政策双周报：第七轮大行存款挂牌利率下调，规范资管产品业绩基准披露-20250530

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report The report comprehensively analyzes various policies from multiple aspects including macro - economy, finance, real estate, and tariffs. It details the latest policy trends and their potential impacts on different sectors, such as the support for small and micro - enterprises, the adjustment of deposit interest rates, and the progress of international trade negotiations. Summary by Directory 1. Macro - economic Tone - Eight departments jointly issued measures to support small and micro - enterprise financing, covering 8 aspects and 23 work measures [11]. - Shanghai, Henan, and Fujian introduced special consumption - boosting actions with different focuses and measures [12]. - The National Development and Reform Commission aims to issue the full - year "two - important" construction project list by the end of June and strengthen policy research and reserve [13]. 2. Fiscal Policy - New policy - based financial instruments may be introduced in the second quarter to support stable foreign trade and effective investment, with potential expansion of PSL and central fiscal subsidies [16]. - The 50 - year treasury bond issuance faced challenges, and the supply - demand relationship of long - term bonds may be unfavorable due to factors like pre - issued ultra - long bonds and slow growth of life insurance premiums [17]. - Over 80% of the 2 - trillion - yuan replacement bonds have been issued, and the issuance peak has passed. Four regions have slow progress [17]. 3. Monetary Policy - The "moderately loose" monetary policy will continue, and attention should be paid to policies announced during the Lujiazui Forum [20]. - The seventh round of large - bank deposit listing interest rate cuts was implemented on May 20, and the impacts on the asset and liability sides of the bond market should be noted [21]. - In May, the MLF was over - renewed by 375 billion yuan, with net investment for three consecutive months [22]. 4. Financial Supervision - For science - innovation bonds, there are differential arrangements in the issuance and trading system, focusing on supporting equity investment institutions [24]. - The regulatory trial rating of bank wealth - management companies is in progress, and the disclosure of performance benchmarks of asset - management products will be regulated. The performance benchmarks of wealth - management products have been frequently lowered [25]. - Xinhua Insurance was approved to participate in the third - batch long - term investment reform pilot of insurance funds, and the third - batch pilot funds will be approved soon [26]. - The first batch of 26 new floating - rate funds were registered by the CSRC, and applications for multiple credit - bond ETFs to be included in the repurchase collateral pool were approved [27]. 5. Real Estate Policy - It is expected to issue the 2025 central budget investment plan for urban renewal by the end of June, and a special loan management method for urban renewal projects will be introduced [30]. - Guangdong Province encourages various forms to support rural migrants' housing purchases, and Hefei extended its housing subsidy policy [30]. - Shenzhen plans to prohibit the conversion of allocated affordable housing into commercial housing [31]. 6. Tariff Policy - China and ASEAN completed the negotiation of the China - ASEAN Free Trade Area 3.0 [32]. - The US - EU tariff negotiation deadline was extended to July 9 [34]. - The US Court of Appeals temporarily restored Trump's tariff policy [34].