Core Viewpoint - The comprehensive reform pilot plan for market-oriented allocation of factors was released on September 11, aiming to construct a high-level socialist market economy and accelerate the establishment of a unified national market, facilitating the aggregation of advanced factors in key areas and promoting the development of new productive forces [1][3]. Group 1: Reform Overview - The State Council approved the pilot program in 10 regions to empower local economies, enhance factor security in advantageous areas, and stimulate economic development and innovation [3]. - The pilot regions include Beijing's urban sub-center, key cities in Jiangsu's southern region, Hangzhou and Ningbo in Zhejiang, Hefei in Anhui, Fuzhou, Xiamen, and Quanzhou in Fujian, Zhengzhou in Henan, Changsha-Zhuzhou-Xiangtan in Hunan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu in Sichuan [4]. - The pilot program will last approximately two years, with tasks expected to be completed by 2027, focusing on differentiated reform explorations in various factor fields [4][5]. Group 2: Objectives and Expected Outcomes - The pilot program aims to facilitate the free flow and safe sharing of factors across regions, which is crucial for advancing the construction of a unified national market [5]. - Approximately 20 tasks will be deployed in each pilot region, including promoting technological collaboration, revitalizing inefficient construction land, and accelerating the sharing of public data [6]. - The reform is expected to enhance the market environment, create more employment and entrepreneurial opportunities, and improve social welfare, ultimately contributing to GDP growth [8]. Group 3: Focus on Traditional and New Factors - The reform is anticipated to achieve breakthroughs in traditional factor areas such as land, capital, and labor, which have lagged behind in market construction compared to goods and services [10]. - The pilot will also explore the market-oriented allocation of new factors, including data, with initiatives to open high-value data sets to the public and integrate data assets into management systems [12][14]. - Specific initiatives include optimizing land use in Beijing's urban sub-center and exploring innovative management models in the Greater Bay Area [11]. Group 4: Economic Impact and Future Prospects - The pilot regions are projected to account for about 28% of the national GDP, with the market-oriented reform expected to inject significant new momentum into the Chinese economy [22]. - The successful implementation of these reforms could lead to the emergence of new industries and sectors, particularly in data, green energy, and other innovative resources [22]. - The reform is likened to nurturing seeds in soil, where the unified market serves as the soil, and the factors are the water and nutrients necessary for different industries to thrive [20].

责任编辑：石秀珍 SF183 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The article discusses the approval of a pilot program for the market-oriented allocation of factors in various regions of China, emphasizing the need for reform in the factor market to enhance economic efficiency and productivity [1][8]. Group 1: Reasons for Initiating Factor Market Reform - The factor market in China is less developed compared to commodity and service markets, necessitating reform to improve market efficiency [1][8]. - The pilot program is set to last for two years, aiming for completion by 2027, following previous top-level designs and plans established in 2020 and 2022 [1][8]. Group 2: Selected Pilot Cities - The pilot cities include key regions such as Beijing, Suzhou, Hangzhou, and the Guangdong-Hong Kong-Macau Greater Bay Area, aligning with national strategic development goals [1][9]. - The selected cities collectively account for over 25% of the national economic output in 2024, indicating their significant influence and potential for reform [1][10]. Group 3: Elements Involved in Marketization Reform - The reform encompasses various factors including technology, land, labor, data, capital, resources, and new types of factors such as computing power and spectrum [2][10]. - Specific initiatives include promoting technology transfer, deepening industrial land market reforms, facilitating labor mobility, and enhancing data application scenarios [2][10]. Group 4: Data Factor Marketization - The main approach for data factor marketization involves exploring circulation mechanisms and application scenarios to realize value [2][12]. - Key tasks include enhancing public data resource sharing, fostering collaborative innovation in data applications, and establishing data circulation trading mechanisms [2][12][14]. Group 5: Technology Factor Marketization - The focus is on creating a unified national technology market, including establishing regulatory frameworks and promoting interconnectivity among technology trading platforms [3][15]. - Initiatives include developing financial products to support technology transfer and enhancing international technology cooperation [3][15][16]. Group 6: Land Factor Marketization - The reform aims to increase flexibility in land resource usage, including deepening land management reforms and innovating industrial land supply [4][18]. - Strategies involve revitalizing underutilized land and promoting mixed-use land management to meet diverse industrial needs [4][19]. Group 7: Human Resource Factor Marketization - The reform emphasizes improving talent evaluation and compensation systems, enhancing public employment services, and fostering a conducive environment for talent mobility [6][20]. - Key initiatives include expanding job opportunities, strengthening employment services, and optimizing the market environment for human resources [6][21][22]. Group 8: Economic Impact of Factor Marketization Reform - The reform is seen as a crucial step in building a high-standard market system in China, addressing supply-demand imbalances, and enhancing micro-efficiency [7][23]. - It is expected to stimulate long-term investment opportunities in areas such as data asset formation, technology innovation, and land utilization [7][23].

1. Report Industry Investment Ratings - **Black Industry**: Iron ore - high - level shock; Coal and coke - shock; Rolled steel and screw steel - weak; Glass - shock; Soda ash - shock [2] - **Financial Industry**: Shanghai Composite 50 - shock; CSI 300 - upward; CSI 500 - upward; CSI 1000 - upward; 2 - year treasury bond - shock; 5 - year treasury bond - shock; 10 - year treasury bond - rebound; Gold - high - level shock; Silver - high - level shock [2][3][4] - **Light Industry**: Logs - range shock; Pulp - weak consolidation; Offset paper - bearish; Edible oils - wide - range shock; Oilseeds and meals - shock; Live pigs - shock and slightly stronger; Rubber - shock; PX - wait - and - see; PTA - shock; MEG - wait - and - see; PR - wait - and - see; PF - shock and consolidation [6][7][10] 2. Core Views of the Report - The report analyzes the market conditions of multiple industries including black, financial, light industries, etc. It provides investment ratings and detailed analyses of the supply - demand relationships, price trends, and influencing factors for each product in these industries, guiding investors to make decisions based on the current market situation and future trends [2][4][6] 3. Summaries by Related Catalogs Black Industry - **Iron ore**: The Guinean government's requirements boost market sentiment. The daily average pig iron output has recovered to 240,000 tons. Global iron ore shipments have decreased significantly, mainly due to the sharp decline in Brazilian shipments. There is no obvious inventory accumulation pressure, and the short - term fundamentals have limited contradictions. Attention should be paid to whether the 2601 contract can stand firm at the previous high [2] - **Coal and coke**: The purchase price of coke by mainstream steel mills has been lowered. The fundamentals are weakening, with continuous inventory accumulation of steel and coal mines and weakening downstream orders. Supply is increasing, while demand has recovered slightly. The short - term sentiment in the black sector has cooled, and coal and coke show a low - level shock trend [2] - **Rolled steel and screw steel**: The fundamentals are weak. The steel industry's stable - growth policy does not restrict steel production, so supply remains high. The demand for building materials has declined, and the total demand is hard to reverse seasonally, showing a pattern of high in the front and low in the back. Profits have declined, and the 2601 contract of screw steel is running weakly below the 60 - day line [2] - **Glass**: The news of coal - to - gas conversion in Shahe may cause short - term fluctuations in the market. The cost of production lines will increase. The spot in Hubei has improved slightly, and the key for the 01 contract lies in the path of cold repair. In the long term, glass demand is difficult to recover significantly [2] - **Soda ash**: The short - term market has stood above the 60 - day line support, and future attention should be paid to whether the actual demand can improve [2] Financial Industry - **Stock Index Futures/Options**: The previous trading day saw gains in the CSI 300, Shanghai Composite 50, CSI 500, and CSI 1000. There was capital inflow in communication equipment and electronic components sectors and outflow in catering, tourism, and pharmaceutical sectors. The element market reform pilot will be carried out, and US CPI data has been released, which affects market sentiment. It is recommended to control risk preference and hold long positions in stock indices [2][4] - **Treasury Bonds**: The yield of 10 - year treasury bonds has declined, and the central bank has carried out reverse repurchase operations. Market interest rates are fluctuating, and the trend of treasury bonds is weakening. It is recommended to hold long positions in treasury bonds with a light position [4] - **Gold and Silver**: Gold's pricing mechanism is changing. Its currency, financial, and commodity attributes all support the price, and the market still has a certain demand for hedging. Although the logic of the current gold price increase has not completely reversed, the Fed's interest rate policy and hedging sentiment may be short - term disturbing factors. Gold and silver are expected to maintain a high - level shock [4] Light Industry - **Logs**: The daily average shipment volume of logs at ports has decreased slightly, showing a peak - season but not prosperous situation. The arrival volume is expected to increase this week, and the supply pressure is not large. The inventory has been decreasing, and the cost support has weakened. The delivery willingness of the 09 contract has increased. Logs are expected to show a range shock [6] - **Pulp**: The spot price is stable. The cost support has increased, but the profitability of the papermaking industry is low, and paper mills have high inventory pressure. The demand improvement is yet to be verified. Pulp prices are expected to show a weak consolidation [6] - **Offset Paper**: The spot price is stable. Production is relatively stable, but September is the downstream seasonal off - season. The industry has over - capacity, and the supply - demand contradiction is prominent. It should be treated bearishly [6] - **Edible Oils**: The expected increase in the production of US soybeans and Malaysian palm oil has increased the supply pressure. The export tax of Indonesian palm oil has been adjusted, and the import of domestic rapeseed has shrunk. The demand for double - festival stocking is weak. Edible oils are expected to show a wide - range shock [6] - **Oilseeds and Meals**: The market expects a good harvest of US soybeans, and the export has not improved substantially. The domestic supply of soybeans is abundant, and the inventory of soybean meal has been accumulating. Oilseeds and meals are expected to show a shock trend [6][7] - **Live Pigs**: The average trading weight of live pigs has increased slightly, and the slaughter rate has also increased. With the recovery of the slaughter rhythm, the supply of large pigs has increased, and the price of standard pigs may be under pressure. The price difference between fat and standard pigs is expected to widen slightly [7] - **Rubber**: The supply in the rubber - producing areas is affected by weather conditions, and the raw material price is high. The demand of tire enterprises has declined slightly, and the inventory at Qingdao Port has decreased. Rubber is expected to maintain a strong trend in the short term [10] - **PX**: There are concerns about weak US demand and global supply surplus. The supply and demand of PX have both increased, but the short - term supply - demand has weakened, and the price follows the oil price [10] - **PTA**: The cost support is average, the supply has increased, and the demand of downstream polyester factories has rebounded. The supply - demand has improved, and the price follows the cost in the short term [10] - **MEG**: The port inventory has increased, and the future arrival volume is not high. The supply pressure has increased, and the mid - term supply - demand is expected to be in a wide - balance state. The low inventory supports the price [10] - **PR**: Affected by the decline in international oil prices, the cost support has weakened, and the demand has also declined. PR is expected to run weakly with the raw materials [10] - **PF**: The cost support is weak, but the orders in the downstream yarn market have improved slightly, and the inventory of short - fiber factories is low. PF is expected to show a shock and consolidation trend [10]

据新华社9月11日报道，国务院日前印发《关于全国部分地区要素市场化配置综合改革试点实施方案的 批复》，同意自即日起2年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市圈等10个要素市 场化配置综合改革试点。 但也可以预料，改革必不轻松。需要看到，改革总体上仍以制度搭建和局部探索为主，很多方面还停留 在"破题"阶段。比如，土地用途管制与高效利用之间的矛盾需要解决，人才跨区域流动的隐性壁垒需要 消除，科技成果市场化转化机制需要健全，数据作为新要素的确权、流通、定价体系也要探索。 这需要统筹好有效市场和有为政府的关系，既要从广度和深度上推进市场化改革，推动资源配置实现效 益最大化和效率最优化，也要更好发挥政府作用，及时矫正市场失灵、规范竞争秩序，为市场有效运行 提供保障。 当前，中国经济正处于转型升级的关键阶段。我国拥有全球最完整的产业体系和超大规模市场，但在资 源要素配置上又仍存在诸多不畅，成为更多内生动力释放的障碍，比如"内卷式竞争"的问题，比如地方 之间同质化招商、企业之间盲目扩张，既浪费资源，也导致效率低下。 究其原因，往往是要素不能在全国范围内自由流动和合理定价，导致资源错配。通过深化要素市场化改 革 ...

Group 1 - The meeting emphasized the importance of deepening factor market-oriented reforms as a crucial measure for building a high-level socialist market economy and promoting the construction of a unified national market [2] - The focus is on enhancing the market's decisive role in resource allocation, promoting efficient and fair distribution of factors, and fostering innovation in technological elements [2][3] - The meeting outlined the need for differentiated reform explorations in pilot areas, encouraging local innovations and addressing systemic barriers [2] Group 2 - The construction of county-level ordinary high schools is vital for the growth and success of countless students, especially those from rural areas [3] - There is a call for optimizing resource allocation and improving school infrastructure, teaching conditions, and teacher training to enhance educational quality [3] - The implementation of the Medical and Health Foundation Project is crucial for public health, focusing on strengthening grassroots medical services and improving healthcare accessibility [3]

Core Viewpoint - The recent deployment of factor market-oriented reform is crucial for advancing the construction of a unified national market, aimed at addressing "involution" competition and fostering a fair market environment to stimulate economic growth [1][2]. Group 1: Reform Objectives and Challenges - The meeting outlined three main goals for factor market-oriented reform: market-determined pricing, autonomous and orderly flow, and efficient and fair allocation [3][4]. - Current challenges include low efficiency in factor allocation, insufficient collaboration among different production factors, and significant regional disparities in marketization levels [2][3]. Group 2: Implementation and Focus Areas - The reform will focus on enhancing the innovation vitality of technological factors, promoting efficient land allocation, guiding the rational flow of human resources, and developing a data factor market [5][6]. - Key areas for pilot reforms include regions with strong market foundations and those with prior experience in land and technology reforms, such as the Yangtze River Delta and Pearl River Delta [3][4]. Group 3: Capital Factor Utilization - The meeting emphasized the importance of capital factors in supporting the real economy, proposing measures to provide more financing channels, reduce financing costs, and enhance capital market utilization [5][6]. - Specific directions include optimizing financing structures and strengthening financial support for innovation, particularly in "hard technology" sectors [6]. Group 4: Systemic Innovation and Policy Measures - The aim is to achieve systemic institutional innovation through differentiated regional exploration to overcome obstacles in factor flow, ultimately forming replicable national rules [6]. - The government plans to implement policy incentives to attract capital towards manufacturing upgrades, green low-carbon initiatives, and rural economic development [6].

Group 1: Education Reform - The State Council meeting emphasized the importance of improving county-level high schools to support the growth of students, especially those from rural areas, by optimizing resource allocation and increasing enrollment capacity [1][2] - The meeting highlighted the need for digital empowerment in education, improving both hardware and software aspects, and enhancing teacher quality to elevate the overall educational standards [2][3] - The concept of "super high schools" was criticized for siphoning off quality resources from county high schools, necessitating reforms in the evaluation system for basic education to focus on overall quality rather than just enrollment rates [2][3] Group 2: Market Reforms - The meeting underscored the significance of deepening market-oriented reforms as a crucial step in building a high-level socialist market economy and promoting a unified national market [4][5] - There is a call to stimulate innovation in technical elements and improve the efficient allocation of land and human resources, alongside the development of a data market to enhance the service capabilities of capital elements for the real economy [4] - The establishment of a unified national data property registration system and a tiered pricing system for data markets was proposed to address challenges in data marketization and ensure efficient data circulation [4] Group 3: Healthcare Initiatives - The meeting approved the implementation of the "Strengthening Basic Medical and Health Services" plan, focusing on enhancing grassroots healthcare services and improving the treatment of common and chronic diseases [6] - There is an emphasis on increasing investment in grassroots healthcare institutions and improving policies related to medical insurance and medication availability to better meet diverse health service needs [6]

Core Viewpoint - The State Council's meeting on August 29 emphasized the importance of factor market-oriented reforms as a crucial measure for building a high-level socialist market economy and advancing the construction of a unified national market [1][8]. Group 1: Reform Objectives - The meeting outlined three main goals targeting the core shortcomings of the current factor market: price distortion, limited mobility, and imbalanced allocation [4]. - It was highlighted that the market should play a decisive role in resource allocation, with a focus on allowing market-determined pricing, autonomous and orderly flow, and efficient and fair allocation of factors [3][4]. Group 2: Specific Factor Areas - The meeting identified six key factors for targeted reforms: - **Technology**: Emphasizing innovation vitality, addressing issues like patent conversion and intellectual property protection [5]. - **Land**: Focusing on efficient allocation, with urban-rural land reform and revitalization of existing land as priorities [5]. - **Human Resources**: Aiming to guide reasonable mobility, indicating potential breakthroughs in household registration and social security across regions [5]. - **Data**: Accelerating the cultivation and improvement of the market in response to the "Twenty Data Measures," with a focus on foundational institutional implementation [5]. - **Capital**: Enhancing the ability to serve the real economy, aligning with recent financial support for technological innovation [5]. - **Resource and Environment**: Improving market system construction, including trading mechanisms for carbon emissions and water rights [5]. Group 3: Systematic Reform Approach - The meeting signaled a multi-factor collaborative reform approach to avoid institutional friction from isolated reforms, emphasizing the need for systematic enhancement [6]. - "Differentiated exploration" was highlighted as a key term, encouraging targeted pilot reforms in key areas and allowing regions to innovate based on local conditions [6]. Group 4: Interaction Between Local and Central Initiatives - The need for "grassroots innovation + top-level design" was reinforced, with examples of local practices such as data cross-border flow in the east and ecological resource trading in the west [7]. - In the Guangdong-Hong Kong-Macao Greater Bay Area, solutions for medical data interoperability issues were successfully implemented, showcasing practical applications of the reforms [7]. Group 5: Overall Impact - The meeting emphasized the importance of coordination and guidance, aiming to create replicable and scalable practices [8]. - Factor market-oriented reform is not only an economic issue but also a foundational institutional basis for building national competitive advantages, directly impacting the efficiency and resilience of the Chinese economy [8].

Core Viewpoint - The article discusses the new deployment of factor market-oriented reform in China, emphasizing its importance in building a high-level socialist market economy and addressing issues like "involution" in competition [3][5]. Group 1: Reform Objectives and Background - The State Council aims to deepen factor market-oriented reform as a crucial measure for constructing a high-level socialist market economy [3]. - The government report highlights the need to advance the construction of a unified national market, eliminate local protectionism, and address barriers to economic circulation [5]. - Despite 97.5% of commodity and service prices being market-determined, the development of factor markets such as land, labor, capital, technology, and data remains relatively lagging [5]. Group 2: Implementation and Focus Areas - The recent State Council meeting emphasized the need to focus on key areas and encourage differentiated reform explorations in pilot regions [6]. - The goal is to facilitate the smooth flow of advanced production factors towards new productive forces, thereby stimulating market vitality and expanding development space [6][7]. - The reform aims to enhance the efficiency of factor allocation and further unleash societal creativity and market vitality [5][7]. Group 3: Challenges and Progress - Current challenges in the factor market include an inadequate pricing mechanism, particularly in land, technology, and data markets, due to systemic barriers and administrative interference [7][8]. - The article notes that significant progress has been made in various areas, including land supply methods and the establishment of technology and data markets [7]. - The need for a unified assessment system in the technology market is highlighted, as the lack of such a system hampers the realization of market value for innovative achievements [8]. Group 4: Data Market Development - The article emphasizes the importance of data as a new production factor, with ongoing reforms aimed at establishing a national integrated data market and improving data property rights [9]. - The National Data Bureau is actively promoting data market-oriented reforms, introducing policies to enhance data sharing and utilization [9]. - The establishment of a credible data infrastructure is crucial for ensuring efficient data circulation and application in various scenarios [9].