坚定不移办好自己的事，这是4月25日召开的中共中央政治局会议提出的明确要求。 "增强消费对经济增长的拉动作用""加快推动内外贸一体化""加强对企业'走出去'的服务"——中央政治 局会议提出的要求，为银行业支持经济高质量发展指明了路径。 激活消费市场"一池春水" "关税冲击本质上是一种需求冲击，外需下降让总需求压力变大。加力扩大内需，增加国内支出，增加 企业盈利，增加居民就业机会，可以使受到关税影响的企业有更多的腾挪空间。"中国金融四十人论坛 资深研究员、中国社科院世界经济与政治研究所副所长张斌向《金融时报》记者表示，要以更大力度促 消费、扩内需，让就业和企业经营更多地向国内市场转换，以争取更多空间。 近期，在《提振消费专项行动方案》的指引下，银行业金融机构加大服务供给力度，为进一步提振消 费、全方位扩大国内需求提供了金融保障。 "当前，部分外贸企业受国际形势影响面临经营压力，内外贸一体化为这些企业开辟了内销新渠道，有 助于稳定企业经营。"上海金融与发展实验室首席专家、主任曾刚在接受《金融时报》记者采访时表 示。 "通过内外贸一体化，优质外贸产品进入国内市场，既可以丰富国内消费供给，又能带动内需增长，形 成'就 ...

四川省通过"财政补贴+市场联动"发放各类文旅专项消费券、雄安新区举办"购在雄安"政府促消费活 动、西安发放体育用品类消费券……"五一"假期，各地纷纷推出促消费活动，有效激发群众消费热情， 市场保持升温势头。 推动提振消费、全方位扩大国内需求，宏观政策特别是财政政策大有可为。中央政治局会议强调，要加 紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。 强化政策精准性。针对制约消费的突出矛盾问题，突出重点、精准施策，把宝贵的财政资金花在刀刃 上。对于增收减负难题，更大力度支持保障和改善民生，织密扎牢社会保障网，多渠道提高中低收入群 体收入，提升群众消费能力。同时，财政补贴只有切中消费者需求，才能更好拉动消费。今年扩围提质 实施消费品以旧换新，家电支持品类由8大类拓展至12大类，增加了手机、平板等数码产品购新补贴， 提振消费效果更加明显。政策靶向发力、精准支持，既有效扩大消费需求，也提升了人民群众的幸福感 和获得感。 增强政策协同性。提振消费需要加强财税、货币、产业等政策的系统集成、协同配合，打出政策"组合 拳"，特别是通过财政货币政策合力提供更多真金白银的支持。通过财政贴息的方式，引导 ...

Group 1 - The core initiative is the launch of the "Tuesday Enjoy Gift" dining coupon distribution activity by the Nanshan District Commerce Bureau to boost consumption and expand domestic demand [1] - A total of 24 million yuan in dining and retail coupons will be distributed in five rounds, with the activity running from April 29 to June 2 [1] - The coupon distribution will occur every Tuesday at 16:00, focusing on enhancing the quality and scale of new consumption [1]

远东资信首席宏观研究员张林对经济观察报表示，2025年一季度经济增长5.4%，超出市场预期，政治 局会议对于当前经济工作较为有信心，措辞较为乐观。然而，会议也提到外部冲击加大，要求强化底线 思维，做好预案。所谓底线思维，一方面是要对外部风险的严峻性有充分的认知，另一方面是要采取对 冲政策，不能让经济运行下调幅度过大。 中诚信国际研究院执行院长袁海霞认为，此次政治局会议是国际贸易形势变化后的首次政治局会议，对 当前市场预期和后续经济工作安排具有重要的信号意义。中国一季度GDP同比增长5.4%，供需两端均 有所改善，反映出当前宏观经济延续了去年四季度以来持续向好的态势。但随着4月国际贸易环境的变 化，外需不确定性增加。会议指出，"我国经济持续回升向好的基础还需要进一步稳固，外部冲击影响 加大"，这也意味着高层更加重视外部环境变化带来的不确定性和冲击。 东方金诚首席宏观分析师王青认为，会议对外部冲击有了更为清晰的定性，即"外部环境急剧变化"。为 此，要"统筹国内经济工作和国际经贸斗争"，同时"同国际社会一道，积极维护多边主义，反对单边霸 凌行径"。这意味着面对4月初美国实施的超高水平"对等关税"，中国不会选择妥协退 ...

Investment Rating - The investment rating for TCL Technology is "Buy" (maintained) [1] Core Views - The report highlights that the profitability of the panel business continues to improve, and there are expectations for a recovery in the photovoltaic business [5] - In 2024, TCL Technology reported a revenue of 164.82 billion yuan, a year-on-year decrease of 5.5%, and a net profit attributable to shareholders of 1.56 billion yuan, down 29.4% [4][5] - The semiconductor display business has shown significant improvement, with a revenue of 104.3 billion yuan in 2024, up 25% year-on-year, and a net profit of 6.23 billion yuan, an increase of 62.4 billion yuan [5] - The photovoltaic segment, TCL Zhonghuan, reported a revenue of 28.4 billion yuan in 2024, a decrease of 52%, with a net profit of -9.82 billion yuan [5] - The first quarter of 2025 saw a revenue of 40.08 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 1.01 billion yuan, up 322% [5] Financial Summary - For 2024, TCL Technology's operating cash flow was 29.5 billion yuan, a year-on-year increase of 16.6% [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 6.52 billion, 10.02 billion, and 13.20 billion yuan, respectively, with corresponding EPS of 0.35, 0.53, and 0.70 yuan [7] - The projected revenue for 2025 is 196.1 billion yuan, reflecting a year-on-year growth of 18.9% [9] - The gross margin is expected to improve from 11.6% in 2024 to 15.9% by 2027 [9]

Investment Rating - The investment rating for TCL Technology is "Buy" (maintained) [1] Core Views - The report highlights that the profitability of the panel business continues to improve, and there are expectations for a recovery in the photovoltaic business [5] - In 2024, TCL Technology reported a revenue of 164.82 billion yuan, a year-on-year decrease of 5.5%, with a net profit attributable to shareholders of 1.56 billion yuan, down 29.4% [4][5] - The semiconductor display business has shown significant improvement, with a revenue of 1.04 billion yuan in 2024, up 25% year-on-year, and a net profit of 6.23 billion yuan, an increase of 62.4% [5] - The photovoltaic segment, TCL Zhonghuan, faced challenges with a revenue of 28.4 billion yuan, down 52%, and a net profit of -9.82 billion yuan [5] - In Q1 2025, TCL Technology achieved a revenue of 40.08 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 1.01 billion yuan, up 322% [5] Financial Summary - For 2025, the expected net profit attributable to shareholders is projected to be 6.52 billion yuan, with an EPS of 0.35 yuan, and a P/E ratio of 11.95 [7][9] - The report forecasts revenue growth for the years 2025 to 2027, with expected revenues of 196.1 billion yuan in 2025, 211.1 billion yuan in 2026, and 227.5 billion yuan in 2027, reflecting growth rates of 18.9%, 7.6%, and 7.8% respectively [9] - The gross margin is expected to improve from 11.6% in 2024 to 15.9% by 2027 [9] - The return on equity (ROE) is projected to increase from 2.9% in 2024 to 20.3% in 2027 [9]

Core Viewpoint - The Guangxi government has introduced a differentiated toll discount policy for out-of-province small passenger cars traveling on highways in Guangxi, effective from May 9 until the end of the year, aimed at boosting consumption and promoting tourism [1][2]. Summary by Relevant Sections Policy Details - From May 9, 2023, to December 31, 2023, out-of-province non-operating small passenger cars entering Guangxi will benefit from toll discounts based on vehicle type, road segment, and payment method [1]. - For vehicles using ETC, tolls can be reduced by up to 50% when entering and exiting Guangxi [1]. - During weekends (Friday 00:00 to Sunday 24:00), specific toll exemptions apply for out-of-province vehicles using ETC when exiting Guangxi highways [1]. Economic Impact - The initiative aligns with national policies to stimulate consumption and expand demand, aiming to lower transportation costs for cross-province tourists and activate the "weekend economy" [2]. - The policy is designed to enhance inter-provincial connectivity and promote regional collaborative development by inviting tourists to experience Guangxi's natural beauty and cultural heritage [2].

Group 1 - The core viewpoint of the article highlights the economic performance of Henan Province, characterized by accelerated growth in production supply, project construction, consumption potential, and emerging momentum, with key economic indicators surpassing national and previous year levels [2] - Henan Province has implemented a "1+7" policy framework aimed at stabilizing employment, enterprises, markets, and expectations, responding to external uncertainties with high-quality development measures [2][3] - The policies are comprehensive, targeting key areas such as foreign trade stability, consumption stimulation, investment enhancement, and enterprise support, emphasizing a coordinated approach to create a strong synergy between supply and demand [3] Group 2 - The policies are specifically designed to address external shocks and economic bottlenecks, providing actionable and effective measures to boost market confidence and respond to societal concerns [3] - The measures include substantial financial incentives for enterprises, such as temporary subsidies for production, consumption vouchers, and support for diverse consumer needs, aiming to stimulate economic activity [3][5] - The "small to large" initiative supports small enterprises in upgrading to larger scale operations, focusing on reducing costs and enhancing competitiveness through various supportive policies [4][5] Group 3 - The provincial government has allocated 150 million yuan for the "Lego Henan" consumption voucher program, with 110 million yuan for retail and dining vouchers and 40 million yuan for tourism and accommodation, to boost consumption and expand domestic demand [6] - The fiscal system is committed to providing robust financial support for the second quarter's economic activities, ensuring sufficient resources for investment expansion and assistance to key industries [6]

"五一"将至，4月30日，省委常委、市委书记吴桂英深入旅游景区、热门商圈等地，督导检查节假日安全生产 工作。她强调，要深入学习贯彻习近平总书记关于安全生产的重要论述，深入践行以人民为中心的发展思想，以 如履薄冰、枕戈待旦的高度警醒，抓实抓细安全生产、服务保障等各项工作，全力维护城市运行安全和社会大局 稳定。 来到五一商圈安全运行智能管理指挥中心，吴桂英听取商圈安全运行及大客流应对工作汇报。她强调，要强 化"群众过节、干部过关"意识，紧盯重点领域、重点部位、重点环节，强化协同配合，齐心协力把防风险、保安 全、护稳定各项工作抓到位。要持续提升基层安全治理和应急管理能力，落实落细物防、人防、技防等措施，严 格执行领导带班和24小时值班值守制度。要抢抓假期机遇，大力实施提振消费专项行动，促进经济持续向好。 市级领导何朝晖、彭华松参加。 在黄兴南路步行商业街，吴桂英对餐饮门店、"九小场所"、多业态混合生产经营场所、人员密集场所的消防 安全进行随机检查。 在黄兴南路步行商业街，吴桂英对餐饮门店、"九小场所"、多业态混合生产经营场所、人员密集场所的消防 安全进行随机检查，重点查看用火用电是否规范，安全出口、疏散通道是否通畅 ...

Core Viewpoint - The article emphasizes the importance of boosting domestic demand and investment in Henan province to ensure economic recovery and growth, particularly in the second quarter of 2025. Domestic Demand and Consumption - Henan province is implementing a special action plan to boost consumption, focusing on enhancing consumer capacity, expanding product consumption, and improving service quality through eight major actions [1] - The plan aims to address barriers to consumption by promoting high-quality employment, increasing residents' income, and improving the overall consumption environment [1] - The province has allocated 1.5 billion yuan for the "Lego Henan" consumption voucher program to stimulate consumer spending [10] Infrastructure Investment - The provincial government has introduced 14 measures to enhance infrastructure investment, covering the entire lifecycle of infrastructure projects [2] - Key strategies include concentrated project oversight, expedited preliminary work, and strengthened support for major projects [3] Support for Enterprises - The government is expanding its support for key enterprises, increasing the number of companies receiving assistance from 1,500 to 15,000 [4] - Measures include helping enterprises secure orders, reduce costs, and transition to new business models [5] - Financial support will be provided to enterprises with significant revenue growth, with a one-time subsidy of 100,000 yuan for those achieving a 10% increase in revenue [7] Agricultural Production - The second quarter is critical for summer grain production, with efforts focused on managing wheat during its critical growth phase [8] - The province is also enhancing livestock production capabilities and supporting farmers through various policies [9] Foreign Trade - Henan's foreign trade saw a total import and export value of 204.26 billion yuan in the first three months of the year, with a year-on-year growth of 28% [11] - The government plans to stabilize foreign trade through policy support, market expansion, and assistance for enterprises facing challenges [11]