中经记者 郝亚娟 夏欣 上海、北京报道 其中，会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增 强银行资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金 融"五篇大文章"，加力支持科技创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领 域的融资支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排， 维护资本市场稳定。持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作 机制作用，进一步打通中小微企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存 量商品房和存量土地盘活力度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地 产发展新模式。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 （编辑：朱紫云 审核：何莎莎 校对：颜京宁） 中国人民银行货币政策委员会2025年第三季度（总第110次）例会于9月23日召开。 ...

图为中国人民银行总行大楼。新华社发 中国人民银行9月26日发布消息称，将持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作用，进一步 打通中小微企业融资的堵点和卡点。 中国人民银行货币政策委员会近日召开2025年第三季度例会，研究下阶段货币政策主要思路。会议提出，建议加强货币政策调控，提高前瞻 性、针对性、有效性，抓好各项货币政策措施执行，充分释放政策效应。 会议还研究了政策发力方向。会议指出，将有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持科技创新、提振消 费、小微企业、稳定外贸等，做好"两重""两新"等重点领域的融资支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态 化的制度安排，维护资本市场稳定。 此外，会议还提出，将着力推动已出台金融政策措施落地见效，加大存量商品房和存量土地盘活力度，巩固房地产市场稳定态势，完善房地 产金融基础性制度，助力构建房地产发展新模式。（记者吴雨、任军） 【纠错】 【责任编辑:施歌】 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for proactive monetary policy adjustments to support economic stability and growth, focusing on targeted measures for various sectors [2][4][6]. Economic Analysis - The PBOC acknowledges a complex external environment with weakening global economic growth and increasing trade barriers, while noting a positive trend in domestic economic performance [4][5]. - The assessment of the domestic economy has shifted from "showing a good trend" to "steady progress," with challenges such as insufficient domestic demand and low price levels remaining [5][6]. Monetary Policy Recommendations - The PBOC suggests enhancing monetary policy regulation, improving its foresight, targeting, and effectiveness, and ensuring the execution of various monetary policy measures [6][7]. - Recommendations include maintaining ample liquidity, guiding financial institutions to increase credit supply, and aligning social financing scale and money supply growth with economic growth and price expectations [6][7]. Structural Policy Support - The PBOC plans to strengthen support for technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade, expanding the focus beyond just technology and consumption [6][8]. - The meeting also emphasizes the importance of maintaining stability in the capital market through various financial instruments and supporting the development of the private economy [7][8]. Real Estate Market - The PBOC aims to consolidate the stability of the real estate market, with a focus on revitalizing existing properties and land, while improving the foundational financial systems related to real estate [7][8].

北京商报讯（记者 岳品瑜 董晗萱）9月26日，据人民银行官网，中国人民银行货币政策委员会2025年第 三季度（总第110次）例会于9月23日召开。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加力支持科技创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领域的融 资支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资 本市场稳定。持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作 用，进一步打通中小微企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存量商品 房和存量土地盘活力度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展 新模式。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 ...

人民财讯9月26日电，中国人民银行货币政策委员会召开2025年第三季度例会，会议指出，要引导大型 银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行资本实力，共同维护金 融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持科技 创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领域的融资支持。用好证券、基 金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好 支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作用，进一步打通中小微 企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存量商品房和存量土地盘活力 度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展新模式。切实推进金 融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 ...

Economic Data - In August, the industrial added value of large-scale enterprises grew by 5.2% year-on-year, below the expected 5.75%[3] - The export delivery value of large-scale industrial enterprises recorded a decline of 0.4% year-on-year, marking the first negative growth this year[3] - From January to August, fixed asset investment cumulative year-on-year growth decreased by 1.1 percentage points to 0.5%, with manufacturing and infrastructure investment growth slowing to 5.1% and 5.4% respectively[3] Consumer Spending - In August, the total retail sales of consumer goods increased by 3.4% year-on-year, with restaurant income rising by 2.1%[20] - Retail sales of household appliances and audio-visual equipment fell by 14.4%, while communication equipment sales dropped by 7.6%[20] Monetary Policy - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, with expectations of an additional 50 basis points cut by year-end[24] - The Fed's shift in focus from inflation control to "full employment" indicates a change in monetary policy strategy[24] Market Reactions - Following the Fed's rate cut, U.S. Treasury yields rose, and the dollar index strengthened, while gold and U.S. stock prices initially fell before rebounding[26] - The domestic stock market showed clear trends, with the STAR 50 index rising by 1.84% and the ChiNext index increasing by 2.34%[32] Future Outlook - Structural monetary policy tools are expected to be emphasized in Q4, with potential fiscal policy support anticipated if consumer spending does not meet expectations during the upcoming National Day holiday[35] - Risks include unexpected adjustments in monetary policy, insufficient fiscal policy support, and unforeseen changes in the global environment[36]

扫码文末"投小圈" 加入行业交流群 文章来源：中国人民银行 国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，请中国人民银行行长潘功胜、金融监管总 局局长李云泽、中国证监会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。在介绍"十 四五"时期金融业发展成就时，中国人民银行行长潘功胜在国新办新闻发布会上表示，今天的新闻发布会的主题是 介绍"十四五"时期金融业的发展情况， 主要是从中长期的视角回顾和总结"十四五"，不涉及短期政策的调整，关 于"十五五"以及下一步金融改革的内容，将在中央统一部署后做进一步沟通。 以下为部分文字实录摘要： 中国人民银行行长 潘功胜： 今年以来，人民银行认真贯彻落实中央经济工作会议精神和《政府工作报告》部署，实施好适度宽松的货币政 策，强化逆周期调节，综合运用多种货币政策工具，服务实体经济高质量发展，为推动经济持续回升向好营造良 好的货币金融环境。 从效果上看，今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行 特征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 ...

Core Viewpoint - The combination of proactive fiscal policy and moderately loose monetary policy is aimed at enhancing people's livelihoods, promoting consumption, and boosting economic growth, as emphasized in recent central government meetings [1][6]. Fiscal Policy and Investment - As of the end of August, the government has allocated approximately 420 billion yuan, which has driven sales of various goods exceeding 2.9 trillion yuan [2]. - The third batch of 690 billion yuan for consumer goods replacement has been fully allocated, with plans for a fourth batch in October, completing the annual target of 300 billion yuan [2]. - The Ministry of Finance has arranged 1.5 trillion yuan in special long-term bonds over the past two years to support effective investment [2][4]. Monetary Policy and Financial Support - The M2 money supply reached 331.98 trillion yuan by the end of August, with a year-on-year growth of 8.8%, which is 2.5 percentage points higher than the same period last year [5]. - The total social financing increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the previous year [5]. - Structural monetary policy tools have been implemented to support key areas such as technology innovation, consumption expansion, and small and micro enterprises [6][7]. Economic Outlook - The macroeconomic policies are expected to maintain continuity and stability, with a focus on promoting high-quality economic development and addressing deep-seated issues [6]. - The issuance of special refinancing bonds has provided strong financial support for resolving hidden debts, with 1.9 trillion yuan issued for this purpose by the end of August [5].

华安期货：9月18日国债建议震荡思路，可考虑逢低布局多单 重要信息： 1、银行间主要利率债收益率普遍下行，超长券表现更好，收益率下行2-4bp；国债期货收盘全线上涨，30年期主力合约涨0.31%。 市场展望： 建议震荡思路，可考虑逢低布局多单。 4、国新办举行新闻发布会，介绍扩大服务消费有关政策措施。推动人工智能在服务消费等领域加快应用；用好结构性货币政策工具，增强消费领域资金供 给。 核心逻辑： 后续债市供给压力有望缓和，同时，地缘因素及贸易政策变化有很大变数，避险情绪仍在。 2、缴税影响未完，银行间市场资金面敛势持续，存款类机构隔夜回购加权利率升至1.48%附近。央行开展4185亿元逆回购操作，净投放1145亿元。 3、美联储下调基准利率25个基点至4.00%-4.25%，符合市场预期，时隔9个月又重启降息步伐。FOMC声明指出，就业方面的下行风险已上升，今年上半年 经济增长有所放缓，通胀有所上升。 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report - The Fed's interest rate cut process has entered a new stage, and emerging markets are expected to迎来 stronger upward momentum. The current market is still dominated by liquidity. There is a need for asset allocation adjustment among foreign investors, institutions, and residents in the domestic market. There is room for further increase in the equity market, and funds actively buy during the correction phase. The market is judged to maintain a bullish pattern. The technology sector and themes related to "anti-involution" continue to be active, and the CSI 1000 and CSI 500 indices are expected to continue their relatively strong performance [3]. Summary by Related Catalogs Market Analysis - Domestically, the State Council Information Office held a press conference to introduce policies and measures to expand service consumption. China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of artificial intelligence in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, more than 25,000 cultural and tourism consumption activities will be carried out across the country, and more than 330 million yuan in consumption subsidies will be issued. Overseas, the Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00%-4.25%, the first rate cut this year and the first since a nine-month pause. Powell said that employment growth has slowed, the risk of employment decline has increased, the labor market is less active than before and slightly weak; inflation has recently risen and is still slightly high; commodity inflation has accelerated, and the decline in service inflation continues; the risk of persistent inflation needs to be managed, and the inflation risk tends to the upside. The probability of the Fed cutting interest rates in October is expected to exceed 90% according to US interest rate futures [1]. Spot Market - A-share indices closed with an upward trend. The Shanghai Composite Index rose 0.37% to close at 3876.34 points, and the ChiNext Index rose 1.95%. In terms of industries, most sector indices rose, with the power equipment, automobile, coal, and home appliance industries leading the gains, while the agriculture, forestry, animal husbandry and fishery, commerce and trade retail, and social service industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan on the day. Overseas, the three major US stock indices closed mixed, with the Dow Jones Industrial Average rising 0.57% to 46018.32 points [2]. Futures Market - In terms of basis, this Friday is the delivery day of the current-month contract, and the basis tends to converge. In terms of trading volume and open interest, the trading volume of stock index futures increased, and the open interest of IH increased [2]. Strategy - The Fed's interest rate cut process has entered a new stage, and emerging markets are expected to迎来 stronger upward momentum. The current market is still dominated by liquidity. There is a need for asset allocation adjustment among foreign investors, institutions, and residents in the domestic market. There is room for further increase in the equity market, and funds actively buy during the correction phase. The market is judged to maintain a bullish pattern. The technology sector and themes related to "anti-involution" continue to be active, and the CSI 1000 and CSI 500 indices are expected to continue their relatively strong performance [3]. Macroeconomic Charts - Include charts such as the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [10][9]. Spot Market Tracking Charts - The table shows the daily performance of major domestic stock indices on September 17, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index, along with their daily changes [12]. Futures Market Tracking Charts - The table shows the open interest and trading volume of stock index futures (IF, IH, IC, IM), as well as the basis (futures - spot) and inter - delivery spread of stock index futures [15][36][44].