无论是第一次"在中国为全球"，还是第一次"在中国为中国"，这些变化都体现出中国的创新能力正驱动跨国企业对华投资战略升级。 央视网消息：国家发展改革委与跨国企业座谈会6月20日在福建福州举行。为了加强在华跨国企业与政府部门的沟通，国家发展改革委自 2021年起建立圆桌会沟通机制，通过对话解决企业发展中的实际问题。2025年这场圆桌会，吸引了近50家跨国企业参加。这场会议不仅是政企 沟通的桥梁，更折射出外资企业对中国市场的坚定信心与深度参与的战略布局。 国家发展改革委与跨国企业交流会在福建福州举行，企业代表的热情都非常高涨，距离开会还有一个小时，他们就已经纷纷来到了现场。 立足当下，深耕未来。2025年的圆桌会，跨国企业格外关心中国的"下一个五年"。期待让企业的规划与中国的规划同频共振，体现出在中国深 耕的信心。 丹纳赫中国区副总裁韦春艳表示，国家在积极筹备"十五五"规划，他们现在正在跟全球总部一起合作，制定丹纳赫中国未来10年的战略规划。 西门子（中国）有限公司政府事务总监刘铭扬表示，他们十分关注在"十五五"期间，中国在科技创新、高端制造、基础设施这些方面，未来还 有哪些规划，他们相信这些政策能够不断给他们企业 ...

6月20日，上证指数全天窄幅震荡；深证成指、创业板指早盘一度上扬，随后震荡回落，午后持续走 低；科创50指数早盘冲高回落，午后震荡下探。截至收盘，上证指数报3359.90点，跌0.07%，成交额 4108.73亿元；深证成指报10005.03点，跌0.47%，成交额6568.65亿元；创业板指报2009.89点，跌 0.84%，成交额3263.86亿元；科创50指数报957.87点，跌0.53%，成交额181.33亿元。沪深两市合计成交 10677.38亿元，成交额较上一交易日减少1829亿元。 保险、银行等行业走强山东墨龙连收6个涨停板 盘面上来看，行业板块、概念跌多涨少。其中，保险、银行、交通运输、食品饮料、建筑材料等行业涨 幅靠前；复合集流体、统一大市场、固态电池、白酒、快递、重组蛋白等概念走势活跃。传媒、计算 机、石油石化、贵金属、教育、国防军工、机械设备、商贸零售等行业跌幅居前；盲盒经济、油气设 服、人脑工程、Kimi、财税数字化、短剧互动游戏、谷子经济、影视、多模态AI等概念走势较弱。涨 停个股主要集中在电力设备、化工、交通运输、轻工制造、医药生物等行业。 个股涨跌情况，截至收盘，沪深两市合计14 ...

Core Insights - The report highlights the significant role of multinational companies in China's economy, emphasizing their contributions to the development of an open economy, modern industrial system, and regional coordination [1] - It identifies the advantages of the Chinese market, including certainty, safety, openness, scale, convenience, growth potential, and profitability, making it an attractive investment destination for multinational companies [1] - The report suggests that multinational companies should reassess their global positioning in the Chinese market and optimize their investment strategies from a long-term perspective [1] Group 1 - Multinational companies can leverage China's policy guidance, open scenarios, and factor restructuring to transition from traditional industries to emerging fields, achieving goals of "leapfrogging" and "renewing existing stock" [2] - The report emphasizes the importance of deep integration into China's regional strategies and utilizing local advantages to enhance global competitiveness [2] - Companies are encouraged to adopt a "localized innovation + supply chain collaboration" model to improve their position in the global value chain [2] Group 2 - The report outlines that multinational companies can act as "ecological co-builders" in China's modernization efforts, sharing commercial value and sustainable development responsibilities [3] - It suggests various investment paths, including equity investment, venture capital, and patient capital, to participate deeply in the Chinese market and share long-term development dividends [3] - Companies are advised to collaborate with local venture capital institutions to establish venture capital funds, providing financial support to promising startups [3]

Group 1 - The core viewpoint emphasizes the need to accelerate the construction of a unified domestic market in China, focusing on addressing consumption and income issues [1] - The company suggests increasing policy efforts on "investing in people" to enhance human capital [1] - It is important to maintain confidence and leverage policy space advantages effectively [1] Group 2 - In terms of asset allocation, the recommendation is to continue using dividend assets as the core holding [1] - The company advises actively exploring new sectors, particularly in new consumption, humanoid robots, artificial intelligence, and innovative pharmaceuticals [1]

Core Viewpoint - The introduction of lumber futures is becoming a new tool for companies to mitigate market risks, promoting the standardization and development of the industry, and advancing the construction of a unified national market [1][6]. Industry Status: From "Profitable" to "Break-even" - The average monthly import volume at Lianyungang Port has decreased from 600,000 cubic meters in 2021 to around 300,000 cubic meters this year [2]. - Companies are experiencing significant declines in purchasing volumes, with some reporting a drop of over 50% in ship purchases, from about 8 ships per month to 2-3 ships [2]. - Profit margins in the lumber industry have drastically reduced, with companies now aiming to break even rather than making profits [2]. Shift in Production and Strategy - Companies are adjusting their production focus, reducing traditional product lines and increasing the production of packaging pallets and other products [3]. - The production capacity of some companies has decreased significantly, with annual output dropping from 1.5 million cubic meters to 400,000 cubic meters [3]. Empowerment through Futures Tools - The launch of lumber futures has enabled companies to actively manage price risks, transitioning from a passive to an active defense strategy [4]. - Companies like Fuhan Wood Industry are forming specialized teams to utilize financial tools for reducing price volatility risks [4]. New Ecosystem Supporting Unified National Market Construction - The futures market is seen as a means to establish a unified pricing system across the country, which is crucial for standardizing trade practices [6]. - The introduction of national standards for lumber measurement is expected to reduce discrepancies and disputes in trade, facilitating smoother transactions [6][7]. - Companies are increasingly adopting digital measurement technologies to enhance the accuracy and efficiency of lumber inspections [6][7]. Conclusion - The lumber industry is undergoing a profound structural adjustment, with many companies moving towards a new model that combines futures and spot trading [6]. - The establishment of a transparent and efficient national market is emerging, driven by the integration of futures trading into traditional lumber business practices [7].

中部地区第一座"跨省建城"，来了! 安徽、河南两地发展改革委日前联合发布《叶集—固始"一河两岸"生态优先绿色发展产业合作区发展规划》 (下称《规划》)，为打造"中原—长三角"产业合作先行区按下启动键。 中国地方经济跨行政区域发展的探索，终于再往前迈出一步。 1 在全球产业竞争格局深度调整、地缘风险频发的背景下，我国经济正处于从要素驱动向创新驱动转变的关键 阶段，产业升级迫在眉睫。 此时此刻，构建统一大市场，打通内循环，成为决定我国经济前景的关键胜负手。 只有打破区域间的零散发展状态，实现商品、要素的自由流动与高效配置，才能整合全国力量培育具有全球 竞争力的产业集群，在国际竞争中占据主动地位。 然而，由于行政区划，我国5.2万公里的省际边界地区形成了隐形的坚固壁垒。难以获得有效资源倾斜和政 策支持成为区域发展的洼地;相邻地区盲目跟风布局热门产业，产业同质化严重;户籍、社保等制度差异也阻 碍了人才、资金、技术的自由流通，严重制约统一大市场的构建进程。 据研究，因要素错配和市场分割，全要素生产率大幅折损，总体经济损失高达万亿! 突破现有省际边界限制，探索跨省域协同发展成为破局关键。 事实上，过去30多年，已经有部分 ...

Core Viewpoint - The implementation of the Private Economy Promotion Law in China establishes a legal foundation for fair competition and aims to enhance the development environment for private enterprises, which are crucial for high-quality economic growth [1][2]. Group 1: Market Environment and Regulations - As of January 2025, the number of private enterprises in China reached 56.707 million, a 5.2 times increase since 2012 [1]. - The number of national high-tech enterprises increased from 28,000 in 2012 to over 420,000, with the proportion of private enterprises rising from 62.4% to over 92% [1]. - Recent policies, including the Market Access Negative List (2025 Edition), aim to reduce entry barriers by decreasing the number of restricted items from 117 to 106 [2]. Group 2: Fair Competition and Policy Implementation - The Private Economy Promotion Law consolidates successful practices and institutional innovations to provide more certainty for enterprise development and boost business confidence [2]. - To ensure fair competition, it is essential to implement a unified market access negative list and regularly evaluate and eliminate policies that hinder fair competition [2][3]. - The establishment of a high-quality law enforcement team is necessary to avoid issues like arbitrary enforcement, which can undermine the effectiveness of the Private Economy Promotion Law [3]. Group 3: Supporting Mechanisms and Future Directions - Several supporting regulations have been introduced, including the Fair Competition Review Regulations and the Payment Guarantee for Small and Medium Enterprises, to ensure the effective implementation of the Private Economy Promotion Law [3]. - Local governments are encouraged to adapt and enhance relevant supporting mechanisms based on local conditions to ensure compliance with the law [3].

Group 1: Government Investment Fund Regulations - Gansu Province has issued guidelines to strictly control the establishment of government investment funds, emphasizing that these funds should not be set up for the purpose of attracting investment [2][3] - The guidelines promote the optimization and integration of existing funds, with a focus on unified management and avoiding duplication in the same industry or sector [2][3] - The policy reflects a shift from broad capital attraction to a focus on operational efficiency and quality in industry cultivation, aiming to leverage government investment funds for better industry guidance [3] Group 2: Private Equity Market Developments - Goldman Sachs Asset Management is seeking to raise over $14.2 billion for its new S Fund, indicating strong interest in the secondary private equity market [4] - The secondary market is expected to see a total trading volume of $185 billion by 2025, driven by liquidity challenges faced by many limited partners (LPs) [4] - Major firms like Blackstone and Carlyle are also actively engaging in the secondary market, highlighting its importance as an exit channel for private equity investments [4] Group 3: Venture Capital Innovations - Junlian Capital has launched Beijing's first technology innovation bond with a registered scale of 500 million yuan, aimed at supporting long-term investments in technology [5][6] - The introduction of the "technology board" in the bond market is expected to enhance funding channels for venture capital institutions, facilitating investments in early-stage and hard technology [5][6] - The successful issuance of technology innovation bonds by firms like Dongfang Fuhai indicates a growing trend in financing for venture capital institutions [6] Group 4: Corporate Investments - Zhongwei Company announced its participation in establishing a private equity fund with a target size of 1.5 billion yuan, focusing on the semiconductor and related strategic emerging sectors [7] - The fund plans to allocate over 80% of its investments to upstream and downstream enterprises in the integrated circuit industry, aligning with Zhongwei's core business [7] - This focused investment strategy aims to strengthen the supply chain and capture emerging technology trends while minimizing cross-industry risks [7] Group 5: AI and Biotechnology Investments - Insilico Medicine has completed a Series E financing round, raising approximately $123 million, reflecting strong investor interest in the AI-driven biopharmaceutical sector [8][9] - The investment highlights China's competitive edge in AI drug development, with local government and investment platforms strategically positioning themselves in this hard technology field [8][9] - The funding will support Insilico's efforts in drug discovery across various therapeutic areas, showcasing the integration of AI and automation in pharmaceutical innovation [8][9] Group 6: Smart Manufacturing Investments - Xiaomi has invested in Danikel Automation Technology, setting a record for single financing in the automatic feeding and intelligent tightening sector [9] - This investment is part of Xiaomi's broader strategy to deepen its involvement in smart manufacturing, providing technological synergies for its automotive business [9] - The record-breaking financing reflects strong market expectations for domestic high-end equipment replacement opportunities [9] Group 7: AI Infrastructure Investments - Alibaba Cloud has led a multi-million yuan Series A financing round for SiliconFlow, a company focused on general artificial intelligence infrastructure [10][11] - SiliconFlow aims to address high AI computing costs with innovative technologies, positioning itself as a key player in the AI industry [10][11] - The investment underscores the growing competition in AI infrastructure and the strategic importance of companies that can reduce AI deployment costs for enterprises [10][11]

《意见》进一步落实了二十届三中全会在城镇化和民生领域的改革部署 。核心思想是通过结构性改 革，推动基本公共服务与户籍脱钩、与人口挂钩，促进政府增加对基本公共服务的投入，减轻消费潜力 最大的中低收入群体，尤其是灵活就业人员、农民工、新就业形态人员在养老、教育、医疗、住房等领 域的负担，提升其消费能力和意愿。 外部环境相对缓和之后，政策转向更加关注长期目标和高质量发展，改革有望再提速。 文：国金宏观宋雪涛/联系人张馨月 近期改革信号释放加快，反映出外部环境相对缓和后，政策转向更加关注长期目标和高质量发展，改革 进程有望再提速。 6月9日中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》（下文简 称"《意见》）。 值得注意的是， 《意见》的成文时间为3月2日，但公布时间为6月9日 ，可能是因 为4-5月的关税密集冲击造成外部不确定性上升，延缓了落实深化改革的政策节奏。 除《意见》外，近期在消费政策方面，更强调完善促消费的长效机制。 6月8日经济日报《金观平：持 续完善促消费长效机制》中提到，"要用好考核'指挥棒'，建立完善科学合理的考核指标体系，引导地 方政府和领导干部树立以促消费为导向的政绩观 ...

基本内容 6 月 9 日中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》，进一步落实了二十届三中全 会在城镇化和民生领域的改革部署：一是基本公共服务与户籍解绑；二是明确基本公共服务与人口挂钩；三是增加基 本公共服务供给和均衡性。 消费方面，更加强调完善促消费的长效机制。6 月 8 日经济日报《金观平：持续完善促消费长效机制》中提到，"要用 好考核'指挥棒'，建立完善科学合理的考核指标体系，引导地方政府和领导干部树立以促消费为导向的政绩观，加 大消费基础设施投入，优化消费环境，增强补贴力度，压实地方政府促消费责任"。 房地产方面，近期也有土地改革试点的举措。6 月 12 日《广州市提振消费专项行动实施方案(征求意见稿)》提出， "研究推动通过出租、入股、合作等方式盘活利用农村集体闲置土地和农户合法拥有的住房"。通过推动城乡之间人 员土地资金等生产要素双向顺畅流动，也是完善消费长效机制的重要领域。 近期改革信号释放加快，反映出外部环境相对缓和之后，政策转向更加关注长期目标和高质量发展，改革进程有望再 提速。 风险提示 改革的节奏存在不确定性，对改革政策的预期存在主观性。 敬请参阅最后一页特别 ...