Group 1: Economic Policies and Measures - Relevant departments are accelerating the introduction of measures to stabilize employment and the economy, with most policies expected to be implemented by the end of June [1] - The plan includes the issuance of a project list for the "two重" construction and central budget investment by the end of June 2025, along with the establishment of new policy financial tools to address capital shortages for project construction [1] - The new policy financial tools are seen as an innovative upgrade to traditional policy financial instruments, aimed at providing capital support for "two重" projects through market-oriented financing [1] Group 2: Employment Support and Trade Stability - A combination of policies will be introduced to support employment, including increased support for job expansion, employment subsidies for individuals, and higher unemployment insurance for affected enterprises [2] - To stabilize foreign trade, there will be increased financial support to lower domestic sales costs for foreign trade enterprises, and efforts will be made to include more sectors in the "trade-in" support program [2] - Continuous policy research and preparation will be conducted to ensure timely implementation of necessary measures for stabilizing employment and the economy [2] Group 3: Macro Policy and Economic Outlook - The implementation of more proactive macro policies indicates a significant push for domestic demand expansion, focusing on boosting consumption, accelerating infrastructure investment, and stabilizing the real estate market [3] - Domestic macro policies are expected to play a crucial role in stabilizing economic operations, countering the slowdown in external demand [3]

Core Viewpoint - The National Development and Reform Commission (NDRC) reported that China's economy showed resilience and performed better than expected in the first half of the year, achieving new results in high-quality development [1][2]. Group 1: Economic Performance - Major macroeconomic indicators performed well, indicating a stable economic environment despite external pressures [1]. - The economy demonstrated strong resilience, effectively absorbing accumulated risks [1]. - New growth drivers are accelerating in development and expansion [1]. Group 2: Future Economic Work - The NDRC aims to implement policies to achieve annual economic and social development targets and tasks outlined in the 14th Five-Year Plan, laying a foundation for a good start to the 15th Five-Year Plan [2]. - There will be a continued focus on expanding domestic demand and promoting high-level technological self-reliance, alongside deepening reform and opening up [2]. - The NDRC plans to enhance economic monitoring and forecasting, ensuring policy continuity and flexibility to adapt to external changes [2].

国家发展改革委政策研究室主任、新闻发言人蒋毅表示，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，努力完成全年经济社会发展预期目标 和"十四五"规划各项任务，为"十五五"良好开局打下基础。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，坚定不移推动高水平科技自立自强，深化改革开放，加 力建设全国统一大市场，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，不断完善稳就业扩内需政策工具箱，根据外部环境变化及时推出，统 筹今明两年政策衔接、工作衔接，着力稳就业、稳企业、稳市场、稳预期，努力实现物价水平合理回 升、社会就业大局稳定与经济增长的优化组合。 ...

Group 1 - The National Development and Reform Commission (NDRC) is committed to achieving economic and social development goals despite international uncertainties, focusing on domestic priorities [1] - The NDRC is developing a series of measures to stabilize employment and the economy, which will complement previous policies introduced in September and during the Central Economic Work Conference [1] - Key areas of focus include supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [1] Group 2 - The NDRC has allocated over 160 billion yuan for consumption incentives, with additional funds expected to be released, totaling around 140 billion yuan [2] - Investment expansion will include support for industrial software upgrades and infrastructure projects, with a goal to finalize the project list by June [2] - The People's Bank of China plans to adjust monetary policy tools to ensure liquidity and support key areas such as employment and growth [2] Group 3 - The Ministry of Commerce, in collaboration with the NDRC, has introduced a comprehensive policy package to assist foreign trade enterprises in expanding domestic sales [3] - Financial support measures include increasing government funding, enhancing credit support from financial institutions, and reducing costs for struggling enterprises [3] - The impact of recent fluctuations in the U.S. Treasury market on China's foreign exchange reserves is considered limited due to a diversified investment strategy [3]

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]

Economic Outlook - The external environment for China's economy is increasingly complex and uncertain, but the overall economic operation remains stable due to proactive macro policies and measures to stabilize employment and promote high-quality development [2][3] - International investment banks have raised their economic forecasts for China despite global economic growth predictions being downgraded by organizations like the World Bank and OECD [3] Economic Performance - In May, the industrial added value for large enterprises grew by 5.8% year-on-year, while the service production index increased by 6.2%, reflecting a stable growth in industrial and service sectors [2] - Retail sales of consumer goods rose by 6.4% year-on-year in May, marking the highest growth rate in 2024, and fixed asset investment showed steady growth with manufacturing investment increasing by 8.5% [2] Employment and Social Welfare - The "Work for Relief" program aims to enhance employment and income for key groups, with a central investment of 16.5 billion yuan allocated to support over 3,900 projects, potentially benefiting 380,000 individuals [4] - The program will expand its scope to include small infrastructure projects in rural areas, providing more job opportunities close to home [4] Energy Supply and Demand - The peak electricity load during the summer is expected to increase by approximately 10 million kilowatts compared to last year, prompting measures to enhance energy supply capabilities [7] - As of the end of May, the total installed power generation capacity reached 3.61 billion kilowatts, a year-on-year increase of 18.8%, ensuring a more efficient power transmission [7] - The overall power supply and demand situation is better than last year, with coordinated efforts to ensure energy supply during high-temperature periods [7][8]

Group 1 - The recent tensions in the Middle East have led to a temporary impact on A-share market sentiment, but the market has rebounded, with the Shanghai Composite Index reaching a new high in nearly a month [1] - The market is expected to maintain a slow upward trend as it approaches the policy window period at the end of June, with potential for new policies aimed at stabilizing employment and promoting high-quality development [1] - Popular sectors such as banking and innovative pharmaceuticals may experience short-term fluctuations due to accumulated gains, while TMT and technology growth sectors are anticipated to see a rebound after sufficient adjustments [1] Group 2 - The outlook for July suggests a theme-driven market with high-low sector rotation, as popular sectors like innovative pharmaceuticals and banking have shown signs of correction, while TMT and advanced manufacturing sectors are beginning to rebound [2] - Key focus areas for 2025 include expanding domestic demand and consumption, with expectations for policies to support sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is expected to continue, with opportunities arising in sensors, controllers, and functional robots [2] - The semiconductor industry is projected to see continued domestic growth, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to experience a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment [2] - The AI sector is poised for new catalysts, with significant updates expected from companies like MiniMax, indicating a resurgence in AI-related investments [2] Group 3 - The A-share market has ended a month-long period of consolidation, with the Shanghai Composite Index reaching a new high, supported by a broad-based rally among individual stocks [3] - The market saw a significant increase in the number of rising stocks, with over 4,700 stocks gaining, while only a few sectors like oil and coal experienced declines due to falling international oil prices [3] - Leading sectors included electric power equipment, non-bank financials, retail, automotive, and machinery [3]

Economic Stability and Growth - The overall economic operation in the capital has been stable and improving since May, driven by a series of policies aimed at stabilizing employment and the economy [2] Industrial Performance - From January to May, the city's industrial added value above designated size increased by 6.8% year-on-year, a 0.2 percentage point increase compared to January to April [3] - Advanced manufacturing and strategic emerging industries showed strong growth, with a 16.9% increase, 3.8 percentage points higher than the same period last year. The electronics and automotive sectors grew by 27.2% and 13.9%, respectively [3] - The information service industry revenue increased by 13.6% year-on-year, up 1.9 percentage points from January to March [3] - The Beijing Stock Exchange's trading activity has been robust, with the North Exchange 50 Index rising nearly 36% year-to-date, leading among major market indices [3] Investment and Consumption - Fixed asset investment grew by 17.8% from January to May, driven by "two heavy" projects and equipment upgrades [4] - High-tech industry investment surged by 81%, while infrastructure investment rose by 16.2% [4] - Total market consumption increased by 1.3% year-on-year, with a 0.3 percentage point improvement from January to April [4] - The integration of commerce, culture, and tourism led to a 4.9% growth in service consumption, with nearly 100 large cultural and sports events held in May, resulting in a 32.1% increase in visitor numbers at key scenic spots [4] - The number of newly established foreign-funded enterprises in May increased by 11.5% year-on-year, a 22.8 percentage point improvement compared to the previous year [4] Employment and Prices - The urban survey unemployment rate remained low, with measures taken to meet the employment needs of college graduates [5] - In May, consumer prices decreased by 0.1%, while service prices rose by 0.4% [5] - The city plans to leverage national policy tools to create a favorable development environment, focusing on stabilizing employment and promoting high-quality economic growth [5]

Group 1: Core Policy Initiatives - The central government has introduced a series of significant livelihood policies aimed at enhancing social security fairness, improving the equity of basic public services, expanding the inclusiveness of basic livelihood services, and increasing the accessibility of diverse social services [1] - The policies include the removal of household registration restrictions for participating in social insurance at the place of employment, reasonable increases in minimum wage standards, and steady progress in allowing flexible employment personnel to participate in housing provident fund systems [1][3] - The government plans to propose major strategic tasks, policy measures, and engineering projects in the livelihood sector, integrating them into the national "14th Five-Year" development blueprint [1] Group 2: Public Service Equalization - The "14th Five-Year" plan aims to significantly improve the level of basic public service equalization by 2025 and achieve full equalization by 2035 [2] - The policies focus on enhancing the quality and efficiency of basic public services, coordinating service supply with population changes, and implementing local policies for providing basic public services based on residency [2][3] Group 3: Financial Support for Livelihood Development - The central government plans to increase financial investment in the livelihood sector, with education, social security, and employment expenditures budgeted at nearly 4.5 trillion yuan, reflecting growth rates of 6.1% and 5.9% respectively [4][5] - Employment support includes a budget of 66.74 billion yuan for employment subsidies, with measures to lower unemployment and work injury insurance rates, and to support enterprises in stabilizing jobs [4] - In the healthcare sector, per capita financial subsidies for basic public health services will increase to 99 yuan annually, and for urban and rural residents' medical insurance, it will rise to 700 yuan annually [4] Group 4: Policy Tools for Economic Stability - The government is enhancing its policy toolbox to support employment and economic stability, with measures including interest rate cuts and the implementation of the "民生10条" (Ten Livelihood Policies) to address various critical areas [6][7] - The focus is on improving the living conditions of citizens, particularly vulnerable groups, and addressing urgent livelihood issues to foster a sustainable internal consumption engine [7]

Group 1 - China will approve compliant rare earth export license applications and urges the US to lift all trade restrictions, including the 301 tariffs [2][2] - The Ministry of Commerce will actively cooperate with relevant departments to address the "involution" competition in the automotive industry, promoting fair market order [2][2] - The National Bureau of Statistics announced the establishment of 10 national data element comprehensive pilot zones to enhance the integration of the real economy and digital economy [2][2] Group 2 - In May, retail sales of new energy vehicles in China reached 1.056 million units, a year-on-year increase of 30%, with a market penetration rate of 53.5% [2][2] - The Hong Kong stock market's total market capitalization reached HKD 40.9 trillion by the end of May 2025, a year-on-year increase of 24% [2][2] - A total of 439 A-share companies conducted buybacks in the past month, with a total amount of CNY 26.689 billion, a year-on-year increase of 51.83% [2][2] Group 3 - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation with a term of 3 months, enhancing policy transparency [2][2] - The China Securities Index Company will officially launch the CSI Haitong Asset Management Technology Theme Bond Index and the CSI Haitong Asset Management Green Theme Bond Index [2][2] - The A-share listed companies are entering a concentrated phase for profit distribution, with nearly 1,300 companies executing their 2024 annual distribution plans [2][2]