当前新型政策性金融工具落地情况如何？

Report Summary 1. Investment Rating of the Industry No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The progress of the new policy - based financial instruments' release may exceed 60%, and it is expected to be fully released by the end of October. The investment leverage ratio has increased, but the high - frequency data reaction is not obvious, and subsequent key data verification nodes should be focused on [1][3][4]. 3. Summary by Relevant Catalogs 3.1 New Policy - based Financial Instruments Release Progress - As of October 17, the two policy banks (CDB and ADBC) have released approximately 290 billion yuan of new policy - based financial instruments, with a release progress close to 70%. The CDB has released 189.35 billion yuan, with a progress of about 75.74%, and the ADBC has completed 100.111 billion yuan of fund release, with a progress close to 66.74%. By linear extrapolation, about 356.2 billion yuan of the 500 - billion - yuan new policy - based financial instruments established since the end of September may have been released. It is expected to be fully released by the end of October [1]. 3.2 Fund Allocation - More funds are allocated to major economic provinces. The CDB has released 146.58 billion yuan to 12 major economic provinces, accounting for 77.41%, and the ADBC has invested 67.136 billion yuan in 407 projects in these provinces, accounting for 67.06%. - The new policy - based financial instruments also support private investment and new infrastructure. Private investment has received 63.879 billion yuan of support from the two policy banks, and the new infrastructure field, mainly invested by the CDB, has received 71.05 billion yuan in projects related to digital economy, artificial intelligence, and consumption [2]. 3.3 Investment Leverage Ratio - The investment leverage ratio of the new policy - based financial instruments is between 12.59 - 14.79 times, slightly stronger than the previous round (10 - 13.2 times in 2022) [3]. 3.4 High - Frequency Data and Follow - up Monitoring - High - frequency data shows that the operating rates of petroleum asphalt plants and major steel mills' rebar production have signs of bottoming out and rebounding, while other indicators are still weak. It is recommended to continuously track high - frequency indicators to judge the implementation of physical work volume and its support for Q4 GDP. The next important data verification time points are the October credit data (sub - items such as medium - and long - term corporate loans/entrusted loans) and economic data (infrastructure investment, etc.) to be released in early November [4].