【重点关注】 ·国家发展改革委主任郑栅洁主持召开座谈会就"十五五"时期扩大有效投资听取民营企业意见建议 ·工业和信息化部等八部门合力推动有色金属行业稳增长 ·国庆中秋假期小客车上高速继续免收通行费 【国内要闻】 ·国家发展改革委主任郑栅洁9月28日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。郑栅洁主任表示，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。 ·工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026年）》。其中提出，围绕 新一代信息技术、新能源汽车等重点产业链需求，推动超高纯金属等高品质原料、铜合金结构功能一体 化材料、贵金属功能材料、高端稀土新材料等攻关突破，提升铝合金及镁合金结构材料、硬质合金及制 品等产品综合性能。深入实施制造业卓越质量工程，引导企业提升产品品质，以高质量 ...

Core Insights - The private manufacturing investment is undergoing a critical phase of structural optimization, focusing on high-tech, high value-added, and green low-carbon industries [1][3] - The proportion of manufacturing enterprises in the 2025 list of China's top 500 private enterprises has increased from 63.8% in 2023 to 66.4%, marking three consecutive years of growth [1] - Private manufacturing enterprises contributed 68.84% to the revenue of the top 500, with R&D investment accounting for 71.31%, indicating a significant shift towards the upper value chain [1] Group 1: Investment Growth and Structure - Private manufacturing investment grew by 4.2% year-on-year in the first eight months, outpacing the overall private project investment growth by 1.2 percentage points [2] - In 31 major manufacturing sectors, 16 experienced double-digit growth in private investment, with automotive manufacturing and transportation equipment leading the way [2] - The rapid growth of private manufacturing investment is supported by a series of policies aimed at enhancing the investment environment [2] Group 2: Policy Support and Market Environment - National policies have been introduced to stimulate private investment, including allowing private enterprises to participate in major national projects and setting minimum shareholding requirements for private investment in sectors like railways and nuclear power [2] - The focus on new productive forces aligns with the need for rapid technological iteration and continuous innovation, which are essential for fostering new productive capabilities [2] - The ongoing reforms in bidding systems aim to ensure fair market access for private enterprises, addressing hidden barriers to entry [3] Group 3: Challenges and Future Outlook - Despite the expansion of the manufacturing scale, the net profit growth of manufacturing enterprises in the top 500 was only 1.2%, significantly lower than revenue growth [4] - The imbalance between scale expansion and profitability is attributed to rising operational costs and intense competition [4] - The continued investment in R&D by private enterprises, even at the cost of short-term profits, is expected to enhance their competitive edge in the long run [4]

Group 1 - The Chinese government is actively promoting policies to stimulate private investment, which is crucial for sustainable economic growth and enhancing investment quality and efficiency [1][2] - The State Council meeting emphasized the need to broaden the space for private investment, particularly in new productive forces, emerging services, and new infrastructure [2] - The National Development and Reform Commission plans to establish minimum shareholding requirements for private capital in major projects like railways and nuclear power, aiming to attract more private investment [2][3] Group 2 - The latest data from the National Bureau of Statistics indicates a 2.3% year-on-year decline in private investment from January to August, but a 3.0% increase when excluding real estate development [4] - The manufacturing sector has seen a 4.2% year-on-year increase in private investment, outpacing overall private project investment growth by 1.2 percentage points, with significant contributions from the automotive and aerospace industries [5] - The introduction of private capital is expected to enhance funding sources for major national projects, reduce fiscal burdens, and improve market-oriented operations, thereby fostering innovation and industry upgrades [6]

国家统计局数据显示，1月份至8月份，我国民间固定资产投资同比下降2.3％，降幅较前7个月有所扩 大。尽管整体数据承压，民间投资结构却变化积极，韧性较强。接下来，要进一步聚焦效益、精准发 力，通过拓展有效投资空间，推动我国民间投资持续回暖和结构优化。 此前出台的《关于进一步抓好抓实促进民间投资工作努力调动民间投资积极性的通知》，从明确工作目 标、聚焦重点领域、健全保障机制、营造良好环境4个方面，提出17项具体措施，涵盖项目推介、要素 保障、问题反映和工作考核等创新举措。今年5月20日起实施的《中华人民共和国民营经济促进法》， 专设"投资融资促进"章节，立法保障"支持民营经济组织参与国家重大战略和重大工程""支持民营经济 组织参与政府和社会资本合作项目"。这为民间投资营造了良好的政策环境，增强了民营企业投资信 心。 有效化解"不愿投"难题，拓宽民间投资回报空间。进一步放开民间投资市场准入，在基础设施、公共服 务、战略性新兴产业等领域推出一批优质项目，支持民间资本平等参与竞争。完善投资激励机制，对民 间投资参与的重点项目给予适当的财税支持和要素保障倾斜。创新投资模式，推广政府和社会资本合作 （PPP）模式，规范合作 ...

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]

Group 1 - The State Council meeting emphasized the importance of private investment in stabilizing employment and the economy, proposing practical measures to enhance private investment vitality and development [1] - Banks are urged to transform policy guidance into actionable steps by addressing financing difficulties, optimizing service systems, and deepening technological empowerment to provide robust financial support for private investment [1] - Key strategies include establishing precise credit delivery mechanisms for high-growth private enterprises and improving credit response efficiency through streamlined approval processes [1][2] Group 2 - Traditional credit assessments relying solely on financial metrics hinder quality private enterprises from securing financing; banks should incorporate non-financial indicators such as intellectual property value and R&D intensity into their evaluations [2] - After addressing financing challenges, banks need to create a refined service system tailored to the investment needs of private enterprises at different stages of development [2] - Financial technology is essential for banks to build intelligent service systems, utilizing AI and big data to enhance approval efficiency and provide customized services [3] Group 3 - Private investment is a crucial driver of economic growth, and banks must innovate mechanisms, optimize services, and leverage technology to offer high-quality financial support to private enterprises [3]

Core Insights - Yunnan Province is experiencing a significant transformation in investment structure during the "14th Five-Year Plan" period, with a notable increase in both industrial and private investments [4][5]. Group 1: Investment Trends - The investment trend in Yunnan shows a "high at the front, low in the middle, and stable at the back" pattern, with both industrial and private investments achieving a "double increase" [1]. - Industrial investment has become the main engine for investment growth, with its share rising from 30.6% in 2021 to 53.7% in the first eight months of 2025, an increase of 23.1 percentage points [4]. - The share of industrial investment specifically in the industrial sector has doubled, increasing from 15.3% to 32.1% [4]. Group 2: Private Investment Dynamics - Private investment in Yunnan has shown sustained vitality, with its share increasing from 44% in 2021 to 45.2% in the first eight months of 2025 [5]. - The proportion of industrial private investment within total private investment has risen significantly from 42.6% to 67.5%, indicating a shift towards collaborative growth driven by both government and private investments [5]. - Yunnan aims to enhance project promotion and investment efforts, focusing on a well-structured approach to project implementation, preparation, and planning for future growth [5].

Core Viewpoint - Recent policy signals from the National Development and Reform Commission and the State Council emphasize the importance of promoting private investment for sustainable economic development, enhancing investment quality and efficiency, and injecting new vitality into the market [1][3]. Group 1: Policy Initiatives - The State Council meeting, chaired by Premier Li Qiang, highlighted the need to stimulate private investment and expand its scope, particularly in new productive forces, emerging services, and new infrastructure [3]. - The National Development and Reform Commission plans to introduce policies to facilitate private investment, including setting minimum shareholding ratios for private capital in major projects in sectors like railways, nuclear power, and oil and gas pipelines [3][4]. - The use of Real Estate Investment Trusts (REITs) is encouraged to transform "heavy assets" into "light securities," allowing private capital to invest in infrastructure projects with lower initial costs and improved exit efficiency [4]. Group 2: Investment Trends - Data from the National Bureau of Statistics indicates that private investment decreased by 2.3% year-on-year from January to August, but when excluding real estate development, it grew by 3.0% [5]. - Manufacturing sector private investment increased by 4.2% year-on-year during the same period, surpassing the overall private investment growth rate [6]. - In 31 manufacturing sectors, 16 experienced double-digit growth in private investment, with notable increases in automotive manufacturing (22.6%) and transportation equipment (16.2%) [7]. Group 3: Future Outlook - Despite current pressures on private investment due to complex domestic and international environments, the long-term outlook for economic development in China remains positive, providing support for private investment growth [7]. - The introduction of private capital is expected to broaden funding sources, alleviate fiscal burdens, and enhance the market-oriented operation of major projects, fostering technological and management innovations [7]. - The key to realizing policy benefits lies in effectively implementing and refining these policies to ensure private capital can transition from being merely visible to being tangible and profitable [7].

Group 1 - From January to August, private fixed asset investment decreased by 2.3% year-on-year, with the decline rate expanding compared to the previous seven months [1] - The decline in private investment growth is primarily due to a 16.7% drop in real estate development investment, which lowered the overall private investment growth rate by 4.5 percentage points [1] - Excluding real estate development, private project investment grew by 3% year-on-year, indicating strong investment willingness and capability in the real economy [1] Group 2 - Private investment in the manufacturing sector increased by 4.2% in the first eight months, with over half of the 31 manufacturing categories achieving double-digit growth [1] - The automotive manufacturing sector saw a remarkable investment growth rate of 22.6%, while investment in railway, shipbuilding, aerospace, and other transportation equipment manufacturing grew by 16.2% [1] - Private capital is actively aligning with industrial upgrading trends, increasing innovation investments, and integrating into the modern industrial system [1] Group 3 - Private capital participation in major infrastructure construction is expanding, with a 7.5% year-on-year increase in private investment in infrastructure [2] - The accommodation and catering industry experienced a 17% growth in private investment, while the cultural, sports, and entertainment sectors saw a 7% increase, reflecting the trend of service consumption expansion and quality improvement [2] - Despite challenges faced by some private enterprises, the long-term positive fundamentals of the economy remain unchanged, providing ample space for private investment [2] Group 4 - Future trends in private investment include a shift towards high-quality development sectors, increased capital flow into new productivity, emerging services, and new infrastructure [3] - Investment models are becoming more diversified, with improved government and social capital cooperation, and the normalization of infrastructure REITs to further stimulate private investment [3] - The investment ecosystem is evolving with large private enterprises leading innovation and small and medium-sized enterprises focusing on niche markets, creating complementary advantages [3] Group 5 - To further stimulate private investment, coordinated efforts are needed across multiple dimensions to ensure that private capital can invest effectively and efficiently [3] - The State Council's recent meeting emphasized addressing key concerns of enterprises and implementing practical measures to expand access and enhance support [3] - The National Development and Reform Commission is working on policies to promote private investment development and establish mechanisms for private participation in major national projects [3]

Group 1 - From January to August, private fixed asset investment decreased by 2.3% year-on-year, with the decline rate expanding compared to the previous seven months [1] - The decline in private investment growth is primarily due to a 16.7% drop in real estate development investment, which reduced the overall private investment growth rate by 4.5 percentage points [1] - Excluding real estate development investment, private project investment grew by 3% year-on-year, indicating strong investment willingness and capability in the real economy [1] Group 2 - Private investment in the manufacturing sector showed significant growth, with a 4.2% increase in the first eight months, and over half of the 31 manufacturing categories achieving double-digit growth [2] - The automotive manufacturing sector saw a remarkable investment growth rate of 22.6%, while the railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors grew by 16.2% [1][2] - Private capital is actively aligning with industrial upgrading trends, increasing innovation investments, and integrating into the modernization of the industrial system [1] Group 3 - Private capital participation in major infrastructure construction is expanding, with a 7.5% year-on-year increase in private infrastructure investment in the first eight months [2] - The accommodation and catering industry saw a 17% increase in private investment, while the cultural, sports, and entertainment sectors experienced a 7% growth, reflecting the trend of service consumption expansion and quality improvement [2] - Despite challenges faced by some private enterprises, the long-term positive fundamentals of the economy remain unchanged, providing ample space for private investment [2] Group 4 - Future trends in private investment include a shift towards high-quality development sectors, increased capital flow into new productive forces, emerging services, and new infrastructure [3] - Investment models are becoming more diversified, with improved government and social capital cooperation, and the normalization of infrastructure REITs to further stimulate private investment [3] - The investment ecosystem is evolving with large private enterprises leading innovation and small and medium-sized enterprises focusing on niche markets, creating complementary advantages [3]