Group 1 - The State Council issued a notification to enhance the Free Trade Zone's alignment with international high-standard economic and trade rules, aiming for a high-level institutional opening-up [1] - The Ministry of Industry and Information Technology emphasized the need for comprehensive governance of low-price disorderly competition in the photovoltaic industry to promote high-quality development [4] - The Shanghai Municipal Government plans to increase the number of tax refund stores to over 3,000 and service points to over 10,000 by 2027, aiming to quadruple the scale of tax refund consumption compared to 2024 [6] Group 2 - The National Medical Products Administration announced support policies for high-end medical devices based on brain-computer interface technology, including optimizing special approval processes and improving classification rules [2] - The U.S. and Vietnam reached a trade agreement that may impose tariffs on goods transiting through Vietnam, which could impact Chinese products [5] - The performance of several stocks with pre-increase announcements has been active, indicating the upcoming mid-year report season [7][6] Group 3 - The U.S. stock market indices rose collectively, with notable gains in semiconductor design software stocks following the lifting of export controls on certain products to China [8] - The U.S. House of Representatives passed the "Big and Beautiful" bill, which could have significant implications for U.S. capital markets and global investors if implemented successfully [9] - The approval of a new innovative drug by the FDA marks a significant advancement for domestic pharmaceutical companies, with expectations for further growth in the innovative drug sector [11]

Core Viewpoint - The State Council emphasizes the importance of fully aligning the Free Trade Pilot Zones with international high-standard economic and trade rules to promote high-level institutional openness and replicate successful pilot measures across a broader scope [2][5]. Group 1: Importance of Replication and Promotion - The notification highlights the significance of replicating and promoting the experiences from the China (Shanghai) Free Trade Pilot Zone to unleash institutional innovation dividends and drive deep reforms and high-quality development [5]. - It calls for a comprehensive understanding of the current situation and the importance of effective implementation of replication and promotion work, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era [5]. Group 2: Responsibilities and Coordination - Local governments are urged to strengthen their primary responsibilities, enhance organizational leadership, and establish clear mechanisms for the replication and promotion work, including defining responsible persons, timelines, and roadmaps [5][6]. - The notification emphasizes the need for local governments to tailor the replication efforts to their specific circumstances, focusing on pilot measures that meet the urgent needs of enterprises and the public [5]. Group 3: Risk Management and Regulatory Framework - The State Council stresses the importance of balancing openness and security, enhancing risk prevention and control systems, and establishing a transparent and efficient regulatory framework [7][13]. - It calls for timely research and resolution of new situations and problems that arise during the implementation of measures, ensuring that risk control measures are in place as the initiatives are rolled out [7]. Group 4: Specific Pilot Measures - The notification outlines specific pilot measures to be implemented, including expanding service trade, optimizing cross-border capital management for multinational companies, and enhancing the functionality of free trade accounts [9][10]. - It encourages financial institutions to adopt advanced international standards for electronic payment systems and supports the introduction of foreign electronic payment institutions [10]. Group 5: Digital Trade and Data Management - The document promotes the implementation of high-standard digital trade rules, supporting the development of a negative list for data export and facilitating cross-border data flow [11][12]. - It emphasizes the need for a robust data security management certification system to enhance data security management capabilities among enterprises [12].

金十数据7月3日讯，日前，国务院印发《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高 水平制度型开放试点措施复制推广工作的通知》。此次复制推广的77条试点措施，涵盖服务贸易、货物 贸易、数字贸易、知识产权保护、政府采购改革、"边境后"管理制度改革、风险防控等7个方面。其 中，加强数字人民币试点应用场景创新、优化跨国公司跨境资金集中运营管理政策、制定数据出境负面 清单、推动电子提单等电子单据应用、健全协调劳动关系三方机制等34条措施复制推广至其他自贸试验 区；推进电子支付跨境应用、鼓励采信商用密码检测认证结果、实施数据安全管理认证制度、有序推进 政务数据开放、提升政府采购平台数字化水平等43条措施复制推广至全国。 国务院：此次复制推广的77条试点措施 涵盖服务贸易、货物贸易等7个方面 ...

Core Viewpoint - The State Council has issued a notice to enhance the comprehensive alignment of free trade pilot zones with international high-standard economic and trade rules, promoting the replication and promotion of high-level institutional opening-up pilot measures [1] Group 1: Policy Initiatives - The notice emphasizes the importance of aligning domestic regulations with international standards to facilitate trade and investment [1] - It outlines specific measures to replicate successful practices from pilot zones across the country, aiming to create a more open and competitive economic environment [1] Group 2: Economic Impact - The initiative is expected to boost foreign direct investment (FDI) by creating a more predictable and transparent regulatory framework [1] - It aims to enhance the overall business climate, potentially leading to increased economic growth and development in the regions involved [1]

本期债券的成功发行为临港投控集团做大做强主责主业引入了金融活水，申万宏源证券 将紧密围绕临港新片区的战略定位和发展需求，助力临港投控集团充分发挥产业投资、 城市运营、数字城市建设等方面的关键作用，为临港新片区新一轮开放发展做出更大贡 献。 近日，申万宏源证券作为分销商，助力 "上海临港新片区投资控股（集团）有限公司 2025 年非公开发行可续期公司债券（第一期）"成功发行，本期债券发行规模合计 20 亿元，品种一期限为 3+N 年，票面利率 2.35 % ；品种二期限为 5+N 年，票面利率 2.60 % 。 中国（上海）自由贸易试验区临港新片区是习近平总书记亲自谋划、亲自部署、亲自推 动的重大国家战略。临港投控集团作为上海自贸区临港新片区的开发建设主体和综合运 营商，承担保障房建设及销售等任务，并参与自贸临港新片区新兴产业的股权直投和基 金投资，已形成房产销售、物业租赁和管理、基金投资管理、公共交通运输和公用事业 电力五大业务板块。 本内容最终解释权归申万宏源证券有限公司所有。 免责 声 明 ...

Group 1: Free Trade Zone Initiatives - The State Council is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone to enhance institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [3][4] - Since 2013, China has established 22 Free Trade Zones across various regions, creating a comprehensive reform and opening-up innovation framework [3] - In 2024, the Shanghai Free Trade Zone is projected to achieve an import and export volume of 2.25 trillion yuan, a year-on-year increase of 2.1%, accounting for 52.7% of Shanghai's total import and export value [3] Group 2: Real Estate Development - The meeting emphasized the importance of constructing a new model for real estate development to ensure a stable and healthy market, focusing on long-term strategies and systematic policy support [6] - Various regions, including Hunan and Jiangsu, have introduced specific plans for "good housing" construction, aiming to meet diverse housing needs and improve residential quality [7] - Recent reports indicate that the total transaction volume of new and second-hand homes in China has stabilized, suggesting a potential bottoming out of the real estate market [7] Group 3: Credit Repair Mechanism - The meeting highlighted the need to establish a unified and efficient credit repair mechanism to assist entities in rebuilding their credit [9] - Efforts are being made to enhance data sharing and collaboration among departments to streamline the credit repair process [9] - In 2023, initiatives in various regions have successfully helped thousands of enterprises restore their credit through improved services and innovative processes [9] Group 4: Drug and Medical Supplies Procurement - The meeting called for the evaluation and standardization of drug and medical supplies procurement policies to ensure effective collaboration in the healthcare sector [12] - By 2025, the National Medical Insurance Administration plans to continue promoting centralized procurement of drugs and medical supplies, with significant participation from numerous enterprises [12] - As of May 23, 2023, 136 drug varieties have met the conditions for procurement, indicating a robust market for pharmaceutical products [12]

Group 1: Free Trade Zone Initiatives - The State Council is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone to enhance institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [3][5][6] - Since 2013, China has established 22 Free Trade Zones across various regions, creating a comprehensive reform and opening-up innovation framework [4] - In 2024, the Shanghai Free Trade Zone is projected to achieve an import and export volume of 2.25 trillion yuan, a year-on-year increase of 2.1%, maintaining its position as the largest among all free trade zones in China [5] Group 2: Real Estate Development - The construction of a new model for real estate development is crucial for promoting a stable, healthy, and high-quality real estate market, with a focus on long-term planning and systematic policy support [8] - Various regions, including Hunan and Jiangsu, have introduced specific plans for "good housing" construction, emphasizing quality improvements and meeting diverse housing needs [9][10][11] - Recent reports indicate that the total transaction volume of new and second-hand homes in China has stabilized, suggesting a potential bottoming out of the real estate market [12] Group 3: Credit Repair Mechanism - The meeting emphasized the need to accelerate the establishment of a unified, efficient credit repair mechanism to assist entities in rebuilding their credit [14][15] - Various regions are actively promoting a national unified platform for credit repair, facilitating the process for businesses and enhancing the efficiency of credit information flow [16] Group 4: Pharmaceutical and Medical Supplies Procurement - The meeting highlighted the importance of strengthening the evaluation of drug and medical supplies procurement policies to ensure standardized and institutionalized practices [18] - The National Medical Insurance Administration plans to continue advancing centralized procurement of drugs and medical supplies, with the next round of procurement scheduled for the first half of 2025 [19][20]

Core Points - The article highlights the successful import of saffron from Iran to Chongqing, marking the first batch of medicinal and food products imported since the implementation of the reform pilot scheme for import facilitation in the China (Chongqing) Free Trade Zone [1] - The reforms aim to enhance trade and investment convenience, creating a more international business environment and promoting high-quality development of the free trade zone [1][2] Group 1 - The import of 1,000 boxes of saffron from Iran was facilitated by new regulations, significantly reducing the time and cost associated with the import process [1] - Chongqing has selected 28 types of products as pilot imports, which has saved approximately 30 days in customs clearance time for enterprises [1] - The free trade zone has contributed to 10% of the city's newly registered enterprises, over 60% of foreign trade import and export total, and 30% of actual utilized foreign investment [2][3] Group 2 - Chongqing is implementing innovative financial services for railway transport, with nearly 10,000 railway bills issued and financing amounting to nearly 200 million yuan [2] - The introduction of a new integrated regulatory service model for rail-sea intermodal transport has reduced port stay time by 3 to 5 days and saved logistics costs by approximately 3,000 yuan per container [2] - The free trade zone is fostering a new model of "bonded display + cross-border e-commerce" for rapid delivery, aiming to build a collaborative innovation ecosystem across multiple fields [2][3]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the latest market data, macro news, and morning meeting views on various commodity futures and financial markets. It analyzes the supply - demand situation, price trends, and investment suggestions for different sectors such as agriculture, energy and chemicals, industrial metals, and financial options [4][6][12]. Summary by Related Catalogs 1. Market Data - **Chemical Products**: On April 24, 2025, most chemical product futures prices declined compared to the previous day. For example, crude oil dropped by 3.255% to 487.40, and fuel oil decreased by 2.640% to 2,987.00 [4]. - **Agricultural Products**: The prices of some agricultural products rose, while others fell. Yellow soybean No.1 increased by 1.226% to 4,292.00, and rapeseed meal rose by 1.306% to 2,714.00. Meanwhile, white sugar decreased by 0.819% to 5,937.00 [4]. 2. Macro News - Diplomatic responses were given to the US statements on tariffs and trade agreements. China hopes the US to stop threats and conduct dialogues on an equal, respectful, and reciprocal basis [6]. - China and Azerbaijan established a comprehensive strategic partnership, including cooperation in trade, investment, and other fields, and signed a visa - exemption agreement [6]. - The EU appealed against a WTO dispute case, and China will handle it according to relevant rules to safeguard its legitimate rights [6]. - The Fed's "Beige Book" showed little change in economic activity, with uncertainties in international trade policies [6]. - The US President may exempt some tariffs on automakers and steel and aluminum, and the US Commerce Department launched a truck import investigation [7]. - International oil prices weakened due to concerns about OPEC+ production increases and global economic uncertainties [8]. - Zhengzhou plans to adjust the upper age limit for housing provident fund loans [8]. 3. Morning Meeting Views on Main Varieties Agricultural Products - **Peanuts**: The spot market is stable with increased supply. Focus on the 5 - 10 positive spread and consider short - selling on rebounds [12]. - **Oils and Fats**: The overall commodity atmosphere is weak, and the oil market is expected to decline. Palm oil and soybean oil inventories have changed, and total trading volume decreased [12]. - **Sugar**: The market has both long and short factors. It is recommended to buy low and sell high in the 5950 - 6050 range, with key levels at 5950 and 6050 [12]. - **Corn**: The market is also mixed. Technically, pay attention to the 2300 support level, and consider going long lightly if it holds, with a stop - loss for inventory pressure [12]. - **Pigs**: Spot prices are stable with fluctuations. Futures are in high - level oscillations, and short - term operations are recommended [13]. - **Eggs**: Spot prices are falling. There is short - term support from pre - May Day demand, but medium - term pressure is increasing, and short - selling opportunities can be considered [13]. Energy and Chemicals - **Urea**: Supply is high, and demand is weak. Futures prices may continue to oscillate weakly, and weather and macro factors should be monitored [13]. - **Caustic Soda**: The market is relatively stable, and the 2509 contract continues to operate at a low level [13]. - **Coking Coal and Coke**: The coking coal market is weakening, and there is still an expectation of a second - round price increase for coke. Short - term, they are in low - level oscillations [13]. Industrial Metals - **Copper and Aluminum**: Prices rebounded on April 23. Pay attention to the filling of the gap. Copper and aluminum inventories have decreased [13][16]. - **Alumina**: The supply - demand fundamentals are still in surplus. In the medium - to - long - term, prices are under pressure, and a bearish approach is recommended [16]. - **Steel Products**: Spot market transactions improved, and prices rebounded in a range. Pay attention to the 3200 pressure for rebar and 3300 for hot - rolled coils [16]. - **Ferroalloys**: They are in short - term low - level oscillations. Steel tenders are approaching the end [16]. - **Lithium Carbonate**: The market is in a situation of weak supply and demand. Technically, it is recommended to wait and see, and consider going long lightly if the 69500 pressure is broken [16]. Financial Options - **Stock Indexes**: Driven by policy benefits, relevant concept sectors are active. The market shows resilience, and trading volume is above 1 trillion yuan. Consider short - term opportunities for index futures and combination arbitrage strategies [18]. - **Options**: Different index options have different performance in terms of volume, open interest, and implied volatility. Trend investors can defend or use arbitrage strategies, and volatility investors can buy wide - straddles after volatility reduction [20].

点击上图 ▲立即报名 三部门延续失业保险稳岗惠民措施 4月22日消息，人力资源社会保障部、财政部、税务总局三部门联合印发《关于延续实施失业保险稳岗惠民政策措施的通知》，支持企业稳定岗 位，助力提升职业技能，兜牢失业保障底线。其中提到，对不裁员少裁员的参保企业继续实施稳岗返还政策至2025年底。 ｜点评｜ 受关税政策影响，今年广交会的境外采购商出现了明显变化。采购商的构成更加多元，直观反映出中国出口商品对美国的依赖度正不 断下降。去年底钱凯港投入运营，南美洲与亚洲的货物运输时间大幅缩短，货运上减少了对巴拿马运河航线的依赖。加上部分南美洲国家的去 美元化进程加快，进一步带来了对外经济往来的空间。关税壁垒下，南美市场在我国出口的占比有望提升，南美洲采购商的参展数也显著增 加。 不过，南美市场带来的出口增长有限，开拓市场同样需要时间。面对充满不确定性的关税政策，出口转内销成为当下不少外贸企业积极求生的 方式。从长期来看，凭借供应链优势，我国在国际贸易体系中的地位较难被撼动。只是对于企业来说，渡过眼下难关更为迫切。在这一特殊时 期，也需要政策发力扶持，以内需托举起外贸企业。 自贸区提升战略意见发布 4月22日消息，近日 ...