潘功胜强调，经济碎片化与贸易紧张局势持续扰乱产业链供应链、削弱全球经济增长动能，贸易战、 关税战没有赢家，主要经济体应加强参与国际宏观经济金融政策协调，采取实质行动推动国际合作， 维护全球经济和金融稳定。当前中国经济开局良好，延续回升向好态势，金融市场运行平稳。中国人 民银行将实施好适度宽松的货币政策，推动中国经济高质量发展。 据央行网站，2025年4月23日-24日，二十国集团(G20)在美国华盛顿召开今年第二次G20财长和央行 行长会。会议讨论了全球经济展望、完善国际金融架构、应对非洲发展和增长困境等议题。中国人民 银行行长潘功胜出席会议并发言，中国人民银行副行长宣昌能参加会议。 与会各方表示，全球经济持续复苏，但下行风险显著上升，贸易紧张局势、融资条件收紧、长期结构 性挑战交织叠加。各方对贸易摩擦升级的负面影响表示担忧，呼吁加强对话和政策协调，完善多边贸 易体系，寻求符合各方利益的解决方案。各方支持构建更稳定、更高效、更有韧性的国际金融架构， 强化多边开发银行融资能力，继续提供发展融资。 ...

新华财经成都4月23日电（记者袁波）记者23日从中国人民银行四川省分行举行的2025年一季度四川金 融运行情况新闻发布会获悉，3月末，四川省本外币各项贷款余额12.4万亿元，同比增长11.6%，增速较 上年末高0.4个百分点，较全国同期高4.7个百分点。 此外，中国人民银行四川省分行会同四川省财政厅升级财金互动政策4.0版，专项增设消费贷款贴息奖 补，对居民购买汽车、家电家具、电子产品以及住房装修等消费场景的贷款给予1.5%的利息补贴。目 前，已完成两轮消费贷款贴息，累计兑现财政资金近6000万元，涉及消费贷款超40亿元，惠及2.7万人 次。 （文章来源：新华财经） 中国人民银行四川省分行积极贯彻落实适度宽松的货币政策，引导金融机构加大对实体经济的金融支持 力度，切实增强金融总量增长的稳定性、适配性。一季度，四川省本外币各项贷款余额较年初增加6697 亿元，同比多增1148亿元，当季信贷增量创历史新高。3月末，四川省本外币各项存款余额14.2万亿 元，同比增长9.5%。一季度，四川省本外币各项存款余额较年初增加8007亿元，同比多增1114亿元。 地区社会融资规模较年初增加8532亿元，同比多增1469亿元。 ...

4月23日，人民银行深圳市分行、国家外汇管理局深圳市分局举行2025年第一季度新闻发布会，全面披 露深圳金融运行情况。 南都·湾财社记者了解到，截至今年一季度末，深圳市本外币各项存款余额达13.97万亿元，本外币各项 贷款余额9.81万亿元，存款、贷款一季度增量均超过3000亿元。金融支持实体经济方面，深圳市制造业 贷款余额达1.26万亿元，较上年末提升0.6个百分点；普惠小微贷款余额达1.90万亿元，占各项贷款的比 重为19.3%。 一季度末深圳市本外币各项存款余额13.97万亿元 值得一题的是，人民银行深圳市分行还通过强化利率政策执行，推动金融机构加强利率自律管理，提升 自主理性定价能力，兼顾银行业稳健经营和社会综合融资成本稳中有降，为促消费、扩投资创造有利的 利率环境。 据人民银行深圳市分行相关负责人透露，2025年3月，深圳金融机构新发放企业贷款加权平均利率 2.79%，同比下降0.71个百分点。 人民银行深圳市分行相关负责人表示，2025年一季度，该行坚决落实适度宽松的货币政策，有力支持深 圳经济持续回升向好。 数据显示，截至今年一季度末，深圳市本外币各项存款余额达13.97万亿元，本外币各项贷款余 ...

据了解，中国人民银行四川省分行持续疏通利率传导机制，引导金融机构继续推动企业和居民融资成本 稳中有降。今年3月，四川新发放企业贷款加权平均利率3.93%，首度降至4%以下，同比下降27个BP； 新发放普惠小微和个人住房贷款加权平均利率分别为3.78%和3.04%，同比分别下降45个和71个BP，继 续处于历史低位，居民和企业利息负担进一步减轻。 据介绍，中国人民银行四川省分行积极贯彻落实适度宽松的货币政策，引导金融机构加大对实体经济的 金融支持力度，切实增强金融总量增长的稳定性、适配性。 3月末，全省本外币各项存款余额14.2万亿元，同比增长9.5%，增速较上年末高0.4个百分点，较全国同 期高2.6个百分点。一季度，本外币各项存款余额较年初增加8007亿元，同比多增1114亿元。地区社会 融资规模较年初增加8532亿元，同比多增1469亿元。 中国人民银行四川省分行引导金融机构多措并举，围绕金融"五篇大文章"等重点领域和薄弱环节，因地 制宜挖掘信贷增长点，加快调整优化信贷结构。从区域看，宜宾(19%)、绵阳(16%)、眉山(15.9%)、泸 州(15.8%)等省域经济副中心城市贷款增速领跑全省；从行际看，全 ...

Group 1 - The People's Bank of China (PBOC) Vice Governor Xuan Changneng attended and chaired the ASEAN+3 Finance and Central Bank Deputies' Meeting in Kuala Lumpur, Malaysia, on April 8-9, 2025 [1] - The meeting discussed the impact of U.S. tariff policies on global and regional macroeconomic conditions, the enhancement of the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the establishment of the ASEAN+3 Macroeconomic Research Office (AMRO) [1] - A consensus was reached on deepening regional policy coordination and strengthening the regional financial safety net, with a legal arrangement for RMB funding under the CMIM mechanism being unanimously approved [1] Group 2 - Xuan emphasized that in response to rising global uncertainties, the PBOC will implement a moderately accommodative monetary policy to support stable financial market operations and consolidate the economic recovery [1] - Bilateral discussions were held with South Korean and Singaporean officials regarding the impact of global uncertainties on their respective countries [1]

Group 1 - The bond market experienced a tightening of funds in March, with economic data showing stability and improvement, leading to a divergence in the performance of interest rate bonds and credit bonds [5] - In March, the yields on 1-year, 3-year, and 5-year interest rate bonds increased, while the credit spreads for short-term credit bonds narrowed significantly, with reductions exceeding 20 basis points [5][11] - The default amount in March slightly decreased to 3.78 billion, down from 3.82 billion in the previous month, with no new defaulting entities reported [31] Group 2 - The U.S. service sector showed signs of recovery, with a slight increase in new employment, while core inflation in the U.S. declined, maintaining high inflation expectations [5][41][42] - Domestic economic indicators suggest a steady improvement, with a GDP growth rate of approximately 5.1% year-on-year for January-February, slightly lower than the previous month, but still above the annual target [5][53] - The domestic demand continues to show signs of recovery, while external demand remains resilient, although the effect of export competition has noticeably weakened [5][57] Group 3 - The monetary policy meeting in the first quarter emphasized the implementation of a moderately loose monetary policy and increased coordination between monetary and fiscal policies [5][102] - The high-frequency macro diffusion index from Guosen Securities indicates a continuous rise, suggesting improved economic growth momentum, particularly in real estate and infrastructure [5][75][71] - The report highlights the importance of monitoring the relationship between policy rates and market rates, especially in the context of a potential "negative interest rate" environment [5][107]

Group 1 - The core viewpoint of the article highlights the significant changes in both domestic and international environments, affecting global supply chains and China's economic structure, leading to a clear stance on moderately easing monetary policy [1] - The People's Bank of China has implemented multiple rounds of reserve requirement ratio (RRR) cuts and interest rate reductions to support economic development amid increasing uncertainties [1] - The central bank's policy indicates that it will adjust RRR and interest rates based on domestic and international economic and financial conditions [1]

金融观察员｜3月18日-3月24日银行周报 【央行强调加强利率政策执行与监督，关注债市运行】 金融监管总局发布数据显示，截至2024年底，中国银行业金融机构法人总数为4295家，比2023年末减少 了195家。过去三年里，银行业金融机构法人数量累计减少了307家，其中农村商业银行、农村信用合作 社和村镇银行减少的数量占比超过80%。专家分析称，这是中小银行改革重组和风险处置的一部分，预 计未来几年中小银行将继续通过合并重组或市场退出的方式进行整合。 【银行业金融机构联合倡议：持续为民营企业提供稳定且有效的信贷增长】 央行货币政策委员会在2025年第一季度例会上强调了实施适度宽松的货币政策，并提出择机降准降息。 专家预测，二季度降准降息窗口可能打开，但市场对LPR下降力度存在分歧。会议公报指出，当前外部 环境更加复杂严峻，并强调加强利率政策的执行和监督，从宏观审慎角度评估债市运行情况，特别是长 期收益率的变化。兴业证券研报分析，新增的"监督"一词表明央行可能强化对货币政策传导堵点的监 督。此外，会议公报要求推动社会综合融资成本下降，相比2024年四季度的表述有所调整。 【政府工作报告强调政策协同与预期管理 银行 ...

Key Points - The article discusses various government initiatives aimed at boosting consumption and stabilizing the economy, including measures to enhance housing loan limits and support for the stock market [2][3][23] - It highlights the recent performance of the A-share market, with significant gains in major indices and a focus on core assets as potential investment opportunities [3][13] - The article also covers international market trends, including the impact of central bank decisions on stock and commodity prices, particularly in the context of the U.S. economy [6][31][34] Group 1: Government Initiatives - The Central Government has issued a "Special Action Plan to Boost Consumption," which includes measures to stabilize the stock market and enhance the management of state-owned enterprises [2] - Shenzhen has increased housing provident fund loan limits, allowing individuals to borrow up to 60 million yuan and families up to 110 million yuan, with additional benefits for families with multiple children [3] - The government aims to support the real estate market by promoting urban village and dilapidated housing renovations to release housing demand [23] Group 2: Stock Market Performance - The Shanghai Composite Index has recently surpassed the 3400-point mark, with a total market capitalization exceeding 99 trillion yuan, marking a historical high [13] - Analysts suggest that the A-share market is experiencing a shift towards core assets, with sectors like wind power components and automotive electronics gaining attention [3][14] - There is an ongoing crackdown on false information and illegal stock recommendations in the market to protect investor rights and restore market credibility [13] Group 3: International Market Trends - U.S. stock indices faced declines due to uncertainties surrounding trade policies and economic conditions, with significant market volatility observed [6][31] - The article notes that gold prices have surged past the $3000 mark, driven by market uncertainties and changing economic expectations [34] - Central banks, including the Federal Reserve, are expected to provide insights into economic outlooks and monetary policies, influencing global markets [6][31]

非银金融 2025 年 03 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-03 2024-07 2024-11 非银金融 沪深300 相关研究报告 《资本市场支持科技创新组合拳，利 好 券 商 全 方 位 业 务 — 行 业 周 报 》 -2025.3.9 《交易量和两融回升明显，继续推荐 券商和金融科技 — 行 业 周 报 》 -2025.3.2 《金融机构 DS 部署利于降本增效，交 易量创年内新高 — 行 业 周 报 》 -2025.2.23 市场热点扩散，重视非银板块机会 ——行业周报 | 高超（分析师） 卢崑（分析师） | 唐关勇（联系人） | | --- | --- | | gaochao1@kysec.cn lukun@kysec.cn | tangguanyong@kysec.cn | | 证书编号：S0790520050001 证书编号：S0790524040002 | 证书编号：S0790123070030 | |  周观点：市场热点扩散，重视非银板块机会 | | （1）3月13日央行党委召开扩大会议强调，要 ...