Current Economic Situation - China's economy showed resilience in the first half of the year, with GDP growth of 5.3% year-on-year, stable employment, prices, and residents' income [2] - Domestic demand contributed 68.8% to economic growth, and the import-export scale reached 20 trillion yuan [2] National Market Construction - The construction of a unified national market has made positive progress, with a 18.2% year-on-year increase in cross-provincial electricity transactions in the first half of the year [3] - The proportion of inter-provincial trade sales to total sales revenue increased by 0.6 percentage points to 40.4% [3] Consumer Expansion - Social retail sales of consumer goods grew by 5% in the first half of the year, with a 0.4 percentage point increase from the first quarter [4] - Notable growth in retail sales of home appliances and communication equipment, with increases of 30.7% and 24.1% respectively, and a 40.3% rise in new energy vehicle sales [4] Electricity Supply Stability - National electricity supply remains stable, with measures in place to ensure adequate energy supply during peak summer demand [6] - The government will focus on ensuring source supply, enhancing peak capacity, and optimizing demand-side management [6] Reform Initiatives - The government aims to deepen reforms to stimulate high-quality development and address economic challenges, including promoting service consumption and digital economy [7] - Efforts will be made to unify government actions and prevent unfair competition in the market [7]

Group 1 - The core viewpoint emphasizes the need for better coordination between effective markets and proactive government in advancing the construction of a unified national market [1] - In terms of revitalizing existing stock, the focus will be on capacity governance in key industries, encouraging innovation and moderate competition in emerging fields while preventing blind following and chaotic market behaviors [1] - Traditional sectors will prioritize innovation-driven transformation and upgrading to avoid low-level, homogeneous, and repetitive construction, while also breaking the cycle of "involutionary competition" [1] Group 2 - The principle of moderate foresight will be upheld, avoiding excessive advancement, and ensuring the effective construction and utilization of infrastructure to maximize multiple effects [1]

新华社北京8月1日电题：保持政策连续性、稳定性常态化开展政策预研储备——国家发展改革委解读当 前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国家发 展改革委1日举行新闻发布会，国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示，上半年我国经济稳中有进、好于预期，高质量发展取得 新成效。 周陈表示，上半年消费有三个主要特点：一是增速加快，社会消费品零售总额累计增长5%，增速较一 季度提高0.4个百分点；二是亮点增多，限额以上家电、通讯器材零售额同比增长30.7%、24.1%，新能 源汽车销量同比增长40.3%；三是环境更优，各部门围绕落实提振消费专项行动，出台了多项重大政 策，举办形式多样的促消费活动。 主要宏观指标表现良好，经济运行彰显强大韧性。上半年，国内生产总值（GDP）同比增长5.3%，就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%，进出口规模站上20万亿元台阶。 "关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革 ...

Economic Performance - In the first half of the year, China's economy showed steady progress, with GDP growing by 5.3% year-on-year, and domestic demand contributing 68.8% to economic growth [2][4] - The total retail sales of consumer goods increased by 5%, with significant growth in household appliances and new energy vehicle sales, which rose by 30.7% and 40.3% respectively [4] National Market Development - The construction of a unified national market has made positive progress, with inter-provincial electricity trading volume increasing by 18.2% year-on-year [3] - The proportion of inter-provincial trade sales to total sales revenue reached 40.4%, up by 0.6 percentage points from the previous year [3] Consumption Expansion - Consumption is identified as the main engine of economic growth, with various policies and activities implemented to boost consumer spending [4] - The government plans to enhance consumer capacity and promote high-quality development through measures aimed at stabilizing employment and increasing residents' income [4] Energy Supply Stability - The national electricity supply remains stable, with adequate demand being met during peak summer temperatures [5][6] - The government will focus on ensuring sufficient energy supply, enhancing peak capacity, and optimizing demand-side management [6] Reform Initiatives - The government aims to deepen reforms to stimulate economic growth, focusing on expanding domestic demand and addressing prominent economic issues [7][8] - Key reform measures include promoting service consumption, improving investment mechanisms, and facilitating market access for new industries [8]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of stabilizing employment, boosting consumption, and ensuring economic growth through a comprehensive policy toolbox, while addressing various economic challenges and opportunities in the current environment [3][4]. Group 1: Economic Policies and Initiatives - The NDRC plans to continuously improve policies aimed at stabilizing employment and expanding domestic demand, with a focus on timely responses to external environmental changes [3]. - A total of 690 billion yuan will be allocated in the fourth batch of special bonds to support consumption, completing the annual target of 300 billion yuan [4]. - The NDRC has completed the allocation of 800 billion yuan for "two new" and "two heavy" construction projects, with a focus on accelerating project construction and ensuring effective use of funds [4][5]. Group 2: Artificial Intelligence Development - The NDRC is advancing the "Artificial Intelligence+" initiative, recognizing the technology's potential to enhance productivity and efficiency across various industries [6][7]. - The initiative aims to promote large-scale commercial applications of AI, leveraging China's comprehensive industrial system and market scale to foster innovation and application synergy [7]. Group 3: Market Regulation and Competition - The NDRC is addressing issues of low-price and disorderly competition, with plans to revise pricing laws to better regulate unfair pricing practices [8][9]. - The government aims to combine effective market mechanisms with proactive government intervention to improve market order and encourage quality competition among enterprises [9].

央视网消息：8月1日，国家发展改革委举行新闻发布会。有关负责人介绍，上半年，我国经济在顶住外部压力、消化累积风险的情况下， 稳中有进，好于预期。下一步，国家发展改革委将在依法依规治理企业无序竞争、开展市场准入壁垒清理整治等方面，持续发力、适时加力， 提效实施好已部署的各项政策举措。 据介绍，今年"两重"建设项目清单8000亿元已全部下达完毕，中央预算内投资7350亿元已基本下达完毕。今年，第三批690亿元支持消费 品以旧换新的超长期特别国债资金已下达完毕，将于10月份按计划下达第四批690亿元资金，届时将完成全年3000亿元的下达计划。 降低全社会物流成本工作取得阶段性成效。上半年，社会物流总费用与国内生产总值比率下降至14%，为有统计以来最低水平，节约全社 会物流费用超过1300亿元。 医疗卫生强基工程启动实施 支持约600个县域医共体改善基础条件 发布会上还介绍到，医疗卫生强基工程已启动实施，加快实现"一般病在市县解决，日常疾病在基层解决"。 发言人介绍，一是提升县域诊疗服务能力。统筹安排各类中央资金，支持约600个县域医共体改善基础条件，配备医疗设备1.1万多台 （套）。二是推广"乡镇检查、县级诊断、结 ...

城投债投资框架之一 城投债定价模型综述 2025 年 08 月 01 日 ➢ 城投债定价策略模型综述：城投债定价策略模型需要同时考虑城投平台自身 资质、平台所在区域基本面以及国家政策边际变化，结合短中长期的期限时间来 进行最终定价。 ➢ 城投债定价策略模型：主要包括五大部分，分别是城投平台层级、融资能力， 市场情绪及投资主体，政府信用及债务管控以及区域实力与竞争力，同时还需要 考虑一些特殊变量因素。 ➢ 不同视角看城投平台的考量因素：从短期视角（期限 0-1 年）来看，城投平 台层级、融资能力、市场情绪、投资主体是主要考量因素。从中期视角（期限 1- 3 年）来看，政府信用、区域经济基本面与债务管控机制是影响定价策略的重要 因素。而从长期视角（期限 3 年以上）来看，区域实力、省市竞争力是最大影响 因素，决定了城投债定价的底层逻辑。 ➢ 部分变量因素也会影响城投债定价策略：部分变量因素也正在时时影响城投 债的发行票面利率与二级市场估值，也能在中长期影响城投平台所在区域的产业 基本面与发展竞争力，因而需要给予一定程度重视。从短期来看，每年全国"两 会"正式公布的"赤字率"及"广义财政赤字"，当年的新增地方一般债 ...

央视网消息：8月1日，国家发展改革委举行新闻发布会。有关负责人介绍，上半年中国经济在顶住外部压力、消化累积风险的情况下，稳 中有进、好于预期。下一步，国家发展改革委将在依法依规治理企业无序竞争、开展市场准入壁垒清理整治等方面持续发力、适时加力，提效 实施好已部署的各项政策举措。 落实好纵深推进全国统一大市场建设各项部署，依法依规治理企业无序竞争，推进重点行业产能治理，规范招标投标，加强对中标结果的 公平性审查，规范地方招商引资行为，加强招商引资信息披露，扎实开展市场准入壁垒清理整治行动。 降低全社会物流成本工作取得阶段性成效。上半年，社会物流总费用与国内生产总值比率下降至14%，为有统计以来最低水平，节约全社 会物流费用超过1300亿元。 下一步，国家发展改革委将持续发力、适时加力提效实施好已部署的各项政策举措。将深入实施"人工智能+"行动，推动人工智能在经济 社会发展各领域加快普及、深度融合。 据介绍，今年"两重"建设项目清单8000亿元已全部下达完毕，中央预算内投资7350亿元已基本下达完毕。今年第三批690亿元支持消费品 以旧换新的超长期特别国债资金已下达完毕，将于10月份按计划下达第四批690亿元资金 ...

国家发展改革委体制改革综合司司长王任飞8月1日表示，将进一步规范政府行为尺度，制定《妨碍统一 市场和公平竞争行为防范事项清单》。 王任飞是在国家发展改革委当日举行的新闻发布会上作出上述表示的。 王任飞表示，建设全国统一大市场，是党中央作出的重大决策。近年来，各有关方面认真贯彻落实《中 共中央、国务院关于加快建设全国统一大市场的意见》及配套措施，取得积极成效。但也要清醒认识 到，全国统一大市场建设成效与党中央、国务院要求，与各方面期待相比还有差距，任务还很艰巨。 据介绍，下一步，国家发展改革委将以更加有力有效举措，落实好纵深推进全国统一大市场建设各项部 署。 一是抓总体推进。国家发展改革委将发挥好牵头部门作用，研究制定纵深推进全国统一大市场建设行动 方案，统筹协调各方面，压茬推进重点任务落实。 二是抓制度建设。重点是实现产权保护、市场准入、公平竞争、社会信用、质量标准等制度的统一。推 动健全有利于市场统一的财税体制、统计核算制度和考核评价体系。 三是抓重点领域。深化要素市场化配置改革，完善全国统一电力市场体系，培育全国一体化数据市场， 协同推进统一开放的交通运输市场建设。 四是抓问题整治。依法依规治理企业无序竞 ...

Group 1: Economic Measures and Support - The fourth batch of 690 billion yuan "national subsidies" will be allocated in October, completing the annual plan of 300 billion yuan [1] - In the first half of the year, China's retail sales of consumer goods increased by 5% year-on-year, significantly supported by the "national subsidy" policy, with home appliances and audio-visual equipment retail sales up by 30.7% and communication equipment retail sales up by 24.1% [1] - The "two重" construction project list of 800 billion yuan has been fully allocated, with 735 billion yuan of central budget investment also largely disbursed [1] Group 2: Employment and Economic Stability - The contribution rate of domestic demand to GDP growth is 68.8%, indicating strong resilience in the economy, with external trade also showing robust performance [2] - The National Development and Reform Commission (NDRC) will continue to implement measures to stabilize employment and the economy, ensuring policy continuity and flexibility [2] - The NDRC aims to enhance economic monitoring and forecasting, and improve policy tools to stabilize employment and expand domestic demand [2] Group 3: Consumer Spending Initiatives - Service consumption has been rising, with notable successes in cultural tourism and domestic products, prompting the NDRC to focus on enhancing consumer capacity and promoting high-quality development [3] - The NDRC plans to cultivate new growth points in service consumption, particularly in cultural tourism, sports events, and essential life services [3] - Efforts will be made to optimize consumption functions and infrastructure to encourage consumer willingness and investment [3] Group 4: Market Integration and Competition - The national unified market construction has shown significant results, with inter-provincial trade sales accounting for 40.4% of total sales revenue, up by 0.6 percentage points year-on-year [4] - The NDRC will develop an action plan to further advance the construction of a unified national market [4] - The NDRC emphasizes the need to manage competition effectively, particularly in emerging sectors, while preventing blind following and excessive competition [5][6] Group 5: Private Sector Participation - The NDRC plans to accelerate the establishment of new policy financial tools to encourage greater participation of private enterprises in major national projects, particularly in the nuclear power sector [8] - There will be a focus on improving pricing mechanisms in transportation and energy sectors to enhance investment returns [8] - The NDRC will maintain regular communication with private enterprises to address challenges and promote healthy development [8]