6月27日，市委财经委员会会议召开。 6月27日，省委常委、市委书记、市委财经委员会主任吴桂英主持召开市委财经委员会会议，深学细悟笃行习 近平经济思想，聚焦经济建设这一中心工作和高质量发展这一首要任务，分析当前经济运行情况，研究部署下阶 段工作。 会议强调，要统筹推进全年各项工作，突出"三个高地"标志性工程建设，在做大做强先进制造业、全力建设 全球研发中心城市、发挥对外开放平台作用等方面取得更大突破；突出项目招引建设，提升投资量、实物量、工 作量，结合"十五五"规划编制，谋划储备一批打基础利长远的项目；突出消费活力激发，精心组织暑期促消费活 动，巩固住房消费回暖态势，培育服务消费新增长点；突出外资外贸发展，鼓励支持企业"走出去"，促进外资"引 进来"；突出涉企服务优化，推动政策赋能，健全公平竞争、权益保障等机制，严厉打击破坏市场秩序、侵犯知识 产权等行为；突出大局安全稳定，统筹抓好重点隐患排查整治，密切监视雨情水情，严防旱涝急转，确保安全度 汛。 市级领导谭勇、何朝晖、李铁华、彭华松、邹特、肖正波、周志凯、康镇麟、周春晖、郑平出席。 会议指出，要准确把握全市经济发展整体平稳、质效向好、预期增强的态势，坚定信心 ...

Group 1 - The article discusses the recent developments in the A-share market, highlighting a significant upward trend over the past three days, suggesting that recent gains may outweigh efforts made over the previous two months [3][7] - The potential for a third wave rally in the A-share market is identified, with the current phase being a part of a larger upward trend that is expected to exceed the previous wave in both time and space [6] - The article emphasizes the importance of both internal fiscal policies and external monetary policies, with expectations for a potential interest rate cut by the Federal Reserve in September [6][7] Group 2 - Recent comments from several Federal Reserve officials indicate a consensus towards considering interest rate cuts, with some suggesting that action should be taken as early as July [8][9] - The article notes that the market's recent performance may not solely be attributed to geopolitical events but rather to underlying financial dynamics and policy expectations [7] - The Federal Reserve's current interest rate outlook suggests a gradual reduction in rates over the next year, which could diminish the dollar's interest rate advantage [11]

Group 1 - The core focus of China's consumption development is on service consumption, particularly development-oriented consumption aimed at improving the spending capacity of low-income groups [3] - There is a significant gap of approximately 20 percentage points between China's consumption as a share of GDP and the international average, which has been obscured by high growth in real estate and infrastructure sectors [3] - The government emphasizes the need to enhance domestic demand, particularly consumption, as a key driver for economic growth, as outlined in the recent government work report [4] Group 2 - In May, China's total retail sales of consumer goods increased by 6.4% year-on-year, with a notable acceleration of 1.3 percentage points compared to the previous month, driven by policies like "trade-in" and promotional events [5] - Service retail sales grew by 5.2% in the first five months of the year, slightly outpacing the growth of goods retail sales, indicating a shift towards service-oriented consumption [5]

中经记者 慈玉鹏 北京报道 融360数字科技研究院近日发布《2025年5月银行存款利率报告》（以下简称"《报告》"）显示，5月银 行存款利率整体下调。其中，3年期、5年期整存整取定期存款下降幅度达到30BP（基点）。 外资行结构性存款预期最高收益率下调幅度较大 中长期存款利率大幅下调 融360数字科技研究院统计监测并分析国内重点36个城市82家银行共689家支行网点的存款利率数据显 示，5月份，银行整存整取定期存款3个月期平均利率为1.004%，6个月期平均利率为1.212%，1年期平 均利率为1.339%，2年期平均利率为1.428%，3年期平均利率为1.711%，5年期平均利率为1.573%。 和4月相比，长短期存款利率均有下调，且3年期、5年期下调幅度较大。其中，3个月期下降24.3BP，6 个月期下降23.5BP，1年期下降22.3BP，2年期下降23.0BP，3年期下降30.3BP，5年期下降30.0BP。 与此同时，大额存单利率亦有所下调。 《报告》显示，和4月相比，大额存单各期限平均利率均下降，3个月期下降10.24BP，6个月期下降 11.26BP，1年期下降12.25BP，2年期下降13.7 ...

Economic Performance - Yunnan Province's industrial added value above designated size increased by 4.7% year-on-year from January to May 2025, with high-tech manufacturing growing by 10%, surpassing the overall industrial growth by 5.3 percentage points [1] - The mining industry saw a year-on-year increase of 10.3%, manufacturing grew by 4.3%, and the electricity, heat, gas, and water production and supply industry increased by 4.2% [1] - In May, the industrial added value above designated size grew by 3.5% [1] High-end Manufacturing - The equipment manufacturing industry experienced an 11.8% year-on-year increase, exceeding the overall industrial growth by 7.1 percentage points [1] - The electronics sector's added value rose by 13.8%, continuing its rapid growth trend [1] Traditional Industries - The energy industry added value increased by 4.9%, with the petroleum sector growing by 3.1% and the coal industry by 11.3% [1] - The non-ferrous metals industry maintained a robust growth rate of 15.3%, consistently achieving double-digit growth this year [1] Energy Production - Yunnan's industrial electricity generation reached 158.113 billion kilowatt-hours, marking a 7.9% year-on-year increase [1] Consumer Market - From January to May, the total retail sales of consumer goods in Yunnan reached 517.362 billion yuan, reflecting a 3.9% year-on-year growth, with a slight acceleration of 0.1 percentage points compared to the previous four months [2] - Fixed asset investment in Yunnan increased by 0.3% year-on-year, with the primary industry investment declining by 14%, the secondary industry growing by 5%, and the tertiary industry decreasing by 0.1% [2] Inflation and Economic Stability - The Consumer Price Index (CPI) in Yunnan decreased by 0.3% year-on-year and month-on-month in May [2] - The overall economic performance of Yunnan is stable, with ongoing policy effects expected to support growth, though external uncertainties and insufficient demand remain challenges [2]

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, as of June 20, 2025, which aligns with market expectations following a previous decrease in May [1][3]. Group 1 - The LPR remained stable after a 10 basis point decrease in May, which was anticipated by market participants [3]. - Experts suggest that the PBOC's previous policy rate cuts will lead to a more significant reduction in loan rates for businesses and individuals, thereby lowering financing costs for the real economy [4]. - In May, the weighted average interest rate for new corporate loans was approximately 3.2%, down about 50 basis points year-on-year, while the rate for new personal housing loans was around 3.1%, down about 55 basis points year-on-year [4]. Group 2 - Analysts believe there is still potential for further LPR declines, but caution against overly optimistic expectations regarding the pace and magnitude of future rate changes [4]. - The external environment remains uncertain, and domestic growth stabilization policies should not be relaxed, indicating that the central bank may continue to lower interest rates in the second half of the year [4].

Group 1 - The Loan Prime Rate (LPR) remains stable with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% after a 10 basis points reduction last month [1] - The recent monetary policy emphasizes balancing support for the real economy while maintaining the health of the banking system, indicating that stabilizing net interest margins is now a key objective [2] - The net interest margin for commercial banks has dropped to a historical low of 1.43%, down 9 basis points from the previous quarter, affecting banks' ability to serve the real economy and manage risks [2] Group 2 - The downward pressure on banks' funding costs is limited due to the increasing trend of term deposits, with 74.3% of household deposits and 74% of corporate deposits being term deposits as of April 2025 [3] - The average interest rate for newly issued corporate loans is approximately 3.2%, down about 50 basis points year-on-year, while personal housing loans average around 3.1%, down about 55 basis points [3] - The potential for new incremental policies may be delayed until after August or even into the fourth quarter, with a focus on establishing new policy financial tools to stimulate investment [4][5]

Group 1: Historical Policy Financial Instruments - Historical policy financial instruments were introduced during counter-cyclical adjustments to stabilize the economy and enhance local investment capabilities, characterized by their ability to leverage social funds into long-term infrastructure investments, low costs, and rapid deployment [1][7][8] - The Special Construction Bonds, created in 2015 to address domestic economic downturn pressures, helped alleviate local expenditure pressures and meet funding needs for key projects, becoming a crucial tool for stabilizing growth in infrastructure [9][15] - In 2022, the Policy Development Financial Instruments were launched to actively expand effective investment, with a rapid implementation timeline that allowed for quick project initiation and support for infrastructure investment growth [21][27] Group 2: New Policy Financial Instruments - The new policy financial instruments are expected to focus on technology innovation, consumption, and foreign trade, with a market-oriented mechanism to address fiscal shortfalls and support key project capital needs [31][36] - Recent meetings in various regions indicate a proactive approach to deploying these new financial tools, with local governments emphasizing the importance of leveraging these instruments to stimulate effective investment [33][35] - The operational model for the new instruments will likely continue to involve policy banks leading the initiatives, with the central bank providing funding support through structural monetary policy tools [36]

新华财经北京6月18日电（罗浩）沪深两市三大股指18日普遍小幅低开，各股指盘初冲高回落，早盘盘 中窄幅整理，至午间收盘时普遍小幅下跌。 盘面上，酿酒板块和石油板块在盘初涨幅靠前，军工板块和PCB板块表现强势，MicroLED、元器件、 科创板次新、银行等板块亦有显著上涨。虫害防治、稀土永磁、CRO概念等板块跌幅靠前。 至午间收盘时，上证指数报3380.47点，跌幅0.20%，成交额约2728亿元；深证成指报10136.51点，跌幅 0.15%，成交额约4702亿元；创业板指报2042.61点，跌幅0.36%，成交额约2305亿元；科创综指报 1170.60点，跌幅0.10%，成交额约457亿元；北证50指数报1386.37点，跌幅1.15%，成交额约198亿元。 机构观点 中信证券：核聚变当前正处于投资加速的过程中，中美均大力发展，核聚变将迎来新一轮加速发展期。 从投资逻辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。认为当前处 于聚变产业链密集招标阶段，核心组件充分受益，推荐超导磁体、堆内构件环节的公司。 中国银河证券：国家"稳增长、稳股市"、"提振资本市场"的政策目标仍将持续 ...

行业走势图 化债对信贷影响或减弱，资金延续活化 ——行业点评报告 2025 年 06 月 16 日 投资评级：看好（维持） 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 银行 沪深300 相关研究报告 《本轮存款降息的成因与影响—银行 0520 下 调 存 款 挂 牌 利 率 点 评 》 -2025.5.23 《低基数下的大行存贷增速差改善— 4 月 央 行 信 贷 收 支 表 要 点 解 读 》 -2025.5.15 《存款读数改善，政府债提速支撑社 融—4 月金融数据点评》-2025.5.14 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn dinghuangshi@kysec.cn 证书编号：S0790524040004 需求端及政策影响信贷读数，化债对信贷替代未来或减弱 5 月人民币贷款新增 6200 亿元，同比少增 3300 亿元，余额同比增速 7.1%，较 4 月下降 0.1pct。Q1 开门红过后，4、5 月信贷数据延续放缓，需求端及政策面 均影响读数。需求层面，信贷仍以短贷冲量为主，人民币中长 ...