构建全国统一大市场是坚持社会主义市场经济改革方向的重要部署，也是推动高质量发展的重要保障。 《习近平经济文选》第一卷相关著作对构建全国统一大市场的要义和重点作出全面系统论述，是指引我 们做强国内大循环、以国内大循环牵引国际循环的根本遵循。 习近平总书记强调，"我国是一个超大规模经济体，而超大规模经济体可以也必须内部可循环"。我国基 于国内大市场形成的强大生产能力，能够促进全球要素资源整合创新，使规模效应和集聚效应最大化发 挥。在国际形势充满不稳定性不确定性的背景下，立足国内、依托国内大市场优势，充分挖掘内需潜 力，有利于化解外部冲击和外需下降带来的影响。迈上新征程，向实现第二个百年奋斗目标进军，使命 更加伟大、任务更加艰巨，要坚定地用好战略性有利条件，不断促进国内市场高水平统一，从而以自身 高质量发展的最大确定性对冲外部不确定性，同时为全球经济治理提供中国经验。 构建新发展格局以全国统一大市场基础上的国内大循环为主体。《把握新发展阶段，贯彻新发展理念， 构建新发展格局》中提出，要注意防范一些认识误区，其中一个就是"各自为政、画地为牢，不关心建 设全国统一的大市场、畅通全国大循环，只考虑建设本地区本区域小市场、 ...

Group 1 - The core viewpoint emphasizes the combination of policy tools aimed at both short-term economic stabilization and long-term high-quality development, addressing deep-seated structural contradictions while optimizing resource allocation mechanisms to respond to uncertainties with certainty in high-quality development [1][4] - The implementation of more proactive macroeconomic policies has effectively stabilized market expectations and boosted economic confidence, as evidenced by the continuous recovery in fiscal revenue growth and accelerated fiscal spending from January to April [1][2] - The fiscal revenue data shows a year-on-year increase of 1.9% in April for national general public budget revenue, with tax revenue also growing by 1.9%, indicating a marginal improvement in the tax revenue structure, particularly in the equipment manufacturing sector [2][3] Group 2 - Fiscal expenditure is highlighted as a crucial means to ensure people's livelihoods and promote socio-economic development, with a reported expenditure of 93,581 billion yuan from January to April, reflecting a year-on-year growth of 4.6% [3] - The increase in spending is particularly focused on social security, health, and education, which enhances the accessibility and equity of basic public services, thereby improving the overall well-being and happiness of the population [3] - The government's proactive measures include issuing long-term special bonds worth 1.3 trillion yuan and local government special bonds of 4.4 trillion yuan to support local investment, alongside other financial tools aimed at stabilizing capital market expectations and facilitating industrial policy implementation [4]

Core Viewpoint - The Chengdu-Chongqing economic circle has made significant progress in the past five years, becoming a vital growth engine in Western China, with a focus on high-quality development and regional collaboration [2][3][16]. Economic Growth and Industrial Development - The GDP of the Chengdu-Chongqing economic circle is projected to grow from 6.3 trillion yuan to 8.6 trillion yuan from 2020 to 2024, marking an increase of two trillion yuan and raising its share of the national economy from 6.3% to over 6.5% [6]. - The region has established four trillion-yuan industrial clusters in electronic information, equipment manufacturing, advanced materials, and specialty consumer goods, with automotive production and electronic information output accounting for over 10% of the national totals [6][7]. - The electronic information industry has become a key pillar, with Sichuan emerging as a global manufacturing hub, producing two-thirds of the world's iPads and significant quantities of laptops and smartphones [6][7]. Technological Innovation - The Chengdu-Chongqing economic circle aims to build a nationally influential technology innovation center, with over 257 key R&D projects implemented and significant investments made in supercomputing and collaborative innovation platforms [10][11]. - The region has over 70,000 technology-based enterprises and 27,000 high-tech companies, with technology contract transactions exceeding 280 billion yuan in 2024 [11]. Reform and Open Economy - The Chengdu-Chongqing economic circle is positioned as a new high ground for reform and opening up, with initiatives like the cross-provincial administrative and economic separation reform being piloted in the Gaizhu New Area [14][16]. - The region has made strides in market integration, with 626 mutual evaluations of fair competition and the establishment of a unified market framework [14][15]. Public Services and Quality of Life - The region has implemented 355 cross-provincial public service items, enhancing the convenience of living for residents, with significant improvements in healthcare collaboration and transportation infrastructure [18][19]. - Educational resources are being shared, with over 180,000 additional higher education enrollment plans and collaborative programs between universities [19][20]. Future Outlook - The Chengdu-Chongqing economic circle plans to continue expanding its reform depth and openness, focusing on building a high-quality living environment and enhancing public service collaboration [16][20].

Group 1 - The company completed a significant asset restructuring by the end of December 2024, gradually exiting the real estate business and transforming its strategic focus to core duty-free operations, centered around the large consumption industry [1] - The company aims to leverage the resource advantages and industrial synergy capabilities of its indirect controlling shareholder, Huafa Group, to concentrate on the "duty-free + commercial management + trade" business development system [1][2] - The company has committed to an orderly exit from its existing real estate business within five years, accelerating its de-real estate strategy [1][2] Group 2 - The company has made strategic plans for the development of its large consumption business, including expanding duty-free operations in key national strategic areas such as Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone [2] - The company is integrating large shopping center assets to enhance consumer experiences and create a new flagship commercial brand [2] - The company is strengthening its supply chain resources to build a comprehensive platform covering procurement, warehousing, and digital marketing, forming a closed-loop business model of "promoting trade through duty-free and vice versa" [2] Group 3 - The company is benefiting from national policies aimed at expanding domestic demand and promoting consumption, which provide strong momentum for its duty-free and large consumption business development [3] - As of May 30, 2025, the passenger flow through the Gongbei Port between Guangdong and Macao exceeded 50 million, a year-on-year increase of 12%, which is expected to positively impact the company's duty-free sales [3] - The company is managing the Hongwan Fishing Port project, which covers an area of approximately 720,000 square meters, with an average annual fish unloading volume exceeding 60,000 tons, focusing on smart fishing port and industrial upgrades [3]

Core Viewpoint - The recent meeting of the State Council emphasizes the importance of strengthening the domestic circulation, particularly focusing on the self-sufficiency and completeness of the industrial and supply chains, which is essential for enhancing the resilience of industrial development [1][2]. Group 1: Importance of Self-Sufficient Supply Chains - A self-sufficient industrial and supply chain ensures stable supply of raw materials, equipment, and technology, mitigating risks of production disruptions [2]. - The stability of the supply chain is crucial for providing diverse and high-quality products, which in turn stimulates consumer spending [2]. - Self-sufficient supply chains facilitate the deep integration of industrial and innovation chains, enhancing the adaptability of the supply system to domestic demand [2]. Group 2: Focus on Key Areas - The goal of self-sufficiency is not to achieve complete self-reliance but to ensure control over critical areas such as chip manufacturing, basic software, and high-end equipment [2][3]. - The emphasis is on mastering core technologies through innovation and industrial upgrades to maintain supply even in extreme external conditions [2][3]. Group 3: Global Cooperation and Specialization - Equating self-sufficiency with isolation is a misunderstanding of global industrial development; true self-sufficiency involves enhancing core competitiveness within a global cooperative framework [3]. - Utilizing regional advantages and promoting specialized division of labor and inter-regional collaboration are vital for achieving self-sufficient supply chains [3]. Group 4: Continuous Improvement of Supply Chains - Continuous efforts to supplement, strengthen, and expand the supply chain are essential for enhancing self-sufficiency [4]. - Supplementing focuses on addressing weaknesses in the industrial chain to reduce reliance on foreign imports [4]. - Strengthening involves enhancing the competitiveness of existing industries and promoting their transformation towards high-end, intelligent, and green development [4]. - Expanding aims to cultivate emerging industries and broaden the industrial chain to create new economic growth points [4].

Group 1 - The A-share market is experiencing a narrow consolidation, with the Shanghai Composite Index down 0.02% to 3339.93 points, the Shenzhen Component Index down 0.26%, and the ChiNext Index down 0.31%. The market turnover reached 1.03 trillion yuan [1] - CITIC Securities believes that both the Hong Kong and A-share markets are likely to enter a bull market, with the end of Q3 to Q4 being a critical entry point for the index, indicating a trend shift towards core assets [1] - The policy framework is continuously reinforcing the "domestic circulation" strategy, promoting domestic demand upgrades through targeted measures such as consumption subsidies and tax incentives. This approach aims to connect the "external demand easing period" with the "internal demand cultivation period" [1] Group 2 - Major liquor companies have reduced channel inventory to reasonable levels, and with ongoing policy support and improved consumption scenarios, the demand for liquor is gradually recovering. The consumption of yellow wine is rising, beer consumption is entering peak season, and raw milk prices in the dairy sector are stabilizing [1] - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, and dairy products. It includes top stocks like Moutai and Wuliangye, providing a convenient investment tool for small capital [2]

5月26日，市政府党组理论学习中心组召开学习会，深入学习贯彻习近平总书记在上海考察时、在部分省区 市"十五五"时期经济社会发展座谈会上的重要讲话精神，对辽宁辽阳市白塔区一饭店火灾事故和贵州毕节市黔西 市游船倾覆事故作出的重要指示精神，以及李强总理在做强国内大循环工作推进会上的讲话精神、省委书记信长 星在苏州调研时的讲话要求。市委副书记、市长、市政府党组书记吴庆文主持会议。 会议要求，要切实扛好经济大市挑大梁责任，进一步推动经济持续回升向好。市政府党组要把做强国内大循 环摆到更加突出的位置，多措并举稳就业、稳企业、稳市场、稳预期，切实解决一批群众急难愁盼，努力实现经 济社会高质量发展。要科学谋划全市"十五五"时期经济社会发展，突出抓好重大任务、重大工程、重大项目，高 质量编制好"十五五"规划。 会议强调，要筑牢安全生产坚实底板，确保交出发展和安全两张高分报表。端午假期临近，市政府党组要更 好统筹发展和安全，深入推进安全生产"六化"建设，扎实开展消防安全排查整治，强化重点领域安全管理，确保 人民群众生命财产安全。 濮建明 摄 会议指出，要始终牢记习近平总书记殷殷嘱托，大力推动科技创新与产业创新深度融合。市政府党组 ...

Core Viewpoint - Despite increased volatility in the international trade environment, China's industrial enterprises above a designated size reported a profit growth of 1.4% year-on-year from January to April, indicating a continued recovery trend [1][2]. Group 1: Economic Performance - From January to April, the profit of industrial enterprises above a designated size increased by 1.4% year-on-year, with April alone showing a 3.0% increase compared to the previous year [1]. - The industrial added value for the same period grew by 6.4% year-on-year, while the Producer Price Index (PPI) decreased by 2.4% [2]. - The revenue profit margin for these enterprises rose by 0.17 percentage points to 4.87%, indicating a narrowing year-on-year decline [2]. Group 2: Policy Support - A series of stable growth policies have been implemented to support industrial enterprises, particularly in response to external pressures [1][2]. - The State Council's meeting on April 18 emphasized measures to stabilize employment and foreign trade, as well as to promote consumption and domestic demand [1]. - Policies such as increased export tax rebates and financial support for foreign trade enterprises have created a favorable environment for trade development [1][2]. Group 3: Industry Insights - Among 41 major industrial sectors, 23 reported year-on-year profit growth, with equipment manufacturing and high-tech manufacturing leading the way [3]. - Equipment manufacturing profits grew by 11.2%, contributing 3.6 percentage points to the overall profit growth of industrial enterprises [3]. - High-tech manufacturing profits increased by 9.0%, surpassing the average growth rate of all industrial enterprises by 7.6 percentage points [3]. Group 4: Future Outlook - The current revenue growth rate for industrial enterprises remains low, indicating a need for continued monitoring of profit trends [4]. - Expectations suggest that adjustments in tariffs between China and the U.S. may lead to reduced export costs and improved external demand, further supporting profit growth [5].

Core Viewpoint - The recent implementation of the "Implementation Opinions on High-Level Construction of 'Shipping Zhejiang'" highlights the strategic push for the construction of the Zhejiang-Jiangxi Canal, which is part of a broader initiative to enhance inland waterway transportation across China, marking the onset of a "new canal era" in the country [2][18][22]. Investment and Economic Impact - A total of over 850 billion yuan is being invested across at least eight provinces to revive inland waterway transport, with the Zhejiang-Jiangxi-Guangdong Canal alone projected to cost 320 billion yuan, surpassing the Grand Canal to become the world's longest canal [2][18]. - The construction of these canals is expected to significantly reduce transportation costs, with water transport costing only half of rail transport, one-fifth of road transport, and one-twentieth of air transport [7][21]. Project Details - The Zhejiang-Jiangxi Canal will span approximately 760 kilometers, connecting key cities in Zhejiang and Jiangxi provinces, and is seen as a monumental water transport project [1][5]. - Other notable projects include the Xianggui Canal with an investment of 150 billion yuan, the Jianghuai Canal at 95 billion yuan, and the Jinghan Canal at 74.8 billion yuan, all aimed at enhancing connectivity and economic integration [2][10]. Historical Context and Future Prospects - Historical examples, such as the Suez Canal and the Grand Canal, illustrate the transformative power of major waterway projects in reshaping trade and economic dynamics [3][4]. - The successful completion of these canal projects is anticipated to create a comprehensive water transport network across China, facilitating economic growth and regional development [22][23]. Strategic Importance - The push for canal construction is part of a broader strategy to strengthen domestic circulation and address bottlenecks in the logistics and transportation system, which currently sees a logistics cost-to-GDP ratio of 14.1% [19][20]. - The development of these canals is viewed as a critical step in establishing a robust inland waterway system that can support China's economic ambitions and enhance regional connectivity [21][22].

Group 1 - The domestic equity market experienced fluctuations last week, with major indices showing a weekly change within 1% and an average daily trading volume around 1.1 trillion yuan [1] - The North Securities 50 Index reached a historical high after breaking through 1500 points but then showed significant adjustment [1] - The A-share technology growth sector showed signs of weakening, while the Hong Kong innovative drug sector performed well [1] Group 2 - China's innovative drug sector has rapidly developed in recent years, with the number of active innovative drugs developed by Chinese companies reaching 3,575 by the end of 2024, ranking first globally [1] - Approximately 31% of innovative drug candidate molecules introduced by large multinational pharmaceutical companies in 2024 are from China, a significant increase from 0% in 2019 [1] - In April, the added value of high-tech manufacturing above designated size grew by 10%, indicating a clear trend towards high-end industrial development [1] Group 3 - The Chinese economy has shown resilience against external shocks, with a year-on-year increase of 2.4% in total goods import and export from January to April [1] - The bond market experienced overall fluctuations, with long-term bonds performing slightly better than short-term ones, and credit bond yields generally declining [2] - The market's response to recent interest rate changes, including a 10 basis point rate cut, has been limited, with future observations focusing on changes in funding supply post-tax period [2]