上述专家认为，扩内需、治内卷有望畅通经济循环，促进物价合理回升。 当前，我国物价总体保持低位运行，权威专家表示，国内实体经济供需矛盾是主要原因，"通货膨胀是 货币现象"的观点有其诞生的时代背景和前提条件，经济供求因素才是引起物价变动的第一阶原因。 据上述专家解释，物价从根本上是实体经济供需双方相互作用的结果，对于货币主义"通货膨胀是货币 现象"的观点在讨论物价时常有人提到，但这一论断是有前提假设的，其完整表述是"在货币数量增速持 续超过产出增速的条件下，通货膨胀无论何时何地都是一种货币现象"，即只有当货币增速超过产出增 速时，多增发货币才可能引发物价上涨。而且这一表述当时流行，也有上世纪60—70年代发达经济体劳 动力和能源紧张、供给不足的时代背景，货币供给增多带来需求扩张，最终都表现为供大于求物价上 升。 "这与我国当前的经济供求形势不同，过去很长一段时间我国宏观政策思路都是促投资、保供给，供给 短缺的局面已经发生根本转变，出现了供过于求的现象，当前制约物价的主要是需求不足。"上述专家 称。 从扩内需的角度看，货币政策支持力度持续较大。5月中国人民银行推出一揽子增量金融政策，为了支 持服务消费，还专门创设了 ...

标本兼治解决问题，"标"是无序价格战，"本"是不正当竞争和地方保护主义，与16年 供改有明显不同 文：国金宏观宋雪涛/赵宏鹤 作为党中央领导财经工作的决策议事协调机构，中央财经委员会会议的规格和重要性很高。 相比部署 全面工作的政治局会议，财经委会议的召开频率更低、议题更聚焦。政治局会议部署经济工作一般是每 年的4、7、12月+不定期，年均3-4次；相比之下，十九届财经委5年间共召开11次会议，二十届财经 委至今召开过6次会议，年均2次。 更聚焦的议题有助于我们了解决策层的当下关切，对下一阶段的政策方向有重要指引。 例如，2022年 4月的十九届财经委第十一次会议，研究"全面加强基础设施建设"问题，随后基建投资一改2018- 2021年年均增长2%的低迷状态，2022年以来年均增速接近10%，中央财政通过"两重"（重大工程、 重点项目）投入了大量资金。再比如，2024年2月的二十届财经委第四次会议，研究"两新"（大规模 设备更新和消费品以旧换新）问题，可以说是"两新"政策在中央层面部署的起点。 7月1日的二十届财经委第六次会议，研究的问题之一是"纵深推进全国统一大市场建设"，标志着改革 再提速。 "构建全国统 ...

焦炭有望起势，而这对于全球最大的独立焦炭生产商及供应商中国旭阳集团(01907)来说，显然是再好 不过的消息了。回顾2024年，受市价波动影响，全年旭阳集团的焦炭业务收入为176.42亿元，即便是身 处行业下行周期，旭阳集团依然以长期主义者的战略远见和定力坚定投入，在淘汰落后产能的同时循序 渐进发展先进和优质产能，为行业有序发展输出旭阳经验和智慧。2024年，旭阳集团位于印度尼西亚苏 拉威西的生产园区年产480万吨焦化项目中320万吨焦炭产能已投产达产，国际市场的开拓进展顺利。全 年看，旭阳集团焦炭产能已达到了2380万吨。展望未来，为使焦炭加工年产能在今年达到3000万吨的目 标，旭阳集团将继续有序推进萍乡180万吨在建项目；与此同时，旭阳集团也将持续扩大运营管理业务 板块的规模，力争将市占率提升至10%。 自身业务稳扎稳打的基础之上，如若黑色系整体市场环境转暖，则可预期的是旭阳集团的业务规模及利 润均将得到修复，公司的业绩增长节奏也将随之恢复。届时，旭阳集团的增长可见度及确定性都会得到 大幅增强。 监管层整治内卷式竞争的信号愈发强烈了。7月1日，中央财经委员会第六次会议召开，会议强调了研究 纵深推进全国统 ...

Group 1 - The National Development and Reform Commission (NDRC) plans to implement measures to stabilize employment and the economy by the end of June, which are part of a broader strategy to respond to external environmental changes and align with central government directives [1][2] - Key initiatives include supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [1][2] - The NDRC has allocated nearly 500 billion yuan in special long-term bonds to support major projects, including infrastructure and urban development, with a complete project list expected by the end of June [2][3] Group 2 - The NDRC aims to enhance funding efficiency by establishing a direct and rapid mechanism for special long-term bond funds and implementing loan interest subsidies for equipment updates [3] - There is a focus on addressing "involution" in competition, where companies engage in unhealthy practices such as selling below cost, which distorts market mechanisms and disrupts fair competition [3] - The NDRC will work with relevant departments to promote healthy industrial development through innovation, local constraints, optimizing industrial layout, and strengthening market regulation [3][4] Group 3 - The NDRC is set to expand low-altitude economic applications, including low-altitude tourism and consumer drones, while ensuring safety and risk control [4] - The initiative will involve collaboration with local governments and industry management to regulate and promote orderly development in the low-altitude sector [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) is implementing a series of measures aimed at stabilizing employment and the economy, with most initiatives expected to be in place by the end of June. These measures are part of a broader strategy to respond to external environmental changes and to fulfill the decisions made by the central government [1][2]. Group 1: Economic Measures - The NDRC's initiatives include support for employment, stabilization of foreign trade, promotion of consumption, effective investment expansion, and the creation of a stable development environment [1][2]. - The "Two Heavy" policies focus on major strategic implementations and key area security capability construction, with nearly 500 billion yuan allocated for long-term special bonds to support significant projects [2][3]. - The "Two New" policies involve the replacement of consumer goods and large-scale equipment updates, with over 160 billion yuan allocated for the first two batches of funding, and an additional 140 billion yuan expected [2][3]. Group 2: Funding Efficiency and Market Regulation - The NDRC aims to improve funding efficiency by establishing a direct and rapid mechanism for special bond funds and implementing loan interest subsidies for equipment updates [3]. - There is a focus on addressing "involution" in competition, where companies engage in unhealthy practices such as selling below cost, which distorts market mechanisms and disrupts fair competition [3]. - The NDRC plans to enhance market regulation, promote industrial transformation, and eliminate local protectionism to ensure a healthy industrial development environment [3]. Group 3: Low-altitude Economy Development - The NDRC is working with relevant departments to expand low-altitude economic applications, including low-altitude tourism and consumer drones, while ensuring safety and risk control [4]. - The initiative includes strengthening safety governance and holding local governments and industry management accountable for regulatory compliance [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is focused on stabilizing employment and the economy through the implementation of various policies and measures, including the promotion of the Private Economy Promotion Law and addressing issues related to "involution" in competition [1][3][4]. Group 1: Employment and Economic Stability - The NDRC plans to accelerate the implementation of existing policies and introduce new measures to promote high-quality development, with most initiatives expected to be in place by the end of June [1]. - The NDRC will maintain a proactive approach to policy research and reserve, ensuring timely implementation of necessary measures [1]. Group 2: Investment and Foreign Capital - The NDRC aims to enhance foreign investment confidence by revising the encouraged foreign investment industry catalog and developing policies to support reinvestment by foreign enterprises [2]. - The commission will expedite the implementation of significant foreign investment projects and continue to provide favorable conditions for multinational companies operating in China [2]. Group 3: Addressing Involution in Competition - The NDRC acknowledges the structural issues arising from the transformation of traditional industries and the emergence of new industries, which have distorted market mechanisms and disrupted fair competition [3]. - The commission will implement targeted measures to address these structural contradictions and promote healthy industrial development and quality upgrades [3]. Group 4: Implementation of the Private Economy Promotion Law - The Private Economy Promotion Law took effect on May 20, with the NDRC focusing on legal promotion, policy implementation, and addressing concerns of private enterprises [4]. - The NDRC has planned 53 policy measures across seven areas to support the law's implementation, including enhancing the social credit system and addressing issues related to overdue payments to private enterprises [4].

李超表示，整治内卷式竞争是大家都十分关注的一件事。当前中国经济正处在新旧动能转换时期，新 产业、新业态和新模式不断涌现。 当前传统产业正在加快转型升级，这个过程中部分行业出现结构 性问题，突破了市场竞争边界和底线，扭曲了市场机制，扰乱了公平竞争秩序，必须加以整治。 李超表示，国家发改委力争6月底前下达完毕今年全部"两重"建设项目清单，高标准抓好组织实施。 5月20日，国家发改委召开5月份新闻发布会。会上，委新闻发言人李超表示，在加快落实既定政策 基础上，国家发改委已会同有关部门加快推出稳就业稳经济推动高质量发展的若干举措。 目前有关 部门正在抓紧落实，大部分政策举措计划将在6月底前落地。 同时，国家发改委还将坚持常态化、敞 口式加强政策预研和储备，不断完善稳就业稳经济政策工具箱，确保有需要的时候能够及时出台实 施。 李超表示，1—4月份，国家发展改革委共审批核准固定资产投资项目27个，总投资5737亿元，其中 审批15个，核准12个，主要集中在能源、农林水利、高技术等领域。4月份，共审批固定资产投资项 目5个、核准3个，总投资3771亿元。 ...

2月分析: 今年总体基调是"整治内卷式竞争，提振汽车消费"，加上"双新政策"从年初就续上了，1-2 月份车企们也在主动稳定价格体系，因此消费者消费心态相对平稳。由于去年2月销量基数偏低，本月乘 用车批零售均实现了同比大幅度增长，出现了少有的"节后开门红" 。 点 击 蓝 字 关 注 我 们 本文全文共 541 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新 零售 销量数据统计，2025年2月份国内狭义乘用 车市场 零售 销量达138.2万辆，同比增长25.6%，环比下降26.4%；1-2月份累计销量317.6万辆，同比增长 1.1%。 | | 一汽丰田 ◇ | 41,315 | 29,131 | 41.8% | 2.9% | | --- | --- | --- | --- | --- | --- | | 10 % | 北京奔驰 | 35,097 | 36,992 | -5.1% | 2.5% | 2025年1-2月厂商零售销量排行榜 单位:辆 本文数据是基于 中国汽车流通协会乘用车市场信息联席分会 月报表-初稿。 | | | 2025年2月厂商批发销量排行榜 | | | | | -- ...