1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For Treasury bonds, it's expected that there won't be a trending market, and caution is advised [6][7]. - Regarding stock indices, the long - term performance of Chinese equity assets is optimistic, and going long on stock index futures is considered [10][11]. - For precious metals, the long - term bull market trend is expected to continue, and going long on gold futures is considered [13][14]. - In the case of rebar and hot - rolled coils, investors can focus on low - position long opportunities after the correction [15]. - For iron ore, investors can look for low - position buying opportunities after the correction [17][18]. - For coking coal and coke, investors are advised to wait and see [20][21]. - Regarding ferroalloys, long - position exit opportunities can be considered when the market continues to rise, and long positions at low - support intervals can be considered if there is a decline [23]. - For crude oil, investors can focus on long opportunities in the main contract [26]. - For fuel oil, investors can focus on long opportunities in the main contract [28]. - For synthetic rubber, wait for the market to stabilize and then participate in the rebound [29][31]. - For natural rubber, it's expected to oscillate strongly [32][33]. - For PVC, it's expected to oscillate strongly in the short term [34][38]. - For urea, it will fluctuate in the short term and be bullish in the medium term [39][40]. - For PX, it may oscillate and adjust in the future, and investors should participate cautiously [42]. - For PTA, it may oscillate in the short term, and investors should participate in the range [43]. - For ethylene glycol, investors should be cautious about the upside space in the short term and participate in the range [44][45]. - For staple fiber, it may oscillate following the cost, and pay attention to cost changes and macro - policy adjustments [46]. - For bottle chips, it's expected to oscillate following the cost [47][48]. - For glass, continue to pay attention to spot trading and regional de - stocking; in the long - term, focus on the implementation of capacity clearance of old production lines [49][50]. - For caustic soda, the positive support is relatively limited, and it's affected by macro - sentiment recently [52]. - For pulp, the pulp price is expected to fluctuate and adjust, and pay attention to policy trends and actual spot transactions [54][55]. - For lithium carbonate, it's advisable to watch more and act less and control risks [56]. - For copper, there is still a basis for an upward trend [58]. - For tin, it's expected to oscillate [59]. - For nickel, it's expected to oscillate [60]. - For soybean oil and soybean meal, consider long opportunities in the support interval for soybean meal after adjustment; for soybean oil, consider call option opportunities in the support interval after the decline [62]. - For palm oil, consider long opportunities after the correction [64]. - For rapeseed meal and rapeseed oil, consider long opportunities [65]. - For cotton, it's recommended to short far - month contracts in batches at high prices [67][68]. - For sugar, it's recommended to wait and see [71]. - For apples, it's recommended to wait and see [75]. - For live pigs, consider holding previous short positions [77]. - For eggs, consider a 9 - 10 reverse spread [80]. - For corn and starch, consider virtual - value call option opportunities in the previous low - level interval for near - month corn contracts; corn starch follows the corn market [83]. - For logs, the market has returned to the actual spot situation [87]. 3. Summaries According to Relevant Catalogs Treasury Bonds - Last trading day, treasury bond futures closed up across the board. The central bank conducted 495.8 billion yuan of 7 - day reverse repurchase operations, with a net investment of 325.1 billion yuan. The national parenting subsidy system implementation plan was announced [5]. - The current macro - economic recovery momentum needs to be strengthened, and the treasury bond yield is at a relatively low level [6]. Stock Indices - Last trading day, stock index futures showed mixed results. The national industrial and information technology conference emphasized measures to expand domestic demand [8][9]. - The domestic economic recovery momentum is weak, but asset valuations are low, and China's economy has resilience. The long - term performance of Chinese equity assets is optimistic [10]. Precious Metals - Last trading day, gold and silver futures closed down. The US and the EU reached a 15% tariff agreement [12]. - The global trade and financial environment is complex, and the long - term bull market trend of precious metals is expected to continue [13]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures fell sharply. Policy expectations dominate the market, and the actual supply - demand pattern is secondary [15]. Iron Ore - Last trading day, iron ore futures fell sharply. Policy expectations are the core influencing factor. The supply - demand pattern is still strong, but it may adjust in the short term [17]. Coking Coal and Coke - Last trading day, coking coal and coke futures hit the daily limit down. The direct cause was the position - limit measure, and the deep - seated reason was the excessive previous rise. The supply - contraction policy has become a reality [20]. Ferroalloys - Last trading day, manganese silicon and ferrosilicon futures closed down. The supply of manganese ore has increased, and the supply of ferroalloys is still high while the demand is weak [22][23]. Crude Oil - Last trading day, INE crude oil opened high and closed low. Fund managers reduced their net long positions, and the number of US oil rigs decreased. OPEC+ is unlikely to change the production plan [24][25]. Fuel Oil - Last trading day, fuel oil oscillated downward. The fuel oil inventory in Japan and Singapore has changed. The supply in the Asian market is sufficient, but trade agreements are beneficial to the shipping market [27]. Synthetic Rubber - Last trading day, synthetic rubber futures closed down. The raw material price has rebounded, and the supply and demand situation has changed. Wait for the market to stabilize [29][30]. Natural Rubber - Last trading day, natural rubber futures closed down. The supply is affected by rainfall, and the demand has recovered slightly. It's expected to oscillate strongly [32]. PVC - Last trading day, PVC futures closed down. The supply is excessive, but the downward space may be limited. It's expected to oscillate strongly in the short term [34]. Urea - Last trading day, urea futures closed down. The supply - demand situation has weakened recently, and it will fluctuate in the short term and be bullish in the medium term [39]. PX - Last trading day, PX futures rose. The supply load has decreased, and the import volume has changed. The short - term supply - demand balance is tight, and it may oscillate and adjust [41][42]. PTA - Last trading day, PTA futures fell. The supply and demand have changed little, and the cost has some support. It may oscillate in the short term [43]. Ethylene Glycol - Last trading day, ethylene glycol futures fell. The supply pressure has increased, but the inventory has decreased. Be cautious about the upside space in the short term [44]. Staple Fiber - Last trading day, staple fiber futures fell. The supply is high, and the demand is weak. It may oscillate following the cost [46]. Bottle Chips - Last trading day, bottle chips futures fell. The device maintenance has increased, and the demand has recovered. It's expected to oscillate following the cost [47]. Glass - Last trading day, glass futures fell. The inventory has decreased, and the price in some regions has risen. The market sentiment fluctuates, and the follow - up needs to focus on spot trading and de - stocking [49][50]. Caustic Soda - Last trading day, caustic soda futures fell. The production has increased, and the inventory has changed. The positive support is limited [51][52]. Pulp - Last trading day, pulp futures fell. The supply has an expansion tendency, and the demand is weak. The pulp price is expected to fluctuate and adjust [53][54]. Lithium Carbonate - Last trading day, lithium carbonate futures fell. The supply is abundant, and the demand has improved slightly, but the trading is inactive. Be cautious and control risks [56]. Copper - Last trading day, Shanghai copper oscillated downward. The spot premium is expected to remain weak, but there is still a basis for an upward trend [58]. Tin - Last trading day, Shanghai tin oscillated. The supply of tin ore is tight, and the consumption is weak. It's expected to oscillate [59]. Nickel - Last trading day, Shanghai nickel fell. The supply is excessive, and the consumption is not optimistic. It's expected to oscillate [60]. Soybean Oil and Soybean Meal - Last trading day, soybean oil and soybean meal futures closed down. The US soybean yield is expected to be good, and the domestic supply is relatively loose. Consider different investment opportunities for soybean oil and soybean meal [61][62]. Palm Oil - Malaysian palm oil fell. The export volume has decreased, and the domestic inventory has increased. Consider long opportunities after the correction [63][64]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed weakened. The domestic import volume has changed, and the inventory situation is different. Consider long opportunities [65]. Cotton - Last trading day, domestic cotton oscillated at a high level. The global supply - demand is expected to be loose, and it's recommended to short far - month contracts in batches at high prices [66][67][68]. Sugar - Last trading day, domestic sugar oscillated strongly. The Brazilian sugar production is lower than expected, and the domestic inventory and import volume have changed. It's recommended to wait and see [69][71]. Apples - Last trading day, domestic apple futures rose sharply and then fell. The expected production reduction has been falsified. It's recommended to wait and see [73][74][75]. Live Pigs - The national average price of live pigs fell. The supply is abundant, and the demand is average. Consider holding previous short positions [76][77]. Eggs - The average price of eggs in the main production and sales areas fell. The supply is increasing, and it's recommended to consider a 9 - 10 reverse spread [78][80]. Corn and Starch - Last trading day, corn and starch futures rose. The US corn yield is expected to be good, and the domestic supply - demand is approaching balance. Consider option opportunities for corn and follow the corn market for starch [81][83]. Logs - Last trading day, log futures rose. The supply has increased, and the inventory has decreased. The market has returned to the actual spot situation [84][85][87].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The main line of "anti - involution" in the stock index futures market is switching. The market has expectations for stimulus policies, and new main lines such as high - prosperity sectors in the semi - annual report and sectors related to demand - side policies are emerging. It is recommended to continue to allocate long positions in IM [3][9]. - In the stock index options market, the volatility has shown an inflection point, and the probability of short - term volatility decline is relatively high. It is advisable to build positions for short - volatility strategies. The certainty of volatility strategies is slightly stronger than that of directional strategies [4][10]. - In the treasury bond futures market, the sentiment has improved, but there are still many short - term disturbing factors, and the market is expected to be volatile [4][12]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Market Performance**: On Monday, the Shanghai Composite Index rose and then fell, with narrow - range trading and shrinking volume. The market risk preference was at a relatively high level, and the main line showed signs of switching [3][9]. - **Reasons for Main - line Switching**: Firstly, the China - US tariff negotiation is in progress, and the market has expectations for stimulus policies. Secondly, the "anti - involution" theme has cooled down, and the coal and steel industries in the stock market led the decline on Monday. Thirdly, new main - line directions are emerging, such as high - prosperity sectors in the semi - annual report and sectors related to demand - side policies [3][9]. - **Operation Suggestion**: Hold long positions in IM with a half - position [9]. 3.1.2 Stock Index Options - **Volatility**: Last week, the "anti - involution" policy supported the volatility, but this week, the volatility of most varieties showed an inflection point in the morning and closed down in the afternoon. The short - term probability of volatility decline is high [4][10]. - **Sentiment Index**: Weak liquidity and the expiration of all current - month contracts suggest that trading - type funds are relatively conservative in the short term [4][10]. - **Operation Suggestion**: Focus on short - volatility strategies in the short term and continue to hold the medium - term covered - call strategy [4][10]. 3.1.3 Treasury Bond Futures - **Market Performance**: Treasury bond futures rose collectively, and the sentiment in the bond market improved. The T main contract opened higher and then fluctuated [4][10]. - **Reasons for Improvement**: Firstly, most commodity futures fell, and the speculative sentiment in the market cooled down. Secondly, the central bank's net investment in the open - market operation at the end of the month improved the capital situation. Thirdly, there was an obvious stock - bond seesaw effect in the intraday trading [4][10][12]. - **Short - term Outlook**: There are still many disturbing factors in the bond market, and it is expected to be volatile in the short term [4][12]. - **Operation Suggestion**: Be cautious in trend strategies, pay attention to short - hedging at low basis levels, appropriately focus on the basis convergence of the TL main contract, and the odds of steepening the curve in the medium term are higher [12]. 3.2 Economic Calendar - The economic indicators to be announced this week include the US July ADP employment number, the US Federal Reserve interest rate decision, and China's July official manufacturing PMI [14]. 3.3 Important Information and News Tracking - **Industry**: The National Conference of Heads of Industry and Information Technology Departments proposed to implement the strategy of expanding domestic demand, consolidate the industrial economy, and promote the development of emerging technologies [14]. - **Parenting Subsidy**: The national parenting subsidy system implementation plan was announced, providing subsidies for infants under 3 years old [15]. - **Trade Talks**: China hopes to promote the stable and healthy development of China - US economic and trade relations through dialogue and cooperation [15]. 3.4 Derivatives Market Monitoring - The report mentions to monitor data on stock index futures, stock index options, and treasury bond futures, but specific data is not provided in the summary part.

Market Overview - On July 28, the A-share market experienced a rebound, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets was 1.74 trillion yuan, a decrease of 45 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.12%, the Shenzhen Component Index increased by 0.44%, and the ChiNext Index gained 0.96% [2][3] - Over 2,700 stocks in the market saw an increase, indicating a broad-based rally [2] Sector Performance - The computing hardware sector saw a significant surge, while innovative drug concepts maintained strong performance. The commercial aerospace sector was also active [2] - Conversely, cyclical stocks such as steel and coal experienced collective adjustments, with companies like Liugang Co., Ltd. seeing declines of over 5% [2] - The PCB, film, and CPO sectors had the highest gains, while coal, steel, Hainan Free Trade Zone, and precious metals sectors faced the largest declines [2] International Market - In the U.S. stock market on July 28, the Dow Jones Industrial Average fell by 64.36 points to close at 44,837.56 points, a decrease of 0.14%. The S&P 500 index rose by 1.13 points to 6,389.77 points, an increase of 0.02%, and the Nasdaq Composite Index gained 70.27 points to close at 21,178.58 points, up 0.33% [4][6] - European markets saw all three major indices decline, with the UK FTSE 100 down 0.43%, the French CAC 40 down 0.43%, and the German DAX down 1.02% [4] - International oil prices rose, with WTI crude oil increasing by $1.55 to $66.71 per barrel, a rise of 2.38%, and Brent crude oil up $1.60 to $70.04 per barrel, an increase of 2.34% [4][5] Key Announcements - The Chinese government announced a new childcare subsidy plan, effective from January 1, 2025, providing annual subsidies of 3,600 yuan per child for those under three years old [8] - The Ministry of Industry and Information Technology is formulating a plan to enhance the adaptability of consumer goods supply and demand to support consumption expansion [9] - The Shanghai Municipal Economic and Information Commission announced a 600 million yuan initiative to reduce the cost of intelligent computing power, including issuing computing vouchers [13] Institutional Insights - Everbright Securities noted that the white liquor sector is currently in a deep value zone, with a dividend yield of 3.72% as of July 25, 2024, and a payout ratio of 71% [16] - Open Source Securities highlighted that the coal sector is at a turning point, suggesting it is time to position investments [16] - Donghai Securities anticipates an overall improvement in profitability and valuation levels in the medical device sector due to policy guidance [16] Focused Announcements - WuXi AppTec reported a net profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92% [17] - SANY Heavy Industry plans to issue up to 20 billion yuan in various non-financial corporate debt financing tools [18]

Market Overview - On July 28, 2025, A-shares experienced narrow fluctuations, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index increasing by 0.44%, and the ChiNext Index up by 0.96%. The North Stock 50 fell by 0.25%. The total trading volume in the Shanghai and Shenzhen markets was approximately 1.742 trillion yuan, a decrease of about 45.03 billion yuan compared to the previous trading day [1] - Hong Kong stocks saw mixed performance, with the Hang Seng Index rising by 0.68% to close at 25,562.13 points, while the Hang Seng Technology Index fell by 0.24% to 5,664.02 points. The total trading volume was 250.3 billion HKD [1] - In the U.S. market, the S&P 500 Index rose by 1.59% to 5,954.5 points, the Nasdaq Composite Index increased by 1.63% to 18,847.28 points, and the Dow Jones Industrial Average rose by 1.39% to 43,840.91 points [1] Government Initiatives - The Ministry of Industry and Information Technology announced plans to enhance the adaptability of supply and demand for consumer goods to support consumption expansion. This includes implementing a new round of ten key industry growth actions and promoting the development and application of technologies such as artificial intelligence terminals and drones [3] - The National Childcare Subsidy Scheme was unveiled, providing an annual subsidy of 3,600 yuan per child for infants under three years old, effective from January 1, 2025. The subsidy is exempt from personal income tax and will not be counted as income for certain social assistance evaluations [4][6] - The State Administration for Market Regulation emphasized the need to address low-quality and low-price competition among enterprises, enhance quality standards, and improve regulatory frameworks for food, pharmaceuticals, and industrial products [5]

Group 1 - The Chinese government announced a new childcare subsidy plan, effective from January 1, 2025, providing annual subsidies of 3,600 yuan per child for those under three years old [9] - The Ministry of Industry and Information Technology is formulating a plan to enhance the adaptability of supply and demand for consumer goods to boost consumption [10] - The State Administration for Market Regulation emphasized the need to combat low-quality and low-price competition among enterprises [11] Group 2 - The National Disaster Reduction and Relief Committee initiated a level four emergency response for flood relief in Beijing and Hebei, dispatching 43,000 pieces of disaster relief materials [12] - Shanghai aims to achieve full-area testing for autonomous driving in the Pudong district by the end of the year, excluding busy areas like Lujiazui [13] - The Shanghai Municipal Economic and Information Commission issued measures to expand the application of artificial intelligence, including financial support for computing power usage [19][13] Group 3 - Alibaba Cloud announced the open-source release of its Tongyi Wanxiang 2.2 model, which includes video generation capabilities [19] - Zhipu AI launched its new flagship model GLM-4.5, designed for intelligent applications, achieving state-of-the-art performance in various tasks [20] - Douyin clarified rumors regarding stock options being canceled, stating that the actions were due to violations of company policies by a former employee [21] Group 4 - Tesla confirmed a $16.5 billion chip supply agreement with Samsung, aimed at producing next-generation AI chips at a new facility in Texas [23] - The film "Nanjing Photo Studio" has seen a surge in popularity, with box office predictions reaching 3.17 billion yuan, benefiting related stocks in the film industry [33][34]

Group 1 - The Ministry of Industry and Information Technology emphasizes the need to formulate guidelines for financial support for new industrialization and expand the implementation of "integrated technology and industry finance" initiatives [1] - The meeting highlights the importance of enhancing the industrial economy's foundation, implementing a new round of ten key industries for growth, and accelerating the development and application of technologies such as artificial intelligence and drones [1][2] - There is a focus on improving the adaptability of supply and demand in consumer goods to boost consumption, as well as addressing overdue payments to enterprises and establishing a long-term regulatory mechanism for enterprise-related fees [1] Group 2 - The meeting calls for greater efforts to promote the integration of technological innovation and industrial innovation to enhance core competitiveness [2] - Initiatives include the implementation of major national science and technology projects, strengthening the construction of innovation platforms, and fostering technology-based enterprise incubators [2] - The development of new industrial policies for emerging industries such as humanoid robots and the Internet of Things is also prioritized, along with enhancing service-oriented manufacturing and industrial design [2] Group 3 - A system for cultivating high-quality enterprises is to be established, with policies aimed at promoting the growth of specialized and innovative small and medium-sized enterprises [3] - The meeting stresses the need for comprehensive reforms to enhance the modernization of industry governance and to consolidate the achievements in regulating competition within the new energy vehicle sector [3] - There is an emphasis on strengthening the national standard system in the industrial and information sectors and improving the talent development framework [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that trading positions should temporarily wait and see. Although the bond market prices rebounded significantly on the day, it is still not out of the adverse situation. The market is mainly driven by sentiment, and there is a risk of a second decline if risk assets rebound or there are new positive factors for risk appetite. It also mentions to pay attention to events such as the FOMC, Sino - US talks, and the Politburo meeting during this macro - super week [1][3]. 3. Summary by Directory 3.1. Market Performance - Treasury bond futures opened higher, then declined during the session, and finally closed sharply higher across the board. The long - end, which was greatly affected by sentiment before, also had more corrections [1]. - The open market continued net investment. The due reverse repurchase was 170.7 billion yuan, and new operations were 495.8 billion yuan, with a net investment of 325.1 billion yuan. The capital price continued to improve, with the DR001 weighted average falling to around 1.45% and the GC001 closing at around 1.35% at the end of the session [1]. 3.2. News The National Conference of Heads of Industry and Information Technology Departments held on July 28 mentioned implementing the strategy of expanding domestic demand, consolidating the industrial economic base, implementing a new round of stable - growth actions for ten key industries, formulating a plan to enhance the adaptability of consumer goods supply and demand to boost consumption, promoting the development and application of technologies such as AI terminals, and formulating guidelines for financial support for new - style industrialization [2]. 3.3. Market Analysis - The domestic market is trading around the reversal of the anti - involution sentiment, and the overall situation is still sentiment - driven. The A - share market showed strong resilience as a risk asset, with obvious sector rotation [3]. - For the bond market, although the price rebounded significantly, it is still facing challenges. The capital interest rate has not returned to the previous lower platform of 1.3 - 1.35%, and the market is passive, mainly affected by sentiment [3]. 3.4. Data - **Contract Data**: Detailed data on the prices, changes, positions, and basis of TS2509, TF2509, T2509, and TL2509 contracts are provided, as well as the trading volume of the main contracts [3]. - **Funding Rate Data**: Data on DR001, DR007, DR014, including their weighted average interest rates, changes, and trading volumes, are presented [3].

Core Points - The meeting emphasized the importance of implementing the decisions made by the Central Committee and the State Council, focusing on strengthening the industrial economy and ensuring high-quality development [3][5][6] Economic Performance - In the first half of the year, the industrial added value of large-scale industries increased by 6.4% year-on-year, with manufacturing added value growing by 7% [3] - The added value of equipment manufacturing and high-tech manufacturing increased by 10.2% and 9.5% respectively [3] - The total volume of telecommunications business grew by 9.3%, and revenue from software and information technology services increased by 11.9% [3] - By the end of June, there were 4.55 million 5G base stations and 10.43 million computing standard racks in use [3] Key Focus Areas for the Second Half - The meeting outlined eight key areas for focus, including: 1. Implementing strategies to expand domestic demand and stabilize the industrial economy [5] 2. Promoting high-quality development of key industrial chains and addressing risks [5] 3. Enhancing the integration of technological and industrial innovation [5] 4. Deepening the application of digital technology and promoting industrial digital transformation [5] 5. Advancing green development and improving industrial energy efficiency [5] 6. Supporting the high-quality development of the information and communication industry [5] 7. Establishing a nurturing system for quality enterprises [5] 8. Deepening reforms to enhance industry governance [5] Governance and Compliance - The meeting stressed the need for strict adherence to the Central Eight Regulations and emphasized the importance of political responsibility and effective implementation of tasks [6][7] - It highlighted the necessity of improving work styles and ensuring effective communication and emergency material support during critical periods [7][9]

Group 1: Industrial and Information Development - The industrial and information sectors in China showed positive growth in the first half of 2025, with a year-on-year increase of 6.4% in industrial added value, demonstrating strong resilience [1] - The manufacturing sector's added value accounted for 25.7% of GDP, remaining stable, while manufacturing investment grew by 7.5% [1] Group 2: Telecommunications Sector - The total revenue from telecommunications services reached 905.5 billion yuan, with a year-on-year growth of 9.3% [2] - By the end of June, the number of 5G base stations reached 4.55 million, and the number of 5G mobile phone users reached 1.118 billion, with a penetration rate exceeding 79% [2] - The demand for digital consumption has been robust, with mobile internet traffic experiencing double-digit growth for six consecutive months [2] Group 3: Support for Small and Medium Enterprises - The Ministry of Industry and Information Technology (MIIT) supported 1,241 specialized and innovative "little giant" enterprises, with over 140,000 specialized small and medium enterprises cultivated to date [4] - MIIT provided services to over 3.6 million small and medium enterprises, facilitating financing intentions exceeding 51 billion yuan and achieving technology transfer contracts worth over 8.6 billion yuan [4] - The financing scale for enterprises surpassed 1.2 trillion yuan, with an average of nearly 34 million yuan in financing support per benefiting enterprise [4][5] Group 4: Future Initiatives - MIIT plans to enhance financial policies supporting new industrialization and deepen industry-finance cooperation, focusing on key industrial chains and integrating technology and industry [5] - The ministry aims to promote pilot policies and standards in 66 national industry-finance cooperation pilot cities to support high-quality development in the manufacturing sector [5]

Group 1 - The Ministry of Industry and Information Technology emphasizes increasing financial support to guide industrial funds towards technology products and solutions with independent intellectual property rights in the integration of informatization and industrialization [1] - The initiative includes five main areas with 17 specific items aimed at promoting the integration of technology and industry [1] - The plan encourages the implementation of a "technology-industry-finance integration" special project to attract social capital into hard technology projects within the integration development field [1]