随着我国汽车、家电等传统消费品市场步入增量和存量并存的时代，《报告》提 出了"鼓励和推动消费品以旧换新，提振智能网联新能源汽车、电子产品等大宗消费" 等方向。在汽车、住房和其他消费品的二手交易平台兴起的背景下，对传统消费品的 "回收换新"新模式预示循环经济产业链的快速发展，这也将带动相关行业的产供销、 上下游协同发展。随着消费者对"人工智能""绿色低碳"等概念的关注度提升，汽 车、家电、消费电子等行业上下游产业链有望在 2024 年进入新阶段，形成更新换代 规模效应。 《报告》提出"推动外贸质升量稳"，具体将从加强进出口信贷和出口信保支持， 优化跨境结算、汇率风险管理等服务，促进跨境电商等新业态健康发展，优化海外仓 布局，加快国际物流体系建设，打造智慧海关等方面加快外贸发展。 总体看，恢复和扩大内需是 2024 年经济持续向好的关键所在，政府工作报告中 多次提及要扩大内需、促进消费、激发消费潜能，充分体现了消费对经济增长的重要 性，消费主引擎作用更加凸显。展望 2024 年，消费增长潜力有望得到更加充分的释 放，汽车、家电、家具等主力消费品有望进入新阶段，形成更新换代规模效应，新型 消费场景会不断扩宽，以满足 ...

5 年期及以上 LPR 历史最大降息，助力房地产流动性 流入 联合资信 研究中心 2 月 20 日，中国人民银行授权全国银行间同业拆借中心公布，1 年期 LPR 为 3.45%，维持不变；5年期以上 LPR 为3.95%，较前值下行 25个基点。由于中长期 贷款中房贷是重要的组成部分，这次降息客观上有利于为房地产行业注入流动性。 根据房贷利率的形成机制，新签的房贷将参考此次降息进行相应的降息，按照100 万贷款、三十年期计算，一套房贷将节省5.2 万元左右；存量房贷利率可能还需要 一定时间观察中国人民银行会不会继续推动其跟随调整。在 2023 年 8 月之后，5 年期及以上 LPR 再次迎来下调。总体看，本次下调在预期内，但幅度超出市场预 期，是5年期以上 LPR 的单次历史最大降幅。考虑到两天前中期借贷便利（MLF） 等政策利率没有降息，此次 LPR 降息可能是由于前期降低了存款利率导致商业银 行长期资金供给充足，体现了市场利率化改革的成果。 本次降息有几个特点。一是本次降息并未完全参考MLF价格。LPR降息之前， MLF 在 2 月的市场操作中并没有降息，此次 LPR 并不是完全参考 MLF 的资金价 格 ...

Group 1: Coordination Mechanism Overview - The Ministry of Housing and Urban-Rural Development and the National Financial Regulatory Administration jointly issued a notification to establish a real estate financing coordination mechanism[2] - The mechanism aims to guide cities to create a list of real estate projects eligible for financing support based on project development status and the qualifications of developers[2] - A coordination mechanism will be established in cities led by government officials responsible for housing and urban-rural development, with participation from financial regulatory bodies[7] Group 2: Support and Classification - Projects with sufficient collateral and reasonable debt-to-asset ratios will have a green channel for credit approval, optimizing processes and shortening approval times[7] - Projects facing temporary difficulties but with balanced funding will receive support through loan extensions and adjustments rather than blind withdrawal of loans[7] - The mechanism will ensure that financing is not diverted for land purchases or other investments, maintaining strict management of loan funds[7] Group 3: Implementation and Impact - As of late January, 170 cities across 26 provinces have established the coordination mechanism, with the first batch of real estate projects identified[2] - The first batch of projects primarily includes those from private and mixed-ownership developers, with over 228 projects listed[2] - The Ministry of Housing requires projects to meet five conditions to qualify for the whitelist, including being under construction and having matching collateral[2] Group 4: Market Implications - The notification is seen as a significant step in increasing financial support for the real estate sector, aiming to stabilize investment and reduce delivery risks[10] - The mechanism is expected to help improve industry expectations and release real estate demand, contributing to market stabilization[10] - However, projects with inherent flaws, especially those with misappropriated pre-sale funds, may still struggle to secure substantial financing support[10]