Core Viewpoint - The 20th China Western International Expo focuses on expanding high-level opening-up, deepening regional cooperation, and promoting the construction of a modern industrial system, which is crucial for building a new development pattern and high-quality co-construction of the "Belt and Road" initiative [1] Group 1 - The expo provides an effective platform for countries to share development opportunities in China's western region [1] - Emphasis on unity and cooperation among countries to maintain a stable and smooth multilateral trade system and global industrial supply chains [1] - The theme of the expo is "Deepening Reform to Increase Momentum, Expanding Opening-up to Promote Development" [1]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is recognized as one of the most open and economically vibrant regions in China, with a focus on becoming an international first-class bay area and world-class city cluster [1][2] - The GBA has achieved significant economic growth, with a GDP of approximately 1.99 trillion USD in 2023, surpassing New York and San Francisco Bay Areas, and is expected to cross a new trillion milestone in 2024 [2] - The GBA is home to several leading enterprises such as Huawei, Tencent, and BYD, which are pivotal in driving China's technological innovation [2] Economic Performance - In 2024, the GDP of the nine mainland cities in the GBA is projected to contribute over 80% to Guangdong's economy, amounting to approximately 11.54 trillion CNY [2] - The GBA has established eight industrial clusters with over 1 trillion CNY in value, alongside three clusters worth 500 billion CNY, seven worth 100 billion CNY, and two worth 10 billion CNY [2] Industrial Development - The GBA is recognized as one of the most dynamic and competitive manufacturing city clusters globally, with ongoing efforts in industrial integration and collaboration [3] - The region is focusing on building a modern industrial system through collaborative innovation, industrial upgrades, and talent cultivation [3][4] Innovation and Research - The GBA has significantly increased its R&D expenditure, reaching nearly 500 billion CNY in 2023, with an average annual growth rate exceeding 30% since 2018 [6][7] - The area is becoming a crucial source of innovation in China, with the highest number of effective invention patents granted nationwide [7] Recommendations for Growth - Experts suggest enhancing the integration of technology and industry, improving regional collaboration, and expanding the GBA's role in international supply chains [5] - There is a call for increased investment in basic research and the attraction of international high-end innovation resources to strengthen the GBA's competitive edge [5][8]

Group 1 - The meeting focused on accelerating the construction of a modern industrial system in Guangdong, emphasizing the importance of Xi Jinping's expectations for the province [1][2] - Key tasks identified include strengthening advanced manufacturing, upgrading traditional industries, and fostering emerging industries such as artificial intelligence and low-altitude economy [2] - The government aims to enhance the innovation chain by focusing on core technologies in high-tech industries and promoting breakthroughs in fields like biomanufacturing and advanced materials [2] Group 2 - The meeting highlighted the need to cultivate modern enterprise entities and implement policies to stimulate market vitality, including the establishment of regulations for modern enterprise systems [2] - Efforts will be made to optimize the development environment, including the "Million Talents Gather in South Guangdong" initiative to improve the business environment [2] - Responsibilities were assigned to various research groups and relevant units to ensure effective collaboration and execution of tasks related to the modern industrial system [2][3]

Core Viewpoint - The construction of a modern industrial system in China relies heavily on the integration of technological innovation and industrial innovation, emphasizing that these two aspects should not be treated separately [1][3]. Group 1: New Quality Productivity - The development of new quality productivity should be a key focus in the "14th Five-Year Plan," particularly in strategic emerging industries and future industries [3]. - The main challenges facing industrial development include uncertainties in economic operations, such as technological shocks from big data and artificial intelligence, as well as geopolitical factors [3]. Group 2: Industrial Concepts - New concepts introduced include industrial scope, industrial boundaries, and industrial depth, which emphasize the importance of not only the scale of industry development but also the composition and connections between industries [3]. - The balance between technological and economic factors, as well as domestic and international dynamics, is crucial for the growth of any industry [3]. Group 3: Financial Support for Innovation - Financial policies must innovate to provide precise support for technological innovation and green transformation while balancing financial openness and risk prevention [4][5]. - Key elements of financing for technological innovation and green transformation include quantity, price, and duration, with a focus on mobilizing commercial financial institutions through lower interest rates and longer terms [5]. Group 4: Financial Openness and Risk Management - Financial openness is essential, requiring the effective utilization of both domestic and international financial resources, while continuously improving compliance and risk management systems [5]. - Future risk prevention will focus on cross-border capital flows and cross-market risk transmission, necessitating international regulatory cooperation and the use of modern technologies like big data and AI [5].

Core Insights - The Export-Import Bank of China has issued over 180 billion yuan in medium to long-term loans for the manufacturing sector from January to April 2023 [1] - As of the end of April, the balance of medium to long-term loans for the manufacturing sector reached 1.8 trillion yuan [1] - The bank is focusing on supporting the export of manufacturing products such as ships and construction machinery, while also addressing the financial needs of technology-driven enterprises [1] Summary by Categories - **Loan Issuance** - The Export-Import Bank of China provided more than 180 billion yuan in loans to the manufacturing sector in the first four months of 2023 [1] - **Loan Balance** - The total balance of medium to long-term loans for the manufacturing sector stood at 1.8 trillion yuan by the end of April 2023 [1] - **Sector Support** - The bank is prioritizing support for the export of key manufacturing products, including ships and engineering machinery, and is committed to meeting the full-cycle financial needs of technology-oriented companies [1]

近日，由申万宏源证券担任主承销商的"中建投租赁股份有限公司2025年面向专业 投资者公开发行公司债券（第二期）"成功发行，本期债券发行规模8亿元，期限3年， 票面利率2.38%。本期债券是我司在商租领域公司债券领域的又一力作。 本期债券的发行主体中建投租赁聚焦绿色低碳、装备制造、信息技术等领域，为国 家重大战略、重点领域和薄弱环节提供优质金融服务，积极促进科技创新、先进制造、 绿色能源等业务发展，通过"融资租赁"特色服务为助力科技创新和现代化产业体系建 设、服务绿色发展战略、支持中小微企业及促进区域协调发展等领域提供金融"活水"。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 在本期债券发行过程中，公司充分发挥综合金融服务优势，实现票面利率精准引 导，获得发行人的高度认可。本次合作是公司第十三次担任该发行人公司债券的主承销 商，持续巩固了我司在商租领域债券融资服务市场的地位。未来，公司将深度把握国家 增强金融服务实体经济能力政策导向，以专业价值服务国家经济高质量发展。 ...

近日，工信部办公厅发布《2025年工业和信息化标准工作要点》，提出 以标准推动工业绿色低碳发 展 。根据《工作要点》： 1、加强碳管理标准建设 落实工业领域碳达峰碳中和标准体系建设指南， 全方位布局温室气体相关标准，涵盖基础通用、核 算核查、技术装备、监测以及管理评价等关键方面。开展工业和信息化领域产品碳足迹核算规则标 准的制修订，研制碳达峰碳中和计量技术规范。制定工业领域清洁低碳氢应用等标准。 2、加强绿色制造标准建设 制修订绿色工厂、绿色工业园区、绿色供应链评价通则 以及绿色设计技术规范等标准，分行业修订 绿色工厂评价标准。 3、加强资源节约和循环利用标准建设 加快工业固废综合利用、再生资源综合利用、污染物防治等领域标准制定 ，推动重点用水行业用水 定额、节水型企业（园区）等标准制修订，开展节水工艺、技术及装备标准研制， 加快环保装备、 重点产品有害物质管控等标准制定。 以下为原文 总体要求： 坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻党的二十大和二十届二 中、三中全会精神，认真落实全国新型工业化推进大会部署要求，切实履行管行业管标准的职能， 协同推进标准与产业发展战略、规划、政策联动实施，加 ...

这是一条见贤思齐、对标找差的"取经路"，也是一次学以致用、补齐短板的再"启航"。 日前，2025年三亚市"招商引资与产业发展"专题研讨班在浙江杭州举办。 课堂授课，边听边记；实地走访，边问边思；招商实战，边做边悟……在为期5日的培训中，来自各区 及市发改委、市营商环境建设局、市商务局、市投资促进局、崖州湾科技城管理局等单位的53名干部围 绕招商引资、现代化产业体系建设、优化营商环境等方面进行系统全面学习。 杭州，是我国经济最活跃、创新能力最强的城市之一，在开展精准招商、培育壮大人工智能等新兴产 业、打造一流的营商环境等方面有着很多先进的经验和做法。 在思想上充电，在能力上加油。此次研讨班旨在进一步提升三亚干部招商引资和推动产业发展的业务能 力，助力三亚改革开放和经济社会高质量发展。 专家解惑？理论深耕注入"智慧引擎" 今年春节假期后第一天，三亚市招商引资暨项目建设促进大会召开，擂响新一年奋进战鼓，释放出大抓 实抓招商引资、紧抓硬抓项目建设的鲜明导向。 在此关键时刻，三亚急需一支会洽谈、懂经济、熟业务的高素质专业人才队伍。 培训期间，在浙江大学，"精准滴灌"式的能力培训，为来自招商引资战线主力军的学员们"充电赋 ...

投资界消息，近日，浙江省财政厅发布了《关于促进政府投资基金高质量发展的实施意见（征求意见稿）》，旨在推动政府投资基金科学高效发展，构建更 加规范、高效的政府投资基金管理体系，以支持浙江省现代化产业体系的完善和重大战略实施。该文件明确了政府投资基金的分类、管理原则及运作方式， 并提出了若干具体措施，如加强投资引导、优化基金结构、健全激励约束机制等。 附：《关于促进政府投资基金高质量发展的实施意见（征求意见稿）》 关于促进政府投资基金高质量发展的实施意见 （征求意见稿） 各市、县（市、区）人民政府，省政府直属各单位： 政府投资基金是各级政府通过预算安排，单独出资或与社会资本共同出资设立，采用股权投资等市场化方式，引导各类社会资本支持相关产业和领域发展及 创新创业的投资基金。为构建更加科学高效的政府投资基金管理体系，推进浙江省政府投资基金高质量发展，根据《国务院办公厅关于促进政府投资基金高 质量发展的指导意见》（国办发〔2025〕1号），经省政府同意，提出如下实施意见。 一、总体要求 以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党中央、国务院和省委、省政府决策部署，围绕完善现代化产业体系，支持改造提升传统 ...

来源|中国证券报 更加积极的财政政策有何内涵？财政部网站3月24日发布的2024年中国财政政策执行情况报告显示，2025年财政政策要更加积极，持续用力、更加给力。 具体体现在五个方面：一是提高财政赤字率，加大支出强度、加快支出进度；二是安排更大规模政府债券，为稳增长、调结构提供更多支撑；三是大力优 化支出结构、强化精准投放，更加注重惠民生、促消费、增后劲；四是持续用力防范化解重点领域风险，促进财政平稳运行、可持续发展；五是进一步增 加对地方转移支付，增强地方财力、兜牢"三保"底线。 落实落细一揽子化债政策，坚决遏制新增隐性债务 报告明确，重点做好以下工作： 要点速览： 图：财政部网站 加大民生保障力度，多渠道增加居民收入 适当提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗保险财政补助标准等 加大中央本级科技投入，全力支持关键核心技术攻关 统筹用好化债支持政策，支持地方加快偿还政府拖欠企业账款 支持全方位扩大国内需求。 大力提振消费。加大民生保障力度，多渠道增加居民收入。推进实施提振消费专项行动，加大消费品以旧换新支持力度。适当 提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗 ...