Group 1: Economic Planning and Strategy - The Politburo meeting announced the convening of the 20th Central Committee's fourth plenary session in October to discuss the 15th Five-Year Plan, marking a strategic transition from the 14th Five-Year Plan[1] - The meeting emphasized the complexity and variability of the development environment during the 15th Five-Year Plan period, highlighting the need for a robust economic foundation and long-term positive trends[1] Group 2: Key Economic Focus Areas - Promoting price stabilization is crucial, as weak overall price levels hinder internal circulation and affect corporate profitability, investment, and consumer spending[2] - The strategy to deepen and expand domestic demand is essential, with a focus on enhancing consumer contributions to economic growth amid external pressures[4] - Innovation-driven growth is prioritized, with recommendations to support strategic emerging industries and optimize the business environment to foster new economic drivers[4] Group 3: Macroeconomic Policy and Challenges - The meeting acknowledged a GDP growth of 5.3% in the first half of the year, laying a foundation for achieving the annual target of around 5%[5] - Structural issues were identified, including discrepancies between nominal and actual growth rates, and challenges in demand and supply dynamics, indicating a need for targeted policy interventions[5] - The emphasis on flexible and anticipatory macroeconomic policies aims to address both external pressures and domestic structural challenges[6] Group 4: Fiscal and Monetary Policy Measures - Fiscal policy will focus on accelerating government bond issuance, with 2.61 trillion yuan issued in the first half, representing 49.1% of the annual quota, but still below the three-year average of 58.68%[8] - Monetary policy will maintain a moderately loose stance, with potential for interest rate cuts to stimulate microeconomic activity, particularly for small and micro enterprises[9] - The meeting highlighted the importance of enhancing the efficiency of fiscal spending, shifting from investment-heavy to a balanced approach that includes consumer spending[8] Group 5: Consumer Demand and Service Sector - The meeting proposed actions to boost consumption, particularly in the service sector, recognizing the need to address supply shortages and enhance service offerings[10] - The introduction of child-rearing subsidies aims to increase disposable income and consumer willingness, reflecting a shift towards a more human-centered approach in consumption policies[12] Group 6: Market Competition and Structural Reforms - The meeting reiterated the need to optimize market competition and address "involution" in industries, which has contributed to low price levels and weak corporate profits[13] - Emphasis was placed on the orderly exit of outdated production capacity and the need for a legal and market-based governance system to manage competition effectively[14]

将于9月1日起实施的《最高人民法院关于审理劳动争议案件适用法律问题的解释（二）》规 定，任何通过书面协议、口头约定或劳动者单方承诺方式规避社保缴纳义务的行为，均被认 定为无效民事行为。这一规则有利于推动完善社会保障体系；通过要求用人单位依法为劳动 者缴纳社会保险费，有利于维护社会保险统筹制度，切实保护公民社会保障权等基本权利。 从发达国家的历史看，完善的社会保障体系是国家发展必要的社会安全网。每一个国家在发 展过程中都会经历转型过程，市场经济亦有周期，每一次变化都会带来一些社会经济冲击， 国家财政可以发挥临时救济困难群体的作用，但社会的韧性与安全仍然有赖于完善的社会保 障进行系统性托底。 目前，我国有一些市场主体没有给员工缴纳社保，还有一部分年轻人为了获得更多的短期收 入，也选择自愿放弃社保。客观上来说，这主要是由于我国社保体系仍处于逐步完善的过程 之中，人们对社会保障价值的认识也还有待进一步深化。须知，若上述群体在未来退休后缺 乏养老、医疗等保障，这对个人和社会可能都是风险和挑战。 在我国从以投资和出口为驱动转向以创新和消费为主导的经济发展模式过程中，"投资于 人"成为转型与发展的重要动力。只有将资金和资源 ...

Core Viewpoint - The article emphasizes the importance of advancing the construction of a unified national market in China to optimize market competition and enhance resource allocation efficiency, which is crucial for high-quality economic development [1][2]. Group 1: National Unified Market Construction - The construction of a unified national market is positioned as a key task during the "14th Five-Year Plan" period, requiring systematic deployment and unified command to win this long-term battle [4]. - The central government has made specific deployments to deepen market-oriented reforms and establish a high-standard market system, addressing issues like disorderly competition among enterprises and local protectionism [1][2]. Group 2: Challenges and Solutions - The construction of a unified national market faces challenges from conflicting policies between departments and local protectionism, which necessitates improved inter-departmental coordination and governance of market access restrictions [2][3]. - Local governments are driven by performance assessments, which can lead to inappropriate market interventions; thus, reforming incentive mechanisms is essential to encourage local compliance with national market construction goals [3]. Group 3: Strategic Importance - Expanding domestic demand and constructing a unified national market are critical for maintaining market resource advantages and responding to international uncertainties [2]. - The article highlights the need for a clear blueprint and legal arrangements to ensure the coherence and coordination of various reform measures in the unified market construction [3].

Group 1 - The core viewpoint emphasizes the need to deepen the construction of a national unified market to optimize market competition order and enhance resource allocation efficiency [1][2] - The construction of a national unified market is crucial for building a high-level socialist market economy, addressing issues like disorderly competition among enterprises and local protectionism [1][2] - The strategy aims to expand domestic demand, facilitate domestic circulation, and leverage the advantages of a super-large market to respond to international uncertainties [2][3] Group 2 - Local protectionism and competitive investment attraction are driven by performance assessments, necessitating reforms in incentive mechanisms to promote the national unified market [3] - The National Development and Reform Commission will play a leading role in coordinating efforts, promoting information sharing, and addressing prominent issues [3][4] - The construction of a national unified market is a complex system project requiring a clear blueprint for top-level design and coordination of various reform measures [3][4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On August 4, the main contracts of coke and coking coal futures rebounded significantly after hitting lows, with coking coal showing a larger increase. The spot market of double - coking is lagging behind the futures market, resulting in a significant difference in the trend between the two. Considering the tight supply in the double - coking spot market driven by supply - demand relationship, there is still room for price increase. It is possible that the phased decline of double - coking futures has ended, and then it may turn into a volatile trend, waiting for further development of the supply - demand relationship after the spot market price increase to determine the direction [5][11]. 3. Summary by Related Catalogs 3.1 Market Review - **Futures Market**: On August 4, the main contract J2509 of coke futures had a previous closing price of 1585 yuan/ton, an opening price of 1585.5 yuan/ton, a highest price of 1626 yuan/ton, a lowest price of 1551.5 yuan/ton, and a closing price of 1615 yuan/ton, with a decline of 0.15%. The trading volume was 30,451 lots, the open interest was 25,782 lots, a decrease of 2,331 lots, and the capital outflow was 0.58 billion yuan. The main contract JM2601 of coking coal futures had a previous closing price of 1092.5 yuan/ton, an opening price of 1099.5 yuan/ton, a highest price of 1143 yuan/ton, a lowest price of 1066.5 yuan/ton, and a closing price of 1141 yuan/ton, with an increase of 2.33%. The trading volume was 1,908,758 lots, the open interest was 487,977 lots, an increase of 59,997 lots, and the capital inflow was 10.71 billion yuan [5]. - **Spot Market**: On August 4, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. In Tangshan, it was 1350 yuan/ton, also with no change. For low - sulfur main coking coal, the price in Tangshan increased by 180 yuan/ton to 1485 yuan/ton, in Linfen it remained unchanged at 1500 yuan/ton, etc. [8]. - **Technical Indicators**: On August 4, the daily KDJ indicator of the coke 2509 contract showed a divergent trend, with the J - value turning up slightly, while the K - value and D - value continued to decline. The daily KDJ indicator of the coking coal 2601 contract continued to decline. The daily MACD indicator of the coke 2509 contract had a dead - cross the previous day and the green bar enlarged; the daily MACD indicator of the coking coal 2601 contract had a dead - cross [8]. 3.2 Future Outlook - **Policy**: The National Energy Administration will guide coal - producing provinces and enterprises to ensure coal production and supply, and conduct production inspections to prevent over - capacity production [10]. - **Fundamentals**: For coke, the output of independent coking plants decreased slightly after two consecutive weeks of increase, and the output of steel mills reached a new low since late February. The port coke inventory reached a new high since early June, while the inventories of steel mills and coking plants reached new lows since late December last year. The profit per ton of coke has been in the red for 11 consecutive weeks, and the fifth round of spot price increase for coke was proposed on August 3. For coking coal, from January to June, the import volume of coking coal in China still showed a large year - on - year decline of 7.4%. The inventories of raw coal and clean coal in coal washing plants have dropped significantly in the past 7 weeks, with declines of 17.6% and 33.8% respectively. The inventory of independent coking plants has increased for 6 consecutive weeks and reached a new high since early February, the port inventory reached a new low since early August last year, and the steel mill inventory has increased for 3 consecutive weeks. With the continuous increase of steel mill inventory, the replenishment of coking plants has significantly cooled down [10]. 3.3 Industry News - The National Development and Reform Commission has completed the allocation of the third batch of 69 billion yuan of ultra - long - term special treasury bond funds for consumer goods trade - in this year, and will allocate the fourth batch of 69 billion yuan in October to complete the annual allocation plan of 300 billion yuan. The 800 billion yuan list of "two major" construction projects and 735 billion yuan of central budgetary investment have been basically allocated. The NDRC will promote project construction and strengthen supervision [12]. - From July 19 - 25, the average coal price in Inner Mongolia was 730.96 yuan/ton, a week - on - week decrease of 0.7% and a year - on - year decrease of 9.8%. Domestic coal production capacity is continuously released, and overseas coal imports have increased significantly year - on - year [14]. - In the first half of 2025, Shaanxi Coal Industry Group achieved an operating income of 227.5 billion yuan and a profit of 18.04 billion yuan, with coal production reaching 129 million tons, a year - on - year increase of 1.5%, and power generation reaching 27.27 billion kWh, a year - on - year increase of 3.4% [14]. - Henan Dayou Energy Co., Ltd. has transferred its coal production capacity replacement indicators to Shenmu Shengfu Mining Co., Ltd. for a total transaction price of 1.01132 billion yuan [14]. - The "Xinjiang Coal to Jiangsu" railway direct - access channel of Xinjiang Energy Group has been successfully connected. The comprehensive shipping cost has decreased by 20% compared with the beginning of the year, and it aims to achieve an annual sales volume of 3 million tons in the East China region this year [14]. - In July, the single - month power sales of State Grid Shandong Electric Power exceeded 62.12 billion kWh for the first time, a year - on - year increase of 20.19% [15]. - As of July 30, Gansu has signed new inter - provincial power transmission agreements with 9 provinces and cities this year, and the cross - provincial and cross - regional power transmission transaction volume has reached 61.742 billion kWh, of which new energy accounts for 57.57%, a year - on - year increase of 27.18% [15]. - In July, the coal production of Coal India Limited was 46.4 million tons, a year - on - year decrease of 15.7% and a month - on - month decrease of 19.72%, and the sales volume was 53.7 million tons, a year - on - year decrease of 9.9% and a month - on - month decrease of 11.09% [16].

Core Viewpoint - The Chinese economy showed resilience in the first half of the year, with a GDP growth of 5.3%, exceeding initial market expectations, and demonstrating strong internal demand as the main driver of growth [3][4]. Economic Performance - Major macroeconomic indicators performed well, with GDP growth of 5.3% year-on-year, which is 0.3 percentage points higher than the same period last year [3]. - The production and business activity expectation index for July was 52.6, indicating stable optimism among manufacturing enterprises [3]. - The urban unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [3]. Internal Demand and Trade - Internal demand contributed 68.8% to economic growth, showcasing its role as the main growth driver [3]. - The total import and export volume reached 20 trillion yuan, with exports growing by 7.2% [3]. - The value added of the equipment manufacturing industry increased by 10.2%, indicating its continued importance [3]. New Growth Drivers - High-tech manufacturing value added grew by 9.5%, outpacing overall industrial growth by 3.1 percentage points [4]. - Emerging industries such as artificial intelligence and smart manufacturing are rapidly developing [4]. Policy Measures - The National Development and Reform Commission (NDRC) plans to implement policies to expand domestic demand and promote high-level technological self-reliance [4][10]. - There will be a focus on enhancing economic monitoring and timely policy adjustments to stabilize employment, businesses, and market expectations [4]. Market Integration - The construction of a unified national market is emphasized, with inter-provincial trade sales accounting for 40.4% of total sales, an increase of 0.6 percentage points year-on-year [8]. - The ratio of social logistics costs to GDP has decreased, indicating improved efficiency in logistics [8]. Reform Initiatives - The NDRC aims to deepen reforms to stimulate consumption and investment, including measures to enhance the competitiveness of state-owned enterprises and promote private investment in key sectors [10][11]. - There is a focus on addressing issues of disorderly competition and market disarray through regulatory measures [11][12].

Core Viewpoint - The Chinese economy has shown resilience and performed better than expected in the first half of the year, with a GDP growth of 5.3% year-on-year, indicating a solid foundation for achieving annual economic and social development goals [2][3]. Economic Performance - Major macroeconomic indicators have performed well, with GDP growth of 5.3% in the first half, surpassing initial market expectations and improving by 0.3 percentage points compared to the same period last year [2]. - The production and business activity expectation index for July stood at 52.6%, indicating stable optimism among manufacturing enterprises [2]. - The urban unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [2]. Domestic Demand and Trade - Domestic demand has been the main driver of economic growth, contributing 68.8% to the overall growth [2]. - The import and export scale reached 20 trillion yuan, with exports growing by 7.2% [2]. - The value added of the equipment manufacturing industry increased by 10.2%, while the information transmission, software, and IT services sector grew by 11.1% [2]. New Growth Drivers - High-tech manufacturing value added grew by 9.5%, outpacing the overall industrial growth by 3.1 percentage points [3]. - Emerging industries such as AI, innovative pharmaceuticals, and smart manufacturing are rapidly developing [3]. Policy Focus - The National Development and Reform Commission (NDRC) plans to continue implementing policies to expand domestic demand and promote high-level technological self-reliance [3][4]. - There will be a focus on enhancing economic monitoring and forecasting, improving policies to stabilize employment and market expectations, and ensuring a reasonable recovery in price levels [3]. Market Integration - The construction of a unified national market is being advanced, with inter-provincial trade sales accounting for 40.4% of total sales revenue, an increase of 0.6 percentage points year-on-year [7]. - The ratio of social logistics costs to GDP has decreased, saving over 130 billion yuan in logistics expenses [7]. Reform Initiatives - The NDRC emphasizes the need for deepening reforms to stimulate consumption and investment, particularly in the service sector and digital economy [9][10]. - Measures will be taken to regulate government investment behaviors and address issues of disorderly competition in various industries [10][11].

Economic Overview - China's economy showed resilience in the first half of the year, with GDP growth of 5.3%, exceeding initial market expectations and improving by 0.3 percentage points compared to the same period last year [2] - The production and business activity expectation index for July was 52.6, indicating stable optimism among manufacturing enterprises [2] - Urban unemployment rate averaged 5.2%, down by 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [2] Domestic Demand and Trade - Domestic demand contributed 68.8% to economic growth, while total import and export volume reached 20 trillion yuan, with exports growing by 7.2% [2] - High-tech manufacturing value added increased by 9.5%, outpacing overall industrial growth by 3.1 percentage points [3] Policy Initiatives - The National Development and Reform Commission (NDRC) plans to implement policies to expand domestic demand and promote high-level technological self-reliance [3] - Emphasis on enhancing domestic circulation and addressing bottlenecks to sustain economic recovery [4] Investment and Consumption - Strategies include expanding effective investment and enhancing consumer capacity, with a focus on new growth points in service consumption [5] - The NDRC aims to establish new policy financial tools to encourage private sector participation in major national projects [5] Market Integration and Efficiency - From January to April, inter-provincial trade accounted for 40.4% of total sales, a 0.6 percentage point increase year-on-year [7] - Logistics costs as a percentage of GDP decreased, saving over 130 billion yuan in logistics expenses [7] Reform and Regulation - The NDRC will focus on deepening reforms to stimulate consumption and stabilize the economy, including measures to enhance service consumption and private investment [9] - Plans to standardize government investment behaviors and address issues of disorderly competition in various sectors [10] New Growth Drivers - The NDRC will optimize market access for new industries and promote innovative configurations of production factors to facilitate efficient resource allocation [11]

Core Viewpoint - The Chinese economy has shown resilience and positive growth in the first half of the year, with GDP growth of 5.3%, exceeding initial market expectations and leading to upgraded forecasts from international institutions [1][2]. Economic Performance - Major macroeconomic indicators have performed well, with GDP growth of 5.3% year-on-year, an increase of 0.3 percentage points compared to the same period last year [1]. - The production and business activity expectation index for July was 52.6%, indicating stable optimism in the manufacturing sector [1]. - The urban unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [1]. Economic Resilience - Domestic demand contributed 68.8% to economic growth, continuing to be the main driver [2]. - The total import and export scale reached 20 trillion yuan, with exports growing by 7.2% [2]. - The added value of the equipment manufacturing industry grew by 10.2%, while the information transmission, software, and IT services sector grew by 11.1% [2]. Development of New Drivers - Emerging industries such as artificial intelligence, domestic CPUs, and innovative pharmaceuticals are rapidly developing [2]. - The added value of high-tech manufacturing increased by 9.5%, outpacing the overall growth of regulated industries by 3.1 percentage points [2]. Future Economic Work - The National Development and Reform Commission will implement existing policies and strategies to expand domestic demand and promote high-level technological self-reliance [3]. - There will be a focus on enhancing economic monitoring and forecasting, as well as developing a toolbox for policies aimed at stabilizing employment and expanding domestic demand [3].

主要宏观指标表现良好，经济运行彰显强大韧性。上半年，国内生产总值（GDP）同比增长5.3%，就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%，进出口规模站上20万亿元台阶。 "关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将坚决抓好贯 彻落实。"周陈说。 新华社北京8月1日电 题：保持政策连续性、稳定性 常态化开展政策预研储备——国家发展改革委解读 当前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国家发 展改革委1日举行新闻发布会，国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示，上半年我国经济稳中有进、好于预期，高质量发展取得 新成效。 周陈表示，一方面，持续发力、适时加力实施好已部署的各项政策举措，坚定不移实施扩大内需战略， 特别是继续推动稳就业稳经济若干举措陆续出台实施，保持政策连续性、稳定性，增强灵活性、预见 性，将外部压力转化为内生动力，稳住经济大盘。另一方面，加强经济监测预测预警，常态化开展政策 预研储备 ...