2025年5月20日，《中华人民共和国民营经济促进法》正式施行。这是我国首部专门针对民营经济 发展的基础性法律，为民营经济高质量发展提供了坚实法治保障。近期，最高人民法院印发《关于贯彻 落实〈中华人民共和国民营经济促进法〉的指导意见》，从五方面提出司法保障民营经济发展壮大的具 体举措。为深入贯彻落实民营经济促进法，促推党中央决策部署和民营经济促进法在司法审判工作中落 实落细，本报特开设"深入贯彻落实民营经济促进法 服务民企新观察"专栏，生动展现各地法院服务保 障民营经济健康发展的有力举措与鲜活实践。敬请关注。 "产品未达到特定质量标准（ECER27标准），合同里虽然没有写明，但这在欧洲市场是通行规 则！"原告西班牙某公司的代理律师强调。 "你们的说法毫无依据！双方签约时并未就货物需达到特定质量标准作出明确约定，ECER27标准也 并非强制性标准，如今货物已签收，这分明是恶意拖欠！"被告浙江某公司的代理律师立刻反驳。 "ECER27标准并非案涉货物销售的强制性标准。我们也不能机械套用单一国家的标准。"面对这道 难题，徐盼并未简单作出判断，而是展开细致调研，依据国际通行贸易规则《联合国国际货物销售合同 公约》（C ...

编辑：赖俊 8月22日，市政府召开第161次常务会议，深入学习贯彻习近平总书记在《求是》杂志发 表的重要文章《促进民营经济健康发展、高质量发展》精神，研究部署我市社会物流降本提 质增效、国家自然资源例行督察和土地卫片执法反馈问题整改、加强医保基金监管等工作。 会议强调，要深入学习贯彻习近平总书记关于民营经济发展的重要论述，坚持和落 实"两个毫不动摇"，扎扎实实落实促进民营经济发展的政策措施，不断提高惠企政策的精准 性有效性，深入开展清理拖欠企业账款、规范涉企执法等专项行动，依法保护民营企业和民 营企业家合法权益，持续营造市场化、法治化、国际化一流营商环境，坚定不移支持民营经 济做强做优做大。要大力弘扬企业家精神，支持引导民营企业加快创新发展、转型升级，不 断提高企业质量、效益和核心竞争力。 会议指出，有效降低社会物流成本，对于发挥武汉交通区位优势、提高经济运行效率、 服务和融入新发展格局具有重要意义。要以深化改革为牵引、数智赋能为支撑，加快重构开 放通道、重塑物流体系，着力推进交通基础设施互联互通，大力发展"铁水公空"多式联运， 进一步优化货物运输结构，补齐大宗商品物流、冷链物流、农村物流等短板，以高效低成本 ...

策略研究 / 2025.08.22 | 每周海内外重要政策跟踪(25/08/22) | d | 吴信坤(分析师) | | --- | --- | --- | | | પ્ર | 021-23154147 | | | P | wuxinkun@gtht.com | | 本报告导读: | 登记编号 | S0880525040061 | | 覆盖国内宏观(中央及各部委政策及表态)、大类产业、地方政策、以及海外重要 政策和事件。 | ની | 刘颖(分析师) | | | પ | 021-23185665 | | 投资要点: | 2 | liuying 13@gtht.com | | Q 国内宏观:8月15日,《求是》杂志发表习近平总书记重要文章《促 | 登记编号 | S0880525040124 | | | | | 风险偏好升温,全球延续涨势 2025.08.18 | | --- | | 内资与短线外资逆势加仓港股 2025.08.16 | | 为何港股近期偏弱 2025.08.16 | | 对港股热点研究问题的思考-20250815 2025.08.15 | | 每周海内外重要政策跟踪(25/08/15) | | ...

Group 1 - Tianjin is implementing a series of policies to support the development of the private economy, addressing enterprise concerns and solving development challenges [1][2] - The establishment of a "green channel" for drug approval has significantly shortened the approval cycle for new drugs, benefiting biopharmaceutical companies [1] - The "bonded research and development" policy has reduced customs clearance time from 3 days to 4 hours, enhancing supply chain efficiency for companies like Lenovo [1] Group 2 - Tianjin's Development and Reform Commission holds regular meetings with private enterprises to create a supportive development environment and address their needs [2] - A collaborative service model involving multiple departments has been implemented to provide on-site support for project development, aiding companies in their growth [2] - Initiatives targeting recruitment challenges for private enterprises include efficient platforms for connecting job seekers with employers, particularly focusing on recent graduates and unemployed individuals [2] Group 3 - The establishment of "handshake meetings" between state-owned enterprises and private enterprises aims to enhance cooperation in the industrial and innovation chains [3] - Tianjin is fostering the development of industrial clusters by promoting the integration of leading enterprises with their supply chains [3] - The "China Information Innovation Valley" in Binhai High-tech Zone is witnessing significant growth, with over 1,000 enterprises in the information technology application innovation industry, and projected revenue growth of 30.1% in 2024 [3]

Group 1: Domestic Policy Insights - The article by General Secretary Xi Jinping emphasizes the importance of private enterprises in the development of the socialist market economy, highlighting the need for policies that support and protect non-public ownership [10][11][12] - The 2025 National Ecological Day event focused on promoting the concept of "Lucid waters and lush mountains are invaluable assets," aiming for a more beautiful ecological environment and sustainable economic growth [12][14] Group 2: Monetary and Fiscal Policy - The People's Bank of China (PBOC) reported a GDP growth of 5.3% year-on-year for the first half of 2025, indicating a need for stable and flexible monetary policies to support economic growth [25][26] - Recent fiscal policies include the implementation of interest subsidy programs for personal consumption loans and service industry loans, aimed at reducing financing costs and stimulating consumer spending [15][23] Group 3: Equity Market Analysis - A-share indices showed significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing by over 3.5% [24] - The MSCI China A-share Index rose by 2.85%, reflecting positive market sentiment and capital inflows, with net inflows exceeding 35 billion yuan in the second week of August [24] Group 4: Commodity Market Trends - The non-ferrous metals sector experienced a rebound, while crude oil prices saw a slight decline, and agricultural products remained under pressure [4][27] - The OPEC monthly report predicts a tighter oil market in the coming year, indicating potential supply constraints [4] Group 5: Foreign Exchange Market Overview - The US dollar index fell to 97.84, down 0.43% week-on-week, while the Chinese yuan remained stable at 7.19 [5][30] - Recent developments include a slight decrease in the bank's foreign exchange settlement and sales balance, reflecting ongoing adjustments in the foreign exchange market [5][30]

Group 1 - The core viewpoint of the article emphasizes the role of the Supreme People's Court in supervising and correcting illegal administrative enforcement actions to protect the property rights and other legitimate rights of market entities [1] - The second batch of five typical cases released focuses on how the courts have made rulings that favor the substantive resolution of administrative disputes, enhancing the effectiveness of dispute resolution through various measures [1] - The article highlights the commitment to ensure that the central government's decisions regarding the development of the private economy are effectively implemented [1]

Group 1 - The "14th Five-Year Plan" period has seen significant legislative activity, with 35 new laws and 62 amendments passed since March 2021, alongside 127 drafts soliciting public opinion, receiving over 1.19 million suggestions from more than 400,000 individuals [1][5][6] - The National People's Congress (NPC) has emphasized the importance of effective supervision and legislation to address public concerns in areas such as employment, social security, education, healthcare, and environmental protection [5][6][7] - The NPC has also focused on enhancing the quality of legislation to ensure laws reflect public opinion and meet the needs of the people [5][6] Group 2 - The National Committee of the Chinese People's Political Consultative Conference (CPPCC) has conducted 279 various consultation activities and 413 research activities, leading to the filing of 25,043 proposals during the "14th Five-Year Plan" period [8][9] - The CPPCC has emphasized high-quality consultation to support high-quality development, addressing themes such as ecological protection and cultural confidence through specialized meetings [8][9] - The CPPCC has also implemented a continuous democratic supervision approach, focusing on key tasks such as optimizing the business environment and promoting social aging adaptation [9] Group 3 - The National Ethnic Affairs Commission and the All-China Federation of Industry and Commerce have initiated actions to encourage private enterprises to participate in economic development in border ethnic areas, with a total of 37.1 billion yuan allocated for rural revitalization [10] - The GDP of five autonomous regions is projected to grow from 60,129 billion yuan to 83,766 billion yuan from 2020 to 2024, with annual growth rates of 5.6%, particularly in Tibet and Xinjiang, which are expected to grow at 6.1% and 6% respectively [10] - Legislative efforts have been made to support ethnic unity and development, with relevant laws being integrated into 11 legal frameworks to provide legal backing for governance in ethnic affairs [10]

Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: High-level volatile [2] - Rebar and hot-rolled coil: High-level volatile [2] - Glass: Volatile [2] - Soda ash: Volatile and bullish [2] - Shanghai Stock Exchange 50 Index: Rebound [2] - CSI 300 Index: Volatile [4] - CSI 500 Index: Volatile [4] - CSI 1000 Index: Downward [4] - 2-year Treasury bond: Volatile [4] - 5-year Treasury bond: Volatile [4] - 10-year Treasury bond: Weakening [4] - Gold: High-level volatile [4] - Silver: High-level volatile [6] - Pulp: Consolidating [6] - Logs: Volatile [6] - Edible oils: Volatile and bullish [6] - Soybean meal: Bullish and volatile [8] - Rapeseed meal: Bullish and volatile [8] - Soybean No. 2: Bullish and volatile [8] - Soybean No. 1: Volatile and bearish [8] - Livestock: Volatile and bearish [8] - Rubber: Volatile [10] - PX: Wait-and-see [10] - PTA: Volatile [10] - MEG: Buy on dips [10] - PR: Wait-and-see [10] - PF: Wait-and-see [11] Core Views - The short-term recovery of the manufacturing industry has been interrupted, and the ZZJ meeting fell short of expectations. The domestic supply policy expectations have been temporarily falsified, leading to intensified capital-level gaming and market correction due to expectation deviations. The iron ore market is expected to be volatile at a high level in the short term. The coking coal and coke market is supported by supply-side factors, and it is recommended to buy on dips after corrections. The steel market is supported by macro and policy factors in the short term, and it is advisable to try to go long on RB2601 at low levels. The glass market is affected by market sentiment and inventory digestion, and the demand is difficult to recover significantly in the long term. The stock index market is expected to rise, and it is recommended to hold long positions. The bond market is affected by interest rate changes, and it is recommended to hold long positions in bonds with a light position. The precious metal market is affected by factors such as interest rate policies and geopolitical conflicts, and the price is expected to remain volatile at a high level. The pulp market is in a situation of weak supply and demand, and the price is expected to consolidate. The log market is affected by seasonal factors and supply and demand, and the price is expected to be volatile. The edible oil market is supported by factors such as export demand and policy, and the price is expected to be volatile and bullish. The meal market is affected by factors such as planting area and weather, and the price is expected to be bullish and volatile. The agricultural product market is affected by factors such as supply and demand and price trends, and the price is expected to be volatile. The soft commodity market is affected by factors such as weather and inventory, and the price is expected to be volatile. The polyester market is affected by factors such as oil prices and supply and demand, and the price is expected to be volatile [2][4][6][8][10][11]. Summary by Categories Black Industry - Iron ore: Global shipments decreased slightly month-on-month but were stronger year-on-year. Domestic arrivals decreased month-on-month, and port inventories increased slightly. Terminal demand was weak, and steel mills had limited motivation to cut production actively. There are expectations of production cuts in the northern region in late August, and the short-term fundamentals have limited contradictions, with the market expected to be volatile at a high level [2]. - Coking coal and coke: The Dalian Commodity Exchange adjusted the trading limit for the main coking coal futures contract. The demand for real estate and infrastructure was weak, and coking coal prices adjusted slightly. The recovery of coal mines was slow, and coal inventories reached the lowest level since March 2024. Downstream enterprises maintained high operating rates, and coal prices were supported in the short term. To break through the previous high, continuous supply reduction is needed [2]. - Rebar: There were news of production restrictions for independent steel rolling enterprises in Tangshan, leading to expectations of supply reduction. Building material demand decreased month-on-month, and external demand was overdrawn in advance. Real estate investment continued to decline, and overall demand was difficult to show an anti-seasonal performance. The profits of the five major steel products were acceptable, and production increased slightly while apparent demand decreased. Steel mill inventories increased rapidly, and social inventories increased. During the military parade in mid-August, there were expectations of supply contraction, and the overall inventory pressure in the steel market was not significant. There are still expectations of stable growth in the steel industry in the short term, and it is advisable to try to go long on RB2601 at low levels [2]. - Glass: Market sentiment cooled, and the midstream and downstream were in the stage of digesting previous inventories, with significantly weakened restocking demand. There were no changes in production lines, and the operating rate remained stable. Weekly production remained unchanged, and factory inventories continued to increase. It is unlikely for glass factories to stop production during the military parade, and the market is affected by many factors. The midstream and downstream inventories are low, but the rigid demand has not recovered. In the long term, the real estate industry is still in an adjustment period, and glass demand is difficult to recover significantly [2]. - Soda ash: The recent trading focus is on "anti-involution + stable growth." After the short-term emotion is released and the market adjusts again, attention should be paid to whether the actual demand can improve [2]. Financial Sector - Stock index futures/options: The previous trading day, the CSI 300 Index rose 0.70%, the SSE 50 Index rose 0.12%, the CSI 500 Index rose 2.16%, and the CSI 1000 Index rose 2.02%. Funds flowed into the securities and power equipment sectors and out of the banking and soft drink equipment sectors. The article in Qiushi Magazine emphasized promoting the healthy and high-quality development of the private economy. In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year, and social consumer goods retail sales increased by 3.7% year-on-year. From January to July, national fixed asset investment increased by 1.6% year-on-year, while real estate development investment decreased by 12%. The market's bullish sentiment increased, and it is recommended to hold long positions in stock index futures [4]. - Treasury bonds: The yield of the 10-year Treasury bond rose 1bp, FR007 rose 1bp, and SHIBOR3M remained flat. The central bank conducted a 7-day reverse repurchase operation of 238 billion yuan on August 15. The market interest rate rebounded, and the bond market declined. It is recommended to hold long positions in bonds with a light position [4]. Precious Metals - Gold: In a high-interest-rate environment and the context of globalization reconstruction, the pricing mechanism of gold is shifting from being centered on real interest rates to being centered on central bank gold purchases. Trump's bill may exacerbate the US debt problem, highlighting the de-fiat currency attribute of gold. In the global high-interest-rate environment, the substitution effect of gold for bonds weakens, and its sensitivity to the real interest rate of US Treasury bonds decreases. Geopolitical risks have weakened marginally, but market risk aversion still exists. China's physical gold demand has increased significantly, and the central bank has been increasing its gold holdings for eight consecutive months. The logic driving the current gold price increase has not completely reversed, and the Fed's interest rate policy and tariff policy may be short-term disturbing factors. It is expected that the Fed's interest rate policy will be more cautious this year, and tariff policies and geopolitical conflicts will dominate market risk aversion. The latest US data shows that the labor market is unexpectedly weak, and inflation data has slowed down. In the short term, the market's expectation of a Fed rate cut in September has decreased, and the price is expected to remain volatile at a high level [4][6]. - Silver: The price is expected to remain volatile at a high level, affected by factors similar to those of gold [6]. Pulp and Logs - Pulp: The spot market price was mainly consolidating. The latest quoted prices for coniferous and broadleaf pulp decreased, weakening the cost support for pulp prices. The profitability of the papermaking industry was low, and paper mills had high inventory pressure and low acceptance of high-priced pulp. Demand was in the off-season, and the market was in a situation of weak supply and demand, with prices expected to consolidate [6]. - Logs: The average daily shipment volume at ports remained flat week-on-week. Demand was in the seasonal off-season, but as the peak seasons of "Golden September and Silver October" approached, the willingness of processing plants to stock up increased. The shipment volume from New Zealand to China in July increased by 5% month-on-month, and the expected arrivals in August were low. The expected arrivals last week decreased by 60% week-on-week, and supply pressure was not significant. Port inventories decreased, and spot prices were stable with a slight increase. The cost side provided stronger support, and the price is expected to be volatile [6]. Edible Oils and Meals - Edible oils: In July, Malaysian palm oil continued to increase production and inventory, but the ending inventory of 2.11 million tons was far lower than market expectations. The export volume from August 1 to 15 increased by 16.5% - 21.3% month-on-month, and the demand was strong. Indonesia's biodiesel policy provided long-term support for prices. In China, the arrival volume of imported soybeans in August remained high, and the oil mill operating rate was high. Although the export of domestic soybean oil to India increased, the inventory accumulation trend of oil mills could not be stopped. Palm oil inventories may increase, rapeseed oil inventories continued to decrease, and the demand is expected to pick up with the approaching of the double festivals. The preliminary anti-dumping ruling on Canadian rapeseed by the Ministry of Commerce boosted rapeseed oil prices. Supported by factors such as soybean raw material costs, external palm oil prices, and demand recovery, edible oil prices are expected to be volatile and bullish, but attention should be paid to the risk of correction [6]. - Meals: The USDA significantly reduced the planting area of US soybeans. Although the yield per unit increased significantly, the initial inventory, production, and ending inventory of US soybeans all decreased. Most US soybeans are in the critical pod-setting stage, and there are concerns about the hot and dry weather in some areas in the Midwest, which may affect yields. The anti-dumping measures against Canadian rapeseed imports increased import costs, and the market was worried about supply reduction. However, Brazil had a bumper soybean harvest, and the production outlook for US soybeans was strong. The high premium of Brazilian soybeans has slightly declined, but it is difficult to change the pattern before the substantial improvement of US soybean exports, providing strong cost support for domestic soybean meal. The arrival volume of soybeans in China from August to September is high, and the oil mill operating rate is generally high. Soybean meal inventories are at a high level, and downstream purchasing sentiment has returned to caution. The price is expected to be bullish and volatile, and attention should be paid to the weather in US soybean-producing areas and the arrival of soybeans [8]. Agricultural Products - Livestock: On the supply side, the average trading weight of pigs across the country continued to decline. Due to factors such as high temperatures and the positive price difference between fat and standard pigs, slaughterhouses increased the purchase of low-priced standard pigs, and the overall purchase weight decreased. It is expected that the trading weight in most areas will continue to decline. On the demand side, the settlement price of pigs at key slaughterhouses last week showed a downward trend. Affected by factors such as the accelerated slaughter rhythm of farmers and high temperatures affecting terminal consumption, slaughterhouses pressured prices. The average operating rate of key slaughterhouses increased, and the price difference between fat and standard pigs fluctuated. In the context of increasing supply and restricted consumption demand, the weekly average price of pigs is expected to remain volatile [8]. Soft Commodities - Rubber: The impact of weather on the main natural rubber production areas has weakened, but geopolitical conflicts still slightly disrupt rubber tapping. In the Yunnan production area, the profit from rubber tapping increased slightly, and the tight supply of raw materials supported high purchase prices. In the Hainan production area, the weather was good, but the glue output was lower than expected. Driven by the futures market, local processing plants were more active in purchasing, and raw material purchase prices increased. In Thailand, the price of cup lump rubber continued to rise, but profits continued to narrow, and geopolitical conflicts restricted rubber tapping progress in some areas. In the Vietnamese production area, the weather was good, and raw material prices also rose. The utilization rate of the sample semi-steel tire enterprises in China decreased slightly, and the utilization rate of the sample all-steel tire enterprises increased slightly. The inventory at Qingdao Port decreased, and the market is still in a situation of oversupply, but the gap has narrowed. As the geopolitical situation is expected to ease and rainfall increases in the production areas, the supply of raw materials is expected to be tight, driving up rubber prices. Domestic spot inventories are expected to continue to decline, and the price is expected to be strong in the short term [10]. Polyester - PX: The expectation of easing the Russia-Ukraine situation continued to put pressure on oil prices, and oil prices declined. The PTA load fluctuated, and the polyester load rebounded. The short-term supply and demand of near-month PX were slightly weaker but still tight, and the PXN spread was relatively strong. PX prices fluctuated with oil prices [10]. - PTA: Oil prices fluctuated significantly, and although the PXN spread was strong, cost support was average. PTA supply gradually recovered, and the load of downstream polyester factories began to rebound, improving the supply and demand situation. In the short term, PTA prices will mainly fluctuate with costs [10]. - MEG: Port inventories may have continued to increase slightly last week. Terminal demand was sluggish, domestic production gradually recovered, and imports fluctuated, increasing supply pressure. In the medium term, MEG supply and demand are expected to be in a balanced state. In the short term, cost fluctuations are large, and low inventories support the futures price. It is recommended to buy on dips [10]. - PR: The supply of polyester bottle chips was stable, and downstream demand was mainly for rigid restocking at low prices. The peak season performance was poor, and purchases were cautious. The market is expected to be weak with cost fluctuations [11]. - PF: The decline in oil prices dragged down polyester costs, and there was no significant positive support for the fundamentals of short fibers. Prices are expected to decline with raw materials [11].

Group 1 - Xi Jinping emphasizes the need to promote the healthy and high-quality development of the private economy, addressing prominent issues faced by private enterprises and encouraging entrepreneurs to remain resilient [1] - The People's Bank of China plans to implement a moderately loose monetary policy, ensuring liquidity remains ample and aligning social financing and money supply growth with economic growth and price level expectations [1] Group 2 - Li Qiang calls for a robust push towards green and low-carbon industrial transformation, focusing on enhancing ecological diversity and stability while optimizing land development and protection [2] Group 3 - Southbound funds recorded a net purchase of HKD 35.876 billion on August 15, marking a historical high for single-day net purchases, with Xiaomi Group and Alibaba leading the inflows [3][4] - The top ten stocks with the highest net inflows from southbound funds include Xiaomi Group (HKD 31.43 billion) and Alibaba (HKD 27.26 billion) [3] Group 4 - The first batch of total control indicators for rare earth mining and separation for 2025 has been issued to China Rare Earth Group and Northern Rare Earth, although not publicly disclosed [4] Group 5 - The Shanghai Composite Index reached a peak of 3704.77 points, approaching the 3731.69 points high from February 18, 2021, marking a significant ten-year high [5][6] - Historical analysis shows that after reaching a ten-year high, the Shanghai Composite Index typically maintains a trend of oscillating upward over an extended period [6] Group 6 - Reports suggest that polysilicon companies may implement monthly production and sales restrictions starting in September, with a total annual capacity control of 2 million tons for 2026 [7] - The average transaction price for n-type polysilicon has increased from CNY 34,400 per ton in late June to CNY 47,400 per ton, reflecting a nearly 37.8% increase [7] Group 7 - The Shanghai Electric Power Company successfully executed a demand response call for virtual power plants, achieving a maximum response load of 1.1627 million kilowatts, setting a new record [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified national electricity market [13]

海南省发展和改革委员会副主任杨善华8月13日表示，《海南自由贸易港促进民营经济发展若干规定》 采取"小切口"立法形式，聚焦民营经济发展重点难点问题，高位谋划法律规则顶层设计，把竞争中性原 则作为立法起草的核心原则，细化民营经济促进法的有关规定，突出制度集成创新，为更好发挥民营经 济在海南自贸港建设中的生力军作用提供坚实法治支撑。 ● 本报记者 王舒嫄 海南省人大常委会法制工作委员会副主任林崇高当日在发布会上介绍，从若干规定的内容看，在保障公 平竞争方面，若干规定细化民营经济组织公平参与市场竞争的制度机制；对平等准入、平等使用各类生 产要素和公共服务资源、平等适用国家和海南自贸港政策等作出规定，并对不得设定准入障碍、不得在 公共资源交易活动中限制或者排斥民营经济组织作了细化规定。 杨善华是在当日举行的"海南自贸港政策解读"系列主题新闻发布会《海南自由贸易港促进民营经济发展 若干规定》专场做上述表示的。 "海南自由贸易港的建设离不开民营经济组织的积极参与。"杨善华说，截至6月底，海南省实有民营经 营主体360.44万户，占全省经营主体的97.54%，其中民营企业93.72万户。全省民营经济组织贡献了近 60%的G ...