金融行业周报：消费金融政策加码，货币政策例会召开-20250630

Investment Rating - The industry investment rating is "Strongly Recommended" with an expectation that stock performance will exceed market performance by more than 20% within six months [52]. Core Insights - The report highlights the implementation of policies aimed at boosting consumer finance and enhancing the financial support for consumption, with a focus on structural monetary policy tools [6][14]. - A comprehensive plan for the high-quality development of inclusive finance has been announced, aiming to establish a robust inclusive financial system over the next five years [7][18]. - The second quarter monetary policy meeting indicated a more optimistic outlook for the domestic economy, while still acknowledging challenges such as insufficient domestic demand and low inflation [21][19]. Summary by Sections Consumer Finance Policy - On June 24, the People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures to enhance consumer capacity and financial supply [6][14]. - The guidelines include a 500 billion yuan re-lending facility for service consumption and pension loans, aimed at 21 national financial institutions and five systemically important city commercial banks [6][16]. Inclusive Finance Development - The "High-Quality Development Implementation Plan for Inclusive Finance" was released on June 26, outlining four basic principles and three key tasks for the next five years [7][18]. - The plan emphasizes the establishment of a comprehensive inclusive financial system, enhancing the service capabilities of financial institutions, and improving credit support for small and micro enterprises [7][18]. Monetary Policy Meeting - The second quarter monetary policy meeting on June 23 noted an improved economic outlook, with a focus on maintaining an "appropriately loose" monetary policy while addressing challenges such as low domestic demand [21][19]. - The meeting emphasized the need for flexible policy implementation and support for key sectors through structural monetary policy tools [21][19]. Industry Data - As of the end of the first quarter of 2025, total assets of financial institutions grew by 7.5% year-on-year, with the banking sector's assets increasing by 6.8% [22][23]. - Weekly stock trading volume averaged 1.80 trillion yuan, reflecting an 18.1% increase compared to the previous week [41][40]. - The ten-year government bond yield rose by 0.78 basis points, indicating a slight increase in interest rates [47][46].