Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic growth, enhance financial services for structural transformation, and mitigate financial risks while promoting high-level financial openness and international cooperation [5][10]. Group 1: Monetary Policy and Economic Support - The PBOC has implemented a series of monetary policy measures, including lowering the reserve requirement ratio and interest rates, to maintain liquidity and reduce financing costs [6][10]. - As of June, loans for technology, green projects, inclusive small and micro enterprises, and the digital economy have seen year-on-year growth rates of 12.5%, 25.5%, 12.3%, and 11.5% respectively [6][7]. Group 2: Financial Risk Management - The PBOC has made significant progress in managing financial risks associated with local government financing platforms and has established a macro-prudential and financial stability committee [7][12]. - The bank is focused on improving the management of real estate finance and supporting the construction of a new development model for the real estate sector [7][12]. Group 3: Financial Market Reforms and International Cooperation - The PBOC is advancing the construction of the cross-border payment system (CIPS) and enhancing the international use of the Renminbi, including the development of offshore Renminbi markets [8][12]. - The establishment of an annual meeting mechanism between the central bank governors of China and the EU is aimed at promoting international financial cooperation [8][12]. Group 4: Financial Management and Service Enhancement - The PBOC is accelerating important legislative reforms and enhancing the management of the financial sector, including the implementation of a comprehensive statistical framework for financial services [9][13]. - The bank is also focusing on the development and application of digital currency and improving cash services [9][13]. Group 5: Party Governance and Internal Management - The PBOC is committed to deepening the implementation of strict party governance and enhancing internal management standards to ensure effective oversight and compliance [14].

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy to support economic recovery and high-quality development, while addressing financial risks and enhancing financial services [4][8]. Group 1: Monetary Policy and Economic Support - The PBOC has adopted a series of monetary policy measures, including lowering the reserve requirement ratio and interest rates, to ensure ample liquidity and reduce financing costs [4][8]. - As of June, loans for technology, green projects, inclusive small and micro enterprises, the elderly care industry, and the digital economy grew by 12.5%, 25.5%, 12.3%, 43%, and 11.5% year-on-year, respectively [4]. Group 2: Financial Risk Management - The PBOC has made significant progress in mitigating financial risks associated with local government financing platforms and has established a macro-prudential and financial stability committee [5]. - The PBOC is focused on improving the management of real estate finance and supporting the construction of a new development model in the real estate sector [5]. Group 3: Financial Market Reforms and International Cooperation - The PBOC is advancing the construction of the Cross-Border Interbank Payment System (CIPS) and enhancing the internationalization of the Renminbi [5][10]. - The PBOC is actively participating in global financial governance and international monetary cooperation, including reforms in the International Monetary Fund [10]. Group 4: Internal Governance and Party Discipline - The PBOC emphasizes the importance of strict party discipline and internal governance, implementing mechanisms for oversight and accountability [7][11]. - Continuous efforts are being made to enhance the quality of internal management and to ensure compliance with the central government's regulations [11].

Group 1 - The People's Bank of China emphasizes the need for a moderately loose monetary policy to ensure liquidity and guide financial institutions in maintaining reasonable credit growth, aligning social financing scale and money supply growth with economic growth and price level expectations [1][2] - The central bank aims to support technological innovation, boost consumption, assist small and micro enterprises, and stabilize foreign trade while deepening financial reform and high-level opening-up [1][2] - The focus is on preventing and resolving financial risks in key areas, including supporting local government financing platform debt work and enhancing risk monitoring and macro-prudential management [2][3] Group 2 - The strategy includes promoting the internationalization of the Renminbi by expanding its use in trade and enhancing its financing capabilities [3] - Financial market reform and opening-up are prioritized, including the development of a technology board in the bond market and facilitating cross-border investment and financing [3][4] - The central bank is committed to improving financial management and service levels, including advancing digital currency infrastructure and ensuring efficient cash management [4]

Monetary Policy Implementation - The core viewpoint of the news is the implementation of a moderately loose monetary policy to maintain ample liquidity and lower financing costs, adapting to changing economic conditions [1][2][3] - The People's Bank of China (PBOC) has intensified counter-cyclical adjustments since May, introducing a package of financial support measures to promote reasonable growth in money and credit [1][2] - The PBOC has lowered the reserve requirement ratio (RRR) by 0.5 percentage points for large and medium-sized banks, providing approximately 1 trillion yuan in long-term liquidity [2] Financial Support for Key Areas - The PBOC is focusing on enhancing financial services for the real economy, particularly in technology innovation and support for small and micro enterprises [4][6] - As of May 2025, loans for technology innovation and technological transformation reached 1.7 trillion yuan, 1.9 times that of the end of 2024, with a loan balance of 614 billion yuan [4] - The bond market has seen 288 entities issue approximately 600 billion yuan in technology innovation bonds, supporting both emerging industries and traditional sectors [5] Consumer Support Initiatives - The government emphasizes boosting consumption as a primary task for 2025, with a focus on expanding domestic demand [7][8] - The PBOC and other departments have issued guidelines to enhance financial support for consumption, addressing structural issues in service consumption [8][9] - A 500 billion yuan service consumption and elderly re-loan has been established to increase financial support for key service sectors [9]

据介绍，截至6月末，宁夏全区人民币贷款余额10304.94亿元，上半年新增贷款340.02亿元。宁夏绿色贷 款余额1751.07亿元，较年初增加167.29亿元；普惠小微贷款余额1259.22亿元，同比增长14.8%。截至5 月末，宁夏数字经济产业贷款余额158.61亿元，同比增长25.8%；科技型中小企业贷款余额同比增长 18.5%。 （文章来源：证券日报） 本报讯 （记者李立平）日前，《证券日报》记者从中国人民银行宁夏回族自治区分行召开的新闻发布 会上获悉，今年以来，中国人民银行宁夏回族自治区分行认真落实适度宽松的货币政策，扎实做好金 融"五篇大文章"，宁夏信贷结构持续优化，金融服务实体经济质效进一步提升。 ...

1. Market Index Performance - **Global Stock Indexes**: On July 31, 2025, the Dow Jones Industrial Index closed at 44,461.28, down 0.385% from the previous day; the Nasdaq Index closed at 21,129.67, up 0.149%; the S&P 500 closed at 6,362.90, down 0.125%; the Hang Seng Index closed at 25,176.93, down 1.362% [2]. - **SHIBOR and Dollar Index**: The SHIBOR overnight rate was 1.32, down 3.587% from the previous day; the dollar index was 99.79, down 0.179%. The dollar - to - RMB (CFETS) exchange rate remained unchanged [2]. - **Commodity Futures**: COMEX gold rose 0.078% to 3,327.90; COMEX silver fell 3.152% to 37.18; LME copper fell 0.745% to 9,730.00; NYMEX crude oil rose 1.516% to 70.30. Domestic metals, chemicals, and agricultural products also showed various price changes [2][3][5]. 2. Macro - economic News - **Policy Decisions**: The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee in October to discuss the 15th Five - Year Plan. The government will implement more active fiscal policies and moderately loose monetary policies, support key areas, and resolve local government debt risks [8]. - **Subsidy Policy**: The state plans to allocate about 90 billion yuan for childcare subsidies in 2025, and localities will open application channels by August 31 [8]. - **Industry Policies**: The China Non - Ferrous Metals Industry Association will control new capacity in copper smelting and alumina, and promote the exit of backward capacity in some sectors [10]. 3. Morning Views on Major Commodities 3.1 Agricultural Products - **Peanuts**: The peanut market is expected to have a bullish and volatile short - term trend but will maintain a downward long - term trend, with a current pattern of weak supply and demand [12]. - **Oils and Fats**: The oils and fats market has light trading volume and stable basis. Brazil's soybean exports are expected to increase, and Malaysia's palm oil exports are also rising [12]. - **Sugar**: The sugar market is in an internal - strong and external - weak situation. With the arrival of processed sugar in August, the spot market may face pressure. It is recommended to wait and see [12]. - **Corn**: The corn market is in a situation of weak supply and demand. It is recommended to operate within the range of 2,300 - 2,320 yuan/ton [12]. - **Cotton**: ICE cotton and Zhengzhou cotton are both weak. It is recommended to short on rallies, with attention to the 13,350 - yuan support level [13]. - **Hogs**: The hog market is in a state of oversupply. It is expected to fluctuate within a range [13]. - **Eggs**: After this round of price adjustment, the egg spot price is expected to be supported by Mid - Autumn Festival stocking. The futures market is adjusting the basis by following the spot price decline [14]. 3.2 Energy and Chemicals - **Caustic Soda**: The price of caustic soda in Shandong is expected to fluctuate slightly. It is recommended to pay attention to the 9 - 11 reverse spread [16]. - **Urea**: The domestic urea market price is stable. The supply is decreasing, and the inventory is increasing. The price is expected to operate within the range of 1,720 - 1,800 yuan/ton [16][18]. 3.3 Industrial Metals - **Copper and Aluminum**: Copper prices may face pressure if the 50% tariff is imposed. Aluminum prices are expected to fluctuate at a high level in the short term [18]. - **Alumina**: The fundamentals of alumina are in a surplus situation. The futures price may be strong, but it is necessary to be vigilant about macro - sentiment [18]. - **Steel Products**: The spot market for steel products has weak trading volume. The prices of rebar and hot - rolled coils are expected to be supported at certain levels [18]. - **Ferroalloys**: Ferroalloys are currently driven by macro - expectations. It is recommended to operate cautiously [18][19]. - **Coking Coal and Coke**: The coking coal and coke markets are fluctuating and under pressure. The fifth round of coke price increase has started, but steel mills have not responded [19]. - **Lithium Carbonate**: The lithium carbonate market is in a situation of strong supply and weak demand. It is recommended to wait and see and short on rallies [19]. 3.4 Options and Financial Products - **Stock Index Futures and Options**: On July 30, A - share indexes showed mixed performance. The trading volume and open interest of stock index futures and options changed, and the implied volatility of some options decreased. Trend investors can focus on cross - variety arbitrage opportunities, and volatility investors can buy straddles [19][21].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 7 月 31 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2509 | 震荡 | 震荡 | 震荡偏弱 | 震荡 | 股市风险偏好上升，股债跷跷板 效应显现 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：TL、T、TF、TS 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡 核心逻辑：昨日国债期货均震荡上涨。7 月以来，股市风险偏好上升，资金偏好由债转股，股债跷跷 板效应显现，加上外部风险因素趋于缓和，国债短线承压。随着国债期货 ...

Core Viewpoint - The implementation of a moderately loose monetary policy is crucial for promoting sustained economic recovery and high-quality development in the face of a complex and changing internal and external economic environment [1][2][8]. Economic Environment - The global economy is experiencing a slowdown, with the World Bank lowering its 2025 global growth forecast from 2.7% to 2.3% and international trade growth forecast from 3.4% to 1.8%, marking the slowest growth since the 2008 financial crisis [3][4]. - China's economy is under pressure from insufficient domestic demand and low price levels, necessitating a stronger emphasis on expanding domestic demand and implementing a moderately loose monetary policy [2][8]. Domestic Economic Performance - In 2025, China's GDP grew by 5.4% year-on-year in the first quarter, with retail sales increasing by 5.0% from January to May, and fixed asset investment rising by 3.7% [7][8]. - Despite positive growth indicators, challenges remain, including a negative GDP deflator for eight consecutive quarters and a consumer price index (CPI) increase of only 0.1% in June, indicating persistent low demand [8][15]. Monetary Policy Characteristics - Monetary policy serves as a tool for total demand management and counter-cyclical adjustment, aiming to restore balance between total supply and demand while maintaining price stability [9][10]. - A moderately loose monetary policy involves dynamic adjustments based on economic conditions, including lowering interest rates and increasing money supply to reduce financing costs and stimulate demand [10][11]. Policy Implementation and Effects - Since 2025, the People's Bank of China has lowered policy rates, resulting in a reduction of corporate and personal housing loan rates by approximately 50 and 55 basis points, respectively, leading to historically low financing costs [15][16]. - The total social financing (TSF) increased by 2.29 trillion yuan in May, with a year-on-year growth of 8.7%, indicating robust credit growth [16]. Strategic Focus Areas - The implementation of moderately loose monetary policy should focus on three aspects: total volume, price, and structure, to ensure sustained economic growth and stability [17][18]. - Emphasis on optimizing financial resource allocation, enhancing the efficiency of financial services to the real economy, and supporting key sectors and vulnerable areas through targeted monetary policy tools [18].

上证报中国证券网讯（记者 李苑）7月30日召开的中央政治局会议指出，宏观政策要持续发力、适时加 力。要落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效应。加快政府债券发行使 用，提高资金使用效率。兜牢基层"三保"底线。 "适时加力方面，我们判断下半年视实际情况需要，宏观政策有可能在稳增长方向出台新的重大增量措 施。"王青分析，这包括实施更有力度的降息，财政政策"三箭齐发"——上调财政赤字率、增加超长期 特别国债发行、提高新增专项债额度等。 来源：上海证券报·中国证券网 东方金诚首席宏观分析师王青表示，这意味着尽管上半年经济运行稳中偏强，但下半年宏观政策仍将保 持稳增长取向，其中财政政策基调依然是"更加积极"。 ...

北京商报讯（记者 岳品瑜 董晗萱）7月30日，人民银行天津市分行举行2025年第三次新闻发布会，介绍 上半年全市经济金融运行情况和金融支持天津高质量发展有关情况。 为实施好适度宽松的货币政策，5月7日，中国人民银行推出涵盖数量型、价格型、结构型三类十项一揽 子货币政策措施，支持经济平稳增长和金融市场稳定。人民银行天津市分行货币政策处副处长孔蕊介 绍，截至目前，天津市一揽子货币政策措施均已落地并取得积极成效。其中两项降准政策惠及全市15家 法人金融机构，释放长期流动性资金78亿元。三项降息政策累计为全市企业、居民和金融机构每年减少 利息支出约30亿元。上半年全市金融机构新发放企业贷款加权平均利率3.41%，同比下降0.47个百分 点，处历史低位。四项结构性再贷款，上半年累计发放340亿元，同比增长22%，撬动相关贷款投放481 亿元。截至7月25日，全市8家主体在银行间债券市场发行14只科技创新债券，募集资金121亿元，实现 了科技型企业、金融机构、股权投资机构三类发行主体全覆盖。 ...