Core Viewpoint - The article discusses the inspection and research conducted by Yang Yue, Vice Chairman of the Provincial Political Consultative Conference, regarding the implementation of high-standard strategies for the Jiangsu Free Trade Zone, aimed at enhancing Jiangsu's integration and service within the Yangtze River Delta development [1] Group 1 - Yang Yue visited the Nanjing Free Trade Zone to oversee the proposal from the Jiangsu Provincial Committee of the Chinese Nationalist Party regarding the strategic enhancement of the Free Trade Zone [1] - The inspection included visits to the Nanjing Jiangbei New Area Planning Exhibition Hall and the Cross-Border E-Commerce Industrial Park to understand the current work situation [1] - During the meeting, various departments including the Provincial Commerce Department and the People's Bank of China Jiangsu Branch presented updates on the proposal's implementation [1] Group 2 - Yang Yue emphasized the need to implement the important speeches of General Secretary Xi Jinping and align with central and provincial requirements [1] - The focus areas include enhancing the level of institutional openness, improving the effectiveness of systemic reforms, creating high-quality industrial clusters, and promoting integrated collaborative development [1] - The aim is to contribute to the high-quality development of the Free Trade Zone and support China's modernization efforts [1]

8月15日，中建四局宣布人事调整，易文权不再担任公司董事长、党委书记职务，由周圣接任；马义俊 不再担任公司董事、总经理、党委副书记职务。 在海外市场，他主导的阿尔及尔大清真寺项目引入绿色建造技术，成为中建集团在非洲市场的标杆；在 中建三局期间，他推动武汉绿地中心（606米超高层）等重大项目落地，并牵头组建"建筑产业创新联 盟"，加速智慧建造技术应用。这种"重大项目练兵"模式，使其在超高层施工、复杂地质条件下的工程 管理等领域积累了丰富经验。 如今，47岁的周圣即将出任中建四局"一把手"。放眼整个中建系统，他也是最年轻的工程局掌舵者；多 年海外征战的能力，或将为亟待突围的四局注入一针强心剂。 四局高负债困局 值得一提的是，47岁的周圣接任党委书记、董事长，成为中建八大工程局中最年轻的"一把手"。此次变 动距离其2023年2月任中建三局总经理仅两年多时间，延续了中建系统内部"跨局调任"的人才培养传 统。 南都·湾财社记者注意到，此次人事变动正值建筑行业深度调整期。数据显示，2024年中建四局归母净 利润5.84亿元，虽同比增长24%，但资产负债率高达87%，应付账款高达815亿元，现金短债比仅0.52， 流动性压 ...

Core Viewpoints - The A-share market is experiencing a new trend driven by policy measures aimed at "anti-involution," expanding domestic demand, and stimulating demand in the hydropower sector, with the Shanghai Composite Index reaching a new high of 3613.02 in 2023 [1] - The "anti-involution" policy is expected to positively impact both PPI and CPI, benefiting traditional industries like steel and new sectors such as photovoltaics and automobiles [1][4] - The market sentiment has improved significantly in the short term, leading to a substantial rebound in commodity prices and a notable recovery in related industry indices, reflecting optimistic expectations for economic recovery [1][4] Policy Evolution of "Anti-Involution" - The concept of preventing "involution" was first introduced in a Politburo meeting on July 30, 2024, and has since been reiterated in subsequent economic work meetings and government reports [2][3] - The Ministry of Industry and Information Technology (MIIT) plans to implement a new round of growth stabilization work for ten key industries, focusing on structural adjustments and the elimination of outdated production capacity [3][4] Key Areas of Focus in "Anti-Involution" - The current "anti-involution" initiative covers a broader range of industries compared to previous supply-side reforms, addressing both traditional industries facing demand shortages and emerging sectors experiencing supply expansion [4][5] - Specific industries affected include: - **Petrochemicals**: Facing demand contraction and supply shocks, with profitability under pressure [4][5] - **Non-ferrous Metals**: Overcapacity in copper smelting leading to sustained losses [5] - **Automobiles**: Structural contradictions between traditional fuel vehicles and new energy vehicles, with increasing price competition [5] - **Lithium Batteries**: Low-price competition stemming from aggressive capacity expansion in previous years [5] - **Photovoltaics**: Market demand shrinking due to external trade barriers and domestic subsidy reductions, leading to widespread losses [5] - **Steel**: High fixed costs and weak terminal sales resulting in increased production to lower average costs, further depressing prices [5][6] - **Construction Materials**: Weak demand due to the downturn in real estate, with prices continuing to decline [6] Short-term and Long-term Strategies - Short-term measures such as eliminating outdated production capacity and limiting production can help improve supply-demand structures and boost commodity prices [7] - Long-term strategies involve establishing a systematic reform mechanism to ensure a balanced market environment, focusing on the gradual elimination of excess capacity while controlling new capacity [7] Key Products - **Petrochemical ETF (159731)**: Tracks the performance of petrochemical industry stocks [8] - **Non-ferrous Metals ETF (516650)**: Reflects the overall performance of non-ferrous metal industry stocks [8] - **New Energy Vehicle ETF (515030)**: Represents the performance of companies involved in the new energy vehicle sector [9] - **New Energy ETF (516850)**: Tracks companies in the renewable energy sector [10] - **Entrepreneur Board New Energy ETF (159368)**: Focuses on high-quality companies in the new energy sector listed on the Growth Enterprise Market [10] - **Free Cash Flow ETF (159201)**: Reflects the price changes of companies with high and stable free cash flow [11]

Core Viewpoint - The structural imbalance between cross-border RMB flow and stock is a key constraint in the internationalization of the RMB, necessitating systemic reforms across cognition, systems, policies, and assessments to establish a virtuous cycle of "flow driving stock, stock feeding back flow" [1][9]. Structural Imbalance of Flow and Stock - As of the end of 2024, China's cross-border RMB settlement scale (flow) is projected to reach 96 trillion yuan, while offshore RMB deposits are only 3.5 trillion yuan, resulting in a flow-to-stock ratio of 27:1, significantly higher than the international level of 5:1 for the US dollar [1][2]. - The focus on flow metrics, which can be easily boosted through policy, leads to a neglect of stock metrics that require long-term market-driven asset allocation [2]. Systemic Risks from Imbalance - The reliance on flow expansion risks leaving the RMB as merely a "trade settlement tool," as offshore entities quickly convert RMB into other currencies due to a lack of diversified asset allocation channels [3]. - Insufficient stock leads to a weak offshore RMB asset pool, hindering innovation in financial products and reducing the attractiveness of the RMB as a reserve currency [3]. - The pursuit of flow growth through administrative means can create a "data prosperity" while the market remains weak, leading to unsustainable policy costs [3]. Root Causes of Imbalance - The "heavy flow, light stock" issue stems from governance inertia, cognitive biases, assessment flaws, and a lazy governance mentality [4]. Short-termism in Performance Metrics - The entrenched view equating RMB internationalization with the expansion of cross-border settlement scales reflects a distorted performance perspective, prioritizing easily measurable flow metrics over the more complex stock metrics [5]. Lack of Understanding of Market Dynamics - There is a failure to recognize the importance of market-driven mechanisms in the internationalization of the RMB, leading to fragmented policy tools and ineffective implementation [6]. Assessment System Bias - The current assessment system's excessive focus on cross-border RMB flow is a direct cause of the imbalance, with flow metrics receiving a 70% weight in assessments compared to only 30% for stock metrics [7]. Governance Inertia - The "heavy flow, light stock" mentality reflects a management laziness, where flow expansion is achieved through simple administrative measures rather than addressing deeper market needs [8]. Systemic Reform Proposals - To address the imbalance, reforms should focus on cognitive, institutional, policy, and assessment dimensions to create a new ecosystem for coordinated development of flow and stock [9]. Cognitive Innovation - There is a need to deepen the understanding of RMB internationalization and shift the focus from flow metrics to the quality and ecological aspects of development [10]. Institutional Design Breakthroughs - Legislative measures should be taken to ensure that flow and stock development are assessed together, with a minimum weight of 40% for stock metrics in evaluations [11]. Policy Tool Innovations - The approach should shift from a settlement-oriented to an asset-oriented focus, encouraging the retention of RMB in offshore markets [13]. Assessment System Reconstruction - New metrics should be introduced to evaluate the growth rate of offshore RMB stock, with significant weight in performance assessments for both government and financial institutions [15]. Risk Monitoring and Long-term Mechanisms - Establishing a monitoring system for offshore RMB stock risks and reducing direct administrative interventions in offshore markets are essential for fostering a sustainable ecosystem [16].

Core Viewpoint - The core regulatory principle of "tracing the actual controllers of listed companies to natural persons or state-owned entities, with clear and stable equity" aims to ensure effective corporate governance and protect the rights of minority investors, but it has led to issues due to the predominance of natural persons as actual controllers [1] Existing Issues and Contradictions - There are institutional limitations in corporate governance structures, as the dominance of natural persons as actual controllers in A-share companies leads to a model where ownership and management are combined, restricting modern governance development and causing short-term strategic focus [2] - Natural person controllers face limitations in resources, strategy, governance, and integration, leading to challenges in industry upgrading and sustained growth as companies mature [2] - Private equity (PE) firms are unable to become actual controllers of listed companies, which suppresses effective participation of long-term capital and weakens the long-term growth potential of listed companies [3] - Most private equity funds cannot meet the requirements for actual controllers, leading to a focus on short-term trading in the secondary market, which exacerbates the disconnect between primary and secondary investment markets and diminishes governance levels [3][4] - Regulatory policies often fail to produce sustainable effects, trapping the A-share market in a cycle of limited growth, with IPO controls and merger policies failing to break through the actual controller principle [4] Systemic Reform Suggestions and Path Design - The first phase involves clarifying governance structure reform directions and initiating pilot programs for long-term capital and professional management teams to form evergreen funds, allowing them to participate in the management of listed companies [5] - The second phase encourages the separation of ownership and management, establishing a governance structure linked to long-term development, and allowing evergreen funds to qualify as actual controllers for IPOs [6] - The third phase focuses on comprehensive marketization and modernization of governance, promoting legal reforms to support mergers and acquisitions as a standard growth path for companies [8] Strengthening Long-term Capital Guidance Mechanisms - The goal is to enhance corporate quality and investor confidence, creating a virtuous cycle in the Chinese capital market, fostering competitive companies, and activating substantial financial risk capital [9]