中国银河证券|CGS 全景东盟双周报（2025 年第 5 期） : "黄金签证"助力制度型开放实践 首席经济学家：章俊 www.chinastock.com.cn 证券研究报告 "黄金签证"助力制度型开放实践 2025年7月4日 核心观点 分析师 章俊 首席经济学家 ☎：010-8092 8096 网: zhangjun_yj@chinastock.com.cn 分析师登记编码：S0130523070003 研究助理 请务必阅读正文最后的中国银河证券股份有限公司免责声明 全景东盟双周报 刘小逸 网: liuxiaoyi_yj@chinastock.com.cn 田冀霖 网: tianjilin_yj@chinastock.com.cn 风险提示 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 随着美国"对等关税"90天暂缓期进入最后倒计时(7月9日),东南亚地区 ● 超 30%的平均加征税率生效在即。区域内国家正采取"多线并进"的应对方 案:在贸易端加速"窗口期"出口冲刺,马来西亚单月对美出口额增长超四成; 在外交层面稳步推进对华经贸合作并密集开展对美游说与协商,争取在暂缓 期内签订关税协议,其中,越 ...

Economic News - The Ministry of Commerce aims to fully release the dividends of institutional opening-up by promoting pilot measures that meet the urgent needs of enterprises and the public, with a total of 77 pilot measures to be replicated nationwide [2] - The Ministry of Industry and Information Technology will intensify efforts to rectify disorderly competition in the photovoltaic industry, requiring companies to report cost prices and warning of penalties for selling below cost [2] - The State Taxation Administration reported that tax reductions and refunds for technological innovation and manufacturing reached 636.1 billion yuan in the first five months of the year [2] - The National Development and Reform Commission has completed the annual central investment allocation for the water conservancy sector by the end of June, increasing support for various water projects [2] Company News - Seres Group announced that its AITO Wenjie automobile has achieved cumulative deliveries of 700,000 units [6] - Yanghe Distillery is focusing on low-alcohol products to align with trends towards youthfulness and lower alcohol content [6] - Fuyuan Pharmaceutical received a drug registration certificate for a local anesthetic cream, indicating progress in its product pipeline [6] - Samsung Medical's subsidiary was recommended as a candidate for a major tender project worth approximately 306 million yuan [6] - Whirlpool expects a significant increase in net profit for the first half of 2025, projecting a rise of about 559% year-on-year [6] Industry Research - The solid-state battery industry is accelerating, with major lithium battery companies announcing advancements in solid-state battery technology, aiming for higher energy densities and improved safety [18][19] - Solid-state batteries are expected to benefit from new application fields, particularly in eVTOL and humanoid robots, due to their superior performance compared to traditional lithium batteries [19] - The solid-state battery supply chain is gaining attention, with government support and industry advancements pushing the technology towards commercialization [19][21] - The mainstream development direction for solid-state batteries is the sulfide solid electrolyte system, which is favored for its high ionic conductivity and stability [20] - Investment opportunities are emerging in companies with leading solid-state battery technology and those involved in the supply chain, such as Guoxuan High-Tech and relevant material manufacturers [21][22]

Core Viewpoint - The press conference highlighted the achievements and progress of the China (Shanghai) Free Trade Pilot Zone in aligning with international high-standard economic and trade rules, emphasizing the implementation of 80 pilot measures to enhance trade and investment facilitation, digital trade innovation, and institutional reforms [1][3]. Group 1: Trade and Investment Facilitation - Trade and investment facilitation has been further enhanced, with a focus on shipping convenience, resulting in a 50% reduction in overall operation time for goods transiting through Yangshan Port, increasing the international transshipment cargo proportion from 12.6% to 18.6%, and achieving the top ranking in global container port performance [3]. - A total of 179,000 free trade accounts have been opened, and 169 multinational corporate cross-border cash pools have been established to better meet the needs of enterprises for centralized cross-border fund operations [3]. - Customs clearance has been improved with a simplified labeling policy for alcoholic beverages, effectively reducing costs for enterprises [4]. Group 2: Digital Trade Innovation - Digital trade innovation has accelerated, with upgrades to the international trade "single window" data exchange system and the completion of a pilot program with Singapore for "one-time declaration, bilateral customs clearance," enabling intelligent conversion and sharing of enterprise declaration data [4]. - A cross-border electronic invoice interoperability platform has been developed, with successful verification tests between enterprises in Shanghai, Singapore, and Japan [4]. - A negative list for cross-border data flow management has been established in key sectors such as finance, trade, and shipping, along with the creation of a cross-border data service center in the Shanghai Free Trade Zone to provide one-stop services [4]. Group 3: Institutional Reforms - Institutional reforms have deepened, focusing on government procurement reform, with over 2,200 procurement projects adopting new rules and more than 1,000 projects publishing bilingual announcements [4]. - Labor rights protection has been enhanced through the establishment of a team of certified labor legal supervisors and a one-stop labor and personnel service platform [4]. Group 4: Open Policy Benefits - The benefits of institutional opening have been further released, with the establishment of an international reinsurance trading center attracting 26 domestic and foreign insurance companies, leading to a breakthrough in reinsurance underwriting capacity and a registered premium outflow exceeding 130 billion yuan [5]. - The local regulation "Shanghai Municipal Regulations on Promoting Bonded Maintenance in Pudong New Area" has been introduced to foster innovation and growth in the bonded maintenance sector, with the bonded maintenance import and export scale in Shanghai exceeding 120 billion yuan in 2024, marking a year-on-year increase of 73.9% [6].

Core Viewpoint - The Chinese government is advancing the comprehensive alignment of the Shanghai Free Trade Zone with international high-standard economic and trade rules, aiming to enhance institutional openness and promote high-quality economic development [1][2][3]. Group 1: Policy and Implementation - The State Council has issued a notification to promote the replication of successful pilot measures from the Shanghai Free Trade Zone to a broader scope, with 77 measures identified for this purpose [3][4]. - The initiative reflects China's commitment to maintaining a multilateral trade system and enhancing the business environment [2][3]. Group 2: Key Measures and Areas of Focus - The 77 measures focus on seven key areas, including: 1. Accelerating the opening of service trade with 8 measures, such as optimizing cross-border capital management [3][4]. 2. Enhancing the liberalization and facilitation of goods trade with 12 measures, including optimizing international transit operations [3][4]. 3. Implementing high-standard digital trade rules with 15 measures, such as establishing a negative list for data export [3][4]. 4. Strengthening intellectual property protection with 8 measures, including standardizing trademark registration processes [3][4]. 5. Reforming government procurement with 15 measures, focusing on increasing transparency [4]. 6. Promoting "post-border" management reforms with 13 measures, including improving labor relations [4]. 7. Enhancing risk prevention systems with 6 measures, such as establishing risk warning systems [4]. Group 3: Future Directions - The Ministry of Commerce will work with local governments and departments to implement these measures effectively, focusing on the needs of enterprises and the public [4].

商务部部长助理唐文弘7月4日在国务院政策例行吹风会上表示，为用好上海自贸试验区制度型开放试点 经验，在更大范围释放制度创新红利，以高水平开放推动深层次改革、高质量发展，经过充分评估论 证，国务院印发了《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高水平制度型开放试点 措施复制推广工作的通知》，将试点成熟、成效显著、风险可控的77条试点措施向更大范围复制推广。 其中，34条复制推广到其他自贸试验区，43条复制推广到全国。77条措施主要聚焦7个方面： 一是加快服务贸易扩大开放，包括8条措施。优化跨国公司跨境资金集中运营管理政策等4条推广到其他 自贸试验区，推进电子支付跨境应用等4条推广到全国。 二是提升货物贸易自由化便利化水平，包括12条措施。优化国际中转集拼平台运作模式等8条措施推广 到其他自贸试验区，鼓励采信商用密码检测认证结果等4条推广到全国。 三是率先实施高标准数字贸易规则，包括15条措施。制定数据出境负面清单等5条推广到其他自贸试验 区，实施数据安全管理认证制度等10条推广到全国。 五是推进政府采购领域改革，包括15条措施。提高有限竞争项目信息透明度等13条推广到其他自贸试验 区，提升采购平台数 ...

Core Viewpoint - The State Council has issued a notice to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, which have shown maturity, effectiveness, and controllable risks, to a broader scope [1] Group 1: Overview of Measures - Among the 77 pilot measures, 34 will be promoted to other free trade zones, while 43 will be implemented nationwide [1] - The measures focus on seven areas: 8 measures in service trade, 12 in goods trade, 15 in digital trade, 8 in intellectual property protection, 15 in government procurement, 13 in "post-border" management system reform, and 6 in risk prevention system construction [1] Group 2: Implementation Strategy - The Ministry of Commerce will work with local governments and departments to implement the decisions of the Central Committee and the State Council, ensuring that the pilot measures meet the urgent needs of enterprises and the public [1] - The goal is to promote compatibility in rules, regulations, management, and standards on a larger scale, thereby fully unleashing the dividends of institutional openness [1]

商务部部长助理唐文弘在国务院政策例行吹风会上表示，复制推广上海自贸试验区制度型开放试点经 验，是以开放促改革、促发展的有力举措，也是以开放促合作、促共赢的实际行动。唐文弘提到，本次 复制推广的试点举措中，除了贸易、投资等领域措施外，还包括知识产权保护、政府采购改革，劳动者 权益保护、国有企业改革、环境保护等领域措施，占全部复制推广试点举措数量的比重近一半。"这些 措施将有力推动相关领域深化改革，打造透明、稳定、可预期的制度环境。"唐文弘称。(人民财讯) ...

商务部：重点推进企业、群众急需的试点举措落地见效 释放制度型开放红利 智通财经7月4日电，商务部部长助理唐文弘7月4日在国务院政策例行吹风会上表示，商务部将重点推进 企业和群众急需的试点举措落地见效，在更大范围内推动规则规制、管理标准相通相融，充分释放制度 型开放红利。《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高水平制度型开放试点措施 复制推广工作的通知》近日对外发布。《通知》明确将向全国或其他自贸试验区复制推广总计77条试点 措施，涵盖服务贸易、货物贸易、数字贸易、知识产权保护、政府采购改革、"边境后"管理制度改革、 风险防控等7个方面。 ...

Core Viewpoint - China's foreign trade has shown a clear upward trend in the first half of the year despite multiple pressures, with cumulative import and export growth gradually increasing from a decline of 1.2% in the first two months to 2.5% in the first five months [1] Group 1: Economic Performance - In the first quarter, the growth rate of imports and exports turned positive, reaching 2.4% in the first four months [1] - The positive performance is supported by factors such as better-than-expected exports, optimized trade structure, and effective policies [1] Group 2: Challenges Ahead - Despite the positive trends, significant pressures remain, particularly from the uncertain trade policies of the United States, which could impact China's exports [1][2] - The global economic growth momentum is weakening, leading to a slowdown in external demand that further compresses China's export space [1] Group 3: Strategic Responses - China is leveraging its advantages in product structure and trade networks to withstand external shocks, with a clear trend towards high value-added and high-tech products [2] - The diversification of markets is accelerating, with increasing trade with emerging and developing economies contributing to foreign trade growth [2] - The government is actively implementing measures to enhance the foreign trade environment and improve enterprise competitiveness [2] Group 4: Policy Impact - A series of high-level institutional opening measures are being introduced to counter external uncertainties, including the expansion of cross-border e-commerce pilot zones [2] - The Ministry of Commerce plans to assist more enterprises in integrating foreign and domestic trade operations, with over 330 foreign trade promotional events scheduled for the second half of the year [2][3] Group 5: Future Outlook - As policy effects gradually manifest, the vitality of China's foreign trade is expected to strengthen [3] - A recent HSBC survey indicates that global companies are adjusting their trade strategies, with China being the most favored market for increasing trade [3] - China's reliance on its full industrial chain advantages and optimized product and market structures is anticipated to create new comparative advantages and growth spaces [3]

Core Viewpoint - The State Council of China has announced the replication and promotion of 77 pilot measures aimed at aligning with international high-standard economic and trade rules, covering various sectors including service trade and goods trade [1][3]. Group 1: Pilot Measures Overview - The 77 pilot measures will be replicated and promoted across a broader scope, encompassing seven major areas: service trade, goods trade, digital trade, and intellectual property, among others [3]. - The measures are designed to address both traditional topics such as trade and investment, as well as new issues including intellectual property protection, environmental standards, labor protection, state-owned enterprise reform, government procurement, digital trade, and finance [5]. Group 2: Implementation Strategy - The replication and promotion of these measures will occur in two tiers: some will be implemented nationwide, while others will be limited to free trade zones [5]. - Local regions and departments are instructed to balance openness and security, ensuring that risk prevention measures are in place while implementing these initiatives [5]. Group 3: Expected Outcomes - The pilot measures are expected to significantly lower institutional transaction costs and yield positive economic and social effects [5]. - The replication of these measures is anticipated to enhance market vitality by addressing areas with strong demand for reform, such as intellectual property and digital cross-border flows [7].