Core Insights - The report emphasizes the need for continuous deepening of financial supply-side structural reforms [1] - It highlights the importance of improving the central bank system and establishing a robust monetary policy framework [1] - The report calls for the enhancement of the macro-prudential management system and expanding its coverage [1] - There is a strong push for the development of the bond market, particularly the "technology board" [1] Financial Policy - The central bank's monetary policy transmission mechanism needs to be continuously improved [1] - A comprehensive macro-prudential management system is to be established [1] Digital Currency - Updates on the digital renminbi were mentioned, indicating ongoing developments in this area [1]

Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - Before the meeting between the two heads of state, high - level officials from both sides have had multiple rounds of talks, and the overall trade environment is showing a缓和 trend. With expected further increase in domestic financial policy support, market trading sentiment has heated up again, driving the Shanghai Composite Index to approach the 4000 - point mark with heavy trading volume. In the current environment, one can focus on the main line directions related to the "15th Five - Year Plan", and the long - term upward logic of stock indexes remains solid [1][3] Summary by Directory 1. Macro - economic Charts - Relevant charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends. All data sources are from Flush and Huatai Futures Research Institute [6][9][11] 2. Spot Market Tracking Charts - **Domestic main stock index daily performance**: On October 27, 2025, the Shanghai Composite Index closed at 3996.94, up 1.18%; the Shenzhen Component Index closed at 13489.40, up 1.51%; the ChiNext Index closed at 3234.45, up 1.98%; the CSI 300 Index closed at 4716.02, up 1.19%; the SSE 50 Index closed at 3069.53, up 0.78%; the CSI 500 Index closed at 7379.39, up 1.67%; the CSI 1000 Index closed at 7495.38, up 1.03% [13] - Other relevant charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance, with data sources from Flush and Huatai Futures Research Institute [6][14] 3. Stock Index Futures Tracking Charts - **Stock index futures trading volume and open interest**: The trading volume of the IF contract was 113,332, a decrease of 2,849; the open interest was 262,244, an increase of 6,831. The trading volume of the IH contract was 56,298, a decrease of 2,681; the open interest was 98,162, an increase of 2,833. The trading volume of the IC contract was 136,694, a decrease of 1,034; the open interest was 252,585, an increase of 8,981. The trading volume of the IM contract was 214,742, a decrease of 9,711; the open interest was 358,844, an increase of 9,755 [17] - **Stock index futures basis**: The basis of the IF contract's current - month contract was - 15.02, a decrease of 2.74; the basis of the next - month contract was - 31.62, a decrease of 5.74; the basis of the current - quarter contract was - 60.02, a decrease of 3.34; the basis of the next - quarter contract was - 95.42, a decrease of 2.14. The basis of the IH contract's current - month contract was - 2.13, a decrease of 4.71; the basis of the next - month contract was - 2.73, a decrease of 5.51; the basis of the current - quarter contract was - 0.33, a decrease of 4.51; the basis of the next - quarter contract was - 2.13, a decrease of 8.11. The basis of the IC contract's current - month contract was - 68.99, a decrease of 22.26; the basis of the next - month contract was - 124.99, a decrease of 26.26; the basis of the current - quarter contract was - 296.39, a decrease of 31.06; the basis of the next - quarter contract was - 475.99, a decrease of 34.06. The basis of the IM contract's current - month contract was - 95.98, a decrease of 45.94; the basis of the next - month contract was - 172.78, a decrease of 51.54; the basis of the current - quarter contract was - 390.18, a decrease of 48.74; the basis of the next - quarter contract was - 603.78, a decrease of 44.34 [42] - **Stock index futures inter - delivery spread**: For example, in the IF contract, the spread between the next - month and current - month contracts was - 16.60, a decrease of 3.00; the spread between the next - quarter and current - month contracts was - 45.00, a decrease of 0.60. Similar data is provided for other contracts and spread combinations [50][51] - Other relevant charts include the open interest of each contract, the latest open - interest ratio, the net open interest of foreign capital in each contract, the basis and inter - delivery spread of each contract, with data sources from Flush and Huatai Futures Research Institute [6][19][34]

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [5]. Core Insights - The report highlights a gradual implementation of a moderately loose monetary policy, with the central bank resuming the buying and selling of government bonds, which is expected to positively impact market sentiment [4]. - The central bank's actions are seen as a response to weak internal demand and manageable inflation pressures externally, with expectations of further interest rate cuts by the Federal Reserve [4]. - The report anticipates that the overall performance pressure on banks will be limited, despite potential challenges in investment income for smaller banks due to a high base effect [4]. - The construction of a comprehensive macro-prudential management system is emphasized to prevent and mitigate financial risks, which is expected to alleviate concerns regarding bank asset quality [4]. - The report suggests that the retail asset risk for banks is yet to be confirmed, but overall asset quality is expected to remain stable [4]. Summary by Sections Monetary Policy and Market Response - The central bank's resumption of government bond transactions is viewed as a further step in implementing a loose monetary policy, with a net purchase of 700 billion yuan in government bonds expected in Q4 2024 [4]. - Market reactions are anticipated to be more rational, with a positive impact on bond market sentiment, although the performance may not reach the levels seen in Q4 2024 due to various factors [4]. Financial Sector Performance - The report notes that the banking sector's credit growth is gradually slowing, but new policy tools may positively influence credit in Q4 [4]. - The expected downward pressure on interest margins in 2025 is projected to be less severe than in 2024, with a stable overall asset quality outlook [4]. Risk Management - The People's Bank of China aims to enhance its macro-prudential management framework to better monitor and assess systemic financial risks [4]. - The report indicates that the experience gained in managing risks related to small financial institutions and real estate will contribute to improved financial stability [4].

Report Industry Investment Rating - No information provided Core Views of the Report - After the high - level oscillation in September, the stock index is expected to enter a phase of direction selection again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80, and increases of 1.50%, 1.49%, 1.37%, and 1.48% respectively. The trading volumes were 24392.00, 74172.00, 14177.00, and 3440.00, and the open interests were 40441.00, 153415.00, 55843.00, and 5714.00 respectively, with changes of - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3067.40, 3066.80, 3069.20, and 3067.40 respectively, with increases of 23.40, 22.40, 23.60, and 24.40, and increases of 0.77%, 0.74%, 0.77%, and 0.80% respectively. The trading volumes were 11960.00, 37476.00, 5043.00, and 1819.00, and the open interests were 15335.00, 65887.00, 14472.00, and 2468.00 respectively, with changes of 218.00, 1268.00, 850.00, and 497.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7310.40, 7254.40, 7083.00, and 6903.40 respectively, with increases of 125.00, 125.20, 121.20, and 126.40, and increases of 1.74%, 1.76%, 1.74%, and 1.87% respectively. The trading volumes were 27275.00, 87202.00, 16929.00, and 5288.00, and the open interests were 49174.00, 140233.00, 51880.00, and 11298.00 respectively, with changes of 1344.00, 5789.00, 409.00, and 1439.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7399.40, 7322.60, 7105.20, and 6891.60 respectively, with increases of 55.80, 54.80, 54.80, and 58.60, and increases of 0.76%, 0.75%, 0.78%, and 0.86% respectively. The trading volumes were 45173.00, 137585.00, 23471.00, and 8513.00, and the open interests were 72266.00, 187588.00, 78846.00, and 20144.00 respectively, with changes of 2184.00, 4103.00, 2254.00, and 1214.00 [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 13.60, - 0.60, - 56.00, and - 76.80 respectively, compared with previous values of - 12.80, 0.20, - 52.00, and - 71.20 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4716.02, 3045.82, 7258.53, and 7495.38 respectively, with increases of 1.19%, 0.62%, 1.62%, and 1.03% respectively. The trading volumes (in billions of shares) were 6726.70, 1554.40, 3660.62, and 4581.70 respectively [1] - **Industry Indexes**: Among different industries, the raw materials, telecommunications services, and information technology industries had relatively high increases of 2.24%, 3.72%, and 2.63% respectively, while the major consumer industry had a slight decline of - 0.03% [1] 3. Futures - Spot Basis - The previous values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively; those of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH far - quarter - SSE 50 were 2.58, 2.78, 4.18, and 5.98 respectively; those of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC far - quarter - CSI 500 were - 68.99, - 124.99, - 296.39, and - 475.99 respectively; and those of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM far - quarter - CSI 1000 were - 95.98, - 172.78, - 390.18, and - 603.78 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3996.94, 13489.40, 8272.63, and 3234.45 respectively, with increases of 1.18%, 1.51%, 1.63%, and 1.98% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26433.70, 49299.65, 6875.16, and 24308.78 respectively, with increases of 1.05%, 1.35%, 1.23%, and 0.28% respectively [1] 5. Macroeconomic Information - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work towards each other to prepare for high - level interactions and create conditions for bilateral relations. Spokesperson Guo Jiakun said that China and the US were in close communication regarding the possible meeting of the two heads of state [2] - The 2025 Financial Street Forum Annual Conference opened. Central Bank Governor Pan Gongsheng stated that the central bank would maintain a supportive monetary policy stance, resume open - market treasury bond trading, and take other measures. Financial Regulatory Administration Director Li Yunze said that a financial service model emphasizing both investment in things and people would be constructed. CSRC Chairman Wu Qing said that reforms of the ChiNext would be deepened [2] - Premier Li Qiang attended the 5th RCEP Leaders' Meeting, calling on all parties to collaborate more closely to address challenges and support the accession of applicants such as Hong Kong, China. Vice - Premier He Lifeng emphasized that the financial system should prevent risks, strengthen supervision, and promote high - quality development and opening - up [2] 6. Industry Information - Domestic gasoline and diesel prices were lowered on October 27th. The prices per ton were reduced by 265 yuan and 255 yuan respectively [2] - Relevant authorities were considering a new document to standardize the naming of "semi - solid - state batteries" as "solid - liquid batteries" [2] - Shandong Province issued the first provincial - level special plan for low - altitude information infrastructure, aiming to build a low - altitude communication network infrastructure in ten years [2] - The Bank of Korea stated that stablecoins should be issued by traditional banks under national supervision, and the South Korean government was considering launching a won - linked stablecoin [2]

Core Points - The 2025 Financial Street Forum opened in Beijing on October 27, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" [4] - The People's Bank of China (PBOC) emphasized a supportive monetary policy stance to foster economic recovery and financial market stability, with plans for moderately loose monetary policy and enhanced macro-prudential management [4] - The National Financial Regulatory Administration aims to improve economic and financial adaptability, deepen reforms, and enhance the safety and development of the financial sector [5] - The China Securities Regulatory Commission (CSRC) plans to advance market reforms, enhance investor protection, and expand high-level institutional openness [5] - The State Administration of Foreign Exchange (SAFE) will focus on balancing development and security, deepening reforms in the foreign exchange sector, and improving the foreign exchange management system [6] - International financial cooperation is seen as having significant potential, with discussions on global economic growth and financial stability among key international financial leaders [6] Group 1 - The forum's theme centers on global financial development through innovation and transformation [4] - PBOC's commitment to a supportive monetary policy aims to create a favorable environment for economic recovery [4] - The focus on macro-prudential management indicates a proactive approach to financial risk monitoring [4] Group 2 - The National Financial Regulatory Administration's goals include enhancing financial sector vitality and ensuring safety [5] - CSRC's initiatives aim to strengthen market stability and investor rights [5] - SAFE's reforms are directed towards a more open and secure foreign exchange management system [6] Group 3 - International financial leaders highlighted the importance of cooperation in addressing global challenges [6] - The forum is co-hosted by multiple key financial institutions, indicating a collaborative effort in financial governance [7]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a supportive monetary policy stance to foster economic recovery and maintain financial market stability amid complex domestic and international challenges [2][3]. Group 1: Monetary Policy - As of the end of September, the total social financing stock grew by 8.7% year-on-year, broad money (M2) increased by 8.4%, and the RMB loan balance rose by 6.6%, indicating a state of moderately loose monetary policy [2]. - The PBOC has utilized various monetary policy tools to ensure ample liquidity, creating a favorable monetary environment for economic recovery and stable financial market operations [2][3]. - The PBOC plans to continue implementing a moderately loose monetary policy and will resume operations in the secondary market for government bonds to enhance the monetary policy toolkit [3]. Group 2: Credit System and Personal Financing - The PBOC is developing a one-time personal credit relief policy to help individuals who have defaulted on loans due to the pandemic but have since repaid them, aiming to improve their credit records [4]. - This policy will prevent certain default information from being displayed in the credit system, facilitating personal financing and economic participation [4]. Group 3: Digital Currency Management - The PBOC is committed to optimizing the management system for digital currency, having established operational centers in Shanghai and Beijing for international cooperation and system maintenance [5]. - The central bank will continue to monitor and regulate virtual currency activities while promoting the development of the digital RMB ecosystem [5]. Group 4: Macro-Prudential Management - The PBOC is advancing the construction of a comprehensive macro-prudential management system, focusing on systemic financial risk monitoring, risk prevention measures for key institutions, and enhancing the macro-prudential management toolkit [6]. - The central bank aims to create a dynamic and collaborative process for building this system, which is essential for maintaining overall financial stability and supporting high-quality economic development [6].

第四，研究实施支持个人修复信用的政策措施。过去几年，受新冠疫情等不可抗力影响，一些个人发生 了债务逾期，虽然事后全额偿还，但相关信用记录仍持续影响其经济生活。为帮助个人加快修复信用记 录，同时发挥违约信用记录的约束效力，中国人民银行正在研究实施一次性的个人信用救济政策，对于 疫情以来违约在一定金额以下且已归还贷款的个人违约信息，将在征信系统中不予展示。 在回应热点之后，潘功胜围绕中国宏观审慎管理体系的建设实践与未来演进进行了探讨。对于中国宏观 审慎管理体系的演进方向，潘功胜提出了几个重点工作方向，即更好覆盖宏观经济运行和金融风险的关 联性，更好覆盖金融市场的运行，更好覆盖系统重要性金融机构以及更好覆盖国际经济和金融市场风险 的外溢影响。 10月27日，中国人民银行行长潘功胜在2025金融街论坛年会上发表主题演讲。潘功胜在演讲中先回应了 市场关注的几个问题： 第一，关于适度宽松的货币政策。潘功胜表示，将继续坚持支持性的货币政策立场，实施好适度宽松的 货币政策，综合运用多种货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽 松。同时，继续完善货币政策框架，强化货币政策的执行和传导。 第二，关于央 ...

Core Viewpoint - The article discusses the recent developments in China's macro-prudential management system, emphasizing the importance of a comprehensive framework to mitigate systemic financial risks and enhance monetary policy effectiveness [1][5][7]. Group 1: Macro-Prudential Management System - The People's Bank of China (PBOC) is focusing on four key areas to improve the macro-prudential management system: better coverage of the relationship between macroeconomic operations and financial risks, financial market operations, systemically important financial institutions, and the spillover effects of international economic and financial market risks [1][2]. - The PBOC plans to strengthen additional supervision for systemically important financial institutions, including banks and insurance companies, to align regulatory measures with their significance [1][2][5]. Group 2: Monetary Policy Tools - The PBOC announced the resumption of open market operations for government bonds, which had been suspended due to market imbalances. This move aims to enhance liquidity management and stabilize the bond market [9][10]. - The central bank's decision to restart government bond trading is seen as a response to increased issuance of government bonds and local government bonds, facilitating better coordination between monetary and fiscal policies [9][10]. Group 3: Digital Currency Development - The PBOC is establishing a digital renminbi international operation center and a digital renminbi operation management center in Beijing to promote the development and management of digital currency [12]. - Future efforts will focus on optimizing the digital renminbi management system and enhancing its positioning within the monetary hierarchy, supporting more commercial banks to become operational entities for digital renminbi [12][13].

刚刚召开的党的二十届四中全会提出，构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系。 10月27日下午，以"创新、变革、重塑下的全球金融发展"为主题的2025金融街论坛年会在京开幕。会上，中国人 民银行行长潘功胜以"中国宏观审慎管理体系的建设实践与未来演进"为题发表演讲。 潘功胜坦言，比较来看，货币政策是中央银行传统职责，制度框架比较清晰成熟；宏观审慎管理全球虽然也有不 少实践，但起步不久，仍处于不断探索和完善的过程中。在构建覆盖全面的宏观审慎管理体系方面，人民银行主 要有以下四大重点工作方向：一是更好覆盖宏观经济运行和金融风险的关联性；二是更好覆盖金融市场的运行； 三是更好覆盖系统重要性金融机构；四是更好覆盖国际经济和金融市场风险的外溢影响。 记者了解到，夯实系统重要性金融机构附加监管将是央行完善宏观审慎制度和管理框架的重要内容之一。潘功胜 透露，下一步需要全面评估认定系统重要性银行、保险等金融机构和金融基础设施，在常规监管基础上，实施与 其系统重要性程度相匹配的附加监管措施。 在谈及如何加快构建覆盖全面的宏观审慎管理体系时，潘功胜亦强调，要强化系统重要性银行附加监管，充分发 挥逆周期资本缓冲、恢复与 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to building a comprehensive macro-prudential management system to enhance financial stability and risk prevention measures in the financial sector [2][5]. Group 1: Macro-Prudential Management System - The PBOC aims to strengthen the monitoring and assessment of systemic financial risks [2]. - Key measures include improving risk prevention for important institutions and sectors, enriching the macro-prudential management toolbox, and establishing an efficient governance mechanism [2]. - Specific areas mentioned for tool enhancement include financial institutions, financial markets, real estate finance, and risk disposal resources [2]. Group 2: Monetary Policy - The PBOC will continue to implement a moderately accommodative monetary policy, utilizing various tools to maintain relatively loose social financing conditions [5]. - The central bank plans to resume the buying and selling of government bonds after a pause due to market imbalances earlier in the year [5]. Group 3: Digital Currency and Stablecoins - The PBOC will optimize the management system for digital currency and support more commercial banks to operate digital currency services [5]. - The central bank expresses a cautious stance on stablecoins, highlighting their early development stage and associated financial risks, including issues related to customer identity verification and anti-money laundering [6]. - Ongoing policies to prevent and manage risks associated with domestic virtual currency trading will continue to be enforced [6]. Group 4: Personal Credit Repair Policies - The PBOC is researching a one-time personal credit relief policy to assist individuals who have defaulted on loans due to uncontrollable factors like the COVID-19 pandemic [7]. - This policy aims to help individuals restore their credit records while maintaining the effectiveness of default records as a constraint [7].