Group 1 - The meeting between the Governor of the People's Bank of China and the IMF President signals China's commitment to deepening international financial cooperation, potentially enhancing cross-border capital flows and exchange rate policy coordination [1] - The dialogue may create a more stable external environment for domestic financial institutions to participate in global governance, with opportunities for innovation in cross-border payment and offshore RMB business [1] - The collaboration could optimize the allocation logic of sovereign funds and foreign institutions towards Chinese assets due to policy alignment [1] Group 2 - The People's Bank of China plans to implement more proactive macro policies, including potential reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and support key areas for employment and growth [2] - The expansion of the monetary policy toolbox highlights a structural focus, which may improve the financing environment for real enterprises, particularly in technology innovation and green transformation sectors [2] - The reasonable liquidity in the interbank market may alleviate pressure on small financial institutions, although pricing power disparities could intensify industry restructuring [2] Group 3 - In March, China's international balance of payments for goods and services trade reached 4.27 trillion yuan, a year-on-year increase of 6%, with a trade surplus of 603.4 billion yuan [3] - The improvement in foreign trade data is expected to reinforce the safe-haven attributes of RMB assets, injecting stability into the capital market [3] Group 4 - In Q1 2025, China's gold consumption decreased by 5.96% year-on-year, while gold production increased by 1.49% to 87.24 tons [4] - The significant structural differentiation in gold consumption reflects a trend towards physical gold as a safe-haven asset amid geopolitical risks, benefiting gold mining companies [4] - The retail jewelry sector faces pressure, but innovations in traditional gold and lightweight products may provide new opportunities, especially among younger consumers [4] Group 5 - Industrial and Commercial Bank of China (ICBC) shares reached a new historical high, closing at 7.29 yuan per share, up 1.11% [5] - The continuous rise in bank stocks, particularly among the four major state-owned banks, indicates a market re-evaluation of high dividend assets [6] - The deepening of financial supply-side reforms and the improvement of deposit rate marketization may accelerate the wealth management transformation of leading banks, reshaping the industry valuation system [6]

央行副行长邹澜说，正在研究丰富政策工具箱，将适时推出增量政策。这个工具箱里有什么，邹澜没有具体点出来，但是我们可以通过前 两天的中央政治局会议的部署来看，这个工具箱里至少包括创设新的结构性货币政策工具，设立新型政策性金融工具，设立服务消费与养老再 贷款，创新推出债券市场的"科技板"等等。 这场发布会也给民营企业融资带来了更多信心。邹澜表示要扩大民营企业债券融资规模、推广"两新" 债务融资工具。这就意味着民营企 业融资选择更多了，过去民营企业融资主要靠银行贷款，风险集中。现在通过债券融资，企业能直接面向市场筹资，降低成本、优化结构。 听完发布会，老王能看到政策层面展现出的系统性和前瞻性，各项政策环环相扣、协同发力，既解决当下贸易摩擦带来的困境，又为经济 高质量发展奠定基础。 邹澜的表态尽管不长，但明确传递了一个信号，就是无论外部环境如何，我们都有充足的预案，这既稳定了国内预期，也提振了市场信 心。 在美国滥施关税的当下，外贸企业，特别是众多民营中小企业怎么办？邹澜明确不抽贷、不断贷，尤其是对外贸依存度高、暂时遇到困 难、产品有竞争力的中小企业，给遇到资金困难的企业送了一颗 "定心丸" 。 央视网消息：4月28日 ...

投资咨询业务资格 证监发【2014】217号 缩量确认关键支撑 等待放量反弹机会 ——股指周报2025.04.28 客服中心 ：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询编号：Z0017812 | 本期观点 | | | | | --- | --- | --- | --- | | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | 股指 | 1、中信建投研究，此次政治局会议并未涉及到调整预算、出台大规模增量刺激政策的 | IC/IM 的组合套 | 1）外部市场环境； 2）地缘政治因素； 3）宏观政策调整。 | | | 表述，强调既定政策"加紧实施"、"用足用好"，符合预期。主因当前既定政策还有大幅 | | | | | 空间未用，没有必要安排增量政策。下半年预计仍有增量财政政策，中央对外部冲击已 | | | | | 有充分估计，明确"要强化底线思维，充分备足预案"，"根据形势变化及时推出增量储备 | | | | | 政策"。出台的时间节点我们预计在三季度中后期，一是彼时当前财政空间或已充分使 | | | | | 用，二则往年也有参考经验。消费领域，提出 ...

本报记者 李晖 实习记者 许璐 北京报道 2025年4月27日，中国人民银行北京市分行举行2025年第二季度新闻发布会，公布了今年一季度北京地 区金融统计数据和推进"金融五篇大文章"方面的政策落实情况。 《中国经营报》记者在现场了解到，一季度北京地区人民币各项贷款余额同比增长5.1%，社会融资规 模增量8425.5亿元，处于历史较高水平。此外，作为支持资本市场平稳运行的结构性货币政策工具，目 前北京地区的股票回购增持再贷款累计发放达142亿元。 中国人民银行北京市分行调查统计处副处长刘前进在发布会上表示，一季度北京地区金融总量平稳增 长，信贷结构持续优化，实体经济融资成本稳步下行，为首都经济高质量发展提供有力支持。 实体经济融资成本继续下行 根据披露，截至3月末，北京地区人民币各项贷款余额同比增长5.1%，剔除基数影响后，两年几何平均 增速达8.7%，比年初增加4499.7亿元。 在普惠金融方面，截至3月末，全市普惠小微贷款余额1.05万亿元，同比增长12.4%；涉农贷款余额6083 亿元，同比增长9.8%；创业担保贷款余额126亿元，同比增长71%。 在养老金融方面，北京地区银行网点适老化改造完成率已接近9 ...

Core Viewpoint - The Chinese economy is showing a positive recovery trend, with a stable financial system and resilient financial markets, while the People's Bank of China (PBOC) is committed to correcting market behaviors and preventing excessive exchange rate fluctuations [1][8]. Group 1: Foreign Exchange Reserves and Market Impact - China's foreign exchange reserves are diversified to reduce concentration risk, with a focus on safety, liquidity, and value preservation [4][6]. - As of March 2025, China's foreign exchange reserves stood at $32,407 billion, remaining above the $3.2 trillion mark for 16 consecutive months [5]. - The recent volatility in U.S. Treasury yields and the dollar index has led to a reallocation of global assets, impacting investor sentiment towards dollar assets [3][6]. Group 2: Currency Exchange Rate Management - The onshore and offshore RMB exchange rates experienced fluctuations, with the onshore rate reaching 7.35 and the offshore rate 7.4 before stabilizing around 7.3 [7]. - The PBOC has emphasized the importance of maintaining a stable RMB exchange rate, with a middle rate of 7.2043 against the dollar as of April 28, 2025 [7]. Group 3: Monetary Policy and Economic Support - The PBOC plans to implement a moderately loose monetary policy, including potential interest rate cuts and maintaining liquidity to support the real economy [9][11]. - The PBOC is exploring a rich toolbox of policy measures to enhance financial support for key sectors and stabilize market expectations [11][12]. - The focus will be on enhancing domestic demand and supporting private enterprises, particularly in technology and green sectors [12].

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 一季报利息净收入回暖，息差降幅收敛 ——银行业周度追踪 2025 年第 16 周 报告要点 [Table_Summary] 本周长江银行指数累计上涨 0.6%，相较沪深 300 指数超额收益 0.2%，相较创业板指数超额收 益-1.4%。近期受市场风险偏好回落影响，避险情绪下，银行板块红利、防御的配置属性上升。 与此同时进入业绩期，上市银行相继披露年报、一季报，主流银行业绩仍然稳定，城商行一季 报业绩超预期，支撑估值向上修复。目前披露一季度业绩的银行看，利息净收入增速回升是核 心亮点，其中重庆银行、南京银行同比大幅增长 28%、18%，源于去年 Q1 基数较低+息差压 力改善+扩表较快，其中息差压力改善源于负债成本加速下行。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 截至 4 月 25 日，A 股上市银行中 15 家披露 2025 年一季度业绩。营收方面，除两家股份行、 紫金银行、 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy and is exploring additional policy tools to support economic growth and stabilize the market amid global financial volatility and trade tensions with the U.S. [1][8] Monetary Policy and Economic Support - The PBOC plans to maintain ample liquidity to create a favorable financial environment for the development of private enterprises [1][6] - The central bank emphasizes the importance of a diversified investment strategy for foreign exchange reserves, stating that fluctuations in single markets or assets have a limited impact on China's reserves [3][4] - The PBOC aims to enhance financial support for private enterprises, focusing on sectors such as technology, green economy, and consumption [6][9] Financial Market Stability - The PBOC is focused on strengthening the resilience of the foreign exchange market and stabilizing market expectations, while also addressing any disruptive market behaviors [4][5] - Recent data shows that the broad money supply (M2) reached 326 trillion yuan, with a year-on-year growth of 7%, indicating a stable financial system [8] - The PBOC is prepared to adjust monetary policy tools, including potential interest rate cuts and reserve requirement ratio reductions, to ensure liquidity remains sufficient [8][9] Support for Private Enterprises - The PBOC has introduced measures to enhance financial services for private enterprises, including the implementation of the "25 measures" to support the private economy [6][7] - As of March 2023, loans to privately held enterprises amounted to approximately 45 trillion yuan, with a year-on-year increase of 2.4 trillion yuan [7] - The PBOC is also working on improving the financing mechanisms for small and medium-sized enterprises, including the establishment of a credit information sharing platform [7]

投资咨询业务资格:证监许可【2012】31号 【C 国贸易所 期货执业证号:F3074875: 投资咨询证号: Z0017779 宏观金融数据日报 国贸期货研究院 宏观金融研究中心 郑雨婷 2025/4/28 | | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 较前一日变 | | --- | --- | --- | --- | --- | --- | --- | | | | | (bp) | | | 动(bp) | | | DROO1 | 1.61 | 2.67 | DR007 | 1.71 | 7.72 | | | GC001 | 1.68 | 20.00 | GC007 | 1.78 | 2.50 | | ह | SHBOR 3M | 1.75 | 0.00 | LPR 5年 | 3.60 | 0.00 | | 市 | 1年期国债 | 1.45 | -0.02 | 5年期国债 | 1.55 | -0.28 | | 市 | 10年期国债 | 1.66 | -0.49 | 10年期美债 | 4.29 | -3.00 | | 场 | | | 回顾:上周央行公开市场累计进行了9720亿元逆回购操 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 4 月 28 日星期一 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 【行情复盘】 周五铁矿主力 2509 合约收于 709.0，下跌 1.59%。次主力 2505 合约收于 760.5，下 跌 1.36%。夜盘收跌。 【重要资讯】 1、中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。会议 | | --- | --- | --- | --- | | | | | 指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发 展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩 | | | | | 大高水平对外开放，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定 | | | | | 性应对外部环境急剧变化的不确定性。会议强调，要加紧实施更加积极有为的宏观 | | | | | 政策，用好用足更 ...

2、 当地时间4月27日，位于伊朗南部霍尔木兹甘省首府阿巴斯港市的沙希德拉贾伊港口火势蔓延，部分集装箱再次发生爆炸。 4月26日，沙希德拉贾伊港口发生爆炸，并造成25人死亡。伊朗国防部发言人今日表示，发生爆炸的港口未存有军事物资。 3、 商务部消费促进司司长李刚表示，目前汽车流通消费改革试点正在加快推进，各地试点申报积极性很高。今年初，商务部 等8部门部署开展汽车流通消费改革试点工作，支持地方在破除汽车购买使用限制性措施、发展汽车改装、房车露营等汽车后 市场等方面改革创新，先行先试延伸汽车消费链条。 早盘速递 2025/4/28 热点资讯 1、 中共中央政治局4月25日召开会议，会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度 宽松的货币政策。适时降准降息，保持流动性充裕，加力支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融 工具，支持科技创新、扩大消费、稳定外贸等。要不断完善稳就业稳经济的政策工具箱，既定政策早出台早见效，根据形势变 化及时推出增量储备政策，加强超常规逆周期调节。 | | | | 大类资产表现 | | | | --- | --- | --- | --- ...