Core Viewpoint - The Hong Kong stock market shows a significant positive sentiment, with major tech stocks experiencing substantial gains, driven by favorable policies and external market conditions [1][3][5]. Group 1: Market Performance - On the 15th, major tech stocks in Hong Kong surged, with Alibaba rising nearly 7%, Meituan and Baidu up over 4%, and Tencent increasing over 3%. The Hang Seng Index closed up 1.6%, while the Hang Seng Tech Index rose 2.8% [1]. - The data sector saw a notable increase of nearly 8%, with companies like Kingsoft Cloud and GDS Holdings rising significantly [5]. - The overall market sentiment was bolstered by external factors, as major Asian and European indices also reported gains, indicating a reduction in tariff concerns [6]. Group 2: Domestic Positive Factors - The National Bureau of Statistics announced measures to combat "involution" in certain industries, aiming to improve market order and enhance corporate profitability, which is expected to support economic restructuring and high-quality development [7]. - Taobao's 500 billion yuan consumption voucher initiative has led to a more than twofold increase in night orders in cities like Guangzhou and Shenzhen since July, with over 640,000 stores seeing monthly growth exceeding 100% [8]. - NVIDIA received U.S. government approval to export its H20 chip to China, which has positively impacted related sectors [9]. Group 3: Liquidity and Investor Sentiment - Despite concerns about the Hong Kong dollar's weakness affecting liquidity, bond sales in Hong Kong surged to a record 1.28 trillion HKD (approximately 163 billion USD) in Q2, reflecting a 20% increase from the previous quarter [12][13]. - The low borrowing costs, supported by the Hong Kong Monetary Authority's liquidity injections, provide a favorable environment for fundraising [14]. - Investor sentiment has reached its highest level since February, driven by optimism regarding profits and a record increase in risk appetite, although some analysts warn of an "overheated" market [15][16].

7月15日，国家统计局发布今年上半年经济数据。初步核算，上半年国内生产总值（GDP）660536亿 元，按不变价格计算，同比增长5.3%。其中，一季度增长是5.4%，二季度增长5.2%，上半年增速比去 年同期和全年均提升0.3个百分点。 谈高关税影响：中国将坚定不移 办好自己的事情 "高关税肯定是增加了贸易成本，不利于经济和贸易增长。"盛来运表示，今年以来，面对外部环境的变 化和压力，中国政府积极应变、主动作为，把做强国内大循环摆在更加突出的位置，加大力度实施更加 积极的宏观政策来扩大内需、促进消费。 "我们将坚定不移办好自己的事情，以中国经济的稳定性和确定性来应对外部的不确定性。"盛来运强调 说。 据介绍，在做强国内大循环和推动经济稳定增长方面，中国综合施策，一方面，持续加大财政政策支持 力度，加力支持消费品以旧换新工作，加大支持工业企业设备更新改造力度等。扩内需政策积极有效， 内需特别是消费是上半年经济增长的主动力。另一方面，积极推动高水平对外开放，做大"朋友圈"，推 进贸易多元化，减少对单一市场依赖风险。随着这些政策的进一步实施，促消费、稳投资、拓外贸的效 果会更加明显，将继续有利于促进经济稳定发展。 ...

Group 1 - The Chinese government is formulating measures to address the issue of "involution" in certain industries and companies, aiming to enhance market order and competition [1] - The Central Financial Committee has emphasized the need to advance the construction of a unified national market, focusing on legal governance of low-price disorderly competition and encouraging companies to improve product quality [1] - These policies are expected to improve market order, enhance supply-demand relationships, promote reasonable price recovery, and ultimately support corporate profit improvement and economic structural adjustment [1] Group 2 - The government is increasing fiscal policy support, including promoting consumption through trade-in programs and supporting industrial equipment upgrades [2] - There is a push for high-level opening up to expand trade diversification and reduce reliance on single markets [2] - The implementation of these measures is anticipated to have a significant positive impact on consumption, investment stability, and foreign trade, contributing to overall economic stability [2]

Core Viewpoint - The National Bureau of Statistics emphasizes the need for regulatory measures to address intensified "involution" competition in certain industries and companies, aiming to enhance market order and promote high-quality economic development [1] Group 1: Regulatory Measures - The Central Financial Committee held a meeting on July 1, which highlighted the importance of advancing the construction of a unified national market [1] - The meeting called for legal governance of low-price disorderly competition among enterprises, encouraging improvements in product quality [1] - Relevant departments are formulating measures based on the meeting's spirit to strengthen market order regulation [1] Group 2: Economic Impact - The proposed policies are expected to improve market supply-demand relationships and promote reasonable price recovery [1] - These measures are anticipated to enhance corporate profits and vitality, contributing to economic structural adjustments and high-quality development [1]

Group 1: Investment Ratings - The investment ratings for both stock index futures and bond futures are "sideways" [1][2] Group 2: Core Views - The A-share market showed a mixed performance with the Wind All A index rising 0.17% and a turnover of 1.48 trillion yuan. The CSI 1000 index rose 0.02%, the CSI 500 index fell 0.1%, the SSE 50 index rose 0.04%, and the SSE 300 index rose 0.07%. The manufacturing sector was strong, while real estate and non-banking sectors pulled back. The market has high expectations for corporate profit recovery and inflation stabilization under the "anti-involution" policy, but the impact of this policy still depends on the scale and transmission mode of central fiscal policies. Overseas, the strong "non-farm" data has slightly slowed down the Fed's interest rate cut expectations, and the boost to domestic small-cap indices has weakened significantly. The fundamentals of the index still depend on the domestic economic recovery process. Although the corporate profit situation in the first half of 2025 has improved significantly compared to 2024, and with the support of allocation funds, the A-share index is expected to move sideways in the short term [1] - The 30-year, 10-year, 5-year, and 2-year treasury bond futures contracts all closed lower, with declines of 0.18%, 0.08%, 0.05%, and 0.03% respectively. The central bank conducted 2262 billion yuan of 7-day reverse repurchase operations, with a net injection of 1197 billion yuan. The weighted average interest rates of DR001 and DR007 both increased. In July, the central bank will conduct 14000 billion yuan of outright reverse repurchase operations, with a net injection of 2000 billion yuan. In June, export growth and financial data exceeded expectations, and the bond market was under pressure due to the tightening of the capital market. However, with the support of monetary policy, there is no expectation of a significant tightening of the capital market, and the possibility of an interest rate cut in the short term is low. Therefore, the bond market is expected to move sideways in the short term [2] Group 3: Daily Price Changes Stock Index Futures | Variety | 2025-07-14 | 2025-07-11 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,747.4 | 2,751.6 | -4.2 | -0.15% | | IF | 3,985.8 | 3,993.4 | -7.6 | -0.19% | | IC | 6,008.4 | 6,023.0 | -14.6 | -0.24% | | IM | 6,302.2 | 6,319.8 | -17.6 | -0.28% | [4] Stock Indices | Variety | 2025-07-14 | 2025-07-11 | Change | Change Rate | | --- | --- | --- | --- | --- | | SSE 50 | 2,757.8 | 2,756.8 | 1.0 | 0.04% | | SSE 300 | 4,017.7 | 4,014.8 | 2.9 | 0.07% | | CSI 500 | 6,020.9 | 6,027.1 | -6.2 | -0.10% | | CSI 1000 | 6,462.3 | 6,461.1 | 1.2 | 0.02% | [4] Treasury Bond Futures | Variety | 2025-07-14 | 2025-07-11 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.38 | 102.42 | -0.036 | -0.04% | | TF | 105.92 | 106.00 | -0.075 | -0.07% | | T | 108.73 | 108.83 | -0.1 | -0.09% | | TL | 120.29 | 120.61 | -0.32 | -0.27% | [4] Group 4: Market News - As of the end of June 2025, the stock of social financing scale was 430.22 trillion yuan, a year-on-year increase of 8.9%. In the first half of 2025, the cumulative increase in social financing scale was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year [5] - China's exports denominated in US dollars increased by 5.8% year-on-year in June, exceeding the expected 5.0% [5] Group 5: Chart Analysis Stock Index Futures - The report includes charts showing the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of IH, IF, IC, and IM [6][7][8] Treasury Bond Futures - The report includes charts showing the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter-period spreads, cross-variety spreads, and capital interest rates [13][14][17] Exchange Rates - The report includes charts showing the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as forward exchange rates and currency indices [21][22][23] Group 6: Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the current director of macro-financial research at Everbright Futures Research Institute. His futures practice qualification number is F3060829, and his futures trading consultation qualification number is Z0015271 [29] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures, focusing on macro fundamental quantification, key industry sector research, index earnings report analysis, and market capital tracking. His futures practice qualification number is F03087149, and his futures trading consultation qualification number is Z0019537 [29]

Group 1: Tax System Reform and Economic Impact - The VAT has become the largest tax type in China, maintaining a stable share of 35-40% since 2016, with a compound growth rate of -7.4% in 2022, 4.5% in 2023, and 17.0% in 2024, indicating a significant acceleration in growth[3] - In 2024, VAT revenue accounted for 49.5% of local fiscal revenue, the highest in history, reflecting the declining support of land finance for local governments[3] - The average share of VAT revenue in local fiscal income from 2016 to 2022 was 45.3%, increasing to over 49% from 2023, coinciding with a period of negative domestic price levels[3] Group 2: Price Control and Market Dynamics - The current fiscal and tax system may create unreasonable incentives for local governments to stimulate production, which could hinder the establishment of a unified national market[3] - Shifting the consumption tax collection point from production to sales could enhance local governments' focus on consumption, as local sales would directly impact their tax revenue[3] - Optimizing the fiscal and tax system can reduce local governments' supply impulses and increase their emphasis on consumption, potentially alleviating price pressures from both supply and demand sides[3] Group 3: Risks and Challenges - Risks include geopolitical tensions, domestic policy implementation falling short of expectations, and potential global recession alongside unexpected monetary policies from major economies[3]

要在破壁垒、促公平上持续发力，积极融入全国统一大市场建设，严格落实市场准入负面清单，强化公 平竞争审查，完善惠企政策直达快享机制，降低制度性交易成本，不断增强企业获得感。要在强法治、 稳预期上持续发力，全面推行"综合查一次"制度，深入开展清理拖欠企业账款、规范涉企执法等专项行 动，依法保护民营企业和民营企业家合法权益。要在建机制、优生态上持续发力，深入开展"解难题、 稳增长、促发展"企业大走访活动，完善常态化政企沟通机制，培育和弘扬企业家精神，构建亲清政商 关系。 武汉市：全面推行"综合查一次"制度 深入开展清理拖欠企业账款、规范涉企执法等专项行动 智通财经7月14日电，据武汉市人民政府网，7月13日，武汉市政府常务会组织专题学法，邀请武汉大学 法学院教授、法律与科技研究中心主任张红，围绕《中华人民共和国民营经济促进法》作专题辅导。市 委副书记、市长盛阅春主持会议。会议强调，要在转职能、优服务上持续发力，加强法治政府建设，严 格依法行政，深化"高效办成一件事"改革，为民营企业在登记、融资、用人、用能、创新创业等方面提 供便利，让法治成为最好的营商环境。 ...

Group 1 - The construction of a unified national market is essential for building a new development pattern and promoting high-quality development, as emphasized by Xi Jinping [1] - Various regions and departments are focusing on "five unifications and one openness" to advance the construction of a unified national market, aiming to break small cycles and facilitate large cycles [1][5] - By the end of 2024, Inner Mongolia will integrate public resource trading systems across its cities, creating a unified online platform for natural resource transactions, with over 800 transactions completed and a total transaction amount exceeding 16 billion [1] Group 2 - A comprehensive public resource trading platform system is being established in Inner Mongolia to achieve integrated and digitized trading processes [2] - The Guangdong-Hong Kong-Macao Greater Bay Area is enhancing transportation integration, fostering collaboration between Shenzhen and Zhongshan, with 735 government services now available for joint processing [2] - The implementation of the national standard for enterprise procurement material classification will establish a unified identification system and standard language for procurement across the country starting September 1 [2] Group 3 - Breaking local protectionism and administrative monopolies is a key task for accelerating the construction of a unified national market, with actions taken by various government departments to clear market access barriers [3] - The introduction of specific measures to limit the abuse of administrative power will promote fair competition and create a more vibrant market environment [3] - Unified market supervision and law enforcement are being promoted to enhance regulatory efficiency, with measures in place to avoid redundant inspections [3][4] Group 4 - The overall business environment in China is improving, with the foundational elements of a unified national market being established, which will enhance the resilience and vitality of the Chinese economy [5]

Group 1 - The article emphasizes the importance of standardizing government procurement and bidding processes to enhance fairness in the results of bids [1] - Government procurement is a significant method of fiscal expenditure, linking the government with the market and impacting public interest and the business environment [1] - Despite the expanding scope and scale of government procurement in China, issues that hinder fair competition still occur, necessitating ongoing efforts to regulate these processes [1] Group 2 - The article calls for the improvement of laws and regulations, strengthening management across the entire procurement chain, and establishing a sound government procurement transaction system [1] - Continuous regulatory efforts are needed, particularly in eliminating hidden barriers and behaviors that obstruct fair competition in the government procurement sector [1]

Core Viewpoint - The recent Central Financial Committee meeting emphasized the need to advance the construction of a unified national market, with banks playing a crucial role in supporting enterprises to move away from low-price competition and enhance product quality [1] Financial Precision Empowerment - Low-price competition is a persistent issue hindering the development of certain industries in China, leading to profit sacrifices and quality declines [1] - Banks are optimizing credit resource allocation to guide enterprises towards investing in technological innovation and product upgrades, exemplified by the "Certification Loan" product from Bank of China, which links credit limits to quality certification results [2] - As of May, the Bank of China’s Luoyang branch provided 66.5 billion yuan in credit support to nearly 10,000 private enterprises, with over 30% of the funds directed towards certified quality enterprises [2] - Banks are also utilizing supply chain financial services to help core enterprises enhance supply chain stability and efficiency while providing financing support to upstream and downstream SMEs [2] - Differentiated credit policies are recommended, where banks could raise credit approval thresholds for companies relying on low-price competition while offering favorable terms to those focusing on innovation and quality [2][3] Promoting Industrial Upgrading - Product quality is vital for enterprise development and is a key support for the construction of a unified national market [4] - In Chongqing, the Bank of China provided 4.5 million yuan in loans to two processing enterprises in the local food industry to upgrade equipment and optimize processes, resulting in a 30% improvement in product uniformity [4] - The banking sector is supporting green transformation through green credit and bonds, aiding enterprises in energy conservation and resource recycling projects [4][5] - Collaboration with industry associations and research institutions is being pursued to provide technical support and consulting services to enterprises [4] Quality Improvement Initiatives - Banks are encouraged to provide long-term stable funding for quality improvement projects, addressing financial bottlenecks for enterprises [5] - Partnerships with quality testing and certification agencies are suggested to offer one-stop services for enterprises to enhance product quality [5] - Development of green financial products is essential, with banks urged to issue green bonds and optimize green credit systems to support projects in energy conservation and resource recycling [5]