Core Insights - The signing of a procurement contract for 2 million cubic meters of radiata pine logs worth $22.8 million marks a significant collaboration between Jiangsu Suhao Zhongjin Development Co., Ltd. and New Zealand's Fuchun Na Forestry Co., Ltd. [1] - The introduction of a new futures product for logs in November 2024 is expected to benefit trading companies like Suhao Zhongjin by addressing long-standing issues in the domestic log market, such as inconsistent measurement standards and operational irregularities [1][2] - The successful launch of log futures is anticipated to standardize measurement practices across regions, reducing trade disputes and enhancing market efficiency [2] Company Developments - Suhao Zhongjin has expanded its operations beyond being a log trader to becoming a log futures delivery warehouse, completing 85 contracts in the first delivery month after the futures launch [2] - The company has reported a year-on-year increase in import volume, attributed to improved market circulation and collaborations with countries like Russia, Belarus, and Kazakhstan, achieving an annual trade volume of $50 million [1] Industry Trends - The introduction of log futures is seen as a catalyst for the standardization of measurement practices in the log industry, which has historically faced discrepancies of up to 10% in log measurement [2] - The Dalian Commodity Exchange's involvement in standardizing the quality of log futures is expected to enhance the overall efficiency and transparency of the log trading market [2] - The broader push for a unified national market is supported by the integration of futures contracts, which can help eliminate barriers to trade and improve the overall market structure [3]

证券研究报告 | 宏观定期报告 2025 年 11 月 24 日 明年再通胀的需求动力来自于哪儿？ 显微镜下的中国经济（2025 年第 44 期） 频率：每周 中小学生放春秋假就是创造消费场景，拉动居民消费的新尝试。 风险提示：地缘政治风险、国内政策落地不及预期、全球衰退及主要经济体货 币政策超预期。 定期报告 相关报告 1、《静待花开——宏观与大类 资产周报》2025-11-23 2、《俄乌和谈再次启动？—— —国际时政周评》2025-11-23 3、《中小学生春秋假的政策意 义 — 显 微 镜 下 的 中 国 经 济 （2025 年第 43 期）》2025-11- 18 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 再通胀是明年国内经济和资本市场的核心逻辑。如果明年确能结束 2023 年 2 季度以来的价格弱势，那么当前股强债弱的格局将继续演绎。市场对于再 通胀的主要质疑在于，如果没有需求配合，仅靠反内卷在供给侧做文章，价 格回升并不能持 ...

Group 1 - The core viewpoint of the article is that the relationship between China and the United States has entered a phase of structural tension, with both parties viewing each other as the "only" competitor, leading to a comprehensive competitive relationship [1][2][5] - The historical context of China-U.S. relations is divided into several stages, with the first stage being absolute hostility from 1949 to 1972, followed by a period of strategic cooperation against the Soviet Union after the Shanghai Communiqué [2][4] - The Trump administration marked a turning point in U.S.-China relations, officially designating China as the "only strategic competitor" in its national security strategy, leading to a phase of comprehensive strategic competition [5][6] Group 2 - The article discusses the mixed warfare strategy employed by the U.S. against China, which includes trade wars, technology restrictions, and financial pressures, indicating a shift from a defensive to a more aggressive stance by China [6][10] - The recent trade war has seen China adopting a more assertive response, with significant retaliatory tariffs that demonstrate a shift in strategy from previous years [8][10] - The U.S. has faced supply shortages as a result of the trade conflict, leading to a reconsideration of its approach, which highlights the interdependence of the two economies [10][11] Group 3 - The article emphasizes the importance of domestic stability for both China and the U.S., noting that internal challenges such as economic downturns and social issues could impact their international standing [15][16] - China's foreign policy is evolving, moving away from "keeping a low profile" to a more assertive stance, particularly in military capabilities and regional influence [19][20] - The article outlines China's strategic focus on building a unified domestic market and enhancing its international relationships, particularly through initiatives like the Belt and Road [32][34]

钢材周报 2025 年 11 月 24 日 供需边际增加 期价震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/8 ⚫ 宏观面：国务院副总理何立峰在湖北、湖南调研时强调， 要持续推动外贸提质增效，完善高标准物流体系建设， 加力支持制造业高质量发展，加快构建全国统一大市 场，进一步畅通国内国际双循环。要完善法律与政策体 系，综合整治"内卷式"竞争。国家统计局最新数据显 示，2025年10月份，中国钢筋产量为1434.0万吨，同比 下降18.6%；1-10月累计产量为15801.0万吨，同比 ...

中国经济正经历一场深刻的转型。进入2025年，我们面临的挑战是如何从过去粗放型的高速增长，转向更加高质量、可持续的发展。 然而，民众消费不足、经济预期低迷，已经成为发展的一大瓶颈。 今年，中国共产党第二十届中央委员会的会议明确了改革方向，专家指出，核心问题不仅是科技和硬件建设，更在于如何激活民众消费，打破"内卷"和资源 配置低效的困局。 如何才能打破这一困局，真正推动中国经济的转型呢？ 中国经济的改革始于上世纪80年代，当时中国从计划经济逐步过渡到市场经济。 经过数十年的飞速发展，中国成功从一个农业国转变为全球第二大经济体。 吴敬琏教授，作为中国知名的经济学家，曾深刻指出，中国经济目前仍停留在一个"新型二元经济"阶段。 这一阶段的核心问题是，虽然中国已摆脱了1A模式（苏联式计划经济），但地方政府干预和过度调控依然存在，导致市场失灵，资源配置效率低下。 特别是一些地方政府仍然通过审批、土地出让、贷款等行政手段来影响市场，造成了产能过剩和资源浪费。 实际上，1B模式的最大问题就是地方政府的过度干预，使得市场无法正常发挥资源配置的作用。 许多企业的经营决策受制于地方政府的政策，而非市场的需求和竞争。 这种模式虽然在 ...

Group 1 - The core viewpoint emphasizes the importance of implementing "access and operation" to attract foreign investment, highlighting measures such as reducing the negative list for foreign investment access and promoting efficient and secure cross-border data flow [1][3]. - The article discusses the need to address specific issues in market access, such as localizing licensing and certification, ensuring compliance in cross-border data flow, and maintaining fairness in government procurement and market competition [3]. - Recent improvements in the approval process for qualified foreign investors have been noted, with the China Securities Regulatory Commission approving applications in record time, indicating a potential new norm for foreign investment entry [4]. Group 2 - There is a seamless transition from "access" to "operation" for an increasing number of foreign enterprises, with the removal of restrictions in the manufacturing sector and the expansion of pilot programs in the service industry [5]. - The article highlights the importance of shifting from a government supply-oriented approach to an enterprise demand-oriented approach, enhancing governance transparency and precision [6]. - Various localities are simplifying processes for foreign enterprises, such as business registration and work permits for foreign employees, to create a conducive environment for foreign investment [6].

Core Insights - The article emphasizes the significance of China's super-large market as a crucial resource for economic growth and resilience, highlighting its potential for development and innovation [1][2][3] - It discusses the strategic importance of a unified national market in enhancing economic stability and fostering internal growth, particularly in the context of global uncertainties [2][3] Group 1: Market Size and Growth Potential - China's vast population creates a super-large market, leading to substantial and diverse market demand, which helps mitigate external demand fluctuations [1] - The super-large market facilitates the formation of a complete industrial system, enhancing the security and stability of supply chains [1] - The market's scale allows for more innovation opportunities, lower costs, and higher returns, accelerating the transformation of new products and technologies into productive forces [1] Group 2: Economic Resilience and Strategy - The article describes the strong domestic market as a stabilizer against external shocks and an accelerator for internal economic dynamics, supporting China's modernization strategy [2] - It highlights the ongoing reforms aimed at transitioning from a "large market" to a "strong market," which includes improving market rules and fostering a unified market environment [2][3] - The "14th Five-Year Plan" is positioned as a framework to enhance the efficiency of the market and improve resource allocation, contributing to high-quality economic development [3]

Group 1 - The core viewpoint emphasizes that China's super-large-scale market is a significant comparative advantage, providing a solid foundation for economic growth and resilience against external shocks [1][2] - The continuous growth and upgrading of the Chinese market are highlighted by the success of the China International Import Expo, which reflects the increasing number of exhibitors and intended transaction amounts [2] - The strategic asset of the super-large-scale market is being actively planned and strengthened through reforms aimed at transitioning from a "large market" to a "strong market" [2][3] Group 2 - The construction of a unified national market is described as a dialectical unity of breaking down barriers and building robust systems to foster enterprise growth [3] - The "14th Five-Year Plan" is positioned as a framework for addressing key challenges and enhancing market efficiency, productivity, and income levels [3] - The commitment to establishing a high-quality, efficient, and open national unified market is expected to unlock greater opportunities for China's economic advancement [3]

Core Insights - The article emphasizes the significance of China's super-large market as a crucial resource for economic growth and resilience, highlighting its potential to mitigate external risks and enhance innovation [1][2][3] - The Chinese economy is portrayed as a vast ocean, symbolizing its depth, inclusiveness, and resilience against external shocks, reinforcing the notion of a strong domestic market as a stabilizer and accelerator for economic development [2] - The construction of a unified national market is framed as a dialectical process that requires addressing shortcomings while fostering an environment conducive to enterprise growth, with a focus on improving market efficiency and resource allocation [3] Summary by Sections Market Size and Growth Potential - China's large population creates a significant comparative advantage, leading to diverse market demands and a robust industrial ecosystem that enhances supply chain security [1] - The continuous growth and upgrading of the Chinese market are evidenced by increasing participation in events like the China International Import Expo, despite global trade uncertainties [2] Strategic Importance of the Domestic Market - The super-large market is identified as a strategic asset that has been actively cultivated, with reforms aimed at transitioning from a "big market" to a "strong market" [2] - The domestic market serves as a stabilizer against external challenges and a catalyst for internal economic dynamism, supporting the goals of Chinese-style modernization [2] Unified National Market Development - The establishment of a unified national market is seen as essential for enhancing market efficiency, increasing productivity, and improving the quality of supply and demand [3] - The "14th Five-Year Plan" outlines a framework for achieving a high-quality, competitive, and open national market, which is expected to unlock new opportunities for economic advancement [3]

吴政隆强调，好的营商环境既是软实力，更是竞争力。要坚持有效市场和有为政府相结合，着力打造市 场化法治化国际化一流营商环境，建设法治经济、信用经济，激发各类经营主体活力。要持续优化政务 服务、提升行政效能，常态化推进"高效办成一件事"，加力推动"一表通"建设，深入整治形式主义，更 好地为基层减负、为企业赋能。 新华社南京11月21日电 国务委员兼国务院秘书长吴政隆18日至21日在安徽、江苏调研经济运行、政务 服务等工作。他强调，要深入学习贯彻习近平总书记重要指示和党的二十届四中全会精神，切实把思想 和行动统一到党中央、国务院决策部署上来，紧紧围绕高质量发展主题，统筹发展和安全、兼顾当前和 长远，细化落实各项政策举措，加强跨年度工作衔接，着力稳就业、稳企业、稳市场、稳预期，坚定信 心、克难奋进，全力以赴完成全年经济社会发展目标任务。 吴政隆先后到合肥市、蚌埠市和无锡市、南京市，实地调研新能源汽车、人工智能、量子科技、新材 料、商业航天等企业和政务服务中心，并与有关地方政府、企业座谈交流。他指出，当前我国经济运行 总体平稳、稳中有进，要保持定力、坚定信心，坚持扩大内需这个战略基点，因地制宜发展新质生产 力，加快建设 ...