Group 1 - The Ministry of Finance is conducting the first re-issuance of the 2025 ultra-long special government bonds, with a total face value of 35 billion yuan and a fixed interest rate of 2.10% [1] - In July, three issues of ultra-long special government bonds were completed, totaling 206 billion yuan, making it the second-largest monthly issuance this year [1] - The overall issuance plan for ultra-long special government bonds this year is 1.3 trillion yuan, an increase of 300 billion yuan from last year, with 796 billion yuan issued by August 1, achieving 61% of the target [1] Group 2 - The National Development and Reform Commission has allocated a total of 800 billion yuan for "two major" construction projects this year, with 735 billion yuan of central budget investment already distributed [2] - The accelerated issuance of ultra-long special government bonds is expected to support economic development by boosting infrastructure investment and enhancing consumer demand [2][3] - The issuance of ultra-long special government bonds is seen as a catalyst for long-term growth, acting as both a stabilizer for economic performance and a promoter of structural upgrades in consumption [3]

Group 1 - The Ministry of Finance conducted the first re-issuance of the 2025 ultra-long special government bonds, with a total competitive bidding amount of 35 billion yuan and a coupon rate of 2.10% [1] - In July, three issues of ultra-long special government bonds were completed, totaling 206 billion yuan, making it the second-largest monthly issuance this year [1] - As of August 1, 2023, 7,960 billion yuan of ultra-long special government bonds have been issued, achieving 61% of the annual target of 13 trillion yuan [1] Group 2 - The National Development and Reform Commission announced that the project list for "two major" construction projects has been fully allocated, with a total of 800 billion yuan, and 7,350 billion yuan of central budget investment has been largely disbursed [2] - The issuance of ultra-long special government bonds and accelerated fund allocation is expected to support economic development by boosting infrastructure investment and enhancing consumer demand [2][3] - The issuance of ultra-long special government bonds has effectively stimulated consumer willingness to spend by providing direct subsidies, thereby promoting consumption upgrades [3]

国家发展改革委政策研究室主任、新闻发言人蒋毅8月1日在新闻发布会上表示， 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 。下一步，国家发展改革委将会同财政 部、商务部等部门，督促地方落实资金配套责任、细化资金使用计划，确保资金有序均衡用到 年底。同时，进一步加强产品质量和价格监管，严防"先涨后补"、骗补套补等风险，确保政策 规范实施。 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。下一步，国家发展改革委将会同各部门各地方，加强统筹协调和要素保障，加快 项目建设进度，高质量推动"两重"建设。同时，建立健全项目全生命周期管理机制，强化定期 调度和事中事后监管，确保资金用到实处。 上证报记者于祥明 摄 上证报记者于祥明 摄 来源：上海证券报 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成 ↓ 点击"阅读原文" 或上天天基金A ...

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。下一 步，国家发展改革委将会同各部门各地方，加强统筹协调和要素保障，加快项目建设进度，高质量推 动"两重"建设。同时，建立健全项目全生命周期管理机制，强化定期调度和事中事后监管，确保资金用 到实处。 来源| 中国政府网 主办单位| 安徽省发展改革委 8月1日国家发展改革委召开新闻发布会，解读当前经济形势和经济工作。国家发展改革委政策研究室有 关负责人表示： 10月份将按计划下达第四批690亿元资金，支持消费品以旧换新 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。下一步，国家发展改革委将会同财政部、商 务部等部门，督促地方落实资金配套责任、细化资金使用计划，确保资金有序均衡用到年底。同时，进 一步加强产品质量和价格监管，严防"先涨后补"、骗补套补等风险，确保政策规范实施。 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 ...

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]

国家发展改革委政策研究室主任、新闻发言人蒋毅在会上透露，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。下一步将会同各部门各地方，加强统筹协调和 要素保障，加快项目建设进度，高质量推动"两重"建设。同时，建立健全项目全生命周期管理机制，强 化定期调度和事中事后监管，确保资金用到实处。 北京商报讯（记者 张茜琦）8月1日上午，国家发展和改革委员会召开新闻发布会，解读当前经济形势 和经济工作。 ...

国家发展改革委政策研究室主任、新闻发言人蒋毅在新闻发布会上透露，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。下一步将会同各部门各地方，加强统 筹协调和要素保障，加快项目建设进度，高质量推动"两重"建设。同时，建立健全项目全生命周期管理 机制，强化定期调度和事中事后监管，确保资金用到实处。 ...

Macro and Strategy Research - In July 2025, the manufacturing PMI decreased to 49.3%, indicating a contraction in manufacturing activity, influenced by seasonal factors and extreme weather [2][3] - The non-manufacturing business activity index fell to 50.1%, still above the threshold, with construction and service sectors experiencing declines due to adverse weather conditions [4] - The comprehensive PMI output index decreased to 50.2%, reflecting a slowdown in expansion [4] Policy Insights - The Central Political Bureau emphasized the importance of the "14th Five-Year Plan" and the need for detailed implementation of macroeconomic policies to stabilize market expectations and address risks [6][7] - The meeting highlighted the need for continuous fiscal and monetary policy support, including accelerating government bond issuance and improving fund utilization efficiency [7][8] - Consumer spending is to be boosted through measures that enhance livelihood security, while investment will focus on high-quality construction projects [8][9] Industry Research: Dairy Industry in Tianjin - Tianjin is developing a billion-level dairy industry, with the total output value exceeding 11.68 billion yuan in 2023, and the city is a leader in DHI measurement technology for dairy cows [14][17] - The dairy industry is facing challenges, with a projected decrease in national dairy cow inventory by over 500,000 heads in 2024, leading to increased losses for smaller farms [14][18] - The market for flavored milk is growing, with the leading company, Haihe Dairy, achieving a revenue of 1.098 billion yuan in 2024, a year-on-year increase of 19.9% [17][18]

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]

在重庆，一辆辆国产汽车通过铁海联运新模式，经西部陆海新通道至广西钦州港换乘，最终直抵中东枢 纽港口，进入全球市场。 近日，国家发展改革委安排超3000亿元支持2025年第三批"两重"建设(国家重大战略实施和重点领域安 全能力建设)项目。至此，今年8000亿元"两重"建设项目清单全部下达完毕。一大批"硬投资"项目有序 实施，与之相应的规划编制、体制机制创新等"软建设"也在同步推进，正成为推动高质量发展的重要支 撑。 "硬投资""软建设"结合 伴随着"两重"建设不断推进，西部陆海新通道加快建设完善。上半年，重庆经西部陆海新通道完成货物 运输量达15.46万标箱，货值283.32亿元，同比分别增长28%和22%，实现了货量与货值的双提升。 在总量层面，"两重"建设深入推进，将有效增强投资对经济增长的实质拉动力。"8000亿元超长期特别 国债与地方配套资金叠加，预计直接拉动固定资产投资1.6万亿元左右甚至更高，可对冲房地产投资下 行带来的缺口，使基建投资全年增速稳定在6%至7%区间，为国内生产总值实现预期目标提供0.7个至 0.9个百分点的正向贡献。"蓝庆新分析。 在结构层面，"两重"建设将助力投资方向与区域布局不断 ...