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]

Core Viewpoint - The U.S. Senate has paused the deliberation of the "Big Beautiful" bill due to significant internal divisions within the Republican Party, with efforts ongoing to secure enough votes for passage [1][2]. Group 1: Legislative Process - The Senate's complex process requires handling all proposed amendments before a final vote on the bill can occur, with key amendments potentially influencing overall support [2]. - The Senate is expected to continue voting on numerous amendments, which are critical to determining the bill's fate [2]. Group 2: Internal Party Divisions - Key points of contention within the Republican Party include substantial cuts to social security spending, the retention of clean energy tax credits, and the overall fiscal deficit of the bill [1][2]. - Eight Republican senators are currently considered potential dissenters, with Rand Paul and Thom Tillis being the most prominent opponents [1]. Group 3: White House Involvement - The White House is actively lobbying for votes, with President Trump personally making calls and warning of historical tax increases if the bill fails [3]. - Treasury Secretary Mnuchin is optimistic about the bill's approval in the near term, while Senate Majority Leader John Thune remains cautious about progress [3]. Group 4: Clean Energy Subsidies - The current version of the bill proposes significant reductions in subsidies for clean energy, which has led to dissatisfaction among some Republican senators [4]. - A proposed amendment aims to relax the completion deadline for projects seeking subsidies, but this could provoke backlash from fiscal conservatives [4]. Group 5: Healthcare Funding Controversies - The bill's proposed cuts to Medicaid have sparked controversy, particularly among rural representatives concerned about hospital closures [6]. - A Republican senator's amendment to increase funding for rural hospitals was rejected by Democrats, highlighting the contentious nature of healthcare provisions in the bill [6]. Group 6: Final Amendments and House Considerations - The Republican leadership is preparing a "last resort amendment" to balance internal party opinions before the final vote, which must also consider the House's acceptance of any changes [7]. - The House previously passed its version of the bill by a narrow margin, and the Senate's more aggressive cuts to Medicaid could complicate support from moderate Republicans in the House [7].