《行动方案》指出，到2027年，力争统筹各类财政资金75亿元，带动全区财政贴息贷款投放6000亿元以 上、补贴融资担保业务1000亿元以上、发行信用类债券3000亿元以上。 《广西金融惠企三年行动方案(2025—2027年)》(以下简称《行动方案》)近日印发，将统筹用好股权、 债权、保险、融资担保等金融工具，综合运用贴息、奖补、风险补偿等政策工具，助力全区加快高质量 发展。 《行动方案》还提出，通过加大银行信贷投入力度、畅通企业上市(挂牌)和再融资渠道、进一步用好保 险风险保障服务、优化融资担保服务、更好利用债券市场融资功能等方式拓宽融资渠道。在加大银行信 贷投入力度方面，广西将用好用足结构性货币政策工具，力争平均每年运用支农支小再贷款、再贴现、 科技创新和技术改造再贷款等不少于1000亿元；统筹用好贴息资金，力争每年投放贴息贷款2000亿元以 上。在优化融资担保服务方面，广西将对融资担保机构提供担保增信的贷款给予0.2%至0.4%担保费率 补贴。在大力发展私募股权投资基金方面，广西将争取南宁市入围金融资产投资公司(AIC)股权投资试 点城市，推广合格境外有限合伙人(QFLP)试点。(记者韦静) 《行动方案》 ...

今年以来，中国人民银行坚持支持性的政策立场，实施适度宽松的货币政策，灵活运用各类总量和结构 性政策工具，保持金融市场整体运行平稳。目前政策工具箱储备充足，下半年，央行仍将根据内外部经 济形势择机施策，灵活把握政策力度与节奏。 "适度宽松"的货币政策，既要"宽松"，也要"适度"。回顾今年以来的货币政策施策，每一阶段都体现出 央行根据国内外经济金融形势和金融市场运行情况灵活应对。 今年年初，债券市场过度"抢跑"货币宽松预期，导致国债收益率快速下行；同时，美元走强对非美货币 形成压力，人民币汇率贬值压力凸显。彼时防空转、稳汇率优先级较高，央行通过暂停国债买卖操作、 适度收紧货币总闸门等措施，引导市场修正预期。同时，央行及时启用跨境融资宏观审慎调节参数、离 岸人民币央行票据等多项外汇管理工具，防范汇率超调风险。 "通过促进信贷均衡投放、治理和防范资金空转、整顿手工补息等措施，前期一些不合理的、容易消减 货币政策传导的市场行为得到治理，货币政策传导路径有望更加通畅。"浙商证券（601878）宏观联席 首席分析师廖博对证券时报记者表示，近期存款向理财分流的情况已有所弱化，也对广义货币(M_[2]) 余额增速上行有所支撑。 ...

金融赋能激发消费新活力 编者按消费既是经济增长的引擎，也是人民美好生活的直接体现。当前，我国商品消费升级加速推进，服务消费需求持续迸发，新型消费业态蓬勃生长。 为强化金融对消费的支撑作用，中国人民银行等六部门近日联合印发《关于金融支持提振和扩大消费的指导意见》，通过一系列精准有力的金融"组合 拳"，为消费市场注入源头活水。本期深度报道聚焦这一重要政策，从多维视角解码金融赋能消费升级的路径，深入分析金融政策如何通过完善收入增长 机制、创新财富管理工具、健全社会保障体系等长效举措，从根本上增强居民消费能力与信心，推动实现从"能消费"到"敢消费、愿消费"的转变。 ■中国经济时报记者 刘慧 平潭的"蓝眼泪"奇观，宛如繁星洒落于海面，无数游客向往，也吸引了民宿在岚岛扎根，但扩大经营往往面临融资难题。中国银行福建自贸试验区平潭片 区分行的"民宿贷"播洒及时雨，投放近亿元，为144家民宿排忧解难。海浪拍岸的声音里，金融"活水"奏响消费"交响曲"。 近日，央行等六部门印发的《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》）提出，加大对符合条件的消费行业经营主体首贷、续贷、 信用贷、中长期贷款支持力度。 接受中国经济 ...

证券分析师 牟瑾瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟瑾瑾 A0230524100002 mujj@swsresearch.com 2025 年 07 月 03 日 前期预案集中落地，回购增持实施 金额大幅增长 ——上市公司回购增持月度跟踪（2025 年 6 月） 相关研究 《市场有所回暖，回购增持随之降温 ——上市公司回购增持月度跟踪 （2025 年 5 月）》 2025/06/17 《政策推动+市场行为：回购增持规 模大幅增长——上市公司回购增持 月度跟踪（2025 年 4 月）》 2025/05/07 联系人 牟瑾瑾 (8621)23297818× mujj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 2024 年 9 月 24 日，国务院举行新闻发布会，央行行长潘功 ...

Group 1 - The core viewpoint of the news is the release of a joint guideline by several Chinese financial authorities aimed at boosting and expanding consumption through 19 specific measures [1] - The guideline emphasizes enhancing the professional service capabilities of financial institutions and expanding financial supply in the consumption sector [1][2] - It highlights the importance of credit support, urging financial institutions to improve risk management and expand customer support while ensuring sustainable business practices [1] Group 2 - A notable measure includes the establishment of a 500 billion yuan re-loan for service consumption and elderly care, which is part of a broader financial policy announced in May [1][2] - The guideline encourages financial institutions to increase support for service consumption sectors such as accommodation, dining, entertainment, and education, aiming to meet high-quality consumer demands [2] - It also calls for innovation in consumer credit products to cater to diverse consumer needs and emphasizes the importance of trade-in financing for consumer goods like automobiles [2] Group 3 - The guideline stresses the need for improved financial services for residents, including support for consumer credit and the development of pension insurance finance [3] - It aims to strengthen the macroeconomic financial foundation by implementing entrepreneurial guarantee loan policies and optimizing insurance systems [3] - The guideline identifies the need to enhance consumption infrastructure, particularly in logistics and supply chain efficiency, to facilitate market expansion [3]

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.40%, the 10-year main contract increasing by 0.14%, the 5-year main contract up by 0.07%, and the 2-year main contract gaining 0.03% [1] - Major interbank bond yields declined, with the 30-year government bond yield down by 0.75 basis points to 1.8435%, the 10-year policy bank bond yield down by 0.7 basis points to 1.7110%, the 10-year government bond yield down by 0.6 basis points to 1.6365%, and the 2-year government bond yield down by 0.85 basis points to 1.3575% [1] Funding Conditions - The central bank announced a 985 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with the full amount being successfully bid [2] - On the same day, 3,653 billion yuan in reverse repos matured, resulting in a net withdrawal of 2,668 billion yuan [2] - The overnight pledged repo rate slightly declined, remaining around 1.36%, while the 7-day pledged repo rate decreased by 4 basis points [2] - The latest transaction for one-year interbank certificates of deposit from major banks was around 1.6%, down by approximately 2 basis points from the previous day [2] - Non-bank institutions experienced a significant decrease in financing costs, indicating a continuation of a loose funding environment in the short term [2] Operational Recommendations - The funding environment remains loose at the beginning of the month, with government bond futures continuing to rebound [3] - The central bank's June monetary policy tool operations did not include government bond transactions, leading to a generally strong sentiment in the futures market, although there is a lack of momentum for a breakthrough at previous highs [3] - Future focus should be on whether funding rates can further decline and the subsequent fundamental conditions [3] - For government bond futures strategy: it is recommended to appropriately allocate long positions during adjustments, with attention to profit-taking near previous highs, while monitoring economic data and funding trends [3] - For curve strategy: there is potential to consider steepening [3]

每日晨报 2025年6月 30日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 1-5月份,全国规模以上工业企业利润总额同 比下降 1.1% www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观：货币宽松或超预期——货币政策委员会 2025 年第二季度例会解读。货 币政策展望:降息:当前的实际利率依然显著高于自然利率,仍需进一步调降, 预计下半年还会有 1-2 次降息,总计调降政策利率 20-30BP,从而引导 LPR 下行,并传导至贷款、存款利率的进一步下行。降准:预计下半年 50BP 的降 准仍有望落地。重启 PSL:PSL 有望重启扩张,成为央行为政策性银行提供长 期低成本资金的工具,配合政策性金融工具协同发力。结构性货币政策工具的 扩张:下半年聚焦科技、消费、外贸、楼市、股市,有望继续创设或优化现有 结构性货币政策工具。 宏观:利润开始承压,关注政策接续 -- 2025年 1-5 月工业企业利润分析。展 ● ...

6月27日，中国人民银行货币政策委员会2025年第二季度例会内容公布，传递出下半年货币政策与汇率 调控的重要信号。面对复杂的国内外经济形势，本次例会在经济形势判断、政策思路及汇率政策表述上 均有微调，引发市场广泛关注。 在经济形势研判上，例会对国内国外挑战的表述更加细化。对内，再度强调"内需不足"，并着重指 出"物价持续低位运行"；对外，明确"当前外部环境更趋复杂严峻""贸易壁垒增多" ，凸显外部压力的增 大。分析认为，这将直接影响下半年我国货币政策走向。 谈及下阶段货币政策主要思路，二季度货币政策例会建议加大货币政策调控强度，提高货币政策调控前 瞻性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，灵活把握政策实施的力度和节 奏。 短期降准降息紧迫性降低 央行二季度货币政策例会延续适度宽松基调，但相较一季度在表述上有所微调。 一季度例会提出"择机降准降息"，明确政策方向并引发市场对落地时点的关注；二季度例会则提出"根 据国内外经济金融形势和金融市场运行情况，灵活把握政策实施的力度和节奏"，不再单纯聚焦降准降 息，而是强调政策整体的灵活调整。 例会公报重申，要实施适度宽松的货币政策，加强逆周期调节， ...

Core Viewpoint - The People's Bank of China (PBOC) has acknowledged a more complex and severe external environment, indicating a weakening global economic growth momentum and increasing trade barriers, while also highlighting domestic challenges such as insufficient demand and persistent low prices [1][3]. Monetary Policy Adjustments - The meeting suggested increasing the intensity of monetary policy adjustments, enhancing the foresight, targeting, and effectiveness of these policies, and flexibly managing the implementation pace based on domestic and international economic conditions [3][4]. - The PBOC has shifted its stance on the real estate market from "promoting stabilization" to "continuing to consolidate stability," emphasizing the need to revitalize existing housing and land stocks [3][4]. Interest Rate and Financing - The meeting recommended strengthening the guidance of central bank policy rates and improving the market-based interest rate transmission mechanism, aiming to lower overall financing costs [4]. - The PBOC has implemented a comprehensive reduction in various structural policy tool rates, including those for agriculture and small enterprises, as well as for carbon reduction and technological innovation [6]. Structural Policy Focus - The meeting emphasized the need to effectively utilize existing policies while actively implementing new policies to stimulate domestic demand, stabilize expectations, and invigorate economic growth [6]. - There is a call for more structural tools in monetary policy to support domestic demand expansion and facilitate economic restructuring and industrial upgrading [6].

Core Viewpoint - The People's Bank of China (PBOC) maintains a supportive monetary policy stance, implementing various measures to bolster economic recovery and stabilize financial markets, with expectations for further easing in the second half of the year [1][2][3]. Group 1: Quantity Tools - In May, the PBOC lowered the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity [1]. - From March to June, the PBOC conducted four consecutive months of excess renewals of the Medium-term Lending Facility (MLF) and utilized reverse repos to manage liquidity [1]. - The PBOC's flexible use of quantity-based monetary policy tools has maintained ample liquidity, supporting the ongoing economic recovery [1]. Group 2: Price Tools - In May, the PBOC reduced the policy interest rate by 0.1 percentage points, leading to a corresponding decrease in the Loan Prime Rate (LPR) [2]. - The average interest rate for newly issued corporate loans was approximately 3.2% in May, down about 50 basis points year-on-year, while the average for personal housing loans was around 3.1%, down about 55 basis points [2]. - The continuous deepening of interest rate marketization reforms has created a favorable environment for price-based monetary policy tools [2]. Group 3: Structural Tools - The PBOC increased the quotas for re-lending to support agriculture and small enterprises by 300 billion yuan each, and established a 500 billion yuan re-lending facility for consumer services and elderly care [3][4]. - The central bank is expected to continue enhancing structural monetary policy tools to support key sectors such as technology innovation and consumption [3][4]. - New policy tools are anticipated to be introduced, focusing on technology, consumption, foreign trade, and real estate [4][5].