Group 1: Policy Overview - The State Council announced the implementation of personal consumption loan interest subsidy policy on July 31, 2023[2] - At least three regions, including Sichuan, Chongqing, and Hangzhou's Yuhang District, have initiated personal consumption loan interest subsidies since 2024[2] Group 2: Subsidy Details - Subsidy standards are generally around 1.5%, with Sichuan at 1.5%, Chongqing initially at 1.5% (later raised to 2%), and Yuhang District not exceeding 1.5%[4][13] - The current market consumption loan rates are above 3%, with few options below this threshold[4][13] Group 3: Funding and Process - Funding primarily comes from local government finances, with Sichuan's subsidy shared at an 80:20 ratio between provincial and municipal levels[5][15] - The process involves residents signing loan contracts, submitting materials for subsidy applications, and undergoing multiple levels of review[4][14][16] Group 4: Impact Assessment - As of April 2025, Sichuan has disbursed nearly 60 million yuan in subsidies, impacting over 40 billion yuan in consumption loans and benefiting approximately 27,000 individuals[7][17] - The net increase in personal consumption loans in Sichuan for 2024 was 1,335 billion yuan, with the subsidy effect estimated at around 3%[7][17]

Economic Indicators - The Huachuang Macro WEI index rose to 6.35% as of July 27, up from 5.84% on July 20, marking an increase of 0.52 percentage points[2] - The land premium rate increased to 9% for the week ending July 27, with a four-week average of 6.9%, compared to 5.47% in June[11] Consumer Trends - Subway ridership in 27 cities averaged 81.53 million daily in July, roughly unchanged from last year, while domestic flight numbers increased by 0.8% year-on-year to 14,700 flights in early August[9] - Retail sales of passenger vehicles grew by 5% year-on-year as of July 27, down from 17% previously, indicating a slowdown in durable goods consumption[9] Trade and Shipping - Port container throughput fell by 6.5% week-on-week as of July 27, with a four-week cumulative year-on-year growth of 5.6%[24] - U.S. imports showed a decline, with a year-on-year drop of 20.5% in late July, and imports from China decreased by 25.6%[25] Commodity Prices - Prices for upstream photovoltaic materials and lithium carbonate have significantly dropped, with rebar prices down by 2.9% and lithium carbonate futures down by 13.7%[3] - The South China Glass Index fell by 19.1%, indicating a broader decline in commodity prices amid reduced "involution" sentiment[41] Debt and Financing - New special bond issuance reached 2.82 trillion yuan, achieving 64% of the annual target, faster than the previous year[5] - The Ministry of Finance reported six cases of local government hidden debt, emphasizing the need to manage and mitigate hidden debt risks[53]

Group 1 - The report indicates that August marks the second phase of the "three-step" strategy for the bond market, with a focus on timely adjustments and profit-taking opportunities [6][5][4] - The fundamental outlook for August suggests a verification period for policy effects, with new policy financial tools expected to boost credit and investment recovery [15][16][17] - The "anti-involution" narrative is expected to influence pricing and production, although short-term trends remain uncertain [21][22][25] Group 2 - Liquidity conditions are expected to remain supportive, with the central bank's actions likely to mitigate potential funding disruptions during the high payment month of August [31][32][38] - Historical data shows that August typically experiences significant government bond issuance, which may lead to increased net financing [40][41] - The supply-demand structure in the bond market is under pressure due to increased supply and limited demand from institutions [2][3][4] Group 3 - The report highlights the importance of monitoring external factors, such as trade negotiations and tariff policies, which may impact market sentiment and bond performance [25][26][27] - The anticipated issuance of new policy financial tools is expected to accelerate investment demand, particularly in infrastructure projects [16][17][19] - The report emphasizes the need for flexible trading strategies, particularly in response to key events and market sentiment shifts [6][5][4]

Macro Policy - The macro policy emphasizes the release of existing policy effects, advocating for a more proactive fiscal policy and moderately loose monetary policy[1] - The meeting did not reiterate the previous mention of "extraordinary counter-cyclical adjustments" from April[1] - The Ministry of Finance has reported six cases of hidden debt accountability, stressing the importance of preventing and resolving hidden debt risks as a political task[1] Fiscal Policy - The fiscal policy is tightening regarding debt management, with a focus on actively and prudently resolving local government debt risks and prohibiting new hidden debts[2] - The Ministry of Finance has emphasized strict accountability for those responsible for hidden debts, reinforcing the crackdown on illegal activities related to new hidden debts[2] Monetary Policy - The monetary policy has not mentioned "timely interest rate cuts" but emphasizes maintaining ample liquidity and promoting a decline in overall financing costs[3] Consumption and Investment - The meeting highlighted the importance of boosting service consumption and implementing special actions to stimulate consumption, particularly in cultural, tourism, and healthcare sectors[4] - Investment strategies include high-quality promotion of "two重" construction and the establishment of new policy financial tools to enhance investment returns[4] Market Competition - The meeting called for deepening the construction of a unified national market and optimizing market competition order, with a focus on regulating chaotic competition among enterprises[5] - Specific measures include conducting cost investigations in industries with significant "involution" competition issues[5]

证 券 研 究 报 告 交通运输行业周报（20250728-20250803） 一、聚焦：继续强调"反内卷"下电商快递投资机会 1、 以史为鉴："反内卷"在快递行业是否有效且能否持续推进？ 1）从 21 年经验看，义乌地区率先涨价并逐步扩散。根据邮管局数据计算，21 年 9 月义乌地区单票价格 2.94 元，环比 8 月 2.64 元上涨 0.3 元，价格同比由 8 月的-16%迅速收窄至-1%；此后，在 21 年四季度，价格仍表现坚挺，10 月 义乌地区单票收入同比回正至+2%，11-12 月同比+8%，2022 年 1-8 月依然保 持同比正增。而从全国范围看，申通、韵达、圆通单票收入环比持续提升，可 推测涨价落地并逐步扩散。21 年 9 月三家环比分别上涨 0.16、0.09 和 0.15 元， 到 11 月三家相较于 8 月分别上涨 0.51、0.33、0.46 元（当中包含旺季季节性 涨幅）。同比看，圆通 21 年 8 月实现单票同比转正，21 年 11 月三家均实现价 格同比正增。2）2021 年-22 年的经验看，行业具备价格-盈利提升的传导潜力。 最为显著的，如圆通从 21Q3 的单票扣非净利 ...

S of In F 证券研究报告 【宏观快评】 进入政策效应观察期——7月经济数据前瞻 主要观点 左观研究 宏观快评 2025年08月03日 华创证券研究所 证券分析师:张瑜 邮箱:zhangyu3@hcyjs.com 执业编号:S0360518090001 证券分析师:陆银波 邮箱:luyinbo@hcyjs.com 执业编号:S0360519100003 证券分析师:文若愚 3)对于企业利润与现金流。在政府化债与偿还企业欠款、财政支出规模增加、 "反内卷"下大企业对中小企业账期进行调整、居民消费回暖等因素作用下, 关注企业现金流是否能持续改善(企业存款增速、企业活期存款增速)以及企 业盈利能力是否能保持稳定(如 ROA、ROE 等指标)。这对于改善企业资产 负债表,提升企业的支出意愿(如增加费用支出、提升员工薪酬)帮助较大。 一、物价:PPI环比跌幅或明显收窄 * 预计 7月份 PPI同比从-3.6%回升至-3.5%,PPI 环比约-0.1%,较上月的-0.4% 明显收窄。预计7月份 CPI 同比约-0.1%,CPI 环比约 0.3%。PPI 环比依然为 负,一方面是物价上涨反映到 PPI 上存在一定的时 ...

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, with an optimistic outlook for sales and pricing in the second half of the year [1]. Core Insights - The report highlights that July marks the end of the off-season, and there is an optimistic expectation for sales volume and pricing in the second half of the year, despite ongoing weak investment sentiment in the automotive sector [1][2]. - The impact of marketing activities and public opinion on high-end brands (priced between 200,000 to 600,000 yuan) is emphasized, indicating that poor execution can significantly affect sales and pricing [2]. Data Tracking - In July, new energy vehicle deliveries showed significant year-on-year growth for Xpeng, with deliveries of 37,000 units, a 229.4% increase year-on-year and a 6.1% increase month-on-month. BYD delivered 344,296 units, a 0.6% increase year-on-year but a 10.0% decrease month-on-month. Li Auto's deliveries were 30,731 units, down 39.7% year-on-year and 15.3% month-on-month [4][20]. - Traditional automakers also saw growth, with Geely's sales reaching 236,000 units in June, a 42.1% increase year-on-year. SAIC Motor ranked first with 365,000 units sold, a 21.6% increase year-on-year [4][23]. - The average discount rate in the automotive industry increased slightly to 10.0% in late July, with an average discount amount of 22,311 yuan, reflecting a 1.8 percentage point increase year-on-year [4][25]. Industry Research 1. **Complete Vehicles**: The report continues to recommend Jianghuai Automobile for its luxury vehicle offerings and strong competitiveness. It also recommends SAIC Motor and Great Wall Motors, while suggesting to pay attention to BAIC Blue Valley due to management reforms and the upcoming launch of the S9T model [6]. 2. **Auto Parts**: The report suggests selecting stocks based on low valuations this year and a projected growth rate of over 15% next year, recommending companies like Xingyu Co., Aikodi, and suggesting to watch New Spring Co., Jifeng Co., and Horizon Robotics [6]. 3. **Heavy Trucks**: The report notes a 42% year-on-year increase in heavy truck wholesale in July, with expectations for continued double-digit growth from August to October, recommending Shandong Heavy Industry and Weichai Power for current investments [6]. Market Performance - The automotive sector experienced a decline of 2.11% this week, ranking 16th out of 29 sectors. The Shanghai Composite Index fell by 0.94%, while the automotive index saw declines across various segments, including parts and passenger vehicles [8][33].

Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances, with a target price of 33 yuan, corresponding to a 12x PE for 2025 [2][8]. Core Views - The company reported a revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year. However, Q2 2025 saw a revenue decline of 2.6% year-on-year to 24.5 billion yuan and a net profit drop of 8.3% year-on-year to 0.95 billion yuan [2][8]. - The external sales continue to grow, with overseas revenue increasing by 12.3% year-on-year, while domestic revenue slightly decreased by 0.3% [8]. - The air conditioning segment reported a revenue of 23.69 billion yuan in H1 2025, up 4.1% year-on-year, although central air conditioning faced a decline of 6.0% due to a weak real estate market [8]. - The washing machine business within the refrigeration and washing segment saw a significant revenue increase of 37.6% year-on-year, contributing positively to overall growth [8]. - The company is expected to recover growth in the coming quarters due to favorable weather conditions and government subsidies, despite facing high base pressure in Q2 [8]. Financial Summary - For 2024A, the main revenue is projected at 92.746 billion yuan, with a growth rate of 8.3%. The net profit attributable to shareholders is expected to be 3.348 billion yuan, with a growth rate of 18.0% [4][9]. - The earnings per share (EPS) for 2025E is adjusted to 2.68 yuan, with corresponding PE ratios of 10, 9, and 8 for 2025, 2026, and 2027 respectively [8][9]. - The company’s total assets are projected to grow from 69.702 billion yuan in 2024A to 84.298 billion yuan in 2027E, indicating a steady increase in financial strength [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In the last week of July, with the central bank's support, funds smoothly crossed the month. The outcome of the Sino-US talks was in line with expectations, and the Politburo meeting mainly focused on advancing existing policies. The equity market fluctuated weakly, and the bond market shifted towards recovery. On Friday, the VAT policies for treasury bonds, local government bonds, and financial bonds were adjusted, and the yield of the 10-year active treasury bond fell below 1.7%. Throughout the week, the yield of the 1-year active treasury bond dropped by 1.75BP to 1.3600%, the yield of the 10-year active treasury bond decreased by 3.75BP to 1.6950%, and the yield of the 30-year treasury bond declined by 4.45BP to 1.9030% [3][6][7]. 3. Summary According to the Table of Contents (1) Interest Rate Bond Market Review: Limited Increment from the Politburo Meeting, "Old Bond Rush" Driven by VAT Adjustment - **Overall Situation**: In the last week of July, with the central bank's support, funds smoothly crossed the month. The Sino-US talks had no unexpected results, and the Politburo meeting mainly advanced existing policies. The equity market fluctuated weakly, and the bond market recovered. After the bond VAT adjustment policy was announced on Friday, the yield of the 10-year active treasury bond fell below 1.7% [3][6][7]. - **Daily Performance**: - **July 28th**: The central bank net injected 3251 billion yuan. The bond market continued the recovery trend, and the yields of major treasury bonds decreased by 1.5 - 2.5BP [7][10][11]. - **July 29th**: The central bank net injected 2344 billion yuan. Affected by the Sino-US talks and Politburo meeting expectations, the equity market strengthened, and the yields of medium - and long - term treasury bonds over 5 years increased by 3 - 4BP [7][12]. - **July 30th**: The central bank net injected 1585 billion yuan. The Politburo meeting did not mention "anti - involution" and real estate policies much. The equity market rebounded, and the yields of major treasury bonds decreased by 2 - 4BP [7][13]. - **July 31st**: The central bank net withdrew 478 billion yuan in the morning. Due to factors such as the PMI data being lower than expected and the weakening of the equity market, the bond market performed strongly, and the yields of major treasury bonds decreased by 1 - 2BP [7][14]. - **August 1st**: The central bank net withdrew 6633 billion yuan in the morning. The equity market continued to correct. After the bond VAT adjustment policy was announced in the evening, the yield of the 10-year treasury bond first rose and then fell, closing at 1.6950% [7][15][16]. (2) Funding Situation: The Central Bank Conducted Net OMO Injections Near the Month - End, and the Funding Situation was Balanced and Loose The central bank net injected 69 billion yuan this week. The funding sentiment index was generally below 50. The cross - month funding situation was stable and loose. The issuance price of 1-year national and joint - stock bank certificates of deposit dropped to 1.6250%, and the weekly average of DR007 was 1.53% [1][7]. (3) Primary Issuance: Net Financing of Treasury Bonds, Policy Financial Bonds, and Interbank Certificates of Deposit Increased, while Net Financing of Local Government Bonds Decreased No specific data on the increase and decrease of net financing are provided in the text, but it is mentioned that the net financing of treasury bonds, policy financial bonds, and interbank certificates of deposit increased, and the net financing of local government bonds decreased [24]. (4) Benchmark Changes: The Term Spreads of Treasury Bonds and China Development Bank Bonds Both Narrowed - **Yield Curve Changes**: The yields of short - term treasury bonds dropped by 1.01BP, and the yields of short - term China Development Bank bonds decreased by 2.52BP. The yields of long - term treasury bonds declined by 2.65BP, and the yields of long - term China Development Bank bonds fell by 4.64BP [19]. - **Absolute Level of Term Spreads**: The 10Y - 1Y spread of treasury bonds narrowed by 1.64BP to 33.25BP, and the 10Y - 1Y spread of China Development Bank bonds narrowed by 2.12BP to 26.45BP [19].

行业研究 多元金融 2025 年 08 月 03 日 证 券 研 究 报 告 非银金融行业重大事项点评 推荐（维持） 期货：金融业"反内卷"第一枪？ | 华创证券研究所 | | --- | | 证券分析师：徐康 | | 电话：021-20572556 | | 邮箱：xukang@hcyjs.com | | 执业编号：S0360518060005 | 事项： 行业手续费率持续下滑，竞争加剧与同质化经营是主要拖累。一方面，期货公司业务模 式单一，主要依赖经纪业务，行业竞争高度同质化，为争夺客户资源普遍采取降费策略， "价格战"加剧；另一方面，国内期货公司数量众多（共 150 家），但行业集中度低，全 国性期货公司较少，中小公司缺乏差异化服务能力，只能通过低价策略争夺客户，加剧 行业恶性竞争。行业佣金率已从 2017 年的万分之 0.389 降至 2023 年的万分之 0.207（注： 详见图表 2），长期来看，期货公司需通过业务创新或服务升级突破低费率困局。 《规则》旨在推动期货公司从低水平价格战转向以服务质量、专业能力和风险管理为核 心的差异化竞争。《规则》首次明确划定了期货经纪业务不正当竞争行为的边界，包括禁 ...