社保待遇保障方面，人社部指导各地做好退休人员基本养老金调整工作，自2025年1月1日起统一调整企业和机关事业单位退休人员养老金水平，重点向养老 金水平较低群体倾斜。同时，城乡居民养老保险全国基础养老金最低标准调整工作扎实推进。上半年，共为1479万低保对象、特困人员等困难群体代缴城乡 居民养老保险费，并为失业人员发放失业保险金、代缴基本医疗保险费等768亿元。 社保基金管理持续加强。人社部巩固社保基金管理问题专项整治成果，开展巩固提升行动，加大对欺诈骗保行为的打击力度，指导相关地方抓好审计发现问 题整改，健全基金安全监管体系。截至6月底，养老保险基金投资运营规模保持在2.55万亿元水平。 【环球网财经综合报道】7月22日，人力资源社会保障部召开2025年二季度新闻发布会，通报社会保障领域重点工作进展。数据显示，截至6月底，养老保险 基金投资运营规模达2.55万亿元，同时新就业形态人员职业伤害保障试点取得积极进展，试点省份参保人数已达1234万人。 人社部相关负责人介绍，上半年重点改革任务稳步推进。延迟法定退休年龄改革已平稳实施，企业职工基本养老保险全国统筹工作持续推进，上半年调剂资 金已全部调拨到位，有效支持 ...

Group 1 - The State Administration of Foreign Exchange reported that in the first half of the year, banks accumulated foreign exchange settlement of 82,135 billion yuan and foreign exchange sales of 83,950 billion yuan, indicating a stable foreign exchange market with strong resilience and vitality, outperforming market expectations [1] - In the first half of the year, there was a net inflow of cross-border funds of 127.3 billion USD from non-bank sectors, and foreign capital net increased holdings of domestic stocks and funds by 10.1 billion USD, reversing the net reduction trend of the past two years, with expectations for gradual increases in foreign allocation of RMB assets [1] Group 2 - The Ministry of Human Resources and Social Security reported that as of the end of June, the number of participants in basic pension, unemployment, and work injury insurance reached 1.071 billion, 245 million, and 300 million respectively, all showing stable growth year-on-year [4] - The Central Huijin Investment Co. has significantly increased its holdings in exchange-traded funds (ETFs), with a total subscription of over 200 billion yuan in the second quarter, aligning its strategic layout with policy guidance to stabilize market expectations and attract long-term capital [4] Group 3 - JD.com launched a "Dish Partner" recruitment plan, offering 1 billion yuan in cash to find partners for 1,000 signature dishes, with a guaranteed dividend of 1 million yuan for each dish [7] - Meituan announced the official launch of the "Ten Thousand Brands" plan, providing traffic support, customized services, and brand support for 10,000 well-known catering brands, with over 5,000 brands already participating [8]

2. 资金面 银行间市场资金面早盘改善明显，存款类机构隔夜回购加权利率（DR001）进一步跌逾5bp，逼近1.30%关口。 （IMM） 海外方面，最新美国隔夜融资担保利率为4.3%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） // 债市综述 // 1. 公开市场操作 央行公告称，7月22日以固定利率、数量招标方式开展了2148亿元7天期逆回购操作，操作利率1.40%，投标量2148亿元，中标量2148亿元。Wind数据显 示，当日3425亿元逆回购和1200亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.63%附近，较上日变化不大。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间 主要利率债长端弱势明显，7年、10年及30年期国债活跃券收益率上行超1bp。 | | 1Y | | 2Y | | ЗУ | | 5Y | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

人力资源社会保障部召开二季度新闻发布会。 人社部：持续推动扩大基本养老保险基金委托投资规模 人力资源社会保障部二季度新闻发布会上介绍，下一步，人社部将稳步推进养老保险全国统 筹、延迟法定退休年龄等改革。协同相关部门推进落实个人养老金政策措施。做好养老金调整 工作，及时足额发放社保待遇。持续加大基金监管力度。持续推进社会保险基金管理巩固提升 行动。优化完善社会保险基金监管系统，指导地方利用系统常态化开展数据筛查。 持续推动 扩大基本养老保险基金委托投资规模。 研究进一步规范基本养老保险基金投资运营信息报告 和信息披露制度。 上半年全国城镇新增就业695万人 上半年，我国就业形势总体平稳，三项社会保险基金累计结余9.83万亿元。上半年，全国城镇 新增就业695万人，完成全年目标任务的58%。6月份全国城镇调查失业率为5.0%，与去年同 期持平。失业保险降费率为企业减少用工成本超900亿元，向81.5万户次企业发放稳岗资金 62亿元，支持培训等促就业支出113亿元。同时，三项社会保险基金总收入4.53万亿元、总 支出3.89万亿元，6月底累计结余9.83万亿元，基金运行总体平稳。截至6月底，养老保险基 金投资运营规 ...

据中证金牛座，7月22日，记者从人力资源社会保障部二季度新闻发布会上获悉，下一步，人社部将稳 步推进养老保险全国统筹、延迟法定退休年龄等改革。协同相关部门推进落实个人养老金政策措施。做 好养老金调整工作，及时足额发放社保待遇。持续加大基金监管力度。持续推进社会保险基金管理巩固 提升行动。优化完善社会保险基金监管系统，指导地方利用系统常态化开展数据筛查。持续推动扩大基 本养老保险基金委托投资规模。研究进一步规范基本养老保险基金投资运营信息报告和信息披露制度。 ...

Core Insights - The Ministry of Human Resources and Social Security reported steady progress in social insurance and pension reforms in the first quarter of 2025, with significant increases in the number of insured individuals across various insurance schemes [1][2]. Group 1: Social Insurance Participation - As of March 2025, the number of participants in basic pension, unemployment, and work injury insurance reached 1.071 billion, 244 million, and 297 million respectively, showing year-on-year increases of 4.42 million, 2.56 million, and 2.71 million [1]. - The total revenue from the three social insurance funds in the first quarter was 2.36 trillion yuan, while total expenditures amounted to 1.94 trillion yuan, resulting in a cumulative balance of 9.6 trillion yuan by the end of March [1]. Group 2: Reform Implementation - The implementation of the delayed retirement age reform is proceeding smoothly, with national coordination of basic pension insurance being effectively advanced [1][2]. - The personal pension system has expanded from 36 pilot cities to nationwide implementation, with 85 index fund products added to the product catalog, enhancing the system's attractiveness [1][2]. Group 3: Social Security Support and Benefits - In the first quarter, 826,000 low-income individuals received assistance with their urban and rural resident pension insurance premiums, and unemployment insurance benefits totaling 36.54 billion yuan were disbursed [1][2]. Group 4: Fund Management and Investment - The entrusted investment scale of the national basic pension insurance fund reached 2.4 trillion yuan by the end of March 2025, with ongoing efforts to enhance fund management and security [2][3]. Group 5: Service Optimization - A unified national social insurance public service platform is being developed to improve service capabilities, with initiatives such as direct settlement for work injury insurance across provinces starting from April 1 [2]. - By the end of March, the number of social security cardholders reached 1.39 billion, covering 98.9% of the population, with electronic social security cards being utilized in various sectors [2].

Group 1 - The Ministry of Human Resources and Social Security (MoHRSS) is promoting the preservation and appreciation of social security funds through ongoing management actions [1] - The reform will include a gradual increase in the statutory retirement age and improvements to insurance payment methods for flexible workers, migrant workers, and those in new employment sectors [1] - There will be an adjustment in pension benefits, focusing on increasing basic pensions for low- and middle-income groups and raising the minimum standard for urban and rural residents' pension insurance [1] Group 2 - The MoHRSS encourages local governments to expand the scale of entrusted investments for enterprise employee pension funds [1] - There will be a deepening of the application of social security cards, integrating work permits for foreigners with social security cards, and enhancing the functionality of electronic social security card apps [1]