Core Viewpoint - The article highlights the positive changes in fiscal revenue and expenditure in July 2025, indicating a recovery in tax revenue and an increase in spending focused on public welfare and effective investment [5]. Group 1: Revenue Analysis - National general public budget revenue from January to July 2025 increased by 0.1% year-on-year, with July showing a growth rate of 2.6%, marking the first positive cumulative revenue growth of the year [3]. - Tax revenue has shown significant improvement, particularly in domestic consumption tax, corporate income tax, and personal income tax, while non-tax revenue continues to decline [3]. - Local revenue growth outpaced central revenue, alleviating fiscal pressure at the grassroots level [3]. Group 2: Expenditure Analysis - National general public budget expenditure from January to July 2025 rose by 3.4% year-on-year, with July's expenditure growth rate also increasing [3]. - Both central and local fiscal expenditures were proactive, with central expenditure maintaining high growth and local expenditure turning positive, likely due to eased constraints on revenue [3]. - Key areas of expenditure included health, social security, and employment, while infrastructure spending showed a slowdown [3]. Group 3: Government Fund and Debt - Government fund budget revenue from January to July 2025 decreased by 0.7% year-on-year, although July saw a high growth rate, which is attributed to a low base from the previous year [4]. - Government fund budget expenditure increased by 31.7% year-on-year, driven by accelerated issuance and utilization of bond funds, with local government special bonds and central financial institution injections contributing significantly [4]. Group 4: Overall Fiscal Outlook - The article concludes that July's fiscal data reflects positive changes, with improved tax revenue and accelerated local fiscal income helping to ease financial pressures [5]. - Central government efforts to maintain economic stability through direct funding for major projects and transfer payments are emphasized, alongside continued support for public welfare [5]. - Despite these positive indicators, challenges remain in the economic landscape, particularly regarding real estate demand [5].

片来源：克而瑞 从"双榜"情况来看，东旭御山湖、邦泰春华序2个呈贡片区的项目领衔，位居前两席。销售金额分别为 0.47亿元、0.41亿元，成交22套、33套，成交均价约8924元/㎡、9443元/㎡。 上周（2025年8月11日-17日），昆明一环内住宅用地小规模供应，栗树头城改后续用地入市竞拍，龙湖 峯萃、东方润麒、邦泰春华序等多个新规产品持续热销。原恒大城售楼部即将易主，东原启城2宗住宅 用地成功出让成交；巫家坝将建第3所学校，要求引入云师大系。 据克而瑞发布的最新数据显示，上周昆明共计有6个新规住宅供应了4.32万㎡，环比上涨108%；成交约 5.52万㎡，环比上涨6%；成交均价约11871元/㎡，环比下跌5%。 图 土地方面，上周昆明主城仅1宗住宅用地供应，1宗旅馆用地底价成交。 该编号为KCPL2025-2号的城镇住宅用地，预计于9月3日网拍。根据出让公告，位于盘龙区鼓楼街道办 事处，面积6394.07㎡，地块容积率＞1且≤3.72，建筑密度≤30%，绿地率≥40%。 3号地块则位于工人文化宫西侧，面积约14亩，容积率5.6。 位于一环内的栗树头城改项目分两期开发，一期即大宥城，于2008年就启动开 ...

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Overseas, the market anticipates the possible end of the Russia - Ukraine conflict, leading to a decline in global risk - aversion sentiment. The market awaits the Jackson Hole Economic Policy Symposium for US interest - rate policy clues, with the US dollar remaining volatile and global risk appetite rising. Domestically, China's economic data in July slowed down and fell short of expectations. Policy stimulus expectations are strengthening, and the short - term uncertainty of tariff risks has decreased, leading to an overall increase in domestic risk appetite [2]. - For assets, the stock index is expected to oscillate strongly at a high level in the short term, with a short - term cautious long - position strategy. Treasury bonds are expected to oscillate and correct at a high level, and it is advisable to watch cautiously. In the commodity sector, black commodities are expected to correct in the short term, non - ferrous metals to oscillate, energy and chemicals to oscillate weakly, and precious metals to oscillate at a high level, all with a cautious watching strategy [2]. 3. Summary by Categories Macroeconomic and Financial - **Macroeconomic Situation**: Overseas, the expected end of the Russia - Ukraine conflict reduces global risk - aversion, and the market awaits US interest - rate policy clues. Domestically, economic data in July was weak, but policy stimulus expectations are rising, and the short - term tariff risk uncertainty is reduced [2]. - **Asset Performance and Strategies**: The stock index is expected to oscillate strongly at a high level in the short term (cautious long - position). Treasury bonds are expected to oscillate and correct at a high level (cautious watching). Black commodities are expected to correct (cautious watching), non - ferrous metals to oscillate (cautious watching), energy and chemicals to oscillate weakly (cautious watching), and precious metals to oscillate at a high level (cautious watching) [2]. Stock Index - **Market Performance**: The domestic stock market declined slightly due to the drag of insurance, military, and securities sectors. - **Fundamentals and Policy**: China's economic data in July was weak. Policy stimulus expectations are rising, and the short - term tariff risk uncertainty is reduced. The short - term upward macro - driving force is weakening, and attention should be paid to Sino - US trade negotiations and domestic incremental policies. A short - term cautious long - position strategy is recommended [3]. Precious Metals - **Market Performance**: Precious metals declined slightly on Tuesday. The probability of a September interest - rate cut fell below 90%, and inflation data showed resistance to the decline in inflation. - **Outlook**: The long - term positive logic remains unchanged. Attention should be paid to entry opportunities at key points [4]. Black Metals Steel - **Market Performance**: Steel futures and spot prices continued to decline slightly on Tuesday, with low trading volumes. - **Fundamentals**: Demand is weakening, inventory is rising, and high - temperature and rainy weather restricts building material demand. Supply is showing signs of reduction, and a short - term oscillating and weakening trend is expected [4][5]. Iron Ore - **Market Performance**: Iron ore futures and spot prices continued to decline slightly on Tuesday. - **Fundamentals**: Steel profits are high, but iron - making water production may decline due to approaching events. Supply is increasing, and port inventory is rising. Iron ore prices may weaken in the short term [5]. Ferrosilicon and Silicomanganese - **Market Performance**: Spot and futures prices of ferrosilicon and silicomanganese declined on Tuesday. - **Fundamentals**: Manufacturers' production enthusiasm is high, and production capacity is increasing. A short - term oscillating and weakening trend is expected [6]. Soda Ash - **Market Performance**: The main soda ash contract was weak on Tuesday. - **Fundamentals**: Supply is increasing, demand is weak, and profits are declining. The high - supply, high - inventory, and weak - demand pattern persists, and the upside space is limited [7]. Glass - **Market Performance**: The main glass contract was weak on Tuesday. - **Fundamentals**: Supply is stable, demand is difficult to improve significantly, and profits are decreasing. The price has declined recently [7]. Non - Ferrous Metals and New Energy Copper - **Market Performance**: The US economy is slowing down, and copper demand is expected to weaken. - **Outlook**: Copper prices may not remain strong in the long run as supply is relatively sufficient and demand is weakening [9]. Aluminum - **Market Performance**: Aluminum prices declined on Tuesday, and the overall sentiment in the commodity market was weak. - **Fundamentals**: Domestic social inventory is rising, and the medium - term upside space is limited. The short - term oscillation trend is expected, but the rebound foundation is weakening [9]. Aluminum Alloy - **Market Performance**: The supply of scrap aluminum is tight, and production costs are rising. - **Outlook**: The short - term price is expected to oscillate strongly, but the upside space is limited due to weak demand [9]. Tin - **Market Performance**: The combined operating rate in Yunnan and Jiangxi decreased slightly. Terminal demand is weak, and inventory decreased this week. - **Outlook**: The price is expected to oscillate in the short term, but the upside space is restricted by high - tariff risks, production resumption expectations, and weak demand [10]. Lithium Carbonate - **Market Performance**: The main lithium carbonate contract declined on Tuesday. - **Fundamentals**: There is a short - term positive impact on supply, and the industry profit is improving. It is expected to oscillate at a high level [11]. Industrial Silicon - **Market Performance**: The main industrial silicon contract declined on Tuesday. - **Outlook**: It is expected to oscillate within a range as black commodities weaken and polysilicon oscillates [11]. Polysilicon - **Market Performance**: The main polysilicon contract declined on Tuesday. - **Fundamentals**: The number of warehouse receipts is increasing, and the industry is promoting self - regulation. It is expected to oscillate at a high level [12][13]. Energy and Chemicals Crude Oil - **Market Performance**: Oil prices declined slightly as the market assesses the prospects of a cease - fire in the Russia - Ukraine conflict. - **Outlook**: Oil prices are expected to remain weak in the long term [14]. Asphalt - **Market Performance**: The asphalt price is following the decline of crude oil, and the spot market is weak. - **Outlook**: It is expected to remain in a weak oscillation pattern as inventory reduction is limited [14]. PX - **Market Performance**: Crude oil price decline led to a correction in the energy - chemical sector. PX is in a tight supply situation in the short term. - **Outlook**: It is expected to oscillate and wait for changes in PTA plants [14]. PTA - **Market Performance**: Pakistan's anti - dumping on PTA exports has a limited impact. Downstream demand has rebounded slightly. - **Outlook**: The supply is limited, and demand is rising slightly. The price is supported but the upside space is restricted [15]. Ethylene Glycol - **Market Performance**: Port inventory has decreased slightly, and downstream demand has rebounded. - **Outlook**: Supply and demand are expected to increase slightly, and it will maintain an oscillating pattern [15]. Short - Fiber - **Market Performance**: The short - fiber price declined due to sector resonance. Terminal orders have increased slightly. - **Outlook**: It may continue to be short - sold in the medium term, waiting for further improvement in terminal orders [15]. Methanol - **Market Performance**: There is a regional differentiation, with the inland strong and the port weak. - **Outlook**: It is expected to oscillate weakly in the short term [16][17]. PP - **Market Performance**: Supply pressure is increasing, and downstream demand is rising slightly. - **Outlook**: The 09 contract is expected to oscillate weakly, and the 01 contract should be monitored for peak - season restocking [17]. LLDPE - **Market Performance**: Supply pressure remains high, and demand is showing signs of improvement. - **Outlook**: The 09 contract is expected to oscillate weakly, and the 01 contract should be monitored for demand and restocking [17]. Agricultural Products US Soybeans - **Market Performance**: The CBOT November soybean contract declined. The market is waiting for the results of the ProFarmer crop tour. - **Field Conditions**: The number of soybean pods in some states is higher than average, and moist soil may promote growth [18]. Soybean and Rapeseed Meal - **Market Performance**: The pressure of soybean and soybean meal inventory in domestic oil mills has eased. - **Supply Situation**: Canadian rapeseed imports are restricted, but the purchase of Australian rapeseed may diversify supply sources [19]. Soybean and Rapeseed Oil - **Market Performance**: Rapeseed oil port inventory is decreasing, and soybean oil has high - inventory pressure in the short term. - **Outlook**: Rapeseed oil supply is expected to shrink, and soybean oil's supply - demand situation will improve in the fourth quarter [19]. Fats and Oils - **Market Performance**: International crude oil and Chicago soybean oil prices declined, which will drag down the Malaysian palm oil market. - **Fundamentals**: Palm oil production has a small increase, and exports have improved significantly. However, the inverted price difference may affect future demand [19]. Corn - **Market Performance**: Northeast corn prices are weak, and the market is inactive. - **Supply Outlook**: New corn will be listed in August, and the supply is expected to be sufficient. Corn futures are weak [20]. Pigs - **Market Performance**: The spot pig price is weak, and the supply is increasing. - **Outlook**: The price decline has slowed down, and attention should be paid to the consumption peak during the start of the school term [20][21].

1. Report Industry Investment Rating - No information on the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The macro - face involves measures to consolidate the stabilization and recovery of the real estate market, foster service consumption, and increase effective investment. Fundamentally, the import volume of zinc ore at home and abroad is rising, the zinc ore processing fee is continuously increasing, and the sulfuric acid price has risen significantly, leading to further repair of smelter profits and increased production enthusiasm. New production capacities are being released, and the supply growth is accelerating. Currently, the import loss continues to expand, and the inflow of imported zinc has decreased. On the demand side, it is the off - season for downstream demand, and the operating rate of processing enterprises has declined year - on - year. Recently, the zinc price has fallen, and downstream buyers purchase on demand at low prices, but the overall transaction is still dull. Domestic social inventories continue to accumulate, and the spot premium has declined. Overseas, LME inventories have decreased significantly, and the strong LME zinc price supports the domestic zinc price. Technically, the price is adjusted at a low position of holdings, breaking below the MA60, and attention should be paid to the 22,000 support. Operationally, it is recommended to wait and see or conduct range - bound operations [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai zinc contract is 22,205 yuan/ton, down 135 yuan; the price difference between the 09 - 10 contracts of Shanghai zinc is 15 yuan/ton, up 35 yuan. The three - month zinc quotation on the LME is 2,777 US dollars/ton, down 19.5 US dollars. The total position of Shanghai zinc is 214,599 lots, up 2,376 lots. The net position of the top 20 in Shanghai zinc is - 3,632 lots, down 10,163 lots. The Shanghai zinc warehouse receipts are 32,538 tons, unchanged. The inventory of the Shanghai Futures Exchange is 76,803 tons (weekly), up 10,886 tons; the LME inventory is 75,850 tons, down 475 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,200 yuan/ton, down 100 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,010 yuan/ton, down 70 yuan. The basis of the main ZN contract is - 5 yuan/ton, up 35 yuan. The LME zinc premium (0 - 3) is - 8.65 US dollars/ton, down 3.43 US dollars. The arrival price of 50% zinc concentrate in Kunming is 16,990 yuan/ton, down 110 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons (monthly), a decrease of 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons (monthly), an increase of 10,400 tons. The global zinc ore output of ILZSG is 1.0075 million tons (monthly), down 4,300 tons. The domestic refined zinc output is 628,000 tons (monthly), up 45,000 tons. The zinc ore import volume is 455,900 tons (monthly), up 124,900 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 35,156.02 tons (monthly), down 22,615.39 tons; the refined zinc export volume is 483.88 tons (monthly), up 266.83 tons. The social zinc inventory is 114,900 tons (weekly), up 4,900 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, down 130,000 tons; the monthly sales volume of galvanized sheets is 2.34 million tons, down 120,000 tons. The monthly new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the monthly housing completion area is 250.34 million square meters, up 24.6739 million square meters. The monthly automobile output is 2.51 million vehicles, down 298,600 vehicles; the monthly air - conditioner output is 19.6788 million units, up 3.4764 million units [3]. 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 14.45% (daily), up 1.43 percentage points; the implied volatility of the at - the - money put option for zinc is 14.45% (daily), up 1.43 percentage points. The 20 - day historical volatility of the at - the - money zinc option is 5.36% (daily), down 2.39 percentage points; the 60 - day historical volatility of the at - the - money zinc option is 13.12% (daily), up 0.09 percentage points [3]. 3.7 Industry News - Macro - face: Measures should be taken to consolidate the stabilization and recovery of the real estate market, cultivate and expand service consumption, and increase effective investment [3].

Group 1 - The article provides a forward-looking analysis of global economic events and data releases for the upcoming week, focusing on the potential for the Reserve Bank of New Zealand to restart interest rate cuts and the highly anticipated Jackson Hole global central bank conference [1] - Key economic indicators to watch include US housing market data, Canadian CPI, UK and Eurozone CPI, Federal Reserve meeting minutes, global PMI data, and German GDP along with UK retail sales [1] Group 2 - On Monday and Tuesday, the US housing market data will be released, including the NAHB housing market index and July new housing starts and building permits, indicating resilience in the US residential construction sector despite high interest rates and economic uncertainty [3] - The Canadian CPI for July will also be released, with market expectations suggesting the Bank of Canada may maintain a pause on interest rate cuts, potentially lowering rates to 2.25% by year-end [3] Group 3 - On Wednesday, the Reserve Bank of New Zealand is expected to announce a 25 basis point interest rate cut due to weak labor market data and low inflation expectations, following a significant rate reduction of 225 basis points since last August [5] - The UK and Eurozone CPI reports will be closely monitored, with the UK CPI unexpectedly rising to its highest level in over a year, which may influence the Bank of England's future decisions [5] Group 4 - On Thursday, the Federal Reserve will release its meeting minutes, providing insights into the Fed's stance on interest rate cuts, while the Jackson Hole global central bank conference will feature key speeches, including one from Fed Chair Powell [6][7] - Initial PMI data for August will be released, with a focus on manufacturing and services sectors across various countries, indicating potential economic expansion or contraction [6] Group 5 - On Friday, attention will turn to Germany's second-quarter GDP final value, which is expected to confirm a 0.1% contraction, alongside retail sales data from the UK and Canada [9] - The UK retail sales for July are anticipated to show a continuation of the rebound seen in the previous month, driven by seasonal factors [9]

Economic Overview - In July, the industrial added value for large-scale enterprises grew by 5.7% year-on-year, a slowdown of 1.1 percentage points from the previous month[2] - The total retail sales of consumer goods increased by 3.7% year-on-year in July, marking a new low for the year, and down 1.1 percentage points from the previous month[18] - Fixed asset investment (excluding rural households) grew by 1.6% year-on-year from January to July, continuing a decline for four consecutive months[24] Industrial Production - The growth rate of industrial added value for the first seven months was 6.3% year-on-year[8] - High-tech manufacturing and equipment manufacturing maintained high growth rates, with increases of 9.3% and 8.4% respectively in July[8] - Export delivery value growth slowed to 0.8% in July, down 3.2 percentage points from the previous month[8] Consumer Market - The retail sales of goods in July grew by 4.0%, while catering services increased by only 1.1%[18] - The "old-for-new" policy pause in some regions led to a significant drop in related goods sales growth[18] - Sales of household appliances and audio-visual equipment grew by 28.7%, down from 32.4% in the previous month[18] Fixed Asset Investment - Manufacturing investment grew by 6.2%, a slowdown of 1.3 percentage points from the previous month[24] - Infrastructure investment growth was 7.3%, down 1.6 percentage points from the previous month[26] - Private investment growth fell to -6.3% in July, indicating a significant decline in private sector confidence[26] Real Estate Market - Real estate development investment decreased by 12.0% year-on-year from January to July, with the decline widening by 0.8 percentage points from the previous month[33] - New housing construction area fell by 19.4%, while the sales area of new commercial housing dropped by 4.0%[34] - The price index for new residential buildings in 70 large and medium-sized cities fell by 0.3% month-on-month in July[34]

Core Viewpoint - The real estate market in Beijing is experiencing a decline in prices for older properties, particularly those built before 2000, as new housing options become available, leading to increased selling pressure for homeowners [1][4][10]. Group 1: Market Trends - The prices of older properties in Beijing have significantly decreased, with examples showing reductions of approximately 36% from previous sale prices [1]. - The market is characterized by a high volume of unsold second-hand homes, particularly older apartments, which are increasingly being rejected by buyers [4][10]. - Newer properties built after 2000 are gaining market share, as they are preferred by buyers due to better amenities and living conditions [10][11]. Group 2: Seller Challenges - Homeowners who purchased properties for school districts are facing substantial losses, often exceeding 2 million yuan, making it difficult to sell even at reduced prices [3]. - Owners of properties built before 2000 are advised to sell quickly, even at a loss, as prices are expected to continue declining [6]. - The rental market for older properties has weakened, with many landlords unable to find tenants, leading to increased urgency to sell [14][18]. Group 3: Buyer Strategies - Buyers are encouraged to focus on areas without new housing competition to enhance liquidity and value retention of their investments [19]. - For those looking to upgrade, it is recommended to consider new properties that offer high value or have significant location advantages [20].

Report Industry Investment Rating Not provided in the given content. Core Viewpoints of the Report - In July, China's exports exceeded expectations, but container throughput dropped sharply at the beginning of August, and if the trend continues, August may be a turning point [1][11]. - Although the month - on - month PPI growth rate rebounded in July, the year - on - year growth rate remained unchanged. If commodity prices can hold up in August, the year - on - year PPI growth rate may rebound, but the rebound amplitude is expected to be limited [2][17]. - The real estate market continues to be sluggish, with new home sales area at a historical low and the second - hand housing market deteriorating [2][21]. - The bond market is in a volatile state this week. Looking forward, the bond market has investment value, and bond yields may break previous lows [3][35]. Summary by Directory 1. Domestic Economic Data Tracking (1) Export Exceeded Expectations - In July, China's export value was $321.78 billion, a year - on - year increase of 7.2%, far exceeding the Wind consensus forecast of 5.8% [11]. - Due to the "rush to export", the cumulative growth rate of export value has deviated from the annual average of the new export order index. Exports to the EU and ASEAN remained resilient, while those to the US continued to decline [11]. - Container throughput continued to rise in July but dropped sharply at the beginning of August. If the trend continues, August may be a turning point [1][11]. (2) Supply - side Reform Has Not Been Transmitted to PPI - In July, the year - on - year PPI remained at - 3.6%, the same as in June, due to the base effect. However, the month - on - month PPI growth rate rebounded by 0.2 percentage points compared to June [15][17]. - If commodity prices can hold up in August, the year - on - year PPI growth rate may rebound. However, the rebound amplitude is expected to be limited because the price increase in the upstream is difficult to be transmitted downstream, and overall demand needs to recover. Currently, only the mining and raw material sectors are showing price increases, accounting for about 25% [2][19]. 2. Real Estate Policy Effect Tracking - The Real Estate Market Continued to Perform Sluggishly - The sales area of new homes in 30 large and medium - sized cities continued to decline seasonally, remaining lower than the same period in 2024. The sales area of new homes in first - and third - tier cities was lower than in 2024, while that in second - tier cities was basically the same as last year. All are hovering at historical lows [2][21]. - As of July 28, the listing price index of second - hand housing continued to decline overall. The listing price index in first - tier cities rebounded slightly, while those in second - and third - tier cities continued to fall [2][21]. 3. Treasury Bonds: Policy Disturbance Cooled Down, and the Bond Market Remained Volatile - The bond market was relatively stable this week. The central bank conducted a 700 - billion - yuan 3 - month (91 - day) outright reverse repurchase operation, with a net injection of 300 billion yuan, sending a signal of explicit support [35]. - The upward trend brought by supply - side reform cooled down this week, and the impact on the bond market was not significant. Due to the unfalsifiable expectation of economic recovery brought by policy expectations, the bond market remained volatile [35]. - Looking forward, the overall view is bullish, with short - term volatility expected. The probability of interest rates continuing to decline is relatively high, and it will take time to test the policy effects [35].

Core Viewpoint - The report from China Galaxy Securities indicates that the Producer Price Index (PPI) continues to remain at a low level year-on-year, with limited potential for improvement in the future, making it unlikely for PPI to turn positive within the year [1] Group 1: Real Estate Market - The real estate market has been weakening since the second quarter, with the total sales area and sales revenue of commercial housing in the first six months declining by 3.5% and 5.5% year-on-year, respectively [1] - In July, the transaction area of commercial housing in 30 major cities showed a year-on-year decrease of 18.6%, compared to a decrease of 8.4% in June [1] Group 2: Economic Dynamics - There is insufficient momentum among microeconomic entities, leading to weak investment from enterprises and low consumer spending willingness [1] - The industrial capacity utilization rate in the second quarter was 74%, showing a downward trend both year-on-year and month-on-month, indicating continued weak demand [1] Group 3: Market Competition - The ongoing optimization of market competition is leading to a narrowing of price declines in related industries, but the sustained improvement effect remains to be observed [1]

全面释放财政政策效力，还需着力促进物价合理回升。同时，做好政策储备，必要时及时出台增量政 策，保障下半年财政支出强度。 二是财政支出向民生倾斜。7月以来，国家育儿补贴实施方案、逐步推行免费学前教育、向失能老年人 发放养老服务消费补贴、财政更大力度支持稳就业等政策措施出台，充分表明财政支出更加注重民生， 更多资金资源将"投资于人"。 财政支出端也体现了上述特征。上半年，一般公共预算支出分项中，社会保障和就业、教育、卫生健康 三大民生类支出增速分别达到9.2%、5.9%、4.3%，均高于总体3.4%的增速，合计占一般公共预算支出 的比重达到40.3%，创2019年以来同期新高；相比之下，农林水事务、城乡社区事务、交通运输三大基 建类的支出增速分别只有-7.8%、-4.2%、-3.1%，合计占比降至18.6%的多年同期低点。 与此同时，上半年，侧重民生兜底、政府运行的一般国债（52%）、地方一般债（57%）发行进度快于 侧重项目建设的地方专项债（49%），也一定程度反映了财政支出向民生倾斜的政策取向。 7月30日，中央政治局会议指出"宏观政策要持续发力、适时加力""在保障改善民生中扩大消费需求"。 此前，国家育儿补 ...