转自：新华财经 一是建立自上而下机制。成立工作专班，抽调业务骨干集中办公，统筹做好项目谋划、储备、申报工 作。二是持续提升项目质量。加强政策宣传解读，及时更新"明白纸"，制定要点提示，依托专业咨询机 构，对拟申报项目开展多轮梳理和预审完善，逐项优化投向领域和项目信息。精准储备"十四五"时期拟 申请政策资金项目1334个、总投资8449亿元、资金需求1976亿元，确保"政策一释放、项目即跟上"。三 是用足用好政策资金。坚持"善争善营"，创新开辟政策资金项目审批绿色通道，精简压缩审批时限和流 程，确保所有审批许可事项全部压缩至法定时限的50%以内。 在服务推动项目上下功夫，以高质量项目夯实发展支撑 项目投资是落实国家战略、重塑产业结构、提升发展能级的重要抓手和有力支撑。"十四五"以来，在天 津市委、市政府坚强领导下，天津市发展改革委有力统筹发展与化债，实施项目带动战略，积极扩大有 效益的投资，为经济高质量发展注入强劲势能。 在优化投资结构上求实效，以高效益投资增强发展动能 坚持投资于物和投资于人紧密结合，推动投资从规模驱动转向质量效益驱动，以政府投资最大程度撬动 社会资本，投资结构持续优化，投资效益有效提升，充分 ...

Core Insights - The article emphasizes the importance of project investment as a key driver for implementing national strategies, restructuring industries, and enhancing development capabilities [1] - It highlights the shift from scale-driven to quality-driven investment, focusing on optimizing investment structures and enhancing development momentum [2] Investment Growth and Structure - Investment growth is stabilizing, with a projected 3.1% year-on-year increase in 2024, exceeding the city's targets and aligning with national trends [3] - The industrial investment share increased from 24% at the end of the 13th Five-Year Plan to 34.4% in the first three quarters of 2025, indicating a focus on high-quality development [3] - Infrastructure investment share rose from 21.2% to 32.7%, while real estate investment share decreased from 46.8% to 27.6%, reflecting a reduced dependency on real estate [3] Policy Support and Funding - The city has secured a record 355 billion yuan in funding during the 14th Five-Year Plan period, translating policy benefits into developmental outcomes [4] - The focus on national policy directions has led to enhanced disaster resilience and improved living conditions through effective project funding [4] Project Management and Quality - A systematic approach to project management has been established, with a focus on high-quality project planning and execution [5] - The city aims to streamline project approvals, reducing processing times to within 50% of legal limits, thereby enhancing funding utilization efficiency [5] Project Implementation and Innovation - Significant projects such as Sinopec's ethylene plant and Toyota's new energy factory have been completed, showcasing the city's commitment to advancing its industrial base [6] - The city has initiated 18 landmark industrial projects and 28 billion-yuan projects to bolster economic development [7] Future Planning - The city plans to leverage the momentum from the Shanghai Cooperation Organization summit to enhance its development advantages and ensure stable growth in fixed asset investments [10]

Core Insights - Agricultural Bank of China reported steady growth in operating performance for the first three quarters of 2025, with net profit reaching 222.3 billion yuan, a year-on-year increase of 3.28%, and operating income of 550.8 billion yuan, up 1.87% [1] - The bank's capital adequacy ratio stands at 17.78%, with a non-performing loan ratio of 1.27%, down 3 basis points from the beginning of the year [1] - Total assets of the bank reached 48.1 trillion yuan, with total loans amounting to 26.99 trillion yuan, an increase of 2.08 trillion yuan, reflecting a growth rate of 8.36% [1] Financial Performance - Daily average customer deposits increased to 38.49 trillion yuan, with a net increase of 3.52 trillion yuan, representing a growth rate of 10.06% [1] - The average daily deposit balance in domestic RMB reached 30.61 trillion yuan, with an increase of 1.85 trillion yuan, showing a growth rate of 6.4% [1] Focus on Rural and Agricultural Financing - The bank prioritized financial services for rural areas, with county loans totaling 10.90 trillion yuan, an increase of 1.0417 trillion yuan, and a growth rate of 10.57%, surpassing the bank's average growth rate by 2.21 percentage points [2] - Loans in key areas for rural revitalization, such as rural industries and construction, reached 2.74 trillion yuan and 2.47 trillion yuan, with growth rates of 22.8% and 9.7%, respectively, both exceeding the bank's overall growth rates [2] Support for Real Economy - The bank enhanced its financial services in key sectors, with technology loans exceeding 4.7 trillion yuan and green loans reaching 5.8 trillion yuan [2] - Inclusive finance for small and micro enterprises remains a priority, with inclusive loan balances at 4.33 trillion yuan, an increase of 731.1 billion yuan, and a customer base of 5.23 million [2] Infrastructure and Consumer Support - The bank supported infrastructure-related industries with loan balances of 6.3 trillion yuan, while personal consumption loans, including credit cards, reached 1.46 trillion yuan, with an increase of 126.1 billion yuan and a growth rate of 9.4% [3]

Core Insights - The leasing industry is expected to benefit from a low interest rate environment, which may drive corporate capital expenditure cycles upward, making it an attractive high dividend strategy [1] - The leasing sector has shown resilience against economic cycles, with stable revenue and profit growth, and a focus on high-quality, undervalued stocks [1][2] Industry Overview - The leasing industry has undergone five cycles since 2005, closely tied to capital expenditure cycles and interest rates, with a notable recovery expected in the coming years [9][10] - The leasing sector's revenue and profit have shown steady growth, with a 9.5% year-on-year increase in operating income and a 9.1% increase in net profit for 2024 [14][18] - Policy support and the "Two Heavy, Two New" initiative are expected to catalyze further growth in the leasing market [18] Industry Characteristics - The leasing industry has a broad investment scope, focusing on heavy assets and high capital expenditure sectors, with a significant portion of credit extended to small and medium enterprises [2][30] - The asset side of leasing companies is increasingly focused on high-growth industries, while the liability side benefits from diversified financing channels [2][30] Investment Value - Leasing companies are characterized by high profitability and low financial leverage, with dividend rates surpassing those of traditional banks since 2020 [2][3] - The leasing sector is positioned as a new focal point for high dividend strategies, with a growing emphasis on asset quality and profitability [3][27] Key Companies - Three main areas of focus include: 1. Aircraft and ship leasing companies, which are expected to benefit from a high demand cycle [3][39] 2. Companies focusing on leasing for small and medium enterprises, such as Jiangsu Jinzhong, which has a unique vendor leasing model [3][2] 3. Traditional leasing companies transitioning to emerging industries, like Yuexiu Capital, which is expanding into renewable energy [3][2] Recommendations - Investment suggestions include Jiangsu Jinzhong and Far East Horizon in financial leasing, and China Aircraft Leasing and China Ship Leasing in specialized equipment leasing [3][3]

Core Viewpoint - The issuance of ultra-long-term special government bonds in China has been successfully completed for the year, with a total of 1.3 trillion yuan issued, aimed at supporting key strategic areas and enhancing economic stability [1][2][3] Group 1: Issuance and Financial Details - The final issuance of ultra-long-term special government bonds for the year was 40 billion yuan, with a 20-year maturity and a coupon rate of 1.92%, bringing the total issuance for the year to 1.3 trillion yuan [1][2] - The funds from the 1.3 trillion yuan issuance are allocated as follows: 300 billion yuan for consumer product upgrades, 200 billion yuan for large-scale equipment updates, and 800 billion yuan for key strategic projects [2][3] Group 2: Economic Impact and Policy Support - The issuance of these bonds is a crucial tool for expanding effective investment and consumption, particularly in the context of insufficient domestic demand and increasing economic pressures [2][3] - The government aims to use the funds to support the "two new" (large-scale equipment updates and consumer product upgrades) and "two heavy" (major strategic implementations and key area security capabilities) initiatives, which are essential for stabilizing economic growth [2][3] Group 3: Management and Oversight - There are ongoing efforts to enhance the management and oversight of the funds from ultra-long-term special government bonds, including the implementation of a project management and fund supervision framework [3][5] - Recent audits have revealed issues with local governments not fulfilling their financial commitments for projects funded by these bonds, highlighting the need for improved accountability and transparency [4][5] Group 4: Future Outlook - The likelihood of issuing additional ultra-long-term special government bonds within the current year is low, but expectations remain for continued issuance in 2024, potentially exceeding 1 trillion yuan [6]

Core Viewpoint - The issuance of ultra-long-term special government bonds in China is set to conclude this year, with a total issuance of 1.3 trillion yuan planned for 2025, aimed at supporting major national strategies and key areas of security and equipment renewal [2][4]. Group 1: Issuance Details - The Ministry of Finance announced the issuance schedule for ultra-long-term special government bonds, with 50-year and 20-year bonds to be issued on October 10 and October 14, respectively [2]. - As of October 9, a total of 1.23 trillion yuan in ultra-long-term special government bonds has been issued this year, leaving 70 billion yuan yet to be issued [3]. - The final issuance on October 14 will consist of a 400 billion yuan 20-year bond, following a 300 billion yuan 50-year bond on October 10 [3]. Group 2: Fund Utilization - The 1.3 trillion yuan from ultra-long-term special government bonds is allocated for various purposes: 300 billion yuan for consumer product upgrades, 200 billion yuan for equipment renewal, and 800 billion yuan for major strategic projects [4]. - The State Development and Reform Commission has allocated the entire 300 billion yuan for consumer product upgrades, with 3.3 billion people applying for subsidies, resulting in over 20 trillion yuan in related sales from January to August [4]. Group 3: Future Management - The State Council's report emphasizes the need to optimize the use of ultra-long-term special government bonds, ensuring effective project planning and management, and enhancing oversight of fund allocation and project lifecycle management [5].

Core Viewpoint - The issuance of ultra-long-term special government bonds in China is set to conclude this year, with a total issuance of 1.3 trillion yuan planned for 2025, aimed at supporting major national strategies and key areas of development [3][4]. Group 1: Issuance Details - The Ministry of Finance announced the issuance schedule for ultra-long-term special government bonds, with 50-year and 20-year bonds to be issued on October 10 and October 14, respectively [3]. - As of October 9, 2023, a total of 1.23 trillion yuan in ultra-long-term special government bonds has been issued, leaving 70 billion yuan yet to be issued [4]. - The final issuance on October 14 will consist of a 400 billion yuan 20-year bond, following a 300 billion yuan 50-year bond on October 10 [4]. Group 2: Fund Utilization - The 1.3 trillion yuan from ultra-long-term special government bonds is allocated as follows: 300 billion yuan for consumer product upgrades, 200 billion yuan for equipment updates, and 800 billion yuan for "two重" (major strategic projects) [5]. - The State Development and Reform Commission has allocated the fourth batch of 690 billion yuan for consumer product upgrades, completing the annual allocation of 300 billion yuan for this purpose [5]. - From January to August, 330 million people have claimed subsidies for consumer product upgrades, resulting in over 2 trillion yuan in related sales [5]. Group 3: Future Management and Oversight - The government plans to enhance the effectiveness of ultra-long-term special government bonds by improving information sharing and project planning to support urgent and long-term development needs [5]. - There will be a focus on evaluating the implementation of "two新" (new initiatives) policies and optimizing arrangements accordingly [5]. - Strengthening lifecycle management of "two重" projects will be prioritized, including oversight of fund allocation during construction and management of project operations and returns post-completion [5].

根据财政部9月底公开的《关于2025年超长期特别国债（三期）第三次续发行工作有关事宜的通知》， 10月10日即将发行50年期超长期特别国债规模为300亿元。这也意味着今年最后一只将于10月14日发行 的20年期超长期特别国债发行规模为400亿元。 随着超长期特别国债发行工作即将收尾，如何用好这笔巨额超长期特别国债资金备受关注。 根据今年国务院安排，今年1.3万亿元超长期特别国债资金中，3000亿元用于支持消费品以旧换新， 2000亿元用于支持设备更新，8000亿元用于支持"两重"建设。 今年最后一只超长期特别国债将于10月14日发行 今年超长期特别国债发行工作即将收官。 10月9日，财政部公开《关于公布2025年第四季度国债发行有关安排的通知》（下称《通知》），明确 今年第四季度超长期特别国债发行安排，即在10月10日和10月14日分别发行50年期和20年期超长期特别 国债。这意味着今年全年1.3万亿元超长期特别国债发行工作将在10月14日结束。 与普通国债不同，超长期特别国债是特殊时期的特殊工具，2024年中国开始连续几年发行超长期特别国 债，专门用于国家重大战略实施和重点领域安全能力（即"两重"）建设和大 ...

超长期特别国债资金偿债责任究竟由谁承担？还本付息资金来源于哪儿？ 为了扩内需、稳经济，中国创造性发行使用超长期特别国债，截至目前发行规模已经超过2万亿元，用 于支持"两重""两新"，成效明显。但管理也有待进一步完善，以更好发挥这笔巨额资金使用效益。 近日，中国人大披露的《关于2024年度政府债务管理情况的监督调研报告》（下称《调研报告》）指 出，超长期特别国债管理有待完善，还本付息资金来源、偿还责任有待进一步明确。 粤开证券首席经济学家罗志恒告诉第一财经，为增强债务管理的规范性和透明度，建议进一步健全管理 制度，制定专门办法，依据"谁使用、谁负责"原则，明确超长期特别国债在资金使用、效益评估、利息 偿还等方面的具体要求，实现"借、用、还"全流程的统一管理。 超长期特别国债发行超2万亿元 与普通国债不同，超长期特别国债是特殊时期的特殊工具，专门服务于特定政策，支持特定项目需要， 且不计入财政赤字，纳入政府性基金预算管理，债券期限长，目前分别为20年期、30年期和50年期。 为了应对复杂的内外形势，在2024年全国两会期间，国务院宣布从2024年开始拟连续几年发行超长期特 别国债，专项用于国家重大战略实施和重点领 ...

Central Budget Investment - The central budget investment is set at 735 billion yuan, focusing on foundational, public welfare, and long-term projects [1] - The investment aims to stimulate social capital and drive economic recovery through government investment [1] Special Long-term Bonds - The plan includes issuing 1.3 trillion yuan in special long-term bonds, with a duration of 20-50 years, targeting "two重" (major strategic projects) and "two新" (new consumption policies) [1][15] - Of the total, 500 billion yuan is earmarked for new consumption policies, including equipment updates and consumer goods replacement [15] Local Government Special Bonds - The quota for local government special bonds is set at 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, primarily for investment construction and land acquisition [1][7] - These bonds are intended for projects with certain revenue, ensuring that project income covers principal and interest [9][10] New Policy Financial Instruments - New policy financial instruments are designed to address funding shortages in high-risk areas like technology R&D and financing for small and medium enterprises [2][3] - The expected scale for these instruments is around 500 billion yuan, supporting technology innovation, consumption expansion, and foreign trade stability [2] Key Support Areas - The funding will support various sectors, including digital economy, artificial intelligence, low-altitude economy, green low-carbon initiatives, agriculture, transportation, and municipal infrastructure [4][8][12] - Specific projects include infrastructure for digital economy, AI applications, clean energy, and rural development [4][8] Project Selection and Management - Strict negative lists are enforced to prohibit funding for land reserves, commercial real estate, and other non-productive projects [5][11] - The project selection process emphasizes collaboration among multiple departments to ensure effective fund allocation [3][5] Summary of Financial Instruments - A comparison of new policy financial instruments, special long-term bonds, and local government bonds highlights their distinct characteristics, including issuance authority, risk levels, and funding sources [23]