日本学者：政府应改善民生而非提高防卫费 21日，高市早苗称将提前实现防卫费相关支出占国内生产总值（GDP）2%的目标。日本学者表示，日本政府应当将经济重心放在降低物价、改善民生上 面，而不是穷兵黩武。 0:00 日本首相高市早苗日前公然发表涉台露骨挑衅言论，并且在中方表达严正交涉和强烈抗议后仍执迷不悟、拒不撤回。对此，日本学者表示，高市早苗发言触 碰红线，轻率且越界。 日本政治经济学者 滨田和幸：从长远角度考虑日本和亚洲的关系，历代日本首相、日本政府都没有触及这条红线，而她却故意跨了进去。我认为她本人恐 怕是把这当成提升自我政治身价，争取一些人支持的"绝好"机会。这种言行也许会博得这部分人的好感，但从日本整体乃至整个日中关系来看，这绝没有积 极意义，而是产生了巨大的负面影响。 日本学者表示，中国是日本最大贸易伙伴，中日两国在各个领域有着密切关系。此次高市早苗作为日本首相拒不撤回涉台错误言论，影响恶劣。 日本政治经济学者 滨田和幸：中国是日本最大的经济、通商贸易伙伴。从历史、文化、地理乃至安全保障层面来说，都是不可或缺的存在。如果说出这样 的言论，中国会做出怎样的反应，稍微想一想就该明白。如果连这一点都看不明白 ...

Core Viewpoint - The capital market is expected to play a crucial role in achieving China's economic development goals during the "15th Five-Year Plan" period, focusing on technology advancement, wealth accumulation, private investment stimulation, consumption enhancement, and social welfare improvement. Group 1: Role of Capital Market in Economic Development - The capital market should support the development of a modern industrial system and technological advancements, with a target of maintaining over 50% annual growth in AI computing power investments during the "15th Five-Year Plan" [1] - A long-term bull market could lead to a rapid increase in residents' property income, potentially allowing the middle-income group to exceed 400 million people, thus becoming a significant reservoir of wealth [1] Group 2: Stimulating Private Investment - A sustained bull market can act as an accelerator for private investment, as higher market valuations increase companies' willingness to invest, contrasting with the low investment levels seen during previous market downturns [2] Group 3: Enhancing Consumption and Domestic Demand - The capital market is expected to contribute to the construction of a unified market and the expansion of domestic demand, with stock market growth leading to increased consumer spending, potentially adding several trillion yuan to consumption by 2030 [2] Group 4: Improving Social Welfare - The capital market's support is essential for enhancing social welfare, with a goal to increase the proportion of social security spending to GDP from under 10% to 15%-20% during the "15th Five-Year Plan," relying on better investment returns from social security funds [2]

Group 1: Economic Development Strategies - The Chief Executive of Hong Kong, John Lee, emphasized the government's strategies for developing the Northern Metropolis and industrial innovation in the 2025 Policy Address [1][2] - The Northern Metropolis is identified as a new engine for Hong Kong's economic development, with significant potential and a focus on expediting the introduction of industries and major projects [2][3] - The government plans to establish a Northern Metropolis Development Committee to streamline administrative processes and create a dedicated legal framework for its development [2][3] Group 2: Integration with National Development - The Policy Address outlines how Hong Kong can better integrate into the national development framework, enhancing its role as a platform for international cooperation and trade [3][4] - The focus will shift from merely attracting investments to actively seeking opportunities in emerging markets, reflecting changes in global trade dynamics [2][3] Group 3: Social Welfare and Living Standards - Improving the quality of life for citizens is a primary goal, with initiatives aimed at better housing, increased income for workers, and enhanced care for the elderly [3][4] - The report highlights the importance of economic growth as a foundation for improving living standards, which in turn stimulates market vitality and economic development [3][4] - Specific measures include increasing public housing supply, enhancing transportation systems, and reforming healthcare to ensure sustainability and accessibility [4]

Group 1 - The core theme of the upcoming policy address by Hong Kong Chief Executive John Lee is centered on economic development and improving people's livelihoods [1][3] - The report will announce short, medium, and long-term policies, reflecting the government's ongoing commitment to economic growth and social welfare [3] - Over the past three months, the government held more than 40 consultation sessions and received over 10,100 submissions from the public, indicating strong public interest in government policies [3] Group 2 - The cover of the policy address is green, symbolizing vitality and continuity, representing the government's ongoing efforts for prosperity and progress [3] - The Chief Executive emphasized the importance of explaining the policies to various media and organizations after the report is published, seeking public support for the initiatives [3]

Core Insights - The "Vibrant China Research Tour" themed interview activity organized by the Publicity Department of the Communist Party of China is taking place in Sichuan, focusing on various cities and points of interest to showcase economic and social development achievements during the 14th Five-Year Plan period [1][2] Group 1: Economic and Social Development - The interview will cover nearly 30 locations across 9 cities in Sichuan, highlighting urban innovation consumption spaces and rural特色消费场景 [1] - The focus areas include consumption stimulation, technological innovation, expansion of openness, improvement of people's livelihoods, and ecological construction [1] - The event aims to explore the internal driving forces of China's development and decode the vitality of high-quality development [1] Group 2: Cultural and Tourism Highlights - Journalists express interest in exploring cultural and tourism projects, such as the Tianfu Changdao Digital Cultural and Creative Park and Emei Mountain, to understand the latest developments in cultural tourism integration [2] - Various government departments, including the Provincial Development and Reform Commission and the Department of Culture and Tourism, provided insights into their respective fields during the introductory meeting [2]

Group 1 - The "Vibrant China Research Tour" is a significant thematic interview activity organized by the Central Propaganda Department in the concluding year of the 14th Five-Year Plan, aimed at showcasing the achievements in economic and social development across 15 provinces [3] - Over 130 journalists from major central and local media will conduct a week-long concentrated interview in Hubei, focusing on themes such as boosting consumption, expanding domestic demand, and improving people's well-being [3][4] - Hubei has achieved significant economic milestones, surpassing 4 trillion, 5 trillion, and 6 trillion yuan in total economic output, ahead of the 14th Five-Year Plan targets, demonstrating a strong upward development trajectory [4] Group 2 - Hubei's strategic location in central China enhances its importance in the national development framework, with the province playing a crucial role in regional growth [4] - The province has implemented seven major strategies and established a comprehensive policy support system to enhance its overall capabilities, leading to a GDP growth of 6.2% in the first half of the year [4]

Group 1 - The core viewpoint of the article highlights the stable operation of China's banking and insurance sectors in the first half of 2025, with a continuous enhancement in their ability to serve the real economy [1] Group 2 - As of the end of Q2, the total assets of China's banking financial institutions reached 467.3 trillion yuan, reflecting a year-on-year growth of 7.9%; the total assets of the insurance industry amounted to 39.2 trillion yuan, increasing by 9.2% compared to the beginning of the year [4] Group 3 - In the first half of the year, the ability of the banking and insurance sectors to serve the real economy continued to improve, with the balance of inclusive loans to small and micro enterprises growing by 12.3% year-on-year; the balance of inclusive agricultural loans reached 13.9 trillion yuan, an increase of 1.1 trillion yuan compared to the end of the previous year [6] Group 4 - By the end of Q2, key indicators such as the non-performing loan ratio and provision coverage ratio in the banking sector remained stable and showed positive trends, with the non-performing loan ratio for commercial banks at 1.49%, a decrease of 0.02 percentage points from the end of Q1; the banking sector disposed of 1.5 trillion yuan of non-performing assets in the first half of the year, an increase of 123.6 billion yuan year-on-year [9] Group 5 - In the first half of the year, the original insurance premium income of insurance companies grew by 5.1% year-on-year, while claims and benefit expenditures increased by 9%, indicating an enhanced capacity to safeguard and improve people's livelihoods [12]

Core Insights - The report suggests that the A-share market is experiencing a significant upward trend, driven by improved global risk appetite and expectations of U.S. interest rate cuts, with the Shanghai Composite Index reaching a new high of 3462.75 points in 2025 [8][9] - The upcoming "14th Five-Year Plan" completion and the "15th Five-Year Plan" formulation are expected to provide policy guidance, with a focus on technological innovation and improving people's livelihoods [9][19] - The report maintains a positive outlook on the economic transformation bull market that began on September 24, 2024, viewing external challenges, such as the U.S.-China trade war, as temporary clouds over the economic landscape [9][19] Market Review - The A-share market showed strong performance, with the Shanghai Composite Index rising by 1.91%, the Shenzhen Component by 3.73%, and the ChiNext Index by 5.69% during the week [7] - Growth sectors outperformed, with the technology and defense industries seeing significant gains, while sectors like oil and food showed weaker performance [7] - Market activity increased, with an average daily trading volume of 14,866.74 billion yuan, up by 2,716.45 billion yuan from the previous week [7] Performance Correlation - The report highlights a strong correlation between market performance and quarterly earnings announcements, particularly during the mid-year reporting season, indicating that market movements are closely tied to financial results [10][11] - Historical data shows that the correlation between stock price performance and earnings growth is highest in late April, followed by late October and mid-July [11] Investment Strategy - The report advocates for a "barbell strategy" focusing on sectors with solid fundamentals and relatively low valuations, particularly in technology and defense, while suggesting a cautious approach to crowded sectors [19] - The upcoming clarity on the "15th Five-Year Plan" and potential U.S. interest rate cuts are seen as key catalysts for market movement [19]

Group 1 - The core viewpoint is that the presidential candidate Lee Jae-myung is likely to be elected as the next president of South Korea [1] - Lee Jae-myung aims to overcome the crisis brought by the previous president's martial law [1] - The candidate plans to revitalize the economy and improve people's livelihoods [1]