Group 1 - The core viewpoint of the meeting is the recognition of the evolving characteristics of global industrial and supply chains, which are shifting towards "nearshoring," "localization," and "diversification" [1] - It is suggested that China will develop a parallel system of high-end core industrial chains with Europe and the United States, alongside a cross-sectional system of low-value-added basic industrial chains [1] - There is a recommendation to enhance policy coordination to attract more medium- to long-term capital into supply chain-related sectors, aiming to stabilize market expectations and strengthen market confidence to support enterprise development [1] Group 2 - The meeting emphasizes the need for increased national subsidy policies to stimulate consumption scenarios [1] - It is proposed that these subsidies could help drive down actual interest rates [1]

Core Viewpoint - The meeting organized by the China Securities Association on June 27, 2025, focused on the economic outlook for the second half of 2025 and the impact of global supply chain trends on the capital market [1] Economic Outlook - Over 70% of chief economists surveyed expect an increase in the year-on-year growth rates of CPI, PPI, and fixed asset investment in the third quarter of 2025 [1] - Experts recommend enhancing national subsidy policies to stimulate consumption and promote a decrease in real interest rates [1] Supply Chain Trends - The global supply chain is exhibiting characteristics of "nearshoring," "localization," and "diversification" [1] - It is anticipated that China will develop a parallel system of high-end core industrial chains with Europe and the United States, alongside a cross-system of low-value-added basic industrial chains [1] Policy Recommendations - Experts suggest strengthening policy coordination to guide more medium- and long-term funds into supply chain-related sectors, stabilizing market expectations, and enhancing market confidence to support enterprise development [1]