券商策略会现场，还能"淘"到百元级平价靓衫？ 近日，网传消息称，在申万宏源（000166.SZ）资本市场投资年会现场，会场外设置了"户外服装特卖场，最贵的 衣服也就180块"。 网传视频截图 事实上，策略会上推销产品，在券商行业内并非孤立。此前，国内某头部券商在广州举行的2025年中期投资策略 报告会就与国内某新能源汽车厂商合作，在报告会现场推出智能智驾前沿分享以及试乘试驾服务，邀请与会嘉宾 现场参观和体验。业内人士指出，券商的策略会，尤其是大性策略会，往往参与人数众多，其中不乏中小股东或 个人投资者，其未必不能成为一个合适的消费场景。 最贵180元/件 据网传微信聊天截图，近日申万宏源在上海金茂君悦大酒店嘉宾厅召开一年一度的券商策略会，会场外面设置了 嘉麟杰特卖，"有户外羊毛服饰和抓绒衣，大牌同款面料，价格十分之一，最贵的也就180块，性价比很高！欢迎 大家选购！" 公开资料显示，嘉麟杰（002486.SZ）成立于2001年，于2010年10月15日在深圳证券交易所上市，是国内户外运动 功能性面料企业，公司集研发设计、生产制造、营销服务于一体，在针织方面具有从纬编织造、染色、后整理到 成衣的连续加工生产配置 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - The stock index is expected to continue its volatile pattern with support at the bottom and pressure on the upside. Short - term market differences are expected to be gradually digested during the index's volatile adjustment, and a new driving force is awaited for the index to rise further [6]. 3. Summary by Related Content 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.53% with a 1.66bp increase, DR007 at 1.52% with a 0.03bp increase, GC001 at 1.69% with a 35.50bp increase, GC007 at 1.56% with a 5.50bp increase, SHBOR 3M at 1.58% unchanged, LPR 5 - year at 3.50% unchanged, 1 - year treasury at 1.40% with a - 0.10bp change, 5 - year treasury at 1.54% unchanged, 10 - year treasury at 1.80% with a 0.05bp increase, and 10 - year US treasury at 4.13% with a - 1.00bp change [3]. - **Open - Market Operations**: Last week, the central bank conducted 1.122 trillion yuan of reverse repurchase operations, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. This week, 1.122 trillion yuan of reverse repurchases will mature, and 12 billion yuan of treasury cash deposits will mature on Thursday [3][4]. 3.2 Stock Index Market - **Index Performance**: The CSI 300 fell 0.65% to 4568, the SSE 50 fell 0.3% to 3003, the CSI 500 fell 1.17% to 7151, and the CSI 1000 fell 1% to 7448. The trading volume of the Shanghai and Shenzhen stock markets was 1.9261 trillion yuan, a slight increase of 15.3 billion yuan from the previous day. Most industry sectors closed lower, with Internet services, cultural media, and education sectors leading the gains, and coal, battery, steel, fertilizer, energy metals, shipping ports, precious metals, and non - ferrous metals sectors leading the losses [5]. - **Futures Contracts**: IF volume increased by 6.6% to 121,863, and its open interest increased by 2.2% to 278,688; IH volume decreased by 4.3% to 54,759, and its open interest decreased by 3.4% to 97,691; IC volume increased by 15% to 134,440, and its open interest increased by 3.3% to 254,019; IM volume increased by 10.4% to 217,767, and its open interest increased by 19% to 362,020 [5]. - **Premium and Discount**: IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 3.75%, 3.40%, 2.96%, and 3.43% respectively; IH's were - 2.36%, 2.12%, 0.88%, and 1.07% respectively; IC's were - 3.03%, 11.73%, 10.63%, and 11.05% respectively; IM's were 4.08%, 15.22%, 13.31%, and 12.89% respectively [7].

中国人民银行11月13日发布的10月金融数据显示，广义货币（M2）和社会融资规模同比增速均保 持在较高水平，持续为经济回升向好创造适宜的货币金融环境；贷款规模保持合理增长，信贷结构持续 优化。 专家表示，未来央行将继续实施好适度宽松的货币政策，把握好力度和节奏，保持对实体经济较强 支持力度。 政府债券带动社融增长 社融方面，10月末社会融资规模存量为437.72万亿元，同比增长8.5%；前10个月社会融资规模增量 累计为30.9万亿元，比上年同期多3.83万亿元。 "国债和特殊再融资债券等政府债券发行进度较快、企业债券发行热度较高，均对社会融资规模增 长形成重要支撑。"专家分析称。 据市场人士测算，今年1-10月，政府债券累计发行规模约22万亿元，比去年同期多近4万亿元，企 业发债融资也高于去年同期。"2025年超长期特别国债发行规模从去年的1万亿元扩大至1.3万亿元，首 发时间比去年提前约一个月，发行完毕时间也相应提前，体现出财政对经济增长及需求拉动的支持，也 带动了社会融资规模增长。"上述人士说。 数据显示，10月末，M2余额335.13万亿元，同比增长8.2%；狭义货币（M1）余额112万亿元，同 比增 ...

Core Viewpoint - The People's Bank of China reported that the growth rates of broad money (M2) and social financing remained high in October, creating a favorable monetary environment for economic recovery. The central bank is expected to continue implementing a moderately loose monetary policy to support the real economy [1][3]. Monetary Supply and Financing - As of the end of October, the M2 balance was 335.13 trillion yuan, with a year-on-year growth of 8.2%. The M1 balance was 112 trillion yuan, growing by 6.2% year-on-year. The M1-M2 spread narrowed significantly, indicating increased business activity and consumer demand [2]. - The total social financing stock reached 437.72 trillion yuan at the end of October, with a year-on-year growth of 8.5%. The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [1][2]. Loan Structure and Interest Rates - The balance of RMB loans was 270.61 trillion yuan at the end of October, with a year-on-year growth of 6.5%. The cumulative increase in loans for the first ten months was 14.97 trillion yuan. The structure of loans is improving, with inclusive small and micro loans growing by 11.6% and medium to long-term loans for manufacturing increasing by 7.9% [2]. - The average interest rate for newly issued corporate loans was 3.1%, down approximately 40 basis points from the previous year. Similarly, the average interest rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [2]. Economic Support and Price Recovery - The financial data for October indicates reasonable growth, providing strong financial support for the real economy. The supportive monetary policy is expected to continue promoting price recovery [2][3]. - Experts emphasize that the current monetary policy stance is supportive, aiming to create a conducive environment for reasonable price recovery. The social financing scale and M2 growth rates have consistently remained above 8%, outpacing nominal GDP growth by about 4 percentage points [3].

Core Viewpoint - The People's Bank of China (PBOC) has reported that M2 and social financing growth rates remain high, creating a favorable monetary environment for economic recovery. The current monetary policy stance is supportive, aiming to promote reasonable price recovery and maintain strong support for the real economy [1][12]. Monetary Supply and Financing - As of October 2025, the M2 balance reached 335.13 trillion yuan, with a year-on-year growth of 8.2% [4]. - The social financing scale stood at 437.72 trillion yuan, reflecting a year-on-year increase of 8.5% [5]. - From January to October, the incremental social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [6]. - The balance of various loans in renminbi was 270.61 trillion yuan at the end of October, showing a year-on-year growth of 6.5% [7]. Loan Rates and Structure - The average interest rate for newly issued corporate loans (in both domestic and foreign currencies) in October was 3.1%, approximately 40 basis points lower than the same period last year [7]. - The structure of loans is continuously optimizing, with inclusive small and micro loans growing by 11.6% year-on-year, and medium to long-term loans for the manufacturing sector increasing by 7.9% [11]. Government Bonds and Financing Channels - The issuance of government bonds and special refinancing bonds has accelerated, significantly supporting the growth of social financing. In 2025, the issuance of ultra-long special government bonds increased from 1 trillion yuan to 1.3 trillion yuan [8]. - The financial system has become more diversified, with enterprises increasingly utilizing bonds and stocks for financing rather than relying solely on bank loans [8]. Economic Indicators and Price Trends - The Consumer Price Index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI (excluding food and energy) increased by 1.2%, marking the highest growth since March 2024 [12]. - The Producer Price Index (PPI) decreased by 2.1% year-on-year, with the rate of decline narrowing for three consecutive months [12]. Future Monetary Policy Outlook - The current monetary policy is deemed supportive, with expectations for continued implementation of moderately loose monetary policies to maintain strong support for the real economy [12].

Core Viewpoint - The People's Bank of China reported that the social financing scale increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year, indicating a supportive monetary environment for economic recovery [1][2]. Group 1: Social Financing and Government Debt - Government debt net financing accounted for nearly 40% of the social financing increment, with a total of 11.95 trillion yuan, which is an increase of 3.72 trillion yuan year-on-year [2]. - The issuance of government bonds reached approximately 22 trillion yuan in the first ten months, nearly 4 trillion yuan more than the previous year, supporting major projects and economic demand [2]. - Other financing methods, excluding loans, now account for over half of the social financing increment, indicating a shift in financing structure [2][3]. Group 2: Loan Structure and Trends - The total increase in RMB loans was 14.97 trillion yuan, with a growth rate of 6.5% as of the end of October [4]. - Inclusive small and micro loans and medium to long-term loans for manufacturing showed significant growth rates of 11.6% and 7.9%, respectively, surpassing the overall loan growth rate [4][5]. - Loans related to new economic drivers, such as technology and green financing, have maintained rapid growth, with technology SMEs loans increasing by 22.3% [5]. Group 3: Monetary Policy and Price Stability - The central bank's monetary policy aims to promote reasonable price recovery, with the CPI turning positive at 0.2% in October, indicating signs of stabilization [6]. - The monetary policy stance remains supportive, with expectations of continued effects from previous policy adjustments, despite a noted decrease in marginal efficiency [6][7]. - The weighted average interest rate for new corporate loans was 3.1%, approximately 40 basis points lower than the previous year, reflecting a low-cost borrowing environment [5].

Core Viewpoint - The central viewpoint of the article emphasizes that the monetary policy stance in China remains supportive, creating a favorable monetary and financial environment for economic recovery, with a focus on maintaining appropriate levels of monetary easing to support the real economy [2][13]. Summary by Sections Social Financing Scale - As of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [4]. - The increment in social financing from January to October was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [5]. Loan Growth and Structure - By the end of October, the balance of various RMB loans was 270.61 trillion yuan, showing a year-on-year increase of 6.5% [6]. - The weighted average interest rate for newly issued corporate loans (in both RMB and foreign currencies) in October was 3.1%, approximately 40 basis points lower than the same period last year [6]. - The structure of loans is continuously optimizing, with inclusive small and micro loans growing by 11.6% year-on-year, and medium to long-term loans for the manufacturing sector increasing by 7.9% [11]. Monetary Supply and Economic Indicators - The M2 balance stood at 335.13 trillion yuan at the end of October, with a year-on-year growth of 8.2% [9]. - The M1 balance was 112 trillion yuan, reflecting a year-on-year increase of 6.2%, indicating a recovery in corporate operations and personal consumption demand [9]. Government Bonds and Financing Channels - The issuance of government bonds, including special refinancing bonds, has accelerated, contributing significantly to the growth of social financing [8]. - The cumulative issuance of government bonds from January to October was approximately 22 trillion yuan, nearly 4 trillion yuan more than the same period last year [8]. Price Stability and Monetary Policy - The Consumer Price Index (CPI) turned positive in October, rising by 0.2% year-on-year, while the core CPI increased by 1.2%, marking the highest growth since March 2024 [14]. - The article notes that the effects of supportive monetary policy will continue to manifest, with a focus on maintaining a balance in monetary easing to avoid potential negative impacts such as capital market volatility [13][14].

Core Insights - The People's Bank of China reported that the cumulative social financing scale increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1] - The year-on-year growth rate of social financing stock was 8.5% at the end of October, while the broad money (M2) growth rate was 8.2%, both showing a decrease of 0.2 percentage points [1] - The structure of social financing is changing, with non-loan financing methods now accounting for over half of the total financing increment [3][4] Government Debt and Financing - Net financing from government bonds accounted for nearly 40% of the social financing increment, totaling 11.95 trillion yuan, which is an increase of 3.72 trillion yuan year-on-year [3] - The total issuance of government bonds reached approximately 22 trillion yuan in the first ten months, nearly 4 trillion yuan more than the same period last year [3] - The government is leveraging increased bond issuance to support major projects and stimulate demand in the economy [3] Loan Structure and Trends - In the first ten months, RMB loans increased by 14.97 trillion yuan, with a loan growth rate of 6.5% at the end of October [6] - The balance of inclusive small and micro loans reached 35.77 trillion yuan, growing by 11.6% year-on-year, while medium to long-term loans for the manufacturing sector increased by 7.9% [6] - Loans related to new economic drivers have maintained a rapid growth rate, indicating a shift in credit structure towards high-quality development [6] Monetary Policy and Economic Impact - The current monetary policy stance is supportive, aimed at promoting a reasonable recovery in prices [9] - The Consumer Price Index (CPI) showed a year-on-year increase of 0.2% in October, while the core CPI rose by 1.2%, marking the highest growth since March 2024 [9] - Experts suggest that while there is still room for monetary policy adjustments, the marginal efficiency has declined, and excessive easing could lead to negative effects [10]

Group 1 - The latest CPI and PPI data indicate positive signals for the economy, with CPI rising 0.2% month-on-month and year-on-year, and core CPI increasing 1.2% year-on-year for six consecutive months [1] - The PPI has shown a month-on-month increase of 0.1%, marking the first rise this year, while the year-on-year decline has narrowed to 2.1% [1] - The improvement in price stability is attributed to supportive monetary policies and a favorable financial environment, with social financing and M2 growth rates consistently above 8% [1] Group 2 - The positive effects of monetary policy are expected to continue, as past adjustments and measures will accumulate over time, although caution is advised regarding potential negative effects of excessive monetary easing [2] - Maintaining a balanced approach to monetary policy is crucial to support the real economy while avoiding issues such as capital market volatility [2] Group 3 - A comprehensive approach involving both monetary and fiscal policies is necessary for a reasonable price recovery, including optimizing fiscal spending and enhancing consumer capacity [3] - The long-term inflation target of around 2% should be viewed from a mid-to-long-term perspective, as international experience suggests that policy effects take time to materialize [3] - The overall positive trend of the economy remains intact, with supportive policies expected to gradually bring prices back to a reasonable range and further consolidate economic recovery [3]

Core Viewpoint - The latest financial statistics indicate a significant increase in social financing scale, with a total increment of 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1] Group 1: Social Financing and Government Debt - The net financing of government bonds accounted for nearly 40% of the social financing increment, totaling 11.95 trillion yuan, which is an increase of 3.72 trillion yuan year-on-year [3] - The issuance of government bonds has accelerated, with a cumulative issuance of approximately 22 trillion yuan in the first ten months of the year, nearly 4 trillion yuan more than the same period last year [3] - Other financing methods, excluding loans, now account for more than half of the social financing increment, indicating a shift in financing structure [3][4] Group 2: Monetary Policy and Economic Support - The current monetary policy stance is supportive, aimed at promoting a reasonable recovery in prices, with the M2 growth rate at 8.2% and M1 at 6.2% [1][7] - The People's Bank of China emphasizes the need for a balanced approach in implementing moderately loose monetary policy to maintain strong support for the real economy [8] - The core CPI has shown signs of recovery, with a year-on-year increase of 1.2%, marking the highest growth since March 2024 [7] Group 3: Loan Structure and Trends - In the first ten months, the increase in RMB loans was 14.97 trillion yuan, with a loan growth rate of 6.5% [5] - The structure of loans has shifted, with significant growth in loans to small and micro enterprises, technology-based SMEs, and green loans, all exceeding the overall loan growth rate [5] - The average interest rate for newly issued loans remains low, with corporate loans at 3.1%, approximately 40 basis points lower than the previous year [5]