Economic Overview - The current economic operation faces numerous risks and challenges, with a complex external environment, and the foundation for economic recovery needs further consolidation [1][11] - In August, the overall economic operation remained stable due to sustained macro policy efforts, with high-tech manufacturing and equipment manufacturing value-added growing by 9.3% and 8.1% year-on-year, respectively [5][11] Policy Initiatives - The National Development and Reform Commission (NDRC) will implement macro policies to support economic stability and growth, including monitoring and forecasting economic conditions [1][11] - A new generation of smart terminal and intelligent body policies will be developed to create a clear, rule-respecting, and standardized policy environment [1][6] Financial Tools - A new type of policy financial tool has been introduced with a total scale of 500 billion yuan, aimed at supplementing project capital and promoting effective investment [2][25] Smart Technology Development - The NDRC will promote the application and popularization of new generation smart terminals and intelligent bodies through policy guidance, technological collaboration, and market expansion [3][15] - Support will be provided for private enterprises to participate deeply in the "Artificial Intelligence +" initiative, with measures to enhance access to computing power and data [4][24] Sector Growth - Key sectors such as integrated circuits, aerospace, industrial robots, civilian drones, and new energy vehicles have maintained rapid growth, contributing to the overall industrial performance [5][11] - The service sector also showed resilience, with a production index growth of 5.6% year-on-year, indicating a recovery in consumer demand [11][13]

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting new policy financial tools to support economic stability and growth, with a total scale of 500 billion yuan allocated for project capital supplementation [1][4]. Group 1: Economic Monitoring and Policy Implementation - The NDRC emphasizes the importance of continuous economic monitoring and timely policy adjustments in response to changing circumstances [3]. - Despite external pressures, China's economy is generally stable, with solid progress in high-quality development driven by macro policies [3]. - The NDRC plans to enhance macro policy implementation and strengthen economic monitoring to ensure sustained economic health [3]. Group 2: New Policy Financial Tools - The new policy financial tools amount to 500 billion yuan, specifically aimed at supplementing project capital [4]. - The NDRC is working to expedite the allocation of these funds to specific projects, aiming to accelerate construction and increase effective investment [4]. Group 3: Artificial Intelligence Integration - The NDRC is focusing on the integration of artificial intelligence in key sectors such as education, healthcare, and transportation, supporting enterprises in pilot demonstrations [5][6]. - A target for the application rate of new intelligent terminals and systems has been set for 2027, with a structured approach to policy development and standardization [5][6]. - The NDRC aims to foster collaboration between AI companies and industry leaders to drive innovation and application in various sectors [5][6]. Group 4: Support for Enterprises - The NDRC recognizes the critical role of private enterprises, especially SMEs, in the development of AI technologies and has proposed measures to support their participation [8]. - Policies will be implemented to enhance the development of domestic computing power, models, and data resources, facilitating greater involvement of private enterprises in AI initiatives [8].

Group 1 - The A-share market experienced a rebound today, with all three major indices closing in the green, and both the Shenzhen Component Index and the ChiNext Index rising over 2% [1] - The market showed a broad-based rally with over 3,500 stocks rising, and the trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion, an increase of 146 billion compared to the previous trading day [2][3] - The financial sector, particularly securities and insurance, performed well in the afternoon, supported by a recent central bank meeting emphasizing the implementation of a moderately loose monetary policy to boost credit supply [4] Group 2 - The National Development and Reform Commission (NDRC) announced a new policy to promote effective investment, introducing a new type of policy financial tool with a total scale of 500 billion, aimed at supplementing project capital [5] - Short-term market trends may remain volatile, but holding stocks during the holiday is considered reasonable due to expected continued positive policies and limited risk during the holiday period [6][7] - There is an expectation of sustained high inflow levels into the stock market, with financing and foreign capital likely to return seasonally after the holiday, and new fund issuance expected to rise [8]

李超表示，正在会同有关方面，抓紧将新型政策性金融工具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量， 推动扩大有效投资，促进经济平稳健康发展。 我国政策性金融工具运用由来已久。比如，在经济下行压力下，2022年7400亿元政策性开发性金融工具应运而生，通过补充项目资本金、撬动配套融 资，对重大项目形成精准支持。 2025.09. 29 本文字数：1210，阅读时长大约2分钟 作者 | 第一财经 祝嫣然 备受市场关注的新型政策性金融工具有了新进展。 国家发改委政策研究室副主任、委新闻发言人李超29日在发布会上透露，为贯彻落实党中央、国务院决策部署，促进金融更好服务实体经济，推动扩大 有效投资，国家发改委会同有关方面积极推进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 此次新型政策性金融工具于2025年4月底的中央政治局会议上提出。5月以来，广东、江苏、河北、湖南、山东等多个省份的地市级发改委及部分行业主 管部门，组织开展了2025年新型政策性金融工具专题培训暨项目申报培训会议，以期抓抢机遇，精准对接项目和资金。 国家发改委在8月1日 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for macroeconomic policy adjustments to address ongoing challenges in economic operations, while highlighting the resilience and growth in key sectors like manufacturing and services [2]. Group 1: Economic Performance - In August, China's economic operation remained generally stable, supported by continuous macro policy efforts [2] - Manufacturing and service sectors showed positive growth trends, with retail sales related to trade-in programs maintaining rapid growth [2] - Despite these positive indicators, the economy still faces significant risks and challenges, particularly from a complex external environment [2] Group 2: Policy Implementation - The NDRC plans to strengthen economic monitoring, forecasting, and early warning systems, and will prepare policies for timely implementation based on changing circumstances [2] - The NDRC will work with relevant departments to create a conducive policy environment for the application and popularization of new-generation smart terminals and intelligent systems [3] Group 3: Support for Private Enterprises - Private enterprises are identified as key players in the "Artificial Intelligence +" initiative, with 254,000 new AI software development firms established in Q1 of this year [4] - The NDRC aims to support various enterprises, including private ones, in deepening their participation in the AI sector through policy and financial measures [4] Group 4: Financial Tools - The NDRC is advancing new policy financial tools totaling 500 billion yuan, all designated for supplementing project capital [5] - Efforts are being made to ensure that these financial tools are quickly allocated to specific projects to promote stable and healthy economic development [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the need for continued macroeconomic policy support to address ongoing risks and challenges in the economy, while maintaining overall stability and promoting high-quality development [1][3]. Economic Indicators - Economic indicators show fluctuations, with consumption growth slowing, investment growth weak, and exports facing uncertainties. However, the NDRC remains optimistic about achieving the annual economic growth target due to ongoing macroeconomic policy efforts [1]. - In August, the added value of major industries such as equipment manufacturing and high-tech manufacturing grew by 8.1% and 9.3% year-on-year, respectively, outpacing the overall industrial growth rate by 2.9 and 4.1 percentage points [1]. - The service sector's production index increased by 5.6% year-on-year, with the accommodation and catering industry showing accelerated growth [1]. Industrial Performance - From January to August, the profit growth rate of large industrial enterprises turned positive, improving from a 1.7% decline to a 0.9% increase year-on-year. Monthly growth shifted from a 1.5% decline in July to a 20.4% increase in August [2]. - The retail sales of new energy vehicles in the passenger car market grew by over 20% year-on-year in the first eight months, indicating strong consumer demand [2]. - Manufacturing investment increased by 5.1% in the first eight months, with significant growth in sectors such as information services (34.1%), aerospace equipment (28.0%), and computer and office equipment manufacturing (12.6%) [2]. Policy Measures - The NDRC is actively promoting new policy financial tools to support effective investment and enhance financial services for the real economy, with a total scale of 500 billion yuan allocated to supplement project capital [5][6]. - The new policy financial tools will primarily target sectors such as digital economy, artificial intelligence, and consumption, addressing capital shortages for project construction [6]. - The NDRC plans to accelerate the implementation of these financial tools to ensure timely project initiation and increase tangible work output [5].

今日（9月29日），国家发改委召开9月份新闻发布会。 要点如下： 李超表示，民营企业是参与人工智能+行动的主力军，以今年一季度为例，我国新设立人工智能软件研发类民营企业25.4万户。从成效看，民营企业是推动人 工智能落地应用的先锋队，不少民营企业已经率先把人工智能运用到其生产工艺和业务流程当中。下一步，国家发展改革委将会同相关部门多措并举，支持 包括民营企业在内的各类企业深度参与人工智能+行动。在政策上，将在"两重"建设当中支持国产算力模型语料库的发展，加大"两新"政策对民营企业的支持 力度，在资金上持续在算力等领域发放人工智能券，为企业使用算力服务提供补贴。 国家发改委：新型政策性金融工具共5000亿元 全部用于补充项目资本金 李超表示，为促进金融更好地服务实体经济，推动扩大有效投资。国家发展改革委会同有关方面积极推进新型政策性金融工具相关工作，新型政策性金融工 具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有关方面，抓紧把新型政策性金融工具资金投入到具体项目上，后续将督促各个地 方推动项目加快开工建设，促进经济平稳健康发展。 责编：李丹 校对：陶谦 版权声明 国家发改委：经济运行仍存 ...

国家发改委：经济运行仍存挑战，将适时加力实施宏观政策 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，8月份，在宏观政策持续发力等因 素的带动之下，我国经济运行总体平稳。从供给侧看，生产平稳增长，制造业、服务业的重点领域增势 良好；从需求侧看，政策效能持续显现，展现出较强的韧性和抗压能力。在消费方面，以旧换新相关零 售额继续保持较快的增长。不过，当前经济运行当中依然面临着不少的风险和挑战，外部环境仍然严峻 复杂，经济回升向好的基础仍需进一步巩固。下一步，国家发展改革委将持续发力，适时加力实施宏观 政策。同时国家发展改革委也将持续加强经济的监测、预测、预警，做好政策预研储备，根据形势变化 及时推出。 国家发改委：从供需两端发力，推动智能终端和智能体市场扩容 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，国家发展改革委将会同有关部门 从三个方面推动新一代智能终端和智能体的加快应用普及。一是加强构建导向明确、尊重规律、规范发 展的政策环境，制定政策指引；二是协同推进技术攻关和开源共享，加快创新步伐，支持人工智能企业 和各行业龙头企业开展协同创新；三是在供需两端同步发力，推动市场扩容 ...

Core Viewpoint - The surge in A-share brokerage stocks, with firms like GF Securities and Huatai Securities hitting the daily limit, is attributed to a significant improvement in the sector's outlook, which had previously been suppressed [1] Group 1: Market Performance - A-share brokerage stocks continued to strengthen in the afternoon, with GF Securities and Huatai Securities both reaching the daily limit [1] - Chinese brokerage stocks in the Hong Kong market also experienced a substantial rally, with the index for these stocks rising nearly 9% at one point [1] Group 2: Sector Analysis - Analysts believe that brokerage stocks are in a period of notable improvement in sentiment, contrasting with other sectors that have entered a bubble phase [1] - The recent performance of brokerage stocks is seen as providing support to the overall market [1] Group 3: Policy and Economic Context - The National Development and Reform Commission indicated that economic operations still face challenges and will implement macro policies as needed [1] - A new policy financial tool worth 500 billion yuan will be used entirely to supplement project capital [1] - Citigroup has upgraded its rating on Chinese stocks to "overweight" [1]

在国家发展改革委当日举行的新闻发布会上，李超说："我们正在会同有关方面，抓紧将新型政策性金 融工具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推 动扩大有效投资，促进经济平稳健康发展。"（记者魏玉坤、魏弘毅） 国家发展改革委政策研究室副主任、新闻发言人李超9月29日表示，为贯彻落实党中央、国务院决策部 署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推进新型政策 性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 ...