Core Viewpoint - The State Council Information Office will hold a press conference on January 15, 2026, to discuss the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy [1]. Group 1 - The press conference will feature the spokesperson of the People's Bank of China, Deputy Governor Zou Lan, and the spokesperson of the State Administration of Foreign Exchange, Deputy Director Li Bin [1].

国务院新闻办公室将于2026年1月15日（星期四）下午3时举行新闻发布会，请中国人民银行新闻发言 人、副行长邹澜，国家外汇局新闻发言人、副局长李斌介绍货币金融政策支持实体经济高质量发展成效， 并答记者问。 来源：国新办 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编：王璐璐 校对：许欣 百万用户都在看 "降息大门关闭！"美联储，预期突变！ 局势升级！俄罗斯，大规模袭击！发射7枚巡航导弹！英国，重大宣布！ 最高猛增520%！A股批量晒出超级"战报"，一晚7家官宣净利翻倍 利好突袭！杭州"六小龙"，传出大消息！ 刚刚！特朗普宣布进入国家紧急状态！ 看券商中国 知天下财经 F 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 ...

Core Insights - During the "14th Five-Year Plan" period, loans to technology-based small and medium-sized enterprises, inclusive small and micro loans, and green loans have seen an average annual growth rate exceeding 20% [1] - Since the Central Political Bureau meeting in September 2024, the People's Bank of China has implemented a series of monetary and financial policy measures to stabilize market expectations, boost confidence, and promote sustained economic recovery and high-quality development [1] Summary by Categories - **Loan Growth** - Technology-based small and medium-sized enterprises loans, inclusive small and micro loans, and green loans have all experienced significant growth, averaging over 20% annually during the "14th Five-Year Plan" [1] - **Policy Measures** - Following the Central Political Bureau meeting in September 2024, the People's Bank of China has introduced various monetary and financial policies aimed at stabilizing market expectations and enhancing economic confidence [1] - These measures are designed to support ongoing economic recovery and facilitate high-quality development [1]

Core Viewpoint - The credit bond ETF from Bosera (159396) is experiencing a stable performance with a recent price of 101.12 yuan, showing a 1.05% increase over the past six months, ranking 2nd among comparable funds [1] Group 1: Market Performance - As of August 4, 2025, the credit bond ETF from Bosera has a recent scale of 11.501 billion yuan [2] - The ETF has seen a net value increase of 1.23% over the past six months, ranking 17th out of 480 index bond funds, placing it in the top 3.54% [2] - The ETF's maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10% [2] Group 2: Trading Activity - The ETF has a trading volume of 28.83 billion yuan with a turnover rate of 25.11%, indicating active market participation [1] - The average daily trading volume over the past month is 4.2 billion yuan, ranking first among comparable funds [1] Group 3: Financial Metrics - The management fee for the credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3] Group 4: Investment Environment - The overall trend for credit bonds is not expected to decline significantly, with a supportive stance from the central bank and a favorable environment for positive carry [1] - Institutional investors are likely to gradually enter the market, taking advantage of buying opportunities after recent adjustments [1]

Core Viewpoint - The People's Bank of China (PBOC) has successfully implemented a comprehensive set of policies announced on May 7 within one month, positively impacting market confidence and stabilizing expectations, thereby creating a favorable monetary and financial environment for economic recovery [1] Group 1 - The PBOC's policies have been fully executed within one month of their announcement [1] - The implementation of these policies has played a significant role in boosting market confidence [1] - The measures are aimed at fostering a conducive environment for ongoing economic recovery [1]

Core Viewpoint - The chief economist of China Merchants Fund, Li Zhan, indicates that the incremental fiscal policy space is expected to open up in the third quarter, following a series of macroeconomic policies aimed at stabilizing the market and economy after the Politburo meeting in April [1] Group 1 - The recent press conference by the State Council Information Office marks the beginning of a series of macroeconomic policies to stabilize the market and economy [1] - The initial market reaction to the press conference was focused on the unexpected "double cut" by the central bank [1] - Li Zhan emphasizes that the true stability of the economy and market relies on the coordination of monetary and fiscal policies, especially in light of the emerging tariff impacts [1] Group 2 - It is anticipated that a comprehensive financial policy package will continue to be implemented in the second quarter [1] - The opening of incremental fiscal space in the third quarter is expected to follow the ongoing implementation of these financial policies [1]