财政政策与货币政策协同是新发展阶段的必然要求 党的十八大以来，我国经济已由高速增长阶段转向高质量发展阶段。面对经济发展新特征，传统政策模 式已难以应对复杂多变的经济形势，财政政策与货币政策协同配合成为破解经济转型之困、应对外部冲 击之险、满足民生保障之需的重要抓手。 高质量发展是全面建设社会主义现代化国家的首要任务，需要加强宏观经济政策协调配合。《习近平经 济文选》第一卷（以下简称《文选》）中的多篇著作对此作出深刻阐释。比如，《贯彻新发展理念，建 设现代化经济体系》指出"创新和完善宏观调控，发挥国家发展规划的战略导向作用，健全财政、货 币、产业、区域等经济政策协调机制"，对健全多种经济政策协调机制提出要求；《加快构建新发展格 局，着力推动高质量发展》指出"健全宏观经济治理体系，发挥国家发展规划的战略导向作用，加强财 政政策和货币政策协调配合"，不仅强调了财政政策与货币政策二者"协奏"的目标，更明确了完善国家 发展规划和政策统筹协调机制的顶层设计。这些重要论述，深刻揭示了政策联动赋能高质量发展的内在 逻辑，为新时代财政政策与货币政策协同提供了根本遵循。 财政政策和货币政策是国家宏观调控体系的重要支柱，二者形成政 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In April 2025, the central bank conducted an MLF injection of 600 billion yuan, with a net injection of 500 billion yuan after deducting the maturity amount. The central bank showed a loose liquidity stance, and the bond issuance schedule may be a key factor in judging the window period of monetary easing [1][16]. - The issuance of local special - purpose bonds in 2025 has mainly been for replacing hidden debts so far. A larger - scale issuance is expected after the Politburo meeting at the end of April. May - June will be an important window period for monetary easing, and a reserve requirement ratio cut is still needed for a large - scale one - time liquidity release [2][17][21]. - In the context of the gradual strengthening of fiscal policy, monetary policy needs to cooperate through a reserve requirement ratio cut, but interest rate cuts need to wait due to the unclear outlook of tariffs. It is recommended to pay attention to the April PMI to be released next week [3][22]. - This week, the yields of short - and long - term US Treasury bonds continued to decline, and the curve flattened. US Treasury bonds still have relatively high allocation attractiveness. It is recommended to continue to be bullish on US Treasury bonds and gold, and be neutral on the US dollar [4][23][25]. 3. Summary According to the Directory 3.1 One - Week Views - **Policy Rhythm Assessment**: In April 2025, the MLF was over - renewed by 500 billion yuan, showing a loose liquidity attitude. The bond issuance schedule is crucial for judging the monetary easing window period. The issuance of local special - purpose bonds has mainly been for debt replacement, and a larger - scale issuance is expected after the Politburo meeting. May - June will be a key window for monetary easing, and a reserve requirement ratio cut is necessary for large - scale liquidity release [1][2][16][17]. - **US Treasury Yield Outlook**: This week, the yields of short - and long - term US Treasury bonds declined, and the curve flattened. US Treasury bonds have high allocation attractiveness. Non - US economies' fiscal policies may raise the interest rate center in the medium term. It is recommended to be bullish on US Treasury bonds and gold and neutral on the US dollar. The US housing market, consumer confidence, and Fed's interest - rate policy all show complex trends [4][23][25]. 3.2 Domestic and Foreign Data Summaries 3.2.1 Liquidity Tracking - **Open - Market Operations**: From April 21 - 25, 2025, the total net injection through open - market operations was 67.4 billion yuan. The central bank's open - market operations have maintained a rhythm of net withdrawal in the first half of the week and net injection in the second half [40]. - **Interest Rates**: The money - market interest rates and bond yields showed certain fluctuations. For example, the yields of some bonds such as national debt and policy - bank bonds generally increased [53][119][121]. 3.2.2 Domestic and Foreign Macroeconomic Data Tracking - **Real - Estate Market**: The total transaction area of commercial housing decreased. Steel prices and LME non - ferrous metal futures official prices increased. The prices of coking coal and thermal coal showed certain trends, and the yields of inter - bank certificates of deposit and Yu'E Bao also changed [62][63][64]. 3.3 Local Bond One - Week Review 3.3.1 Primary - Market Issuance Overview - **Issuance Scale**: A total of 47 local bonds were issued in the primary market this week, with an issuance amount of 191.123 billion yuan, a repayment amount of 28.61 billion yuan, and a net financing amount of 162.512 billion yuan. The main investment direction is comprehensive [78]. - **Provincial Distribution**: Nine provinces and cities issued local bonds this week. Shandong, Anhui, and Jiangsu ranked in the top three in terms of issuance amount. Four provinces and cities issued special refinancing bonds for replacing hidden debts, with Anhui, Shandong, and Jiangsu ranking in the top three [81][85]. 3.3.2 Secondary - Market Overview - **Trading Volume and Turnover Rate**: The stock of local bonds this week was 50.4 trillion yuan, the trading volume was 405.906 billion yuan, and the turnover rate was 0.81%. The top three provinces with active trading were Shandong, Jiangsu, and Guangdong. The top three active trading terms were 30Y, 10Y, and 20Y [95]. - **Yield Changes**: The yields of local bonds generally increased this week [98]. 3.3.3 This Month's Local Bond Issuance Plan No detailed information was provided in the text. 3.4 Credit Bond Market One - Week Review 3.4.1 Primary - Market Issuance Overview - **Total Issuance**: A total of 554 credit bonds were issued in the primary market this week, with a total issuance amount of 546.509 billion yuan, a total repayment amount of 430.577 billion yuan, and a net financing amount of 115.933 billion yuan, an increase of 22.933 billion yuan compared with last week [102]. - **Bond - Type Breakdown**: The net financing amount of short - term financing bills was 34.145 billion yuan, medium - term notes was 65.393 billion yuan, enterprise bonds was - 13.5378 billion yuan, corporate bonds was 50.445 billion yuan, and private placement notes was - 20.513 billion yuan [107]. 3.4.2 Issuance Interest Rates The actual issuance interest rates of various bond types increased to varying degrees this week. For example, the issuance interest rate of short - term financing bills increased by 2.54 BP, and that of medium - term notes increased by 2.28 BP [117]. 3.4.3 Secondary - Market Transaction Overview The total trading volume of credit bonds this week was 595.007 billion yuan. The trading volume of short - term financing bills was 174.025 billion yuan, medium - term notes was 298.665 billion yuan, enterprise bonds was 138.86 billion yuan, corporate bonds was 443.31 billion yuan, and private placement notes was 641.01 billion yuan [118]. 3.4.4 Maturity Yields The maturity yields of various bonds such as national development bank bonds, short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds generally increased this week [119][121][122][124]. 3.4.5 Credit Spreads The credit spreads of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds generally widened this week [125][129][131]. 3.4.6 Grade Spreads The grade spreads of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds showed a differentiated trend this week [136][140][145]. 3.4.7 Trading Activity The industrial sector had the largest weekly trading volume of bonds this week, reaching 369.774 billion yuan, followed by public utilities, finance, materials, and optional consumption [149]. 3.4.8 Subject Rating Changes There were no downgrades or upgrades of issuer subject ratings or outlooks this week [151].

央视网消息：纺织业一直都是我国传统的支柱产业，2024年，中国纺织服装出口再次突破3000亿美元，连续30年保持世界第一。作为全国 最大的服装生产基地之一，广州市聚集着超过3万家的相关企业，形成了从面料研发到成衣制造的完整产业链，《时空观察》关注在美国关税 冲击下，广东纺织品企业如何化解风险？广东纺织业能够突围破局的核心是什么？先来看看，出口市场主要集中在美国的广州纺织品进出口集 团有限公司如何应对。 广东织造"危"中寻机 这里是广州，中国纺织业的千年商都，每天有上百万件的服装从这里出发，流向世界。在广州纺织品进出口集团有限公司的品牌研发设计 中心，这里与全球数百家优质供应商、生产商及第三方服务商建立起来的了长期稳定的战略合作关系，正在因为美国关税的冲击受到波及和影 响。负责公司经营业务的房武军现在每天非常重要的任务之一，就是和最新一批美国订单的上下游客户保持密切沟通。 别看蔡崴现在说的轻松，5年前，溢达刚被正式列入美国实体清单时，公司上下也曾陷入过绝境。因为，溢达集团早在1995年就在新疆投 资建厂，通过在当地建设的7家棉纺企业来确保高端原料的品质和稳定的供应链。美国借此捏造"强迫劳动"的谎言，禁止溢达产品 ...

纺织业一直都是我国传统的支柱产业，2024年，中国纺织服装出口再次突破3000亿美元，连续30年保持 世界第一。作为全国最大的服装生产基地之一，广州市聚集着超3万家相关企业，形成了从面料研发到 成衣制造的完整产业链。在美国关税冲击下，广东纺织品企业如何化解风险？广东纺织业能够突围破局 的核心是什么？ 负责公司经营业务的房武军，现在每天非常重要的任务之一，就是和最新一批美国订单的上下游客户保 持密切沟通。 广州纺织品进出口集团有限公司副总经理房武军：我们现在的策略，就是根据关税政策的变化，去和上 下游客户谈，看看能不能分担。但是阻力还是会很大，如果客户不取消订单，几乎确定是有损失的。 成立于1980年的广州纺织品进出口集团有限公司，出口市场主要集中在美国，目前，公司对美业务暂时 停滞，预计未来3个月也无新增订单，对美整体业务规模量几乎下降了一半。4月3日，34%关税政策落 地，在手订单的利润亏损已经显现，而出口转内销的路径也面临着现实的困难。 广州纺织品进出口集团有限公司副总经理房武军：按照我们内部的统计，我们国内就有S、M、L、XL 这样的码的分布，在欧美国家基本上没有S的概念，起标就是L码。美国市场的女装里 ...

同时，关注国内增量政策，把握政策节奏。一方面，合理预期政策出台节奏。市场希望政策端能尽快发 力，但是整体上中央部署增量政策保持着稳定的节奏，政策出台有稳定的节奏和考量。当前正处于两会 结束后的政策窗口期，前期政策部署落地的关键阶段，短期内进一步出台大规模增量政策的可能性相对 较小。后续增量政策走势需要关注至4月底中央政治局会议。当前建议市场投资者合理预期政策节奏， 关注政策的连续性和稳定性，避免因过度预期而引发市场波动。另一方面，消化前期政策，增强政策效 果。当前应重点消化前期已出台的政策，如提振消费专项行动、超长期特别国债支持"两重"项目建设 等，确保政策落地生效，发挥其对经济和资本市场的稳定作用。同时，关注政策的协同效应，通过财 政、货币、产业等多政策的配合，增强政策的整体效果。 中信建投胡玉玮 尽管美国加征关税的力度超出市场预期，但从4月3日A股小幅下跌的走势来看，市场整体情绪好于预 期，显示出较强的韧性。重点观察周一市场走势，如果能够上行或至少横盘，说明市场情绪已基本稳 定，除出海板块短期业绩承压外，其他板块无需过度悲观，市场情绪仍旧保持乐观。增强市场信心与预 期管理。通过多种渠道向市场传递积极信号， ...

3月6日下午3时，十四届全国人大三次会议举行经济主题记者会，国家发展和改革委员会主任郑栅洁、财政部部长 蓝佛安、商务部部长王文涛、中国人民银行行长潘功胜、中国证券监督管理委员会主席吴清就发展改革、财政预 算、商务、金融证券等相关问题回答中外记者提问。 潘功胜在回应相关问题时表示，今年将根据国内外经济金融形势和金融市场运行情况，择机降准降息。目前金融机 构存款准备金率平均为6.6%，还有下行空间，还可研究降低结构性货币政策工具利率。进一步扩大科技创新和技术 改造再贷款规模，拓宽政策支持的覆盖面。 潘功胜：今年将根据国内外经济金融形势和金融市场情况择机降准降息 潘功胜表示，去年以来货币政策逆周期调节效果比较明显，货币政策取向是一种对状态的描述，今年将根据国内外经 济金融形势和金融市场情况，择机降准降息，目前存款准备金率还有下行空间。 潘功胜：对一些不合理的容易削减货币政策传导的市场行为加强规范 潘功胜表示，在政策传导上，人民银行将进一步完善利率调控机制，持续强化利率政策执行和监督，对一些不合理的 容易削减货币政策传导的市场行为，加强规范，推动落实银行补充资本金措施，畅通利率传导机制。 潘功胜：强化预期引导，坚决防 ...