Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The Politburo meeting set the tone for the second - half macro - policies and clarified the strategic claims and development ideas during the 15th Five - Year Plan period. Policies will continue to exert force and release policy effects. The strategy emphasizes expanding domestic demand, stabilizing growth, and promoting reform while maintaining stability and progress [2]. - The "anti - involution" market is expected to continue, with a more market - oriented implementation in the industry. The meeting's policies on optimizing market competition order and capacity governance are related to the "anti - involution" concept [3][4]. - The conclusion of the China - US Stockholm talks and the Politburo meeting have a short - term positive impact on the capital market, increasing risk appetite, benefiting risky assets such as stocks, slightly raising the RMB exchange rate, and helping commodity prices regain an upward trend. However, long - term caution is still needed [5]. 3. Summary by Related Content Macro - policy Summary - **Total policies**: Fiscal policy will be more active, accelerating government bond issuance and use, boosting consumption, and promoting high - quality "two major" construction. Monetary policy will be moderately loose to lower financing costs. There is no need for ultra - expected policies for now, and a certain interest - rate cut expectation has formed in the market [3]. - **Structural policies**: Structural monetary policy tools focus on science and technology innovation, consumption boosting, small and micro enterprises, and stable foreign trade. Reform - promoting policies emphasize developing new - quality productivity through science and technology innovation, building a unified national market, and optimizing market competition order [3]. Impact on the "Anti - Involution" Market - Although the term "anti - involution" is not directly mentioned in the meeting announcement, relevant concepts such as optimizing market competition order and capacity governance are reflected. The "anti - involution" market is expected to further develop in the capital market, and its implementation in the industry will be more market - oriented [4]. China - US Talks and Market Impact - The 90 - day extension of the China - US talks is a "fragile cease - fire", reducing short - term market uncertainty. There are still fundamental differences between China and the US in many aspects. In the short term, it is beneficial to the capital market, but long - term risks remain [4][5].

Core Points - The meeting emphasized the importance of understanding and implementing the essence of Xi Jinping's important articles on deepening reforms and maintaining the "two unwavering" principles [1][2] - The city aims to create a leading advantage in key areas of reform and achieve nationally influential reform outcomes [1] Group 1: Urban Infrastructure and Services - The city will accelerate the integration reform of urban water supply, gas supply, and central heating to enhance supply capacity and safety [2] - There will be a focus on improving the rural comprehensive reform to increase collective income and promote modern agricultural development [2] Group 2: Market and Economic Development - The city plans to implement the basic requirements for building a unified national market, emphasizing cross-border e-commerce and deep integration with industrial chains [2] - Efforts will be made to enhance the business environment through comprehensive reforms, aiming for a market-oriented, law-based, and internationalized top-tier business environment [2] Group 3: Health and Education - Continuous deepening of the healthcare system reform will be pursued to promote the coordinated development of medical services, insurance, and pharmaceuticals [2] - The city will advance the integration of education, technology, and talent mechanisms to foster high-level innovation for quality development [2]

Core Points - The "Private Economy Promotion Law" officially took effect on May 20, marking a significant legislative step for the development of private enterprises in China [1] - The law emphasizes the importance of the private economy as a driving force for modernization, upgrading its status from a component of the socialist market economy to a vital contributor [1] - As of the end of March, there are over 57 million registered private enterprises in China, accounting for 92.3% of the total number of enterprises [1] Group 1 - The law introduces several firsts, including the formal inclusion of the principle of "two unwavering commitments" and the definition of the private economy as a key force in advancing Chinese-style modernization [1] - The law has generated positive responses from the entrepreneurial community, addressing specific concerns such as prohibiting the abuse of power for economic interests and enhancing legal protections for private enterprises and their owners [2] - The law aims to create a favorable business environment by establishing effective communication mechanisms between government and enterprises, ensuring that the voices of private economic organizations are heard [2] Group 2 - The successful implementation of the law is crucial for its effectiveness, requiring efficient execution and precise safeguards to ensure that the benefits of the policy are fully realized [2]

本文字数：1615，阅读时长大约3分钟 作者 | 第一财经 祝嫣然 2025.05. 20 民营经济促进法规定，金融机构在依法合规前提下，按照市场化、可持续发展原则开发和提供适合民 营经济特点的金融产品和服务，为资信良好的民营经济组织融资提供便利条件，增强信贷供给、贷款 周期与民营经济组织融资需求、资金使用周期的适配性。 民营经济促进法还从多方面赋能民营经济高质量发展，支持民营经济组织科技创新。明确支持有能力 的民营经济组织牵头承担国家重点技术攻关任务，向民营经济组织开放国家重大科研基础设施，对提 供技术创新服务、发挥数据赋能作用、加强技术应用与合作、鼓励人才培养使用、强化知识产权保护 等作出规定。 在加强权益保护方面，民营经济促进法强调民营经济组织及其经营者的人身权利、财产权利以及经营 自主权等合法权益受法律保护。 5月20日，备受市场关注的《中华人民共和国民营经济促进法》正式施行。这在我国民营经济发展史 上具有里程碑意义。 这部法律共9章78条，围绕公平竞争、投资融资促进、科技创新、规范经营、服务保障、权益保护等 方面建立完善相关制度机制，全力优环境、疏堵点、破壁垒、解难题。 作为我国第一部专门关于民营经 ...

Group 1 - The "Private Economy Promotion Law" was passed on April 30 and will take effect on May 20, 2025, marking a significant step in supporting the private economy in China [1][2] - The law establishes the legal status of the private economy and emphasizes the importance of promoting its sustainable, healthy, and high-quality development as a major national policy [1][2] - The private economy contributes significantly to China's economy, accounting for 60% of tax revenue, 60% of GDP, 90% of technological innovations, 90% of employment, and 96.4% of the total number of enterprises [2] Group 2 - The law consists of 9 chapters and 78 articles, focusing on fair competition, investment promotion, technological innovation, operational norms, service guarantees, and rights protection [2] - The implementation of the law aims to create a stable, fair, transparent, and predictable development environment for the private economy, which is crucial for its growth [2] - Shenzhen, known as the "capital of private economy," is expected to benefit significantly from the law, with hopes that local enterprises will seize opportunities for national industrial development [3]

2025.05. 08 本文字数：2385，阅读时长大约4分钟 导读 ：民营经济促进法全文贯穿了平等对待、公平竞争、同等保护、共同发展的原则。 民营经济促进法积极回应民营企业关切，作出针对性制度安排。在公平参与市场竞争方面，法律规 定，国家实行全国统一的市场准入负面清单制度，落实公平竞争审查制度，保障"非禁即入"。平等使 用生产要素方面，法律规定，国家保障民营经济组织依法平等使用资金、技术、人力资源、数据、土 地等要素和公共服务资源，做到"一视同仁"。 关于备受民营企业关注的市场准入问题，郑备表示，民营经济促进法全文贯穿了平等对待、公平竞 争、同等保护、共同发展的原则，不仅在总则，而且在公平竞争、投资融资促进、科技创新、法律责 任等章节中，都予以了充分体现。 作者 | 第一财经 祝嫣然 作为我国第一部专门关于民营经济发展的基础性法律，《中华人民共和国民营经济促进法》（下称民 营经济促进法）自今年5月20日起施行。 这部法律共9章78条，围绕公平竞争、投资融资促进、科技创新、规范经营、服务保障、权益保护等 方面建立完善相关制度机制，将党中央对民营经济平等对待、平等保护的要求落下来，持续优化稳 定、公平、透明、可 ...

Core Points - The National People's Congress passed the Private Economy Promotion Law, marking the first foundational law specifically for the development of the private economy in China, effective from May 20, 2025 [1] - The law emphasizes the dual commitment to support both public and private ownership, establishing a legal status for the private economy [1][8] - The law introduces a nationwide negative list for market access, allowing private enterprises to enter all sectors not listed, promoting fair competition [2][3] Group 1: Market Environment - The implementation of a unified negative list for market access is crucial for private enterprises to engage in economic activities and achieve fair competition [2] - The negative list has been reduced from 151 to 106 items since its full implementation in 2018, easing restrictions in various sectors such as healthcare and energy [3] - The law aims to create a fair market environment by breaking down barriers to entry, allowing capable private enterprises to participate in competitive sectors [4] Group 2: Legal Framework and Support - The Private Economy Promotion Law establishes the legal framework for private enterprises to participate in national major projects, enhancing their role and visibility [5] - The law includes provisions for encouraging private investment in strategic emerging industries and modernization of traditional sectors [4][5] - Legal protections for private enterprises are emphasized, providing a robust framework for their development and participation in the economy [9][10] Group 3: Expert Insights - Experts highlight that the law represents a milestone for the private economy, reinforcing the importance of private enterprises in high-quality economic development [7] - The law's principles include equal status, fair competition, and mutual cooperation, which are essential for ensuring that private enterprises can effectively compete and thrive [8] - The law is seen as a "legal backbone" for private enterprises, fostering an environment conducive to innovation and growth [10][11]

Core Points - The "Private Economy Promotion Law" is China's first foundational law specifically aimed at the development of the private economy, set to take effect on May 20, 2023, and is expected to stabilize expectations, boost confidence, and stimulate the development of the private economy [1][3] - The law incorporates key policies and practices from the central government regarding the private economy, emphasizing equal treatment, fair competition, and the protection of private enterprises [1][2] Group 1 - The law addresses key concerns of private enterprises by ensuring fair competition, improving the investment and financing environment, supporting technological innovation, and enhancing rights protection [2][4] - It establishes a legal framework that guarantees equal access to production factors and legal protection for various ownership types, promoting complementary advantages and common development [2][4] - The law includes specific provisions on market access, rights protection, and the resolution of payment arrears, thereby providing a robust legal basis for the protection of private enterprises [4][5] Group 2 - The law marks a significant shift by elevating previously scattered policies regarding the protection of private enterprises and entrepreneurs' rights into a dedicated legal framework, integrating it into the socialist legal system [3][5] - It aims to create a stable development environment for private enterprises, ensuring their fair participation in market competition and fostering the growth of private economic entities [3][4] - The law includes measures to prevent illegal administrative and criminal interventions in economic disputes, reflecting the government's commitment to supporting the private economy [5]

从政策到法律，这种转变体现了我国坚持和落实"两个毫不动摇"，依法平等保护各种所有制经济的决 心。以往优化营商环境多依靠政策推动，虽成效显著，但仍存在地区间、部门间执行效率不一的问题。 此次立法将具体服务要求法定化，让散落在各类、各地政策中的原则性规定得以统一，这种转变不仅加 强了制度刚性，更能通过法律责任倒逼提高执行效率。 当然，法律的生命在于实施，当前仍需以个案处罚通报和服务方式创新，让"服务保障"完成从纸面到现 实的跨越。但无论如何，民营经济促进法第六章已为政府的现代化、服务化转型定好基调，用务实管用 的条文回应企业关切、改善政商关系，为民营经济穿越周期波动保驾护航。 （文章来源：南方都市报） 过度检查一直是涉企执法的痼疾，时常出现类似于"某企业一年被检查百次"的新闻，涉及的问题包括： 检查主体多、项目多、频次高、过程不规范，企业迎检压力大，以至于无法保证正常生产活动的开展。 为解决这一问题，过去出台、修订了一系列政策规范，包括《企业公示信息抽查暂行办法》《关于严格 规范涉企行政检查的意见》等，而今写入民营经济促进法更是将"合理检查"上升到法治高度。第50条明 确，行政机关开展执法活动应当避免或者尽量减少 ...

中新社北京4月30日电 题：优化营商环境 中国民营经济促进法将释多重利好 利好二：回应痛点与难点。 民营经济是推进中国式现代化的生力军，也是中国高质量发展的重要基础。民营经济促进法通过针对 性、创新性的制度安排，进一步推动解决民营经济发展面临的诸多症结问题。 清华大学法学院教授张晨颖强调，民营经济发展受到融资难融资贵、市场准入以及公平竞争等诸多因素 的制约，要破解这些发展难题，需要进行统筹谋划、一体推进，制定民营经济促进法就是一项全面深入 的改革举措。 张晨颖举例说，在金融信贷资源方面，该法提出通过实施差异化政策、扩大贷款担保方式、推动构建完 善融资风险的市场化分担机制等手段，构建普惠性的融资支持等要素保障体系，提高为民营经济组织提 供金融服务的水平，破除民营企业融资难的问题，降低民营企业获得要素资源的成本，提升社会资源配 置效率。 中新社记者 刘亮 4月30日，十四届全国人大常委会第十五次会议表决通过《中华人民共和国民营经济促进法》，自5月20 日起施行。这是中国第一部专门关于民营经济发展的基础性法律，将优化民营企业营商环境，释放多重 利好。 利好一：第一次将"两个毫不动摇"写入法律。 民营经济促进法第一次 ...