政策双周报（1106-1121）：保持合理的利率比价关系，财政力度要给足-20251121

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report The report focuses on the policy trends from November 6th to November 21st, 2025, covering macro - economic, fiscal, monetary, financial regulatory, and real - estate policies. It emphasizes the importance of promoting private investment, developing new - quality productivity, ensuring sufficient fiscal strength, maintaining reasonable interest - rate parity, and optimizing financial regulations and real - estate policies [1][2][3][4]. Summary by Directory Macro - economic Tone - The State Council issued policies to stimulate private investment, including 13 targeted measures such as encouraging private capital participation in key projects and removing unreasonable restrictions [1][8]. - The State Council Executive Meeting proposed enhancing the adaptability of consumer supply and demand to release consumption potential and promote economic circulation [1][9]. - Developing new - quality productivity was emphasized, with an article in "Qiushi" magazine highlighting its strategic position in the "15th Five - Year Plan" period [1][10]. Fiscal Policy - The fiscal policy should be sufficient in strength, precise in implementation, and coordinated in policy. The Ministry of Finance plans to use various tools and strengthen cooperation with finance to support public services and private investment [2][12]. - The investment scope of the securities settlement risk fund was expanded to include key - term treasury bonds [2][13]. - The Ministry of Finance successfully issued 4 billion euros of sovereign bonds in Luxembourg, with strong international investor participation [2][13]. Monetary Policy - The third - quarter monetary policy report adjusted the policy tone to "cross - cycle and counter - cycle adjustment". There is limited space for significant liquidity loosening [3][16]. - Maintaining a reasonable interest - rate parity is crucial for the smooth transmission of monetary policy, and financial industry "involution - style competition" should be restricted [3][17]. - There may be new liquidity management tools, and the rapid issuance of government bonds may replace loans in the short term [3][19]. Financial Supervision - The Asset Management Association of China drafted a guidance on the style management of thematic investment funds, and the CSRC optimized the ETF registration process [4][21]. - The National Financial Regulatory Administration will release a revised "Administrative Measures for Commercial Bank Merger and Acquisition Loans", and the first joint - stock bank financial asset investment company was established [4][22]. - Many large - scale insurance companies launched "Good Start" products, with a focus on dividend - type insurance [4][22]. - CICC plans to merge Dongxing Securities and Cinda Securities [4][22]. Real - estate Policy - The central bank aims to implement financial policies for affordable housing and improve the basic real - estate financial system [5][26]. - Beijing completed its 2025 affordable housing construction and acquisition tasks [5][26]. - Guangzhou plans to increase the acquisition of existing commercial housing, with relaxed requirements for eligible properties [5][27].