贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 贾东旭 政策跟踪 一、 国务院关税税则委员会：对原产于美国的进口商品加征关税 4月4日，国务院关税税则委员会公告称，对原产于美国的进口商品加征关税。具体地，对原产于美国的 所有进口商品，在现行适用关税税率基础上加征34%关税；现行保税、减免税政策不变，此次加征的关税不 予减免。同日，商务部新闻发言人称，美方征收所谓"对等关税"，严重违反世贸组织规则，严重损害世贸组 织成员正当合法权益，严重破坏以规则为基础的多边贸易体制和国际经贸秩序，是典型的单边霸凌做法，危 害全球经贸秩序稳定。中方对此坚决反对。且商务部会同海关总署发布关于对钐、钆、铽、镝、镥、钪、钇 等7类中重稀土相关物项实施出口管制措施的公告。 二、 国务院：建立健全涉企收费长效监管机制 国务院办公厅印发《关于建立健全涉企收费长效监管机制的指导意见》，涉企收费监管更加规范化。 《指导意见》着力健全涉企收费监管制度，加大违规收费治理力度，强化防治、常治、惩治、根治，提出7 方面重点任务：一是健全涉企收费目录清单制度，要求各部门、各省份建立涉企收费目录清单，二是完善涉 企收费政策评估审核工作机制，对新出台 ...

Group 1: US-China Trade Tensions - The US has imposed a 34% "reciprocal tariff" on Chinese goods as of April 2, leading to a cumulative tariff rate of approximately 65% on Chinese imports [1] - In response, China announced on April 4 that it would impose a 34% tariff on all imports from the US, effective April 10 [1] - China has also implemented export controls on seven categories of rare earth elements and has placed 16 US companies on an export control list [1] Group 2: Recent Policy Developments - On April 3, the Chinese government issued opinions on improving price governance mechanisms, emphasizing market-driven pricing in sectors like energy and transportation [2] - The China Securities Regulatory Commission released a draft for revised regulations on securities investment fund custody, aiming to enhance entry requirements and risk management [2][12] - The National Financial Regulatory Administration introduced a plan to boost technology finance, including increasing the weight of tech finance indicators in internal performance assessments [2][8] Group 3: Personnel Changes - On April 2, Shi Taifeng, a member of the Political Bureau of the Central Committee, was reported to have been appointed as the Minister of the Central Organization Department [3]

// 债市综述 // 1.公开市场操作 央行4月3日以固定利率、数量招标方式开展了2234亿元7天期逆回购操作，操作利率1.50%，投标量2234亿元，中标量2234亿元。Wind数据显示，当日 2185亿元逆回购到期，据此计算，单日净投放49亿元。 （*数据来源：Wind-央行动态PBOC） 2.资金面 资金面持续宽松，存款类机构隔夜和七天质押式回购利率双双下滑逾10个bp，创下阶段新低。 海外方面，最新美国隔夜融资担保利率为4.39%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.8%附近，较上日明显下行。 （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债集体大幅下行。 | | 1Y | | 2Y | | 3V | | ટેમ | | 74 | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.4800 ▼5.75 | 37 | 1.4850 ▼7.50 ...

Core Viewpoint - The recent issuance of the "Opinions on Improving the Price Governance Mechanism" by the Central Committee and the State Council aims to deepen price reform and enhance the price governance mechanism, which is essential for improving resource allocation efficiency and macroeconomic governance during the high-quality development phase [1]. Group 1: Price Governance Mechanism - The price governance mechanism is crucial for resource allocation efficiency, impacting every transaction in daily life and ensuring a well-functioning market [1]. - Currently, 97.5% of commodity and service prices in China are determined by the market, with an average annual CPI increase of approximately 1.6%, indicating a well-structured government pricing mechanism that supports steady economic development [1]. Group 2: Key Tasks and Mechanisms - The "Opinions" outline key tasks including the establishment of four mechanisms: a market price formation mechanism, a price guidance mechanism for key sectors, a price regulation mechanism to maintain reasonable price levels, and a transparent market price supervision mechanism, along with strengthening the foundational capabilities of price governance [2]. - The emphasis is on allowing the market to determine prices wherever possible, which is expected to guide enterprises towards innovation and transformation [2]. Group 3: Regulation and Supervision - Price regulation is necessary, especially in public utilities and services, to ensure that prices remain within a reasonable range, addressing the direct impact on consumers and businesses [3]. - A transparent and predictable price supervision system is essential for maintaining market order and enhancing confidence among business entities, necessitating a comprehensive regulatory framework to prevent violations and promote fair competition [3].

研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | Jm2505 合约收于 1001.5，环比上一交易日收盘下跌 0.64%。J2505 合约收于 1636.5，环 比上一交易日收盘下跌 0.7%。昨日夜盘，Jm2505 合约收于 996.5，环比日盘收盘下降 | | | | | 0.5%，J2505 合约收于 1632.0，环比日盘收盘下降 0.27%. | | | | | 【重要资讯】 | | | | | 1、中办、国办印发《关于完善价格治理机制的意见》。《意见》提出，加快重点领域 | | | | | 市场建设。推进重要商品现货、期货市场建设，优化期货品种上市、交易、监管等规则， | | | | | 夯实市场形成价格的基础。有序发展油气、煤炭等交易市场。 | | | | | 2、当地时间 4 月 2 日，美国总统特朗普在白宫宣布对贸易伙伴征收所谓的"对等关税" | | | | | 措施。对中国实施 34%的对等关税 ...

Group 1: Core Views - The release of the "Opinions on Improving Price Governance Mechanism" aims to enhance market price formation, innovation in price guidance, and optimization of price regulation mechanisms to establish a high-level price governance system [1] - The goal is to improve resource allocation efficiency and enhance macroeconomic governance by refining the price governance mechanism [1][2] Group 2: Price Stability and Macro Control - Maintaining reasonable price levels is a key objective of macroeconomic regulation, with a target inflation rate of around 2% set for 2025 [2] - The "Opinions" emphasize the need for coordinated efforts between price policies and other macroeconomic policies such as fiscal, monetary, and employment policies to enhance price control effectiveness [2][3] Group 3: Market-oriented Price Reform - The "Opinions" call for deepening market-oriented price reforms in various sectors, including electricity and natural gas, and establishing a market-based pricing mechanism for essential goods and services [4][5] - The current marketization level of commodity and service prices in China has reached 97.5% [5] Group 4: Agricultural Price Policies - The "Opinions" propose to improve agricultural price policies to ensure stable and safe supply of essential agricultural products, including the establishment of a coordinated mechanism for prices, subsidies, and insurance [7][8] - The focus is on ensuring that farmers' incomes are protected while allowing market mechanisms to play a larger role in price formation [8] Group 5: Public Utility Pricing Mechanism - The "Opinions" outline the need to clarify the boundaries between government investment and user payment in public utilities, ensuring fair pricing and cost recovery [9][10] - The aim is to optimize pricing structures for public services, including water, electricity, and gas, while considering the affordability for the public [10][11]

Core Viewpoint - The article discusses the issuance of the "Opinions on Improving Price Governance Mechanism" by the Central Committee and the State Council, aiming to deepen price reform and enhance the price governance mechanism in China. Group 1: Key Points of the Opinions - The direction of reform adheres to the socialist market economy, allowing the market to determine prices where possible, facilitating the efficient flow of high-quality production factors, and effectively serving the construction of a unified national market [2][5] - The opinions emphasize the need to improve the pricing mechanism for refined oil, deepen the market-oriented reform of natural gas prices, and accelerate the establishment of a coal market pricing mechanism [2][3] - It calls for the development of important commodity spot and futures markets, optimizing rules for futures listing, trading, and regulation, and solidifying the foundation for market price formation [3][4] Group 2: Price Regulation and Monitoring - The opinions propose to abolish price policies that hinder the construction of a unified national market and fair competition, preventing inappropriate government intervention in price formation [4][10] - It emphasizes the need for a transparent and predictable market price regulation mechanism, enhancing the supervision of market price behavior and maintaining market order [13][27] - The article highlights the importance of strengthening anti-monopoly regulation and enforcement to prevent and curb monopolistic behaviors in key sectors such as transportation, tourism, and education [4][9] Group 3: Agricultural and Energy Pricing Policies - The opinions outline the need to improve agricultural pricing policies to ensure stable and safe supply of food and important agricultural products, including mechanisms for price, subsidies, and insurance [3][23] - It also emphasizes the establishment of pricing policies that promote green and low-carbon transformation in energy, including mechanisms for natural gas power generation and energy storage [6][24] Group 4: Public Services and Digital Economy - The opinions call for the establishment of pricing policies for public services to ensure equitable access, including government-guided pricing for basic services in public and private institutions [4][24] - It highlights the need for innovative pricing policies for public data to facilitate the safe and efficient development of the digital economy [25][11] Group 5: Implementation and Coordination - The article stresses the importance of inter-departmental coordination and collaboration to effectively implement the opinions, ensuring that various tasks are clearly defined and executed [15][30] - It also mentions the need for a robust price monitoring and early warning system to enhance the timeliness and relevance of price monitoring [28][29]

新华社北京4月2日电 中共中央办公厅 国务院办公厅关于完善价格治理机制的意见 （2024年12月5日） 价格治理是宏观经济治理的重要内容。为进一步深化价格改革，完善价格治理机制，经党中央、国务院同意， 现提出如下意见。 一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精神，完整 准确全面贯彻新发展理念，坚持以人民为中心的发展思想，坚持稳中求进工作总基调，围绕充分发挥市场在资 源配置中的决定性作用、更好发挥政府作用，健全市场价格形成机制，创新价格引导机制，完善价格调控机 制，优化市场价格监管机制，加快构建市场有效、调控有度、监管科学的高水平价格治理机制，提高资源配置 效率，提升宏观经济治理水平，更好服务中国式现代化建设。 工作中要做到：坚持社会主义市场经济改革方向，能由市场形成价格的都交给市场，促进先进优质生产要素高 效顺畅流动，有效服务全国统一大市场建设。坚持系统观念、综合施策，统筹国内国际两个市场两种资源，兼 顾上下游各环节，强化各领域改革协同联动，实现价格合理形成、利益协调共享、民生有效保障、监管高效透 明。坚持问题导向、改革创新，聚焦重点领域和关键环节 ...