Core Insights - The article highlights that the "Two New" policies have significantly boosted corporate procurement and consumer spending [1][3] Group 1: Impact on Corporate Procurement - The implementation of the "Two New" policies has led to a noticeable increase in corporate procurement activities [1] - Companies are responding positively to the policy changes, resulting in enhanced purchasing behaviors [1] Group 2: Effect on Consumer Spending - There has been a marked increase in consumer spending as a direct result of the "Two New" policies [1] - The policies have stimulated demand among residents, contributing to overall economic growth [1]

Economic Overview - The economy in July shows signs of weak recovery, with a potential trend of high-to-low performance throughout the year, indicating increased volatility due to external uncertainties[1] - The nominal GDP is projected to reach around 140 trillion yuan, with limited elasticity in growth rates and GDP deflator index in the second half of the year[12] Industrial Growth - In July, the industrial added value increased by 5.7% year-on-year, slightly below market expectations, while month-on-month growth was 0.38%[14] - Manufacturing demand is recovering but showing signs of marginal slowdown, with the new orders index at 49.4%, indicating a decrease in manufacturing market demand[16] Consumer Spending - The retail sales of consumer goods in July grew by 3.7% year-on-year, down from 4.8% in June, with a notable decline of 1.1 percentage points[19] - Factors affecting retail sales include reduced funding for the "old-for-new" policy, which decreased from 162 billion yuan in the first half of 2025 to 138 billion yuan in the second half[21] Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) totaled 288.229 billion yuan, growing by 1.6%, which is below market expectations of 2.7%[29] - Infrastructure investment grew by 3.2%, while real estate development investment saw a significant decline of 12.0%[29] Employment Trends - The urban surveyed unemployment rate in July was 5.2%, slightly up from the previous month, reflecting seasonal pressures from the graduation season[6] - Employment policies are being implemented to mitigate youth unemployment, including support for job creation in various sectors[6] Investment Outlook - Manufacturing investment growth was 6.2% year-on-year, but July recorded a negative growth of -0.3%, the first negative reading since July 2020, primarily due to high base effects and uncertainties from trade tensions[45] - The overall investment environment remains cautious, with private investment declining by 1.5% year-on-year, particularly in the real estate sector[29]

Group 1 - The implementation of large-scale equipment updates and the "old-for-new" consumption policy has positively impacted industrial transformation, consumption demand, and economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% respectively, indicating strong support for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - The retail sales of furniture and sanitary ware grew by 30.1% and 13.6% respectively, while the service robot manufacturing industry saw a 51.1% increase [1] - The sales of new energy vehicles surged by 81.7%, reflecting the policy's significant impact on the automotive sector [1] Group 3 - The "supply and demand smoothness" has fostered a virtuous economic cycle, with the "Two New" policies driving retail demand and subsequently enhancing supply-side manufacturing efforts [2] - Manufacturing sales revenue increased by 5.8% year-on-year, contributing to a more efficient internal economic circulation [2] - The tax authority plans to strengthen the "policy + service" dual-drive approach to ensure the continued effectiveness of the "Two New" policies for high-quality economic development [2]

Group 1 - The Ministry of Finance plans to issue a total of 2,370 billion yuan in 30-year special bonds and 10-year government bonds [1] - The 30-year bonds will have a competitive bidding face value of 830 billion yuan, with interest starting from August 25, 2025, and paid semi-annually [1] - A total of 11 special long-term bonds will be issued in the third quarter of this year [2] Group 2 - The government plans to issue 13,000 billion yuan in special long-term bonds this year, with 8,000 billion yuan allocated for "two heavy" project construction and 5,000 billion yuan for "two new" policies [3] - The Ministry of Finance has allocated 6,583 billion yuan in special long-term bond funds in the first half of the year to support "two heavy" projects and "two new" initiatives [3] - The issuance of 10-year fixed-rate bonds will have a competitive bidding face value of 1,540 billion yuan, with interest starting from August 25, 2025 [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) has completed the allocation of 188 billion yuan in investment subsidies for equipment upgrades supported by long-term special government bonds, aimed at enhancing project construction and ensuring effective use of central funds [1] Group 1: Investment and Funding - The 188 billion yuan investment subsidy will support approximately 8,400 projects across various sectors, including industrial equipment, energy, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, and more [1] - The total investment driven by these projects is expected to exceed 1 trillion yuan [1] Group 2: Policy Implementation - The NDRC is committed to implementing the "Two New" policy as per the decisions of the Central Committee and the State Council, focusing on optimizing the support scope for equipment upgrades and improving project application and review standards [1] - The NDRC will continue to strengthen coordination with relevant parties to ensure the effective management of projects and funds, aiming to generate tangible outcomes from the investments [1]

Market Performance - On August 13, 2025, the Shanghai Composite Index rose for the eighth consecutive day, with A-share trading volume exceeding 2 trillion yuan, reaching 21,752.10 billion yuan, an increase of 2,700.01 billion yuan from the previous trading day[3][16] - The Shanghai Composite Index increased by 0.48%, the Shenzhen Component Index by 1.76%, and the ChiNext Index by 3.62%[3][16] - A total of 2,733 stocks rose while 2,458 stocks fell across the market[3][16] Sector and Style Analysis - The performance ranking of indices was: Stability > Cyclicals > Consumption > Neutral > Financials > Growth[3][21] - Among the 30 first-level industries, the top performers were Construction (1.38%), Steel (1.26%), and Non-ferrous Metals (1.19%), while the laggards included Computers (-2.13%), Electronics (-1.22%), and Media (-1.03%)[3][21] Fund Flow - On August 13, 2025, the net outflow of main funds was 275 million yuan, with large orders seeing a net outflow of 107.25 billion yuan and small orders continuing to see a net inflow of 220.48 billion yuan[4][25] - The trading volume of major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF increased significantly, with changes of +3.82 billion yuan and +11.91 billion yuan respectively[4][30] Global Market Trends - On August 13, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index up 2.58% and the Nikkei 225 up 1.30%[5][34] - The US stock market indices generally rose, with the Dow Jones Industrial Average increasing by 1.10% and the S&P 500 by 1.13%[6][34]

（文章来源：证券时报） 下一步，国家发展改革委将按照党中央、国务院决策部署，会同各有关方面持续加强统筹协调，扎实推 进项目建设，推动尽快形成更多实物工作量，严格项目和资金闭环管理，确保中央资金用到实处，更好 发挥"两新"政策效能。 来源：国家发展改革委 今年1880亿元超长期特别国债支持设备更新投资补助资金下达完毕。 2025年以来，国家发展改革委认真贯彻落实党中央、国务院关于实施"两新"政策的决策部署，会同有关 部门和各地方优化设备更新支持范围，完善项目申报审核标准，严格做好项目筛选把关，推动重点领域 实施设备更新。近期，2025年超长期特别国债支持设备更新的1880亿元投资补助资金已下达完毕，支持 工业、用能设备、能源电力、交通运输、物流、环境基础设施、教育、文旅、医疗、住宅老旧电梯、电 子信息、设施农业、粮油加工、安全生产、回收循环利用等领域约8400个项目，带动总投资超过1万亿 元。 ...

Core Viewpoint - The article highlights the allocation of 188 billion yuan in special long-term bonds to support equipment renewal investment, aiming to enhance various sectors and stimulate overall investment exceeding 1 trillion yuan [1]. Group 1: Investment Allocation - A total of 188 billion yuan in special long-term bonds has been allocated to support equipment renewal investments since 2025 [1]. - The funding will support approximately 8,400 projects across multiple sectors, including industrial, energy, transportation, and healthcare [1]. Group 2: Project Implementation - The National Development and Reform Commission (NDRC) is committed to optimizing the support scope for equipment renewal and improving project application standards [1]. - The NDRC will continue to strengthen coordination and ensure effective project management to maximize the impact of the funding [1].

Core Viewpoint - The issuance of 188 billion yuan in special long-term bonds for equipment renewal investment subsidies has been completed, supporting approximately 8,400 projects across various sectors, leading to a total investment exceeding 1 trillion yuan [1] Group 1: Investment and Funding - The National Development and Reform Commission (NDRC) has implemented the "Two New" policy since 2025, optimizing the scope of equipment renewal support and improving project application and review standards [1] - The 188 billion yuan in funding will support projects in industrial, energy, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, and other sectors [1] - The initiative is expected to drive total investments of over 1 trillion yuan, indicating a significant multiplier effect on the economy [1] Group 2: Future Actions and Management - The NDRC plans to enhance coordination and advance project construction to quickly generate more tangible outcomes [1] - There will be strict management of projects and funds to ensure that central government funding is effectively utilized [1] - The focus will be on maximizing the effectiveness of the "Two New" policy through diligent oversight and project execution [1]

北京商报讯（记者 金朝力 程靓）8月13日，据国家发展改革委消息，2025年以来，国家发展改革委认真 贯彻落实党中央、国务院关于实施"两新"政策的决策部署，会同有关部门和各地方优化设备更新支持范 围，完善项目申报审核标准，严格做好项目筛选把关，推动重点领域实施设备更新。近期，2025年超长 期特别国债支持设备更新的1880亿元投资补助资金已下达完毕，支持工业、用能设备、能源电力、交通 运输、物流、环境基础设施、教育、文旅、医疗、住宅老旧电梯、电子信息、设施农业、粮油加工、安 全生产、回收循环利用等领域约8400个项目，带动总投资超过1万亿元。下一步，国家发展改革委将按 照党中央、国务院决策部署，会同各有关方面持续加强统筹协调，扎实推进项目建设，推动尽快形成更 多实物工作量，严格项目和资金闭环管理，确保中央资金用到实处，更好发挥"两新"政策效能。 ...