Core Viewpoint - The report presented by the Minister of Finance indicates that China's fiscal policy has become more proactive this year, with overall budget execution and fiscal operations remaining stable. Fiscal Revenue and Expenditure - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [2][3] - During the same period, the national general public budget expenditure was 160,737 billion yuan, reflecting a year-on-year increase of 3.4% [2][3] Policy Implementation and Focus Areas - The government has implemented a series of fiscal policies to support consumption, including personal consumption loans and subsidies for elderly care services [2][3] - The issuance of ultra-long-term special government bonds has been accelerated, with 761 billion yuan issued by the end of July, supporting key projects [2][3] - Key focus areas for fiscal policy include promoting technological and industrial innovation, deepening fiscal and tax system reforms, and enhancing social welfare investments [3][4] Future Fiscal Policy Directions - The report emphasizes the need for a more proactive fiscal policy, with a focus on accelerating budget execution and improving fund utilization efficiency [4] - Future efforts will include supporting employment and foreign trade, fostering new growth drivers, and enhancing fiscal governance effectiveness [4] - The government aims to strengthen domestic circulation and maintain policy continuity and stability while addressing uncertainties in the economy [4]

Group 1 - The core viewpoint is that the social financing scale has maintained a high growth rate, indicating strong financial support for the real economy, with a year-on-year growth of 8.8% as of the end of August [1][3] - As of the end of August, the total social financing scale was 433.66 trillion yuan, with the balance of RMB loans to the real economy at 265.42 trillion yuan, reflecting a year-on-year growth of 6.6% and accounting for 61.2% of the total social financing scale [3] - In the first eight months, the increment of social financing was 26.56 trillion yuan, which is an increase of 4.66 trillion yuan compared to the same period last year [5] Group 2 - The broad money (M2) balance reached 331.98 trillion yuan at the end of August, with a year-on-year growth of 8.8%, while the narrow money (M1) balance was 111.23 trillion yuan, growing by 6% [7] - The chief economist of Minsheng Bank noted that since 2025, a combination of proactive fiscal policy and moderately loose monetary policy has effectively supported the real economy, with cumulative financing increments consistently exceeding the previous year's levels [9] - The convergence of the M1 and M2 scissors difference indicates that more funds are being converted into demand deposits, which is beneficial for consumption and investment activities [9]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Macroeconomic policies aim to strengthen the domestic market, with China's August CPI, core CPI, and PPI showing specific trends, and US inflation unexpectedly falling. Fundamentally, zinc ore imports and processing fees are rising, along with increased smelter profits and supply growth. Import losses are widening, reducing imported zinc inflows. On the demand side, downstream is at the end of the off - season, with stable and rising processing enterprise operating rates. Zinc prices are at a low level, downstream purchases on - demand, domestic social inventories are increasing, and overseas LME inventories are decreasing, supporting zinc prices. Technically, with decreasing positions and price fluctuations, it's recommended to wait and see or go long on dips [3]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Zinc main contract is 22,250 yuan/ton, up 35 yuan; the 10 - 11 month contract spread is - 5 yuan/ton, down 10 yuan. The LME three - month zinc quote is 2,887.5 dollars/ton, up 20.5 dollars. The total Shanghai Zinc open interest is 222,719 lots, up 970 lots; the net position of the top 20 in Shanghai Zinc is - 6,229 lots, up 3,619 lots. Shanghai Zinc warehouse receipts are 44,925 tons, up 596 tons. The SHFE inventory is 87,032 tons, up 1,052 tons; the LME inventory is 50,825 tons, down 200 tons [3]. Spot Market - The SMM 0 zinc spot price is 22,180 yuan/ton, up 90 yuan; the Yangtze River Non - ferrous market 1 zinc spot price is 22,180 yuan/ton, up 260 yuan. The ZN main contract basis is - 70 yuan/ton, up 55 yuan; the LME zinc cash - 3 months spread is 23.01 dollars/ton, up 5.39 dollars. The Kunming 50% zinc concentrate arrival price is 16,860 yuan/ton, down 50 yuan; the Shanghai 85% - 86% broken zinc price is 15,600 yuan/ton, unchanged [3]. Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons, up 10,400 tons. The ILZSG global zinc mine production is 1,007,500 tons, down 4,300 tons; domestic refined zinc production is 617,000 tons, down 11,000 tons. Zinc ore imports are 455,900 tons, up 124,900 tons [3]. Industry Situation - Refined zinc imports are 35,156.02 tons, down 22,615.39 tons; refined zinc exports are 483.88 tons, up 266.83 tons. Zinc social inventories are 140,100 tons, up 1,800 tons [3]. Downstream Situation - Galvanized sheet production is 2.32 million tons, down 130,000 tons; sales are 2.34 million tons, down 120,000 tons. The new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the housing completion area is 250.34 million square meters, up 24.6739 million square meters. Automobile production is 2.51 million vehicles, down 298,600 vehicles; air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. Option Market - The implied volatility of the at - the - money zinc call option is 13.01%, down 0.03%; the 20 - day historical volatility of the at - the - money zinc option is 6.16%. The implied volatility of the at - the - money zinc put option is 13.02%, down 0.02%; the 60 - day historical volatility of the at - the - money zinc option is 11.12%, down 0.04% [3]. Industry News - China aims to stabilize employment, enterprises, markets, and expectations, implement active fiscal and moderately loose monetary policies, and promote various aspects of development. China's August CPI, core CPI, and PPI show specific trends, and US inflation unexpectedly falls [3].

Group 1 - The core viewpoint of the report indicates that the fiscal policy has become more proactive this year, with overall budget execution and fiscal operations remaining stable [1][2] - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1%, while the expenditure was 160,737 billion yuan, reflecting a 3.4% increase [1] - The report highlights various measures taken to implement a more active fiscal policy, including support for consumption, subsidies for personal loans, and the issuance of special government bonds [1][2] Group 2 - The fiscal policy and key initiatives this year focus on promoting technological and industrial innovation, deepening fiscal and tax system reforms, and enhancing social welfare [2] - Future fiscal policies will emphasize accelerating budget execution, improving fund utilization efficiency, and ensuring the safety of funds, while continuing to support consumption and private investment [3] - The report outlines a commitment to strengthen domestic circulation, maintain policy continuity and stability, and enhance fiscal governance effectiveness [3]

Fiscal Policy Overview - The fiscal policy has become more proactive this year, with overall budget execution and fiscal operations remaining stable [1][2] - From January to July, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1% [1] - During the same period, general public budget expenditure was 160,737 billion yuan, reflecting a year-on-year growth of 3.4% [1] Key Initiatives - The government has implemented various fiscal measures to boost consumption, including personal consumption loans and subsidies for elderly care services [1][2] - The scope of subsidies has been expanded to include vehicle scrappage and replacement, as well as digital products [1] - Special long-term bonds were issued earlier than last year, totaling 761 billion yuan by the end of July, supporting key projects [1] Focus Areas for Fiscal Policy - The fiscal policy will continue to focus on technology and industrial innovation, reforming the fiscal and tax system, and enhancing risk management in key areas [2][3] - There will be an emphasis on increasing public welfare investments and promoting rural revitalization and regional coordinated development [2] - The government aims to strengthen fiscal management and discipline while ensuring the effective execution of budgets [2] Future Directions - The fiscal policy will prioritize domestic circulation and implement proactive macroeconomic policies to address uncertainties [3] - There will be a focus on stabilizing employment, foreign trade, and market expectations while enhancing the effectiveness of fiscal governance [3] - The government plans to encourage private investment and expand the scope of public services supported by investments [2][3]

Group 1 - The core viewpoint of the report indicates that fiscal policy has become more proactive this year, with stable budget execution and overall fiscal operations [1][2]. - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1%, while the expenditure was 160,737 billion yuan, reflecting a year-on-year increase of 3.4% [1]. - The report highlights various measures taken to implement a more proactive fiscal policy, including personal consumption loan subsidies and expanding the scope of subsidies for vehicle scrapping and appliance replacement [1][2]. Group 2 - The fiscal policy and key work areas this year focus on promoting technological and industrial innovation, deepening fiscal and tax system reforms, and enhancing social welfare [2]. - Future fiscal policies will emphasize accelerating budget execution, improving fund utilization efficiency, and ensuring fund security, while continuing to support consumption and private investment [3]. - The report outlines a commitment to strengthen domestic circulation, maintain policy continuity and stability, and enhance flexibility and foresight in macroeconomic policies [3].

Core Viewpoint - The report presented by the Minister of Finance indicates that China's fiscal policy has become more proactive this year, with overall budget execution and fiscal operations remaining stable [1][2]. Fiscal Revenue and Expenditure - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [1]. - During the same period, the national general public budget expenditure was 160,737 billion yuan, reflecting a year-on-year increase of 3.4% [1]. Implementation of Fiscal Policies - The government has implemented a series of fiscal policies to support consumption, including personal consumption loans and subsidies for elderly care services [1][2]. - The scope of subsidies has been expanded to include the scrapping and updating of automobiles and the replacement of household appliances, as well as digital products like mobile phones [1]. Focus Areas of Fiscal Policy - The fiscal policy has concentrated on promoting technological and industrial innovation, deepening tax and fiscal reforms, and enhancing social welfare [2]. - There is a strong emphasis on rural revitalization, regional coordinated development, and ecological civilization construction [2]. Future Fiscal Policy Directions - The report outlines plans to accelerate budget execution, improve fund utilization efficiency, and ensure fund security [3]. - Future efforts will focus on stabilizing employment and foreign trade, fostering new growth drivers, and enhancing fiscal governance [3]. - The government aims to strengthen domestic circulation and maintain policy continuity and stability while being flexible and anticipatory in response to uncertainties [3].

Group 1 - The report highlights the implementation of various policies and measures deployed by the central government to stabilize employment, businesses, markets, and expectations [1] - It emphasizes the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [1] - The report calls for a thorough evaluation of policy implementation and suggests optimizing policies and measures based on assessment results to enhance their effectiveness [1] Group 2 - There is a focus on normalizing policy research and reserve, continuously improving the policy toolbox [1] - The report stresses the importance of addressing capacity governance in key industries and implementing measures to resolve structural contradictions while promoting quality upgrades [1] - It also mentions the need for comprehensive regulation of irrational competition and strengthening policy coordination and expectation guidance [1]

Core Viewpoint - The report presented by the Minister of Finance, Lan Fo'an, indicates that the fiscal policy has become more proactive this year, with overall stable budget execution and fiscal operations [1] Group 1: Fiscal Policy and Budget Execution - The fiscal policy has been more active and has continued to exert influence throughout the year [1] - The execution of the budget and fiscal operations have remained generally stable [1] Group 2: Future Fiscal Focus - The next steps for fiscal policy include effectively utilizing a more proactive fiscal policy to support employment stability and foreign trade [1] - There is an emphasis on accelerating the cultivation and expansion of new development momentum [1] - The government aims to further ensure and improve people's livelihoods while continuously working to prevent and mitigate risks in key areas [1] - There is a commitment to enhancing the effectiveness and level of fiscal governance while strictly adhering to the requirement of living within means [1]

Core Viewpoint - The report presented by the Minister of Finance highlights a more proactive fiscal policy in response to the current economic conditions, emphasizing the importance of budget execution and overall fiscal stability [1] Fiscal Policy and Budget Execution - The fiscal policy has become more proactive and is continuously being implemented to support economic stability [1] - The report indicates that budget execution and fiscal operations have remained generally stable throughout the year [1] Key Focus Areas for Future Fiscal Work - The government aims to effectively utilize a more proactive fiscal policy to support employment stability and foreign trade [1] - There is a commitment to accelerate the cultivation and expansion of new development drivers [1] - The report emphasizes the need to further ensure and improve people's livelihoods [1] - Continuous efforts will be made to prevent and mitigate risks in key areas [1] - There is a focus on enhancing the effectiveness and level of fiscal governance [1] - Strict adherence to the requirement of living within means is highlighted [1]