Wind风控日报 | 日本央行考虑放缓削减购债规模步伐

Macro Insights - The Ministry of Finance has announced its legislative work plan for 2025, which includes the drafting of laws and regulations such as the Budget Law and the National Social Security Fund's domestic investment management measures [3] - The U.S. non-farm payrolls for March and April have been revised down by a total of 95,000 jobs, indicating a weaker job market than previously reported [25] - The Bank of Japan is considering slowing down the pace of its bond purchase reduction, with discussions on potentially reducing the current quarterly scale of 4 trillion yen (approximately 28 billion USD) [26] Company-Specific Developments - Vanke A announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 3 billion yuan to the company for repaying bond principal and interest [11] - Sunac China disclosed progress on its offshore debt restructuring, with approximately 83% of bondholders agreeing to the restructuring support agreement [5] - Poly Developments reported a 19.26% year-on-year decrease in signed contract amounts for May, with a total of 28.512 billion yuan [16] Market and Regulatory Updates - The China Securities Regulatory Commission has imposed a fine of over 53 million yuan on Jin Suichun for stock manipulation, along with a five-year ban from the securities market [12] - The issuance of "25 China Resources MTN003A" has been canceled due to recent market volatility [9] - The insurance industry is experiencing increased differentiation in solvency capabilities, with five companies failing to meet standards and 14 companies not disclosing solvency reports [30]