Group 1 - The concept of "Five Insurances and One Fund" includes pension insurance, medical insurance, unemployment insurance, work injury insurance, maternity insurance, and housing provident fund [7] - Pension insurance provides basic living security, allowing individuals to receive monthly pensions after contributing for 15-20 years and reaching retirement age [3][4] - Medical insurance can be used immediately after purchase, significantly reducing out-of-pocket expenses for medical treatments [5] Group 2 - Unemployment insurance in Shenzhen allows individuals who have contributed for at least one year to apply for benefits if they are involuntarily unemployed, with a maximum benefit period of 24 months [9][11][12] - Work injury insurance covers compensation for injuries sustained during work or commuting, including medical expenses and wage compensation during recovery [13][17] - The housing provident fund can be seen as an additional salary, as both employees and employers contribute, and it can be used for down payments on homes with lower interest rates compared to commercial loans [16][18]

Core Viewpoint - Multiple regions in China are extending the age limit for housing provident fund loan borrowers, aligning with the national retirement policy adjustments, allowing men up to 68 years and women up to 63 years to apply for loans, or extending up to five years post statutory retirement age [1][9]. Group 1: Policy Changes by Region - **Shandong Province**: Plans to extend the housing provident fund loan maturity age limit to 68 years for men and 63 years for women, or five years post statutory retirement age [1]. - **Zhengzhou, Henan**: Public consultation on adjusting the age limit for housing provident fund loans, allowing men up to 68 years and women up to 63 years, with a maximum loan term of 30 years [2]. - **Jiangmen, Guangdong**: Revised loan management regulations effective from April 1, 2025, allowing the same age limits as above [3]. - **Qingdao, Shandong**: New policy effective March 27, 2025, with similar age limits for loan maturity [4]. - **Kunming, Yunnan**: Policy effective March 24, 2025, allowing loans to mature up to five years post statutory retirement age, with the same age limits [5]. - **Xi'an, Shaanxi**: New policy allows loans to mature up to five years post statutory retirement age, with age limits of 68 for men and 63 for women [6]. - **Harbin, Heilongjiang**: Effective January 1, 2025, the age limit for loan applicants is extended to 68 years for men and 63 years for women [7]. - **Beijing**: New policy effective January 1, 2025, adjusts the age limit to 68 years for loan applicants, maintaining a maximum loan term of 30 years [8]. - **Chongqing**: Policy effective January 1, 2025, extends loan maturity age limits to 68 years for men and 63 years for women [9]. Group 2: Common Features of Policy Adjustments - The adjustments across various regions generally reflect three main characteristics: 1. The age limit is uniformly extended to 68 years for men and 63 years for women [9]. 2. A dual constraint mechanism of "statutory retirement age + 5 years" is established [9]. 3. The changes are synchronized with the national policy on delayed retirement [9].

Core Viewpoint - The Beijing Housing Provident Fund offers a significantly higher interest rate of 1.5% compared to current bank deposit rates, providing a stable and advantageous option for employees' savings [1][2]. Group 1: Interest Rate Comparison - The interest rate for the Housing Provident Fund is set at 1.5%, which is notably higher than the average one-year fixed deposit rate of approximately 0.95% and the savings account rate around 0.05% [1]. - For a deposit of 100,000 yuan, the annual interest from the Housing Provident Fund would be 1,500 yuan, which is 550 yuan more than the one-year fixed deposit interest and 30 times the interest from a savings account [1]. Group 2: Stability and Design - The Housing Provident Fund maintains a stable interest rate of 1.5% even amid declining rates, thanks to the regulatory framework established by the Housing Provident Fund Management Regulations [1]. - The fund employs annual compound interest, allowing interest to be added to the principal each year, which enhances long-term value for contributors [1]. Group 3: Comprehensive Value of the Fund - The Housing Provident Fund not only offers competitive interest rates but also provides low-interest loan rights and flexible withdrawal scenarios, enhancing its overall value [2]. - As of May 2025, the interest rate for first-time home loans from the fund is 2.6%, which is 0.45 percentage points lower than commercial loans, potentially saving borrowers approximately 53,600 yuan in interest over 20 years [2].

Core Viewpoint - The annual housing provident fund interest settlement has generated significant public interest, with many individuals sharing their annual interest statements on social media, highlighting the benefits compared to traditional bank savings [1][5]. Group 1: Interest Settlement Details - The housing provident fund interest is calculated at a rate of 1.5%, based on the People's Bank of China's one-year fixed deposit benchmark rate, which has attracted attention as traditional deposit rates decline [5]. - Interest for the year is credited to accounts on July 1, following the settlement date of June 30, with individuals able to check their interest through official channels [5][11]. - Some local housing provident fund centers have reported completing their annual interest settlement, with notable increases in the total interest distributed compared to previous years [9][11]. Group 2: Growth in Housing Provident Fund - In 2024, the total housing provident fund contributions reached 36,317.83 billion, marking a 4.67% increase from the previous year, with a cumulative total of 327,941.35 billion and a balance of 109,252.79 billion, reflecting an 8.61% year-on-year growth [11]. - The number of active contributing units and individuals has also increased, with 5.29 million units and 17.63 million individuals contributing, representing growth rates of 6.92% and 1%, respectively [11]. - The pilot program for flexible employment individuals has expanded, with over 1 million participants in trial cities, and 240,000 individuals utilizing the fund for housing purposes [11].

// 债市综述 // 1. 公开市场操作 央行 5 月 30 日以固定利率、数量招标方式开展了 2911 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2911 亿元，中标量 2911 亿元。 Wind 数据显示，当日 1425 亿元 逆回购到期 ，据此计算，单日净投放 1486 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 流动性宽裕依旧，隔夜尽管跨月但利率仍处低位，存款类机构隔夜加权利率还在 1.5% 下方；非银机构以信用债为抵押融入隔夜盘初一度冲至 1.8% 以上，但随后回落至 1.6% 附近。 Shibor 短端品种表现分化。隔夜品种上行 6.0BP 报 1.471% ； 7 天期上行 1.5BP 报 1.617% ； 14 天期下行 0.5BP 报 1.739% ； 1 个月期下行 0.1BP 报 1.62% 。 海外方面，最新美国隔夜融资担保利率为 4.33% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.70% 附近。 | （*数据来源：Wind-成交统计BM ...

5月30日，住房城乡建设部、财政部、人民银行联合发布的《全国住房公积金2024年年度报告》显示， 2024年，全国发放住房公积金个人住房贷款230.56万笔，发放金额13043.07亿元。其中，重点支持购买 首套普通住房，首套住房贷款占发放笔数的86.86%。 报告显示，2024年，全国净增住房公积金实缴单位34.24万个，净增住房公积金实缴人数174.07万人，住 房公积金缴存规模持续扩大。 在支持缴存人住房消费方面，报告显示，一是支持租赁住房消费。2024年，租赁住房提取金额2720.57 亿元，比上年增长33.93%；租赁住房提取人数2257.44万人，比上年增长22.28%。二是支持城镇老旧小 区改造。2024年，支持6.53万人提取住房公积金20.43亿元用于加装电梯等自住住房改造，改善居住环 境。三是个人住房贷款重点支持购买首套普通住房。2024年发放的个人住房贷款笔数中，首套住房贷款 占86.86%，40岁（含）以下缴存人贷款占82.13%。2024年末，住房公积金个人住房贷款市场占有率 17.64%。2024年，发放住房公积金异地贷款21.30万笔、1119.64亿元；截至2024年末，累计发 ...

记者今天(30日)从住房城乡建设部获悉，近日，住房城乡建设部、财政部、中国人民银行联合发布了 《全国住房公积金2024年年度报告》。《报告》显示，住房公积金制度惠及面不断扩大，去年全国共发 放住房公积金贷款超1.3万亿元。《报告》显示，2024年，全国住房公积金各项业务运行平稳，住房公 积金缴存额36317.83亿元，8127.04万人提取住房公积金27654.84亿元，发放个人住房贷款230.56万笔、 13043.07亿元。与此同时，去年住房公积金制度惠及面不断扩大。全年住房公积金实缴单位529万个， 实缴人数17628.75万人，分别比上年增长6.92%和1%。新开户单位73.99万个，新开户人数1862.47万 人。此外，去年各地还通过持续优化使用政策，支持缴存人提取住房公积金支付购房首付款，大力支持 异地贷款和异地购房提取住房公积金。全年发放的个人住房贷款以及购房提取金额合计30970.83亿元。 支持缴存人改善居住环境，全年共有6.53万人提取住房公积金20.43亿元用于加装电梯等自住住房改造。 (央视新闻) ...

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].

Group 1 - The Shanghai Municipal Housing and Urban-Rural Development Commission is actively engaging with local enterprises to improve housing provident fund services [1] - A recent visit was conducted by Deputy Director Ma Ren to several companies, including Shanghai Minghua Smart City Operation Management Co., Ltd., Auster (China) Co., Ltd., and Shanghai Garden Group, to gather feedback and address issues related to the housing provident fund [1] - The initiative aims to strengthen communication with contributing enterprises and assist them in resolving current challenges regarding the housing provident fund [1]