稳投资、稳增长再出关键一招。 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，为贯彻落实党中央、国务院决策 部署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推进新型政 策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 （原标题：5000亿新型政策性金融工具落地：如何理解稳投资"关键一招"？） 在国家发展改革委当日举行的新闻发布会上，李超说："我们正在会同有关方面，抓紧将新型政策性金 融工具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推 动扩大有效投资，促进经济平稳健康发展。" 在4月25日召开的中共中央政治局会议上，首次提及了设立新型政策性金融工具。会议强调，创设新的 结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸等。一段时间以 来，中国多地密集召开相关政策宣讲会或对接会，引起市场注意。 4月28日，国务院新闻办公室举行新闻发布会，国家发展改革委指出，力争6月底前下达全年"两重"项目 建设和中央预算内投资全国项目清单，同时设立新型政策性金融工具，解决项目建设资 ...

重要程度：★★★★★ 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超在新闻发布会上表示，下一步，国家发展 改革委将深入贯彻落实党中央、国务院决策部署，持续发力、适时加力实施宏观政策。 李超表示，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有 关方面，抓紧将新型政策性金融工具资金投放到具体项目。 2、六部门联合推动机械行业稳增长工作 重要程度：★★★★ 工业和信息化部、农业农村部、商务部等六部门日前联合印发《机械行业稳增长工作方案(2025—2026 年)》，提出2025至2026年，力争营业收入年均增速达到3.5%左右，营业收入突破10万亿元，培育一批具 有竞争力的中小企业特色产业集群和具有国际竞争力的产业集群。 3、DeepSeek-V3.2-Exp API价格官宣大幅下调 重要程度：★★★★ 1、发改委重磅发声！推进5000亿元新型政策性金融工具 重要程度：★★★ 9月29日，A股券商股午后持续走强，广发证券、华泰证券双双涨停，国盛金控此前封板，中信证券等大幅 冲高。港股市场中资券商股亦大爆发，中资券商股指数一度大涨近9%。那么，究竟发生了什么？ 分析人 ...

21世纪经济报道记者周潇枭 北京报道 7—8月份经济数据边际走弱，外界对四季度稳增长政策加码期待上升。 9月29日，国家发展改革委举行新闻发布会。国家发展改革委政策研究室副主任、新闻发言人李超在发 布会上表示，当前经济运行依然面临不少风险挑战，外部环境仍然复杂严峻，经济回升向好的基础仍需 进一步巩固。下一步，将持续发力、适时加力实施宏观政策。同时，将持续加强经济监测预测预警，做 好政策预研储备，根据形势变化及时推出。随着各项政策效应充分释放，有信心继续保持经济平稳健康 发展，有信心实现全年目标任务。 酝酿准备多时的新型政策性金融工具的最新情况也在发布会上得到回应。李超表示，新型政策性金融工 具规模共5000亿元，全部用于补充项目资本金。正在会同有关方面，抓紧将新型政策性金融工具资金投 放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投 资。 加快投放新型政策性金融工具 4月底，为了应对外部不利冲击，中央明确将推出一揽子稳就业稳外贸工具，其中一项就是新型政策性 金融工具。5月以来，多地围绕新型政策性金融工具开展政策宣讲会或者项目筹备会，梳理出项目清 单、明确申报基金的金额 ...

新型政策性金融工具有望向民营企业倾斜。 作为破解当前投资困境、推动经济高质量发展的关键抓手，新型政策性金融工具迎来新进展。 今年5月以来，广东、江苏、河北、湖南、山东等多个省份的地市级发改委及部分行业主管部门，组织 开展了2025年新型政策性金融工具专题培训暨项目申报培训会议，以期抢抓机遇，精准对接项目和资 金。 国家发改委新闻发言人李超29日在发布会上透露，为促进金融更好服务实体经济，推动扩大有效投资， 国家发改委会同有关方面积极推进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿 元，全部用于补充项目资本金。 李超表示，正会同有关方面，抓紧将新型政策性金融工具资金投放到具体项目，后续将督促各地方推动 项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投资，促进经济平稳健康发展。 当前民间投资已连续3个月负增长，新型政策性金融工具有望向民营企业倾斜。第一财经记者了解到， 进一步促进民间投资发展的若干措施即将发布，部署拓宽民间投资空间，破除限制民间投资的各种隐性 壁垒。支持民间资本加大新质生产力、新兴服务业、新型基础设施等领域投资。 有望撬动6万亿投资 我国政策性金融工具运用由来已久。比如， ...

Core Viewpoint - The recent economic indicators show a marginal weakening in China's economic performance, with industrial value-added growth at 5.2%, service production index growth at 5.6%, retail sales growth at 3.4%, and export growth at 4.8% in August, indicating certain downward pressure on the economy [1][3][4]. Group 1: Economic Performance - In August, the value-added of major industrial enterprises turned from a decline of 1.7% in the first seven months to a growth of 0.9% in the first eight months, with a significant monthly increase of 20.4% in August compared to a decline of 1.5% in July [3][4]. - The manufacturing and service sectors showed stable growth, with the value-added of equipment manufacturing and high-tech manufacturing increasing by 8.1% and 9.3% respectively, outpacing the overall industrial growth rate [3][4]. - The retail sales of new energy vehicles increased by over 20% year-on-year in the first eight months, reflecting strong consumer demand [4]. Group 2: Investment and Policy Measures - A new policy financial tool worth 500 billion yuan is set to support project capital requirements, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon projects [5][6]. - The new financial tool is designed to enhance effective investment and is expected to play a crucial role in stabilizing investment by providing capital for key projects [6]. - The National Development and Reform Commission (NDRC) is actively promoting the implementation of these financial tools to ensure timely project initiation and increase physical workload [5][6].

8月份部分经济指标出现了波动，在消费增速放缓、投资增长乏力、出口面临不确定性的情况下，全年经济增长目标能否按计划实现？ 针对这一问题，李超表示，从全局全貌看，尽管面临外部压力，但在宏观政策持续发力等因素带动下，我国经济运行总体平稳，高质量发展扎实推进。从 供给侧看，生产平稳增长，制造业、服务业的重点领域增势良好。从景气程度看，工业企业利润明显改善。从需求侧看，政策效能持续显现，展现出较强 的韧性和抗压能力。 9月29日，在国家发展改革委召开的新闻发布会上，国家发展改革委政策研究室副主任、新闻发言人李超就经济领域热点问题进行了回应。 新型政策性金融工具 规模共5000亿元 李超表示，为促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推进新型政策性金融工具有关工作。新型政策性金融工 具规模共5000亿元，全部用于补充项目资本金。 "我们正在会同有关方面，抓紧将新型政策性金融工具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推动 扩大有效投资，促进经济平稳健康发展。"李超表示。 我国经济运行总体平稳 面清洁，有效提高生活品质；智能可穿戴健康设备可以随时为 ...

国债期货日报 2025/9/29 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 85459 | 107.660 | -0.01% T主力成交量 | | 3714↑ | | | 68631 TF主力收盘价 | 105.485 | -0.04% TF主力成交量 | | 8400↑ | | | TS主力收盘价 | 102.326 | -0.02% TS主力成交量 | ...

Core Viewpoint - The new policy financial tool, with a total scale of 500 billion yuan, aims to support project capital and stimulate effective investment in the economy [2][3]. Group 1: Policy Implementation - The National Development and Reform Commission (NDRC) is actively promoting the new policy financial tool to ensure funds are allocated to specific projects [2]. - Various provinces have begun training sessions to align projects with the new financial tool, indicating a proactive approach to capitalize on this opportunity [2]. Group 2: Investment Focus - The new policy financial tool will focus on key areas such as digital economy, artificial intelligence, low-altitude economy, infrastructure in consumer sectors, green and low-carbon transition, agriculture, transportation, and municipal and industrial parks [3]. - The tool is expected to address the issue of insufficient capital for project construction, thereby enhancing investment in these critical sectors [3]. Group 3: Economic Impact - If the 500 billion yuan financial tool is implemented in the third quarter, it could potentially lead to an expansion of broad credit by approximately 4.4 trillion yuan [4]. - The physical workload generated by this tool could increase infrastructure investment by about 2 percentage points within the year [4]. - The financial tool is projected to leverage investments up to 6 trillion yuan, which would represent 24.4% of the total infrastructure investment in 2024 [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is implementing a new policy financial tool with a total scale of 500 billion yuan aimed at supplementing project capital, promoting effective investment, and ensuring stable economic development [1] Group 1: Economic Indicators - In August, key economic indicators showed fluctuations, but overall, the economy remained stable with high-quality development being advanced [1] - The added value of major industries such as equipment manufacturing and high-tech manufacturing grew by 8.1% and 9.3% year-on-year, respectively, outpacing the overall industrial growth rate [2] - The profit growth of industrial enterprises improved significantly, with profits turning from a decline of 1.7% in the first seven months to a growth of 0.9% from January to August, and a monthly growth of 20.4% in August [2] Group 2: Demand Side Analysis - The effectiveness of policies is evident, showcasing resilience and pressure resistance, with retail sales of old-for-new products maintaining rapid growth [3] - The retail volume of new energy vehicles increased by over 20% year-on-year in the first eight months, while service retail sales grew by 5.1% [3] - Manufacturing investment rose by 5.1% in the first eight months, with significant growth in information services and aerospace manufacturing investments [3] Group 3: External Trade - In August, the total import and export volume increased by 3.5% year-on-year, with exports to countries involved in the Belt and Road Initiative growing by 12.8% [3] - The diversification of trade continues to show positive results, indicating a robust external trade environment [3] Group 4: Future Outlook - The NDRC plans to continue implementing macro policies and enhance economic monitoring and forecasting to adapt to changing circumstances [3] - There is confidence in maintaining stable and healthy economic development and achieving annual targets as policy effects are fully realized [3]

Economic Performance - In August, China's industrial added value above designated size grew by 5.2% year-on-year, while the service production index increased by 5.6%, and retail sales of consumer goods rose by 3.4%, indicating a marginal weakening in economic indicators compared to the previous month [1] - The profit growth of industrial enterprises improved significantly, with profits for the first eight months turning from a decline of 1.7% to a growth of 0.9%, and a monthly increase of 20.4% in August compared to a decline of 1.5% in July [2] Supply-Side Analysis - The manufacturing and service sectors showed stable growth, with the added value of equipment manufacturing and high-tech manufacturing increasing by 8.1% and 9.3% respectively in August, outpacing the overall industrial growth rate [1] - Key sectors such as integrated circuits, aerospace equipment, industrial robots, civilian drones, and new energy vehicles maintained rapid growth [1] Demand-Side Insights - The consumption sector demonstrated resilience, with retail sales of new energy vehicles growing over 20% year-on-year in the first eight months, and service retail sales increasing by 5.1% [2] - Manufacturing investment rose by 5.1% in the first eight months, with significant growth in information services, aerospace, and computer equipment manufacturing investments [2] Policy and Financial Tools - The National Development and Reform Commission (NDRC) is implementing new policy financial tools aimed at supporting emerging industries and infrastructure, with a total scale of 500 billion yuan designated for project capital [4][5] - These new financial tools are intended to stimulate effective investment and are positioned as "quasi-fiscal" instruments to enhance capital availability for key projects [4]