3月11日，十四届全国人大三次会议表决通过了关于政府工作报告的决议。 报告共分三个部分：一、2024年工作回顾；二、2025年经济社会发展总体要求和政策取向；三、2025年 政府工作任务。 报告指出，今年发展主要预期目标是：国内生产总值增长5%左右；城镇调查失业率5.5%左右，城镇新增 就业1200万人以上；居民消费价格涨幅2%左右；居民收入增长和经济增长同步；国际收支保持基本平 衡；粮食产量1.4万亿斤左右；单位国内生产总值能耗降低3%左右，生态环境质量持续改善。 政府工作报告 ——2025年3月5日在第十四届全国人民代表大会第三次会议上 国务院总理 李强 各位代表： 现在，我代表国务院，向大会报告政府工作，请予审议，并请全国政协委员提出意见。 一、2024年工作回顾 过去一年，我国发展历程很不平凡。党的二十届三中全会胜利召开，对进一步全面深化改革、推进中国式 现代化作出部署。我们隆重庆祝中华人民共和国成立75周年，极大激发了全国各族人民的爱国热情和奋斗 精神。一年来，面对外部压力加大、内部困难增多的复杂严峻形势，在以习近平同志为核心的党中央坚强 领导下，全国各族人民砥砺奋进、攻坚克难，经济运行总体平稳、稳 ...

Investment Rating - The report maintains an investment rating of "Positive" for the building materials industry [1]. Core Insights - The recovery of the construction materials industry is underway, with a focus on high-quality development. The government emphasizes the importance of stabilizing the real estate market and improving building material quality standards, which is expected to benefit leading companies in the sector [2]. - As of March 5, 2025, the funding availability rate for construction sites is 57.3%, with non-residential projects at 59.35% and residential projects at 47.1%. Cement sales are recovering, but adverse weather conditions are impacting demand [2]. - The report suggests that after the relaxation of real estate policies, there may be a marginal improvement in building material demand. Long-term positive outlooks are recommended for companies like Beixin Building Materials and Weixing New Materials, while short-term rebounds are suggested for companies like Dongfang Yuhong and Sankeshu [2]. Summary by Sections Industry Data - The funding availability rates for construction projects indicate a gradual recovery, with non-residential projects showing stronger performance compared to residential projects [2]. - Cement companies are actively increasing prices despite a still cautious demand outlook, supported by significant production cuts in various provinces [2]. Market Trends - The glass processing sector is experiencing slow operational recovery, with prices for float glass declining. The market atmosphere remains subdued, leading to increased inventory levels [2]. - The fiberglass market shows stable pricing trends, with electronic yarn prices stabilizing after previous increases. The overall market for fiberglass remains mixed, with some companies performing better than others [2]. Investment Recommendations - The report recommends a long-term positive outlook for consumer-end companies and suggests monitoring business-to-business companies for potential rebounds in demand [2].

Core Viewpoint - The government work report emphasizes the importance of high-quality development as the primary task for 2024, with Luoyang City targeting a GDP growth of 6.8% and leading economic indicators in Henan Province [1] Group 1: Economic Development - Luoyang City aims to maintain a focus on quality first, innovation-driven growth, and standard leadership to create new growth points [1] - The city is actively building a modern industrial system to enhance industrial carrying capacity and stimulate enterprise potential, thereby expanding market share [1] Group 2: High-Level Opening Up - Luoyang is seeking breakthroughs in high-level opening up, focusing on developing hub economy, port economy, e-commerce economy, and exhibition economy [1] - The city promotes the sharing of the Central Plains Food Laboratory and encourages "food going abroad" initiatives [1] Group 3: Quality of Life - The city aims to set benchmarks for creating a high-quality life by ensuring high-quality food and employment, which guarantees basic livelihoods [1] - Efforts are being made to weave a comprehensive social security network through "big livelihood" and "small practical matters" [1] Group 4: Efficient Governance - Luoyang is establishing a governance model that integrates "Party building + grid + big data" to strengthen organizations, mitigate risks, and promote development [1] - The city is focused on reducing high costs and idle rates while building a foundation for a safe and harmonious society [1]

丨 来源：新华社客户端 2025-03-07 一对一协助排忧解难 深交所持续走访上市公司 上交所启动百家民营企业大调研 深入一线问计问需 切实推动解决实际问题 增强民企发展信心 近期，深交所持续走访调研上市公司，深入了解上市公司当前遇到的实际困难、问题和诉 求建议，针对性提供一对一"答疑解惑"，着力协助上市公司排忧解难，进一步支持上市公司更 好发展。 记者获悉，自2024年11月以来至目前，深交所已走访调研北京、上海、广东、浙江、江 苏、山东等地逾90家上市公司。汇川技术、德赛西威、三花智控等相关上市公司在与深交所交 流时表示，将好好把握来之不易的优势，保持战略定力，以实现更长远的发展目标，为投资者 创造更多价值。 走访调研中，深市上市公司介绍了近年来聚焦主业、深耕产业实现高质量发展的实践经 验，提出了在关键核心技术攻关、开辟发展新领域新赛道、塑造发展新动能新优势等方面存在 的问题和困难，还对如何利用资本市场推动自主创新、塑造发展新动能新优势提出意见建议。 不久前，德赛西威43.99亿元定增获证监会批文，是资本市场支持下加速产品智能化升级 的案例之一。"本次向特定对象发行股票有利于德赛西威通过有序的产能扩张提 ...

Economic Goals and Policy Adjustments - The economic target for this year is set at 5.0%, which is crucial under external tariff pressures[1] - The deficit ratio has been raised to 4.0%, indicating a need for increased policy support to meet the economic target[1] - Special bonds amounting to 4.4 trillion and 1.3 trillion in ultra-long special bonds are planned, with 500 billion allocated to supplement bank capital[3] Inflation and Supply Dynamics - The inflation target has been adjusted down to 2.0%, aligning more closely with realistic expectations rather than aiming for an increase[1] - Any potential upward movement in domestic commodities is likely to depend on supply-side factors, as confirmed by policy directions[3] Policy Implementation and Market Response - The past two years show a pattern of policy implementation: strong start in Q1, slowdown in Q2 and Q3, followed by acceleration in Q4[2] - The focus for the second quarter will be on whether the response is driven by reality or expectation management, particularly in light of tariff pressures[2] Long-term Development Focus - The emphasis remains on high-quality development, with the 2025 strategy confirming this direction despite current economic challenges[3] - The overall leverage strategy indicates a central government expansion while local governments are expected to reduce leverage, maintaining a stable leverage environment[3]

Economic Goals and Policy Adjustments - The economic target for this year is set at 5.0%, which is crucial under external tariff pressures[1] - The deficit ratio has been raised to 4.0%, indicating a need for increased policy support to meet the economic target[1] - Special bonds amounting to 4.4 trillion and 1.3 trillion in ultra-long special bonds are planned, with 500 billion allocated to supplement bank capital[3] Fiscal and Monetary Policy Dynamics - The issuance of local special bonds is expected to be 3.6 trillion, lower than last year's 3.9 trillion, reflecting a central government expansion and local government contraction in leverage[3] - The focus for the upcoming quarters will be on the pace of policy implementation, with a pattern of strong Q1 performance followed by a slowdown in Q2 and acceleration in Q4 observed over the past two years[2] - The inflation target has been adjusted down to 2.0%, aligning more closely with realistic expectations rather than aiming for aggressive increases[1] Supply-Side Dependence - The upward trend in domestic commodities is primarily reliant on supply-side factors, which have received policy confirmation[1] - The core of the policy analysis indicates a continued focus on high-quality development through 2025, with the current measures reflecting last year's political meeting's spirit[3] - Without comprehensive leverage increases, domestic demand may not significantly drive prices, maintaining a supply-side logic path[3]

Economic Performance - In 2024, China's GDP growth reached 5.0%, with the total economic output surpassing 130 trillion yuan for the first time[3] - The GDP growth in Q4 was 5.4%, accelerating by 0.8 percentage points compared to Q3[3] - Industrial added value increased by 5.7%, contributing 34.1% to economic growth, an increase of 12.7 percentage points[3] Sector Contributions - The service sector's added value grew by 5.0%, contributing 56.2% to economic growth, serving as a stabilizing force[3] - Domestic demand accounted for 69.7% of economic growth, highlighting its role as the main driver[3] - Net exports contributed 30.3% to economic growth, showing a significant improvement from the previous year[3] Emerging Industries - The share of high-tech manufacturing and equipment manufacturing in total industrial added value rose to 16.3% and 34.6%, respectively[4] - Notable growth in specific high-tech sectors included smart vehicle equipment (25.1%) and drones (53.5%)[4] Social Indicators - The urban unemployment rate averaged 5.1%, a decrease of 0.1 percentage points from the previous year[4] - Urban employment increased by 12.56 million, maintaining above 12 million for four consecutive years[4] - Per capita disposable income rose by 5.1%, with consumption expenditure also increasing by 5.1%[8] Food and Energy Security - In 2024, total grain production reached 1.413 trillion jin, marking the first time it exceeded 1.4 trillion jin[8] - Energy self-sufficiency remained above 80%, with coal production hitting a record 4.78 billion tons[8] Future Outlook - The economic growth forecast for 2025 is around 5%, with a stable foundation and strong potential for high-quality development[10] - The report highlights both opportunities and challenges for the upcoming year, emphasizing a favorable environment for growth[10]

持强劲的人口虹吸效应，城镇化水平不断提升。杭州人口增速呈放缓趋势，城镇化率仍在提升， 2022年末杭州常住人口1237.6万人，增量位居全省11个地级市之首。 文：任泽平团队 导读 党的二十大报告提出，"高质量发展是全面建设社会主义现代化国家的首要任务"。 高质量发展 是满足人民美好生活需要的内在要求，因此， 提升居民的幸福感指数，对于提升人民获得感和 幸福感、实现高质量发展的最终目的至关重要。我们在《中国十大最具幸福感城市2023》研究报告 中对全国除港澳台外的337个地级及以上城市幸福感指数进行了客观排名， 南京、杭州、长沙、合 肥、舟山、芜湖、苏州、宁波、大连、珠海位居前十。 根据我们构建的城市幸福感指数评价体系， 生态环境、经济环境、社会环境是影响居民幸福感的三个重要维度。幸福在哪里？哪里最幸福？ 摘要 NO1.南京：六朝古都，交通枢纽，教育资源丰富。 1）南京地处中国东部、长江下游，濒江近 海，气候宜居，地理位置优越，名胜古迹众多，城市绿化程度高。2）经济发展潜力巨大，人民物 质生活水平不断提高，2022年，南京市人均GDP17.9万元，居全国第六、中国省会城市第一。3） 交通便利，公共基础设施完备 ...

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence and communication through an online collective reception day event in 2025 [1][10]. Core Points and Arguments - The event is organized by the **Jilin Securities Association** in collaboration with **Shenzhen Panorama Network Co., Ltd.**, aimed at improving the intellectual level of listed companies in the Jilin region and establishing a good communication mechanism between companies and investors [1][10]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event utilized internet virtual space for face-to-face communication, allowing investors to gain a comprehensive understanding of the participating companies [3][10]. - A total of **872 questions** were answered by company representatives during the event, indicating a strong interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The event emphasized the importance of maintaining open channels for communication between listed companies and investors, encouraging ongoing dialogue even after the event concludes [10]. - The initiative reflects a broader trend in the industry towards enhancing transparency and responsiveness to investor inquiries, which is crucial for building trust and confidence in the market [1][10].

Summary of the Conference Call Industry or Company Involved - The conference call pertains to the **Jilin Province listed companies** and their efforts to enhance investor confidence and communication through an online event organized by the **Jilin Securities Association** and **Shenzhen Panorama Network Co., Ltd** [1][10]. Core Points and Arguments - The event titled **"Promoting High-Quality Development to Boost Investor Confidence 2025"** aims to improve the intellectual level of listed companies in Jilin and establish a good communication mechanism between companies and investors [1]. - High-level executives from various listed companies, including chairpersons, general managers, financial directors, and board secretaries, participated in the online interaction with investors, addressing concerns regarding the **2024 annual reports**, risk prevention, investor protection, and sustainable development [1][10]. - The event facilitated a total of **872 questions** answered by company representatives, showcasing effective interaction between listed companies and investors [10]. Other Important but Possibly Overlooked Content - The online format of the event allows for a more comprehensive understanding of the participating companies by investors, leveraging the advantages of internet-based face-to-face communication [3]. - Continuous communication channels will remain open post-event, allowing investors to raise further inquiries through the Panorama Network's platform [10]. - The list of participating companies includes notable names such as **Jilin Communication, Jilin Aodong, Jilin High-Speed, and others**, indicating a diverse representation from the Jilin province [2].