宏观日报 | 2025-06-27 关注新一批以旧换新资金推进 中观事件总览 生产行业：中国自主研发CPU发布。 1）我国自主研发的新一代国产通用处理器——龙芯3C6000，在北京发布。 最新发布的龙芯3C6000采用我国自主设计的指令系统龙架构，无需依赖任何国外授权技术，是我国自主研发、自 主可控的新一代通用处理器，可满足通算、智算、存储、工控、工作站等多场景的计算需求。目前，3C6000系列 处理器已获《安全可靠测评公告》当前最高等级二级认证，可确保关键领域应用安全。 服务行业：关注新一批以旧换新资金推进。 1）金融监管总局、央行联合发布《银行业保险业普惠金融高质量发 展实施方案》。《实施方案》明确，未来五年基本建成高质量综合普惠金融体系，普惠金融促进共同富裕迈上新台 阶。普惠金融服务体系持续优化，普惠信贷体系巩固完善，普惠保险体系逐步健全。2）国家发展改革委政策研究 室副主任李超在新闻发布会上表示，将于今年7月份下达今年第三批消费品以旧换新资金。同时，将协调有关方面， 坚持更加注重持续性和均衡性原则，分领域制定落实到每个月、每一周的国补资金使用计划，保障消费品以旧换 新政策全年有序实施。 数据来源：iF ...

新一批消费品以旧换新资金 7 月下达；资金面均衡偏宽，债市整体偏暖震荡 【内容摘要】6 月 26 日，央行公开市场逆回购加力维稳，资金面均衡偏宽；市场情绪有所修 复，债市整体偏暖震荡；转债市场主要指数集体跟跌，转债个券多数下跌；各期限美债收益率 普遍下行，主要欧洲经济体 10 年期国债收益率走势分化。 一、债市要闻 （一）国内要闻 【金融监管总局、央行联合发文：未来五年基本建成高质量综合普惠金融体系】金融监管总 局、央行近日联合发布《银行业保险业普惠金融高质量发展实施方案》。实施方案提出，未来 五年基本建成高质量综合普惠金融体系，普惠金融促进共同富裕迈上新台阶。普惠金融服务体 系持续优化，普惠信贷体系巩固完善，普惠保险体系逐步健全。实施方案强调，实现普惠金融 高质量发展，必须加强党中央集中统一领导，供给多层次、多样化的普惠金融服务，持续提升 覆盖面和可得性，推动降低综合成本，不断提升普惠金融服务人民群众生产生活的能力和水平。 【国务院办公厅部署进一步完善信用修复制度】国务院办公厅日前印发《关于进一步完善信用 修复制度的实施方案》，旨在进一步完善统一规范、协同共享、科学高效的信用修复制度，更 好帮助信用主体高效 ...

Core Points - The China Export & Credit Insurance Corporation (Sinosure) launched the "Third Digital Financial Service Festival and Sixth Small and Micro Customer Service Festival" to enhance the coverage and application depth of export credit insurance for small and micro enterprises [1][3] - Sinosure has developed a digital service system called "3211," which includes three main platforms, two digital ecosystems, a unified customer service hotline, and a one-stop workbench, with over 500 digital service applications [3] - In the first five months of this year, Sinosure's Jiangsu branch supported 25,000 small and micro enterprises in exporting goods worth $11.35 billion, a growth of 19.4%, and paid out over $14 million in claims, an increase of 87.1% [3][4] Group 1 - Small and micro enterprises are crucial for stabilizing the economy and promoting growth, and Sinosure is focusing on integrating digital finance with inclusive finance [3] - The Jiangsu branch is actively promoting digital services and enhancing cooperation with government and financial institutions to improve the accessibility of inclusive financial services [3][4] - Sinosure released the "2025 Export Risk Index for Chinese Small and Micro Foreign Trade Enterprises" and introduced various digital financial education products during the event [4] Group 2 - The Jiangsu branch aims to continuously improve the convenience and accessibility of inclusive financial services, leveraging over 20 years of expertise in credit insurance to support small and micro enterprises [6] - The company is committed to helping small and micro enterprises mitigate risks, promote financing, expand markets, and compensate for losses [6]

在线上业务方面，哈银消费金融依托自主研发的APP、小程序及公众号等数字化平台，实现全流程线上 操作。通过整合征信数据与大数据分析技术，公司构建智能风控系统，精准评估客户信用并快速授信， 同时提供灵活分期还款服务。线下业务则由专业化直营团队运营，采用"数字化+属地化"服务模式，城 市经理提供面对面金融服务，严格执行"实地尽调"风控标准，确保业务合规，客户扫码即可完成线上申 请，结合线下专业服务与智能审批，享受安全可靠的消费信贷体验。与此同时，哈银消费金融积极创 新，聚焦智能养老等新兴趋势，围绕场景化需求创新金融产品。截至2025年5月，哈银消费金融已助力 普惠金融消费总额超4000亿元，服务触达1800余万人，充分彰显科技创新在提振消费中的核心支撑作 用。 秉承"普惠金融、和谐共富"理念，哈银消费金融以稳健经营为根基，通过数智化转型优化产品供给结 构、扩大服务覆盖范围。其创新实践不仅丰富了金融市场层次，也为消费金融行业高质量发展提供了示 范样本。未来，随着《意见》政策红利持续释放，哈银消费金融有望进一步发挥金融科技优势，为扩内 需、稳增长注入新动能。 作为持牌消费金融机构，哈银消费金融公司积极响应国家号召，自2 ...

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Core Viewpoint - The "Implementation Plan for High-Quality Development of Inclusive Finance in the Banking and Insurance Sectors" outlines a clear roadmap for the development of inclusive finance in China over the next five years, aiming to enhance common prosperity through inclusive finance [1][4]. Group 1: Inclusive Finance Development - The plan aims to establish a high-quality comprehensive inclusive finance system within five years, optimizing the inclusive finance service system and improving financial services in rural areas [4]. - It emphasizes the enhancement of credit services for small and micro enterprises, increasing credit supply to the agricultural sector, and strengthening credit support for private enterprises with good market potential and creditworthiness [4][5]. Group 2: Insurance Sector Improvements - The plan encourages insurance companies to diversify their product offerings, including expanding agricultural insurance and developing insurance products tailored for small and micro enterprises [4]. - It aims to provide affordable and high-quality insurance services for key areas such as agriculture and small enterprises, while simplifying claims processes to enhance service experience [4]. Group 3: Implementation Measures - The plan outlines specific policy measures from three aspects: optimizing services, consolidating credit, and strengthening insurance, along with organizational support requirements across five dimensions [5]. - It highlights the need for collaboration among financial management departments and banking institutions to ensure effective implementation and communication of policies [5]. Group 4: Commitment to Financial Environment - The joint release of the plan by the two departments reflects the government's strong commitment to improving the financial environment and serving the real economy [5]. - The implementation of the plan is expected to accelerate the formation of a more inclusive, efficient, and convenient inclusive finance ecosystem, contributing to high-quality economic development and common prosperity for all [5].

Core Viewpoint - The strategic cooperation between Qingdao Financing Guarantee Group and ICBC Qingdao Branch aims to enhance the synergy between government, banks, and guarantee institutions, providing robust financial support for the high-quality development of Qingdao's real economy [1][5]. Group 1: Strategic Cooperation Details - The agreement includes an intention for ICBC Qingdao Branch to provide a business cooperation quota of 8 billion yuan to the Qingdao Financing Guarantee Group [1]. - The cooperation focuses on areas such as inclusive small and micro guarantees, financing guarantees for technological innovation, re-guarantees, corporate bond issuance guarantees, and performance guarantees [2][5]. - Both parties aim to create a "policy + finance" collaborative service system to offer convenient and efficient financing solutions for various market entities [2]. Group 2: Financial Innovation and Accessibility - A green channel will be established to address the financing needs of small and micro enterprises and the agricultural sector, promoting a batch approval model to streamline processes and reduce time [4]. - This innovation seeks to break traditional financing barriers, ensuring that the benefits of inclusive financial policies reach the weaker segments of the real economy more effectively [4]. Group 3: Economic Development Goals - The cooperation is seen as a significant milestone in deepening bank-guarantee collaboration, with a mission to enhance corporate credit and bridge the gap between production and finance [5]. - The partnership aims to inject new momentum into the collaborative development of large, medium, small, and micro enterprises, supporting the transformation and upgrading of the regional economy [5].

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/06/27 隔夜夜盘市场走势 1. 国际油价窄幅震荡，美油主力合约收涨 0.46%，报 65.22 美元/桶；布伦特原 油主力合约涨 0.41%，报 66.70 美元/桶。美国原油库存超预期下降支撑油价， 但中东局势缓和限制涨幅。光大期货指出，油价短期或维持区间震荡，需关注 欧佩克+产量政策变化。 2. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 0.04%报 3341.6 美元/盎 司，COMEX 白银期货涨 1.22%报 36.55 美元/盎司。美联储内部对降息时机存在 分歧，特朗普政府考虑提前宣布鲍威尔继任人选，引发对美联储独立性的担忧。 3. 伦敦基本金属收盘全线上涨，LME 期锌涨 2.42%报 2770.00 美元/吨，LME 期 铜涨 1.89%报 9896.00 美元/吨，LME 期锡涨 1.86%报 33810.00 美元/吨。美联储 降息预期升温提振金属价格，铜市场表现尤为强劲。 重要资讯 【宏观资讯】 1. 国家金融监督管理总局、中国人民银行联合发布《银行业保险 ...

4. 马士基周四晚间表示，根据近期的发展情况，并考虑到目前已达成的停火协议，我们预计一旦确认安全风险降低，就有望 重新开启出口货物的接收。阿什杜德港口的运营仍在继续，尽管我们正密切关注局势。 5. 据CNN报道，四位知情人士透露，特朗普政府已讨论可能帮助伊朗获取至多300亿美元资金用于建设民用核能项目、放宽制 裁并解冻数十亿美元被限制的伊朗资金——这些均是其为促使德黑兰重返谈判桌而加大努力的一部分。 早盘速递 2025/6/27 热点资讯 1. 国家金融监督管理总局、中国人民银行联合发布《银行业保险业普惠金融高质量发展实施方案》。《实施方案》明确，未 来五年基本建成高质量综合普惠金融体系，普惠金融促进共同富裕迈上新台阶。普惠金融服务体系持续优化，普惠信贷体系巩 固完善，普惠保险体系逐步健全。 2. 国家发展改革委召开6月份新闻发布会。会上，国家发展改革委政研室副主任李超表示，消费品以旧换新方面，超长期特别 国债的支持力度是3000亿元，前两批一共1620亿元，已经按照计划分别在今年1月份和4月份下达。并将在7月份下达今年第三 批消费品以旧换新资金。 3. 伊朗最高领袖哈梅内伊发表视频讲话指出，美国袭击了核设施 ...

据悉，本届金交会以"金融聚力扩内需 驱动产业新格局"为主题，于6月26日至28日在中国进出口商品交 易会展馆举办，展览规模2万平方米，共设置金融党建、金融交流合作、银行保险、资本市场、产业金 融、数字金融、地方金融及金融文化等8个展区，期间还举办多场专题会议及品牌活动。 6月26日，第14届中国（广州）国际金融交易·博览会在广州开幕。广州市市长孙志洋出席并致辞，副市 长赖志鸿主持。 孙志洋在致辞中表示，广州是金融业发展沃土，具有厚实的产业基础、活跃的科创加持、广阔的市场支 撑、一流的服务保障。广州将以共建粤港澳大湾区国际金融枢纽为引领，以建设金融强市为目标，认真 做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，着力提升金融发展能级。将 加快建设"12218"现代化产业体系，推进中国企业"走出去"综合服务基地建设，为金融业高质量发展提 供更广阔空间。诚邀与会嘉宾朋友走进广州，体验广州，感受广州，为广州金融高质量发展贡献更 多"金"点子，合力书写城企双向奔赴、产融深度对接的"金"彩篇章。广州将一如既往为全球投资者、创 新创业者提供最优质高效的服务。 活动中，与会领导和嘉宾为第十三届金融图书"金 ...