车轮上的新河南滚滚向前。比亚迪郑州基地产值同比增长73%、宇通客车销量同比增长16.56%……在龙 头车企带动下，今年一季度郑州下线汽车28.25万辆、同比增长34.72%。 算力赛道升起"中原明珠"。今年一季度，超聚变研发中心及总部基地投用，整体营收同比翻倍，液冷服 务器、AI服务器稳居中国市场份额第一。 责任编辑： 路娇 眼下怎么干？二季度经济"劲儿往哪儿使"？ 强力推进项目投资，加快推进760个工业项目、1082个基础设施项目等建设进度，加大"两重"、中央预 算内投资、专项债券等项目储备，力争上半年完成投资2650亿元；开展促消费专项行动，多措并举提振 消费；开展稳外贸专项行动，健全重点外贸企业联系机制，稳定和畅通外贸产业链、供应链，全力稳住 外贸基本盘；加大企业帮扶支持力度，深化包保服务攻坚工业经济专项行动，力争上半年新发放小微企 业贷款1600亿元以上；实施升规纳统奖励，高质量培育"四上"企业；实施优化营商环境专项攻坚行动， 促进民营经济发展壮大；加力提升招商引资质效，加快麦德龙、山姆会员店等项目建设……郑州市主动 对接国家利好政策，打好政策组合拳，确保实现上半年经济发展"时间过半、任务过半"。 城 ...

Group 1 - The core viewpoint of the article highlights the economic performance of Henan Province, characterized by accelerated growth in production supply, project construction, consumption potential, and emerging momentum, with key economic indicators surpassing national and previous year levels [2] - Henan Province has implemented a "1+7" policy framework aimed at stabilizing employment, enterprises, markets, and expectations, responding to external uncertainties with high-quality development measures [2][3] - The policies are comprehensive, targeting key areas such as foreign trade stability, consumption stimulation, investment enhancement, and enterprise support, emphasizing a coordinated approach to create a strong synergy between supply and demand [3] Group 2 - The policies are specifically designed to address external shocks and economic bottlenecks, providing actionable and effective measures to boost market confidence and respond to societal concerns [3] - The measures include substantial financial incentives for enterprises, such as temporary subsidies for production, consumption vouchers, and support for diverse consumer needs, aiming to stimulate economic activity [3][5] - The "small to large" initiative supports small enterprises in upgrading to larger scale operations, focusing on reducing costs and enhancing competitiveness through various supportive policies [4][5] Group 3 - The provincial government has allocated 150 million yuan for the "Lego Henan" consumption voucher program, with 110 million yuan for retail and dining vouchers and 40 million yuan for tourism and accommodation, to boost consumption and expand domestic demand [6] - The fiscal system is committed to providing robust financial support for the second quarter's economic activities, ensuring sufficient resources for investment expansion and assistance to key industries [6]

Core Viewpoint - Consumption is a key driver for domestic economic circulation and is essential for sustainable economic growth. The government has prioritized boosting consumption and expanding domestic demand as a primary task for 2025, reflecting a strategic focus on new development stages and concepts [1][2]. Group 1: Strengthening Income Growth Measures - Income is the foundation of consumption. The government aims to enhance residents' consumption capacity by focusing on employment, income, and social security, implementing targeted policies to solidify the basis for consumption growth [1][2]. - The distribution system will be gradually optimized to improve disposable income for urban and rural residents, including raising basic pensions and healthcare subsidies for low-income groups [2]. - High-quality employment is crucial for stabilizing and boosting consumption, with efforts to increase job opportunities and enhance service sector development [2]. Group 2: Enriching Quality Supply to Stimulate Consumption Willingness - High-quality goods and services are vital for meeting consumer needs and creating effective demand. The focus will be on service consumption and industrial transformation to enhance consumption quality [3]. - Policies will be implemented to align supply and demand, promoting a shift towards experience-oriented and emotional value-driven consumption [3]. - The government will optimize consumption policies in sectors like automotive and real estate, and expand service consumption in education, healthcare, and tourism to meet diverse consumer needs [3][4]. Group 3: Improving Consumption Environment to Enhance Consumer Confidence - A safe and convenient consumption environment is essential for enhancing consumer satisfaction and market vitality. The government aims to create a structured and comfortable consumption ecosystem [5][6]. - Protecting consumer rights and interests is a priority, with measures to regulate market order and combat fraudulent practices [5]. - Infrastructure improvements, particularly in rural areas, will support the dual circulation of urban and rural consumption markets, enhancing overall consumption dynamics [6].

Group 1 - The core viewpoint is that institutional investors are showing confidence in the long-term value of the A-share market, as evidenced by the recent self-purchase announcement by Fangzheng Fubang Fund, which invested 5 million yuan of its own funds in its index fund [1] - Fangzheng Fubang Fund emphasizes the importance of focusing on the resilience of the domestic economic fundamentals amidst external uncertainties, highlighting the large domestic market, upgrading consumption structure, and continuous technological innovation as key drivers for stable economic growth [1] - The fund maintains a threefold confidence principle: confidence in China's economic structural transformation, long-term confidence in the improvement of domestic economic fundamentals, and confidence in its own active management capabilities [1] Group 2 - From a valuation perspective, the A-share market has entered an attractive allocation range, with the CSI 300 index's dynamic price-to-earnings ratio at 11.57 times, below the 10-year average of 11.86 times [2] - The CSI 300 dividend yield has reached 3.58%, marking a historical high over the past decade, indicating a "high cost-performance" characteristic [2] - The recovery trend of China's economic fundamentals is becoming clearer, providing long-term funds with "opportunities arising from declines," encouraging investors to rationally view short-term market fluctuations and actively seize low-position layout opportunities during quality asset valuation corrections [2]

Group 1 - The core viewpoint of the report indicates that the debt resolution work in China has entered a new phase, shifting from a focus on risk factors to development factors, with significant progress in debt reduction across various regions [1][2][4] - As of the end of April, a total of 24,469.03 billion yuan has been resolved in debt, with an average of 429.28 million yuan per mention, highlighting the scale and systematic nature of the debt resolution efforts [1] - 14 provinces and cities have mentioned achieving debt clearance, including economically developed regions like Jiangsu, Zhejiang, and Guangdong, as well as some central and western provinces such as Yunnan and Guizhou, indicating substantial breakthroughs in debt resolution across different development levels [1] Group 2 - The focus of debt resolution work is expected to shift towards establishing a normalized debt risk prevention mechanism in the third quarter of 2025, with major economic provinces playing a crucial role [2][4] - The interaction between debt resolution and development is anticipated to lay a solid foundation for the next five-year plan, promoting high-quality economic development in China [2][4] - The bond market is expected to have limited short-term space, with better performance in short-term non-government bonds, while long-term urban investment bonds face significant upward pressure [2][4]

4月25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。总体上看，会议认为今年以来我国经济发展向好，但"持续回升向好的基础还需要 进一步稳固"。会议直面"外部冲击影响加大"的严峻挑战，指出"要强化底线思维，充分备足预案"，以"四稳"，即稳就业、稳企业、稳市场、稳预期为抓 手，强调"以我为主"的基本政策立场，扎实推动经济高质量发展，应对外部环境急剧变化的不确定性。 当智驾成标配，车企暗战升级 ·广州经济一季报：规上工业增加值同比持平，"两业融合"力撑实体经济4月27日，广州市统计局发布一季度经济数据。根据广东省地区生产总值统一核算结 果，2025年一季度，广州市地区生产总值7532.51亿元，按不变价格计算，同比增长3.0%。其中，第一产业增加值37.60亿元，同比增长3.4%；第二产业增加 值1704.94亿元，同比增长0.6%；第三产业增加值5789.97亿元，同比增长3.7%。 ·美团再发声明，澄清三类谣言！ 4月27日，美团"小团有话说"公众号发布声明，就近期出现的三类谣言继续公开进行辟谣及澄清。1."因使用双开或京东软 件，被永久停止接单"系恶意P图造谣。2."美团外卖柜禁止其他平台骑手使 ...

消费是夯实经济高质量发展的基础 消费是最终需求，既是经济增长的起点，也是长期发展的核心动力。提振既是应对外部环境变化、构建新发展格局的必然选择，也是发挥我国大国经济优 势、推动经济长期健康发展、持续满足人民美好生活需求的关键举措。 问题与挑战。近年来，尽管中国经济保持稳中有进的发展态势，但全球经济复苏乏力，外部需求不确定性上升，国内经济结构深度调整，内外部环境的变化 加速了经济增长动力的转换。国际上，全球经济下行压力加大，地缘冲击与博弈加剧，贸易保护主义抬头，逆全球化等趋势冲击全球供需格局。我国作为全 球制造业和出口大国，以外需作为重要驱动的增长模式面临新的挑战。与此同时，国内需求结构正在重塑。在疫情冲击、金融行业调整等多重因素交织影响 下，居民收入预期有所下降，消费信心和支付能力受到抑制，有效需求不足对供给端形成约束，影响经济增长动能。此外，在城镇化深入推进、新兴消费模 式蓬勃发展的背景下，消费需求正加快从生存型、物质型向发展型、服务型升级，内需对经济增长的支撑作用愈发凸显。 文/ 清华大学中国经济社会数据研究中心助理研究员 张航 ，清华大学五道口金 融学院讲席教授 陆毅 消费是经济高质量发展的基础动力，当 ...

Report Industry Investment Ratings No relevant content provided. Core Views - For Treasury bonds, expect increased volatility and remain cautious [6][7] - For stock indices, be optimistic about the long - term performance and wait for opportunities to go long [10][11] - For precious metals, the medium - to - long - term upward logic remains strong, and previous long positions can be held [12][13][14] - For rebar and hot - rolled coils, investors can look for short - selling opportunities on rebounds and participate with a light position [15][16] - For iron ore, investors can look for buying opportunities at low levels, and participate with a light position [17][18][19] - For coking coal and coke, investors can look for short - selling opportunities on rebounds and participate with a light position [20][21] - For ferroalloys, consider manganese silicon out - of - the - money call options at low levels and short - covering opportunities for silicon iron at the bottom, or consider out - of - the - money call options at low levels if there are large spot losses [22][23] - For crude oil, consider a long - biased operation on the main contract [24][25][26] - For fuel oil, consider a long - biased operation on the main contract [27][28][29] - For synthetic rubber, expect weak oscillations [30][31] - For natural rubber, expect weak oscillations [32][33] - For PVC, expect bottom oscillations [34][35][37] - For urea, expect short - term weakness [38][39] - For p - xylene (PX), expect low - level oscillations following the cost side, and operate with caution [40][41] - For PTA, expect bottom oscillations, and participate with caution [42] - For ethylene glycol, expect bottom oscillations, and participate with caution [43][44] - For staple fiber, expect bottom adjustments following the cost side, and participate with caution [45] - For bottle chips, expect low - level oscillations following the cost side, and pay attention to cost price changes [46][47] - For soda ash, expect short - term weakness [48] - For glass, expect a weak market sentiment [49] - For caustic soda, price fluctuations depend on supply - demand games, and beware of premature market movements [50][51] - For pulp, expect a weak and low - level repeated oscillation [52] - For lithium carbonate, expect a weak operation [53] - For copper, consider a long - biased operation on the main contract [54][55] - For tin, expect price oscillations, control risks in the short term, and wait for the release of risk sentiment [56] - For nickel, control risks in the short term, and wait for the macro sentiment to stabilize [57] - For industrial silicon and polysilicon, consider short - selling at high levels on rebounds [58][59][60] - For soybean oil and soybean meal, remain on the sidelines for soybean meal; for soybean oil, consider out - of - the - money call options at the bottom support range [61][62] - For palm oil, remain on the sidelines for now [63][64] - For rapeseed meal and rapeseed oil, consider the opportunity to widen the spread after the soybean - rapeseed spread narrows [65][66] - For cotton, wait to short sell the far - month contract at high prices after a rebound [67][68][69] - For sugar, remain on the sidelines [71][73][74] - For apples, consider going long at low prices after a pullback [76][77] - For live pigs, consider short - selling opportunities at high prices [78][79][80] - For eggs, wait for the release of the current market sentiment [81][82] - For corn, remain on the sidelines for now [83][84] - For logs, beware of a rapid decline if the reality is weaker than expected [85][86] Summary by Directory Treasury Bonds - The previous trading day saw a differentiated close of Treasury bond futures, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts having different price changes. The central bank conducted 250.5 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 222 billion yuan [5] - The external environment is favorable for Treasury bond futures, but yields are relatively low. China's economy shows a stable recovery trend, and it is advisable to remain cautious [6] Stock Indices - The previous trading day saw slight oscillations in stock index futures, with different changes in the main contracts of various indices [8][9] - The first - quarter fiscal revenue decreased by 1.1% year - on - year, and expenditure increased by 4.2%. In March, total social power consumption increased by 4.8% year - on - year [9] - Although there are concerns about corporate profit growth and global recession, domestic asset valuations are low, and policies have hedging space. Be optimistic about the long - term performance of Chinese equity assets [10] Precious Metals - The previous trading day saw gold and silver main contracts with different price changes. The complex global trade and financial environment, potential monetary policy easing, and other factors are expected to drive up the price of gold [12] - Be optimistic about the long - term value of gold, and previous long positions can be held [13] Rebar and Hot - Rolled Coils - The previous trading day saw a slight correction in rebar and hot - rolled coil futures. The real - estate industry's downturn suppresses rebar prices, but the peak - season demand may provide short - term support. Hot - rolled coils may follow a similar trend. Steel prices are at a low valuation, and the downward space may be limited [15] Iron Ore - The previous trading day saw a slight correction in iron ore futures. The increase in iron ore demand and the decrease in imports and port inventory support the price. The valuation is relatively high among black - series products. Consider buying at low levels [17][18] Coking Coal and Coke - The previous trading day saw weak oscillations in coking coal and coke futures. The supply of coking coal is loose, and the transaction atmosphere has weakened. The shipment of coke has improved, but the possibility of further price increases is low. Consider short - selling on rebounds [20] Ferroalloys - The previous trading day saw slight declines in the main contracts of manganese silicon and silicon iron. The supply of manganese ore may be disturbed, and the demand for ferroalloys is weak while the supply is relatively high. Consider options opportunities based on different situations [22][23] Crude Oil - The previous trading day saw INE crude oil rise and then fall. Speculators increased their net long positions in US crude oil futures. The number of US oil and gas rigs decreased, and OPEC deepened its production - cut agreement. Consider a long - biased operation [24][25][26] Fuel Oil - The previous trading day saw fuel oil rise and then fall. Asian fuel oil demand is unlikely to increase sharply. The sales of marine fuel oil in the UAE's Fujairah Port recovered in March. Consider a long - biased operation as the market may be oscillating upward [27][28][29] Synthetic Rubber - The previous trading day saw a decline in the main contract of synthetic rubber. Supply pressure persists, demand improvement is limited, and it may maintain weak oscillations [30] Natural Rubber - The previous trading day saw different price changes in the main contracts of natural rubber and 20 - number rubber. Global supply is expected to increase, demand is affected by tariffs, and it may maintain weak oscillations [32] PVC - The previous trading day saw a decline in the main contract of PVC. Supply pressure eases marginally, demand recovers weakly, and it may oscillate at the bottom [34][35][37] Urea - The previous trading day saw an increase in the main contract of urea. In the short term, it may oscillate weakly. Agricultural demand is in a lull, and new production capacity is being released [38] P - Xylene (PX) - The previous trading day saw an increase in the PX2509 main contract. PX装置 maintenance and downstream PTA load reduction. It is expected to oscillate at a low level following the cost side [40][41] PTA - The previous trading day saw an increase in the PTA2509 main contract. Supply and demand fundamentals have few contradictions, and it may oscillate at the bottom [42] Ethylene Glycol - The previous trading day saw a decline in the main contract of ethylene glycol. Supply improves due to coal - based plant maintenance, but demand is weak. It is expected to oscillate at the bottom [43][44] Staple Fiber - The previous trading day saw a decline in the staple fiber 2506 main contract. Downstream demand is weak, and it may adjust at the bottom following the cost side [45] Bottle Chips - The previous trading day saw an increase in the bottle chips 2506 main contract. Raw material prices fluctuate, and it is expected to oscillate at a low level following the cost side [46][47] Soda Ash - The previous trading day saw a decline in the main 2509 contract of soda ash. Production and inventory are at high levels, and the market may remain weak in the short term [48] Glass - The previous trading day saw a significant decline in the main 2509 contract of glass. A production line changed its product type. Production lines are at a low level, and inventory changes little. The market sentiment is weak [49] Caustic Soda - The previous trading day saw a slight increase in the main 2505 contract of caustic soda. Production decreased last week, and demand has slightly improved. Price fluctuations depend on supply - demand games [50][51] Pulp - The previous trading day saw a decline in the main 2507 contract of pulp. Port inventory increased slightly, and downstream开工 rates varied. The market is expected to oscillate at a low level [52] Lithium Carbonate - The previous trading day saw a decline in the main contract of lithium carbonate. The trade tariff event affects demand, and supply remains high. It is expected to operate weakly [53] Copper - The previous trading day saw an upward oscillation in Shanghai copper. The price increased, and the spot market had limited supply. Consider a long - biased operation [54] Tin - The previous trading day saw an increase in tin prices. The Bisie tin mine may resume operation, and Indonesian mining costs have increased. Consumption data is good, and prices are expected to oscillate [56] Nickel - The previous trading day saw a decline in nickel prices. The US tariff event has a negative impact on the market. Supply is tightened, and cost support is strong, but demand may weaken in the off - season [57] Industrial Silicon and Polysilicon - The previous trading day saw a significant decline in the prices of industrial silicon and polysilicon. Supply and demand are imbalanced, and prices are expected to continue to bottom - out [58][59] Soybean Oil and Soybean Meal - The previous trading day saw declines in soybean meal and soybean oil main contracts. Brazilian soybean production is high, and domestic supply is abundant. Consider different strategies for soybean oil and soybean meal [61][62] Palm Oil - Malaysian palm oil had a slight decline. Domestic imports decreased, and inventory is at a low level. Remain on the sidelines for now [63][64] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed exports decreased. China has imposed tariffs on Canadian products, and domestic inventories are at high levels. Consider the opportunity to widen the spread [65][66] Cotton - The previous trading day saw a weak oscillation in domestic cotton. US cotton export sales increased, and the planting rate is lower than in previous years. Textile exports are affected by tariffs, and domestic demand is weak. Consider short - selling the far - month contract at high prices [67][68][69] Sugar - The previous trading day saw a strong oscillation in domestic sugar. Brazilian sugar production increased, and Indian sugar production was lower than expected. Domestic inventory is neutral, and it is advisable to remain on the sidelines [71][73][74] Apples - The previous trading day saw apple futures rise and then fall. Cold - storage inventory decreased rapidly, and the market sales are good. Consider going long at low prices after a pullback [76][77] Live Pigs - The previous day saw a slight decline in the national average price of live pigs. Demand is weak, and the supply pressure is increasing. Consider short - selling opportunities at high prices [78][79][80] Eggs - The previous trading day saw an increase in the average price of eggs in the main production areas. Egg production capacity is increasing, and consider waiting for the release of market sentiment [81][82] Corn - The previous trading day saw a decline in the corn main contract. The sales of the current season are almost over, and port inventory is high. Supply pressure exists in the short term, and consumption is slightly increasing. Remain on the sidelines for now [83][84] Logs - The previous trading day saw a decline in the main 2507 contract of logs. A tropical cyclone may affect shipments. Inventory is relatively neutral, and beware of a rapid decline [85][86]

Core Viewpoint - The newly revised "Regulations on Ensuring Payment of Small and Medium-sized Enterprises" aims to address the issue of "difficulty in debt collection" faced by SMEs through a series of "hard constraints" measures, emphasizing the importance of SMEs in the economy [1][3]. Group 1: Importance of SMEs - SMEs contribute over 50% of tax revenue, create more than 60% of GDP, and provide over 80% of urban employment, making them a key engine for economic growth, job absorption, and innovation [1]. - The difficulty in debt collection for SMEs is largely due to their relatively weak market position compared to larger enterprises, which have greater bargaining power [1][2]. Group 2: Impact of Delayed Payments - Delayed payments severely impact SMEs' cash flow, leading to inability to pay for raw materials, production stagnation, and operational difficulties [2]. - The inability to predict cash recovery timelines disrupts SMEs' normal development, hindering investment plans, R&D, equipment updates, and market expansion, ultimately resulting in loss of market competitiveness [2]. - Delayed payments also affect credit ratings, increasing financing difficulties and creating a vicious cycle that can lead to business closures, impacting the stability of the entire industry chain [2]. Group 3: New Regulations - The revised regulations provide a legal basis for SMEs to pursue overdue payments, with increased penalties for delayed payments [3]. - Key provisions include ensuring government project funding is secured, requiring payment within 30 days for government purchases from SMEs, and 60 days for large enterprises [3]. - A national complaint platform for overdue payments will be established, with a maximum processing time of 90 days, and local governments are mandated to enhance oversight mechanisms [3]. Group 4: Implementation and Environment - The implementation of "hard constraints" is essential for optimizing the business environment and promoting high-quality economic development [4]. - Effective execution requires collaboration across legal, regulatory, and credit systems to create a fair, orderly, and trustworthy business environment for SMEs [4].

叶牛平强调，雁塔区产业基础好、科技实力强，是行政区与开发区协同发展的缩影，高新区、曲江 新区与雁塔区齐头并进，是西安城市化、产业化发展的杰出代表。要在推动科技创新和产业创新深度融 合、促进经济高质量发展上发挥"1+1+1>3"的效果；要扎实做好社会高效能治理工作，创新基层治理模 式，坚持多方联动、共同缔造，打造共建共治共享社会治理新格局。要着力解决城市化快速发展中积累 的突出矛盾问题，加快回迁安置房建设和分配，运用"实施主体+行政+技术"手段盘活低效闲置资源， 塑造更多发展空间；要推动国有企业规范化管理，深化改革创新；要为央企、民企和科研院所等各方面 力量搭建更多平台，合力推动区域高质量发展。 市人大常委会副主任李宁君参加审议。 3月27日，市人大代表、市长叶牛平参加市十七届人大六次会议雁塔代表团审议市人大常委会工作 报告和市中级人民法院、市人民检察院工作报告。 原文链接：叶牛平参加雁塔代表团审议市人大常委会 和市法检"两院"工作报告 叶牛平在听取尉军耀、姚苏杭、张兴无、王衍、王淑惠、李东伟等代表发言后表示，2024年市人大 常委会深入践行习近平法治思想，忠实履行法定职责，着力提高立法质量，为民主法治建设作出 ...