责任编辑：杨喜亭 9月1日，中国人民银行行长潘功胜会见来访的巴基斯坦财政部长穆罕默德·奥朗则布，双方就中巴金融合作等 议题交换了意见。 ...

Core Insights - The A-share listed securities firms reported strong performance in the first half of 2025, with total operating revenue reaching 251.87 billion yuan, a year-on-year increase of over 30%, and net profit attributable to shareholders of 104.02 billion yuan, up 65.08% from the previous year [1] - The growth was driven by active trading in the equity market, with brokerage and proprietary trading businesses being the main contributors to the firms' performance [1][7] - Regulatory policies aimed at stabilizing expectations and boosting confidence, along with continued inflows from individual and long-term investors, provided a solid foundation for the positive performance of listed securities firms [1] Performance of Major Firms - Ten securities firms reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, a 20.44% increase year-on-year, and a net profit of 13.72 billion yuan, up 29.80% [2] - Guotai Junan's revenue reached 23.87 billion yuan, a significant increase of 77.71%, with net profit soaring by 213.74% to 15.74 billion yuan, surpassing CITIC Securities [2][3] Growth of Smaller Firms - Smaller securities firms exhibited remarkable growth, with eight out of ten firms showing over 100% year-on-year increase in net profit [4] - Huaxi Securities achieved a revenue of 2.07 billion yuan, a 46.72% increase, and a net profit of 512 million yuan, up 1195.02%, leading the industry [4] - Guolian Minsheng also demonstrated strong growth, with revenue of 4.01 billion yuan, a 269.40% increase, and net profit of 1.13 billion yuan, up 1185.19% [5][6] Market Trends and Future Outlook - The trading volume in the Shanghai and Shenzhen markets reached 188.78 trillion yuan, a 63.87% increase year-on-year, with the A-share market continuing to show upward momentum [7] - The active trading environment and ongoing capital market reforms are expected to further enhance the performance of securities firms [7]

Core Points - The new personal consumption loan subsidy policy officially implemented on September 1, 2023, aims to support consumer spending through interest subsidies on loans used for consumption [1][3][12] - The policy is effective from September 1, 2025, to August 31, 2026, and applies to loans issued by designated financial institutions [1][9] Summary by Category Eligible Loans and Consumption Types - The subsidy applies to personal consumption loans used for various types of consumption, including daily expenses under 50,000 yuan and significant expenditures such as home purchases, education, and healthcare [3][5] - Specific categories include daily consumption, automotive purchases, elderly care, education, cultural tourism, home decoration, electronics, and healthcare [3][5] Subsidy Standards - The subsidy rate is set at 1% per annum, with a maximum subsidy of 3,000 yuan per borrower per institution, corresponding to a cumulative consumption amount of 300,000 yuan [6][7] - For loans under 50,000 yuan, the subsidy is calculated based on the actual amount, while for loans above 50,000 yuan, the subsidy is capped at 500 yuan per transaction [8][6] Application Process - Borrowers can apply for the subsidy through mobile banking apps or bank branches, requiring them to sign a service agreement allowing banks to verify consumption transactions [9][10] - Existing loans issued before the policy's implementation may also qualify for the subsidy if they meet the necessary conditions [10] Restrictions and Compliance - Funds withdrawn or transferred to personal accounts do not qualify for the subsidy, and loans in default are also ineligible [11][13] - The policy emphasizes legitimate borrowing and consumption, with strict penalties for fraudulent claims or misuse of funds [13] Economic Impact - The policy is expected to lower financing costs for consumers and enhance their purchasing power, potentially boosting overall consumption [12] - It aims to improve consumer satisfaction by facilitating access to quality goods and services through reduced credit costs [12]

Core Viewpoint - The article highlights the vibrant development of nighttime economy in Yangzhou, driven by cultural and tourism integration, innovative consumption experiences, and supportive financial initiatives [1][5][20]. Group 1: Nighttime Economy Development - Yangzhou's nighttime economy is characterized by a blend of cultural heritage and modern consumption, transforming traditional experiences into engaging activities for tourists [1][3]. - The introduction of innovative cultural performances and interactive experiences has significantly increased nighttime visitor numbers, with a reported 65% year-on-year growth in tourist reception for nighttime boat performances [2][5]. - The city has seen a 10.25% year-on-year increase in monitored nighttime cultural and tourism consumption venues during the summer [5]. Group 2: Innovative Consumption Experiences - Unique offerings such as DIY experiences, themed cafes, and immersive performances have attracted substantial nighttime foot traffic, with weekday visitor numbers reaching around 20,000 and holiday numbers exceeding 50,000 [3][8]. - The integration of technology in cultural experiences, such as virtual reality and interactive performances, has enhanced the appeal of nighttime activities [4][8]. Group 3: Financial Support for Nighttime Economy - Financial institutions are actively supporting the nighttime economy through various initiatives, including a strategic cooperation agreement aimed at enhancing consumer spending and financial services [16][20]. - Significant financing has been allocated to cultural tourism projects, with over 30 billion yuan provided for infrastructure upgrades and nighttime project development [18]. - Innovative credit products and services are being developed to cater to the specific needs of small businesses and individual entrepreneurs in the nighttime economy [19][20].

| 西藏 | 21. 65 | 0. 49 | | --- | --- | --- | | 陕西 | 879. 80 | 11.92 | | 甘肃 | 126. 32 | 2. 09 | | 青海 | 183. 83 | 3.27 | | 宁夏 | 114. 57 | 1. 10 | | 新疆 | 159. 16 | 2. 10 | | 关闭 | 30. 01 | 0. 38 | 近日，国家医保局公布了最新的职工医保个人账户共济数据。数据显示，今年前7个月，职工医保个人账户共济达 2.31亿人次，金额304.57亿元。 | हत्त्व | 个人账户共济人次(万人) | 个人账户共济金额(亿元) | | --- | --- | --- | | 北京 | 1937.07 | 21. 00 | | 天津 | 388. 65 | 6.87 | | 河北 | 1166. 41 | 13. 18 | | 山西 | 327.90 | 3.10 | | 内蒙古 | 422. 39 | 3.71 | | 辽宁 | 290. 16 | 4. 48 | | 吉林 | 122. 91 | 1.75 | | 黑龙江 | 167.02 ...

刘晓曙 青岛银行（002948）首席经济学家。清华大学理学博士、厦门大学经济学博士、中国人民大学 金融学博士后。2008年获"中国卓越研究奖"。 在全球经济一体化深度融合的背景下，美国作为世界第一大经济体，其政策动向始终牵动着全球市场的 神经。2017年特朗普政府上台后，将关税政策视为"让美国再次伟大"的核心工具，以"美国优先"为旗 帜，对包括中国、欧盟在内的多个贸易伙伴加征关税，掀起了一轮席卷全球的贸易保护主义浪潮。这一 政策在初期曾被认为能短期提振美国本土产业、吸引制造业回流，但随着时间的推移，其复杂后果逐渐 显现。青岛银行首席经济学家刘晓曙在接受《金融时报》记者专访时表示，种种迹象表明，特朗普的关 税政策并非一剂"强心针"，而是给美国经济乃至全球贸易体系刻下了一道难以愈合的"制度性疤痕"。 关税政策的短期利好与长期隐忧 《金融时报》记者：特朗普政府的关税政策在近期进入关键阶段，对美国经济产生了多方面影响。您认 为关税政策对美国消费者、企业以及整体经济增长和就业的长期影响会是怎样的？ 刘晓曙：特朗普关税政策是为了实现所谓"让美国再次伟大"的政治目标。但是从根本上，贸易保护主义 无法创造繁荣，反而会损害美国 ...

Core Viewpoint - The personal pension wealth management products in China are expanding for the ninth time, with 37 new products being introduced, including two from China Post Wealth Management with minimum holding periods of 18 months and 2 years [1][3]. Product Details - The newly added products are "Tianyi·Hongjin Minimum Holding 2 Years No.1 (Anying Fund)" and "Tianyi·Hongjin Minimum Holding 18 Months No.1 (Anying Fund)" [2]. - Both products have a risk level classified as level two (medium-low) and are primarily fixed-income investments, focusing on bonds with a small allocation to equity and derivative assets [3][5]. Performance Metrics - The performance benchmark for the new products is structured as an index combination rather than a simple range, enhancing transparency and reflecting the relationship between investment strategies and market performance [3][5]. - The benchmark for "Tianyi·Hongjin Minimum Holding 2 Years No.1 (Anying Fund)" is calculated as: personal demand deposit rate * 10% + CSI 300 Index return * 5% + China Bond - New Comprehensive Wealth (1-3 years) Index return * 85% [3]. Market Context - As of August 29, 2023, there are 1,135 personal pension products available, with only 37 being wealth management products, indicating a relative scarcity in this segment [6]. - The current market for personal pension wealth management products is characterized by a high degree of homogeneity, with most products being medium-low risk fixed-income products [6][11]. Investor Sentiment - The average annualized return for personal pension wealth management products has been reported at over 3.4%, with a total return exceeding 3.9 billion yuan for investors [7][11]. - The awareness and acceptance of personal pension wealth management products among individual investors are increasing, with total balances exceeding 151.6 billion yuan, marking a 64.7% growth since the beginning of the year [11].

Core Insights - Digital finance is a core driving force in the digital economy era, reshaping financial service paradigms and injecting strong momentum into new industrialization strategies, effectively addressing structural challenges in traditional financial services [1][14] - The integration of financial technology and industrial internet, along with an increasingly comprehensive multi-level policy support system, will deepen the integration of digital finance into the entire lifecycle of new industrialization [1][14] - Digital finance aims to facilitate China's transition from a "manufacturing giant" to a "manufacturing and financial powerhouse" [1][14] Group 1: Digital Finance as a Tool for New Industrialization - Digital finance utilizes data as a key production factor and technology as a core driving force, leveraging blockchain, artificial intelligence, and cloud computing to reshape the financial service ecosystem [2] - The People's Bank of China and seven other departments issued guidelines to accelerate the construction of a financial powerhouse and a manufacturing powerhouse, marking the improvement of top-level design for financial support in new industrialization [2] Group 2: Mechanisms of Digital Finance Empowerment - Digital finance evolves from a traditional "fund intermediary" role to an intelligent hub for the allocation of industrial factors, activating industrial data asset value and reconstructing credit generation and risk pricing mechanisms [3] - It addresses the challenges of financing information asymmetry, credit assessment difficulties, and low service efficiency faced by manufacturing enterprises [3] Group 3: Multi-layered Collaborative Mechanisms - Digital finance integrates multi-dimensional data to create precise credit profiles and establish dynamic risk control models, alleviating core obstacles of information asymmetry in traditional industrial financing [4] - It provides tailored financial solutions throughout the lifecycle of manufacturing enterprises, adapting to their developmental needs [5] Group 4: Challenges Facing Digital Finance - The presence of industrial data silos and algorithmic bias restricts the effectiveness of digital finance, leading to potential mislabeling of manufacturing enterprises as high-risk due to outdated parameters [7] - Regulatory frameworks are lagging behind the industrial data assetization process, creating legal uncertainties around data ownership and valuation [7] Group 5: Pathways for High-Quality Development - A comprehensive financial support system for innovation can be established, focusing on key technology breakthroughs and the transformation of results [8] - The development of a multi-credit financial model is essential to enhance the resilience of industrial chains, moving beyond traditional credit reliance [9] Group 6: Policy and Institutional Support - Establishing national standards for data sharing and improving regulations around data asset financialization are crucial for fostering innovation [13] - A balanced regulatory framework that encourages innovation while preventing discriminatory credit policies is necessary for the sustainable development of digital finance [13]

全国统一大市场建设必须破立并举。要建立统一的市场基础制度、市场基础设施、政府行为尺度、市场 监管执法以及要素资源市场。如此才能有效破除内部需求扩大时面临的重重阻碍，消除扰乱市场秩序的 内卷式竞争。以"制度统一"夯实发展根基，再辅以进一步扩大对内对外开放，从而有力地纵深推进全国 统一大市场建设。 纵深推进全国统一大市场建设是构建新发展格局的基础支撑和内在要求。7月1日召开的中央财经委员会 第六次会议明确指出，"五统一、一开放"是纵深推进全国统一大市场建设的基本要求。这一要求聚焦于 破除深层次的体制机制障碍，借助系统性的制度集成创新，打通经济循环中的关键堵点，从而为打造高 效规范、公平竞争且充分开放的全国统一大市场奠定坚实基础。在当前高质量发展已成全社会共识之 时，地方保护与市场分割依旧像顽疾一样困扰着市场经济的发展。行政性分权、官员考核和晋升激励制 度，以及要素流动面临的技术性和制度性障碍等因素，成为市场分割最为突出的矛盾所在。鉴于此，全 国统一大市场建设必须破立并举。要建立统一的市场基础制度、市场基础设施、政府行为尺度、市场监 管执法以及要素资源市场。如此才能有效破除内部需求扩大时面临的重重阻碍，消除扰乱市场 ...

随着碳市场不断成熟，以碳排放配额、核证自愿减排量（CCER）等碳资产为核心的金融活动日益 活跃。碳金融作为绿色金融的重要组成部分，本质是在碳市场形成价格发现机制的基础上，将碳资产金 融化，使其具备融资、交易和风险管理等功能，从而服务企业的绿色低碳转型。 作为全国碳市场深化发展的重要支撑，碳金融产品和工具正不断丰富与完善，目前已形成包括碳资 产抵质押贷款、碳债券、碳资产回购等融资类工具，碳远期、碳期货、碳期权等交易类工具，以及碳保 险、碳基金等支持类工具在内的多元产品体系。这些金融工具不仅能够帮助企业降低履约成本，提升市 场流动性和透明度，还能吸引更多社会资本进入绿色产业，推动形成绿色投资与碳交易的良性循环。 在政策支持层面，2021年11月，中国人民银行发布了专门的碳减排支持工具，给予碳减排项目更加 优惠的资金支持。该工具设立3年多来，取得显著成效，有力推动了经济社会向低碳轨道转型。 不少金融机构也积极投身碳金融产品创新实践，涌现出一批特色实践。例如，九江银行聚焦林业碳 汇领域，发放以核证自愿减排量（CCER）林业碳汇收益权为质押的300万元绿色贷款，将生态资源转 化为企业可抵押的"生态资产"；北京银行南京分 ...