报告提出：着力提供高质量金融服务。 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出， 下一步 金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务 。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 报告指出， 要落实落细适度宽松的货币政策，为巩固拓展经 ...

Core Viewpoint - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference, highlighting the implementation of supportive monetary policies to enhance financial support for key sectors and promote high-quality economic development in Shenzhen [1]. Group 1: Loan Growth and Financial Support - As of September 2025, the total loan balance in Shenzhen reached 9.94 trillion yuan, a year-on-year increase of 5.0%, with an increase of 457.41 billion yuan since the beginning of the year, exceeding last year's growth by over 200 billion yuan [1]. - The loan structure has been optimized, with manufacturing loans growing by 13.2% and loans for scientific research and technical services increasing by 15.9% year-on-year [2]. - The balance of technology loans reached 2.18 trillion yuan, up 8.2% year-on-year, while inclusive small and micro loans totaled 1.97 trillion yuan, growing by 7.1% [2]. Group 2: Support for SMEs and Consumption - Shenzhen is enhancing the financing environment for private small and medium-sized enterprises (SMEs) through innovative models like "credit + credit reporting" and "credit + guarantee" [3]. - The average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year, indicating a decline in overall financing costs [4]. - Financial support for consumption and foreign trade has been prioritized, with 476.1 billion yuan in loans issued to service sectors, and new products like "micro trade loans" and "cross-border e-commerce loans" introduced to meet financing needs [5][6]. Group 3: Cross-Border Financial Services - Since the implementation of high-level pilot policies in February 2024, the level of cross-border trade and investment facilitation in Shenzhen has improved, benefiting over 1,800 enterprises with a business scale exceeding 210 billion USD [7]. - The cross-border RMB business in Shenzhen has seen increased volume and expanded coverage, with banks customizing financial services to meet enterprise needs [7]. - The "Cross-Border Wealth Management Connect" 2.0 measures have attracted approximately 31,000 new individual investors, with cross-border payment amounts totaling 50.74 billion yuan, representing nearly 50% of the Greater Bay Area's total [8].

其中，信贷总量平稳增长，增速持续上升。截至2025年9月末，深圳市本外币各项存款余额14.36万亿 元，同比增长5.6%，较年初增加7871.52亿元，同比多增超5000亿元；本外币各项贷款余额9.94万亿 元，同比增长5.0%，较年初增加4574.11亿元，同比多增超2000亿元。其中，住户存款、非金融企业存 款、住户贷款、非金融企业及机关团体贷款均实现同比多增。 北京商报讯（记者 刘四红）10月24日，人民银行深圳市分行、国家外汇管理局深圳市分局举行2025年 三季度新闻发布会，介绍深圳金融运行有关情况。 会上介绍，2025年以来，人民银行深圳市分行落实落细适度宽松的货币政策，坚持支持性立场，强化逆 周期调节，推动一揽子货币政策措施落地见效，引导辖内金融机构持续加大重点领域金融支持力度，推 动社会综合融资成本低位下行，为深圳经济高质量发展提供有力支撑。 ...

Core Insights - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference to discuss the financial operations in Shenzhen for the third quarter of 2025, highlighting the implementation of a moderately loose monetary policy to support high-quality economic development in Shenzhen [1] Group 1: Financial Performance - As of the end of September 2025, the total balance of deposits in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 5.6%, with an increase of 787.15 billion yuan since the beginning of the year, exceeding the increase of 500 billion yuan compared to the previous year [1] - The balance of loans in Shenzhen stood at 9.94 trillion yuan, reflecting a year-on-year growth of 5.0%, with an increase of 457.41 billion yuan since the beginning of the year, surpassing the increase of 200 billion yuan from the previous year [1] - The weighted average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year, indicating a decline in the overall financing cost [1] Group 2: Sectoral Financial Support - The People's Bank of China Shenzhen Branch has guided financial institutions to enhance financial services for major strategies, key sectors, and weak links, optimizing financial supply in the consumption sector and promoting cross-border financial services to stabilize foreign trade [2] - As of the end of September 2025, loans to the manufacturing sector increased by 13.2% year-on-year, while loans to the scientific research and technical services sector grew by 15.9% year-on-year, indicating a structural optimization in loan distribution [2] - The balance of technology loans reached 2.18 trillion yuan, with a year-on-year growth of 8.2%, and inclusive small and micro loans amounted to 1.97 trillion yuan, reflecting a year-on-year increase of 7.1% [2]

Core Viewpoint - The financial system in Shenzhen is operating steadily, with a stable growth in credit volume and a decline in comprehensive financing costs, providing strong support for high-quality development of the real economy [1][3]. Financial Performance - As of September 2025, the total balance of various loans in Shenzhen reached 9.94 trillion yuan, with a year-on-year growth of 5.0% [3]. - The weighted average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year [3]. Key Areas of Financial Support - The financial support for key areas such as technology innovation, inclusive small and micro enterprises, green and low-carbon initiatives, digital economy, and elderly services has been continuously strengthened [1][4]. - By the end of September 2025, loans to the manufacturing sector grew by 13.2%, while loans to scientific research and technical services increased by 15.9% [4]. Technology and Innovation Financing - Shenzhen has integrated financial services with technology industries, with 2,552 technology enterprises and 111 projects receiving low-cost financing support totaling 498.6 million yuan [5]. - The "Tengfei Loan" program has provided 66 million yuan in medium to long-term funding support to 121 enterprises [5]. Consumer and Foreign Trade Support - From January to August 2025, loans in the consumer sector amounted to 476.1 million yuan, leading to a 6.0% year-on-year increase in personal non-housing consumption loans [6]. - The foreign exchange hedging rate in Shenzhen reached 32.7% from January to August 2025, an increase of 3.7 percentage points year-on-year [6]. Cross-Border Financial Activities - In the cross-border financial sector, Shenzhen's cross-border RMB receipts and payments totaled 859.2 billion yuan from January to September 2025, a year-on-year increase of 121.1 billion yuan [7]. - The "Cross-Border Wealth Management Connect" 2.0 version has attracted 30,000 new individual investors, with cross-border payment amounts reaching 50.7 billion yuan, accounting for nearly 50% of the Greater Bay Area [7]. Digital Currency Developments - By the end of September 2025, nearly 30 million digital RMB wallets had been opened in Shenzhen, with a total transaction amount of nearly 180 billion yuan [8]. - Shenzhen has pioneered a prepayment management service model combining commercial insurance and digital RMB, managing nearly 4.7 billion yuan in funds [8].

Core Insights - The People's Bank of China Guangdong Branch reported that from January to September 2023, the social financing scale in Guangdong increased by 2.4 trillion yuan, showing a steady expansion compared to the previous year [1][2] - The bank emphasized the implementation of a moderately loose monetary policy to support economic high-quality development, enhancing financial services and promoting financial reform and innovation [1][5] Financial Performance - The total social financing scale increased by 2.4 trillion yuan, which is 337.4 billion yuan more than the same period last year [2] - By the end of September, the balance of loans in Guangdong reached 29.9 trillion yuan, a year-on-year increase of 5.7%, with a net increase of 1.5 trillion yuan since the beginning of the year [2] - The balance of deposits reached 38.3 trillion yuan, growing by 5.3% year-on-year, with a net increase of 1.6 trillion yuan since the beginning of the year [2] Structural Adjustments - The financing structure has improved, with direct financing increasing to 762.2 billion yuan, accounting for 31.9% of the total social financing scale increment [3] - The use of structural monetary policy tools has enhanced the alignment of financial resources with high-quality economic development [3] - Loans in key sectors such as technology and green finance have seen significant growth, with technology loans increasing by 9% and green loans by 24.5% year-on-year [3][4] Interest Rate Trends - The average interest rate for newly issued general loans in September was 2.94%, a decrease of 57 basis points year-on-year, indicating a downward trend in financing costs [5] - The average interest rate for corporate loans was 2.68%, down by 47 basis points, while personal housing loans averaged 3.01%, down by 13 basis points [5] Future Outlook - The People's Bank of China Guangdong Branch plans to continue implementing a moderately loose monetary policy and focus on enhancing the adaptability and precision of financial supply [5] - The bank aims to promote regional financial reforms and innovations to support the high-quality development of the provincial economy [5]

Core Insights - The People's Bank of China Guangdong Branch reported a steady increase in loan balances and a trend towards more liquid deposits in the province, indicating a positive financial environment [2][3][4] Loan and Deposit Trends - As of September 2025, the total loan balance in Guangdong reached 29.9 trillion yuan, marking a year-on-year growth of 5.7%, with a 0.9 percentage point increase from June [3][4] - The balance of demand deposits for households and enterprises in Guangdong was 8.9 trillion yuan, showing a year-on-year increase of 12.9%, which is 7.6 percentage points higher than the overall deposit growth rate [4][6] Financing and Interest Rates - In the first three quarters of 2025, the social financing scale in Guangdong increased by 2.4 trillion yuan, which is 337.4 billion yuan more than the same period last year [3][5] - The average interest rate for newly issued general loans in September 2025 was 2.94%, down 57 basis points year-on-year, with corporate loans at 2.68% and personal housing loans at 3.01% [3][4] Sector-Specific Financing - The loan balance in key sectors, referred to as the "Five Major Articles," reached 12.5 trillion yuan, with notable growth in technology loans (9% increase) and green loans (24.5% increase) [5][6] - Loans for the manufacturing sector amounted to 3.6 trillion yuan, reflecting an 8.8% year-on-year growth, while infrastructure-related loans reached 6.8 trillion yuan, growing by 9% [6][7] Policy Measures and Future Outlook - The People's Bank of China Guangdong Branch emphasized the importance of counter-cyclical adjustments and the use of various monetary policy tools to maintain adequate liquidity and reasonable growth in financing [7] - Future initiatives will focus on implementing a moderately loose monetary policy, enhancing financial supply adaptability, and promoting regional financial reforms [7]

新华财经长春10月23日电（记者王晓林）记者从中国人民银行吉林省分行举行的2025年三季度吉林省金 融运行情况新闻发布会获悉，9月末，吉林省人民币各项贷款余额29694.7亿元，比年初新增579.9亿元； 9月份当月增长112.8亿元，同比多增33.9亿元。前三季度，吉林省社会融资规模增量累计为1598.5亿 元，金融运行总量指标保持稳步增长，贷款结构持续优化。 从机构看，吉林银行、中国农业发展银行吉林省分行、中国工商银行吉林省分行增速较快，分别为 13.7%、9.9%和8.5%。从借贷主体看，企（事）业单位贷款余额21535.1亿元，比年初新增700.4亿元， 持续稳定在较高水平。 中国人民银行吉林省分行调查统计处副处长袁春旺介绍，今年以来，人民银行吉林省分行组织全省金融 机构围绕经济高质量发展目标要求，深挖信贷需求，增加信贷投放总量，强化对重点领域和薄弱环节的 金融支持，贷款结构持续优化。 制造业中长期贷款保持较快增长。9月末，吉林省制造业中长期贷款同比增长11.4%，其中汽车制造 业、专用设备制造业、通用设备制造业分别增长23.6%、42.8%和27.6%。金融资源持续向科技创新领域 倾斜。9月末，吉林 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report The report provides a forecast of the futures market on October 20, 2025, based on macro - fundamental and technical analysis. It predicts the likely trends (such as strong - side or weak - side oscillations) and support and resistance levels for various futures contracts across different sectors, including stock index futures, bond futures, precious metal futures, base metal futures, energy futures, and agricultural futures. It also presents the performance of these futures on October 17, 2025, and offers a monthly outlook for October 2025 [2]. Summary by Related Catalogs 1. Futures Market Forecast for October 20, 2025 - Stock index futures (IF2512, IH2512, IC2512, IM2512) are expected to oscillate strongly. For example, IF2512 has resistance levels at 4550 and 4600 points and support levels at 4455 and 4400 points [2]. - Ten - year and thirty - year bond futures (T2512, TL2512) are likely to have wide - range oscillations. T2512 has resistance at 108.32 and 108.43 yuan and support at 108.17 and 108.13 yuan [2]. - Gold and silver futures (AU2512, AG2512) are expected to oscillate weakly. AU2512 may test support levels at 960.0 and 949.5 yuan/gram [2]. - Copper, aluminum, alumina, zinc, nickel, tin, and other base metal futures have different expected trends. For instance, copper futures (CU2512) are likely to oscillate strongly with resistance at 85600 and 86400 yuan/ton and support at 84400 and 83800 yuan/ton [3]. - Energy futures such as crude oil (SC2512) and fuel oil (FU2601) are expected to oscillate strongly. SC2512 may attack resistance levels at 446 and 450 yuan/barrel [7]. - Agricultural futures like bean粕 (M2601) and palm oil (P2601) are also expected to oscillate strongly. M2601 may attack resistance at 2914 and 2926 yuan/ton [7]. 2. Performance on October 17, 2025 - Stock index futures generally showed weak oscillations. For example, IF2512 closed at 4485.2 points, down 2.19% [16]. - Bond futures closed up across the board. The 30 - year main contract rose 0.74% to 115.870 yuan [40]. - Gold futures showed strong oscillations during the day but weak oscillations at night. The main contract AU2512 closed at 999.80 yuan/gram during the day, up 3.82%, and 973.88 yuan/gram at night, down 1.27% [46]. - Silver futures also had a similar pattern. The main contract AG2512 closed at 12249 yuan/kilogram during the day, up 2.06%, and 11748 yuan/kilogram at night, down 3.94% [52]. 3. Monthly Outlook for October 2025 - Stock index futures (IF, IH, IC, IM) are likely to have weak wide - range oscillations. For example, IF is expected to have support at 4307 and 4200 points and resistance at 4750 and 4850 points [23]. - Gold and silver futures are expected to oscillate strongly. Gold futures may attack resistance at 1000.0 and 1100.0 yuan/gram [49]. - Copper, aluminum, and other base metal futures have different expected trends. Copper futures are expected to have strong wide - range oscillations with resistance at 89000 and 90000 yuan/ton [61]. - Energy futures such as crude oil are expected to oscillate weakly and may test support at 417 and 395 yuan/barrel [124]. 4. Macro - economic Information - China - US economic and trade officials held a video call and agreed to hold a new round of economic and trade consultations as soon as possible [9]. - The central bank will continue to implement a moderately loose monetary policy to support economic growth and maintain financial market stability [9]. - The Ministry of Finance announced measures to consolidate and expand the economic recovery, including allocating 500 billion yuan from the local government debt balance limit to local governments [11]. - The national fiscal revenue in the first three quarters was 16.39 trillion yuan, up 0.5% year - on - year, and the fiscal expenditure was 20.81 trillion yuan, up 3.1% year - on - year [11].

Report Summary 1. Hot News - The central bank will continue a moderately loose monetary policy to ensure liquidity, support consumption and investment, and maintain financial market stability and a stable RMB exchange rate [2] - The national fiscal revenue in the first three quarters was 16.39 trillion yuan, a year-on-year increase of 0.5%, and the fiscal expenditure was 20.81 trillion yuan, a year-on-year increase of 3.1% [2] - The Shanghai Futures Exchange will adjust the price limit range and margin ratios for gold and silver futures contracts from October 21 [2] - China and the US agreed to hold a new round of economic and trade consultations soon after a video call [2] - The National Energy Administration released an opinion to promote the high - quality development of coal washing [3] 2. Sector Performance - Key sectors to watch: urea, coking coal, Shanghai silver, crude oil, PVC [4] - Night - session price changes of commodity futures main contracts: non - metallic building materials 2.87%, precious metals 32.22%, oilseeds 10.05%, soft commodities 2.63%, non - ferrous metals 20.52%, coal - coking - steel - ore 12.82%, energy 3.06%, chemicals 11.20%, grains 1.08%, agricultural and sideline products 3.55% [4] 3. Sector Position - The chart shows the five - day position changes of commodity futures sectors from October 13 to October 17 [5] 4. Performance of Major Asset Classes | Asset Class | Name | Daily Change (%) | Monthly Change (%) | Year - to - Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 1.95 | - 1.11 | 14.56 | | | SSE 50 | - 1.70 | 1.01 | 10.54 | | | CSI 300 | - 2.26 | - 0.48 | 14.72 | | | CSI 500 | - 2.98 | - 2.44 | 22.54 | | | S&P 500 | 0.53 | - 0.89 | 13.30 | | | Hang Seng Index | - 2.48 | - 3.60 | 25.86 | | | German DAX | - 1.82 | 1.64 | 19.70 | | | Nikkei 225 | - 1.44 | 7.44 | 19.27 | | | FTSE 100 | - 0.86 | 0.92 | 14.46 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.12 | 0.42 | - 0.58 | | | 5 - year Treasury Bond Futures | 0.07 | 0.14 | - 0.71 | | | 2 - year Treasury Bond Futures | 0.01 | 0.01 | - 0.58 | | Commodity | CRB Commodity Index | - 0.17 | - 2.25 | - 1.14 | | | WTI Crude Oil | 0.23 | - 8.15 | - 19.92 | | | London Spot Gold | - 1.73 | 12.15 | 62.01 | | | LME Copper | - 0.38 | 3.15 | 20.79 | | | Wind Commodity Index | 1.18 | 6.50 | 40.16 | | Other | US Dollar Index | 0.21 | 0.54 | - 9.15 | | | CBOE Volatility Index | - 17.90 | 55.47 | 19.77 | [6]