海南日报三亚8月26日电(海南日报全媒体记者 余佳琪 见习记者 余洋)8月26日，在三亚湾海域， 众多游艇破浪前行，在蔚蓝海面上划出条条白色航迹；在陵水黎族自治县新村镇，渔排灾后抢收工作有 序推进，渔业生产正逐步恢复正常；在保亭黎族苗族自治县，旅游景区、文体场所恢复对外开放，热闹 场景依旧；在乐东黎族自治县，佛罗蜜瓜保险理赔绿色通道已经启动……台风"剑鱼"影响减弱后，三 亚、陵水、保亭、乐东等受灾市县聚焦复工复产关键需求，推动当地生产生活秩序基本恢复正常。 当下，各项民生基础设施快速修复。海南日报全媒体记者从三亚市应急管理局获悉，随着灾后恢复 工作的全面推进，三亚各项民生基础设施快速修复。截至8月26日15时，三亚市22座因停电导致停水的 供水加压泵站已全部恢复运行；电力线路已恢复线路113条，恢复率达72.49%；恢复供气1071户，此前 受淹的12个小区已全部恢复正常。 在陵水新村镇，陵水疍家渔排党支部组织党员干部，为渔民清理海域周边障碍物，帮助渔民搭建与 修复临时住房，让他们尽快住进"安心屋"。 与此同时，陆海空立体交通网络有序运转，为受灾市县全面复工复产注入了强劲动力。 航运方面，"我们在上午8点解除 ...

近期召开的中央城市工作会议指出，着眼于提高城市对人口和经济社会发展的综合承载能力，发展组团 式、网络化的现代化城市群和都市圈。我国已确定17个国家级都市圈，当前各地都市圈建设进展怎样？ 如何进一步落实中央城市工作会议的要求与部署？本报即日起推出"都市圈新面貌"系列报道。 "目前，成都和德阳、眉山等6市之间日开行动车128对，日均运送旅客5.5万人次，平均发车时长间隔10 分钟，'半小时通勤圈'让成都都市圈内部的往来犹如'串门'般便捷。"中国铁路成都局集团有限公司成都 东站"游佳服务岗"负责人游佳告诉记者。 呼啸的列车正是成都都市圈同城化发展最生动的注脚。作为全国第三个、中西部首个由国家批复发展规 划的都市圈，成都都市圈已成为拉动四川经济高质量发展的引擎，成都、德阳、眉山、资阳4座城市在 交通互联、产业协作、公共服务等方面均实现了"加速跑"。数据显示，2025年上半年成都都市圈地区生 产总值达到15171.78亿元，多项经济数据均有亮眼表现。 交通更便捷 对大众而言，提及都市圈建设成效，最直观的感受是"交通更方便了"，工作或旅游产生的支出和时间成 本均有所降低。 "公司8位高管，有3位的家在成都，工作在资阳，以 ...

中国入境游市场前景广阔，预计未来十年收入年化增长约 19%，上半年 外国人入境增长 30%，旅游服务出口增长超过 60%，免签政策是重要 推动力，AI 和科技发展消除语言障碍。 Q&A 近期市场的主要驱动力是什么？ 近期市场的主要驱动力可以归结为三大因素。首先是宏观叙事的改善，自去年 9 月以来，政策方向逐渐清晰，信心有所恢复。其次是微观产业提供了许多燃 点，例如 AI 算力自主化、创新药和新消费等结构性主题不断涌现。最重要的是 资金流入股市，从七月初开始，资金搬家现象显著增加，这种流动性驱动的行 情正在推动市场上涨。 当前经济基本面的情况如何？ 当前经济基本面仍然较为疲弱。预计三季度 GDP 增长速度将回落至 4.5%左右。 从八月份的高频指标来看，七月份的数据全面低于预期，而八月份在天气因素 消退后可能会略有反弹，但整体表现仍不如二季度。出口端抢出口效应消退， 集装箱码头数据下行；耐用消费品消费，即使有以旧换新第三轮资金下发，但 汽车、家电同比恶化；房地产市场仍在调整中，二手房成交和价格继续探底； 财政刺激效果有限，大项目虽批复但基建需求有限。 大摩闭门会：邢自强-牛市未歇 20250825 摘要 中国经 ...

Global Economic Trends - Global economic growth is expected to be 2.8% in 2025, which is 0.4 percentage points lower than the average growth rate from 2010 to 2019[14] - The World Bank predicts a global economic growth of only 2.3% in 2025, down from earlier forecasts[15] - International trade growth is anticipated to decline, with a projected decrease of 0.2% in global merchandise trade volume in 2025[16] China's Economic Outlook - China's GDP is projected to grow by approximately 4.7% in the second half of 2025, with a nominal GDP growth of 4.3% in the first half[27][28] - The Consumer Price Index (CPI) may turn negative in the second half of 2025, while the Producer Price Index (PPI) is expected to decline by around 3.0% for the year[30] - The unemployment rate for urban areas averaged 5.2% in the first half of 2025, reflecting a slight increase from the previous year[27] A-Share Market Performance - A-share companies' overall market value creation ability decreased by nearly 40 basis points in 2024 compared to 2023[40] - The performance of A-share companies is increasingly diverging from nominal GDP growth, particularly in the manufacturing sector[40] - The return on assets (ROA) and return on equity (ROE) for A-share companies continued to decline in 2024[40] Sector-Specific Insights - The first industry saw a significant recovery in asset returns due to rising pork prices, while the second and third industries experienced declines[10] - R&D investment in some sectors continued to rise in 2024, although some industries began to see a decrease[10] - The manufacturing sector is facing severe "involution" competition, impacting profitability and pricing power[30]

Core Viewpoint - Carbon neutrality bonds are crucial for supporting China's "dual carbon" goals, having provided over 800 billion yuan in funding since their introduction in 2021, but the market still has significant room for improvement in terms of participant diversity and product innovation [2][11]. Market Scale - Since the launch of carbon neutrality bonds in 2021, a total of 805.739 billion yuan has been issued, with 2021 seeing the highest issuance at 258.379 billion yuan, accounting for 41.64% of that year's green bond issuance [5][6]. - The issuance volume for 2024 is projected to be 178.759 billion yuan, a year-on-year increase of 5.75%, raising the proportion of carbon neutrality bonds in the green bond market from 19.91% in 2023 to 25.86% in 2024 [5][6]. Issuance Rates - The average issuance rate of carbon neutrality bonds has decreased to 2.406% in 2024, becoming lower than the AAA-rated non-financial corporate bonds at 2.411%, indicating a growing cost advantage for carbon neutrality bonds [6][7]. Industry Involvement - The electricity sector is the primary issuer of carbon neutrality bonds, followed by the financial and transportation sectors, with the electricity sector accounting for an average annual issuance of approximately 120 billion yuan [8][11]. Bond Types - The main types of carbon neutrality bonds include carbon neutrality corporate bonds, carbon neutrality asset-backed securities, and carbon neutrality local government bonds, with asset-backed securities showing steady growth [8][9]. Issuance Locations - Initially, the majority of carbon neutrality bonds were issued through the trading association, but by 2023, exchange issuance surpassed that of the trading association, indicating a shift in the market dynamics [10][11]. Current Challenges - The market is characterized by a lack of diversity in issuers, with state-owned enterprises dominating the landscape, accounting for over 90% of the issuance from 2021 to 2024 [11][12]. - There is a regional imbalance in bond issuance, with Beijing leading at 365.3 billion yuan, while other provinces, particularly those with significant energy production, have issued less than 50 million yuan [12]. - A significant portion of the funds raised is used for debt repayment rather than new project financing, with 49.3% of the total issuance used to repay existing debts [13]. Recommendations for Development - There is a need to enhance support for carbon neutrality bond issuance in various sectors, including industrial and construction sectors, to broaden the market [14]. - Encouraging participation from private and foreign enterprises by optimizing issuance standards and improving communication with potential issuers is essential [15]. - Continuous innovation in carbon neutrality bond products is necessary, including exploring new financing models linked to carbon assets [16]. - Establishing risk-sharing mechanisms and enhancing the role of third-party guarantee institutions can improve market confidence and participation [17].

Inflation Data - In July, the U.S. CPI year-on-year growth was 2.7%, unchanged from June and below the market expectation of 2.8%[6] - Core CPI rose to 3.1% year-on-year, up from 2.9% in June, slightly exceeding market expectations of 3.0%[6] - Month-on-month CPI growth fell by 0.1 percentage points to 0.2%, aligning with market expectations, while core CPI increased to 0.3%[6] Core Goods and Services - Core goods inflation was supported by a rebound in transportation goods, particularly used cars, which saw a month-on-month increase of 1.2 percentage points to 0.5%[10] - Tariff-sensitive goods experienced a slowdown in growth, with furniture, clothing, and leisure goods showing reduced month-on-month growth rates compared to June[11] - Core services inflation was driven by strong performance in medical services and transportation, with the airline ticket component rising by 4.1 percentage points to 4.0%[15] Federal Reserve Outlook - The July CPI data reinforced market expectations for a Federal Reserve rate cut in September, with a 94% probability of a 25 basis point cut[22] - The market anticipates three rate cuts in 2025, with expected cuts in September, October, and December[22] - Concerns remain regarding the persistence of core service inflation, which may complicate the Fed's decision-making process regarding consecutive rate cuts[24] Risks and Considerations - The transmission of tariffs to core goods inflation remains slow, influenced by factors such as consumer demand and corporate pricing strategies[23] - The labor market's stability and upcoming employment data will be critical in shaping future Fed policy decisions[24] - Risks include potential concerns over the Fed's independence and the possibility of a stronger-than-expected labor market[25]

Core Viewpoint - The economic performance in July 2025 demonstrates resilience and vitality despite external pressures and adverse weather conditions, with steady growth in production, consumption, and investment, alongside stable employment and prices [7][10][20]. Economic Performance Overview - The industrial output in July showed a year-on-year increase of 5.7%, with the equipment manufacturing sector growing by 8.4%, indicating strong industrial growth [7][51]. - The service sector also performed well, with a production index growth of 5.8% in July, driven by increased tourism and related services [7][15]. - Social retail sales increased by 3.7% year-on-year in July, with a notable 4% growth in goods retail [8][14]. - Fixed asset investment grew by 1.6% from January to July, with significant contributions from equipment updates and manufacturing investments [8][45]. Trade and Employment - The total import and export volume increased by 6.7% year-on-year in July, reflecting the resilience of foreign trade despite a complex international environment [8][31]. - The urban unemployment rate remained stable at 5.2%, indicating a steady employment situation [9][20]. New Growth Drivers - High-tech manufacturing saw a 9.3% increase in output, with significant growth in sectors like integrated circuits and new energy vehicles [10][38]. - The digital economy is rapidly developing, with a 8.4% increase in digital product manufacturing in July [10][38]. Consumer Trends - Consumer demand is being stimulated by policies such as the "old for new" consumption initiative, leading to increased sales in home appliances and cultural products [8][14]. - The service sector is experiencing growth, particularly in tourism and digital services, with a notable increase in transportation and cultural service indices [15][56]. Investment Landscape - Investment in manufacturing is growing, with a 6.2% increase in manufacturing investment from January to July, particularly in textiles and automotive sectors [45][46]. - Infrastructure investment is also on the rise, with water management and information transmission sectors seeing significant growth [46][47]. Policy Impact - The implementation of proactive macroeconomic policies is supporting production and investment growth, with a focus on stabilizing employment and market expectations [10][23]. - The government's commitment to deepening reform and opening up is enhancing the resilience and vitality of the economy [21][32].

Group 1 - The competition, themed "Data Empowerment Multiplier," focuses on the innovative application of data elements across 13 industries, including industrial manufacturing, modern agriculture, and commercial circulation [1] - The competition is organized by the National Data Bureau in collaboration with multiple ministries and aims to promote the market-oriented allocation of data elements [1][4] - The national finals are scheduled for October 2025, with local competitions already underway in various regions [1] Group 2 - The transportation sector has identified seven key topics to enhance digital transformation, cost reduction, and safety through data utilization [2] - The healthcare sector aims to leverage data for improving service convenience and innovation through a series of competition topics [2] - An open innovation track has been established to encourage technological advancements beyond specific industries, focusing on data set construction and public data utilization [2] Group 3 - In the Guizhou regional competition, the leading categories include industrial manufacturing, vertical industry models, and urban governance [3] - Local governments are actively supporting winning teams with funding and resources, exemplified by Tianjin's commitment to provide financial backing and subsidies [3] - The competition emphasizes cross-field data integration and aims to create replicable and demonstrative scenarios [3] Group 4 - This year's competition places greater emphasis on the market-oriented value of data elements, aiming for breakthroughs in scale, quality, and effectiveness [4] - The evaluation criteria focus on data governance, practical effectiveness, and open innovation to enhance data circulation and innovation [4]

Core Insights - The China SME Development Index for July remains stable at 89.0, indicating a steady performance amidst external uncertainties and slow domestic demand growth [1] - The index shows a positive trend in various sectors, with six industries experiencing growth while two saw slight declines [1] Industry Performance - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering sectors all reported significant increases in their indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] - The industrial and wholesale retail sectors experienced minor declines of 0.2 and 0.1 points respectively [1] Financial Conditions - The financial situation for SMEs has improved, with the funding index rising by 0.2 points in July [1] - There is an increase in working capital and a faster turnover of accounts receivable, with six out of eight surveyed industries reporting growth in working capital and quicker collection of receivables [1] Investment Sentiment - Investment willingness among SMEs has shown signs of recovery, with the investment index increasing by 0.1 points in July [1] - Six out of the eight surveyed industries reported an increase in their investment indices [1] Future Outlook - The China SME Association emphasizes the need for comprehensive economic reforms to stimulate domestic demand, foster new growth points in service consumption, and enhance private and SME investment vitality [2] - The focus will be on stabilizing employment, businesses, markets, and expectations to support the innovative development and quality improvement of private and small enterprises [2]

Group 1 - The China SME Development Index for July is 89.0, remaining stable compared to the previous month, indicating a steady but pressured performance of SMEs amid external uncertainties and slow domestic demand growth [1] - In July, the industry index showed 6 sectors rising and 2 declining, with notable increases in construction, transportation, real estate, social services, information transmission software, and accommodation and catering sectors, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] - The funding situation for SMEs improved in July, with the funding index rising by 0.2 points, indicating better liquidity and faster accounts receivable turnover across 6 out of 8 surveyed industries [1] Group 2 - The investment willingness of SMEs showed signs of recovery, with the investment index increasing by 0.1 points in July, as 6 out of 8 surveyed industries reported an increase in investment [1] - The China SME Association emphasizes the need for comprehensive economic reforms to effectively release domestic demand potential, stimulate private investment, and support the innovation and quality improvement of SMEs [2]