每日晨报 2025年6月16日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 从日本经验看,如果经济一旦陷入通缩陷阱,会极大压制居民和企业的消费和投资意愿,并 导致货币和财政政策的传导机制有效性下降,政策效果由此也会大打折扣。去年以来,决策层反 复强调当前面临的困难之一是国内有效需求不足,明确提出要全面提振内需。针对由于需求不足 导致的物价低迷问题,今年两会工作报告中把 CPI 的目标值从 3%下调至 2%,这意味着 CPI 目 标已经从约束性目标变为成果性目标,从之前防止 CPI 突破 3%,变为推动物价水平回归 2%的 正常水平。对此,央行在一季度货币政策报告中也明确表示"把促进物价合理回升作为把握货币 政策的重要考量，推动物价保持在合理水平"。 前五个月社融资增量累计为 18.63 万亿元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观:"新"供给侧改革的"加减乘除"。未来十年,国内经济在 AI 驱动下, ...

"散装"强调的是各展所长、各美其美。球场上的"你争我抢"，映射着发展中的"你追我赶"。从太湖之滨 到黄海滩涂，江苏各地各有拿手绝活。南京的数字经济、苏州的智能制造、连云港的远洋运输、无锡的 集成电路……"十三太保"差异发展，全部跻身全国城市GDP百强，一起成就了经济大省的体量与担当。 这种地区间的良性竞争，激活了各自潜能，让江苏大地活力奔涌。 但"散装"绝非一盘散沙，竞争也非"内卷式"的抢地盘。南京生物医药研发能力全国领先，苏州生物医药 已形成现代产业集群，两者在市场一拍即合；地处苏南的江阴与身在江北的靖江共建工业园区，南北结 对结出了硕果。在长三角一体化发展浪潮中，江苏省内也正在形成"苏南引领、苏中崛起、苏北赶超"的 梯度发展模式，产业链深度协作，形成了强大的共生网络，一起融入新发展格局，当弄潮儿挑大梁。 放眼全国看，大国经济往往面临地区资源禀赋差异大等挑战。过去我国一些地区建立自给自足的产业结 构，曾造成产业趋同、产能过剩等问题。今天，发展新质生产力，也有个合理布局的问题。一地如何融 入区域发展格局和国民经济循环，如何将特色鲜明的"珍珠"串成价值倍增的"项链"，江苏的发展实践具 有启发意义。 "散装"强调 ...

Core Insights - The tax authorities have strengthened their service measures to facilitate cross-regional operations for businesses and individuals, enhancing administrative efficiency to support the construction of a unified national market [1][2] - In the first five months of this year, the tax authorities processed 527,700 cross-regional business transactions, and 14,700 taxpayers successfully completed inter-provincial migration, marking a year-on-year increase of 13.52% [1] Group 1 - The tax authorities have implemented a series of measures to address the challenges faced by businesses during cross-regional migration, including optimizing pre-reminders, expediting processing times, and improving post-service support [2] - The average processing time for migration matters has been reduced by 5 to 10 days, allowing eligible businesses to complete their migration on the same day [2] - The tax authorities are committed to continuously optimizing tax payment services and addressing urgent issues faced by taxpayers, translating educational outcomes into practical results for high-quality development [2]

今年以来，在一系列稳就业、稳企业、稳市场、稳预期等更加积极有为的宏观政策实施下，制造业和非 制造业景气水平均持续改善，新动能持续向好，企业对市场发展的信心保持稳定。 （作者系中国宏观经济研究院市场与价格研究所研究员） （文章来源：经济日报） 也要看到，外部环境依然复杂严峻，外贸回稳仍有不确定性，需求不足等制约因素仍然存在，企业效益 稳步恢复的基础还需继续巩固。未来，要进一步加强和巩固经济回升向好的基础。 持续实施各项稳经济政策措施。多措并举扩大内需，稳住国内基本盘，做强国内大循环。用好用足更加 积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。创设新 的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸等。加大资金 支持力度，扩围提质实施"两新"政策，加力实施"两重"建设。提高中低收入群体收入，大力发展服务消 费，增强消费对经济增长的拉动作用。 持续巩固和提升企业效益。培育壮大新质生产力，积极打造一批新兴支柱产业。推动科技创新和产业创 新融合发展，加快传统产业转型升级，坚持标准引领，规范竞争秩序。持续用力推进关键核心技术攻 关，创新推出债券市场的"科 ...

华夏时报（www.chinatimes.net.cn）记者 郭怡琳 于娜 北京报道 跨省异地就医直接结算政策为群众提供了实惠。 6月初的一天，在北京某三甲专科医院病房内，刚做完手术的老张先生还未清醒。一旁照护的家属已经收到信息提 示："您本次跨省异地就医直接结算已完成，医保基金支付金额：48,560.20元。" 回忆起这次意外之喜，张先生的儿子向《华夏时报》记者感慨，"没想到现在异地就医报销那么快，而且报销比例 也没下降。手术前我和妻子刚吵过架，用月底孩子研学的钱拿来垫住院费，她很担心开营前这笔钱报销不回来。" 张先生一家的经历，正是医保异地就医改革成效的缩影。据国家医保局指出，2025年一季度，全国跨省异地就医 直接结算运行基本平稳，惠及参保群众7075.26万人次，为群众减少垫付469.92亿元，较2024年同期分别增长了 37.97%、11.44%。这些数据背后，无数个像张先生一样的家庭，在医保改革的支持下，就医之路变得更加顺畅。 对此，健康国策2050学术平台总编辑梁嘉琳接受本报记者采访表示，"随着跨省异地就医定点医疗机构在全国的布 点越来越广，患者选择定点医疗机构的余地就会越来越大，更能够找到相对最 ...

Core Viewpoint - The release of the "Negative List for Market Access (2025 Edition)" signifies a further relaxation of market access restrictions in China, promoting a unified national market and enhancing market access efficiency [1][2]. Group 1: Market Access Reforms - The negative list system is a significant decision by the central government, serving as a foundational institutional arrangement for building a unified national market [2]. - The number of items on the negative list has been reduced from 151 in 2018 to 106, representing a reduction of approximately 30%. National management measures have decreased from 486 to 469, while local management measures have dropped from 36 to 20 [2][3]. - The new version of the negative list features lower entry barriers and greater intensity, with the removal of 8 national access restrictions and the cancellation of 17 local licensing measures [3]. Group 2: Impact on New Industries - The inclusion of "Civil Unmanned Aerial Vehicle Operation Qualification Certificate Issuance" in the management list aims to regulate the low-altitude economy and boost enterprise confidence [4]. - The government has been actively optimizing the market access environment for new industries, with initiatives in regions like Hainan and Shenzhen to support innovative projects such as commercial space launch sites and international trading platforms for electronic components [4]. Group 3: Challenges and Future Directions - Despite progress, challenges remain with existing barriers such as "glass doors" and "spring doors" that hinder the full realization of a "non-prohibited, immediate access" market environment [7]. - The government is undertaking actions to eliminate unreasonable market access barriers and establish long-term mechanisms for addressing these issues [7]. - The "non-prohibited, immediate access" principle is crucial for fostering a fair market environment, particularly benefiting private enterprises and enhancing their participation in major national projects [7].

Core Viewpoint - The Chinese government emphasizes the need to enhance domestic demand and consumption, while building a unified national market to strengthen development momentum [1] Group 1: Economic Strategy - The current task of advancing high-quality development and modernizing China is described as extremely challenging due to a complex external environment [1] - There is a call for improving situational awareness and precision in policy-making to adapt to new requirements for production capacity and domestic circulation [1] Group 2: Policy Focus - Key areas of focus include expanding domestic demand, boosting consumption, constructing a unified national market, and optimizing the business environment [1] - The government aims to enhance collaboration among departments and emphasize coordinated efforts to strengthen development momentum through policy and operational synergy [1]

Group 1 - The Ministry of Industry and Information Technology has announced the first batch of 39 local specialty food industries, marking a new stage in the development of China's specialty food industry, highlighting the government's emphasis on the "taste economy" and the intention to boost rural economies through traditional food culture [1] - The selected local specialty food industries will receive multiple supports including policies, funding, and technology, aiming to transform from "local specialties" to "industrial chains" and to encourage local governments to integrate resources and talent to promote local specialties on a broader stage [2] - The development of local specialty foods is not just about strengthening specific products but also about revitalizing the entire rural ecosystem, creating a full industrial chain that includes agriculture, processing, packaging, transportation, e-commerce, and tourism [2] Group 2 - With the advancement of a unified national market, local flavors should not be limited to geographical labels but should aim for broader markets, leveraging e-commerce platforms and digital supply chains to reach national and global audiences [3] - Local governments are encouraged to develop systematic industrial plans around specialty foods, strengthen quality standards, and promote talent return and youth entrepreneurship, enhancing the market competitiveness of local foods with unique cultural and natural attributes [3] - The focus on local specialty food industries is not only beneficial for the food sector but also represents a deeper implementation of rural revitalization strategies, transforming "specialty" into "normalcy" and "local flavor" into "value" [3]

21世纪经济报道记者凌晨西安报道 随着电视剧《长安的荔枝》火爆荧屏，一股鲜甜的"荔枝风潮"正在古都西安掀起。屏幕上绘声绘色的历 史故事，正转变为现实世界里"长安"消费者对岭南佳果的热情追求。 大街小巷的水果店、生鲜超市的冷藏柜前到西安市民的餐桌上，来自广东茂名、惠州、东莞、增城等核 心产区的鲜荔，以其鲜艳欲滴的色泽、清甜爆汁的口感，正成为今夏西安消费市场的绝对主角。 与往年不同，今年广东荔枝在西安的亮相，无论是铺货广度还是消费热度都堪称"现象级"。多个经销门 店开辟"广东荔枝"主题陈列区，批发市场货源流转加速。 多位受访经销商对21世纪经济报道反馈道，需求呈现显著增量，优质产区品种如高州白糖罂、增城桂味 等供不应求，走货速度较往年同期大幅攀升。 这涌动的岭南鲜红，不仅仅是在填满西安市民的"果盘子"，更悄然勾勒出一条跨越南北的经济链条。它 的背后，连接着广东果农增收的希望和区域特色农业转型升级的步伐，荔枝的"好身价"和"大销量"正转 化为实实在在的乡村富民动能。 供需共振：岭南荔香漫长安 西安至广东逾千公里的地理距离，曾造就荔枝运输的难题。 如今，无人机技术、智能恒温冷链运输及全货机配送等现代物流方案已有效克服 ...

Core Viewpoint - The Gansu Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, emphasizing the need for careful evaluation and approval processes for fund establishment, as well as the importance of avoiding redundant investments and ensuring effective fund management [1][4][5]. Group 1 - The government investment funds should have a reasonable duration and act as long-term and patient capital to adjust across cycles [4]. - Funds established by the government must undergo thorough evaluation and adhere to approval procedures, with provincial or municipal funds requiring local government approval [4][5]. - New government investment funds at the county level should be strictly controlled, with proposals needing approval from the municipal government if the county has sufficient financial resources [4]. Group 2 - All levels of government investment funds must prevent redundant investments and disorderly competition to avoid overcapacity and low-level repeated construction [4]. - New funds established by municipalities or counties must be reported to the provincial finance department for record-keeping [4]. - The same government should not establish multiple funds in the same industry or field, but funds can support the same project in a market-oriented manner [4]. Group 3 - Funds lacking industrial foundation or resource endowment should enhance effectiveness through optimized investment directions and market-oriented exits [5]. - Fiscal departments at all levels are responsible for the unified management of government investment funds, with strict controls on new fund establishments [5]. - It is prohibited for governments to finance through illegal debt, and there should be no new hidden local government debts [5]. Group 4 - A mechanism for error tolerance centered on compliance responsibility exemptions is encouraged to enhance the investment enthusiasm of fund managers [5]. - Regulatory responsibilities should be performed in accordance with laws and regulations, without administrative interference in daily fund management and investment decisions [5].