Core Viewpoint - The newly revised Mineral Resources Law, effective from July 1, 2025, represents a comprehensive and systematic overhaul of the existing law, providing a strong legal guarantee for the high-quality development of China's mining industry in the new era [1] Legislative Process - The Mineral Resources Law was originally established in 1986 and has undergone partial amendments in 1996 and 2009. The 1986 law laid the foundation for rapid development in the mining sector during the reform and opening-up period by ensuring state ownership and rational development of mineral resources [3] - The need for reform has been recognized due to emerging issues in the mining sector, such as the need for a robust national mineral resource security system and the lack of institutional confirmation for market-oriented reforms. This has led to multiple proposals for amendments from various stakeholders since 2008 [4] Policy Background - The central government has emphasized the importance of mineral resource security and development, with directives from President Xi Jinping to enhance exploration efforts and improve the level of resource development and protection. Various policy documents have been issued to support the revision of the Mineral Resources Law [5] Key Institutional Considerations - The revised law incorporates principles of national security, market-oriented reforms, and ecological sustainability. It expands from 7 chapters and 53 articles to 8 chapters and 80 articles, establishing a legal framework that aligns with the new requirements for high-quality development in the mining sector [8] - A new mineral resource security system is established to enhance risk prevention and ensure national mineral resource safety [9] - The law aims to improve the paid transfer system for mineral resources, defining rights related to exploration and mining, and establishing a competitive bidding process for mining rights [9] - It addresses long-standing issues related to land use in mining, ensuring that land planning considers mining needs and establishing a system for land acquisition for strategic mineral resources [9] Modern Management and Environmental Protection - The law enhances the management of mineral exploration and extraction through various systems, including a streamlined approval process and incentives for responsible mining practices [10] - It emphasizes ecological restoration in mining areas, mandating government oversight and establishing clear responsibilities for ecological rehabilitation [10] Conclusion - The revised Mineral Resources Law institutionalizes the directives from the central government regarding high-quality development in the mining sector, aiming to stabilize expectations and promote long-term benefits for the industry [11]

Core Points - The investigation team from Zhengzhou visited Xinxiang and Kaifeng to implement the important speeches of General Secretary Xi Jinping regarding Henan's work and to accelerate the construction of the Zhengzhou metropolitan area [1][2] - The team explored various sites including the Central Plains Agricultural Valley Exhibition Hall and the National Biotechnology Breeding Industry Innovation Center, focusing on planning, technological innovation, cultural tourism integration, and urban ecological construction [1] Group 1 - Accelerating the construction of the Zhengzhou metropolitan area is crucial for ecological protection and high-quality development in the Yellow River basin, as well as for the national strategy to promote the rise of the central region [2] - The construction aims to enhance the quality of life for the people and is seen as a strong engine for high-quality provincial development [2] - The focus is on building a "modern metropolitan area" through improved transportation networks, industrial chains, cultural integration, ecological construction, shared services, and innovation collaboration [2] Group 2 - The leadership emphasized the need for a unified approach and heightened sense of responsibility and urgency in advancing the metropolitan area construction [2] - A comprehensive work promotion mechanism will be established, focusing on problem-solving and goal orientation to enhance collaboration and efficiency in the Zhengzhou metropolitan area [2] - The initiative aims to provide robust support for the modernization of the Central Plains region and contribute to the broader narrative of Chinese-style modernization [2]

Core Viewpoint - The Sichuan state-owned assets and enterprises system is actively implementing educational initiatives to enhance compliance with the central government's eight regulations, aiming to drive high-quality development in state-owned enterprises [1][5][6] Group 1: Project Development - The Lushishi Expressway's Luding section has achieved a significant milestone with the main line's 45-kilometer completion, laying a solid foundation for phased traffic opening this year [1] - The Sichuan State-owned Assets Supervision and Administration Commission (SASAC) is promoting key projects through a special action initiative to enhance the performance of party members and officials [1] Group 2: Educational Initiatives - The SASAC is integrating educational activities into daily operations, ensuring that both the agency and provincial enterprises are engaged in learning and compliance efforts [2][3] - A structured approach has been established, including a weekly scheduling and monthly summary mechanism to monitor the progress of educational initiatives across 17 provincial enterprises [3] Group 3: Implementation and Effectiveness - The Sichuan Energy Development Group has implemented a three-tiered learning mechanism, conducting eight specialized learning sessions on the central eight regulations, reaching over 510 employees [4] - The Sichuan Development (Holding) Company is focusing on cost control and merger activities through eight special action groups led by company executives [4] Group 4: Community Engagement and Service - The Sichuan state-owned enterprises are actively engaging with the community, exemplified by the Huaxi Group's renovation project benefiting 765 households and the Sichuan Expo Group's services for over 3,000 exhibitors [5] - The provincial tourism investment group is committed to enhancing cultural and tourism services, including the development of the Tianfu International Animation City and the safe operation of the "Panda Special Train" [5] Group 5: Future Directions - The SASAC plans to rigorously continue educational efforts, focusing on the implementation of the provincial committee's directives and ensuring quality in learning, investigation, and rectification processes [6]

Core Viewpoint - The article emphasizes the importance of promoting high-quality development of the marine economy in China, aligning with the concept of Chinese-style modernization, as highlighted by General Secretary Xi Jinping [1] Group 1: Marine Economy Development - The development of the marine economy is crucial for achieving a path of strength at sea that is characteristic of China [1] - There is a strong emphasis on the role of technological innovation as a driving force for high-quality development in the marine economy [1] Group 2: Technological Innovation - The article notes that enhancing independent innovation capabilities in marine technology is a priority for building a strong marine nation [1] - Strengthening strategic technological capabilities in marine sectors is essential for fostering leading marine technology enterprises and specialized small and medium-sized enterprises [1] Group 3: Industry Insights - The article describes recent efforts to inject strong momentum into the high-quality development of the marine economy through advancements in marine technology [1] - A visit to the front lines of marine industry production reveals the dynamic power of the "blue engine" driving this sector [1]

Core Viewpoint - The meeting between Henan provincial leaders and the chairman of the China Securities Regulatory Commission (CSRC) emphasizes the importance of capital market reform and financial support for Henan's economic development [1] Group 1: Economic Context - Henan has a large economic scale, advantageous geographical location, solid industrial foundation, and vast market potential [1] - Recent achievements in building a modern industrial system and fostering new productive forces in Henan are highlighted as impressive [1] Group 2: Regulatory Support - The CSRC expresses gratitude for the support from Henan's provincial government and emphasizes the need for deepening communication and cooperation with local authorities [1] - The CSRC aims to implement the decisions of the Central Committee and the State Council, focusing on stability while promoting progress [1] Group 3: Strategic Initiatives - The CSRC plans to enhance the capital market by improving systems and product supply, leveraging multi-level market functions [1] - Key areas of focus include supporting technological and industrial innovation, improving the quality of listed companies, managing financial risks, expanding the futures market, and aiding rural revitalization [1]

Core Viewpoint - The "anti-involution" movement is a significant transformation aimed at promoting high-quality development in major industries by restructuring competition rules and breaking path dependence, shifting competition from "low-level internal consumption" to "high-quality co-creation" [1][2][4] Group 1: Industry Context - The "anti-involution" movement is not merely a cooling of industries but a necessary step to address the detrimental effects of "involution-style" competition, which has trapped companies in a cycle of low prices and low quality [2][3] - Historical competition in China was characterized by scale expansion and price competition, which has now become outdated and counterproductive in the current economic environment [1][2] Group 2: Governance Changes - The governance logic is shifting from "administrative dominance" to "rule of law," with the revision of the Anti-Unfair Competition Law targeting practices like "forced low-price sales" and "platform choice," thereby protecting normal pricing rights while curbing malicious competition [3] - The focus of governance is moving from merely monitoring production capacity to facilitating the free flow of resources across the national market, allowing companies to collaborate with leading technology partners rather than being restricted by local procurement policies [3] Group 3: Long-term Goals - The objective of the "anti-involution" movement is to foster long-term growth by encouraging innovation and providing tax incentives for R&D investments, steering resources towards technological advancements rather than price wars [3][4] - This approach aims to guide companies to compete based on quality and innovation rather than price, promoting a rational competitive environment where collaboration and technological upgrades are prioritized [3][4]

6月21日，常州队主场对阵南京队，现场观众人数刷新当时的"苏超"单场纪录，达到36712人——这个数 据已经大幅超过了中超联赛的平均水平。而在现场，很多球迷发现，赛场围挡上有一家名叫"东哈·东北 街边烧烤"的赞助商，在这家烧烤店两边，是京东、海澜之家等大公司的广告牌。这一幕，再次强化了 人们对于"苏超"草根属性的认同。 如果来到"东哈·东北街边烧烤"会发现，这家藏在常州市武进区湖塘镇一个五金市场里的烧烤店，无论 规模还是装修都显得非常普通，不过，因为赞助"苏超"后"出圈"，这家店的饭桌已经和"苏超"的赞助商 资格一样抢手。 对于为什么赞助"苏超"，烧烤店老板娘张敬宇曾表示，是为了感谢常州市培养了家族里的一位运动小健 将。在6月初看到常州体育局官微上招募"苏超"常州赛区合作伙伴的消息，她就去试了试。而在当 时，"苏超"的广告位不同位置赞助费有所不同，有的一块板子5万块钱，有的是10万，于是她选择了赞 助两块5万的广告牌。没成想，最终因此"出圈"。 相逢于微时，相见在顶峰。无独有偶，在扬州，也有一家叫作"饭冲冲"的扬州炒饭店赞助了"苏 超"。"饭冲冲"扬州炒饭店老板熊先生介绍，去年他和朋友一起合伙开了这家炒饭店。 ...

Core Viewpoint - The public fund industry is undergoing a significant reform that aims to reshape the underlying logic of the industry and directly impacts millions of investors [1][2] Group 1: Challenges Faced by Small and Medium-sized Fund Companies - Small and medium-sized fund companies are experiencing development challenges that stem from structural contradictions accumulated during the industry's extensive growth phase [1] - There is an over-reliance on core fund managers, leading to instability in performance and client trust when key personnel leave [1] - The lack of bargaining power on the liability side forces many small companies to cater to short-term assessment requirements, resulting in a mismatch between asset management logic and liability realities [2] Group 2: Significance of the Reform - The reform is seen as a key to resolving the challenges faced by the industry, aiming to establish a new industry framework centered on investor interests [2] - The core objective of the reform is to create a long-term interest binding mechanism that aligns the demands of fund company executives, fund managers, and investors [2] Group 3: Recommendations for Future Development - There is a consensus on increasing the proportion of equity investments, but the definition of "equity assets" needs further clarification [3] - Establishing a performance-based floating fee mechanism is crucial, designed to incentivize managers while ensuring risk-sharing with investors [3] - Strengthening performance benchmarks will provide clear guidance for fund companies' strategic focus, allowing them to avoid homogenized competition [3] Group 4: Cost Management and Governance - A balanced approach to reducing fund investment costs is necessary, focusing on both fee reduction and sustainability [4] - Optimizing governance mechanisms is essential for the long-term health of the industry, with a need to establish a performance assessment system centered on long-term investment returns [4] Group 5: Future Industry Landscape - The reform will lead to a new ecological structure in the industry, with a shift towards platform-based asset management and binding sales incentives to investor interests [5] - The differentiation between large platform companies and small fund companies will become more pronounced, with the latter focusing on specialization and differentiation [5] - The reform process requires a gradual approach to avoid unnecessary risks, emphasizing the importance of a steady transition [5] Group 6: Ultimate Goals of the Reform - The essence of public funds is to manage others' wealth responsibly, and high-quality development hinges on aligning fiduciary responsibilities with investment objectives [6] - The ultimate goal of the reform is to ensure that the industry can effectively support residents' wealth management and the development of the real economy [6]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠、 耿佩璇 联系人 | 侯倩楠 报告正文 2.政策高频：中央财经委员会第六次会议召开 2.1 中央财经委员会第六次会议召开 7月1日，国家主席习近平主持召开中央财经委员会第六次会议，研究纵深推进全国统一大市场建设、海 洋经济高质量发展等问题。会议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业 低价无序竞争，规范政府采购和招标投标，规范地方招商引资，健全有利于市场统一的财税体制、统计核算 制度和信用体系。推动海洋经济高质量发展，要加强顶层设计，加大政策支持力度，鼓励引导社会资本积极 参与发展海洋经济。要提高海洋科技自主创新能力，培育发展海洋科技领军企业和专精特新中小企业。要加 强海湾经济发展规划研究，有序推进沿海港口群优化整合 。 2.2 中共中央政治局召开会议 6月30日， 中共中央政治局召开会议，审议《党中央决策议事协调机构工作条例》。会议指出，设立党 中央决策议事协调机构，是健全党中央对重大工作集中统一领导、推动重大任务落实的重要制度安排。进 一步规范党中央决策议事协调机构的设立、职责和运行，有利于重大工作的顶层设计、统筹协调 ...

Group 1 - The event "National Federation of Industry and Commerce Innovative Growth-oriented Private Enterprises Empowerment Matching Activity" was held in Guangzhou, focusing on building a quality platform for innovative growth-oriented private enterprises to enhance cooperation and development [1][2] - Nearly 200 participants, including government departments, enterprise representatives, financial institutions, and experts, gathered to explore high-quality development paths for the private economy [1] - The event featured an industry promotion session highlighting Guangzhou's intelligent manufacturing industry, showcasing its current development status, advantageous fields, and policy support [1] Group 2 - The Guangzhou Private Technology Park released a special honor list for its 30th anniversary, recognizing enterprises and individuals that made significant contributions to the development of the private economy [2] - Cooperation agreements for intelligent manufacturing industry projects were signed between Guangzhou Private Technology Park and eight resident enterprises, marking the official launch of several quality projects [2] - The event provided a platform for innovative growth-oriented enterprises to showcase cutting-edge technologies and achievements, with six representative intelligent manufacturing companies presenting their latest innovations in industrial robotics, new energy, and smart manufacturing [2]