会议原则同意《上海市关于促进区块链赋能航运贸易高质量发展的若干措施（试行）》并指出，建设国 家区块链网络上海枢纽，对促进实体经济和数字经济融合发展、助力构建全国统一大市场具有重要意 义。要发挥好链主企业"头雁效应"，强化"链式思维"、推动"链式发展"，带动上下游企业共同筑"链"。 要发挥好支持政策"乘数效应"，充分发挥区块链技术可追溯、防篡改等优势特点，有力支撑政策"免申 即享"，通过链上"数据跑路"替代线下"企业跑腿"，并确保政策用到实处、取得实效。要发挥好财政资 金"撬动效应"，积极引入社会资本，形成多元、可持续的区块链产业投入机制，更好支撑航贸数字化加 快扩围、提质、放量。 会议还研究了其他事项。 （来源：解放日报 记者 吴頔） 奋力实现全年经济增长目标 龚正主持市政府常务会议，还研究建好国家区块链网络上海枢纽等 上海市委副书记、市长龚正11月24日主持召开市政府常务会议，要求在市委坚强领导下，奋力实现全年 经济增长目标，打赢全年和"十四五"收官战决胜战；建好国家区块链网络上海枢纽，赋能航运贸易高质 量发展。 会议指出，今年10月以来，上海经济运行顶住压力、稳中有进、保持韧性。各部门、各区要鼓足干劲、 ...

Core Insights - The Shanghai government is focused on achieving its annual economic growth targets and ensuring a strong finish for the year and the "14th Five-Year Plan" [1] - The establishment of a national blockchain network hub in Shanghai is seen as crucial for enhancing the quality of shipping and trade [2] Group 1: Economic Performance - Since October, Shanghai's economy has shown resilience, maintaining progress despite pressures [1] - Various departments and districts are urged to intensify efforts to achieve growth, reduce declines, and fill gaps to meet year-end targets [1] - Emphasis is placed on supporting key industries and enterprises, particularly in the service sector and major industrial groups [1] Group 2: Blockchain Development - The meeting approved measures to promote blockchain's role in enhancing high-quality shipping and trade [2] - The initiative aims to integrate the real economy with the digital economy and support the establishment of a unified national market [2] - The focus is on leveraging the advantages of blockchain technology, such as traceability and anti-tampering, to streamline policy implementation and enhance efficiency [2] Group 3: Policy and Coordination - There is a call for coordinated efforts between the city and districts, as well as between government and enterprises, to provide targeted support for key companies [1] - The government aims to optimize policy evaluation and enhance the precision and effectiveness of its measures [1] - Planning for the transition from this year's goals to next year's initiatives is emphasized to ensure a solid foundation for the "15th Five-Year Plan" [1]

Group 1 - The core viewpoint of the articles emphasizes the importance of expanding domestic demand through the construction of a unified national market, which is seen as a strategic move to leverage China's vast market potential and support high-quality economic development [1][2][3] - China's current economic landscape is characterized by a growing middle-income group, advanced digital infrastructure, and a diverse regional development pattern, which together create a robust ecosystem for consumption upgrades [1][2] - The prediction from the Ministry of Commerce indicates that China's middle-income group will exceed 800 million in the next decade, highlighting significant market potential driven by diverse consumer demands across different demographics [1][2] Group 2 - To convert market potential into effective demand, it is essential to deepen reforms that address barriers in economic circulation, facilitating smoother flow of goods and factors across the country [2] - The strategy involves breaking down local protectionism and market segmentation, allowing regional products to access broader markets at lower costs, thus enriching consumer choices [2] - The focus on expanding domestic demand should be aligned with improving supply quality and optimizing income distribution, addressing the shift in consumer preferences from quantity to quality [2] Group 3 - Technological empowerment is identified as a key driver for unlocking new spaces in domestic demand, with China's large data scale and high digitalization enhancing consumer engagement [3] - The development of the digital and smart economy is crucial for integrating online and offline consumption, creating new consumption hotspots and transforming supply-demand matching [3] - By leveraging technology and breaking down barriers through innovation, the internal circulation of the economy can be strengthened, providing a stable foundation for future growth and resilience against external challenges [3]

每经记者｜淡忠奎 每经编辑｜刘艳美 地跨湖北、湖南、江西三省的长江中游城市群，正在迎来新的"坐标方位"。 不久前公布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"十五五"规划建议），在"促进区域联动发展"部分，点 名"推动长江中游城市群等加快发展"，培育发展若干区域性中心城市，更好发挥区域联结型地区支撑带动作用。 "这赋予了它新的历史方位，也是新的历史使命。"在第八届长江经济带发展战略论坛期间，湖南省政府参事、湖南大学经济与贸易学院教授李琳在接受 《每日经济新闻》记者专访时指出，长江中游城市群要成为中部地区在"十五五"高质量崛起的重要支撑力量，在长江经济带高质量发展过程中挺起"龙 腰"。 从全国区域经济版图看，向北有京津冀、向南有粤港澳、向东有长三角、向西有成渝，中部的长江中游城市群与之构成支撑全国的"钻石菱形"格局，承担 着"空间枢纽"的作用，要进一步发挥多重战略叠加的效应。 在李琳看来，当前长江中游城市群在科技创新引领产业创新发展方面仍然存在"基础研究推力不足、协同攻关拉力不够、成果转化粘合力不牢、要素供给 支撑力不强" 的 "四力不足" 矛盾。要走创新驱动的发展新路径，依托武 ...

Group 1 - The global competition for markets is intensifying, with China's vast market being a cornerstone for its modernization efforts [1][3] - The recent China International Import Expo showcased record participation, with 36.7 million square meters of exhibition space and 4,108 exhibiting companies, including 290 Fortune 500 firms [3][5] - The shift from "market for technology" to "market nurturing technology" positions China as a source of innovation [3][7] Group 2 - China's market is characterized by its ability to lead trends, stability, and future potential, which are crucial for maintaining its position in a complex international environment [5][10] - The market is no longer just a buyer of technology but is now generating new technologies and industries driven by consumer demand [7][9] - The growth of the photovoltaic industry and the export of over 2 million new energy vehicles highlight China's ability to turn new technologies into large-scale industries [9][10] Group 3 - The scale of China's market is impressive, with significant metrics such as nearly 30 new energy vehicles produced every minute and a retail sales total of 48.3 trillion yuan, reflecting a 5.5% annual growth [10][11] - The internal circulation capability, supported by a large population and a complete industrial system, serves as a protective barrier against risks [13][15] - The ongoing reforms to improve the business environment and reduce market entry barriers are essential for unlocking the market's full potential [17][19] Group 4 - The anticipated growth of the middle-income group to over 800 million people presents substantial market opportunities in housing, education, and healthcare [15][19] - The characteristics of China's large-scale market—leadership, stability, and growth—are interconnected and essential for global competitiveness [17][19]

Core Insights - The signing of a procurement contract for 2 million cubic meters of radiata pine logs worth $22.8 million marks a significant collaboration between Jiangsu Suhao Zhongjin Development Co., Ltd. and New Zealand's Fuchun Na Forestry Co., Ltd. [1] - The introduction of a new futures product for logs in November 2024 is expected to benefit trading companies like Suhao Zhongjin by addressing long-standing issues in the domestic log market, such as inconsistent measurement standards and operational irregularities [1][2] - The successful launch of log futures is anticipated to standardize measurement practices across regions, reducing trade disputes and enhancing market efficiency [2] Company Developments - Suhao Zhongjin has expanded its operations beyond being a log trader to becoming a log futures delivery warehouse, completing 85 contracts in the first delivery month after the futures launch [2] - The company has reported a year-on-year increase in import volume, attributed to improved market circulation and collaborations with countries like Russia, Belarus, and Kazakhstan, achieving an annual trade volume of $50 million [1] Industry Trends - The introduction of log futures is seen as a catalyst for the standardization of measurement practices in the log industry, which has historically faced discrepancies of up to 10% in log measurement [2] - The Dalian Commodity Exchange's involvement in standardizing the quality of log futures is expected to enhance the overall efficiency and transparency of the log trading market [2] - The broader push for a unified national market is supported by the integration of futures contracts, which can help eliminate barriers to trade and improve the overall market structure [3]

证券研究报告 | 宏观定期报告 2025 年 11 月 24 日 明年再通胀的需求动力来自于哪儿？ 显微镜下的中国经济（2025 年第 44 期） 频率：每周 中小学生放春秋假就是创造消费场景，拉动居民消费的新尝试。 风险提示：地缘政治风险、国内政策落地不及预期、全球衰退及主要经济体货 币政策超预期。 定期报告 相关报告 1、《静待花开——宏观与大类 资产周报》2025-11-23 2、《俄乌和谈再次启动？—— —国际时政周评》2025-11-23 3、《中小学生春秋假的政策意 义 — 显 微 镜 下 的 中 国 经 济 （2025 年第 43 期）》2025-11- 18 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 再通胀是明年国内经济和资本市场的核心逻辑。如果明年确能结束 2023 年 2 季度以来的价格弱势，那么当前股强债弱的格局将继续演绎。市场对于再 通胀的主要质疑在于，如果没有需求配合，仅靠反内卷在供给侧做文章，价 格回升并不能持 ...

Group 1 - The core viewpoint of the article is that the relationship between China and the United States has entered a phase of structural tension, with both parties viewing each other as the "only" competitor, leading to a comprehensive competitive relationship [1][2][5] - The historical context of China-U.S. relations is divided into several stages, with the first stage being absolute hostility from 1949 to 1972, followed by a period of strategic cooperation against the Soviet Union after the Shanghai Communiqué [2][4] - The Trump administration marked a turning point in U.S.-China relations, officially designating China as the "only strategic competitor" in its national security strategy, leading to a phase of comprehensive strategic competition [5][6] Group 2 - The article discusses the mixed warfare strategy employed by the U.S. against China, which includes trade wars, technology restrictions, and financial pressures, indicating a shift from a defensive to a more aggressive stance by China [6][10] - The recent trade war has seen China adopting a more assertive response, with significant retaliatory tariffs that demonstrate a shift in strategy from previous years [8][10] - The U.S. has faced supply shortages as a result of the trade conflict, leading to a reconsideration of its approach, which highlights the interdependence of the two economies [10][11] Group 3 - The article emphasizes the importance of domestic stability for both China and the U.S., noting that internal challenges such as economic downturns and social issues could impact their international standing [15][16] - China's foreign policy is evolving, moving away from "keeping a low profile" to a more assertive stance, particularly in military capabilities and regional influence [19][20] - The article outlines China's strategic focus on building a unified domestic market and enhancing its international relationships, particularly through initiatives like the Belt and Road [32][34]

钢材周报 2025 年 11 月 24 日 供需边际增加 期价震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/8 ⚫ 宏观面：国务院副总理何立峰在湖北、湖南调研时强调， 要持续推动外贸提质增效，完善高标准物流体系建设， 加力支持制造业高质量发展，加快构建全国统一大市 场，进一步畅通国内国际双循环。要完善法律与政策体 系，综合整治"内卷式"竞争。国家统计局最新数据显 示，2025年10月份，中国钢筋产量为1434.0万吨，同比 下降18.6%；1-10月累计产量为15801.0万吨，同比 ...

中国经济正经历一场深刻的转型。进入2025年，我们面临的挑战是如何从过去粗放型的高速增长，转向更加高质量、可持续的发展。 然而，民众消费不足、经济预期低迷，已经成为发展的一大瓶颈。 今年，中国共产党第二十届中央委员会的会议明确了改革方向，专家指出，核心问题不仅是科技和硬件建设，更在于如何激活民众消费，打破"内卷"和资源 配置低效的困局。 如何才能打破这一困局，真正推动中国经济的转型呢？ 中国经济的改革始于上世纪80年代，当时中国从计划经济逐步过渡到市场经济。 经过数十年的飞速发展，中国成功从一个农业国转变为全球第二大经济体。 吴敬琏教授，作为中国知名的经济学家，曾深刻指出，中国经济目前仍停留在一个"新型二元经济"阶段。 这一阶段的核心问题是，虽然中国已摆脱了1A模式（苏联式计划经济），但地方政府干预和过度调控依然存在，导致市场失灵，资源配置效率低下。 特别是一些地方政府仍然通过审批、土地出让、贷款等行政手段来影响市场，造成了产能过剩和资源浪费。 实际上，1B模式的最大问题就是地方政府的过度干预，使得市场无法正常发挥资源配置的作用。 许多企业的经营决策受制于地方政府的政策，而非市场的需求和竞争。 这种模式虽然在 ...