文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周，政策主要聚焦产业及主题投资领域。涉及"十五五"规划、国防军工、新能源材料、黄金等。 1 ）"十五五"规划 ： 6 月 25 日，总理在第十六届夏季达沃斯论坛开幕式提到，"过去 70 多年，我 们实施了 14 个五年规划，今年还将制定第 15 个五年规划"。 2 ）新能源材料 ： 6 月 23 日至 24 日，何立峰在河北调研新能源新材料产业发展，提出"持续推动 高端装备制造、智能光伏、清洁能源、新材料等企业创新发展，并综合整治内卷式竞争"。 3 ）国防军工 ： 6 月 24 日，国新办举行新闻发布会，介绍中国人民抗日战争暨世界反法西斯战争胜 利 80 周年纪念活动总体安排。 9 月 3 日，北京天安门广场将隆重举行纪念中国人民抗日战争暨世界 反法西斯战争胜利 80 周年大会，总书记将发表重要讲话。 4 ）黄金 ： 6 月 23 日，工信部等九部门印发《黄金产业高质量发展实施方案（ 2025-2027 年）》，提出到 2027 ...

"今天我来买单，你们这些企业不要抢……" 近日，重庆市荣昌区委书记高洪波自掏腰包"带头下馆子"的视频走红，近日， 他的个人社交账号发文"带头消费、带动消费、带领消费"，引起 热议。 ▲重庆市荣昌区委书记高洪波 图/视频号"荣昌老高"视频截图 区委书记带头请客吃饭 "两桌我请了，今天我来买单"！ 相关视频中， 高洪波说"要带头消费，带领消费"，表示"两桌我请了，今天我来买单，你们这些企业不要抢"，并向餐馆老板预付2000元餐 费。 高洪波书记还在网上晒出了请客菜单、付款账单。单据显示， 其请客共消费1108元，店主退回了多收的餐费，还"抹零"8元。 高书记的这顿饭都请了谁？ 视频中，高洪波介绍，客人里有一名华姓老师，有一名养猪的全国劳模， 有一位重庆市人大代表，一位全国人大代表，有90后创业者等等 。 客人从养猪专业户到食品加工工人再到药品制造从业者，覆盖当地一二三产业。 高洪波称，"请大家吃饭， 就是要让大家感受一下荣昌的营商环境，人间气，烟火味"。 其实，这不是高书记第一次倡导干部带头消费。早在今年1月6日荣昌区委经济工作会议上，高洪波在大会上呼吁： 我们要带头消费、带动 消费、带领消费 ，希望在座的每一个 ...

Core Viewpoint - The 2025 National Summer Cultural and Tourism Consumption Season has been officially launched in Qingdao, Shandong Province, aiming to stimulate consumer activity and promote the cultural tourism industry during the summer months [1][2]. Group 1: Event Overview - The event will feature over 4,000 cultural and tourism promotional activities across Shandong Province, with more than 1,000 A-level scenic spots and over 500 star-rated hotels participating in various discount offers [1][2]. - The theme of the consumption season is "Cultural Tourism Benefits the People, Sharing a Beautiful Life," focusing on summer cultural and tourism consumption characteristics [1][3]. Group 2: Government and Institutional Support - The Ministry of Culture and Tourism, along with various institutions, will coordinate a series of consumer promotion activities and benefit measures, including initiatives from the Civil Aviation Administration and the China Meteorological Administration [2]. - Financial institutions such as China UnionPay and major banks are launching cultural and tourism consumption financial incentives [2]. Group 3: Activities and Promotions - During the consumption season, over 43,000 cultural and tourism consumption activities will be held, with measures such as consumption vouchers, ticket discounts, and a total of over 570 million yuan in consumer subsidies being distributed [3]. - Qingdao plans to accelerate its development as an international consumption center city, with over 1,000 coastal tourism-themed consumption activities scheduled for the second half of the year [3].

Group 1 - The meeting emphasized the importance of high-quality development and the construction of a new development pattern, focusing on the "two highs and four efforts" strategy [1] - The meeting highlighted the need to align with national and provincial "14th Five-Year" plans, conducting thorough research and gathering opinions for informed decision-making [1] - The meeting underscored the significance of capability and style construction as a key approach to achieving high-quality development and effective governance [1] Group 2 - The meeting discussed the promotion of recycled water utilization, advocating for water conservation and sustainable use to support modern urban construction and environmental protection [2] - The meeting addressed strategies to boost consumption, particularly in key areas, enhancing night-time consumption offerings and optimizing service to expand the influence of the "Beautiful Night Zhengzhou" brand [2] Group 3 - The meeting also reviewed preparations for major events such as the 2024-2025 Global Invention Conference National Finals in China [3]

Core Viewpoint - The Chinese government has prioritized consumption as a key task for economic recovery, with new policies aimed at enhancing consumer spending and financial support for various sectors [2][3]. Group 1: Financial Support for Consumption - A joint guideline issued by six government departments outlines 19 key measures to support and expand consumption, including a 500 billion yuan service consumption and pension relending program [2][4]. - The guideline emphasizes a comprehensive financial support framework for consumption, moving away from fragmented policies to a more systematic approach [3][4]. - Specific financial support will be provided for three main areas: goods consumption, service consumption, and new consumption types, with tailored measures for each sector [5][6]. Group 2: Focus on Service Consumption - The guideline highlights the importance of service consumption, proposing increased credit support for key service sectors such as retail, hospitality, and elder care [5][6]. - Financial institutions are encouraged to develop personalized financial products and services tailored to the characteristics of service consumption [6]. - The document also calls for enhanced support for new consumption models, including digital, green, and health-related consumption [6]. Group 3: Broader Economic Context - Recent policies aimed at improving social security and raising minimum wage standards are seen as crucial for boosting consumer spending from the income side [7][8]. - Experts suggest that increasing employment and income, along with creating more consumption scenarios, are essential for stimulating demand [7][8]. - The development of the service sector is highlighted as a key driver for job creation and income growth, addressing the disparity between economic growth and individual income perception [8].

央行：加力支持科技创新、提振消费，做好"两重""两新"等重点领域的融资支持 金十数据6月27日讯，中国人民银行货币政策委员会2025年第二季度例会于6月23日召开，会议指出，有 效落实好各类结构性货币政策工具，加力支持科技创新、提振消费，做好"两重""两新"等重点领域的融 资支持。持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作用， 进一步打通中小微企业融资的堵点和卡点。 ...

Group 1 - The core viewpoint of the article is the implementation of the "Shanxi Province Consumption Promotion Special Action Implementation Plan," which aims to boost consumption and improve people's livelihoods through targeted policies in various sectors [1][2][3][4] Group 2 - The plan emphasizes the combination of consumption promotion and improving people's livelihoods, proposing measures in employment, education, healthcare, and housing to increase residents' income and reduce their burdens [1] - It highlights the advantages of Shanxi's unique resources, promoting service consumption and enhancing the quality of consumer goods, such as developing themed tourism routes and supporting local cultural and tourism events [2] - The plan advocates for a dual approach of traditional and new consumption, focusing on upgrading the quality of traditional sectors while fostering new consumption scenarios and products, including subsidies for vehicle and appliance upgrades [3] - It stresses the importance of innovative mechanisms to create a synergistic policy environment, enhancing consumer capacity and stabilizing expectations while improving the quality of products and services [4]

Key Points - The article emphasizes the importance of high-quality development and the need for strategic actions in response to external pressures on the economy [3][4] - It highlights the significance of domestic consumption and the potential for growth in this area, particularly through policies aimed at increasing the income of middle and low-income groups [4][5] - The article discusses the necessity of expanding high-level opening-up to counterbalance external uncertainties, including the need for financial support for foreign trade [7][9] - It points out the resilience and adaptability of Chinese enterprises in facing external challenges, showcasing examples of businesses that have successfully navigated these pressures [12][14] - The integration of domestic and foreign trade is presented as a viable strategy for companies to enhance their competitiveness and market presence [15]

Core Viewpoint - The article emphasizes the need to boost consumption through various policies and initiatives aimed at enhancing consumer spending and supporting economic growth [1] Group 1: Policy Implementation - The National Development and Reform Commission (NDRC) advocates for the effective implementation of the "two new" policies to stimulate consumption [1] - There is a focus on accelerating fund allocation and improving fund utilization efficiency, including the introduction of interest subsidies for equipment renewal loans [1] - The NDRC plans to favor regions with better performance in future fund distribution [1] Group 2: Consumer Support Initiatives - Key actions include increasing income for urban and rural residents and ensuring consumer capacity [1] - The establishment of a childcare subsidy system is highlighted to promote spending in services such as elderly care, childcare, culture, and tourism [1] - The NDRC aims to create a policy synergy that fosters consumption growth [1] Group 3: Targeted Measures - In cities with purchase restrictions, there will be targeted issuance of car purchase quotas for families with long-term lottery participation and those without cars [1] - Continuous efforts will be made on the supply side to drive market innovation and upgrade, linking consumption stimulation with the development of new productive forces [1] - Support for the rapid development of new types of consumption is also emphasized [1]

Core Viewpoint - The central economic work conference and the government work report emphasize the importance of boosting consumption and enhancing investment efficiency to expand domestic demand by 2025 [1] Group 1: Research and Development - A research team led by Zheng Jianbang and He Baoxiang conducted in-depth investigations in Shaanxi and Guangdong to explore the role of consumption in promoting high-quality economic development [1][2] - The team visited various locations, including community businesses and cultural tourism sites, to understand the current development status and consumer behavior [2] Group 2: Findings and Observations - The research team noted that consumption is becoming a key driver for enhancing economic resilience and promoting high-quality development [2] - In Shaanxi, the integration of cultural tourism products has significantly boosted the local economy and consumer market potential [3] Group 3: Challenges and Recommendations - The team identified several challenges, including seasonal fluctuations in tourist numbers and the need for better consumer engagement strategies [4][5] - Recommendations include developing year-round product offerings, enhancing second-time consumption, and creating joint ticketing systems for nearby attractions [4][5] Group 4: Policy Suggestions - The research team suggested that a focus on reform and innovation is essential to stimulate consumption and address structural and systemic challenges [8] - Emphasizing the importance of improving the consumption environment and increasing residents' income can create a virtuous cycle of consumption driving production and employment [8]