针对年初项目开工多、资金需求集中的情况，金融机构坚持靠前发力：一季度，工商银行公司贷款余额 首次突破17万亿元，新增项目类贷款超4000亿元；建设银行新增对公贷款超万亿元，对公贷款余额再创 新高；交通银行对公贷款实现同比多增…… 新华社北京4月24日电 题：新增贷款流向哪些领域——首季中国经济一线调研报告之八 吴雨、李延霞、张琼斯 中国人民银行发布的数据显示，一季度，我国社会融资规模增量超15万亿元、新增贷款达9.78万亿元， 均处于历史较高水平。 金融是经济的镜像。首季新增贷款流向哪些领域？折射出哪些经济发展新动向？近日，记者深入多地的 工厂商圈、金融机构，探寻资金流向，感受经济回升向好暖意。 需求回暖带动货币信贷投放"加码" 焊花飞溅、机械轰鸣，位于四川的成达万高铁项目施工现场，施工队伍正全力推进隧道掘进与桥梁架 设。 作为"八纵八横"高铁网沿江通道的重要组成部分，成达万高铁项目建设的加速推进离不开金融的一路护 航。2025年一季度，建设银行四川省分行为项目投放信贷资金4亿元，自建设以来累计向项目注入16亿 元，为项目推进提供了有力的资金保障。 今年以来，金融对实体经济的有效支持直接反映在金融数据上。一季 ...

Core Viewpoint - The visit of the Kenyan United Democratic Alliance Secretary-General Omar to China highlights the interest in learning from China's poverty alleviation strategies and governance practices, particularly through the lens of Xi Jinping's book "Escaping Poverty" [1][5]. Group 1: Key Insights from the Visit - Omar expressed a desire to obtain an English version of Xi Jinping's book "Escaping Poverty" to better understand China's poverty alleviation efforts [1]. - The visit included a comprehensive exchange of experiences between the Kenyan delegation and Chinese officials, focusing on governance and party-building practices [3][5]. - The delegation comprised 16 members from various functional departments of the United Democratic Alliance, indicating a broad interest in learning from China's political and governance models [3]. Group 2: Observations on Governance and Discipline - Members of the Kenyan delegation noted the strong discipline within the Chinese Communist Party, which they believe is crucial for the development of their own party [5]. - The delegation showed interest in the training experiences of the Chinese Communist Party, with hopes of establishing a similar party school in Kenya [5]. - Omar remarked on the vitality of China under Xi Jinping's leadership, emphasizing the importance of visionary leadership and governance for the people [5][6].

――宏观经济周报 分析师：周喜 SAC NO：S1150511010017 2025 年 4 月 11 日 证券分析师 周喜[Table_IndInvest] 022-28451972 zhouxi@bhzq.com 宏观经济分析报告 5 波动加剧更看政策耐心 宋亦威 [Table_IndInvest] SAC NO：S1150514080001 022-23861608 songyw@bhzq.com 严佩佩 SAC NO：S1150520110001 022-23839070 yanpp@bhzq.com 研究助理 靳沛[Table_I 芃 ndInvest] SAC NO：S1150124030005 022-23839160 jinpp@bhzq.com 风险提示：1.地缘政治风险：全球经贸局势不确定性抬升，或对市场风险 偏好形成扰动。2.经济和政策变化超预期：近来海外经济波动加剧，国内 经济正处于转型阶段，基本面超预期变动易引起相关政策调整。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 证 券 研 究 报 宏 观 研 究 告 宏 观 周 报 就外围环境而言， ...

Core Viewpoint - The article emphasizes the importance of boosting consumption in China as a response to external pressures such as the U.S. tariff war, positioning it as a key strategy for economic transformation and sustainable growth [9][30][31]. Group 1: U.S. Tariff War and China's Response - The U.S. has implemented a significant tariff policy, imposing a 34% tariff on Chinese goods, leading to a total of 54% when combined with previous rates, which is expected to decrease global trade volume by 5% and negatively impact U.S. economic growth by 0.8% [11][12]. - In response, China has announced countermeasures, including additional tariffs on U.S. imports, while emphasizing the need to maintain its legitimate rights and promote high-level opening-up [12][30]. Group 2: Importance of Consumption in China's Economy - Consumption is identified as the starting and ending point of economic circulation, with current issues stemming from insufficient consumer spending, which is low in GDP contribution [15][30]. - The Chinese government has prioritized boosting consumption as a core economic task, aiming to stimulate domestic demand and transition from an investment-driven to a consumption-driven economy [14][16]. Group 3: Strategies to Counteract Tariff Impacts - A proposed strategy includes issuing over 1 trillion yuan in universal consumption vouchers and significantly lowering interest rates to stimulate consumer spending and improve living standards [18][19]. - The issuance of consumption vouchers is highlighted as an effective short-term measure to directly increase disposable income and stimulate demand, with a multiplier effect greater than traditional infrastructure investments [18][30]. Group 4: Long-term Economic Transformation - The article outlines several long-term strategies for economic transformation, including shifting fiscal policy from infrastructure investment to social welfare support, innovating monetary policy to promote consumption, and reforming income distribution to enhance disposable income [23][24][25]. - It stresses the need for structural changes in the economy to create new demand and support the growth of the private sector, which is crucial for driving consumption [26][27]. Group 5: Consumption Prosperity Plan - The proposed consumption prosperity plan should amount to 10-15% of GDP, translating to a scale of 10-15 trillion yuan over three years, aimed at stimulating economic activity without specifying usage [28][30]. - Improving social security for low-income groups is essential to enhance their consumption propensity, thereby contributing to overall economic growth [29][30].

申万宏源证券研究所 | 宏观研究部 以下文章来源于申万宏源宏观 ，作者赵伟 屠强等 申万宏源宏观 . 作者： 赵 伟 申万宏源证券首席经济学家 屠 强 国内经济组主管 联系人： 屠强、耿佩璇 摘要 风险提示 经济转型面临短期约束，政策落地效果不及预期，食品供给超预期偏紧。 报告正文 4. 生产高频跟踪：工业生产表现分化，建筑业开工仍较弱 上游生产中，高炉开工率延续回升，但表观消费弱于去年同期。 本周（03月02日至03月08日），高炉 开工小幅回升、同比2.6%、涨幅较上周提升0.5pct；但消费表现较弱，同比回落至-6.6%。此外，钢材社会库 存延续回升。 中游生产中，化工链开工率偏弱，汽车链开工率表现较强。 本周（03月02日至03月08日），纯碱开工 大幅回落，同比-5.7pct至-5.9%。纺织链生产中，PTA开工较上周回落、同比-0.5pct至-4.1%。对比之下，涤 纶长丝开工小幅回升，同比+1.1pct至2.2%。此外，汽车半钢胎开工率延续回升，同比2.7%。 高频跟踪：工业生产分化，建筑业开工较弱，地产成交大幅提升。 【工业生产】工业生产表现分化。 本周，下游开工继续回暖，汽车半钢胎开工率延续 ...

推荐阅读 究竟什么制约了企业部门的预期和动力？ 导读 有人总是归咎于信心不足，认为不断提及各种问题只会削弱大家的信心，进而加剧问 题的恶性循环。然而却未曾思考，若不能描述问题，准确提出问题，讨论问题，让所有人 埋头，最终只会形成信息茧房，导致更为严重的偏差，这将对投资决策和整体决策产生巨 大的负面影响。 ---付鹏 东北证券首席经济学家 续（上）篇 （数据来源：路孚Eikon） 这种螺旋式的反馈机制，不仅直观展现了 市场需求疲软对供给端的深刻影响 ，更深层次地揭示了企业在经济新常态下所面临的生存挑 战。企业利润预期的低迷，不仅是财务报表上冰冷的数字，更是企业信心缺失、投资意愿减弱的直观反映。 有观点提出，面对利润低下的现状，企业应加大投资力度，追求技术进步与创新，以此提升企业的科技含量和竞争优势。然而，这种 看似理所当然的建议，实则忽略了当前企业经营的复杂性和现实性，未能深入洞察企业运营的实际困境。就像我以前提到的一样， 从国家 主义角度 技术进步和生产力提高 确实关乎到 中 国经济转型的关键，但是它 是需要时间的，长期方向没错，但同时不能忽略企业部门当 前面临着问题和挑战，长期解决方案和短期矛盾之间就错配了 ...