宏 观 研 究 "反脆弱"系列 4 月下旬开启的政策窗口期，释放出哪些 "新" 动向？关税谈判的不确定下，增量政策或如 何"因时因势"推出？本文结合历史经验与当下经济形势展开剖析，可供参考。 ⚫ 政策窗口期的"新"信号？"坚定不移办好自己的事"，"稳就业稳经济、稳市场稳预期" 4 月中央政治局在下旬提前召开，讨论扩内需、促消费、稳定就业等方面政策。本次会议 对外部风险保持高度警惕，首次采用"国际经贸斗争"表述，内部聚焦高质量发展，强调 "坚定不移办好自己的事"，"稳就业、稳企业、稳市场、稳预期"。政策工具箱呈现灵活性 与超常规双重特征，强调"根据形势变化及时推出增量储备政策，加强超常规逆周期调节"。 4 月中央政治局会议后，国新办围绕稳就业、稳市场两度召开发布会，阐释政策部署执行 细节。4 月 28 日发布会以稳就业为核心，重点阐释三方面政策执行情况。一是稳内需与稳 就业协同推进。消费以"以旧换新"补贴、育儿补贴制度及文旅等服务消费金融支持为重 点。二是多维度拓展就业空间，以高校毕业生、农民工、困难人员为保障重点。三是强化 民营经济支持，加大科技、绿色等领域信贷投放，完善民企融资信用信息共享平台等。 5 月 ...

原文链接：西安区域科技创新中心建设工作推进会召开 抢抓战略机遇 扛牢使命责任 加快建设具有 全国影响力的科技创新中心 方红卫讲话 叶牛平主持 李婧出席 叶牛平强调，要准确把握西安区域科技创新中心建设的新定位、新任务、新要求，实施关键性改 革、推动体制性重塑、实现标志性成果，在统筹区域科创力量上打开新局面，在关键核心技术攻坚上实 现新突破，在科技创新成果转化上开辟新路径，在重点产业链群建设上取得新成效，努力打造科技强国 建设的重要战略支点。 会上，通报了西安区域科技创新中心建设推进情况及下一步工作安排。市科技局、市工信局、高新 区、西北工业大学、中国科学院西安光机所、西安诺瓦星云科技股份有限公司、西安远诺技术转移有限 公司、陕西长安先导产业创新中心有限公司作了交流发言。市级有关领导同志，市级有关部门和各区 县、西咸新区、各开发区负责同志，部分驻市高校、科研院所、企业和科技服务机构、金融创投机构代 表参加。 5月9日，西安区域科技创新中心建设工作推进会召开，深入学习贯彻习近平总书记关于科技创新的 重要论述和历次来陕考察重要讲话重要指示精神，落实党中央关于西安区域科技创新中心建设的决策部 署和省委省政府要求，抢抓战 ...

Group 1 - The core argument is that despite external pressures and tariffs imposed by the U.S., China's economy demonstrates resilience and stability, with a GDP growth of 5.4% year-on-year in the first quarter of the year, providing confidence to the global economy [1][2] - China's economic strength is attributed to its systemic advantages and the integration of national spirit, with the leadership of the Communist Party being a fundamental guarantee for development [2][3] - The proactive strategic planning by the Chinese government has fortified the economy against external shocks, enhancing its capacity for sustainable growth [2][3] Group 2 - Innovation is accelerating, transforming policy directions into tangible development outcomes, with significant advancements in technology and a complete chain from research to production [3][4] - The improvement of the business environment is fostering synergies among different economic advantages, enhancing development potential, and creating a more favorable setting for enterprises [4][5] - The collective strength of the Chinese people is crucial in overcoming external pressures, with a unified effort contributing to the resilience and dynamism of the economy [5][6]

股债协同加快推动新质生产力发展 为科技企业提供全周期支持 ◎记者 张雪 资本市场作为资源配置的核心枢纽，正通过股债协同机制解决越来越多科技企业全生命周期的融资需 求。 5月7日，中国证监会主席吴清在国新办新闻发布会上，围绕"持续稳定和活跃资本市场"的核心目标，系 统阐述了股债协同服务新质生产力发展的战略路径，并强调要"突出服务新质生产力发展这一重要着力 点"，通过资本市场的制度改革与债券市场的产品创新，形成互补性金融支持网络，为科创企业提供全 方位、"接力式"的金融服务。 从股票市场看，科创板、创业板改革持续推进，制度包容性显著增强。吴清表示，近期将出台深化两大 板块改革的政策措施，在市场层次、审核机制、投资者保护等方面进一步增强制度包容性、适应性，同 时尽快推动典型案例落地。这一改革方向旨在吸引更多"硬科技"和成长型创新企业上市，为新质生产力 提供直接融资平台。从过往来看，修订后的《上市公司重大资产重组管理办法》将强化并购重组的市场 化导向，支持企业通过横向整合或纵向延伸实现技术升级。 数据显示，自去年"并购六条"发布以来，沪深两市披露重组项目近1400单、同比增长40%，其中重大资 产重组超160单、同比 ...

Group 1 - The "High Talent Pass" program and "Million Talents Gathering in Guangdong" initiative are attracting global talent to the Greater Bay Area, with over 100,000 talents drawn in through the "High Talent Pass" program alone this year [1][2] - The "One Exam, Multiple Certificates" model has been implemented, allowing candidates to obtain various professional qualifications from Guangdong, Hong Kong, and Macau through a single examination [2][5] - The Greater Bay Area is focusing on attracting 1 million university graduates to Guangdong, with initiatives like the "Talent Development Policies" aimed at enhancing youth engagement [3][4] Group 2 - The establishment of the Guangdong-Hong Kong-Macau Talent Collaborative Development Ecological Alliance aims to facilitate talent exchange and collaboration among the three regions [1][6] - The South China region is enhancing its appeal to international talent by implementing policies that ease cross-border employment and residency, such as the "240-hour visa-free transit" for foreigners [7] - The Greater Bay Area is positioning itself as a hub for high-end international talent, with a focus on sectors like technology and innovation, and is actively promoting its talent policies in ASEAN countries [7]

Group 1 - The Beijing Activity Week for the 2025 Osaka World Expo successfully concluded, featuring over 20,000 attendees and more than 10 events, showcasing Beijing's openness and inclusivity to the world [1] - The event included hands-on experiences with traditional Chinese crafts, such as the making of Chinese brushes, attracting international visitors and promoting cultural exchange [3][5] - A significant highlight was the introduction of the "Chuangyou Tong" innovative scheme, which combines communication and payment services, aimed at enhancing the travel experience for international tourists in Beijing [8] Group 2 - The Beijing Cultural and Tourism Bureau reported a 11.2% year-on-year increase in Japanese tourist arrivals in the first quarter, with expectations of 1.2 million Chinese tourists visiting Japan this year, indicating strong bilateral tourism potential [9] - The "Invest in Beijing, Win Together" promotional event showcased Beijing's favorable business environment and attracted foreign investment through various agreements and collaborations [11] - Multiple international cooperation agreements were signed during the event, including partnerships between Beijing's trade promotion agency and Japan's international trade association, enhancing cross-border business relations [12][14]

会议讨论了市委科技委2025年工作要点等文件。 相关市领导，市委科技委委员参加会议。 会议强调，要持续增加高质量科技供给。筑牢重大科创平台支撑，建好用好"一区两中心"等高能级 平台，完善以创新绩效为核心的评估机制。加强关键核心技术攻关，实施一批重大技术攻关项目，布局 一批特色科创平台，攻坚形成一批标志性成果。畅通科技成果转化渠道，建好用好全国高校区域技术转 移转化中心、先进技术成果长三角转化中心，完善全链条服务体系。 会议指出，要强化企业创新主体地位。提升企业创新能力，支持企业加大研发、技改投入，鼓励龙 头企业牵头组建创新联合体，高质量组织实施全球"揭榜挂帅"项目。打造"企业+"科创矩阵，加快培育 科技领军企业，加强创新型企业梯队建设。加大科技招商力度，引进一批产业能级高、产业链带动性强 的重大项目。 会议强调，要着力打造一流创新生态。强化人才引育，抓紧落地落实人才新政，优化人才工作生活 综合环境，靶向引进急需紧缺人才、重量级科创团队。创新科技金融，推进科技型企业并购贷款、科技 金融国际合作发展试验区等试点示范项目，健全科技企业上市服务机制。健全激励制度，探索建立与市 场收益直接挂钩的配套奖补机制，营造鼓励创 ...

Group 1 - The year 2025 marks the conclusion of the "14th Five-Year Plan" and the planning phase for the "15th Five-Year Plan," with Hubei aiming to achieve new progress and results in its development initiatives [1] - Hubei possesses significant educational and scientific resources, including 132 universities and 525 new-type research institutions, which are crucial for enhancing original innovation capabilities [1] - The province plans to enhance the transformation and application of scientific research results, creating a closed-loop industrial ecosystem that integrates research, transformation, application, and re-research [1] Group 2 - Hubei is positioned as a key hub for domestic circulation and an open frontier for international trade, with a foreign trade volume exceeding 700 billion yuan and a 22% increase in trade with Belt and Road countries [2] - The province aims to expand the effects of institutional innovation in its free trade zone and establish industrial collaboration mechanisms with regions like the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Hubei is focusing on urban-rural integration and regional collaboration to cultivate new economic growth points, emphasizing the development of a modern economic system with local characteristics [2]

Core Viewpoint - Shenzhen aims to create a supportive financial ecosystem for technological innovation, facilitating the aggregation of capital resources towards the tech innovation sector [1] Group 1: Financial Ecosystem Development - The Shenzhen Municipal Financial Regulatory Bureau and Shenzhen Securities Regulatory Bureau have jointly issued an action plan for building an industrial financial center from 2025 to 2026 [1] - The plan emphasizes the integration of financial support for technological innovation and aims to enhance the financial service capabilities throughout the entire lifecycle of tech enterprises [1] Group 2: Support for Technology Enterprises - The initiative includes the establishment of a technology achievement and intellectual property trading center at the Shenzhen Stock Exchange [1] - It seeks to optimize the coordination mechanism between debt and equity financing for innovative enterprises [1] - The plan encourages various market entities to provide diversified financing support for technology companies [1] Group 3: Investment and Talent Development - The action plan promotes the lawful and compliant investment of insurance funds into specific private equity and venture capital funds [1] - It aims to strengthen the connection between early-stage tech projects and financial institutions through the Shenzhen industry-finance docking platform [1] - The initiative also focuses on cultivating compound talents in the "technology + finance" sector [1]

5月7日国新办举办新闻发布会，邀请"一行一会一局"介绍"一揽子金融政策支持稳市场稳预期"有 关情况。从会议举行的背景上来看，外部关税扰动的影响在4月份逐步显现——PMI新出口订单显 著回落，PPI环比下行压力加大，整体经济运行态势与去年8月份类似，降准降息的时机已经成 熟，新一轮增量政策也因此适时推出。 新闻发布会公布了十项增量货币政策，八项增量金融政策以及资本市场的三项发力方向。 在增量货币政策中，包含两项新设立的政策工具：一是设立了5000亿元服务消费与养老再贷款； 二是创设了科技创新债券风险分担工具。这两项政策工具对应了缓释外需扰动的两条基本路径。 从中短期来看，要靠消费稳定当下，特别是服务消费的增长趋势缺口仍待弥合，从长期来看，要靠 科创赢得未来，促进全要素生产率和潜在增速尽快企稳回升。 其中，科技创新债券风险分担工具有助于配合"债市科技板"尽快落地，通过央行再贷款支持的增 信措施分担债券的部分违约损失风险，不仅契合科技创新长周期、高风险的基本特征，也有助于提 高科技创新债券的市场吸引力和交易活跃度，缓解科技企业的融资难题。 在增量金融政策中，进一步稳定股市和楼市是宏观审慎管理的重要目标。从支出法统计 ...