7月14日，中国人民银行发布的2025年上半年金融数据显示，6月末社会融资规模增量累计为22.83万亿 元，比上年同期多4.74万亿元；新增人民币贷款为12.92万亿元。6月份，社会融资规模增量近4.2万亿 元，新增人民币贷款近2.24万亿元。 6月末，社会融资规模存量同比增长8.9%，广义货币供应量（M2）同比增长8.3%，人民币贷款余额同 比增长7.1%。若还原地方政府专项债券置换地方融资平台贷款的影响，人民币贷款同比增速按可比口 径将更高。总体来看，金融总量保持合理增长，主要指标增速略有回升，支持实体经济力度稳固。 中国人民银行副行长邹澜在当天的国新办新闻发布会上表示，从上半年的金融数据看，货币政策支持实 体经济的效果是比较明显的。央行将发挥好货币政策工具的总量和结构双重功能，结构性货币政策工具 将继续坚持"聚焦重点、合理适度、有进有退"的原则，在支持金融"五篇大文章"基础上，突出支持科技 创新、提振消费等主线，进一步提升对促进经济结构调整、转型升级、新旧动能转换的效能。 低基数效应助M2增速回升 6月末，广义货币（M2）同比增长8.3%，比上月上升0.4个百分点；反映资金活化程度的狭义货币 （M1）同 ...

Core Viewpoint - The article highlights the recent financial data released by the People's Bank of China, indicating a stable growth in money supply and social financing, supported by government bond issuance and favorable monetary policies aimed at enhancing credit availability for businesses and consumers [1][5][6]. Group 1: Monetary Supply and Social Financing - As of June 2025, the broad money supply (M2) reached 330.29 trillion yuan, growing by 8.3% year-on-year, which is 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year [1]. - The social financing scale stood at 430.22 trillion yuan at the end of June, with a year-on-year growth of 8.9%, reflecting a 0.2 percentage point increase from the previous month [1]. - The increment in social financing for June was 4.20 trillion yuan, which is 900.8 billion yuan more than the same month last year, while the total increment for the first half of the year was 22.83 trillion yuan, up by 4.74 trillion yuan year-on-year [1]. Group 2: Credit Demand and Lending Rates - The willingness of enterprises to draw loans has increased, with the total RMB loan balance reaching 268.56 trillion yuan, a year-on-year increase of 7.1% [3][4]. - The average interest rate for newly issued corporate loans in the first half of the year was approximately 3.3%, which is 45 basis points lower than the same period last year, while the average rate for personal housing loans was about 3.1%, down by 60 basis points year-on-year [4]. - The growth rate of medium to long-term loans in the manufacturing sector was 8.7%, surpassing the overall loan growth rate by 1.6 percentage points [3]. Group 3: Policy Impact and Future Outlook - The article emphasizes that the government's bond issuance has significantly supported the social financing scale, with the issuance pace of general bonds and new local bonds being faster than the previous year by about 10-15 percentage points [1][3]. - Experts predict that the financial total is expected to maintain reasonable growth, supported by the internal dynamics of the economy and the ongoing effects of existing policies [5][6]. - The monetary policy remains "moderately loose," with the People's Bank of China implementing various measures to ensure liquidity and support economic recovery, including interest rate cuts and targeted lending [6][7].

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View The report comprehensively analyzes various policies and regulatory measures across multiple sectors, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It details the government's efforts in promoting economic development, stabilizing the market, and enhancing regulatory efficiency. For example, the government is promoting "anti -内卷" governance, advancing "two - heavy" construction projects, adjusting fiscal and monetary policies, and making targeted adjustments in the real estate and financial sectors. 3. Summary by Relevant Catalogs 3.1 Macro -基调 - Central government deploys "anti -内卷" governance in multiple industries, with various departments taking actions. A total of 4218 policies hindering unified market and fair competition have been cleared [8][9][13] - 8000 billion yuan of "two - heavy" construction project lists have been fully released, covering both "hard investment" in key fields and "soft construction" reform measures [9] - The government increases support for employment stability and raises the basic pension for retirees. The unemployment insurance stabilization and job - expansion return ratio for small, medium, and large enterprises is adjusted, and the pension for retirees is increased by 2% [10] - The "Child - Rearing Subsidy System Implementation Plan" is announced, with a subsidy of 3600 yuan per child per year [11] 3.2 Fiscal Policy - Fiscal incremental reserve policies are expected to be introduced in a timely manner, aiming to promote trade and investment liberalization and facilitation. Possible measures include issuing ultra - long - term special treasury bonds and establishing new policy - based financial instruments [14] - The Ministry of Finance adjusts the issuance rhythm of treasury bonds in the third quarter. Some varieties' issuance time is advanced, and the scale of some ultra - long - term special treasury bonds is adjusted [15] - The scope of special bonds' investment expands, from traditional infrastructure to public services, industrial upgrading, and debt resolution. Three departments allow local special bonds to be used for zero - carbon park construction [16] 3.3 Monetary Policy - The "moderately loose" monetary policy remains unchanged. Despite the stable economic performance in the first half of the year, the central bank will continue its supportive stance due to external challenges, insufficient domestic demand, and the real - estate market adjustment [19] - In June, the central bank did not conduct treasury bond trading but actively injected liquidity through multiple tools at the end of the quarter, with a total injection of 6560 billion yuan [19] - The State Administration of Foreign Exchange issues a new batch of QDII quotas worth 3080 million US dollars, and the scope of domestic investors in the Bond Connect "South - bound Link" is expanded to non - banking institutions [20] 3.4 Financial Supervision - The first batch of 10 science and technology innovation bond ETFs are approved and fully subscribed in one day, with a total scale of 30 billion yuan [23] - The "pension loan" product is suspended, and China Merchants Bank is approved to establish a financial asset investment company with a registered capital of 15 billion yuan [24] - Bank wealth management valuation rectification faces a "mid - year assessment", and investors will face net - value fluctuations after the rectification [25] - The long - term assessment mechanism for state - owned commercial insurance companies is improved, with a new 5 - year cycle indicator added to the "net asset return rate" assessment [27] 3.5 Real Estate Policy - Local governments are encouraged to use real - estate regulation policy autonomy to promote the real - estate market's recovery and increase investment in new urbanization using "two - heavy" and "two - new" funds [29] - Guangzhou plans to support "commercial - to - public housing loan conversion" to relieve residents' repayment pressure. When the housing provident fund loan - to - deposit ratio is below 75%, the conversion can be initiated [30] - Jingmen, Hubei promotes the spot - housing sales policy. Newly - transferred high - quality real - estate development land will be preferentially developed using the spot - housing sales model starting from January 1, 2026 [31] 3.6 Tariff Policy - The US lifts the export license requirements for three major global chip - design software suppliers to China [34] - China and the US are accelerating the implementation of the London framework results, and US and Chinese officials are expected to meet in August to discuss trade issues [34] - The US "reciprocal tariff" is postponed to August 1. The US plans to impose tariffs on multiple countries, with rates ranging from 15% to 50%. Starting from August 1, a 50% tariff will be imposed on all imported copper [35][36]

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In 2025, the liquidity and the central bank's monetary policy stance have become the focus of the market. The new narrative logic of liquidity in the first half of the year may also form the new normal in the second half, including the continuous transformation of the monetary policy framework, the continuous pressure on banks' net interest margins, and the need to balance multiple policy goals [1][3][9] - The policy side still focuses on smoothing the monetary policy transmission mechanism and promoting the decline of the comprehensive social financing cost in the second half of the year, and needs to balance "stable growth" and "risk prevention" [3][4][89] Group 3: Summary According to the Directory 1. The "Unexpected" and "Expected" of the Funding Situation in the First Half of the Year - In the first half of 2025, the funding situation changed from the long - term stable and abundant state in the second half of last year. The first quarter was tight, and the second quarter gradually switched to a stable and balanced state. The change was due to the dynamic switching of policy target priorities and the evolution of the monetary policy framework [11][12] - The first half of the year can be divided into four stages based on factors such as central bank's open - market operations, policy focus switching, and funding rate trends. Each stage has different characteristics in terms of funding rates, central bank's operations, and market supply - demand patterns [15] 2. Some New Narratives of Liquidity in 2025 2.1 Framework "Variation" - The monetary policy framework is further transforming to price - based regulation, clarifying the main policy interest rates and weakening the policy attributes of other prices. The MLF has faded out of its medium - term policy interest rate attribute [36] - The policy aims to smooth the interest rate transmission mechanism, strengthen the effect of deposit interest rate adjustment, and promote the decline of the real financing cost. It also conducts policy communication and expectation guidance with the market in a timely manner, and the structural tools are precisely targeted [34][37] 2.2 The "Actions" and "Inactions" of Monetary Policy - **Supportive Stance Remains Unchanged**: The monetary policy needs to balance multiple goals, and the central bank strengthens communication with the market to correct the market's over - trading expectations of monetary easing [39] - **"Inactions" in the First Quarter**: The central bank's investment was relatively restrained in the first quarter, focusing on preventing capital idling, interest rate risks, and stabilizing the exchange rate, which was also reflected in the statements of the monetary policy meetings [43][45] - **"Actions" and "Inactions" in the Second Quarter**: In the second half of March, the supply - demand pattern of the funding situation improved. The central bank increased its support, but still needed to balance "stable growth" and "risk prevention", which was also reflected in the statements of the monetary policy meetings [47][50] 2.3 Market "Echoes" - **Funding Rates are "Rigid" and Once Faced "Negative Carry"**: In the first quarter, the funding rates were at a high level with high volatility, and the bond market had a prominent "negative carry" phenomenon. The yield curve changed from "bear - flat" to "bear - steep", corresponding to the marginal changes in institutional behavior [53][54] - **Banks' Liability - Side Pressure is Concerned, and Funding Stratification is Weakened**: In the first quarter, the large - scale banks' fund lending decreased, and the liquidity supply - demand contradiction was magnified. In the second quarter, the banks' liability - side pressure was generally controllable, and the funding stratification was mainly seasonally high [69][77] - **The Bond Market Fluctuated More, and Banks Realized Floating Profits at the End of the Quarter**: In the first quarter, banks increased their bond - selling efforts at the end of the quarter to realize floating profits. In the second quarter, the pressure on banks to sell bonds to realize profits was alleviated [81][84] 3. Grasp the New Normal in the Second Half of the Year 3.1 Smooth the Interest Rate Transmission Mechanism and Reduce Banks' Liability Costs - The policy side will continue to smooth the policy interest rate transmission mechanism, enhance financial institutions' independent pricing ability, and strengthen the linkage between asset - side and liability - side interest rate adjustments [89] - Attention should be paid to banks' interest margin pressure, and banks should be guided to maintain reasonable asset returns and liability costs through market - based methods [90] 3.2 Dynamic Balance between "Stable Growth" and "Risk Prevention" - **Coordination of Various Policy Tools**: In terms of quantitative tools, if there is a reserve requirement ratio cut, the third quarter may be a good observation period, with a range of 25 - 50BP. Otherwise, the central bank may increase the investment of outright reverse repurchases, MLF, or restart treasury bond trading operations. In terms of price - based tools, there may be a possibility of an interest rate cut within the year, with a range of 10 - 25BP, but the timing is uncertain [94][95] - **Outlook on Funding and Certificate of Deposit Prices**: It is expected that the high - volatility market in the first quarter will not reappear, and the funding rates may continue the state of low - volatility and rigidity in the second quarter. If the interest rate cut occurs in the second half of the year, it is expected to drive down the certificate of deposit rates; otherwise, they may remain volatile [4]

Group 1 - The core viewpoint of the news is the announcement of a comprehensive financial policy package by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to stabilize the market and expectations [1] - The implementation of a moderately loose monetary policy includes a 0.5 percentage point reduction in the reserve requirement ratio, aimed at enhancing liquidity and credit supply in specific sectors [1][2] - The reduction in the reserve requirement ratio for auto finance and financial leasing companies from 5% to 0% is expected to lower their funding costs and improve credit supply capabilities [2] Group 2 - The People's Bank of China has introduced measures to lower policy interest rates, including a 0.1 percentage point reduction in the 7-day reverse repurchase rate, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [2] - The central bank's support for capital markets includes optimizing two monetary policy tools with a total quota of 800 billion yuan, allowing for more flexible use of funds [3] - The Central Huijin Investment Company is emphasized as a key player in maintaining capital market stability, with the central bank providing sufficient support for its operations [3] Group 3 - The expansion of pilot programs for insurance funds to invest long-term is set to inject an additional 60 billion yuan into the market, alongside adjustments to solvency regulations to encourage more stock investments [4] - The focus on increasing the scale and proportion of long-term funds entering the market is highlighted, with initiatives to promote high-quality development of public funds [4] - The roadmap for capital market reforms includes measures to enhance the stability and adaptability of the market, with a focus on supporting technological innovation and improving the investment environment for foreign entities [5]

Macro Strategy - The macroeconomic indicators show a structural differentiation in domestic demand while external demand remains stable overall, with a focus on improving the efficiency of fund utilization in monetary policy [1][10] - The ECI supply index is at 50.12%, down 0.03 percentage points from last week, while the demand index is at 49.94%, up 0.01 percentage points [10] - The overall economic outlook is cautiously optimistic, with the central bank's tone shifting from "timely adjustments" to "flexibly grasping the implementation of policies" [10] Fixed Income - The report emphasizes a preference for medium to low-priced, high-rated convertible bonds with a remaining maturity of 1-3 years, which can contribute stable cash flow and have a strong willingness to convert [2][13] - The issuance of green bonds totaled approximately 31.44 billion yuan this week, a decrease of 11.72 billion yuan from the previous week, with a total transaction volume of 73.5 billion yuan [3][15] - The issuance of secondary capital bonds amounted to 9.1 billion yuan this week, with a total transaction volume of approximately 199 billion yuan, down 55.5 billion yuan from the previous week [4][16] Industry Recommendations - Maiwei Biotech (688062) is entering a new stage with significant potential in its differentiated ADC+TCE dual platform, with revenue forecasts for 2025 adjusted from 750 million yuan to 1.108 billion yuan [6][20] - Dashishi Co. (01405.HK) is expanding against the trend, benefiting from continued store openings and expected recovery in average transaction amounts [7] - Luzhou Laojiao (000568) is rationally addressing transformation pains while actively seizing opportunities, with profit forecasts adjusted to 12.4 billion, 12.9 billion, and 14.1 billion yuan for 2025-2027 [8][9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The "moderately loose" tone of monetary policy will continue. Aggregate monetary policy tools will take turns to maintain reasonable and sufficient liquidity. The central bank will use tools such as medium - term lending facilities, outright reverse repurchases, and pledged supplementary loans to make up for medium - and long - term liquidity gaps. There is a possibility of restarting the buying and selling of national bonds to adjust liquidity under the premise of a stable bond market. A 50BP reserve requirement ratio cut in the second half of the year is expected to be implemented. Structural monetary policy tools will be enriched to further support key areas such as scientific and technological innovation, consumption, the capital market, and "two new" and "two important" sectors. A 20BP interest rate cut in the second half of the year is also expected to be implemented [2][3][29] 3. Summary by Relevant Catalogs 3.1 2025 Q2 Monetary Policy Committee Meeting Highlights - The description of the domestic economy is positive, with new challenges of "more trade barriers" and "low - running prices". The judgment of the external economic environment has changed from "weak growth momentum in the world economy" in Q1 to "weakening growth momentum in the world economy", and the description of the domestic economic environment has become more optimistic. However, concerns about "persistently low - running prices" are newly added [5] - Monetary policy continues to be "moderately loose" and pays more attention to "flexibility". The implementation of subsequent monetary policies will focus more on quality, and emphasize flexible control of the intensity and rhythm of policy implementation [6] - Structural monetary policy supports key areas such as "two new" and "two important". It continues to support areas such as scientific and technological innovation, consumption, and the capital market, and adds support for "two new" and "two important" areas [6] - Exchange - rate pressure has eased. Three "resolutely" statements are deleted, and the tone of stabilizing the exchange rate has become more relaxed. The appreciation of the RMB exchange rate has relieved the short - term constraints on monetary policy [7] - The real estate market is mainly focused on "stability". The stance of "stabilizing the real estate market" continues, and if the market declines in the future, there is still room for policy intensification [7] 3.2 Economic and Financial Data Performance from January to May 2025 - Industrial added - value growth has slowed marginally, and service - sector production has been relatively stable. From February to May 2025, the year - on - year growth rates of industrial added value were 5.9%, 7.7%, 6.1%, and 5.8% respectively. The growth rates of high - tech industries remained high, and some industries' production was affected by exports [11] - Consumption growth has been remarkable, mainly driven by the expansion of the trade - in policy and online sales promotions. From February to May 2025, the year - on - year growth rates of total retail sales of consumer goods were 4%, 5.9%, 5.1%, and 6.4% respectively. However, the follow - up policy recovery and its sustainability in supporting consumption need to be monitored [12] - The growth rate of fixed investment has continued to decline. Infrastructure and manufacturing investment have remained resilient, while real estate investment has been a drag. From February to May 2025, the year - on - year growth rates of fixed - asset investment completion were 3.5%, 2.8%, 1.1%, and 0.7% respectively [13] - Export growth has slowed marginally, and the "rush - to - export" effect has diminished. From February to May 2025, the year - on - year growth rates of export amounts were 3.6%, 12.3%, 8.1%, and 4.8% respectively. Although the impact of tariffs on exports has weakened, the impact of weakening external demand still needs attention [14] - In terms of prices, both CPI and PPI have remained low, with unstable demand and narrowed corporate profit margins. From January to May 2025, the year - on - year growth rates of CPI were 0.5%, - 0.7%, - 0.1%, - 0.1%, and - 0.1% respectively, and those of PPI were - 2.3%, - 2.2%, - 2.5%, - 2.7%, and - 3.3% respectively [17] - In terms of social financing, the increment of social financing and credit has slowed down in Q2, and government bonds have been the main support. Government bonds have been the main support for social financing, while credit has gradually declined [18] - In terms of credit, the new loans of residents have declined, while corporate short - term loans have increased and medium - and long - term loans have decreased. From January to May 2025, the new short - term and medium - and long - term loans of residents have decreased, while corporate short - term loans and bill financing have increased, and medium - and long - term loans have decreased [19] - In terms of government bonds, in the first half of 2025, the net financing of general national bonds was about 2.5 trillion yuan, and that of special national bonds was about 0.9 trillion yuan. The total issuance scale of local government bonds was about 5.5 trillion yuan, and the net financing was about 2.5 trillion yuan [19] 3.3 Review of Monetary Policy and Tools in the First Half of 2025 - The "moderately loose" monetary policy has been implemented. In Q2, policies such as reserve requirement ratio cuts and interest rate cuts have been implemented. The central bank has also proposed to optimize monetary policy intermediate variables and improve the interest rate transmission mechanism [22] - In terms of interest rates, policy rates remained unchanged in Q1, and an interest rate cut was implemented in Q2. The money market interest rates have been continuously loose in the first half of 2025 [23] - In terms of aggregate, a reserve requirement ratio cut was implemented in May, releasing 1 trillion yuan of long - term liquidity. In June, the central bank carried out outright reverse repurchases and medium - term lending facilities. Although the net investment in the second quarter was less than that in the first quarter, overall, medium - and long - term liquidity achieved net investment [24] - In terms of structure, in May, the central bank increased the quota of re - loans for scientific and technological innovation and technological transformation, increased the quota of re - loans for supporting agriculture and small businesses, and established re - loans for service consumption and elderly care. Currently, the balance of structural monetary policy tools is about 7 trillion yuan, accounting for about 15% of the central bank's balance sheet [25] 3.4 Summary and Outlook - The "moderately loose" tone of monetary policy will continue. Aggregate and structural monetary policy tools will be used to support key areas, and there is a possibility of a 50BP reserve requirement ratio cut and a 20BP interest rate cut in the second half of the year [29]

Core Viewpoint - The article highlights a significant increase in net inflows into Hong Kong stocks, indicating strong investor interest and potential growth in the market [1] Group 1: Market Trends - During the week of June 23-27, there was a net inflow of 26 billion RMB into Hong Kong stocks, with an average daily inflow of 5.2 billion RMB, up from 3 billion RMB the previous week [1] - Year-to-date, the cumulative net inflow has reached 679.4 billion RMB, nearing the total expected for the entire year of 744 billion RMB [1] - The Hang Seng Technology Index saw a slight increase at the market open, with popular ETF stocks like AVIC and SMIC rising over 4% [1] Group 2: Monetary Policy and Economic Outlook - The People's Bank of China held a monetary policy committee meeting, emphasizing the need for a moderately accommodative monetary policy and support for technological innovation and consumption [1] - China Galaxy predicts that Hong Kong stocks may experience a volatile upward trend in the second half of 2025, despite challenges such as insufficient effective demand and low inflation [1] - Dongfang Securities suggests that the current market presents a good opportunity for increased investment, anticipating that the market will soon recognize the lower probability and intensity of short-term risk events [1] Group 3: Investment Opportunities - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks accounting for 69.78% of the index [1] - The top ten stocks include major companies like Xiaomi, Tencent, Alibaba, and BYD, indicating a strong focus on technology and innovation [1] - Investors can access the Hong Kong Stock Connect Technology ETF through various channels, facilitating investment in quality technology assets [1]

Group 1 - The report indicates that the main economic and social development goals for 2024 have been successfully achieved, with solid progress in high-quality development [1] - The audit system reform has further consolidated its effectiveness, showcasing the unique supervisory role of audits, and the overall pattern of audit rectification has matured [1] - The report covers various aspects including central financial management audits, budget execution audits of central departments, major project and risk audits, and audits of key livelihood funds [1] Group 2 - The report addresses public concerns by focusing on key livelihood areas such as education, elderly care, and support for vulnerable groups, revealing issues that harm the interests of the people [2] - It emphasizes the need for enhanced coordination of macroeconomic policies, deepening reforms in key economic areas, and effectively preventing and mitigating major economic risks [2] - By March 2025, over 6,540 billion yuan will have been rectified in response to issues identified in the 2023 audit, with more than 1,710 regulations improved and over 4,120 individuals held accountable [2]