自2022年建立"六张清单"机制以来，市发改委会同人民银行镇江市分行、镇江金融监管分局已累计 发布7批清单，为1637家企业（项目）提供授信2695.56亿元，贷款余额达1299.26亿元，成效显著。 日前，我市召开"汇聚金融 赋能实体"重点产业链"投贷联动"政银企对接会，正式发布了2025年第 二批金融助企"六张清单"，涵盖322家企业（机构），推动金融"活水"与企业需求精准对接，以创新金 融模式赋能实体经济发展。 这两个项目技术含量高、产业带动性强，是我市重点产业链上的关键节点，现场发布融资需求，立 刻吸引了在场投资机构和银行的目光。现场，资本市场和银行机构积极回应。尤为引人关注的是，毅达 资本、苏州永鑫方舟、上海复星创富等知名投资机构代表先后登台，表达了深度参与镇江战略性新兴产 业投资的意愿。 本次发布的第二批"六张清单"，是市发改委牵头深化政银企协同、提升金融服务实体经济质效的关 键举措。据介绍，本次清单企业将享受"优先授信、优惠利率、优质上门服务、优先量身打造金融产 品"的"四优"政策支持。"其中，重大项目清单聚焦'四群八链'和省级以上园区，及重点产业项目；科技 金融清单则瞄准独角兽、瞪羚企业，引导 ...

鑫新闻 研究所日报 2025 年 12 月 18 日 星期四 1.财政部公布数据显示，今年前11个月，全国财政收入20.05万亿元，同比增长0.8%，增幅与前10个 月持平。点评：从一般公共预算收入上来说，2023年至今中央和地方收入的同比表现出现分化，中央 层面从2023年下半年开始同比增幅下降，2024年至今连续两年同比萎缩，今年降幅呈现收窄趋势。地 方层面2024年初同比增速最低下降至0附近，此后至今增幅逐渐扩大。从政府性基金收入来看，主要受 到土地出让金下跌的影响，地方财政跌幅显著高于中央层面，2021年底至今总体和地方层面的政府性 基金收入同比几乎持续萎缩，中央层面同比表现多数时段在增长区间，最近两个月同比几乎持平。 2.据证券时报，"十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这 首先要求明年金融总量保持合理增长，充分满足实体经济融资需求，明年结构性工具将聚焦扩大内需、 科技创新、中小微企业等重点领域，继续支持金融"五篇大文章"。点评：充分满足实体经济融资需 求与扩大内需相辅相成，终端需求是拉动企业投资的根本动力，进而决定企业融资需求。当下中国货 币政策持续宽松了数年，在 ...

Group 1: Loan Growth and Financial Services - The company has focused on supporting key sectors such as private small and micro enterprises, manufacturing, import-export businesses, and consumer services, leading to steady loan growth [2] - Future loan growth is expected to be maintained due to ongoing policy support aimed at expanding domestic demand and promoting consumption [2] Group 2: Refinancing and Internal Growth - The company emphasizes a balanced approach between dividends and internal capital growth, ensuring a solid capital foundation for sustainable development [2] - Internal capital is projected to create greater value for the company, with a commitment to enhancing performance and providing returns to shareholders [2] Group 3: Asset Quality Outlook - The company acknowledges new challenges in asset quality management due to economic fluctuations and external conditions [2] - A focus on risk management and a robust credit risk monitoring system is in place to maintain asset quality at a favorable level within the industry [2] Group 4: Compliance and Disclosure - The company ensured that all communications during the investor relations activity adhered to disclosure regulations, with no significant undisclosed information leaked [2]

Group 1: Economic Financing Demand - The financing demand in the real economy remains relatively stable, with a focus on observing total financial indicators rather than single credit data fluctuations[1] - In October, the new social financing (社融) scale was 8,150 billion yuan, a year-on-year decrease of 5,970 billion yuan, primarily due to a decline in credit and government bond issuance[8] - Excluding the impact of government bond issuance timing, the social financing data showed only a minor decrease of 378 billion yuan compared to the previous year[9] Group 2: Household Credit and Confidence - In October, new household credit data turned negative at -3,604 billion yuan, marking the fourth negative turn this year, reflecting a contraction in household balance sheets[12] - The decline in new short-term loans was -2,866 billion yuan, indicating that repayments exceeded new loans, which suggests weakened consumer confidence[12] - The new medium- and long-term loans also decreased by -700 billion yuan, indicating early repayment of mortgages by households[12] Group 3: Savings and Investment Trends - In October, new household deposits decreased by -13,400 billion yuan, a year-on-year decline of 7,700 billion yuan, while non-bank financial institutions saw an increase of 18,500 billion yuan in deposits[13] - The bank wealth management market has grown to 31.6 trillion yuan, with a month-on-month increase of 0.36 trillion yuan, indicating a shift towards more stable asset allocations[13] - The new fund-raising scale in October was 910.49 billion yuan, a decrease of 40.14% from the previous month, with bond funds and mixed funds showing significant contributions[13] Group 4: Monetary Supply and Price Index - In October, M1 grew by 6.2% year-on-year, while M2 grew by 8.2%, indicating a divergence in monetary supply growth rates[15] - The negative differential between M1 and M2 growth rates has ended, with a current differential of -2%[15] - If subsequent data does not improve, there may be risks of weakening in the Producer Price Index (PPI) growth rate in the short term[15] Group 5: Future Outlook and Investment Opportunities - The demand for financing in the real economy is expected to remain stable, with a focus on consumption recovery and potential investment opportunities in the bond market[17] - The anticipated peak yield for 10-year government bonds is projected at 1.85%, suggesting a favorable environment for bond investments[17] - Key investment directions include service consumption and emerging sectors such as emotional economy, camping economy, and pet economy[17]

Economic Performance - In October, the new social financing scale was 816.1 billion yuan, a decrease of 595.9 billion yuan compared to the same period last year[1] - Government bond financing fell due to the overall fiscal financing rhythm, with the first three quarters' issuance at 9,408 billion yuan, up 45,281 billion yuan year-on-year, accounting for 79.3% of the annual target[1] - New RMB loans in October were 220 billion yuan, down 280 billion yuan year-on-year, indicating a recovery in corporate loan demand but a weak performance in residential loans[4] Consumption Trends - The total retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.8% year-on-year, with non-automobile retail sales increasing by 4.0%[5] - Restaurant revenue grew by 3.8% year-on-year, accelerating by 2.9 percentage points compared to September, contributing 0.4 percentage points to the overall retail sales growth[5] - Automobile and online goods retail sales fell by 4.4% and 1.2% respectively, dragging down the overall retail sales growth by 0.4 and 0.3 percentage points[5] Investment Insights - From January to October, fixed asset investment decreased by 1.7% year-on-year, with real estate investment down 14.7%, further expanding the decline by 0.8 percentage points[10] - Manufacturing and infrastructure investments showed positive growth at 2.7% and 1.5% respectively, but both slowed down compared to the previous three quarters[10] - Key sectors contributing positively to fixed asset investment included textiles (1.7%), food processing (1.4%), and beverage manufacturing (1.1%) for the same period[13]

Core Insights - The impact of the newly introduced 500 billion yuan policy financial tools has not yet fully materialized, but it is expected to gradually improve the medium to long-term loan sentiment for enterprises [1][10] - In October, new RMB loans increased by 220 billion yuan, a year-on-year decrease of 280 billion yuan, while social financing saw a negative change of -201 billion yuan, indicating a slowdown in credit issuance [1][11] Group 1: Credit Market Overview - The decline in credit issuance is attributed to seasonal factors and structural changes in the economy, compounded by a weak real estate cycle and the impact of local and corporate debt replacement loans [1][9] - The credit structure shows characteristics of "supporting corporate loans, weak household loans, and increased bill financing" [1][6] Group 2: Household Loans - Household loans were the main drag on the overall credit growth in October, with a decrease of 360.4 billion yuan, which is a year-on-year reduction of 520.4 billion yuan [2][4] - Both short-term and medium to long-term household loans faced pressure, reflecting weak consumer and housing demand [2][4] Group 3: Corporate Loans - Corporate loans continued to act as a "stabilizing force" in the overall credit landscape, with new loans to enterprises increasing by 350 billion yuan, a year-on-year increase of 220 billion yuan [6][8] - The short-term loans for enterprises decreased by 190 billion yuan, while bill financing saw a significant increase of 500.6 billion yuan, indicating a divergence in loan types [6][7] Group 4: Real Estate Market - The real estate market remains relatively weak, with a slight increase in new residential prices and a decline in second-hand residential prices, reflecting a cautious sentiment among homebuyers [4][5] - The willingness of residents to purchase homes has decreased, particularly in third and fourth-tier cities, where confidence has dropped significantly [4][5] Group 5: Future Outlook - The gradual implementation of the 500 billion yuan policy financial tools is expected to support over 2,300 projects with a total investment of approximately 7 trillion yuan, which may lead to a marginal improvement in corporate loan sentiment [10][11] - The future expansion of credit is likely to focus on policy financial tools, loans related to new economic drivers, and the continued role of corporate loans in stabilizing the credit market [10][11]

Core Viewpoint - The central bank's data indicates that loan interest rates have remained low throughout the year, leading to a high level of satisfaction regarding the financing needs of the real economy [1] Group 1: Loan Interest Rates - In September, the average interest rate for new corporate loans was approximately 3.1%, which is about 40 basis points lower than the same period last year [1] - The average interest rate for new personal housing loans was also around 3.1%, down about 25 basis points compared to the previous year [1] - The sustained low level of loan interest rates is attributed to the ongoing moderately loose monetary policy [1] Group 2: Monetary Policy Impact - The effects of a series of monetary policies, including reserve requirement ratio cuts and interest rate reductions, are becoming increasingly evident [1] - The low loan interest rates are contributing to a stable decrease in corporate financing costs, creating a favorable monetary and financial environment for the development of the real economy [1]

Core Insights - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the stability and growth of the banking and insurance sectors [1][3]. Financial Industry Overview - The total assets of the banking and insurance sectors in China have exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years [3]. - China holds the position of the largest credit market and the second-largest insurance market globally, with 143 Chinese banks listed among the world's top 1,000 banks, including 6 in the top 10 [3]. - The financial system is described as generally stable, with key regulatory indicators such as non-performing loans, capital adequacy, and solvency remaining in a "healthy range" [3]. Funding and Support for the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various financial instruments [4]. - Specific areas of focus include a 27.2% annual growth in loans for scientific research, 21.7% for manufacturing, and 10.1% for infrastructure [4]. - The balance of inclusive loans for small and micro enterprises has reached 36 trillion yuan, which is 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [4]. Insurance Sector Developments - The insurance industry has paid out a total of 9 trillion yuan in claims, representing a 61.7% increase compared to the "13th Five-Year Plan" period [4]. - Agricultural insurance has provided risk protection for 800 million farming households, while commercial pension and health insurance have accumulated reserves of 11 trillion yuan [4]. Regulatory Enhancements - The regulatory framework has been strengthened with the establishment of a comprehensive legal and regulatory system, enhancing digital and intelligent oversight [4]. - A total of 20,000 institutions and 36,000 individuals have been penalized, with fines totaling 21 billion yuan [4]. - Coordination between central and local authorities, as well as inter-departmental collaboration, has improved, fostering a cooperative environment for addressing financial challenges [4].

Core Viewpoint - The banking and insurance sectors have effectively played their role as the main financing channels for the real economy, providing an additional 170 trillion yuan in funding during the "14th Five-Year Plan" period, marking a significant enhancement in financial services [1][3]. Group 1: Funding and Financial Services - Over the past five years, the banking and insurance industries have provided 170 trillion yuan in new funding through various means such as credit, bonds, and equity [3]. - The average annual growth rates for loans in key areas are as follows: scientific and technological loans at 27.2%, medium to long-term loans for manufacturing at 21.7%, and infrastructure loans at 10.1% [3]. - The balance of inclusive loans for small and micro enterprises has reached 36 trillion yuan, which is 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [3].

Group 1 - The core viewpoint of the articles highlights the significant growth in China's loan issuance and social financing, indicating a supportive monetary policy environment aimed at bolstering economic recovery [1][3][4] - As of the end of August, the total balance of loans in both domestic and foreign currencies reached 273.02 trillion yuan, with a year-on-year growth of 6.6%, while the balance of RMB loans was 269.1 trillion yuan, growing by 6.8% [1] - The structure of credit is improving, with inclusive small and micro loans reaching 35.20 trillion yuan, up 11.8% year-on-year, and medium to long-term loans for the manufacturing sector at 14.87 trillion yuan, increasing by 8.6% [1] Group 2 - The increase in corporate loans is supported by a recovery in production sentiment, particularly in the manufacturing sector, where new loans accounted for 53% of total corporate loans, a significant increase of 33 percentage points compared to the previous year [2] - Personal loans have also seen growth, driven by seasonal consumer demand and government policies aimed at stimulating consumption, particularly in the real estate sector [2] - The total social financing scale increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the same period last year, indicating strong support for the real economy [3] Group 3 - The broad money supply (M2) reached 331.98 trillion yuan, with a year-on-year growth of 8.8%, while the narrow money supply (M1) was 111.23 trillion yuan, growing by 6% [3] - The People's Bank of China has maintained a supportive monetary policy, with recent measures including interest rate cuts and reserve requirement ratio reductions to enhance financial support for key sectors [4] - Structural monetary policy tools have been fully implemented across various financial sectors, aiming to improve the effectiveness of financial support for priority areas [4]