封 面专题： 构建全国统一大市场，服务中国式现代化 中共中央政治局委员、国务院副总理何立峰 23 日至 24 日在河北调研时指出，要深入学习贯彻习 近平总书记重要指示精神，认真落实党中央、国务院决策部署，加快构建全国统一大市场，积极 扩大内需提振消费，加快构建房地产发展新模式，因地制宜发展新质生产力，更好推动经济高质 量发展。 何立峰先后来到邯郸、邢台，实地调研家电以旧换新情况和房地产开发销售、新能源新材料产业 发展等工作，深入了解上半年经济形势、相关企业经营情况以及面临的主要问题。何立峰指出， 今年以来，我国经济顶住压力保持向好态势，社会信心持续提振。要持续推动大宗耐用消费品以 旧换新政策落地见效，有力有效稳定市场预期。各相关城市可从实际情况出发，以更加便民为目 标，将消费品以旧换新与城市更新行动有机结合，更好激发消费潜力。要持续巩固房地产市场稳 定态势，加快构建房地产发展新模式，更好满足人民群众对"好房子"的新期待。要加大力度促进 外贸生产企业稳量提质，推动内外贸一体化结合发展。要严格落实强监管防风险要求，有力有序 有效防范化解地方中小金融机构风险。要聚焦主业，持续推动高端装备制造、智能光伏、清洁能 源、 ...

光伏组件低至每瓦六毛多，百余款车型加入降价行列，储能系统中标价格屡创新低……一段时间以来， 无序拼价格战、同质化竞争成为一些行业"内卷式"竞争的突出表现。"内卷"之下，竞争失去节制，市场 机制受到扭曲，给高质量发展带来不利影响。 "要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷式'竞争。" 在准确认识阶段性问题和深刻把握市场规律的基础上，以习近平同志为核心的党中央部署综合整治"内 卷式"竞争。这是解决当前经济发展矛盾的关键举措，是深化经济体制改革的重要保障，也是推动企业 实现创新发展、向价值链中高端攀升、不断增强发展韧性的有效路径。 （一） 破除"内卷式"竞争，是按照经济规律办事的必然要求。 竞争，市场经济的基本特征，也是市场经济的灵魂所在。但竞争有良性竞争和不正当竞争之分，"内卷 式"恶性竞争违背了经济规律，其弊端是显而易见的。 其一，会削弱行业整体竞争力。 近年来，我国新能源汽车产业快速发展，产销量连续10年位居全球第一，为全球碳中和作出积极贡献。 其二，会破坏产业发展生态。 为降低价格和成本，有的企业选择利用优势地位，向上下游"强行压价"、延长账期、转嫁压力。数据显 示，2024年我国零部 ...

Core Viewpoint - The article emphasizes China's approach to stabilizing its economy amidst global economic uncertainties through reform and development strategies [1]. Group 1: Economic Response to External Challenges - Since April, the U.S. has implemented "reciprocal tariffs," disrupting global supply chains and challenging multilateral trade orders [2]. - China's foreign trade dependence on the U.S. has decreased from over 20% to around 12%, indicating a strategic reduction in reliance on a single market [2]. - In Q1, China's GDP grew by 5.4%, surpassing last year's growth rate and this year's target of 5% [2]. Group 2: Reform and Policy Initiatives - China has introduced various macroeconomic policies to stimulate economic activity and enhance competitiveness, including the "Promotion Law of Private Economy," which establishes the legal status of the private sector [3]. - New measures aimed at creating a unified national market and market-oriented resource allocation have been implemented to provide systemic support for economic stability [3]. Group 3: Manufacturing Transformation and High-Quality Development - The perception of "Made in China" is evolving, with a shift towards high-end and high-tech manufacturing, as evidenced by a Deutsche Bank report [4]. - China's manufacturing scale is approximately double that of the U.S. and four times that of Japan and Germany, with significant improvements in quality and structure [4]. - Key sectors such as high-speed rail, shipbuilding, and industrial robotics have seen substantial domestic production, with over 50% of global orders in these areas [4]. Group 4: Future Directions for Manufacturing - External pressures may accelerate China's efforts to enhance its industrial structure and upgrade its manufacturing capabilities [5][6]. - Future manufacturing strategies will focus on upgrading traditional industries, advancing strategic emerging industries, and fostering innovation in AI, quantum technology, and life sciences [6].

Group 1 - The core viewpoint emphasizes the importance of practical implementation and the need for a clear focus on ten key tasks to achieve the goals set by the provincial government [1][2] - The province of Henan has achieved significant economic growth, with a GDP of 14,945.58 billion yuan in the first quarter, representing a year-on-year increase of 5.9%, surpassing the national average by 0.5 percentage points [2] - Henan's agricultural output has consistently exceeded 1,300 billion jin for eight consecutive years, contributing over 600 billion jin of raw grain and processed products annually, thus playing a crucial role in national food security [2] Group 2 - The province aims to transform from a "transport hub" to an "economic hub," leveraging its unique geographical advantages to integrate into the national unified market [2] - The next five years are seen as a critical phase for Henan's development, focusing on "two highs and four efforts," indicating substantial growth potential and opportunities for entrepreneurship [2] - The ten key tasks for the current and future periods include promoting integration into the national market, advancing education and talent development, upgrading industries, revitalizing rural areas, and enhancing ecological protection [2]

Core Viewpoint - The National Development and Reform Commission emphasizes the need for comprehensive deepening of reform and opening up, focusing on the implementation of economic system reform tasks and the construction of a unified national market [1] Group 1: Economic Reforms - The commission aims to promote high-quality development of investment attraction by cleaning up market access barriers and advancing bidding reforms [1] - There is a commitment to deepen the reform of state-owned enterprises and optimize the layout and structure of the state-owned economy [1] Group 2: Market Environment - The goal is to create a market-oriented, law-based, and international first-class business environment [1] - The implementation of the Private Economy Promotion Law is seen as a catalyst for ensuring the effective execution of various support measures [1] Group 3: International Cooperation - The commission plans to expand high-level opening up and improve the quality of the Belt and Road Initiative [1] - New measures for opening up in sectors such as telecommunications, education, culture, healthcare, and finance are to be researched and introduced [1] - Policies encouraging foreign investment enterprises to reinvest domestically will be formulated, along with a steady and orderly advancement of overseas investment cooperation [1]

Group 1 - The construction of a unified national market is a key measure to promote high-quality economic development in China, with Henan playing a significant role due to its central location and rich resources [1] - The futures market serves as a powerful "booster" for Henan to integrate into the national unified market, providing precise guidance for industries through its price discovery function [1] - Futures prices help local farmers in Henan optimize their planting decisions and provide pricing benchmarks for agricultural processing enterprises, enhancing the competitiveness of Henan's agricultural products in the national market [1] Group 2 - Risk management is a core function of the futures market, allowing enterprises to hedge against price volatility and secure costs and profits [2] - The futures market's resource allocation function facilitates the orderly flow of production factors across the country, with a growing variety of futures products covering multiple sectors [2] - The correlation between futures and spot prices exceeds 90% for many products, indicating the maturity of the price formation mechanism and its influence on resource distribution [2] Group 3 - The development of the futures delivery network has optimized logistics and warehousing infrastructure in Henan, enhancing resource utilization efficiency [3] - The establishment of delivery warehouses by Zhengzhou Commodity Exchange has stimulated the growth of the logistics industry in Henan and improved logistics connections with other regions [3]

2025 年 6 月 26 日 股指期货将偏强震荡 白银、镍、锡、工业硅、碳酸锂、 焦煤期货将偏强震荡 原油、燃料油、豆粕期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2509 阻力位 3944 和 3964 点，支撑位 3910 和 3890 点；IH2509 阻力位 2735 和 2750 点，支撑位 2719 和 2707 点；IC2509 阻力位 5838 和 5888 点，支撑位 5740 和 5690 点；IM2509 阻力位 62 ...

Group 1 - The core message of Xi Jinping's speech during his visit to Henan emphasizes the importance of accelerating modernization efforts, serving as a guiding principle for development in Luoyang [1] - Luoyang aims to seize significant opportunities presented by the new technological revolution and industrial transformation, focusing on technology innovation to lead industrial upgrades and enhance high-tech enterprises [1] - The city plans to actively integrate into the national unified market, improving resource integration and collaboration, thereby enhancing its development potential [1] Group 2 - Luoyang recognizes the importance of high-quality development, which emphasizes innovation capability, cultural value, and ecological quality, presenting new opportunities for economic growth [2] - The city intends to leverage its strengths by focusing on innovation platform construction, talent cultivation, and capital operation to enhance its technological innovation capabilities [2] - Efforts will also be made to protect historical and cultural heritage while developing a world-class cultural tourism city, alongside promoting green transformation for sustainable development [2]

FICC日报 | 2025-06-26 金融科技板块活跃，指数继续走高 市场分析 金融促消费政策出台。国内方面，国务院副总理何立峰在河北调研时指出，要加快构建全国统一大市场，积极扩 大内需提振消费，加快构建房地产发展新模式。持续推动高端装备制造、智能光伏、清洁能源、新材料等企业创 新发展，并综合整治内卷式竞争。海外方面，第二场听证会上，鲍威尔重申，美联储并不急于行动，高关税带来 很大的不确定性，因此需要观望，同时提到了可能推动降息的一些因素。 指数继续走高。现货市场，A股三大指数延续反弹，上证指数涨1.04%收于3455.97点，创业板指涨3.11%。行业方 面，板块指数涨多跌少，非银金融、国防军工、计算机、电力设备行业涨幅居前，仅煤炭、石油石化、交通运输 行业收跌。当日沪深两市成交金额继续上升至1.6万亿元。国泰君安国际获香港证监会批准，将现有证券交易牌照 升级为可提供虚拟资产交易服务并提供意见，带动金融科技板块上涨。海外市场，美国三大股指收盘涨跌不一， 道指跌0.25%，标普500指数持平，纳指涨0.31%，录得三连涨。 期指增仓。期货市场，基差方面，期指基差快速修复，尤其是IC、IM收窄幅度较大。成交持 ...

宏源期货煤焦日报 | | | | | | | | | | | | 2025/6/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | ■日 | 涨跌 | | 昨日 | ■日 | 涨跌 | | 12601 | 1428.0 | 566ET | 28.5 | JM2601 | 847.5 | 827.5 | 20.0 | J01基差 | -174.4 | -145.9 | -585- | | J2605 | 1458.5 | 1418.0 | 40.5 | JM2605 | 872.5 | 8558 | 200 | 105基差 | -204.9 | -164.4 | -40.5 | | 12509 | 1387.5 | 1351.5 | 098 | 80952WIE | 804.5 | 784.0 | 20.5 | 100 查会 | -133.9 | -97.9 | -36.0 | ...