Core Viewpoint - The article discusses the upcoming policy measures aimed at promoting private investment in key sectors such as railways, nuclear power, and oil and gas pipelines, which will set minimum participation ratios for private capital, breaking down entry barriers and hidden monopolies in these industries [1][2]. Group 1: Policy Measures - The State Council's recent meeting emphasized practical measures to expand private investment, focusing on easing entry barriers and enhancing support for private capital in new production capacities, emerging services, and new infrastructure [1][2]. - The policy will establish minimum private investment participation ratios in major projects, particularly in railways, nuclear power, and oil and gas pipelines, facilitating private capital's entry into previously restricted sectors [2][3]. Group 2: Market Opportunities - The new policy is expected to accelerate domestic industrial upgrades and create new economic growth points by leveraging the high sensitivity of private capital to market demands and its efficiency in technology transformation [1][2]. - The emerging service sector, particularly the silver economy, presents vast opportunities for private investment, allowing for personalized solutions based on market needs [2][4]. Group 3: Implementation and Support - The government will ensure fair competition by enforcing regulations in the bidding process and reserving procurement quotas for small and medium-sized enterprises, thereby stabilizing their market space [2][4]. - Increased central budget investments will support private projects, reducing the perceived risks for private capital and encouraging further investment [4]. Group 4: Expert Insights - Experts suggest that the establishment of minimum participation ratios should consider various factors such as technical characteristics, safety requirements, and project scales, advocating for a differentiated approach rather than a one-size-fits-all solution [3][4]. - The need for a balanced approach in setting these ratios is emphasized, ensuring that private capital's involvement is both beneficial and secure, with mechanisms for decision-making participation and profit distribution [3].

2025 年 09 月 15 日 铅：需求边际改善，价格上涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 17040 | 0.83% | 伦铅 3M 电子盘收 | 2019 | 1.18% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 63429 | 21657 | 伦铅成交量（手） | 6480 | 2104 | | （手） | | | | | | | 沪铅主力持仓量 | 52188 | 2585 | 伦铅持仓量（手） | 156496 | -1743 | | （手） | | | | | | | 上海 1# 铅升贴水 | -30 | 0 | LME CASH-3M 升 | -41.16 | 4.34 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -40 | 10 | 进口升贴水（美 ...

商 品 研 究 2025 年 09 月 15 日 铜：宏观情绪驱动，价格上涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 81,060 | 1.16% | 80810 | -0.31% | | | 伦铜3M电子盘 | 10,065 | 0.07% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 91,556 | 26,707 | 186,876 | 12,423 | | | 伦铜3M电子盘 | 20,591 | 1,459 | 292,000 | 2,464 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 25,560 | 5,532 | - | - | | | 伦铜 | 153,950 | -225 | 13.46% | -0.06% | ...

Group 1: Flood Prevention and Disaster Relief - The meeting highlighted the importance of flood prevention and disaster relief efforts, especially in northern regions facing extreme rainfall and significant damage [2] - Emphasis was placed on maintaining vigilance against flood risks, even after the critical flood period, and ensuring effective disaster response and recovery for affected communities [2] - The need for improved infrastructure for flood control, urban drainage, meteorological monitoring, and emergency rescue was underscored to enhance disaster resilience [2] Group 2: Promotion of Private Investment - The meeting recognized the crucial role of private investment in stabilizing employment and the economy, calling for practical measures to address key concerns of enterprises [3] - Initiatives to expand private investment opportunities in new productive capacities, emerging services, and new infrastructure were discussed [3] - The importance of creating a fair competitive market environment and removing barriers to private investment was emphasized, alongside enhancing innovation support and financing [3] Group 3: Overseas Comprehensive Service System - The meeting aimed to strengthen the overseas comprehensive service system to support enterprises in international cooperation and competition [3] - Coordination among legal, financial, and logistical services was highlighted to enrich service offerings and support the establishment of overseas service stations in key countries [3] Group 4: Biomedical Technology Development - The meeting focused on promoting innovation in biomedical technology, accelerating research and application of results, and enhancing the quality of the biopharmaceutical industry [4] - A balanced approach to development and safety was emphasized, with a commitment to regulating clinical research and ensuring the quality and safety of clinical applications [4]

Economic and Trade Relations - China and the US held talks in Madrid regarding economic and trade issues on September 14 [2] - A survey by Freightos indicated that nearly half of the 336 small and medium-sized enterprises in the US reported a cost increase of over 20% due to the government's global tariff threats [3] Investment Policies - New policies to promote private investment are being developed, which will set minimum participation ratios for private capital in major projects in sectors like railways, nuclear power, and oil and gas pipelines [7] Demographics - Japan's elderly population (aged 65 and above) reached 36.19 million, accounting for 29.4% of the total population, marking a historical high [8] - The number of employed individuals aged 65 and above is projected to reach 9.3 million in 2024, representing 13.7% of the total workforce [9] Industry Developments - The draft national standard for pre-prepared food safety is set to be publicly solicited for opinions, marking a significant step towards regulation in the pre-prepared food industry [13][15] - Midea Group responded to allegations of excessive working hours and unpaid wages, asserting that the claims were unfounded and that the employee's salary had been settled [21] Corporate Strategies - BYD's CEO Wang Chuanfu expressed ambitions to produce 10 million vehicles annually by 2028, aiming to surpass Toyota in global automotive production [30] - Tesla's CEO Elon Musk announced plans for the large-scale deployment of FSD V14 by the end of 2025 and the mass production of the Optimus robot by the end of 2025, highlighting significant advancements in AI and robotics [31]

Core Insights - The key to stabilizing the economy lies in stimulating private investment, which plays a crucial role in employment and economic stability [1][2][3] - The government aims to address significant issues faced by enterprises by implementing practical measures to enhance private investment [1][2] Group 1: Importance of Private Investment - Private investment contributes over 50% of tax revenue, 60% of GDP, 70% of technological innovations, and 80% of urban employment in China, highlighting its vital role in economic development [1] - Strengthening support for private investment is essential to solidify the current economic recovery and provide certainty for employment and economic stability [1] Group 2: Challenges and Solutions - Existing barriers such as high entry thresholds and insufficient government procurement support for small and medium enterprises hinder private investment [2] - The government emphasizes the need to create a fair competitive market environment by removing hidden barriers to private investment [2] Group 3: Financial Support and Investment Direction - Financial support is crucial for the growth of the private economy, requiring targeted policies to address financing difficulties faced by small and micro enterprises [2] - The government encourages private capital to invest in new productive forces, emerging service industries, and new infrastructure, which are seen as key areas for future growth [3]

近期，进一步促进民间投资发展的政策信号持续释放。专家表示，民间投资对稳就业稳经济具有重要作 用，需进一步拓宽民间投资空间，支持民企更好参与重大项目建设；同时，聚焦民企关切，严格落实招 标投标领域相关制度规定，营造公平竞争的市场环境。 引导民企"向新"发展 今年以来，各地各部门积极向民间资本推介项目。全国投资项目在线审批监管平台数据显示，截至9月 14日，全国正在向民间资本推介项目12126个、总投资额10.26万亿元。6月，国家发展改革委组织集中 向民间资本新推介项目3200余个、涉及项目总投资超3万亿元。 项目推介为民间资本注入强劲投资动力。为进一步拓展民企投资空间，一系列针对性的支持举措正酝酿 出台。国家发展改革委新闻发言人李超日前透露，将抓紧研究出台促进民间投资发展的政策举措，完善 民营企业参与国家重大项目建设长效机制，对铁路、核电、油气管道等领域重大项目设定民间投资参股 比例的最低要求，支持更多符合条件的民间投资项目发行基础设施REITs。 值得关注的是，在聚焦扩大民企传统重点领域投资空间的同时，政策加力引导民营企业向创新领域布 局，培育民间投资新增长点。9月12日召开的国务院常务会议提出，支持民间资 ...

Core Insights - Recent policies are aimed at promoting private investment, which is crucial for stabilizing employment and the economy [1][2] - There is a strong push for private enterprises to engage in major project construction and to expand their investment in innovative sectors [2][4] Group 1: Private Investment Promotion - As of September 14, there are 12,126 projects being promoted to private capital, with a total investment of 10.26 trillion yuan [1] - In June, over 3,200 new projects were introduced to private capital, involving more than 3 trillion yuan in total investment [1] - The National Development and Reform Commission (NDRC) plans to establish a long-term mechanism for private enterprises to participate in major national projects [1][2] Group 2: Focus on Innovation - Policies are being directed to encourage private investment in new production capabilities, emerging services, and new infrastructure [2] - The NDRC aims to leverage the flexibility and innovation of private enterprises to foster technological advancements [2] Group 3: Tendering and Bidding Reforms - The number of private enterprises winning bids in the engineering construction sector increased by 11.9% year-on-year, with 366,000 companies participating [3] - The NDRC is working on revising the bidding laws to enhance the management of bidding agents and to promote the use of AI in the bidding process [3] Group 4: Market Environment and Barriers - A fair competitive market environment is essential for stimulating private investment and promoting high-quality development of the private economy [3][4] - Recent policies have reduced market access negative lists, enhancing the confidence of private enterprises in market competition [4] - The government is encouraged to strengthen communication with enterprises and improve the supervision of policy implementation [4]

Group 1 - The core viewpoint emphasizes that stimulating private investment is crucial for stabilizing the economy and employment, as highlighted in the State Council meeting on September 12 [1] - The meeting outlines practical measures to address prominent issues faced by enterprises, focusing on expanding access, removing obstacles, and strengthening guarantees to further invigorate private investment [1][2] - Private enterprises contribute significantly to the economy, accounting for over 50% of tax revenue, 60% of GDP, 70% of technological innovations, and 80% of urban employment, underscoring the importance of private investment in economic development [1] Group 2 - To stimulate private investment, it is essential to eliminate barriers and create a fair competitive environment, as existing high entry thresholds and insufficient support for small and medium enterprises hinder investment enthusiasm [2] - Optimizing service guarantees and addressing financing challenges are critical for the growth of the private economy, requiring precise financial support strategies to assist small and micro enterprises and facilitate access to diverse financing options [2] - Guiding investment direction towards new productive forces, emerging service industries, and new infrastructure is vital for unlocking growth potential and enhancing economic structure, as stated in the meeting [3]

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a key measure for stabilizing economic growth, with a focus on consumer spending and investment [1][4][5] - The National Development and Reform Commission (NDRC) reported that the overall execution of economic and social development plans is satisfactory, with positive indicators in economic growth, employment, and consumption [2][3] - The government aims to maintain policy continuity and flexibility to stabilize employment, businesses, and market expectations, promoting both domestic and international circulation [3][4] Group 2 - The report highlights the need to implement actions to boost consumption, remove restrictive measures, and introduce policies to expand service consumption [4][6] - There is a call for a comprehensive policy framework to enhance consumer spending, including reforms in tax systems and local government incentives [6][8] - The government is focusing on enhancing the investment environment for private enterprises, which are crucial for stabilizing growth and employment [8][9] Group 3 - Private investment is identified as a vital engine for domestic demand, with a noted decline of 1.5% in private investment year-on-year, excluding real estate [8][9] - Specific sectors such as accommodation and catering, infrastructure, and cultural industries have shown positive growth in private investment, indicating potential areas for recovery [8][9] - The government plans to introduce policies to support private investment in major projects and enhance participation in infrastructure development [9][10]