｜2025年9月30日星期二｜ NO.1 国家发改委：正积极推进规模5000亿元的新型政策性金融工具 国家发展改革委政策研究室副主任、新闻发言人李超9月29日在新闻发布会上表示，为促进金融更好地 服务实体经济，推动扩大有效投资。国家发展改革委会同有关方面积极推进新型政策性金融工具相关工 作，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有关方 面，抓紧把新型政策性金融工具资金投入到具体项目上，后续将督促各个地方推动项目加快开工建设， 促进经济平稳健康发展。 NO.2 六部门：在工业母机、机器人等领域培育一批高新技术企业 工业和信息化部等六部门9月29日联合发布《机械行业稳增长工作方案（2025—2026年）》。其中提 出，梯度培育优质企业。利用国家产融合作平台、产业发展基金等现有政策渠道资源，支持企业做强做 优做大。在工程机械、轨道交通装备等领域培育若干世界一流企业，在工业母机、机器人、医疗装备、 基础零部件与基础制造工艺等领域，培育一批高新技术企业、单项冠军企业和专精特新"小巨人"企业， 发展一批瞪羚企业、独角兽企业。支持行业组织开展机械工业百强和零部件百强企业培育。 ...

Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) is actively promoting a new type of policy financial tool with a scale of 500 billion yuan, aimed at supplementing project capital and accelerating project construction to support economic development [1] - Six departments, including the Ministry of Industry and Information Technology, have released a plan to cultivate high-tech enterprises in key sectors such as industrial mother machines and robotics, utilizing existing policy resources to support the growth of quality enterprises [2][6] - The NDRC is focusing on expanding the market for new-generation smart terminals and intelligent systems by creating a conducive policy environment, promoting technological innovation, and enhancing supply and demand [3] Group 2: Industry Growth and Innovation - The NDRC reported that in August, the value added of high-tech manufacturing increased by 9.3%, outpacing overall industrial growth, with sectors like integrated circuits and aerospace showing rapid growth [9] - The Ministry of Industry and Information Technology is implementing an innovation development project for smart equipment, aiming to advance the development of high-end equipment such as industrial robots and intelligent instruments [7][8] - The NDRC supports private enterprises' deep participation in the "Artificial Intelligence +" initiative, highlighting that 254,000 new private AI software companies were established in the first quarter of this year [5] Group 3: Market Sentiment and Investment - Morgan Stanley reported that over 90% of clients expressed willingness to increase exposure to Chinese assets during recent roadshows, indicating a significant shift in investor sentiment towards China [10] - The price of spot gold has surpassed $3,800 per ounce, marking a nearly 45% increase this year, driven by expectations of further monetary easing and rising geopolitical risks [11]

Economic Overview - In August, some economic indicators in China showed fluctuations, raising concerns about the achievement of the annual economic growth target amid slowing consumption, weak investment growth, and uncertain exports [1][2] - Despite external pressures, China's economy is generally stable, with high-quality development being steadily advanced, supported by continuous macro policy efforts [1][2] Supply-Side Analysis - Production is steadily growing, with significant increases in key sectors; in August, the added value of large-scale equipment manufacturing and high-tech manufacturing grew by 8.1% and 9.3% year-on-year, respectively [1] - The service sector's production index increased by 5.6% year-on-year, with the accommodation and catering industry showing accelerated growth [1] Profitability Improvement - Industrial profits have shown significant improvement; in the first eight months, the profit growth rate for large-scale industrial enterprises turned positive, from a decline of 1.7% to a growth of 0.9% year-on-year [1] - Monthly profit growth shifted from a decline of 1.5% in July to a growth of 20.4% in August [1] Demand-Side Resilience - Policy effectiveness is evident, with strong resilience and pressure resistance; retail sales of products related to trade-in programs continue to grow rapidly, and service consumption potential is being released [2] - Manufacturing investment grew by 5.1% in the first eight months, with significant increases in specific sectors such as information services and aerospace manufacturing [2] Foreign Trade Performance - In August, the total value of goods imports and exports increased by 3.5% year-on-year, with both exports and imports achieving growth for three consecutive months [2] Artificial Intelligence Initiative - The "Artificial Intelligence+" initiative aims for over 70% application penetration of new intelligent terminals and intelligent agents by 2027 [2][3] - The initiative emphasizes the importance of private enterprises in driving AI development, with 254,000 new AI software R&D private companies established in the first quarter of this year [3] Policy Support for AI Development - The National Development and Reform Commission (NDRC) plans to support various enterprises, including private ones, in participating in the "Artificial Intelligence+" initiative through policy and financial measures [3] "Three North" Project - The "Three North" project is the largest ecological protection and restoration project globally, with a new overall plan emphasizing grand strategic goals and diverse governance models [4] New Financial Tools - A new type of policy financial tool has been established with a scale of 500 billion yuan, aimed at supplementing project capital [5] - The NDRC is working to ensure that these funds are allocated to specific projects to promote effective investment and economic stability [5]

Group 1 - The National Development and Reform Commission (NDRC) is promoting new policy financial tools with a total scale of 500 billion yuan, aimed at supplementing project capital and enhancing financing capabilities [1][2] - The new policy financial tools will be utilized to address the capital shortage in major projects, thereby leveraging bank loans and social capital to create a multiplier effect [1][2] - Local governments are actively organizing meetings to accelerate project reserve work, ensuring that eligible projects can be quickly implemented once policies are released [2] Group 2 - Despite external pressures, China's economy is generally stable, with solid progress in high-quality development, supported by continuous macro policy efforts [2] - The NDRC plans to strengthen economic monitoring and forecasting, ensuring timely policy adjustments based on changing circumstances [2] - The "Artificial Intelligence +" initiative aims to promote the application of new intelligent terminals and systems, with a target application rate set for 2027 [3] Group 3 - The NDRC will support enterprises, including private ones, in participating in the "Artificial Intelligence +" initiative through various measures, including financial support and project involvement [3] - The initiative focuses on key sectors such as education, healthcare, and transportation, promoting pilot demonstrations and the development of practical applications [3] - Financial incentives, such as "AI vouchers," will be provided to support enterprises in utilizing computing power services and enhancing innovation [3]

Group 1 - The core message is the introduction of a new policy financial tool worth 500 billion yuan aimed at supplementing project capital, which is crucial for local development and unlocking investment opportunities [1][2] - The new financial tool is expected to leverage investments significantly, with estimates suggesting it could stimulate up to 5 trillion yuan in total investment [3] - The initiative is designed to provide immediate support for investment and stabilize economic growth in the short term, while also promoting long-term high-quality economic development through support for technology and consumption upgrades [3] Group 2 - The National Development and Reform Commission (NDRC) is actively working to allocate the new financial tool funds to specific projects and will encourage local governments to expedite project construction [2] - The NDRC has emphasized the importance of ongoing macroeconomic policy implementation and monitoring to ensure economic stability and the achievement of annual targets [3]

Group 1 - The central government has proposed the establishment of new policy financial tools with a total scale of 500 billion yuan, aimed at supplementing project capital [1] - The new policy financial tools are expected to focus on emerging industries and consumption expansion, particularly in digital economy and artificial intelligence sectors [1] - The National Development and Reform Commission (NDRC) is working to ensure that these funds are quickly allocated to specific projects to promote stable economic development [1] Group 2 - The NDRC plans to promote the application of new generation intelligent terminals and intelligent agents through a three-pronged approach: creating a supportive policy environment, fostering collaborative innovation, and expanding market demand [2] - The NDRC will support pilot demonstrations in key areas such as education, healthcare, and transportation, aiming to develop practical and user-friendly AI products [2] - The NDRC will leverage China's large market advantage to drive the adoption of intelligent terminals and agents across various industries and households [2]

◎记者 于祥明 备受市场关注的新型政策性金融工具规模确定——共5000亿元。 "各地积极做好相关项目储备，为政策落地和相关工作推进提供了保障。"国家发展改革委投资所研究员 吴亚平向上海证券报记者表示，新型政策性金融工具的最终落地，将对解决项目建设资本金不足、降低 项目融资门槛、扩大有效投资、推动产业升级等方面均有积极意义，是2025年下半年稳投资、促创新的 重要举措。 吴亚平表示，新型政策性金融工具是"准财政"工具，由政府确定资金投向领域，要按市场化方式进行运 作。他预计，新型政策性金融工具将重点支持新兴产业和基础设施项目，同时在多因素支撑下，下半年 基建投资将回升，继续发挥托底经济作用。 "据我们观察地方透露出的信息，政策性金融工具有利于发挥'调结构+稳经济'两方面的作用。一方面， 围绕新兴产业予以支持，另一方面针对基础设施予以支持，考虑到今年上半年基建投资增速相对放缓， 政策性金融工具发挥作用，有利于加快基建投资的推进节奏，为稳增长提供助力。"中泰证券研究所政 策团队首席分析师杨畅向记者表示。 "下一步，国家发展改革委将持续发力、适时加力实施宏观政策。同时，我们将持续加强经济监测、预 测、预警，做好政策预 ...

李超还透露，下一步，国家发展改革委将会同有关部门，多措并举支持包括民营企业在内的各类企业深 度参与"人工智能+"行动。在政策上，在"两重"建设中支持国产算力、模型、语料库发展，加大"两 新"政策对企业的支持力度，推动国有企业将更多战略意义强、经济收益高、民生关联紧的场景向民营 企业开放。在资金上，持续在算力等领域发放"人工智能券"，为企业使用算力服务提供补贴，支持企业 加大创新研发力度。在项目上，支持民营企业积极参与应用中试基地等人工智能重大项目建设，打造一 批应用典型案例。 对于备受关注的新型政策性金融工具设立及进展情况，李超回应称，新型政策性金融工具规模共5000亿 元，全部用于补充项目资本金。国家发展改革委正在会同有关方面，抓紧将新型政策性金融工具资金投 放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投 资，促进经济平稳健康发展。 9月29日，国家发展改革委召开9月份新闻发布会。国家发展改革委政策研究室副主任、新闻发言人李超 在会上表示："当前经济运行依然面临不少风险挑战，外部环境仍然复杂严峻，经济回升向好的基础仍 需进一步巩固。下一步，国家发展改革委将持续发力 ...

Market Performance - On September 29, 2025, the market opened high and closed higher, with the Shanghai Composite Index rising by 0.90%, the Shenzhen Component Index increasing by 2.05%, and the ChiNext Index up by 2.74%[3] - The total market turnover reached 21,781.39 billion yuan, an increase of 120.36 billion yuan compared to the previous trading day[3] Sector Performance - The non-bank financial sector led the gains with an increase of 3.84%, followed by non-ferrous metals at 3.74% and electric equipment & new energy at 2.78%[3] - Conversely, the coal sector declined by 0.90%, banks fell by 0.49%, and consumer services dropped by 0.30%[3] Capital Flow - On September 29, 2025, the net inflow of main funds was 95.27 billion yuan, with large orders seeing a net inflow of 173.64 billion yuan, while medium and small orders experienced net outflows of 203.19 billion yuan and net inflows of 107.92 billion yuan respectively[4] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +24.79 billion yuan and +22.76 billion yuan respectively[4] Global Market Trends - On September 29, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index up by 1.89% and the Nikkei 225 down by 0.69%[5][6] - European indices also saw gains, with the DAX rising by 0.87% and the FTSE 100 increasing by 0.77%[6] Risk Considerations - The report emphasizes that the data presented is for reference only and does not constitute investment advice[7]

稳投资、稳增长再出关键一招。 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，为贯彻落实党中央、国务院决策 部署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推进新型政 策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 （原标题：5000亿新型政策性金融工具落地：如何理解稳投资"关键一招"？） 在国家发展改革委当日举行的新闻发布会上，李超说："我们正在会同有关方面，抓紧将新型政策性金 融工具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推 动扩大有效投资，促进经济平稳健康发展。" 在4月25日召开的中共中央政治局会议上，首次提及了设立新型政策性金融工具。会议强调，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。一段时间以 来，中国多地密集召开相关政策宣讲会或对接会，引起市场注意。 4月28日，国务院新闻办公室举行新闻发布会，国家发展改革委指出，力争6月底前下达全年"两重"项目 建设和中央预算内投资全国项目清单，同时设立新型政策性金融工具，解决项目建设资 ...