文 ｜ 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 在彻底取消所有对华单边关税措施前，中美贸易谈判可能进展有限；国内的政策是托底和应对式的，4月只是第一波以试验和预防为特征 的政策；筹码出清相对彻底且对业绩不敏感的主题阶段性占优；市场整体情绪位置不算低，科技板块相对医药和消费更接近冰点，对风偏 回升更敏感。配置上，5月关注新技术和产业题材轮动、海外科技映射链修复以及服务业扩内需政策落地。 在彻底取消所有对华单边关税措施前， 中美贸易谈判可能进展有限 近期特朗普针对关税问题表态持续反复，美股市场反应较为敏感。但我们认为国内投资者不需要花精力关心这些高频变化，特朗普试图灵活 利用关税武器来制造谈判筹码，而中国商务部新闻发言人何亚东表示"如果美方真的想解决问题，就应该正视国际社会和国内各方理性声音， 彻底取消所有对华单边关税措施，通过平等对话，找到解决分歧的办法"。我们建议还是关注特朗普未来一年面临的两大约束，一是7~8月需 要推进债务上限谈判和减税法案通过，二是明年中期选举。尽管目前特朗普的民调支持率已经开始明显下降，但这属于每个美国总统百日新 政后正常的回落，而特朗普两次任期的民调本身就比其他美国总统偏低，目前 ...

Core Viewpoint - The rapid growth in electricity consumption in Shanxi Province during the first quarter of this year indicates a positive trend in the local economy, industrial structure optimization, and improved living standards for residents [1][2] Group 1: Overall Electricity Consumption - Shanxi Province's total electricity consumption reached 806.9 billion kWh in the first quarter, marking a year-on-year increase of 6.1% [1] - All three industries and residential electricity consumption showed growth, with the primary industry increasing by 10.21%, the secondary industry by 4.89%, the tertiary industry by 11.82%, and residential consumption by 6.01% [1] Group 2: Regional Performance - All 11 cities in Shanxi reported positive growth in electricity consumption, with eight cities exceeding the provincial average growth rate [1] - Datong and Linfen cities had remarkable growth rates of 12.43% and 11.75%, respectively [1] Group 3: Industrial Electricity Consumption - The high-end equipment manufacturing sector exhibited significant growth, with electricity consumption in electrical machinery and equipment manufacturing increasing by 380.33%, contributing 1.1 percentage points to the overall industrial electricity growth [1] - The photovoltaic equipment and components manufacturing sector saw a staggering increase of 720.39% in electricity consumption, reflecting the effective implementation of policies related to the photovoltaic industry [1] Group 4: Emerging Industries - The medical instruments and equipment manufacturing, instrumentation manufacturing, and new energy vehicle manufacturing sectors experienced electricity consumption growth rates of 51.08%, 20.81%, and 18.8%, respectively [2] - The non-metallic mineral products industry also showed strong performance with a growth rate of 23.25%, contributing 1.02 percentage points to the overall industrial electricity growth [2] - Shanxi Shangtai Lithium Battery Co., as a key player in the new energy storage industry, reported a remarkable 104.17% increase in electricity consumption [2] Group 5: Tertiary Sector Growth - The emerging service industry led the growth in the tertiary sector, with electricity consumption in the charging and swapping service industry soaring by 83.13% [2] - The internet data service industry continued its rapid development with a year-on-year increase of 43.19% in electricity consumption [2] - The tourism sector also showed significant growth, with electricity consumption in tourism increasing by 16.78%, and specific attractions like Wujin Mountain Scenic Area and Taihang Grand Canyon seeing increases of 265.55% and 51.82%, respectively [2]

Economic Overview - In the first quarter, Inner Mongolia's GDP reached 581.6 billion yuan, with a year-on-year growth of 5.4% at constant prices [1] - The primary industry added value was 17.7 billion yuan, growing by 5.2%; the secondary industry added value was 254.7 billion yuan, increasing by 6.4%; and the tertiary industry added value was 309.1 billion yuan, rising by 4.6% [1] Agricultural Sector - Agricultural production is stable, with a focus on increasing production and income, and promoting agricultural modernization [1] - In the first quarter, the added value of agriculture, forestry, animal husbandry, and fishery grew by 5.3%, with livestock production increasing by 4.3% and milk production rising by 0.8% [1] Industrial Sector - The industrial sector showed stable growth, with the added value of large-scale industries increasing by 7.0% year-on-year in the first quarter [2] - Inner Mongolia is advancing high-level industrial park construction and developing a modern industrial system to support industrial economic growth [2] Service Sector - The service sector is recovering, with added value growing by 4.6% year-on-year in the first quarter [2] - The region is focusing on enhancing service quality and innovating service formats in areas such as elderly care, hospitality, and cultural tourism [2] Investment and Consumption - Fixed asset investment (excluding farmers) surged by 20.0% year-on-year in the first quarter, driven by effective demand expansion and major project implementation [2] - Social retail sales totaled 130.21 billion yuan, reflecting a year-on-year growth of 6.7%, supported by policies to boost consumption [2] Income Growth - Residents' per capita disposable income reached 11,303 yuan, with a nominal year-on-year increase of 5.3% [3] - Employment promotion actions are being implemented to ensure income growth aligns with economic development [3]

郭迎锋（中国国际经济交流中心副研究员） 近日，为推动服务业开放提速加力，进一步发挥服务业扩大开放试点地区的先行先试作用，商务部印发 了《加快推进服务业扩大开放综合试点工作方案》（以下简称《方案》）和新一轮服务业扩大开放综合 试点任务清单。推进服务业扩大开放试点是完善高水平对外开放体制机制的一项重要任务，该《方案》 通过制度创新、区域协同发展和行业重点突破的综合性政策体系，不仅能进一步发挥服务业推动高质量 发展的作用，更为构建更高水平开放型经济新体制提供了有力支撑。同时，该《方案》的发布，也为下 一步中国服务业开放提出了向"制度红利"转型的要求。 再者，扩大服务业开放有助于我国构建区域协同与均衡的发展格局。一方面，《方案》进一步优化了中 国服务业的区域开放布局，试点扩围至大连、宁波、厦门等9市，形成服务业东部引领、中西部跟进的 格局。另一方面，依据不同地区的资源禀赋，促进产业的联动、协调发展。例如，北京聚焦科技、海南 打造国际旅游消费中心、南京试点外资医院+本地医保模式。 近期，美国政府宣布所谓的"对等关税"政策，引发全球市场剧烈震荡，加速全球产业链供应链重塑。基 于全球单边主义、保护主义持续加剧的背景，当前中 ...

【深圳商报讯】（驻京记者宋华）《加快推进服务业扩大开放综合试点工作方案》近日发布。根据《工 作方案》，服务业扩大开放综合试点提速，155项试点任务在11个省市全面铺开。服务业扩大开放新增 包括深圳在内的9个试点城市。 自2015年以来，国务院分三批先后批准了北京等11个省市开展试点，持续放宽市场准入门槛，扩大规 则、规制、管理、标准等制度型开放，营造市场化、法治化、国际化一流营商环境，为在华的外资企业 投资经营提供了丰富的应用场景和稳定、开放的政策环境。 商务部副部长兼国际贸易谈判副代表凌激4月21日在国新办举行的专题发布会上表示："这次试点任务在 符合条件的地区全面铺开，不再区分地区和任务批次，而是一次性向所有试点的11个省市全面铺开。" 凌激表示，除现有的11个试点省市外，还新增了大连、宁波、厦门、青岛、深圳、合肥、福州、西安、 苏州9个城市进入试点范围。"这9个城市的服务业发展基础好，区域和产业代表性比较突出，同时这些 城市的试点意愿和组织实施能力也比较强。关于这9个城市的试点任务，我们下一步将会同有关部门和9 个城市进一步研究提出，按程序报批后再实施。" 围绕新一轮试点任务的主要内容，凌激介绍，《工作 ...

4月21日，国新办举行新闻发布会，介绍《加快推进服务业扩大开放综合试点工作方案》（以下简称 《工作方案》）有关情况。会上提及美国实施"对等关税"一事，商务部副部长兼国际贸易谈判副代表凌 激说了三个"坚定"。 《工作方案》体现出三个"坚定" 凌激表示，当前，全球经济复苏动力不足，特别是美国宣布实施所谓对等关税，严重损害了多边贸易体 制，严重冲击了国际贸易秩序和全球产供链的安全稳定。为更好应对当前面临的外部冲击和挑战，《工 作方案》突出了对接CPTPP、DEPA等高标准国际经贸规则的内容。 随后，他提到三个"坚定"。凌激表示，《工作方案》提出提速、加力，显示出中国在当前形势下坚定不 移扩大对外开放的决心，进一步发挥服务业扩大开放综合优势，体现出中国坚定支持经济全球化，坚定 维护多边贸易体制，推动与各国共促开放、共享发展的意愿和决心。 服务业领域正持续放宽外资准入门槛 我国服务业扩大开放综合试点工作自2015年启动，经历了一次升级、两次扩围，先后推出7轮15份试点 方案。目前已经形成"1+4+6"格局："1"是北京，即服务业扩大开放示范区，方案已经更新到2.0版 本；"4"是天津、上海、海南、重庆，即3个直辖市加海 ...

新一轮服务业扩大开放一次性向11个试点省市全面铺开；将取消应用商店、互联网接入等服务业务的外 资股比限制；将支持外籍医生开设诊所；支持开展资本市场金融科技创新试点等国家级金融试点……4 月21日，国务院新闻办公室举行发布会，介绍《加快推进服务业扩大开放综合试点工作方案》(以下简 称《工作方案》)有关情况。据介绍，《工作方案》从重点服务领域开放、产业创新发展等多个维度， 明确155项试点任务。 商务部副部长兼国际贸易谈判副代表凌激在会上介绍，"在当前全球单边主义、保护主义加剧的背景 下，中国加快推进服务业扩大开放试点，有序扩大自主开放和单边开放，是我们做好自己的事、为世界 注入更多确定性和稳定性的实际行动"。 新增9个试点城市 自2015年以来，国务院分三批先后批准了北京等11个省市开展试点，持续放宽市场准入门槛，扩大规 则、规制、管理、标准等制度型开放，营造市场化、法治化、国际化一流营商环境，为在华的外资企业 投资经营提供了丰富的应用场景和稳定、开放的政策环境。 围绕推动试点提速加力的主要考虑，凌激介绍，首先是"提速"。为加快形成更加丰富多样的制度创新成 果，进一步提高试点的工作效率，这次试点任务在符合条件的 ...

今天（4月21日），国务院新闻办公室举行发布会，介绍《加快推进服务业扩大开放综合试点工作方案》（以 下简称《工作方案》）有关情况。 发布会上介绍，《工作方案》从重点服务领域开放、产业创新发展等多个维度，明确155项试点任务。 校对：姚远 百万用户都在看 最新！国常会，重磅定调！提及楼市、股市 在电信领域，提出取消应用商店、互联网接入等服务业务的外资股比限制等试点任务；鼓励发展数据标 注产业，健全数据交易市场体系，支持发展"来数加工"等新业态新模式；发展游戏出海业务，布局从IP 打造到游戏制作、发行、海外运营的产业链条。 在医疗领域，提出支持外籍医生开设诊所；境外医疗专业技术人员短期执业；支持开办外资护理学院； 允许以捐资方式举办非营利性医疗机构、养老机构；支持建设基因与细胞治疗专利专题数据库；探索优 化罕见病药品进口抽检模式等。 在金融领域，提出支持探索发展国际保理业务；支持跨国公司以人民币开展跨境资金集中运营业务；深 化合格境外有限合伙人（QFLP）试点；吸引境外保险公司、主权基金、养老基金、ESG（环境、社会和 治理体系）基金、认证鉴证机构为绿色项目提供投融资和技术服务；鼓励信用评级机构开展绿色债券评 级 ...

Core Viewpoint - The Ministry of Commerce has issued a plan to accelerate the expansion of the service industry, including nine new cities as pilot areas, which is a significant step towards high-level opening-up of the economy [1][2]. Group 1: Pilot Expansion - The new pilot cities include Dalian, Ningbo, Xiamen, Qingdao, Shenzhen, Hefei, Fuzhou, Xi'an, and Suzhou, bringing the total number of pilot areas to 20 [2]. - The pilot program has been gradually expanded since its inception in 2015, with previous additions including Beijing, Tianjin, Shanghai, and others, forming a comprehensive open layout across various regions [2][3]. - The pilot program has led to over 190 innovative achievements that have been replicated nationwide, demonstrating significant success in promoting service industry openness [2]. Group 2: Foreign Investment - The service sector is a crucial area for attracting foreign investment, with actual foreign investment in the service industry reaching 193.3 billion RMB in the first quarter of this year, accounting for over 70% of total foreign investment [4]. - In 2024, the eleven pilot provinces and cities attracted 41.26 billion USD in foreign investment, representing 50.2% of the national total for the service sector [4]. - The pilot areas are becoming new high grounds for foreign investment in the service industry, with increasing openness and reduced restrictions on foreign access [4][5]. Group 3: Areas of Focus - The new pilot tasks include 155 initiatives across 14 areas, such as telecommunications, healthcare, finance, and cultural tourism, aimed at enhancing international cooperation and innovation [7]. - The telecommunications sector will see increased foreign investment opportunities, with plans to open up value-added telecom services [7]. - The financial services sector is expected to benefit from international capital and advanced management practices, which will also support the internationalization of the RMB [8].

4月18日，商务部正式印发《加快推进服务业扩大开放综合试点工作方案》，《方案》部署加快试点实 施节奏、扩大试点范围、加大压力测试和复制推广力度，从而推动试点工作提速加力。 在国际金融合作方面，《方案》提出，有序扩大金融机构展业范围，加大对科技创新与中小企业发展的 支持力度，提升国际收支中资本和金融账户交易资本流动便利度，支持投资或注册地在当地的跨国公司 以人民币开展跨境资金集中运营业务。深化合格境外有限合伙人(QFLP)试点。创新发展新型离岸国际 贸易。发展绿色金融和转型金融，加强绿色金融国际合作。 在商贸文旅领域，《方案》提到，要放宽相关领域外资准营范围，优化监管模式，拓展应用场景,支持 发展休闲消费、高端消费,发展时尚消费、新型消费。 对于一些服务业新业态，《方案》提出，可依托商业航天发射场，培育研发设计、装配测试、数据应 用、主题旅游及相关服务贸易业态，打造"航天+"产业链。开展"车路云一体化"应用试点，推动相关基 础设施规模化建设、智能网联汽车产业化发展。围绕智能网联新能源汽车、高端装备等重点产业，支持 业态创新,发展维修、设计、研发、租赁等服务。发展新兴标的租赁业务，探索相关大型设备异地监 管。 商 ...