宏观经济和债券市场一周观点——重磅金融政策频出，政策利率或进一步下调(2024.9.23-2024.9.29)

Macroeconomic Dynamics - Industrial enterprises' profit growth slowed, with total profits of 46,527.3 billion yuan, a year-on-year increase of only 0.5%[2] - High-tech manufacturing sectors showed resilience, with manufacturing profits totaling 32,967.2 billion yuan, up 1.1% year-on-year[2] - Traditional industries, particularly mining and black metal smelting, faced significant challenges, with mining profits down 9.2% to 8,132.8 billion yuan[2] Policy and Meetings - On September 26, the Central Political Bureau emphasized the need for effective policy implementation to achieve economic goals[3] - The People's Bank of China (PBOC) lowered the reserve requirement ratio by 0.5 percentage points and policy interest rates by 20 basis points on September 27[3][4] - Four financial support policies for the real estate sector were introduced on September 29, aimed at stabilizing the market[4] Bond Market Observations - Credit bond issuance decreased by 29.69% week-on-week, with overall issuance costs rising by 7.16 basis points[7] - A total of 1,402 bonds were issued this week, with a net financing amount of 10,487.32 billion yuan[8] - The first dual-category corporate bond supporting technology innovation and small enterprises was issued, marking a new financing model[10] Risk Warnings - One issuer's credit rating was downgraded this week, indicating ongoing risks in the market[14] - No issuer's rating outlook was downgraded, suggesting some stability in the broader market context[14]