炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 刘 琪 12月24日，中国人民银行发布消息，中国人民银行货币政策委员会2025年第四季度（总第111次）例会 于12月18日召开。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期调节， 综合运用多种货币政策工具，服务实体经济高质量发展，为经济稳中向好创造适宜的货币金融环境。贷 款市场报价利率改革效能持续释放，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强， 社会融资成本处于历史较低水平。外汇市场供求基本平衡，外汇储备充足，人民币汇率双向浮动，在合 理均衡水平上保持基本稳定。金融市场总体运行平稳。 会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平 稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽 松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强货 币财政政策协同配合，促进 ...

Core Viewpoint - The People's Bank of China emphasizes the continuation of a moderately accommodative monetary policy to stabilize economic growth and ensure reasonable price recovery amid external economic uncertainties and domestic challenges [1][2]. Monetary Policy - The meeting calls for enhanced counter-cyclical and cross-cyclical adjustments, utilizing both incremental and stock policies to effectively manage monetary policy tools [1]. - It is essential to maintain ample liquidity, aligning social financing scale and money supply growth with economic growth and price level expectations [1]. Interest Rates - The meeting stresses the importance of strengthening central bank policy rate guidance and improving the market-based interest rate transmission mechanism [1]. - There is a focus on observing and assessing bond market conditions from a macro-prudential perspective, particularly regarding long-term yield changes [1]. Exchange Rates - The meeting aims to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the RMB exchange rate [2]. Banking Sector - Large banks are encouraged to play a leading role in providing financial services to the real economy, while small and medium-sized banks should focus on their core responsibilities and strengthen capital [2]. Key Support Areas - The meeting identifies key areas for financial support, including expanding domestic demand, technological innovation, and support for small and micro enterprises [2]. - It emphasizes the importance of maintaining stability in the capital market through various financial instruments and services [2]. Macro Control - The meeting acknowledges the increased intensity of macro-control measures and the need for a moderately accommodative monetary policy to support high-quality economic development [2].

Group 1 - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support stable economic growth and reasonable price recovery [1] - The external economic environment is assessed as having shifted from "weakened" to "insufficient" growth momentum, indicating increased challenges for the global economy [1] - Domestic economic challenges include a significant imbalance between strong supply and weak demand, necessitating enhanced monetary policy adjustments [1] Group 2 - The meeting suggests strengthening the central bank's policy interest rate guidance and improving the transmission mechanism of market-based interest rates [2] - In the bond market, a macro-prudential perspective is recommended to monitor and evaluate market conditions, particularly focusing on long-term yield changes [2] - The foreign exchange market should enhance resilience and stabilize expectations to prevent excessive fluctuations in the exchange rate, maintaining the RMB at a reasonable equilibrium level [2] Group 3 - No specific recommendations were made regarding the real estate market [2] - For the capital market, the meeting advocates for maintaining stability and suggests utilizing securities, funds, and insurance company swap facilities, as well as stock buybacks and increased loans [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to address the challenges posed by the changing external environment and to promote stable economic growth and reasonable price recovery [1] Economic Analysis - The meeting analyzed both domestic and international economic and financial conditions, noting that the external environment is increasingly volatile, with insufficient growth momentum in the global economy and rising trade barriers [1] - There is a divergence in economic performance among major economies, and uncertainties exist regarding inflation trends and monetary policy adjustments [1] Domestic Economic Conditions - China's economy is generally stable and progressing, achieving new results in high-quality development, but still faces significant challenges such as a pronounced imbalance between strong supply and weak demand [1] - The PBOC aims to enhance counter-cyclical and cross-cyclical adjustments, leveraging both the total and structural functions of monetary policy tools [1] Policy Recommendations - The PBOC calls for strengthened coordination between monetary and fiscal policies to better support economic stability and price recovery [1]

会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒增多，主要经济体 经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但 仍面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策 工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和物价合理回升。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加强货币政策调控， 根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时机。保持流动性充裕，使社会融资规模、货 币供应量增长同经济增长、价格总水平预期目标相匹配，促进社会综合融资成本低位运行。强化央行政策利率引导，完善市场 化利率形成传导机制，发挥市场利率定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情 况，关注长期收益率的变化。畅通货币政策传导机制，提高资金使用效率。增强外汇市场韧性，稳定市场预期，防范汇率超调 风险，保持人民币汇率在合理均衡水平上的基本稳定。 ...

近日，中国人民银行货币政策委员会召开2025年第四季度（总第111次）例会。 在利率方面，本次会议继续建议强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机制作用， 加强利率政策执行和监督。 对于债券市场，会议建议从宏观审慎的角度观察、评估债市运行情况，关注长期收益率的变化。 对于外汇市场，会议继续强调增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持人民币汇率在合理均衡水平上的 基本稳定。 对于资本市场，会议继续建议"维护资本市场稳定"，提出用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索 常态化的制度安排。 会议未对房地产市场提出建议，但继续提出要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主 业，增强银行资本实力，共同维护金融市场的稳定发展。 对比三季度例会，本次例会在分析外部形势时，指出当前外部环境变化影响加深，对世界经济增长动能的研判由上季度例会 的"减弱"转为"不足"。在分析国内经济形势时，本次例会未再提及"物价低位运行"，而是提出我国经济运行"仍面临供强需弱 矛盾突出等问题和挑战"。 会议要求继续实施适度宽松的货币政策，加大逆周期和跨周期调 ...

中国人民银行官网今天（12月24日）发布消息，中国人民银行货币政策委员会2025年第四季度（总第 111次）例会于12月18日召开。 会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平 稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽 松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强货 币财政政策协同配合，促进经济稳定增长和物价合理回升。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时 机。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，促 进社会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率 定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期 收益率的变化 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize growth amid external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC's monetary policy committee meeting highlighted the effectiveness of various monetary policy tools in enhancing the transmission efficiency of monetary policy and maintaining low social financing costs [1][2]. - The meeting acknowledged the challenges posed by external economic conditions, including insufficient global growth momentum and increasing trade barriers, while noting that China's economy remains stable with progress in high-quality development [1][2]. - The PBOC plans to continue implementing a moderately loose monetary policy, focusing on counter-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][2]. Group 2: Policy Implementation Strategies - The meeting discussed the integration of incremental and stock policies, emphasizing the need for a comprehensive approach to monetary policy that aligns with economic growth and price level expectations [2]. - It was suggested to enhance the guidance of central bank policy rates and improve the market-based interest rate formation mechanism to ensure low financing costs [2]. - The PBOC aims to strengthen the resilience of the foreign exchange market and maintain the stability of the RMB exchange rate at a reasonable equilibrium level [2]. Group 3: Financial Sector Support - The meeting called for large banks to play a leading role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [3]. - There is a commitment to effectively implement structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [3]. - The PBOC aims to enhance financial services for the private economy and promote high-level financial openness while improving risk management capabilities [3].

Core Viewpoint - The recent meeting highlighted a shift in the assessment of external economic conditions, indicating a transition from "weakened" to "insufficient" growth momentum for the global economy, while domestic economic challenges remain prominent, particularly the imbalance between strong supply and weak demand [3]. Monetary Policy - The meeting emphasized the continuation of a moderately loose monetary policy, advocating for enhanced counter-cyclical and cross-cyclical adjustments to better utilize monetary policy tools for both total volume and structural functions [3][4]. - The approach to monetary policy has shifted from increasing the intensity of policy adjustments to integrating both incremental and stock policies, utilizing various tools to strengthen monetary policy control [3]. Liquidity and Financing - The meeting suggested maintaining ample liquidity to align the growth of social financing and money supply with economic growth and price level expectations, while not reiterating previous calls for increased credit supply from financial institutions [4]. - The diversity of monetary policy tools has increased, with a focus on creating a suitable liquidity environment to support key sectors and weak links in the economy [4]. Interest Rates - The meeting continued to recommend strengthening the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates, emphasizing the importance of effective execution and supervision of interest rate policies [4]. Bond Market - The meeting advised monitoring the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [5]. Foreign Exchange and Capital Markets - The meeting reiterated the need to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the exchange rate, while maintaining the RMB at a reasonable and balanced level [6]. - For the capital market, the meeting suggested maintaining stability and utilizing various financial instruments to support market operations [6]. Real Estate Market - No specific recommendations were made regarding the real estate market, but there was a call for large banks to enhance their role in serving the real economy and for smaller banks to focus on their core responsibilities [6].

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately loose monetary policy to address economic challenges and promote stable growth amid a changing external environment and domestic issues [1] Economic Analysis - The meeting highlighted the deepening impact of external environmental changes, insufficient global economic growth momentum, increasing trade barriers, and divergent economic performances among major economies [1] - There is uncertainty regarding inflation trends and monetary policy adjustments, indicating a complex economic landscape [1] Domestic Economic Conditions - China's economy is described as generally stable with progress towards high-quality development, although it still faces significant challenges such as a pronounced imbalance between strong supply and weak demand [1] - The need for enhanced counter-cyclical and cross-cyclical adjustments in monetary policy was stressed to better utilize both the total and structural functions of monetary policy tools [1] Policy Recommendations - The meeting called for strengthened coordination between monetary and fiscal policies to support stable economic growth and a reasonable recovery in prices [1]