Core Insights - The report emphasizes the importance of implementing a moderately loose monetary policy to support economic recovery and create a suitable financial environment [1][2] - It outlines six key work directions for the next phase, including enhancing financial regulation, providing high-quality financial services, and preventing systemic financial risks [1][6] Monetary Policy - The People's Bank of China (PBOC) has committed to maintaining liquidity in the banking system, with a recent announcement of a 900 billion yuan medium-term lending facility (MLF) operation [2][3] - The PBOC aims to align social financing scale and money supply growth with economic growth and price level expectations [2][3] Financial Regulation - The report highlights the need to strengthen and improve financial regulation, enhancing regulatory quality and effectiveness [3][4] - Major banks have expressed a commitment to risk management and compliance, indicating a shift towards a more robust risk control framework [4][7] Support for the Real Economy - The report indicates that from November 2024 to September 2025, 98 companies raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises [5] - Loans in sectors such as technology, green finance, and digital economy have seen significant year-on-year growth, indicating a focus on supporting strategic industries [5] Financial Risk Management - The report stresses the importance of preventing and mitigating financial risks in key areas, aiming to avoid systemic financial risks [6][7] - Banks are increasingly prioritizing comprehensive risk management and compliance in their operations [4][7] Financial Opening and Internationalization - Chinese banks are actively pursuing international competitiveness and enhancing global service capabilities, contributing to the internationalization of the yuan [9] - The emphasis on high-level financial openness reflects a commitment to both "going out" and "bringing in" strategies in the financial sector [9]

Financial Sector - The report emphasizes the importance of financial services to the real economy, aiming to provide high-quality financial services [2][3] - From November 2024 to September 2025, A-shares saw 98 companies go public, raising 91.8 billion yuan, with 86% being private enterprises and 92% in strategic emerging industries [2] - By September 2025, loans in technology, green, inclusive, pension, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, all exceeding the overall loan growth rate [2] Corporate Developments - Huawei's Yu Chengdong has been appointed as the head of the Product Investment Committee while retaining his other roles [4] - Wang Shufei has returned to Wahaha as the president of Hongsheng Beverage Group after previously resigning from her positions [4] - Miniso clarified that its plan to close and reopen 80% of stores is part of a store optimization strategy rather than a simple closure [5] Investment and Financial Performance - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, an increase of 84.84% year-on-year [7] - Zhenghai Magnetic Materials announced a net profit growth of 189.72% in Q3, attributed to rising rare earth prices [7] International Investments - SoftBank has approved an additional investment of $22.5 billion in OpenAI, completing a total investment plan of $30 billion [8] - AstraZeneca has launched a global strategic R&D center in Beijing, part of a $2.5 billion investment plan in China [8] - Novartis is reportedly close to acquiring Avidity Biosciences for over $70 per share [9] Regulatory and Policy Updates - The Chinese government plans to enhance financial regulation and improve regulatory effectiveness [3] - The U.S. has seen a 70% increase in the use of stablecoins for real-world payments since the introduction of a regulatory framework [24]

报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动 ...

Group 1: US-China Economic Talks - The US and China held economic consultations in Kuala Lumpur on October 25-26, focusing on key issues such as maritime logistics, shipbuilding industry measures, and agricultural trade [5][6] - Both sides reached a preliminary consensus on several important economic issues, indicating a constructive dialogue [6] Group 2: Financial Services Report - The State Council's report on financial work emphasizes providing high-quality financial services to support the real economy, focusing on areas like technological innovation and small enterprises [6] - The report outlines a collaborative approach among fiscal, monetary, and industrial policies to enhance financial support for key industries [6] Group 3: State-Owned Assets Report - The latest report on state-owned assets reveals that by the end of 2024, total assets of state-owned enterprises (excluding financial firms) will reach 401.7 trillion yuan, with state capital equity at 109.4 trillion yuan [7] - The report highlights ongoing improvements in the management of state-owned assets across various regions and departments [7] Group 4: Public Service Examination - A total of 371.8 million candidates passed the qualification review for the 2026 national civil service examination, with a ratio of approximately 98:1 between the number of qualified candidates and the recruitment plan [8] Group 5: Forestry Industry Report - The forestry and grassland industry in China is projected to reach a total output value of 10.496 trillion yuan in 2024, with four pillar industries exceeding 1 trillion yuan each [8] - The report indicates that over 60% of income for farmers in key forestry counties comes from the forestry and grassland industry, contributing to rural revitalization [8] Group 6: Corporate Developments - Huawei announced that Yu Chengdong has been appointed as the head of the Product Investment Committee, which plays a crucial role in resource allocation and strategic planning [10] - Giant Engine disclosed its self-developed AI advertising governance model, which enhances the efficiency of ad review processes [11] - Lao Pu Gold has implemented significant price increases for its products, with some items rising over 20% [12] - Unity China and Leap Motor signed a strategic cooperation agreement to enhance in-car interaction experiences [13] - Songyan Power completed nearly 300 million yuan in Pre-B round financing to accelerate product development [14]

据新华社电国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提 出，下一步金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。 执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行和监 督，推动社会综合融资成本下降。 根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监管平 台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 （文章来源：期货日报网） 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9% ...

报告提出：着力提供高质量金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金融"五篇 大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消费、小微 企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动，管好用好现有各项结构性货币政 策工具，加力支持重点领域和薄弱环节。精准有效推进金融支持重点产业提质升级。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势 ...

报告提出：着力提供高质量金融服务。 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出， 下一步 金融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务 。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深化金 融改革开放，维护金融稳定和国家金融安全，各项工作取得新成效。 在金融支持实体经济方面，2024年11月至2025年9月，A股共98家企业首次公开发行股票，融资918亿 元，其中86%为民营企业，92%为战略性新兴产业企业；上市公司再融资9968亿元，相当于前两年总 和。2025年9月末，科技、绿色、普惠、养老、数字经济产业贷款同比分别增长11.8%、22.9%、 11.2%、58.2%、12.9%，均明显高于全部贷款增速。超600家主体发行科技创新债券约1.4万亿元。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 报告指出， 要落实落细适度宽松的货币政策，为巩固拓展经 ...

Core Viewpoint - The report emphasizes the importance of financial services for the real economy, aiming to provide high-quality financial support and enhance financial regulation and reform to maintain stability and security in the financial sector [1][2]. Financial Support for the Real Economy - From November 2024 to September 2025, 98 companies in the A-share market conducted initial public offerings (IPOs), raising 91.8 billion yuan, with 86% being private enterprises and 92% in strategic emerging industries [1]. - The total refinancing by listed companies reached 996.8 billion yuan, equivalent to the sum of the previous two years [1]. - By the end of September 2025, loans in technology, green, inclusive, pension, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, respectively, all significantly exceeding the overall loan growth rate [1]. Financial Policy and Regulation - The report outlines a focus on enhancing financial services in key areas such as technological innovation, consumption stimulation, support for small and micro enterprises, and stabilizing foreign trade [2]. - It calls for the implementation of a moderately loose monetary policy to create a conducive financial environment for economic recovery, alongside the execution of existing monetary policy measures [2]. - There is a commitment to strengthen and improve financial regulation, enhance regulatory effectiveness, and protect the rights of financial consumers and investors [2].

根据报告，我国将进一步加强和完善金融监管，不断增强监管质效。加强穿透式监管，推进智慧监 管平台建设，提升监管执法效能。强化金融消费者和投资者权益保护。 报告提出，下一步将突出金融服务实体经济重点方向，着力提供高质量金融服务。加力做好金 融"五篇大文章"，指导金融机构提升金融服务专业化精细化能力和水平。继续聚焦科技创新、提振消 费、小微企业、稳定外贸等重点方向，强化财政、货币、产业等政策协同联动，管好用好现有各项结构 性货币政策工具，加力支持重点领域和薄弱环节。精准有效推进金融支持重点产业提质升级。 报告指出，要落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环 境。执行好各项已出台货币政策措施，持续释放政策效能，研究储备新的政策举措。强化利率政策执行 和监督，推动社会综合融资成本下降。 新华社北京10月26日电（记者吴雨）国务院关于金融工作情况的报告26日提请十四届全国人大常委 会第十八次会议审议。报告提出，下一步金融工作将突出金融服务实体经济重点方向，着力提供高质量 金融服务。 报告显示，2024年11月以来，金融系统进一步提升支持实体经济质效，全面加强金融监管，持续深 化金融改革开 ...

Core Points - The National Foreign Exchange Administration emphasizes the importance of financial services to the real economy and aims to enhance foreign exchange support for high-quality economic development [2] - The meeting highlights the need for steady expansion of high-level institutional openness in the foreign exchange sector and supports the internationalization of the Renminbi [2] - There is a focus on maintaining stability in the foreign exchange market and ensuring the security of the national economy and finance through improved monitoring and regulation [2][3] Group 1 - The meeting stresses the fundamental purpose of financial services to the real economy, promoting reforms in foreign exchange operations and cross-border trade investment [2] - It aims to enhance the foreign exchange policy system to provide more convenience based on trustworthiness, with a focus on supporting high-level technological self-reliance [2] - The meeting calls for a comprehensive approach to expand foreign exchange market openness and support trade innovation and bilateral investment cooperation [2] Group 2 - The administration plans to strengthen macro-prudential and micro-regulatory management of the foreign exchange market to prevent external shocks [3] - It emphasizes the need for a robust regulatory environment to maintain a healthy order in the foreign exchange market [3] - The introduction of supportive foreign exchange policies is aimed at consolidating and expanding the positive momentum of economic recovery [3]