会议指出，要深入推进国家级经济技术开发区改革创新，以高水平对外开放促进深层次改革、高质量发 展。 国务院发展研究中心对外经济研究部综合研究室主任赵福军说，国家级经济技术开发区作为重要的高水 平开放平台，在我国对外开放中发挥重要作用。会议相关部署注重发挥国家级经开区体制机制改革创新 试验田作用，从助企纾困、要素保障等当前经济发展实际出发，推动国家级经开区出台有针对性的举 措，为深化改革创新、推动经济转型升级、加快构建新发展格局注入新的动力。 （文章来源：新华社） 新华财经北京5月9日电（记者谢希瑶） 9日召开的国务院常务会议听取推动自贸试验区建设提质增效工 作汇报，研究深化国家级经济技术开发区改革创新有关举措。 党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》专章部署 完善高水平对外开放体制机制，明确提出"实施自由贸易试验区提升战略"。不久前，中共中央、国务院 印发《关于实施自由贸易试验区提升战略的意见》，对自由贸易试验区建设工作作出系统部署。 "在当前复杂严峻的国际形势下，推动自贸试验区建设提质增效是实施自贸试验区提升战略的重要内 容，也是我国深化改革开放的具体举措。"商务部 ...

Core Viewpoint - The recent issuance of the "Opinions on Implementing the Strategic Enhancement of Free Trade Pilot Zones" by the Central Committee of the Communist Party of China and the State Council aims to inject more stability and certainty into global trade and investment development, particularly benefiting the Chongqing Free Trade Zone [1][3]. Group 1: Policy and Strategic Importance - The Chongqing Free Trade Zone has been a pioneer in reform and opening-up since its establishment in April 2017, contributing significantly to the national economy through innovative institutional achievements [1][4]. - The timing of the "Opinions" is crucial, as it reflects China's commitment to expanding openness and countering tariff bullying amid global economic challenges [3][6]. - The "Opinions" signal a clear intention to enhance the level of institutional openness and the quality of the open economy in the Chongqing Free Trade Zone [3][6]. Group 2: Economic Contributions and Achievements - The Chongqing Free Trade Zone occupies only 1.46% of the city's area but accounts for over 10% of new enterprises, nearly 50% of actual foreign investment, and about 66% of the total foreign trade import and export volume in the city [4]. - The zone has made significant strides in creating a high-level free trade park, focusing on investment and trade facilitation, high-end industry aggregation, efficient regulation, and improved financial services [4][6]. Group 3: Future Development and Recommendations - The "Opinions" provide a clear path for the future development of the Chongqing Free Trade Zone, emphasizing the need to leverage policy advantages and create replicable experiences for national reform and opening-up [9][10]. - The zone should enhance its influence in the western region and nationally, collaborating with various platforms to expand cross-border e-commerce and international cooperation [9][10]. - There is a need to address fragmentation in the construction of the Free Trade Zone and aim for the establishment of the first inland free trade port [10][11].

钢材期货周度报告 2025年04月28日 宏观预期反复 震荡思路对待 摘 要： 行情回顾：本周钢材价格弱势调整，全国螺纹钢均价环比下 跌15元/吨。本周本周建筑钢材价格偏强运行。截至4月25日，全 国主要城市20mm三级抗震螺纹钢均价3327元/吨，周环比上涨47 元/吨。周五夜盘期钢大幅上涨，27日多数钢厂推涨，市场拉涨 情绪浓厚，现货市场迎来反弹。商家反馈，市场推涨下终端采购 偏谨慎，投机需求表现一般。 基本面分析：从钢材现货市场来看，供给端：由于品种盈亏 的影响，产能释放力度继续增强，铁水产量持续增加，品种产量 也有所上升。需求端：在"买涨不买跌"心态以及节前备货的带 动下，各品种成交呈现了明显上升的态势。成本端：由于铁矿石 价格维持稳定，废钢价格小幅上涨，焦炭价格维持稳定，生产成 本支撑力度继续增强。 投资策略：单边：区间操作 跨期套利：观望为主 卷螺 价差：观望为主 钢材利润：观望为主 期权策略：宽跨式盘整 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：丛燕飞 期货从业资格号：F3020240 期货投资咨询从业证书号：Z0015666 邮箱：congyan ...

Group 1 - The core viewpoint of the news is the significant achievements of the Tianjin Free Trade Zone (FTZ) over the past ten years, highlighting its role in promoting institutional innovation and economic growth [1][2] - Since its establishment in April 2015, the Tianjin FTZ has implemented 686 institutional innovation measures, with 49 of these measures replicated nationwide, accounting for 14.2% of the total nationwide replication [1] - The FTZ hosts nearly 90,000 market entities, utilizing only 1% of Tianjin's land while contributing 26% of new foreign investment enterprises, 38% of imports and exports, 43% of actual foreign capital utilization, and 16% of tax revenue in the city [1] Group 2 - The Tianjin FTZ has adopted a strategy of innovative and differentiated reforms to stimulate market vitality and has successfully created leading industrial clusters that contribute to high-quality development [2][3] - Financial innovation has been a key focus, with over 40 leasing models explored, and the FTZ accounts for over 70% of the national cross-border leasing business in sectors like aircraft and ships [2] - The "bonded +" model has flourished, with bonded maintenance services covering various industries and the introduction of bonded research and development in the aviation sector [3] Group 3 - The development of network freight has been robust, integrating 4.266 million drivers and 3.925 million vehicles, with a projected completion of 53.67 million orders and a freight volume of 580 million tons in 2024, generating over 90 billion yuan in total freight charges [3] - The biopharmaceutical sector has seen significant breakthroughs, attracting over 200 key enterprises and achieving a production value of nearly 50 billion yuan through innovative policies and regulations [3] - The People's Bank of China in Tianjin has implemented over 50 high-impact innovative policies, benefiting 90,000 business entities and facilitating cross-border transactions totaling 430 billion USD and 870 billion yuan [4][5]

Policy Impact: Breakthroughs and Benefits for Trade Optimization - The document outlines a systematic deployment for the construction of free trade zones, emphasizing the promotion of electronic bills and signatures in international transport and digital identity verification [1] - Key breakthroughs include trade facilitation innovations, industry upgrades, market openness, and risk prevention measures [4] - Companies are expected to benefit from reduced costs and expanded market opportunities due to supportive policies for digital and offshore trade [5] Applications of Electronic Signatures by Fadada - Fadada's electronic signature technology supports the entire online process of electronic bills, significantly reducing settlement times in cross-border logistics [6] - In the biopharmaceutical sector, Fadada's solutions expedite the approval process for imported research materials, cutting down the time from 10-15 days to 3 days [7] - The financial services sector benefits from electronic warehouse receipts that activate supply chain financing, ensuring the integrity of documents [8] - Digital identity recognition projects enhance cross-border administrative services, reducing compliance costs for businesses [10][11] - Fadada's electronic contracts contribute to green trade initiatives, with significant reductions in carbon emissions equivalent to the carbon absorption of large forest areas [12][13] Technological Breakthroughs and Compliance Capabilities of Fadada - Fadada employs AI to enhance compliance and operational efficiency, helping businesses identify and mitigate trade contract risks [14] - Security measures include digital certificates from authoritative CA institutions and blockchain technology to ensure data integrity [15] - Fadada has established deep ecological partnerships with major companies like Tencent and Microsoft, enhancing its service offerings [16] Action Guidelines for Enterprises - Companies are advised to prioritize engagement in free trade zones, particularly in pilot areas like Shanghai and Guangdong [17] - Selecting comprehensive service providers like Fadada can facilitate various industry applications, from finance to public services [17] - Emphasizing data security through blockchain and electronic signatures is crucial for compliance with data protection laws [18] - Enterprises meeting specific criteria can apply for tax incentives under the new policy framework [19]

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating an expected performance exceeding the CSI 300 Index by more than 15% [2][16]. Core Insights - The implementation of the Free Trade Zone (FTZ) enhancement strategy is expected to drive high-level openness and institutional innovation, leading to the integration of the entire industry chain and breakthroughs in technological innovation, which will enhance property value and rental increases within the zone [4][6]. - The FTZ's strategic policies will attract significant international investment, with a focus on facilitating trade, investment, and the flow of data, thereby enhancing the market's openness and investment environment [6][9]. - The report highlights the importance of technological innovation and financial openness in accelerating industrial innovation and integration within the FTZ, promoting collaborative development across various sectors [6][10]. Summary by Sections FTZ Enhancement Strategy - The strategy aims for a comprehensive improvement in the FTZ's institutional openness and economic quality over the next five years, focusing on trade, investment, and the free flow of data [8][11]. - The strategy will create a more favorable business environment and enhance the FTZ's role as a hub for domestic and international economic circulation [8][10]. Investment Opportunities - Recommended stocks include Zhangjiang Hi-Tech, with supporting stocks such as Pudong Jinqiao, Lujiazui A, Shanghai Lingang, and Shibei Gaoxin, which are expected to benefit from the FTZ's development [6][7]. - The report emphasizes the potential for property value appreciation and increased rental income due to the influx of quality enterprises into the FTZ [6][9]. Policy Innovations - The report outlines various policy innovations, including support for offshore international trade, electronic documentation, and the establishment of arbitration institutions within the FTZ [9][10]. - It also mentions the promotion of digital trade and the facilitation of foreign investment through improved regulatory frameworks [9][11].

Core Viewpoint - The recent issuance of the "Opinions on Implementing the Free Trade Pilot Zone Enhancement Strategy" by the Central Committee of the Communist Party of China and the State Council aims to respond to external uncertainties with a high level of openness, thereby stabilizing foreign trade and investment, and enhancing market confidence [1][3]. Group 1: Innovation and Integration - The "Opinions" emphasize originality and integrated exploration, encouraging innovative reform measures such as allowing qualified foreign-funded enterprises to engage in film post-production services and permitting foreign arbitration institutions to establish business entities in eligible free trade pilot zones [3][5]. - The integrated approach is reflected in the establishment of a policy framework that facilitates trade, investment, capital flow, transportation, and personnel exchanges, while ensuring data security and orderly flow, building on previous explorations in Shanghai and Hainan [5][8]. Group 2: High-Quality Development - The focus on high-quality development of industries within the free trade pilot zones highlights the importance of integrated innovation across the entire industrial chain, which is considered a core mission of the pilot zones [8][6]. Group 3: Response to External Challenges - The imposition of tariffs by the U.S. has disrupted global trade rules and posed significant challenges to Chinese export enterprises, yet some companies are adapting by expanding production and launching new products [9][11]. - The resilience of supply chains and the introduction of new products, such as tire pressure monitoring systems, are key factors enabling companies to navigate these challenges successfully [13][14]. Group 4: Government Support for Trade Integration - Local governments in Shanghai are actively supporting foreign trade enterprises by creating platforms for integrating domestic and foreign trade, thereby facilitating the transition to domestic sales [19][21]. - Initiatives include organizing events that connect e-commerce platforms with foreign trade companies, helping them to tap into the growing domestic consumer market [16][21].

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 23, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Market Performance Futures Market - On April 22, the main contract 2509 of coke futures significantly declined, erasing the previous day's gains and approaching the previous low of 1517 yuan/ton set on April 9. The main contract 2509 of coking coal futures also significantly declined, hitting a new low of 924 yuan/ton for the September contract since October 2016 [5]. - The closing price of J2509 was 1530.5 yuan/ton, down 1.83%, with a trading volume of 23,584 lots and an open interest of 37,180 lots, an increase of 3,784 lots, and a capital inflow of 0.87 billion yuan. The closing price of JM2509 was 928.5 yuan/ton, down 2.42%, with a trading volume of 350,052 lots and an open interest of 360,046 lots, an increase of 19,667 lots, and a capital inflow of 1.05 billion yuan [5]. Spot Market - On April 22, the ex - warehouse price index of quasi - first - class metallurgical coke in Rizhao Port, Qingdao Port, and Tianjin Port was 1440 yuan/ton, with no change. The price in Tangshan was 1370 yuan/ton, also unchanged [8]. - The aggregated price of low - sulfur main coking coal in Tangshan was 1365 yuan/ton, unchanged; in Lvliang, it was 1240 yuan/ton, down 30 yuan/ton; in Linfen, it was 1330 yuan/ton, unchanged; in Handan, it was 1250 yuan/ton, unchanged; in Heze, it was 1320 yuan/ton, unchanged; and in Pingdingshan, it was 1460 yuan/ton, unchanged [8]. Technical Analysis - On April 22, the daily KDJ indicator of the coke 2509 contract changed from a golden cross to a death cross, and the daily KDJ indicator of the coking coal 2509 contract declined, with the J and K values turning down and the D value continuing to decline. The daily MACD green bars of both the coke and coking coal 2509 contracts enlarged [8]. Market Outlook Coke - Currently, downstream steel mills maintain high production, and coking plants have significantly increased production for five consecutive weeks. The obvious destocking of steel mills and coking plants is favorable, but the rising port inventory is unfavorable. Coke price rebound requires the recovery of the finished steel market. After the steel price rebounded from the low and then fluctuated weakly, it is expected that the coke market may improve following the finished steel before the end of April [9]. Coking Coal - Imports are at a high level and have increased. The domestic coal industry still emphasizes the principle of ensuring supply. Although the production and operating rate of coal washing plants are significantly lower than that in the fourth quarter of last year, the supply remains loose. The inventories of steel mills and ports have significantly decreased, but the recent active replenishment of coking plants will discount the later price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover [9]. Strategy - It is expected that the coke and coking coal markets will stabilize and rebound after a second bottom - finding in late April. One can try to sell put options at high prices during the price - stabilizing stage or try to buy the far - month 2509 contract for hedging or investment after the price stabilizes [9]. Industry News - The CPC Central Committee and the State Council issued the "Opinions on Implementing the Strategy of Upgrading Free Trade Pilot Zones", covering data flow, shipping, finance, and other aspects [10]. - The Ministry of Finance issued a notice on April 21, allocating over 13.5 billion yuan in the first batch of energy - saving and emission - reduction subsidy funds for 2025, including 2.91 billion yuan for pre - allocating the reward funds for the pilot project of filling and swapping facilities in counties in 2025 [10]. - Many companies released financial reports, including Yue Electric Power A, Yangmei Chemical Industry, TBEA, Wuchan Environmental Energy, and Shenhuo Co., Ltd., with varying revenue and profit performances [10][11] - Southern Power Grid's regional electricity consumption in the first quarter was 380.9 billion kWh, a year - on - year increase of 4% [11] - Shougang Co., Ltd. and Geely Group signed a strategic cooperation framework agreement [12] - From January to March, Shanxi's coalbed methane production reached 3.53 billion cubic meters, a year - on - year increase of 14.5% [12] - In March 2025, China's coking coal imports decreased for the fourth consecutive month, with an import volume of 8.588 million tons, a year - on - year decrease of 4.6% and a month - on - month decrease of 2.9% [12] - Coal India Ltd plans to build a 1600 - megawatt coal - fired power plant in Jharkhand [12] - The US announced new tariffs on solar products imported from Cambodia, Malaysia, Thailand, and Vietnam [13] Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, and the inventories of coke and coking coal in ports, steel mills, and coking plants [14][15][16]

Group 1 - The A-share market showed divergence with the Shanghai Composite Index rebounding and surpassing 3300 points, marking an 8-day consecutive rise, while the Shenzhen Component and ChiNext Index declined [1] - The logistics, cross-border payment, free trade port, unified market, and diversified finance sectors surged due to the release of two significant policy documents aimed at enhancing the Shanghai International Financial Center [5] - Pharmaceutical stocks rebounded, particularly in the innovative drug sector, with several leading companies reaching historical highs, such as BaiLi TianHeng, which rose by 11.41% to a market capitalization of 116.9 billion [5] Group 2 - Multiple pharmaceutical companies reported positive developments in clinical trials for innovative drugs, including HengRui Medicine's approval for two clinical trials and XinLiTai's acceptance of a clinical trial application for a gene-editing drug [5] - Industry analysis indicates that Chinese innovative drug companies possess significant advantages in research efficiency and cost control, leading to faster drug development and higher potential returns for investors [6] - The consumer sector was active, with retail and duty-free shop stocks rising, highlighted by GuoFang Group hitting the daily limit for the 13th time in 12 trading days [6]

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Last week, Treasury bond futures fluctuated in a narrow range. The central bank made a net injection of 23.38 billion yuan. The 10-year Treasury bond yield slightly decreased and is at a historical low in the long term. Technically, the short-term price of the T2506 contract is above the 40-day moving average. In terms of operation, the Treasury market price fluctuates at a high level, and the interest rate is still in a low range. In the medium to long term, the upside space is limited, and it is advisable to buy on dips in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Treasury Bond Futures Macro and Market Outlook - **Weekly Macro and News**: Domestically, the CPC Central Committee and the State Council issued the "Opinions on Implementing the Strategy for Upgrading Free Trade Pilot Zones", aiming to comprehensively improve the institutional opening-up level, systematic reform effectiveness, and quality of the open economy in free trade pilot zones through about five years of pioneering and integrated exploration. Internationally, Apollo Global Management's Chief Economist, Torsten Sløk, warned that Trump's tariffs have significantly increased the risk of an economic recession this year, with the probability rising to 90% [4]. 3.2 Treasury Bond Futures Market - **Price Trend**: Last week, Treasury bond futures rose sharply and then fluctuated. The TS2506 contract closed at 102.432, down 0.20%; the TF2506 contract closed at 106.23, down 0.16%; the T2506 contract closed at 109.025, up 0.07%; and the TL2506 contract closed at 119.7, up 0.14% [5]. 3.3 Changes in Treasury Bond Yields - **Yield Changes**: Last week, long-term interest rates slightly declined, and the yield spread narrowed [8]. 3.4 Treasury Bond CTD Bonds and Basis - **Arbitrage Opportunities**: This week, the IRR of Treasury bond futures is higher than the short-term financing rate, indicating arbitrage opportunities [11]. 3.5 Treasury Bond Futures Spreads and Basis - **TF - T Spread**: The spread between 5-year and 10-year Treasury bond futures widened, and their basis also widened [12]. 3.6 Treasury Bond Term Structure - **Term Structure Changes**: The Treasury bond term structure is steeper than on April 14th, and the yield has increased [17].