（原标题：河南省委省政府与国家市场监管总局在京举行工作会谈） 罗文对河南经济社会发展取得的成绩表示祝贺，对恳请支持事项作出积极回应。他说，河南省委、省政 府高度重视市场监管工作，在质量和标准化建设、优化市场环境等方面形成了一些好经验好做法。总局 将深入贯彻习近平总书记重要指示精神，结合河南改革发展实际，进一步深化对接合作、加大政策支持 力度，推动河南融入服务全国统一大市场建设不断取得新成效，促进部省合作取得更多务实成果，为更 好推进市场监管现代化、服务高质量发展提供有益借鉴。 刘宁代表省委和省政府感谢总局在质量强企强链强县建设、产业检验检测技术研发、中小企业认证提升 等方面给予河南的大力支持。他说，当前，全省上下深入学习贯彻习近平总书记在河南考察时重要讲话 精神，聚焦"1+2+4+N"目标任务体系，着力稳就业、稳企业、稳市场、稳预期，经济社会保持平稳健康 发展。特别是我们立足中部地区"三基地一枢纽"战略定位，把融入服务全国统一大市场建设作为推动高 质量发展的战略性举措来抓，全面落实"五统一、一开放"基本要求，建强枢纽经济，发挥支点效应，创 新推动"空陆数海"丝绸之路发展，各项工作取得积极进展。希望总局一如既往 ...

今年上半年，发生涉税业务的3500余家证券机构累计代扣代缴申报个人所得税超百亿元，税款均已入库至上市公司所在 地，有效防止税源的不合理跨区域转移。公告实施半年来，原来相关制度漏洞被堵住，招商引资地区"无税可返"，无法通过奖 补开展不当竞争，限售股转让中所涉及的个人所得税地方留成部分从原来被返还给个人转换为地方真正可支配财力。 国家税务总局所得税司有关负责人表示，调整限售股转让个人所得税纳税地点，对保障地方财力、促进资本市场健康发展 等都具有积极意义。下一步，税务部门将持续跟踪政策落地效果，确保相关措施平稳有序实施，助力加快建设高效规范、公平 竞争、充分开放的全国统一大市场。 （编辑 郭之宸） 本报讯 （记者韩昱）7月31日，《证券日报》记者从国家税务总局了解到，2024年12月27日，税务总局会同财政部、证监 会制发公告，将个人转让上市公司限售股纳税地点由证券机构所在地调整为上市公司所在地，通过固化税款入库地点，从制度 上防止出现上市公司股东通过转移证券账户变换纳税地点，以享受地方为"争夺"税源而违规实施的奖补问题。目前，政策已平 稳运行半年，进一步促进规范市场秩序，助推全国统一大市场建设。 据了解，之前个人 ...

记者从国家税务总局了解到，限售股转让纳税地点调整税收合规管理措施已平稳运行半年有余，税务部 门运用税收大数据和信息技术，从操作上实现异地申报缴税的"全国通办"，证券机构可以一次申报、一 次缴税。今年上半年，发生涉税业务的3500余家证券机构累计代扣代缴申报个人所得税超百亿元，税款 均已入库至上市公司所在地，有效防止税源的不合理跨区域转移。公告实施半年来，原来相关制度漏洞 被堵住，招商引资地区"无税可返"，无法通过奖补开展不当竞争，限售股转让中所涉及的个人所得税地 方留成部分从原来被返还给个人转换为地方真正可支配财力。 国家税务总局所得税司有关负责人表示，调整限售股转让个人所得税纳税地点，对保障地方财力、促进 资本市场健康发展等都具有积极意义。下一步，税务部门将持续跟踪政策落地效果，确保相关措施平稳 有序实施，助力加快建设高效规范、公平竞争、充分开放的全国统一大市场。 中国经济网7月31日2024年12月27日，税务总局会同财政部、证监会制发公告，将个人转让上市公司限 售股纳税地点由证券机构所在地调整为上市公司所在地，通过固化税款入库地点，从制度上防止出现上 市公司股东通过转移证券账户变换纳税地点，以享受地方为 ...

人民财讯7月31日电，7月31日，国家发展改革委召开2025年上半年发展改革形势通报会。国家发展改革 委党组书记、主任郑栅洁主持会议并讲话。会议强调，纵深推进全国统一大市场建设，破除"内卷式"竞 争，深入推进招标投标制度改革，规范地方招商引资行为，推动要素顺畅流通，促进民营经济健康发 展、高质量发展。 ...

7月31日，省委、省政府与国家市场监管总局在北京举行工作会谈。市场监管总局党组书记、局长罗文，省委书记刘宁、省长王凯出席并讲话。 罗文对河南经济社会发展取得的成绩表示祝贺，对恳请支持事项作出积极回应。他说，河南省委、省政府高度重视市场监管工作，在质量和标准化建设、优 化市场环境等方面形成了一些好经验好做法。总局将深入贯彻习近平总书记重要指示精神，结合河南改革发展实际，进一步深化对接合作、加大政策支持力 度，推动河南融入服务全国统一大市场建设不断取得新成效，促进部省合作取得更多务实成果，为更好推进市场监管现代化、服务高质量发展提供有益借 鉴。 市场监管总局副局长、国家认监委主任束为，副省长吕国范参加。（记者 刘婵 归欣 张笑闻） 责任编辑： 杨露露 刘宁代表省委和省政府感谢总局在质量强企强链强县建设、产业检验检测技术研发、中小企业认证提升等方面给予河南的大力支持。他说，当前，全省上下 深入学习贯彻习近平总书记在河南考察时重要讲话精神，聚焦"1+2+4+N"目标任务体系，着力稳就业、稳企业、稳市场、稳预期，经济社会保持平稳健康发 展。特别是我们立足中部地区"三基地一枢纽"战略定位，把融入服务全国统一大市场建设作为 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In July 2025, the stock index continued to oscillate upward, breaking through the high of the year, and all industry indices achieved positive returns. Although the market fluctuated at the end of the month, the continuous policy efforts changed market expectations significantly, and the inflow of funds continued. The bullish atmosphere in the stock market became more evident, and the upward trend of the stock index remained unchanged despite the oscillations [3][4][38]. 3. Summary by Directory 3.1 Spot Market Performance Review - Bottoming Out and Stabilizing - In July 2025, the market continued to oscillate upward. By July 30, the Shanghai - Shenzhen 300 index rose 5.47%, the Shanghai Composite 50 index rose 3.96%, the CSI 500 index rose 6.75%, and the CSI 1000 index rose 5.7% [5]. - All industries achieved positive returns, with non - metallic materials and metal materials rising more than 10% monthly, healthcare having a high increase, and the bank index, the previous market stabilizer, having the smallest increase [7]. 3.2 Stock Index Futures Performance Review - Continued Convergence of Premium - After June, the premium of stock index futures continued to converge. After the peak of concentrated dividends of listed companies passed and the spot market performed well, the basis returned to normal. After the expiration and delivery of the July contracts and the listing of the 2603 contracts, the basis of the next - quarter contracts of IC and IM expanded periodically, but the basis of IF did not expand significantly, and IH even showed a premium [12]. - In July, the trading volume and open interest of stock index futures increased steadily. The average daily trading volume of IM, IF, IH, and IC increased by 1.9%, 7.3%, 8.6%, and 6.7% respectively compared with the previous month, and the average daily open interest increased by 1.9%, 3.5%, 8.2%, and 12.1% respectively. The 2509 contract's position as the absolute main contract was unshakable, and it was expected to shift positions to the 2512 contract on a large scale starting in August [16]. - The convergence of the premium significantly reduced the roll - over cost of short positions in stock index futures. The cost of rolling over the current - month contracts of IM, IC, and IF to the next - month contracts was the lowest, with monthly average annualized costs of 9.57%, 7.64%, and 2.82% respectively, down 3.17, 1.68, and 1.53 percentage points from the previous month. The cost of rolling over IH short positions to the next - quarter contracts was the lowest, with a monthly average annualized cost of 0.12% [23]. - From the perspective of the positions of major seats, the net short positions of the major seats of each variety were generally stable. The net short positions of the major seats of IM showed a slight upward trend, with the average monthly net short positions of the top ten seats increasing by 2.4 percentage points compared with the previous month; the average monthly net short positions of the top five seats of IH also increased by 2.4 percentage points compared with the previous month [26]. 3.3 Oscillations Do Not Change the Upward Trend - **Economic Policy Continues to Strengthen**: In July, continuous policy signals changed market expectations significantly. The prices of pro - cyclical commodities reversed sharply, driving up the stock prices of sectors such as rare earths and non - ferrous metals, and also strengthening sectors such as steel and coal, creating a bullish atmosphere in the stock market. Although the market oscillated significantly on July 30, the policy of "regulating disorderly competition among enterprises in accordance with laws and regulations and promoting capacity governance in key industries" is expected to be continuously implemented in the second half of the year, which will have a positive impact on the industry ecosystem and the performance of listed companies [30][31]. - **Event - Driven Re - evaluation**: On July 19, the construction ceremony of the Yarlung Zangbo River downstream hydropower project was held. Affected by this, the Yarlung Zangbo hydropower concept sector and related stocks rose sharply, and sectors such as cement, building materials, engineering machinery, steel, and construction also rose significantly. The project has a long construction period and large investment, which is expected to benefit relevant sectors, and the market may benefit from the re - evaluation of multiple weak sectors [32][33]. - **Continuous Inflow of Funds into the Market**: According to the second - quarter report of public funds, Central Huijin increased its holdings of key broad - based ETFs on a large scale in the second quarter of 2025, with a holding scale exceeding 200 billion yuan, which stabilized market expectations. At the same time, the margin trading balance reached a new high this year, indicating high investor confidence and a positive impact on the market [34][35].

Group 1: Expansion of Domestic Demand - The primary focus for the second half of the year is the comprehensive expansion of domestic demand, with continuous signals for policy implementation being released [2] - The State Council's meeting on July 16 emphasized strengthening domestic circulation and introduced targeted measures, including investments in emerging service industries and optimizing the old-for-new consumption policy [2] - The Ministry of Finance announced plans to accelerate the introduction of policies to boost consumption, guided by the "Special Action Plan for Boosting Consumption" [2][3] Group 2: Anti-Competition Measures - The central economic work conference highlighted the need to comprehensively address "involution" competition, indicating that "anti-involution" will be a significant policy topic in the second half of the year [4] - The Central Financial Committee's recent meeting called for the promotion of a unified national market and the regulation of low-price competition among enterprises [4] - Experts view the current wave of "anti-involution" policies as "Supply-Side Reform 2.0," aimed at addressing the negative effects of excessive competition on profitability and innovation [4][5] Group 3: Stabilizing Real Estate and Stock Markets - The goal of stabilizing the real estate and stock markets has been included in this year's government work report, with expectations for further policy deployment in the second half of the year [7] - Recent policies have focused on stabilizing expectations, activating demand, optimizing supply, and mitigating risks in the real estate market [7] - The stock market has shown significant improvement, with the Shanghai Composite Index surpassing 3500 points, indicating that it is no longer a major variable affecting policy decisions [7][8]

政策连续，兼顾长短 [Table_Authors] 黄汝南(分析师) ——2025 年 7 月政治局会议点评 本报告导读： 政策依旧留有后手，密切关注外部风险可能的反复和国内基本面的变化，以及"十五 五"规划中确定性的产业线索。 投资要点： [Table_Summary] 中共中央政治局 7 月 30 日召开会议，决定 2025 年 10 月召开中共 四中全会，研究制定"十五五"规划的建议，并分析研究当前经济形 势和部署下半年经济工作。总的来看有三个特征：一是对内外部形 势的判断相较 4 月政治局会议更加积极；二是强调政策连续性，下 半年有望迎来"适时加力"的窗口期；三是适逢"十五五"规划起草在 即，政策兼顾短期稳增长和长期促改革。与 2020 年 7 月政治局会 议对"十四五"的相关表述相比，亮点是增加了"推动人的全面发展、 全体人民共同富裕迈出坚实步伐"的表述，这与此前强调的"投资于 人"一脉相承。 从对下半年工作的具体部署来看，有以下几个亮点： huangrunan@gtht.com 登记编号 S0880523080001 证 券 研 究 宏观研究 /[Table_Date] 2025.07.30 20 ...

Economic Performance - The GDP growth rate for the first half of the year was recorded at 5.3%, with Q1 at 5.4% and Q2 at 5.2%[8] - Achieving the annual target growth rate of 5% is deemed feasible, with a projected 4.7% growth rate needed in the second half[8] Policy Direction - The meeting emphasized "enhancing flexibility and foresight" in policy implementation, indicating a proactive approach to potential external shocks[3] - Fiscal policy will focus on accelerating government bond issuance and improving fund utilization efficiency, while monetary policy aims to maintain ample liquidity and reduce overall financing costs[10] Market Stability - The government aims to prevent inflation from rising rapidly, with expectations for the price level to remain moderate and controllable throughout the year[4] - The focus on high-quality investment and structural tools in monetary policy suggests a cautious approach to broad interest rate cuts[12] Risk Management - Key risks include uncertainties surrounding US-China tariffs and the potential for slower export growth in Q3[6] - The meeting highlighted the need for systematic debt risk management, particularly regarding local government debt[15] Consumer and Investment Focus - Policies will prioritize stimulating domestic demand, with an emphasis on service consumption and improving living standards to support sustained consumption[13] - The government aims to invigorate private investment and ensure effective investment in key projects to support economic growth[14]

Group 1 - The meeting on July 30, 2025, decided to hold the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China in October 2025, focusing on the formulation of the "15th Five-Year Plan" [1] - The "15th Five-Year Plan" period is identified as a foundational stage for building a modern socialist country, emphasizing the need to adapt to challenges and opportunities [1][2] - The meeting reiterated the principle of "seeking progress while maintaining stability," aiming for coordinated fiscal, monetary, and industrial policies to avoid disjointed efforts [1][2] Group 2 - The meeting highlighted the importance of unleashing domestic demand potential, particularly in the context of weak external demand [2] - It emphasized the need for continuous reform and opening up to enhance high-quality development and structural dynamics [2][3] - The meeting underscored a "zero tolerance" approach to risks in key areas, ensuring social stability through comprehensive planning for livelihood security [2][3] Group 3 - The meeting acknowledged the profound changes in the global landscape, including geopolitical tensions and supply chain restructuring, alongside internal structural issues like local government debt and youth employment pressure [3] - It called for accelerating government bond issuance and improving fund utilization efficiency while maintaining a focus on key areas such as infrastructure and technology innovation [3] - The meeting stressed the importance of stabilizing employment, ensuring food security, and enhancing social assistance systems to improve overall resilience [3]