智通财经记者 | 杨志锦 智通财经编辑 | 王姝 除此之外，新型政策性金融工具短期内可能会带动抵押补充贷款（PSL）、社融口径下委托贷款的高 增。 三大投放载体同日成立 今年4月25日召开的中共中央政治局会议提出，创设新的结构性货币政策工具，设立新型政策性金融工 具，支持科技创新、扩大消费、稳定外贸等。5个月后，新型政策性金融工具终于落地。 "新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。"国家发改委政策研究室副主任、委 新闻发言人李超9月29日在该委新闻发布会上表示，"我们正在会同有关方面，抓紧将新型政策性金融工 具资金投放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推动扩 大有效投资，促进经济平稳健康发展。" 就在同日，三大政策性银行注册成立投放载体，并实现资金投放。国家企业信用信息公示系统显示，9 月29日国开新型政策性金融工具有限公司注册成立，经营范围为"一般项目：以自有资金从事投资活 动"。该公司注册资本为200亿元，由国开行全资持股，法定代表人为陈梦蒙（国开行副行长）。 新型政策性金融工具终于落地。 据智通财经记者整理、采访，国开行、农发行、进出口银行 ...

Group 1 - The core viewpoint of the articles is the signing of a cooperation agreement between Nanjing Municipal Government and China Export-Import Bank Jiangsu Branch to promote high-quality development of an open economy in Nanjing [1][2] - The cooperation will focus on key areas such as stabilizing and improving foreign trade, supporting enterprises to "go global," innovating cross-border e-commerce, and constructing foreign trade infrastructure [1] - China Export-Import Bank Jiangsu Branch has actively supported Nanjing's open economy by providing trade financing to key foreign trade enterprises and collaborating with commercial banks on risk-sharing loan transfer business [1] Group 2 - The signing of the cooperation agreement is a significant decision made after in-depth discussions, aimed at providing solid financial support for Nanjing's open economy and creating broad opportunities for China Export-Import Bank Jiangsu Branch to expand its business [2] - The next steps involve China Export-Import Bank Jiangsu Branch increasing policy-based financial supply in key areas, innovating cross-border business products, and enhancing comprehensive service quality to support Nanjing enterprises in international competition and cooperation [2]

Group 1 - The core viewpoint emphasizes the role of the Export-Import Bank of China, Shaanxi Branch, in supporting high-level opening-up and high-quality development of the real economy during the 14th Five-Year Plan period, with a total loan issuance exceeding 240 billion yuan [1] - The bank has established multiple joint working mechanisms with various government departments and signed strategic cooperation agreements to enhance foreign trade quality and promote high-quality development in Shaanxi Province [2] - The bank has implemented 11 specific measures to support foreign trade, resulting in a 30% increase in service clients in the foreign trade sector compared to the beginning of the year [3] Group 2 - The bank has provided nearly 6 billion yuan in financing support for the China-Europe Railway Express (Xi'an), which has become a key logistics channel connecting Europe and Asia, with over 4,000 trains operated [4] - As of August 2025, the China-Europe Railway Express (Xi'an) has surpassed 30,000 trains in total, accounting for one-quarter of the national total, making Xi'an the leading hub for this service [5] - The bank is committed to enhancing financial services for private small and micro enterprises, having supported nearly 2,000 such businesses and provided over 8 billion yuan in financing [8][9] Group 3 - The bank's total assets exceeded 100 billion yuan by June 2025, reflecting a nearly 30% growth over five years, attributed to strong leadership and collective efforts [9] - The bank aims to continue implementing national strategies, focusing on high-quality development and enhancing marketing management capabilities [9]

Group 1 - The core viewpoint emphasizes the importance of financial support for technological innovation and the role of scale economy in enhancing research and development efficiency [1][4][14] - The "G2 model" of innovation highlights the collaboration between the US and China, where the US leads in frontier innovation while China excels in commercialization and scaling [2][3] - China's challenges in technological innovation stem from supply-side restrictions and demand-side decentralization pressures due to geopolitical tensions [2][3] Group 2 - Innovation is categorized into "0 to 1" (original innovation) and "1 to 10" (incremental innovation), with China primarily focusing on the latter [3][4] - Scale economy plays a crucial role in both leading and catching-up innovations, impacting the ability to invest in research and development [4][5] - Internal scale economies benefit large enterprises in managing high-cost innovation projects, while external scale economies arise from collaboration among smaller firms [5][6] Group 3 - Financial services are essential for supporting innovation, with the need for policies that encourage private sector investment in research and development [6][18] - The role of capital markets is highlighted in promoting leading innovations, with equity financing being more suitable than debt financing for high-risk projects [18][19] - The effectiveness of capital markets in fostering innovation is contingent on improving information disclosure and regulatory frameworks [19][20] Group 4 - The structure of the financial system is critical, with a focus on separating financial and industrial operations to enhance resource allocation efficiency [21][22] - Regulatory frameworks should balance efficiency and safety, ensuring that financial institutions do not extend government guarantees to the real economy [22][23] - The promotion of external scale economies through diverse financial institutions can enhance the overall effectiveness of the financial system [24][25]

Core Insights - The report from the Development Research Center of the State Council indicates that in 2024, China Export & Credit Insurance Corporation (Sinosure) achieved an insured amount of $10,214.4 billion, marking a 10% year-on-year increase and surpassing the trillion-dollar milestone for the first time [1][2] - Sinosure has been actively supporting Chinese enterprises in their engagement with countries involved in the Belt and Road Initiative, facilitating exports and investments totaling $2,816 billion to these nations [1] - The company has enhanced its inclusive financial services, serving 198,000 small and micro enterprises, which exported $1,808 billion, reflecting growth rates of 16.2% and 8.6% respectively [1] Group 1 - In the first half of the year, Sinosure expanded its export credit insurance coverage, achieving an insured amount of $5,656 billion, a 13.5% increase year-on-year [2] - The number of clients served reached 223,000, representing an 11.9% growth, covering one-third of foreign trade enterprises [2] - The insured amount of export credit insurance accounted for 27.4% of China's total export value, an increase of 2 percentage points [2] Group 2 - Sinosure has implemented two rounds of special support policies to help foreign trade enterprises stabilize orders, expand markets, compensate for losses, and boost confidence amid changing external conditions [2] - The company has also focused on diversifying markets, supporting exports and investments to Belt and Road countries totaling $2,413 billion [2] - Additionally, Sinosure increased its short-term insurance financing support, achieving an insured amount of 1,407 billion yuan, which is a 5% growth [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy - based financial tools are carriers of policy - based finance, aiming to provide capital for national strategic projects, with a strong "quasi - fiscal" attribute. Historical practices include the special construction funds from 2015 - 2017 and the policy - based and development financial tools in 2022. The upcoming new policy - based financial tools may continue the feature of monetary - fiscal coordination [14][18][108]. - If the new policy - based financial tools are established in the third quarter of 2025 and fully invested within the year, they are expected to boost RMB credit growth by 0.33 - 1.00 percentage points and infrastructure investment growth by 5.67 - 12.38 percentage points in 2025 [4][101]. 3. Summary by Relevant Catalogs 3.1 What are Policy - based Financial Tools? - "Policy - based finance" emphasizes government macro - control. Policy - based financial tools are carriers of policy - based finance, providing capital for national strategic projects and having a "quasi - fiscal" attribute. The concept of new policy - based financial tools was first proposed in 2025, which may inject new vitality into infrastructure investment and help stabilize economic growth in the second half of the year [13][14]. 3.2 Looking Back at the Historical Practice and Evolution of Policy - based Financial Tools 3.2.1 Special Construction Funds with "Second Fiscal" Characteristics - **Establishment Background**: In 2015, to expand effective investment and relieve economic downward pressure, the NDRC proposed to issue special bonds to raise funds for special construction funds. Externally, the Fed tightened liquidity, and internally, the economy was in the "three - phase superposition" new normal, with domestic investment in real estate, infrastructure, and manufacturing declining [19]. - **Funding Sources**: Initially, policy banks issued special bonds to the Postal Savings Bank, with 90% central fiscal discount. Later, it was changed to public issuance in the market, and the discount was adjusted to different levels [22]. - **Investment Areas**: It mainly supported key construction projects, covering five major categories and 33 special projects such as people's livelihood improvement, "three rural" construction, and infrastructure. It also began to expand to transformation and upgrading fields [26]. - **Operation Mode**: Policy banks established special construction fund companies. Local governments and state - owned enterprises submitted project applications to the NDRC, which formed a project list. The funds were invested in an equity form, with a fixed return and an exit mechanism such as equity transfer or repurchase [30][32][33]. - **Investment Effect**: Theoretically, it could leverage 4 - 6.67 times the investment scale, and in practice, it could leverage 3.45 - 4.29 times. It played a role in stabilizing infrastructure investment, and the growth rate of fixed - asset investment in industries such as water conservancy increased significantly [40][41]. 3.2.2 Policy - based and Development Financial Tools Highlighting "Monetary - Fiscal Coordination" - **Establishment Background**: In 2022, due to the impact of the pandemic, the economy faced triple pressures. The government introduced a series of policies, including setting up policy - based and development financial tools to support economic growth. A total of about 7399 billion yuan was invested [44][48]. - **Funding Sources**: The first batch was mainly from market - based bond issuance, and the subsequent batches might have PSL funds as a supplement, reflecting the synergy between currency and finance [51]. - **Investment Areas**: The scope was further expanded to include some new infrastructure and green energy projects. However, in practice, traditional infrastructure fields were still the main focus [53][54]. - **Operation Mode**: Similar to special construction funds, policy banks established infrastructure fund investment companies. The central government provided appropriate interest subsidies for 2 years. The investment period was 15 - 20 years [59][60]. - **Investment Effect**: It significantly promoted infrastructure investment, boosting the growth of large - scale project investment and total fixed - asset investment. It also repaired the loan demand in the infrastructure industry [68][69]. 3.2.3 Comparison of the Two Types of Policy - based Financial Tools - Although there are differences in details such as funding sources, subsidy policies, and investment ratios, their core function is to provide project capital for major projects, essentially "capital loans" [71]. 3.3 Understanding the New Policy - based Financial Tools - The core function may still be to supplement project capital, but the investment areas may include new infrastructure such as digital economy and artificial intelligence, and the support may be tilted towards private enterprises [78][79]. - The funding sources may be market - based bond issuance by policy banks, supplemented by PSL funds and central fiscal subsidies. The total scale is about 50 billion yuan [80][81]. - The operation process is similar to the previous two rounds. It may participate in the form of equity investment, shareholder loans, and special bond capital bridging loans, with shareholder loans being the main form [85]. - The establishment speed is relatively slow, possibly to reserve policy space and allow sufficient time for project application. It is expected to be established and put into use in September - October 2025 to stabilize infrastructure growth [90][98]. 3.4 Calculation of the Stimulative Effect of New Policy - based Financial Tools on Stable Growth - **Credit Demand Stimulative Effect**: Referring to the 2022 experience, policy - based financial tools can leverage 1.55 - 4.73 times of credit demand. If 50 billion yuan of new policy - based financial tools are invested within the year, they can boost credit growth by 0.33 - 1.00 percentage points [102][104]. - **Infrastructure Investment Stimulative Effect**: They can leverage 10 - 13.2 times of total infrastructure investment. About 50 billion yuan of new policy - based financial tools can boost infrastructure investment growth by 5.67 - 12.38 percentage points in 2025 [105][106]. 3.5 Summary - Policy - based financial tools play a crucial role in providing capital for major projects. The upcoming new tools may continue the feature of monetary - fiscal coordination, with innovations in investment areas and participating subjects. Attention should be paid to the possibility of the central bank adjusting PSL interest rates [108].

Core Viewpoint - The signing of the cooperation agreement between Agricultural Development Bank of China Jinan Branch and Jinan Urban Investment Group marks a significant step towards enhancing financial support for rural revitalization and infrastructure development in Jinan [1][2] Group 1: Cooperation Agreement Details - The agreement was signed by key representatives from both organizations, emphasizing a commitment to rural revitalization and addressing key areas in agriculture and rural sectors [1] - The collaboration will focus on three main directions: establishing a benchmark for rural revitalization, strengthening water conservancy infrastructure, and innovating financial services [1] Group 2: Financial Mechanisms and Support - The Agricultural Development Bank will set up a special service team and open a "green channel" for financing to improve the efficiency of major project financing [2] - There will be a prioritization of credit allocation for Jinan Urban Investment Group in areas such as rural revitalization and water conservancy projects, leveraging policy-based financial tools [2] - The partnership aims to enhance cooperation from single project financing to a comprehensive service chain including planning consultation, capital operation, and risk management [2]

Group 1 - The establishment of the Tibet Autonomous Region has led to increased support from China Export & Credit Insurance Corporation (Sinosure) for local foreign trade enterprises, integrating financial services into key development areas [1] - Shengxin Industry and Trade Co., Ltd. has achieved annual sales exceeding 20 million yuan, exporting products to countries like Nepal and India, while facing risks such as foreign exchange controls [1] - The establishment of the unified insurance platform in May 2022 has provided policy-based export credit insurance to local enterprises, covering commercial and political risks [1] Group 2 - The upgraded unified insurance platform, launched on July 24, 2025, addresses the unique trade characteristics of Tibet, supporting both goods and service trade by enhancing risk coverage [2] - Sinosure has also facilitated overseas investment for Tibetan enterprises, with the first overseas investment project insured being the Tajikistan project by Tibet Huayu Mining Co., Ltd. [2] - Huayu Mining, a leading antimony producer in China, has invested nearly 200 million USD in the Tajikistan project, which has a designed annual production capacity of 1.5 million tons [3] Group 3 - Sinosure has supported over 690 million USD in exports and investments for Tibetan enterprises, enhancing their risk resilience and international market expansion [3]

Core Viewpoint - The China Export-Import Bank's Guangdong Branch is actively supporting the panel industry by providing liquidity loans to a leading foreign enterprise, enhancing the stability of the domestic panel industry chain [1] Group 1: Financial Support and Impact - The Guangdong branch of the China Export-Import Bank has issued liquidity loans to a foreign enterprise that is a leader in the panel industry, specifically targeting high-end panel products for automotive and IT sectors [1] - This foreign enterprise has been investing in China's panel industry since 2002 and has established production bases and sales networks in cities like Guangzhou, Shanghai, and Nanjing, significantly contributing to the local panel industry ecosystem [1] - Since 2019, the bank has collaborated with this foreign enterprise, providing financing support amounting to several billion yuan to its subsidiaries in Guangzhou and Nanjing [1] Group 2: Policy Alignment and Future Plans - The loan issuance aligns with the "2025 Action Plan for Stabilizing Foreign Investment" jointly released by the Ministry of Commerce and the National Development and Reform Commission, which aims to support foreign enterprises in expanding their investment and operations in China [1] - The Guangdong branch plans to continue its policy-driven financial mission, enhancing its roles as a foreign trade bank, international cooperation bank, and advanced manufacturing bank to support foreign enterprises in their investment and business expansion in China [2]

Core Viewpoint - The Export-Import Bank of China successfully issued 5 billion yuan in financial bonds aimed at supporting the development of foreign trade for private enterprises, marking a significant step in enhancing policy-oriented financial functions [1] Group 1: Bond Issuance Details - The bonds were issued on June 4, with a maturity of one year and a total amount of 5 billion yuan [1] - The funds raised will be specifically allocated for credit loans in the foreign trade sector for private enterprises, receiving broad participation and positive subscription from market investors [1] Group 2: Strategic Focus and Future Plans - The issuance reflects the bank's commitment to strengthening its policy-oriented financial role, focusing on its main responsibilities, and fostering new advantages for private enterprises in international economic and trade cooperation [1] - The Export-Import Bank plans to continue leveraging its professional advantages, optimizing resource allocation, and enhancing financial services to promote high-quality development of the private economy [1] Group 3: Previous Issuances - Prior to this issuance, the bank had cumulatively issued 32 billion yuan in financial bonds related to foreign trade this year, including 27 billion yuan for enhancing the quality and efficiency of foreign trade and 5 billion yuan for supporting infrastructure connectivity in foreign trade [1]