Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents a comprehensive analysis of various financial markets, including macro - indicators, commodity futures, and stock indices. It provides daily market tracking data, macro - economic news, and morning views on major varieties, aiming to help investors understand market trends and potential investment opportunities [2][6][9]. Summary by Related Catalogs 1. Commodity Index Daily Market Tracking - **Macro - indicators**: On May 22, 2025, the Dow Jones Industrial Index dropped 1.914% to 41860.44, the Nasdaq Index fell 1.411% to 18872.64, and the S&P 500 declined 1.614% to 5844.61. The Hang Seng Index rose 0.618% to 23827.78. SHIBOR overnight remained unchanged at 1.51, the dollar index increased 0.038% to 99.64, and the dollar - to - RMB (CFETS) rate stayed at 7.21 [2]. - **Foreign and Domestic Futures**: COMEX gold rose 0.729% to 3316.60, COMEX silver increased 0.947% to 33.58. Among domestic metals, silver rose 0.157% to 8285.00, while copper fell 0.423% to 77770.00. In the energy sector, NYMEX crude dropped 1.462% to 61.34, and ICE Brent oil fell 1.555% to 64.58 [2]. 2. Macro - economic News - **Policy Support**: Eight departments including the Financial Regulatory Administration jointly issued measures to support small and micro - enterprise financing, aiming to increase loan issuance and regulate lending fees [6]. - **International Trade**: China supports 33 least - developed African countries to use the 100% tariff - free policy, with imports from these countries reaching $21.42 billion from December 1 last year to March this year, a 15.2% year - on - year increase [7]. - **Domestic Economy**: The on - shore RMB against the US dollar rose 142 basis points on May 21. Some regions in China introduced policies to support housing consumption and promote regional economic development [7]. 3. Morning Views on Major Varieties - **Agricultural Products**: Peanut prices are strong due to factors like the farming season, but traders' purchasing enthusiasm is low. The oil market is expected to be volatile. Sugar presents a mixed fundamental situation, and corn is in a supply - demand weak pattern [10]. - **Energy and Chemicals**: The caustic soda market is expected to see a slight price increase in the short term. The urea market may continue to fluctuate at a high level [12]. - **Industrial Metals**: Copper and aluminum face upward pressure. Alumina prices are expected to be strong. Steel products are in a low - level range - bound state. Ferroalloys have a supply - strong and demand - weak pattern. The price of lithium carbonate is under pressure [13][15]. - **Options and Finance**: A - share indices rose on May 21. The global stock market was mostly down on Wednesday. The real - estate market is in a downward trend, and investors should focus on structural opportunities in the market [15].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices generally closed lower with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 4,400 stocks fell. Currently, the domestic economic fundamentals are slightly weak, which has a negative impact on market sentiment. Although domestic macro - support policies have been introduced, it is necessary to wait for the policy effects. In the short term, the market is expected to remain volatile, and it is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The latest price of the IF main contract (2506) is 3879.6, down 2.0; the IH main contract (2506) is 2715.4, up 2.6; the IC main contract (2506) is 5614.8, down 39.6; the IM main contract (2506) is 5950.0, down 48.6 [2]. - **Futures Spreads**: The IF - IH current - month contract spread is 1164.2, down 4.4; the IC - IF current - month contract spread is 1735.2, down 39.2; the IM - IC current - month contract spread is 335.2, down 9.8 [2]. - **Futures Term Spreads**: IF current - quarter minus current - month is - 72.0, up 0.2; IH current - quarter minus current - month is - 38.2, down 1.8; IC current - quarter minus current - month is - 188.6, up 6.2; IM current - quarter minus current - month is - 241.8, up 0.8 [2]. - **Futures Net Positions**: The net position of the top 20 in IF is - 30,286.00, up 141.0; the net position of the top 20 in IH is - 10,988.00, down 889.0; the net position of the top 20 in IC is - 14,118.00, up 274.0; the net position of the top 20 in IM is - 35,623.00, down 45.0 [2]. - **Futures Basis**: The basis of the IF main contract is - 34.3, up 0.9; the basis of the IH main contract is - 18.2, down 2.4; the basis of the IC main contract is - 88.5, up 13.8; the basis of the IM main contract is - 116.1, up 15.5 [2]. 3.2 Market Sentiment - The A - share trading volume is 11,397.05 billion yuan, down 746.67 billion yuan; the margin trading balance is 18,111.84 billion yuan, down 16.56 billion yuan; the north - bound trading volume is 1287.83 billion yuan, down 8.46 billion yuan [2]. - The proportion of rising stocks is 16.30%, down 13.55 percentage points; the Shibor is 1.465%, down 0.044 percentage points; the closing price of the IO at - the - money call option (2506) is 51.40, down 0.60; the implied volatility of the IO at - the - money call option is 13.67%, up 0.52 percentage points [2]. 3.3 Industry News - Eight departments including the National Administration of Financial Regulation jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing to increase the issuance of first - time loans, credit loans, medium - and long - term loans, corporate - type loans, and private - type loans. Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, meeting housing consumption needs, and increasing bond products for individual investors [2]. 3.4 Key Data to Watch - May 22, 21:45, US May SPGI Manufacturing PMI preliminary value; May 23, 7:01, Japan's April core CPI annual rate; May 23, 14:00, UK's April seasonally - adjusted retail sales monthly rate; May 23, 22:00, US April new home sales annualized total (in ten thousand households); May 26, 21:00, ECB President Lagarde's speech [3].

新京报贝壳财经讯（记者黄鑫宇）众所周知，小微企业是我国国民经济和社会发展的重要组成部分，也 是稳定就业和改善民生的重要支撑。近年来，小微企业融资取得了量增、面扩、价降的积极成效。但当 前小微企业融资仍然面临一些困难。 此种情况未来或将迎来根本性转变。5月21日，金融监管总局等八部门联合印发《支持小微企业融资的 若干措施》（下称《若干措施》）。 《若干措施》从增加融资供给、降低综合融资成本、提高融资效率、提高支持精准性、落实监管政策、 强化风险管理、完善政策保障、做好组织实施等8个方面，提出23项工作措施。据记者统计，有18项工 作措施由金融监管总局负责，其中就包括"降低小微企业综合融资成本"。 根据要求，金融监管总局、中国人民银行将牵头负责指导银行进一步优化小微企业融资服务定价管理， 清理违规收费，严格落实"七不准"规定，规范与第三方合作等。 随后，在全国人大代表提出的"关于企业贷款除法人和配偶担保外，应减少其他亲属担保环节的建议"答 复中，金融监管总局再度回应。 金融监管总局表示，现行监管制度并无针对企业贷款需法定代表人亲属进行担保的相关规定。实践中， 商业银行根据法律法规，结合贷款项目情况、借款人信用状况 ...

Market Overview - The three major indices in the A-share market experienced a decline, with the Shanghai Composite Index closing at 3380.19 points, down 0.22% [3] - The Shenzhen Component Index closed at 10219.62 points, down 0.72%, and the ChiNext Index closed at 2045.57 points, down 0.96% [3] - Among the Shenwan first-level industries, only banking, media, and household appliances saw gains, with increases of 1.00%, 0.12%, and 0.04% respectively [3] - A total of 882 stocks rose while 4261 stocks fell [3] Fiscal Data Insights - Recent fiscal data for January to April indicates a continuation of improvement in both total and structural aspects, showing signs of income recovery and optimized expenditure [1] - Government debt issuance has accelerated fiscal spending, particularly in infrastructure-related expenditures, which has supported the economy [1] - April saw a marginal improvement in fiscal revenue compared to the first quarter, with tax and non-tax revenue structures moving towards balance, and land revenue showing signs of recovery [1] - Overall, the improvement in fiscal revenue and expenditure is expected to stabilize the economic fundamentals amid external challenges, potentially boosting domestic consumption [1] Policy Measures for SMEs - A new set of measures to support financing for small and micro enterprises has been jointly issued by several regulatory bodies, aiming to improve the financing environment for these businesses [2] - The measures include encouraging eligible small and micro enterprises to list on the New Third Board and facilitating their transition to the Beijing Stock Exchange [2] - The policy is expected to alleviate liquidity pressures for small businesses in the short term and promote the development of innovative SMEs in the long term, thereby optimizing the economic structure [2] Trade Relations - The completion of the China-ASEAN Free Trade Area 3.0 negotiations was announced, which includes new chapters on digital economy, green economy, and supply chain connectivity among others [2] - This development is seen as a significant step towards expanding mutual openness and enhancing regional economic integration between China and ASEAN [2] - The 3.0 version is prioritized in bilateral economic cooperation and is expected to strengthen the institutional framework for trade between the two regions [2]

Core Viewpoint - The Financial Regulatory Administration will promote a financing coordination mechanism for small and micro enterprises, focusing on the technology sector and guiding banks and insurance institutions to provide preferential treatment in performance evaluation and internal fund transfer pricing [1] Group 1 - The Financial Regulatory Administration aims to support small and micro enterprises by aligning resources and assistance with the technology sector [1] - There will be differentiated regulatory requirements in terms of due diligence and liability exemption for financial institutions [1] - The initiative includes guiding banks and insurance companies to adjust their performance assessment and internal pricing strategies to favor small and micro enterprises [1]

央视网消息：为进一步改善小微企业、个体工商户融资状况，5月21日，金融监管总局、中国人民银行、证监会等八部门发布了 《支持小微企业融资的若干措施》，着重发挥监管、货币、财税、产业等各项政策合力，从增加融资供给等八个方面提出23项工作措 施。 向外贸、民营、科技、消费等重点领域倾斜 在增加融资供给方面，《若干措施》提出，做深做实支持小微企业融资协调工作机制，向外贸、民营、科技、消费等重点领域倾 斜对接帮扶资源；加大首贷、信用贷、中长期贷、法人类贷款、民营类贷款投放等。 为金融机构更好服务小微企业提供新机遇 专家指出，协调工作机制是对小微企业融资面临的问题采取的针对性措施，为金融机构更好服务小微企业提供了新的机遇，有助 于更好满足小微企业融资需求，对支持小微企业高质量发展、稳定宏观经济大盘、促进就业、推进经济转型升级等都有积极意义。 支持符合条件的小微企业在新三板挂牌 《若干措施》明确支持符合条件的小微企业在新三板挂牌，规范成长后到北交所上市，引导社会资本更多向创新型中小企业聚 集，带动同行业、上下游小微企业共同成长。 提高线下贷款办理效率 优化审批流程 另外，在降低综合融资成本方面，《若干措施》明确，指导银行加 ...

Core Insights - The article emphasizes the commitment of Industrial Bank's Shijiazhuang branch to enhance financial services for small and micro enterprises, focusing on innovative financing solutions to support their growth [1][2] Group 1: Financial Services for Small and Micro Enterprises - The Shijiazhuang branch has established a dual-driven service system, combining specialized teams for small and micro enterprises and foreign trade enterprises, to improve financing coordination [1] - The branch conducts a "thousand enterprises, ten thousand households" outreach program to quickly respond to the needs of small businesses and innovate financial products, thereby accelerating loan approval and disbursement processes [1] Group 2: Case Studies of Successful Financing - A specialized "little giant" enterprise in Tangshan received a 10 million yuan loan renewal through the bank's "Lianlian Loan" product, significantly reducing financing costs and time [1] - A technology-focused private enterprise in Shijiazhuang secured a 5 million yuan "technology flow" credit loan, alleviating financial pressure and enabling continued innovation [2] - A foreign trade enterprise in Langfang was able to finance its overseas market expansion through a one-stop service that included cross-border settlement and financing, effectively lowering its financing costs [2] Group 3: Overall Impact on Small and Micro Enterprises - Industrial Bank's Shijiazhuang branch is continuously optimizing financial services for small and micro enterprises by providing more precise products, streamlined processes, and high-quality services, thereby supporting their high-quality development [2]

本次发布的《措施》涉及金融监管总局、中国人民银行、证监会、国家发展改革委、工业和信息化部、财政 部、税务总局、市场监管总局8个部门，对此，金融监管总局指出，这是要着重发挥监管、货币、财税、产业 等各项政策合力。 支持小微企业开展股权融资 5月21日，金融监管总局等8部门发布《支持小微企业融资的若干措施》（简称：《措施》），从增加融资 供给、降低综合融资成本、提高融资效率、提高支持精准性、落实监管政策、强化风险管理、完善政策保 障、做好组织实施等8个方面，提出23项具体举措，做好普惠金融大文章，进一步改善小微企业、个体工商 户融资状况。 研究优化小微企业贷款核销政策 从内容上来看，《措施》对增加小微企业融资供给和完善小微企业融资的政策保障这两个方面的部署最多，均 涉及5条具体举措。 在增加融资供给方面，《措施》提出，要做深做实支持小微企业融资协调工作机制、强化小微企业贷款监管引 领、用好结构性货币政策、落实小微企业无还本续贷政策、支持小微企业开展股权融资。 作为精准对接供需两端的政策机制，支持小微企业融资协调工作机制由金融监管总局、国家发展改革委牵头成 立，去年10月正式启动。在各地党委政府的高效统筹下，在相关 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Market concerns about the adverse impact of large - scale tax cuts and weak demand for the 20 - year US Treasury bond auction led to a significant rise in long - term yields and a sharp decline in US stock indices. Multiple departments issued policies to support small and micro - enterprise financing, aiming to ease their financing difficulties and stabilize market expectations. It is expected that the stock index will continue its recovery trend [1][2][3] Summary by Directory 1. Market Analysis - Policy support for small and micro - enterprises: Eight departments including the Financial Regulatory Administration jointly issued measures to increase the supply of various types of loans, guide banks to manage loan interest rates, and reduce additional loan fees. Overseas, a new tax bill extended Trump's tax - cut policies and cut government spending, causing concerns about increased federal debt. The 20 - year US Treasury bond auction had poor results, indicating weak market demand [1] - Stock index performance: A - share indices rose. The Shanghai Composite Index increased by 0.21% to 3387.57 points, and the ChiNext Index rose by 0.83%. Coal, non - ferrous metals, and power equipment sectors led the gains, while beauty care, electronics, media, and social services sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was around 1.2 trillion yuan. US stock indices fell, with the Dow Jones Industrial Average dropping 1.91% to 41860.44 points. In the futures market, only the basis of IH recovered, the trading volume of IF increased, and the open interest of IC rose [2] 2. Strategy - The market's concerns about the tax bill and weak Treasury bond auction demand led to a decline in US stocks. The policies for small and micro - enterprises are expected to help the stock index continue to recover [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury bond yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury bond yields and A - share style trends [6][11][10] 4. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on May 21, 2025. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all increased, with daily increases of 0.21%, 0.44%, and 0.83% respectively [13] 5. Futures Market Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. The trading volume of IF increased, and the open interest of IC rose [15] - Table 3 shows the basis of stock index futures. Only the basis of IH recovered on the day [35] - Table 4 shows the inter - delivery spread of stock index futures [40]

【环球网财经综合报道】5月21日，金融监管总局、中国人民银行、证监会等八部门联合发布《支持小微企业融资的若干措施》 （简称《措施》），从增加融资供给、降低综合融资成本、提高融资效率、提高支持精准性、落实监管政策、强化风险管理、完 善政策保障、做好组织实施等八个方面，提出23项具体举措，是为进一步改善小微企业、个体工商户融资状况，做好普惠金融大 文章。 《措施》鼓励向外贸、民营、科技、消费等重点领域倾斜对接帮扶资源，加大首贷、信用贷、中长期贷、法人类贷款、民营类贷 款投放。支持地方金融管理部门指导辖内区域性股权市场不断提升面向小微企业的规范培育、股权融资等服务能力。支持创投基 金加大对初创期、成长型小微企业的股权投资。探索优化政府投资基金绩效考核机制，拉长考核评价周期，提高风险容忍度，发 挥好投早投小的引导作用。 在完善政策保障方面，《措施》提出了优化风险分担补偿机制、落实相关财税支持政策、深化信用信息共享应用、有序推进小微 企业信用修复工作、强化高质量发展综合绩效评价等5条具体举措。其中，鼓励有条件的地方综合运用风险补偿、担保费补贴、业 务奖补、资本金补充、绩效考核等方式，引导政府性融资担保机构加大对小微企业 ...