中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议要求，加大资金支持力 度，扩围提质实施"两新"政策，加力实施"两重"建设。 推动大规模设备更新和消费品以旧换新，既利投资又促消费。 2024年2月召开的中央财经委员会第四次会议提出，要推动各类生产设备、服务设备更新和技术改造， 鼓励汽车、家电等传统消费品以旧换新，推动耐用消费品以旧换新。 "两新"政策加力扩围释放潜在消费需求 "中国14亿多人口的超大规模市场，通过多层次需求释放与创新协同，可以构建独特的消费扩张动 力。"上海财经大学讲席教授、中国消费经济学会副会长汪伟表示，要超越传统的需求刺激思维，通过 系统性政策框架提振消费信心、修复经济循环流动性。从长期来看，应明确推动经济系统从"重生产轻 消费"向"重消费与人的发展"转型，构建以人的全面发展、人与自然和谐共生为导向的新型发展模式。 配套服务协同发力创新模式驱动升级 "两新"政策持续落地见效，加大资金支持力度是关键一环。《金融时报》记者注意到，目前，已有电商 平台在资金端持续加力，为以旧换新上游企业提供资金周转支持。例如，京东日前推出国补商家"百亿 计划"，通过专项提额和息费补贴，满足从 ...

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: April 30, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current fundamentals of iron ore are relatively healthy, and overseas trade risks are gradually easing. However, last Friday, there was a rumor of "crude steel production restrictions" in the market, which changed market sentiment and suppressed the raw material sector. It is recommended to wait and see for the time being [11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Market Review - On April 29, the main 2509 contract of iron ore futures fluctuated strongly, opened higher, oscillated and fell back, and then rebounded, closing at 709.0 yuan/ton, up 0.28%. The prices of major iron ore outer disks remained flat compared with the previous trading day, and the prices of major grade iron ores at Qingdao Port increased by 5 yuan/ton compared with the previous trading day. The KDJ indicator of the daily line of the iron ore 2509 contract continued to decline, and the red column of the MACD indicator of the daily line of the iron ore 2509 contract narrowed for 3 consecutive trading days [7][9] 3.1.2 Future Outlook - Supply: Last week, the shipments from Australia and Brazil increased, and the arrivals at 45 ports rebounded. The total shipments from 19 ports in Australia and Brazil in the past 4 weeks decreased by 1.33% compared with the previous 4 weeks. It is expected that the future arrivals will basically remain at a medium level [10] - Demand: Last week, the daily average pig iron output increased significantly and reached a new high since October 2023. Steel enterprises maintained strong production, and the demand for iron ore remained relatively strong [10] - Inventory: Last week, the available days of steel mill inventory increased by 1 day to 21 days. Steel mills still mainly replenished inventory on demand, and there was no obvious increase in inventory replenishment before the May Day holiday. Port inventory increased slightly. It is expected that the port inventory will remain at the current level in the near future [11] 3.2 Industry News - On April 29, the National Development and Reform Commission announced that as of April 27, 24:00, the number of old-for-new cars nationwide reached 2.814 million, 12 types of household appliances reached 49.416 million, digital products such as mobile phones reached 37.855 million, home improvement and kitchen and bathroom "renewal" reached 40.906 million, and old-for-new electric bicycles exceeded 4.2 million, driving related consumer goods sales of about 720 billion yuan and supporting a 4.6% year-on-year increase in the total retail sales of consumer goods in the first quarter. Recently, the National Development and Reform Commission has issued a notice to allocate an additional 81 billion yuan of ultra-long-term special treasury bond funds to local governments to support the old-for-new consumer goods program [12] - On April 29, the National Development and Reform Commission, the Ministry of Commerce, and the State Administration for Market Regulation issued a notice on carrying out a cleanup and rectification campaign against market access barriers to promote the construction of a unified national market. The focus of this cleanup and rectification is to eliminate various regulations and documents that violate the requirements of the market access system and various practices of local governments setting illegal market access barriers [12] 3.3 Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high-grade ore, low-grade ore and PB powder at Qingdao Port, the basis between iron ore spot and the September contract at Qingdao Port, the shipments of iron ore from Brazil and Australia, the arrivals at 45 ports, the utilization rate of domestic mine production capacity, the trading volume of iron ore at major ports, the port iron ore inventory and dispatch volume, the tax-free pig iron cost of sample steel mills, the blast furnace operating rate and ironmaking production capacity utilization rate, the electric furnace operating rate and production capacity utilization rate, the national daily average pig iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [14][17][21]

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.69% to 120.980, the 10-year main contract up by 0.23% to 109.120, the 5-year main contract increasing by 0.13% to 106.070, and the 2-year main contract slightly up by 0.01% to 102.332 [1] - The yields on major interbank bonds generally declined, with the 10-year government bond "24附息国债 11" yield down by 2.10 basis points to 1.6200%, and the 3-year government bond "25附息国债 05" yield down by 1.75 basis points to 1.4950% [1] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 340.5 billion yuan at a fixed rate of 1.50%, with a net injection of 120 billion yuan for the day [2] - Overnight and 7-day pledged repo rates showed mixed movements, with the former declining by over 5 basis points and the latter rising by over 3 basis points due to month-end factors [2] Policy Developments - The National Development and Reform Commission (NDRC) has issued a notice to allocate an additional 81 billion yuan in special long-term bonds to support the consumption upgrade policy [3] - The NDRC aims to enhance coordination and expedite the disbursement of funds to alleviate the financial burden on enterprises and ensure that benefits reach consumers directly [3] Operational Recommendations - Economic indicators for April, including credit and price data, are expected to face pressure, with a focus on domestic demand to offset external demand [4] - The government is likely to increase the issuance of existing bond balances, with May anticipated to be a peak for government bond supply in Q2 [4] Market Outlook - The market's main logic may shift towards fundamentals and policy, with overall volatility expected [5] - The 10-year government bond yield is projected to fluctuate between 1.55% and 1.75%, with potential for bond futures to remain strong [5] - Investors are advised to consider buying on dips, especially in light of the upcoming PMI index release, which is expected to be in the range of 48% to 50.5% [5]

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-04-30 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250331 | 2025/03 | 制造业 PMI | % | 50.50 | 50.20 | 50.80 | | 20250331 | 2025/03 | 非制造业 PMI:商务活 | % | 50.80 | 50.40 | 53.00 | | | | 动 | | | | | | 20250401 | 2025/03 | 财新 PMI:制造业 | % | 51.20 | 50.80 | 51.10 | | 20250403 | 2025/03 | 财新 PMI:服务业经营 | % | 51.90 | 51.40 | 52.70 | | | | 活动指数 | | | | | | ...

·何立峰：增强人民币资产全球配置中心、风险管理中心地位 ·国家发展改革委、商务部、市场监管总局发布《关于开展市场准入壁垒清理整治行动促进全国统一大市场建设的通知》，全面清理和整改违规设置市场准 入壁垒的各类不合理规定和做法，通报一批具有典型意义的违规案例，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即入"落地生根，营造 公平的市场准入环境，为坚持和落实"两个毫不动摇"、构建全国统一大市场提供有力支撑。（新华财经） ·29日消息，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。 下一步，国家发展改革委将充分发挥"两新"部际协调机制作用，强化统筹推进和跟踪调度，督促各地各有关部门加快已拨资金审核兑付，切实减轻企业垫资 压力，确保真金白银优惠直达消费者，推动消费品以旧换新政策发挥更大效果。（新华财经） ·据中国人民银行网站4月29日消息，3月份，债券市场共发行各类债券87356.6亿元，其中国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债券发 行10226.4亿元，公司信用类债券发行13335.2亿元，信 ...

4月30日，恒生指数、恒生科技指数集体高开，消费板块持续活跃。 相关ETF方面，截至发稿，港股消费ETF（159735）开盘后震荡走强，现涨0.77%。成分股中，周大福 涨超2%，蒙牛乳业、百威亚太、银河娱乐、美团-W等股涨幅居前。 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 消息面上，据国家发展改革委微信公众号，近日，国家发展改革委已印发通知，会同财政部及时向地方 追加下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。下一步，国家发展 改革委将充分发挥"两新"部际协调机制作用，强化统筹推进和跟踪调度，督促各地各有关部门加快已拨 资金审核兑付，切实减轻企业垫资压力，确保真金白银优惠直达消费者，推动消费品以旧换新政策发挥 更大效果。 中信证券表示，今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，推动前期离境退税"即买即退"推广政策落地。 根据我们测算，乐观假 ...

地址 ：北 京市 朝阳 区朝阳 门外 大街 甲 6 号万 通中 心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/04/30 隔夜夜盘市场走势 1. 国际油价大幅走低，美油主力合约收跌 3.08%，报 60.14 美元/桶；布伦特 原油主力合约跌 2.76%，报 63.00 美元/桶。 2. 芝加哥期货交易所（CBOT）农产品期货主力合约收盘全线下跌，大豆期货跌 0.94%报 1052.50 美分/蒲式耳，玉米期货跌 2.59%报 470.75 美分/蒲式耳，小 麦期货跌 1.22%报 524.50 美分/蒲式耳。 3.国内商品期货夜盘收盘普遍下跌，能源化工品表现疲软，纸浆跌 3.05%，玻 璃跌 2.6%，纯碱跌 2.26%，燃油跌 1.41%，低硫燃料油跌 1.2%。黑色系全线下 跌，焦煤跌 1.71%。农产品多数下跌，棕榈油跌近 1%。 原油主力合约收跌 2.07%报 478.0 元/桶。贵金属方面，沪金收跌 0.29%报 785.02 元/克，沪银涨 0.12%报 8226 元/千克。 重要资讯 【宏观资讯】 1. 近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今 ...

Group 1 - Dalian achieved a retail sales total of 609.7 billion yuan in Q1, marking a 9% year-on-year growth, the highest quarterly growth since 2022, surpassing national and provincial levels, ranking first among 15 sub-provincial cities [1] - In March, Dalian's retail sales reached 104.9 billion yuan, marking the first time monthly sales exceeded 100 billion yuan [1] - The city organized nearly 400 promotional activities around festivals, enhancing consumer engagement through live performances, park events, and street parades [1] Group 2 - The "old-for-new" consumption policy has been implemented, with sales reaching 65.87 billion yuan by March 31, focusing on automobiles, home appliances, and other consumer goods [2] - Online retail sales in Dalian reached 68.55 billion yuan in Q1, a 192.1% year-on-year increase, driven by the introduction of major e-commerce platforms like Douyin [2]

1、 国家发展改革委会同商务部、市场监管总局29日发布 《关于开展市场准入壁垒清理整治行动 促进全国统一大市场建设的通知》 ，进一步大力破 除市场准入壁垒，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即 入"落地生根，营造公平的市场准入环境。 本次清理整治的重点是，以地方性法规、规章、行政规范性文件、其他政策性文件等形式设立和实行的违反 市场准入制度要求的各类规定文件，以及各级政府违规设置市场准入壁垒的各类做法情形。 今日导读 1. 记者获悉，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力 支持消费品以旧换新。 国家发展改革委副主任赵辰昕4月28日表示，今年前两批消费品以旧换新资金一共下达超过1600亿元，后续还 有1400亿元左右，会根据各地支付进度陆续下达。 2. 贵州茅台(600519)4月29日晚间发布一季报，2025年第一季度营收为506.01亿元，同比增长10.54%；归母净利润为268.47亿元，同比 增长11.56%。 3. 新华保险4月29日晚间公告称，经董事会 ...

Market Overview - The A-share market experienced narrow fluctuations with slight declines in major indices, with the Shanghai Composite Index closing at 3286.65, down 0.05% [1] - The Shenzhen Component Index and the ChiNext Index also saw minor declines of 0.05% and 0.13% respectively, while the North Exchange 50 Index increased by 1.24% [1] Sector Performance - The top-performing sectors included Beauty Care (+2.60%), Machinery Equipment (+1.44%), and Media (+1.27%), while the worst-performing sectors were Utilities (-1.78%) and Oil & Petrochemicals (-0.55%) [2] - Concept sectors showed strong performance in PEEK materials (+5.60%) and dyes (+3.85%), while sectors like supercritical power generation and controlled nuclear fusion faced declines [2] Future Outlook - The market is expected to stabilize after a brief adjustment, supported by positive economic data from Q1, including better-than-expected export figures and credit data indicating total expansion [5] - The report suggests focusing on sectors such as Finance, Food & Beverage, Utilities, Retail, Non-ferrous Metals, and TMT for potential investment opportunities [5] - The National Development and Reform Commission has announced strong demand for the consumer goods replacement market, with plans to allocate an additional 81 billion yuan in special bonds to support this initiative [4]