图说金融：新型政策性金融工具资金开始投放

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On September 29, 2025, three new policy-based financial instrument companies were registered, and funds started to be disbursed on the same day. The funds have been disbursed in provinces and cities such as Jiangsu, Zhejiang, Guangdong, Hainan, Guangxi, Fujian, Anhui, Shandong, Sichuan, Chongqing, and Inner Mongolia [2]. 3. Summary by Relevant Catalog Features of the Instruments - Long - term: Some project financing terms are 20 years or 15 - 20 years [2]. - Low - interest rate: The capital interest rate of a project is lower than the current LPR, setting a new record for the lowest financing cost among all financing channels since the group's establishment [2]. Investment Fields - The disclosed project fields include infrastructure areas such as transportation and logistics, green - low - carbon transformation, municipal and industrial parks, as well as scientific and technological innovation fields such as artificial intelligence [3]. Proportion in Total Investment - In some projects, the amount obtained accounts for less than or equal to 10% of the total project investment (less than or equal to 50% of the project capital) [4]. Project Approval Rate - The project approval rate in some areas may be low. For example, in a certain place in Zhejiang, the approval rate from the city to the province is 40%, and from the province to the state is 13% [5]. Disbursement Situation as of October 8 - Multiple projects in various provinces and cities have received new policy - based financial instrument funds, with specific amounts and project details as shown in the table. For example, the Wuxi - Yixing Intercity Rail Transit Project in Wuxi, Jiangsu received 31.99 billion yuan; the Taicang Water Supply Co., Ltd. Expansion and Booster Station Project in Taicang, Jiangsu received 0.2076 billion yuan, accounting for 10% of the total project investment of 2.0766 billion yuan [6].