热点思考 | "稳就业"的核心抓手? 高频跟踪 电话会议 1、 "周见"系列会议第27期 《关税"压力测试" 》 2、 "洞见"系列会议第54期 热点思考 2025.4.13 从特朗普2.0的现实约束和美国历史上七次"贸易战"的经验看,后续将如何演绎? 《"高估"的关税冲击?—"反脆弱"系列专题之四 》 深度专题 深度专题 2025.4.12 当关税战演变成"数字游戏",对经济层面的影响如何评估?哪些领域,可能"高估"了关税冲击? 1 深度专题 | "高估"的关税冲击? 1、 海外高频 | 美国"股债汇"三杀,黄金再创新高 2、 政策跟踪 | 根据形势需要及时推出新的增量政策 3、 短贷高增VS财政托举——3月金融数据点评 4、 为何3月出口大幅反弹? ...
国常会对股市重磅部署
母基金研究中心· 2025-04-19 10:12
国务院总理李强4月18日主持召开国务院常务会议,研究稳就业稳经济推动高质量发展的若干 举措,听取"3·15"晚会曝光问题处置情况汇报,讨论《中华人民共和国社会救助法(草 案)》,审议通过《中华人民共和国植物新品种保护条例(修订草案)》。 会议指出,面对复杂严峻的外部环境,要深入贯彻中央经济工作会议部署,加力落实《政府工 作报告》明确的政策措施,锚定经济社会发展目标,加大逆周期调节力度,着力稳就业稳外 贸,着力促消费扩内需,着力优结构提质量,做强国内大循环,推动经济高质量发展。要鼓励 企业积极稳定就业,加大职业技能培训力度,扩大以工代赈等支持,加强就业公共服务。要稳 定外贸外资发展,一业一策、一企一策加大支持力度,支持外资企业境内再投资。要促进养 老、生育、文化、旅游等服务消费, 扩大有效投资,大力提振民间投资积极性。 要持续稳定 股市 ,持续推动房地产市场平稳健康发展。 相关举措一旦推出,要直达企业和群众,提高落 地效率,确保实施效果。 会议指出,"3·15"晚会曝光问题处置工作已取得阶段性进展,要坚持举一反三、标本兼治, 强化日常监管和预防工作,聚焦民生关切强化质量安全监管,进一步压紧压实全链条监管责 任, ...
宏观深度报告20250419:贸易摩擦如何影响我国就业?政策如何应对?
Soochow Securities· 2025-04-19 06:50
宏观深度报告 20250419 贸易摩擦如何影响我国就业?政策如何应 对? [Table_Summary] ◼ 贸易摩擦或对我国就业市场造成扰动 ◼ 出口就业人数的两种定量测算 ◼ 对等关税对就业影响的估算 2025 年 04 月 19 日 证券研究报告·宏观报告·宏观深度报告 证券分析师 芦哲 执业证书:S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书:S0600524120007 lichm@dwzq.com.cn 证券分析师 占烁 执业证书:S0600524120005 zhansh@dwzq.com.cn 相关研究 《中国科技产业为全球资产注入稳定 性》 2025-04-14 《美债抛售潮的原因:去美元化、流 动性冲击与中期财政扩张》 2025-04-13 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 每百万元增加值吸纳的就业人数。关税冲击主要是制造业出口,制造业 有更多的资本和技术投入作为劳动要素的代替,因此每百万元增加值吸 纳的就业只有 4.7 人。相比之下,建筑业和部分服务业吸纳就业的能力 更强。每百万元增加值吸纳的就业人数较多的行 ...
政策跟踪 | 根据形势需要及时推出新的增量政策
申万宏源宏观· 2025-04-14 11:42
Group 1 - The central government emphasizes the construction of a community of shared destiny with neighboring countries, focusing on strategic mutual trust, regional stability, and deepening development integration [2] - The government aims to enhance domestic circulation, expand domestic demand as a long-term strategy, and support employment and income growth [3][4] - The government plans to implement proactive macro policies and timely introduce new incremental policies based on changing economic conditions [3][4] Group 2 - China has announced a series of tariff countermeasures against the U.S., increasing tariffs on all imported goods from the U.S. to 125% [6][7] - The Ministry of Commerce has placed several U.S. entities on export control lists, indicating a significant escalation in trade tensions [6][7] - The government is taking measures to mitigate the impact of tariffs, including adjustments in financial regulations and support for state-owned enterprises [8][10] Group 3 - The State Council has issued a plan to accelerate the construction of an agricultural power by 2035, focusing on rural revitalization and agricultural modernization [12][13] - The plan includes promoting the integration of rural industries and enhancing the competitiveness of agricultural products [12][13] Group 4 - The government has issued guidelines to improve the employment service system for college graduates, emphasizing the need for alignment between education and labor market demands [14][15] - The focus is on optimizing the supply of education and enhancing career guidance to facilitate high-quality employment for graduates [14][15] Group 5 - Employment pressure is rising due to structural unemployment caused by industry adjustments and trade frictions, particularly affecting low-education groups [18][19] - New job opportunities are emerging in the service sector, driven by new demands and technologies, with a notable increase in flexible employment [20][21] - The government is encouraged to support the service sector and flexible employment to alleviate unemployment pressures [21]
热点思考 | “稳就业”的核心抓手?
申万宏源宏观· 2025-04-14 11:42
Core Viewpoint - The article emphasizes the increasing pressure on youth employment and the need for enhanced employment stabilization policies in response to rising unemployment insurance expenditures [1][6][8]. Group 1: Causes of Employment Pressure - Structural unemployment is primarily driven by industrial restructuring and potential frictional unemployment due to tariffs. The proportion of unemployed individuals with junior high school education remains around 35%, while the share of college graduates and postgraduates has been increasing, reaching 15.5% and 2.2% respectively by 2022 [2][12][72]. - The overlap between low-education groups and migrant workers is significant, with both groups transitioning from manufacturing and construction to the tertiary sector. In 2022, 37.9% of unemployed individuals previously worked as production equipment operators, an increase of 7.5 percentage points since 2018 [17][72]. - Trade friction poses a risk to employment stability, particularly in industries with high reliance on imports from the U.S., such as computer communication and electrical machinery, where the average employment share exceeds 15% [3][30][78]. Group 2: Employment Opportunities - New demands and technologies are creating new job opportunities, particularly in social and life services. By 2023, employment in the tertiary sector increased by 2.8 percentage points compared to 2018, reaching 33.8% [4][40][79]. - Flexible employment roles, such as ride-hailing drivers and delivery personnel, are rapidly increasing, with the number of professional streamers projected to grow by 157% in 2024. This growth is attributed to lower educational requirements and experience needed for these positions [46][79]. - High-education groups face challenges as traditional industries contract while new technology sectors expand. From 2019 to 2023, employment in new technology sectors like electronic devices and electrical machinery grew at average rates of 9%, 8%, and 8%, while traditional sectors like oil and gas extraction saw declines of -5%, -3%, and -2% [52][53][79]. Group 3: Core Strategies for Employment Stabilization - The focus for stabilizing employment should be on enhancing support for the service sector while addressing skill mismatches in the labor market. Recent policies, such as paid internships for graduates, aim to bridge the gap between education and job market needs [5][57][80]. - Developing the service sector is crucial for alleviating employment pressure on low-education and migrant worker groups, as industries like accommodation and retail generate more jobs per unit of added value [60][67][80]. - Small and micro enterprises, representing a significant portion of the economy, require more fiscal and financial policy support to stimulate market demand and reduce operational costs. Recent surveys indicate that 47.4% of small business owners seek cost reduction measures, while 40.6% require financial support [67][80].