政策双周报：3M买断式逆回购等量续作，第二批科创债ETF上报-20250905

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints The report comprehensively summarizes the policy dynamics in multiple fields from August 21 to September 5, 2025, including macro - tone, fiscal, monetary, financial regulatory, real estate, and tariff policies, aiming to provide a reference for market participants to understand the policy environment and potential investment opportunities [1]. Summary by Directory 1. Macro - tone - The "Artificial Intelligence +" action opinion was released, with clear goals for 2027, 2030, and 2035. Measures will be taken to avoid disorderly competition, and multiple policies will support the development of artificial intelligence [10]. - "Anti - involution" measures continued to advance, including the initiative of the China Photovoltaic Industry Association, the release of the draft Internet platform price behavior rules, and the self - imposed production restrictions by coke enterprises in Henan with an estimated limit of 20 - 35% [11]. - Policies to expand service consumption were introduced to release domestic demand potential. The State Council Executive Meeting emphasized the effectiveness of relevant policies and the need to strengthen support, and the Ministry of Commerce will introduce measures to expand service consumption next month [12]. - The director of the National Development and Reform Commission chaired a symposium to listen to suggestions on expanding domestic demand and stabilizing employment during the "15th Five - Year Plan" period [13]. 2. Fiscal Policy - The policy on VAT final withholding tax refund was improved. Starting from the VAT tax filing period in September 2025, eligible general VAT taxpayers can apply for a refund. Different industries have different refund rules [17]. - The Ministry of Finance and the State Taxation Administration issued tax policies to support the operation and management of state - owned equity and cash proceeds transferred to enrich social security funds, including VAT exemption and other preferential measures [18]. - Over 4,500 plots of land across the country plan to use special bond funds for land acquisition and storage. As of the end of August, the planned land acquisition area exceeded 230 million square meters, and the planned total amount exceeded 610 billion yuan. The Ministry of Finance also improved the accounting treatment for local government special bonds [19]. 3. Monetary Policy - In August, the central bank did not conduct open - market treasury bond trading. The MLF had a net investment of 300 billion yuan, and the PSL had a net withdrawal of 160.8 billion yuan. The open - market repurchase had a net investment of 300 billion yuan [22]. - The joint working group of the Ministry of Finance and the central bank held its second meeting, discussing topics such as financial market operations, government bond issuance management, and central bank treasury bond trading operations [22]. - On September 5, the central bank carried out a 100 - billion - yuan 3 - month (91 - day) fixed - quantity, interest - rate - tender, and multi - price - winning bid repurchase operation, which was an equal - amount renewal [23]. 4. Financial Regulation - Three banks in Sichuan plan to jointly apply to establish a wealth management company, and preliminary preparations have begun [25]. - The CSRC issued a decision to modify the "Regulations on the Classification and Supervision of Securities Companies", adjusting the evaluation framework and emphasizing functions such as promoting the function of securities companies and high - quality development [26]. - Fourteen fund companies submitted applications for the second batch of science and technology innovation bond ETFs, and the first batch of 10 science and technology innovation bond ETFs' repurchase business was launched [27]. - The Financial Regulatory Administration is formulating a guiding opinion on improving the service guarantee level of health insurance, aiming to promote the coordinated development of the health insurance industry and the health industry [28]. - The optimization arrangement for offshore RMB bond repurchase business was officially launched, with over 60 transactions involving more than 3 billion yuan on the first trading day [28]. 5. Real Estate Policy - The central government and the State Council issued an opinion on promoting high - quality urban development, aiming to systematically promote the construction of "good houses" and complete communities [31]. - Shanghai optimized and adjusted real estate policies, including canceling the outer - ring housing purchase restrictions, optimizing the housing provident fund policy, and adjusting the commercial personal housing loan interest rate pricing mechanism [32]. - Guangzhou held a meeting on urban renewal and quality improvement, and Shanghai issued an implementation opinion on accelerating the transformation of urban villages [33]. 6. Tariff Policy - From August 27 - 29, the Chinese negotiation representative held talks with US government officials and business representatives, emphasizing the need to promote the healthy and sustainable development of Sino - US economic and trade relations [36]. - China will continue to impose anti - dumping duties on imported phenol from the US, the EU, South Korea, Japan, and Thailand for a period of 5 years starting from August 29, 2025 [36].