政策与大类资产配置周观察：强化货币财政协同效应

Group 1: Domestic Policy Developments - President Xi Jinping hosted the "Shanghai Cooperation Organization+" meeting, emphasizing the importance of global governance and cooperation among nations [10][11] - The Ministry of Finance and the State Taxation Administration issued a notice regarding the transfer and management of state-owned equity and cash income to support social security funds [3][13] - The People's Bank of China and the Ministry of Finance held a joint meeting to enhance coordination between fiscal and monetary policies [3][45] Group 2: Capital Market Developments - The public fund industry launched a direct sales service platform for institutional investors, aimed at improving service efficiency and reducing operational costs [24][25] - The China Securities Regulatory Commission proposed adjustments to the sales fee management regulations for public funds, including lowering the maximum subscription fee rates [25] - The A-share market saw a slight adjustment in major indices, with the ChiNext index rising by 2.35% during the first week of September [23] Group 3: Fixed Income Market Analysis - The central bank conducted a net withdrawal of 12,047 billion yuan in funds, maintaining a loose liquidity environment with the DR007 rate below 1.5% [44][45] - The ten-year government bond yield remained high, hovering above 1.8%, indicating ongoing market pressures [44] Group 4: Commodity Market Insights - The market for non-ferrous metals rebounded in September, while oil prices experienced a slight decline [4] - The energy bureau announced reforms to promote high-quality development in the renewable energy sector [3][4] Group 5: Foreign Exchange Market Overview - The US dollar index fell to 97.74, reflecting a 0.11% decrease, while the onshore RMB depreciated slightly to 7.13 [5] - The foreign exchange reserves increased again in August, indicating a stable currency environment [5][21]