Core Viewpoint - The National Development and Reform Commission (NDRC) is actively implementing measures to stabilize the economy and promote consumption, with significant funding allocations and policy initiatives aimed at enhancing domestic demand and supporting various sectors [3][5][8]. Funding and Investment - The fourth batch of 690 billion yuan in "national subsidies" will be allocated in October, completing the annual target of 300 billion yuan in funding [2][3]. - The "two重" construction project list totaling 800 billion yuan has been fully allocated, with 735 billion yuan of central budget investment also largely disbursed [4][5]. Economic Performance - In the first half of the year, China's retail sales of consumer goods grew by 5% year-on-year, significantly driven by the "old-for-new" consumption policy, with home appliances and audio-visual equipment sales increasing by 30.7% and communication equipment sales by 24.1% [3]. - Domestic demand contributed 68.8% to GDP growth, showcasing strong resilience in the economy [7]. Employment and Consumption Initiatives - The NDRC plans to introduce measures to stabilize employment and the economy, ensuring policy continuity and flexibility to convert external pressures into internal growth drivers [8]. - There will be a focus on enhancing consumer capacity and promoting service consumption, particularly in cultural tourism, sports events, and essential services like healthcare and childcare [10]. Market Development - The NDRC reported a 40.4% share of inter-provincial trade sales in total sales revenue, reflecting a 0.6 percentage point increase year-on-year, and an 18.2% year-on-year growth in cross-provincial electricity trading [12]. - The commission aims to deepen market-oriented reforms and improve the national unified electricity market system, while also addressing issues of disorderly competition among enterprises [16]. Private Sector Engagement - The NDRC is set 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 [18].

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 resources, the focus will be on capacity governance in key industries [1] - The approach in emerging fields will encourage innovation and moderate competition while firmly opposing blind following and chaotic market behaviors [1] Group 2 - Traditional sectors will prioritize innovation-driven transformation and upgrading to prevent low-level, homogeneous, and repetitive construction [1] - There will be an increased effort to eliminate "involution-style competition" [1] - The principle of moderate advancement will be upheld, ensuring that infrastructure is built and utilized effectively to maximize multiple benefits [1]

Group 1 - The National Development and Reform Commission (NDRC) is committed to advancing the construction of a unified national market through effective measures and action plans [1] - Key areas of focus include institutional construction, ensuring unified property rights protection, market access, fair competition, social credit, and quality standards [1] - The NDRC aims to deepen the market-oriented allocation of factors, improve the national unified electricity market system, and foster a unified data market [1] Group 2 - The NDRC will establish a regular mechanism for problem collection, verification, interviews, and notifications, with severe accountability for serious negative cases [2]

Group 1 - The National Development and Reform Commission (NDRC) aims to deepen the market-oriented reform of factor allocation and improve the national unified electricity market system [1] - The NDRC plans to cultivate a national integrated data market and promote the construction of a unified and open transportation market [1] - The NDRC will regulate disorderly competition among enterprises, advance capacity governance in key industries, and standardize bidding processes [1] Group 2 - The NDRC emphasizes the importance of fair examination of bidding results and the regulation of local investment promotion behaviors [1] - There will be a focus on enhancing the disclosure of investment promotion information and conducting thorough actions to clear market access barriers [1]

Hot News - The State Council executive meeting chaired by Li Qiang emphasized focusing on the annual development goals, enhancing macro - policy effectiveness, and stimulating the endogenous driving force of economic development [3] - The National Development and Reform Commission's 2025 H1 situation briefing meeting stressed promoting the construction of a unified national market, reforming the tendering and bidding system, and promoting the healthy development of the private economy [3] - The spokesperson of the Ministry of Commerce hoped that the EU would maintain market openness and provide a fair business environment for Chinese enterprises [3] - In July, affected by factors such as the traditional off - season in manufacturing and natural disasters, the PMI dropped to 49.3%, down 0.4 percentage points from the previous month. The non - manufacturing and comprehensive PMI output indexes were 50.1% and 50.2% respectively, down 0.4 and 0.5 percentage points, but still above the critical point [3] - US inflation data for June slightly exceeded expectations. The core PCE price index rose 0.3% month - on - month and 2.8% year - on - year, and the overall PCE index rose 0.3% month - on - month and 2.6% year - on - year, complicating the Fed's interest - rate cut path [4] Sector Performance Key Attention - Key sectors to focus on include coking coal, polysilicon, glass, soda ash, and alumina [5] Night - session Performance - The night - session performance shows that non - metallic building materials rose 2.79%, precious metals 27.86%, oilseeds 12.26%, non - ferrous metals 20.83%, soft commodities 2.67%, coal - coking - steel - ore 14.40%, energy 3.42%, chemicals 11.76%, grains 1.18%, and agricultural and sideline products 2.83% [5] Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days [6] Performance of Major Asset Classes - In terms of equities, the Shanghai Composite Index fell 1.18% daily, the SSE 50 fell 1.54%, the CSI 300 fell 1.82%, the CSI 500 fell 1.40%, the S&P 500 fell 0.37%, the Hang Seng Index fell 1.60%, the German DAX fell 0.81%, the Nikkei 225 rose 1.02%, and the UK FTSE 100 fell 0.05% [7] - For fixed - income products, the 10 - year Treasury bond futures rose 0.17%, the 5 - year Treasury bond futures rose 0.08%, and the 2 - year Treasury bond futures rose 0.01% [7] - In the commodity category, the CRB commodity index fell 1.79%, WTI crude oil fell 1.11%, London spot gold rose 0.45%, LME copper fell 0.94%, and the Wind commodity index fell 0.58% [7] - Other assets: the US dollar index rose 0.08%, and the CBOE volatility index remained unchanged [7]

Group 1: Economic Developments - The National Development and Reform Commission (NDRC) emphasized the need to deepen the construction of a unified national market and eliminate "involution" competition, promoting smooth flow of factors and healthy development of the private economy [1][2] - In July, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, a decrease of 0.4 percentage points from the previous month, while the non-manufacturing business activity index and composite PMI output index were at 50.1% and 50.2%, respectively, both remaining above the critical point [2] - The National Energy Administration reported that electricity consumption growth stabilized in the first half of the year, with June showing a year-on-year increase of 5.4% [2] Group 2: Company News - Daodaoquan (002852) reported a net profit of 1.81 billion yuan for the first half of 2025, a year-on-year increase of 563.15%, and proposed a cash dividend of 1.76 yuan per 10 shares [4] - Zhengdan Co., Ltd. (300641) announced a net profit of 630 million yuan for the first half of 2025, up 120.35% year-on-year, with a proposed cash dividend of 3 yuan per 10 shares [4] - Zhonghua Equipment announced a significant stock price increase, with a cumulative rise of 33.13% over three trading days, indicating potential market volatility [5] - Xizang Tourism reported a cumulative stock price increase of 135.98% over nine consecutive trading days, warning of potential risks due to rapid price increases [6] - Shenzhou Technology plans to increase its investment in a high-speed optical module production base to 800 million yuan, aiming to meet market demand for high-speed optical communication modules [7] Group 3: Industry Insights - Guotai Junan's report suggests that national-level childcare subsidies are expected to boost dairy product consumption, particularly in the milk powder segment, enhancing the industry's overall performance [8] - CITIC Securities indicates that the photovoltaic industry chain is likely to see a reasonable price recovery and profit restoration, with firms that have product differentiation and brand advantages expected to experience performance rebounds [8]

近日召开的中央财经委员会第六次会议提出，纵深推进全国统一大市场建设，基本要求是"五统 一、一开放"，即统一市场基础制度、统一市场基础设施、统一政府行为尺度、统一市场监管执法、统 一要素资源市场，持续扩大对内对外开放。其中，"统一政府行为尺度""持续扩大对内对外开放"等均为 新的提法。可见，处理好政府与市场、局部与全局、国内与国际的关系，是需要把握好的几组重要关 系。 全国快递揽收快件量平均每天超5亿件，相当于每秒钟有近6000个快递进入寄递渠道；民营企业增 加到5800多万户，比"十三五"时期末增长超过40%；市场准入负面清单事项从151项缩减至106项，4218 件妨碍全国统一市场和公平竞争的规定和做法被集中清理；2025年上半年内需对GDP增长的贡献率达 68.8%，内需特别是消费是上半年经济增长的主动力…… 多部门近期密集发布"十四五"时期我国经济社会发展成就，不同领域的多项数据指向同一命题：全 国统一大市场建设。随着一系列政策举措精准发力，破除隐性壁垒、畅通要素流动、优化制度规则等方 面取得显著成效，全国统一大市场建设效能加速释放，超大规模市场集聚资源、扩大内需、激励创新、 推动增长的作用得到更好发挥 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of investment in expanding domestic demand and the need for high-quality promotion of "two重" construction to stimulate private investment and expand effective investment [1][3] - The annual budget for "two重" construction projects has been fully allocated at 800 billion yuan, which is expected to support investment in the second half of the year as these projects are implemented [3] - There is an expectation for increased policy support in major infrastructure construction, industrial transformation, high-tech applications, and urban renewal in the second half of the year [5] Group 2 - The focus will be on cultivating internationally competitive emerging pillar industries, particularly in advanced manufacturing and new-generation information technology, with policies aimed at transitioning from "scale expansion" to "quality and efficiency improvement" [9] - The initiative to deepen the construction of a unified national market aims to optimize market competition order and regulate disorderly competition among enterprises, which is significant for current economic development [11] - The emphasis will shift towards technological innovation and product quality improvement, with a focus on optimizing capacity in key industries to enhance overall technological innovation, green development, and international competitiveness [14][16]

Group 1 - The meeting emphasized the importance of investment as a key driver for expanding domestic demand, with a focus on high-quality promotion of "two重" construction and stimulating private investment [1][3] - A total of 800 billion yuan worth of "two重" construction project lists have been fully issued, which is expected to support investment in the second half of the year [3] - The policy support for major infrastructure construction, industrial transformation, and high-tech application scenarios is anticipated to increase in the second half of the year, with more sectors opening up to private investment [5] Group 2 - The meeting highlighted the need to cultivate internationally competitive emerging pillar industries, with a focus on advanced manufacturing and new-generation information technology [8] - The strategy aims to shift the focus from "scale expansion" to "quality and efficiency improvement" in industrial policy and competition policy [8] - The promotion of a unified national market is expected to optimize market competition order and address issues of disorderly competition among enterprises [10][15] Group 3 - The emphasis on technology innovation and product quality improvement is seen as crucial for enhancing the overall competitiveness of industries in international markets [13] - Further regulation of market competition is expected to create a survival of the fittest market environment, benefiting corporate profits [15]

Core Viewpoint - The construction of a nationwide unified market is crucial for China's economic resilience against external uncertainties, emphasizing the need for effective measures to enhance market efficiency and resource allocation [1][2][4]. Group 1: Market Development - The average daily express delivery volume exceeds 500 million packages, equating to nearly 6,000 packages entering the delivery system every second [1]. - The number of private enterprises has increased to over 58 million, representing a growth of over 40% compared to the end of the 13th Five-Year Plan period [1]. - The negative list for market access has been reduced from 151 items to 106 items, with 4,218 regulations hindering the unified market and fair competition being eliminated [1]. Group 2: Policy and Strategy - The central government emphasizes the need for a unified market system, which includes five unifications and one openness: unifying market basic systems, infrastructure, government behavior standards, market regulation, and resource markets [2]. - The recent Central Financial Committee meeting highlighted the importance of addressing the relationship between government and market, local and global, and domestic and international dynamics [2]. Group 3: Market Efficiency - The construction of a unified market aims not only for scale but also for fluidity and vitality, addressing local protectionism and market segmentation that hinder resource flow [3]. - The guidelines for the unified market prohibit localities from restricting the free movement of goods and resources across regions, ensuring equal access for businesses [3]. Group 4: Open Market Approach - The nationwide unified market is designed to be open and globally integrated, facilitating both domestic circulation and high-level international openness [4]. - Recent efforts include removing restrictions on foreign investment in manufacturing and gradually expanding openness in the service sector, aligning with international trade standards [4].