1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The growth of credit, M2, and social financing in October may not be as low as it seems. Considering the 'past - future' and'surface - intrinsic' relationships, there is no need to be pessimistic about the future growth of credit, M2, and social financing [1][2]. - The use of 500 billion yuan of new policy - based financial instruments by the three policy banks is expected to drive total project investment to exceed 7 trillion yuan, which will support the growth of future financial data [1]. - The new policy - based financial instruments can effectively alleviate the problem of 'lack of project capital' and leverage large - scale credit demand [2]. 3. Summary by Relevant Catalogs 3.1 Understanding October's Financial Data from Two Relationships - In October 2025, M1 balance increased by 6.2% year - on - year, remaining at a relatively high level in the past three years. New loans in October were 22 billion yuan, the increment of social financing scale was 81.5 billion yuan, and M2 balance increased by 8.2% year - on - year [1]. 3.2 'Past and Future' Relationship - The financial data in October only represents the past, and more attention should be paid to future data changes. The 500 - billion - yuan quota of new policy - based financial instruments has been fully used by the end of October, which is expected to drive project investment of over 7 trillion yuan [1]. - The new policy - based financial instruments can effectively solve the problem of 'lack of project capital' and leverage large - scale credit demand. There is no need to be pessimistic about the future growth of credit, M2, and social financing [2]. 3.3 'Surface and Intrinsic' Relationship - When analyzing financial data, attention should be paid to the intrinsic logic behind the data changes. In this stage, the impact of local government debt resolution and risk mitigation of small and medium - sized financial institutions on credit should be fully restored [3]. - Local government debt resolution and risk mitigation of small and medium - sized financial institutions may drag down the apparent growth of financial aggregates, but they are beneficial to economic growth and do not mean a reduction in the support of finance to the real economy [3].

Core Insights - China Bank has approved financing support exceeding 700 billion yuan for new policy-based financial tool projects, with total disbursements surpassing 50 billion yuan [1] - Since the establishment of funds by three policy banks on September 29, China Bank has provided new loans to nearly 60 projects, enhancing financial support for key areas such as technological innovation, consumption expansion, and foreign trade stability [1] - In 2023, China Bank has actively implemented the decisions of the central government regarding the establishment of new policy-based financial tools, launching a series of measures to deepen collaboration among government, banks, and enterprises [1] Financing and Support - The cumulative financing approval amount by China Bank for new policy-based financial tools has exceeded 700 billion yuan [1] - The total amount disbursed by China Bank for these projects has surpassed 50 billion yuan [1] - The bank has focused on providing financial support to key sectors, including technology innovation and foreign trade [1] Implementation and Strategy - China Bank has quickly rolled out measures to align with the central government's directives on new policy-based financial tools [1] - The bank emphasizes early action and effective planning to ensure timely results in financial support [1] - Collaboration with various government departments and policy banks has been a priority for China Bank in executing these initiatives [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) has introduced 13 targeted policy measures to stimulate private investment and enhance overall investment efficiency [2][3]. Group 1: Expanding Access - The measures aim to address market access challenges for private investment by encouraging participation in key sectors such as railways and nuclear power, with specified shareholding ratios [3][5]. - Local governments are encouraged to involve private capital in new urban infrastructure projects that have profit potential [3]. - Private capital is guided to participate in emerging sectors like low-altitude economy and commercial aerospace, with a dynamic update of the list of major scientific research infrastructures open to private enterprises [3]. Group 2: Removing Barriers - The measures focus on safeguarding the rights of private enterprises and enhancing innovation support by improving regulatory oversight of network infrastructure [3]. - There is encouragement for private enterprises to establish significant pilot platforms and for state-owned enterprises and research institutions to provide market-oriented pilot services [3]. Group 3: Strengthening Support - The NDRC plans to increase central budget investments for qualifying private investment projects and utilize new policy financial tools to support key sectors [4][7]. - The measures emphasize the need for coordinated investment, fiscal, and financial policies to enhance the effectiveness of private investment initiatives [7]. Group 4: Encouraging Participation in Key Projects - Private capital is allowed to hold more than 10% in key projects, with a focus on those requiring state approval and having potential returns [5][6]. - The policy encourages thorough feasibility studies for private capital involvement in these projects, ensuring that the specific shareholding ratios are determined based on project characteristics and private enterprise capabilities [5][6]. Group 5: Financing Policies - The NDRC is enhancing financing support for private investment through various channels, including government procurement policies that reserve a significant portion for small and medium enterprises [7][8]. - Financial institutions are encouraged to streamline processes for small and micro enterprises, ensuring better access to credit and promoting innovative financing solutions [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of private investment as a key indicator of economic activity, which plays a significant role in stabilizing growth, employment, and expectations [1] Investment Policy - The NDRC will utilize central budget investments to actively support eligible private investment projects, enhancing the guiding role of government investment on social investment [1] - As of October 29, 500 billion yuan of new policy financial tools have been fully allocated, with a portion supporting eligible key area private investment projects [1] Government Procurement Policy - The government will increase procurement support for small and medium-sized enterprises (SMEs) by reserving over 40% of the budget for engineering procurement projects exceeding 4 million yuan for SMEs [2] - Local governments are encouraged to further increase the reserved share for SMEs [2] - Procurement units are encouraged to raise the advance payment ratio for contracts with private enterprises to over 30% of the contract amount [2] Credit Policy - The NDRC and financial regulatory authorities will enhance coordination to support financing for small and micro enterprises, optimizing approval processes and improving financial service levels [2] - Financial institutions are required to set annual service goals for private enterprises and implement inclusive credit policies [2] - The "innovation points system" will be promoted to guide financial resources towards technology-driven enterprises [2] Direct Financing - The NDRC will continue to implement policies that facilitate the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [2] - There will be active support for more eligible private investment projects to issue infrastructure REITs, broadening financing channels for private enterprises [2] Financing Service Platform - The NDRC plans to establish a national investment and financing comprehensive service platform to enhance efficient connections between investment and financing, targeting credit resources more precisely towards private enterprises [3]

Group 1 - The National Development and Reform Commission (NDRC) has introduced measures to promote private investment, focusing on enhancing the coordination of investment, fiscal, and financial policies [1][2] - The NDRC will actively support eligible private investment projects through central budget investments, leveraging government investment to stimulate social investment [1] - A total of 500 billion yuan in new policy financial tools has been fully allocated, with a portion directed towards key areas of private investment [1] Group 2 - Government procurement policies will increase support for small and medium-sized enterprises (SMEs), mandating that over 40% of the budget for engineering procurement projects exceeding 4 million yuan be reserved for SMEs [1][2] - Financial institutions are encouraged to set annual service targets for private enterprises and implement a system of credit tolerance for reasonable credit demands [2] - The NDRC aims to facilitate direct financing for private investment projects through mechanisms like REITs and a "green channel" for technology companies [2]

Core Viewpoint - The article discusses the recent policy measures introduced by the State Council to stimulate private investment in China, highlighting 13 targeted initiatives aimed at enhancing the participation of private capital in various sectors [3][4]. Group 1: Expansion of Access - The measures encourage private capital participation in key sectors such as railways and nuclear power, which have traditionally been dominated by state-owned enterprises, by setting minimum shareholding requirements [4][5]. - Private capital is now allowed to enter previously restricted areas, transforming from a "bystander" to an "active participant" in sectors with stable returns and manageable risks [5]. Group 2: Addressing Bottlenecks - The measures ensure the protection of private enterprises' legal rights in areas like electricity grid access and oil and gas pipeline usage [6]. - Support is provided for private enterprises to establish significant pilot platforms and to receive market-oriented trial services from state-owned enterprises and research institutions [6]. Group 3: Strengthening Support - Increased support for qualifying private investment projects through central budget investments and new policy financial tools is emphasized [6]. - The National Development and Reform Commission (NDRC) has reported that 500 billion yuan in new policy financial tools has been fully allocated, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [6]. Group 4: Current Investment Trends - Recent statistics indicate a decline in private fixed asset investment, with a 3.1% year-on-year decrease in the first three quarters of the year [8]. - Despite challenges, the NDRC maintains that the long-term conditions for private investment growth remain favorable, supported by ongoing improvements in the investment environment [8][9]. Group 5: Future Outlook - The NDRC plans to implement practical measures to further stimulate private investment, emphasizing the importance of regular communication with enterprises to address their concerns [9].

Core Viewpoint - The article discusses the release of the "Several Measures to Further Promote the Development of Private Investment," which includes 13 key support measures aimed at expanding market access, promoting fair competition, strengthening resource support, and optimizing investment and financing services for private enterprises [1][5]. Group 1: Expansion of Market Access - The measures aim to broaden the investment scope for private capital, including support for private enterprises to invest in major projects such as railways and nuclear power, as well as new urban infrastructure projects and emerging sectors like low-altitude economy and commercial aerospace [5][6]. - Special feasibility studies are required for private capital participation in projects needing national approval, ensuring that private investment can be effectively integrated into traditionally state-dominated sectors [6][7]. Group 2: Removal of Hidden Barriers - The measures focus on eliminating unreasonable entry restrictions for service industry operators and prohibiting the imposition of additional conditions on private enterprises in bidding processes [8][9]. - There is a commitment to protect the legal rights of private enterprises in network infrastructure operations, ensuring fair competition and reducing transaction costs for private firms [8][9]. Group 3: Increased Policy Support - A series of initiatives are outlined to support private enterprises, including leading national major technology research tasks, increasing government procurement support for small and medium-sized enterprises (SMEs), and facilitating the construction of major pilot platforms [11][12]. - The measures specify that for engineering procurement projects exceeding 4 million yuan, at least 40% of the budget should be reserved for SMEs, with encouragement for local governments to increase this proportion [12][13]. - The government plans to allocate 500 billion yuan in new policy financial tools to support important industry projects, with a significant portion directed towards private investment [13].

Core Viewpoint - The Chinese government has introduced a series of measures to stimulate private investment, particularly in infrastructure projects, signaling a significant policy shift to enhance the role of private capital in various sectors [1][4]. Group 1: Policy Measures - The government has released 13 targeted policy measures aimed at promoting private investment, focusing on expanding access, addressing bottlenecks, and strengthening support [1]. - Specific measures include allowing private capital to participate in sectors traditionally dominated by state-owned enterprises, such as railways and nuclear power, with a minimum shareholding requirement of 10% [4][5]. - The measures also emphasize the need for feasibility studies to assess private capital participation in projects requiring state approval [4]. Group 2: Sectoral Focus - The policies encourage private investment in low-altitude economy infrastructure, satellite communication, and various service industries by removing unreasonable entry barriers [7]. - The government aims to enhance the participation of private capital in urban infrastructure projects, particularly in smaller cities with profit potential [4][6]. Group 3: Financial Support - The government plans to increase central budget investments in qualifying private projects and utilize new policy financial tools to support key sectors [8][9]. - A total of 500 billion yuan in new policy financial tools has been allocated to support over 2,300 projects, with a total investment of approximately 7 trillion yuan, focusing on digital economy and urban renewal [9]. Group 4: Economic Impact - The measures are expected to boost private investment, which is seen as a crucial indicator of economic vitality and stability, contributing to employment and overall economic growth [9]. - The government emphasizes the importance of ongoing communication with private enterprises to address their concerns and facilitate a healthy development of the private economy [9].

11月10日，国务院办公厅对外发布《关于进一步促进民间投资发展的若干措施》（下文简称《若干措施》）。 《若干措施》行文简洁明快，共计出台13条支持措施。"促进民间投资13条"重点围绕扩大市场准入、促进公平竞争、强化资源 支持、优化投融资服务等民企核心关切展开，干货满满。 "促进民间投资13条"进一步拓宽了民间投资空间，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；要 求严格落实招标投标领域相关制度规定，保障中小企业政府采购预留份额，加大中央预算内投资等对民间投资项目的支持力度 等；还致力于营造公平竞争市场环境，破除限制民间投资的各种隐性壁垒，加强创新支撑和融资支持，完善服务体系，让民营 企业敢投资、有回报。 支持民企入股铁路、核电等 《若干措施》有多条举措涉及扩大市场准入，旨在进一步拓宽民间资本的投资范围，包括支持民企入股铁路、核电等重大项 目，参与城市基础设施领域新建项目，参与低空经济、商业航天、卫星通信等领域，支持民企投向生产性服务业等。 《若干措施》指出，对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电通道、油气管道、进口 液化天然气接收和储运设施、供水等领域项 ...

人民财讯11月10日电，国务院办公厅印发《关于进一步促进民间投资发展的若干措施》。其中提到，加 大中央预算内投资对符合条件民间投资项目的支持力度，积极发挥引导带动作用。用好新型政策性金融 工具，支持一批符合条件的重要行业、重点领域民间投资项目，补充项目资本金。 ...