（文章来源：经济日报） 目前，今年"两重"建设项目清单8000亿元已全部下达完毕，中央预算内投资7350亿元已基本下达完毕， 为民间投资提供了有力支撑。服务消费正成为消费升级的主要方向，同时也带来新的投资机遇。扩大服 务消费、拓展消费场景，离不开民间资本的积极参与。 当前，我国人均资本存量与发达国家相比仍有较大差距，从前景看，我国在基础设施、产业升级、教 育、医疗、养老、托育等方面仍有巨大投资空间。前不久，国家发展改革委组织集中向民间资本新推介 项目3200余个、总投资超3万亿元。民间投资机制灵活、就业带动能力强、创新反应快，是释放内需潜 力的关键力量。接下来，还需进一步优化营商环境，以全国统一大市场建设降低制度成本，推动建立高 效工作机制，切实为民营企业纾困解难。多措并举激发民间投资活力，才能让民间资本愿投、敢投、会 投，更好赋能经济高质量发展。 江苏破除民营企业市场准入壁垒，鼓励其参与核电、风电、储能等竞争性基建领域投资；湖北发布面向 民间资本的投资项目清单，3年推介项目预计总投资7000亿元以上……民间投资是稳增长、调结构、促 就业的重要支撑力量。今年以来，各地精准施策，疏通民间投资堵点，有力提振了民营 ...

Core Viewpoint - The State Council has approved a pilot program for comprehensive reform of factor market-oriented allocation in ten regions, including Beijing's urban sub-center and key cities in southern Jiangsu, focusing on traditional factors like land, labor, and capital, as well as innovative factors like technology and data [1] Group 1: Market-Oriented Reform - The reform aims to break through entrenched interests and promote the construction of a unified national market, addressing local protectionism and market segmentation [1] - The initiative is seen as a crucial step in building a high-level socialist market economy, providing new momentum for high-quality economic and social development [1] Group 2: Resource Allocation and Market Efficiency - Emphasizing the importance of a large-scale market, the article advocates for a unified and competitive market system that facilitates the smooth flow of resources across regions and sectors [2] - The need to enhance the market's decisive role in resource allocation is highlighted, particularly in transforming technological factors into tangible productivity [2] Group 3: Active Market Engagement - The article stresses the importance of making the factor trading market more active and improving the price formation mechanism, which involves changing perceptions about resource limitations and the value of factors [3] - A specific example is provided with the Ningxia Hui Autonomous Region's initiative to create a comprehensive pilot for the grape and wine industry, addressing challenges in financing, circulation, and sales channels [3] Group 4: Challenges and Future Directions - The reform is acknowledged to be extensive and challenging, with a two-year pilot period aimed at overcoming systemic obstacles and accumulating experience for broader implementation [3] - Continuous exploration and detailed implementation are necessary to balance effective markets with proactive government roles, maximizing resource allocation efficiency [3]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - In Q3, the prices of treasury bond futures contracts declined overall, and the yields of treasury bond cash bonds fluctuated upward. The yield curve showed a bearish steepening trend. The Chinese economy in August was generally below market expectations, and there is a significant downward pressure on the year - on - year economic growth rate in Q4 due to the high base of the previous year. The central bank may cut the reserve requirement ratio and interest rates in Q4, and it is advisable to consider a strategy of buying treasury bond futures at low prices and conducting band operations [8][10][78] Summary by Directory 1. Disk Review - **Treasury Bond Futures Active Contract Trends**: In July and August, the strong continuous rise of the A - share market pushed up the risk appetite in the capital market, causing the prices of treasury bond futures contracts to decline overall. In September, the medium - and short - term varieties of the main treasury bond futures contracts fluctuated widely, while the main contract of the ultra - long - term 30 - year treasury bond futures continued to decline significantly [8] - **Treasury Bond Cash Bond Yield Trends**: The yield of treasury bond cash bonds hit a low in early January, over - anticipating the whole - year interest rate cut. After the central bank tightened the money market liquidity in January, the yield of treasury bonds rose in Q1. It slightly declined in late March and then quickly dropped in early April due to the US tariff increase news. Since July, the continuous rise of the stock index has pushed up the overall yield of treasury bonds. In Q3, the yield of 10 - year treasury bonds fluctuated between 1.60% - 1.90% and ended at a relatively high level [10] - **Changes in the Treasury Bond Cash Bond Yield Curve**: Compared with June 30, the treasury bond cash bond yield curve on September 29 showed a bearish steepening trend, with the short - end rising less and the long - end rising more. The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds increased by 15, 13, 24, and 38 basis points respectively [13] 2. Current Analysis - **Investment Data**: From January to August, the year - on - year growth rate of national fixed - asset investment was 0.5%, lower than the market expectation of 1.3%. The growth rates of various types of investment, such as infrastructure and manufacturing, all declined compared with the previous period, and real estate development investment continued to decline [18] - **Real Estate Market**: From January to August, the sales area and sales volume of new commercial housing decreased year - on - year, and the decline accelerated in August. The year - on - year growth of the average daily trading volume of commercial housing in 30 large - and medium - sized cities in September was due to the low base of the previous year, and the year - on - year data in Q4 will face challenges [20][23] - **Consumption Data**: In August, the year - on - year growth rate of the total retail sales of social consumer goods was 3.4%, lower than the market expectation of 3.8%. The growth rate of the national service production index was 5.6%, and the growth rate of the total retail sales of social consumer goods from January to August was 4.6%, with the growth rate dropping by 0.2 percentage points compared with January to July [25][27] - **Industrial Data**: In August, the year - on - year actual growth rate of the added value of large - scale industries was 5.2%, lower than the market expectation of 5.8%. The year - on - year growth rates of exports and imports in August were 4.4% and 1.3% respectively, with the trade surplus increasing [30][32] - **Employment Data**: In August, the national urban survey unemployment rate was 5.3%, up 0.1 percentage point from the previous month, and the unemployment rates of different groups showed different trends [35] - **Financial Data**: In August, the increase in the scale of social financing was 2.57 trillion yuan, and the increase in RMB loans was 5.9 trillion yuan. At the end of August, the year - on - year growth rates of M2 and M1 were 8.8% and 6% respectively [37][41] - **Price Data**: In August, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year. In September, the agricultural product wholesale price continued to rise, the South China Industrial Products Index fluctuated narrowly, and the RMB exchange rate against the US dollar fluctuated slightly [44][50][55] - **Overseas Data**: In September, the US treasury bond interest rate rebounded slightly after reaching a low point. The core CPI in the US in August increased by 3.1% year - on - year, and the unemployment rate was 4.3%. The market generally expects the Fed to cut interest rates twice in October and December [57][60][64] - **Other Data**: In Q3, the yield of AAA 1 - year inter - bank certificates of deposit increased slightly, the net financing of government bonds continued at a fast pace, and the term spreads of treasury bonds widened [65][68][72] 3. Strategy Recommendations - The Chinese economy in August was generally below market expectations. There is a significant downward pressure on the year - on - year economic growth rate in Q4 due to the high base of the previous year. The central bank may cut the reserve requirement ratio and interest rates in Q4. If the intensity of counter - cyclical policies in Q4 is weaker than market expectations, the yield of treasury bonds is likely to decline, and it is advisable to consider a strategy of buying treasury bond futures at low prices and conducting band operations [78]

近期，国务院印发《关于全国部分地区要素市场化配置综合改革试点实施方案的批复》（以下简称《批 复》）。"要素市场化配置改革"迅速成为社会关注的焦点。这是对广大党员干部担当精神和攻坚能力的 又一次集中检验。 "市场化配置"是此次改革的鲜明主线，关键在于正确处理政府与市场的关系，实现"发挥市场在资源配 置中起决定性作用"和"更好发挥政府作用"的有机统一。过去，在要素流通中，在资源配置中，一些地 方和部门习惯运用行政手段，进行调控甚至干预。如今，政府的角色应更多地转向市场规则的制定者、 市场秩序的维护者、公共服务的提供者。对党员干部而言，这其实就是一场深刻的"自我革命"，需要克 服"不舍得放权""不放心市场"的惯性思维，需要提升通过市场化、法治化方式管理经济的能力，需要主 动摒弃不合时宜的工作方式。 再看"要素"，这是一项新课题。长期以来，商品市场发育成熟，大多数商品和服务依供需关系，自由流 动、市场定价。相比之下，要素市场发育不够健全。以劳动力为例，户籍壁垒、社保衔接、结构性就业 矛盾等问题，都在不同程度上制约了劳动力的自由流动和高效配置。从商品市场化到要素市场化，正是 社会主义市场经济向更深层次、更高质量发展的内 ...

9月28日，市长庄建球主持召开市政府第67次常务会议，陈宏伟、石秀田、陈红民、王滔、李凤芝、张 艳敏等出席。 会议研究全市安全生产工作，强调要坚持人民至上、生命至上，树牢底线思维、极限思维，压实属地管 理责任、部门监管责任、企业主体责任，紧盯道路交通、建筑工地、城镇燃气、消防等重点领域，加强 全行业监管，做好全方位排查，强化全链条协同，落细落实各项防范举措，切实维护人民群众生命财产 安全。要扎实做好国庆中秋假期安全生产风险研判，加强重点区域秩序维护，强化旅游接待服务保障， 抓好假期安全监管，加强值班值守和应急处置，坚决防范遏制重特大事故发生，确保人民群众平安祥和 过节。 会议还研究了深化国企改革、重大活动筹备等其他事项。 会议研究府院府检联动工作，强调要深入贯彻习近平法治思想，全面落实省委、省政府工作部署，持续 深化府院府检联动机制，总结好、运用好府院府检联动积累的经验做法，有效衔接依法行政和公正司 法，深入推动行政与司法资源整合、协同发力，更好优化营商环境，维护社会公平正义，为高质量发展 和高效能治理提供有力法治保障。 会议传达学习习近平总书记在《求是》杂志发表的重要文章《纵深推进全国统一大市场建设》，强调 ...

政府服务能力强不强、办事效率高不高，直接关系企业的获得感与发展信心。前不久召开的国务院第九 次全体会议提出，持续优化政府监管和服务，为群众办事、企业经营创造更多有利条件；要求各地区各 部门创新思路、提升本领，增强适应新情况、解决新问题的能力。 近年来，各地聚焦服务型政府建设，推出一系列务实举措，为企业营造了良好发展环境。如今，企业办 事更加高效便捷，能够把更多精力用于生产经营，实现降本增效。但涉企政务服务在跨部门联动、全流 程服务、精准对接需求等方面仍存在不足。 今年7月，国办印发《关于健全"高效办成一件事"重点事项常态化推进机制的意见》提出，深化政企常 态化沟通交流，及时响应企业诉求，协同高效解决实际困难，推动从解决一个诉求向破解一类问题转 变。此次国务院全体会议部署和《意见》精神一脉相承，针对当前现实需要，对涉企政务服务提出了更 高要求。 增强跨部门协作能力。多部门协同行动"综合查一次"，业务"一窗受理、集成办理"……这些曾被视作制 度创新的业务模式如今正在全国多地推广，彰显了跨部门政务服务能力的进步。当前，人工智能、大数 据等新兴技术发展突飞猛进，为跨部门协作提供了更多可能性。应持续推进不同业务部门之间 ...

"市场化配置"是此次改革的鲜明主线，关键在于正确处理政府与市场的关系，实现"发挥市场在资源配 置中起决定性作用"和"更好发挥政府作用"的有机统一。过去，在要素流通中，在资源配置中，一些地 方和部门习惯运用行政手段，进行调控甚至干预。如今，政府的角色应更多地转向市场规则的制定者、 市场秩序的维护者、公共服务的提供者。对党员干部而言，这其实就是一场深刻的"自我革命"，需要克 服"不舍得放权""不放心市场"的惯性思维，需要提升通过市场化、法治化方式管理经济的能力，需要主 动摒弃不合时宜的工作方式。 再看"要素"，这是一项新课题。长期以来，商品市场发育成熟，大多数商品和服务依供需关系，自由流 动、市场定价。相比之下，要素市场发育不够健全。以劳动力为例，户籍壁垒、社保衔接、结构性就业 矛盾等问题，都在不同程度上制约了劳动力的自由流动和高效配置。从商品市场化到要素市场化，正是 社会主义市场经济向更深层次、更高质量发展的内在要求。细读《批复》可以发现，改革既涉及土地、 劳动力、资本等传统要素，要破除流动障碍、提高配置效率；也涵盖技术、数据等新兴要素，要在确 权、定价、流通、收益等方面探索突破。很多问题没有现成答案，迫切需要 ...

目录 第一章 核心逻辑分析 2 纯碱玻璃周报 研究员：李轩怡 期货从业证号：F03108920 投资咨询资格证号：Z0018403 第二章 周度数据追踪 10 GALAXY FUTURES 1 1.1 纯碱供应——供应高位，博源二期点火 单位：万吨 纯碱产量 纯碱联碱法开工率 单位：% 纯碱氨碱法开工率 单位：% 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 50.00% 55.00% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2025 2024 2023 2022 40 45 50 55 60 65 70 75 80 第53 周 第50 周 第47 周 第44 周 第41 周 第38 周 第35 周 第32 周 第29 周 第26 周 第23 周 第20 周 第17 周 第14 周 第11 周 第8周 第5周 第2周 2025年度 2024年度 2023年度 2022年度 2 ...

从三大门类看，前8个月，制造业增长7.4%，较前7个月加快2.6个百分点；电力、热力、燃气及水生产 和供应业增长9.4%，加快5.5个百分点；采矿业下降30.6%，降幅收窄1.0个百分点。 8月份，规模以上工业企业成本状况有所改善，每百元营业收入中的成本同比减少0.20元，为2024年7月 份以来首次当月同比减少。规模以上工业企业营业收入利润率为5.83%，同比提高0.90个百分点。 国家统计局近日发布数据显示，今年前8个月，在宏观政策发力显效、全国统一大市场纵深推进，叠加 去年同期低基数等多重因素作用下，规模以上工业企业利润由前7个月同比下降1.7%转为增长0.9%，扭 转了自今年5月份以来企业累计利润持续下降态势。8月份，规模以上工业企业利润由7月份下降1.5%转 为增长20.4%，当月利润改善明显。 国家统计局工业司首席统计师于卫宁表示，在外部环境严峻复杂、国内市场需求仍显不足的背景下，要 全面贯彻落实党中央决策部署，进一步扩大国内需求，纵深推进全国统一大市场建设，规范企业竞争秩 序，为工业企业利润持续恢复创造更多有利条件。 工业企业营收保持稳定增长。前8个月，规模以上工业企业营业收入同比增长2.3%， ...

khz yuppidicate seems 快看,光伏硅料价格持续 上涨一个多月了!这"反 内卷" 真这么灵吗? "反内卷"政策持续,行情 已经展开。这次可不是简 单去产能,而是全国一盘 棋。看懂政策红利,才能 抓住真正的长线机会! 这次"反内卷"有什么不 -样? 这次站位更高、覆盖面 更广、协同更强,布局 正当时! 份公是 "吃苦"? 企业拼命投入 不提升效率,只顾压价抢市场 最后全行业亏损 别挤啦!电梯超载,谁都 没法上楼! 为什么要"凤内能" ? "内卷"不仅让企业利润暴跌、现金流紧张 更让整个行业陷入低水平重复建设 技术升级受阻,资源严重错配 创新停滞,资源浪费 反内卷不是"保护落后", 1. 新能源制造链 从价格端转向技术端,光伏、硅料、玻璃、锂电池 等具备技术迭代能力的龙头将胜出。 2. 传统周期品 而是"清理赛道",能让好 企业跑得更快! "反応差" 新政事何敢意? 本轮"反内卷"，站位 更高、产业更"新" l 覆盖面更广、协同更 强、导向更长远! 政策站位:从"行业去产能" 升级为"全国统一大市场建设" 纳入顶层部署 主题升级为"纵深推进全国统一大市场" 强调"五统一、一开放" 不再局限于个别 ...