现产市场月报 2025 年 6 月刊 ■【研究视点】 城币供求 本月供求比 库存量(万 ㎡) 消化周期(月) 城市 29.0 北京 0.8 1233 1.0 上海 737 13.7 0.6 1426 20.4 广州 0.6 702 15.7 深圳 24.5 武汉 1.1 1493 1.0 1370 11.2 成都 惠州 0.4 1297 40.9 1248 20.3 1.0 天津 1054 17.9 1.1 西安 44.2 0.8 979 长辈 0.5 892 20.1 直庆 青岛 0.3 8୧8 13.9 0.5 835 20.8 佛山 639 18.2 南京 0.6 0.4 626 17.8 郑州 0.6 625 23.4 南宁 0.2 ୧ ! ୧ 38.2 珠海 0.9 ୧୦୨ 20.0 key 18.9 苏州 0.9 607 0.5 18.0 济南 581 2.1 530 36.2 无锡 0.8 466 7.9 杭州 0.9 453 15.3 昆明 东莞 0.8 414 26.3 常州 0.3 410 28.3 1.2 325 17.8 宁波 0.7 247 19.9 徐州 1.3 236 16.1 ...

Core Viewpoint - Zhejiang province is implementing financial support measures to stabilize production and reduce burdens for enterprises, particularly focusing on export credit insurance subsidies and loan facilitation for key industries [1] Financial Policy Support - The draft policy encourages banks and financial institutions to increase loan limits and reduce interest rates for "specialized, refined, characteristic, and innovative" enterprises, as well as "single champion" companies and those on the national supply chain whitelist [1] - A subsidy of no less than 60% will be provided for short-term export credit insurance premiums, with an increased subsidy rate of 80% for key countries [1] Support for Key Industries - The policy aims to enhance domestic trade insurance coverage for key industry chain export enterprises and explore support policies for domestic trade insurance [1] - There will be an increase in the support for non-repayment renewal loans, with a temporary expansion of eligible medium-sized enterprises for working capital loans until September 30, 2027 [1]

Group 1 - Lanzhou Bank announced that some supervisors and management personnel have cumulatively increased their holdings by 12.53 million shares, accounting for 0.22% of the total share capital, with an investment amount of 29.9 million yuan, exceeding the lower limit of the planned increase [1] - Since the beginning of the year, 11 banks have been subject to shareholder and executive increases, totaling 510 million shares and involving 4.57 billion yuan [1][5] - The banking sector's market value has reached new highs this year, surpassing 10 trillion yuan [1][6] Group 2 - Lanzhou Bank's major shareholders are required to increase their holdings by at least 15% of the cash dividends from the previous year, with a total increase amounting to no less than 26.94 million yuan [2] - As of now, the related parties have cumulatively increased their holdings by 12.36 million shares, accounting for 0.2170% of the total share capital, with a total investment of 29.49 million yuan [2] - Recent announcements from multiple banks indicate significant increases in shareholdings by executives, with total amounts exceeding 70 million yuan [3][4] Group 3 - Insurance funds have been actively acquiring bank stocks, with Ping An Life increasing its holdings in Agricultural Bank of China and Postal Savings Bank of China [6][7] - Ping An Life has made multiple acquisitions this year, including three banks, with significant increases in shareholding percentages [6] - The banking sector has shown defensive characteristics amid external uncertainties, supported by various financial policies aimed at stabilizing the market [7]

Core Viewpoint - The banking sector is experiencing a rebound, supported by recent monetary policy adjustments and positive market sentiment following trade negotiations [1][2]. Group 1: Market Performance - As of May 20, the China Securities Bank Index (399986) rose by 0.51%, with notable increases in stocks such as Shanghai Pudong Development Bank (1.67%) and Ningbo Bank (1.58%) [1]. - The Tianhong Bank ETF (515290) increased by 0.63%, with a recent weekly gain of 0.92%, and its latest scale reached 40.12 billion [1]. - The Tianhong Bank ETF has shown a 26.48% increase in net value over the past year, ranking in the top 2 among comparable funds [3]. Group 2: Monetary Policy Impact - The People's Bank of China announced a reduction in the one-year Loan Prime Rate (LPR) to 3% from 3.1% and the five-year LPR to 3.5% from 3.6%, which is expected to lower financing costs for the real economy [1]. - Economic analysts believe that the LPR cut will help stabilize the economic fundamentals by reducing overall financing costs [1]. Group 3: Fund Performance Metrics - The Tianhong Bank ETF has a Sharpe ratio of 1.63, ranking in the top 3 among comparable funds, indicating higher returns for the same level of risk [4]. - The maximum drawdown for the Tianhong Bank ETF this year is 5.45%, which is relatively low compared to its benchmark [4]. - The fund's management fee is 0.50%, and the custody fee is 0.10%, with a tracking error of 0.111% over the past two years, the highest precision among comparable funds [5]. Group 4: Top Holdings - As of April 30, the top ten weighted stocks in the China Securities Bank Index accounted for 65.11% of the index, including major banks like China Merchants Bank and Industrial and Commercial Bank of China [5].

Group 1 - The National Financial Regulatory Administration and the China Securities Regulatory Commission announced a series of financial policy measures to support market stability and expectations [1] - Central Huijin, a vice-ministerial level central enterprise, has an asset scale exceeding 10 trillion yuan after the merger of three major Asset Management Companies (AMCs) into China Investment Corporation [3] - Central Huijin's investment acumen has been validated multiple times in the market [4] Group 2 - Central Huijin has made significant investments in companies with high growth potential, including six leading firms in their respective fields [5] - The first company is Guodian Power, which has a diversified business model and is developing technology in nuclear power [5] - The second company is Gehua Cable, which operates the world's largest interactive digital TV platform and is considered a stable asset in communication infrastructure [6] - The third company is Sheneng Co., which dominates the natural gas and electricity sectors in Shanghai [7] - The fourth company is Zhongheng Group, known for its influential cardiovascular and oncology medications, with potential for valuation recovery [8] - The fifth company is Suzhou High-tech, the only A-share listed company under the Suzhou High-tech Zone government, focusing on new industry investment and urban development services [9] - The sixth company is a leading domestic industrial rigging manufacturer, with a stable market share and a large customer base across various sectors [10]

1、适配房地产融资制度：加速出台与房地产发展新模式相匹配的一系列融资制度，助力持续稳固房地 产市场的稳定态势。 2、扩大保险资金投资试点：进一步拓宽保险资金长期投资试点的范围，为市场引入更多增量资金。 5 月 7 日上午 9 时，国务院新闻办公室举行新闻发布会，邀请中国人民银行、国家金融监督管理总局、 中国证券监督管理委员会负责人，介绍 "一揽子金融政策支持稳市场稳预期" 相关情况，并回答记者提 问。 发布会上，国家金融监督管理总局局长李云泽透露，金融监管总局近期计划推出 8 项增量政策： 7、扩展金融投资公司主体：将发起设立金融资产投资公司的主体范围，扩大至符合条件的全国性商业 银行，加大对科创企业的投资力度。 8、推动科技保险发展：制定科技保险高质量发展的意见，更好地发挥风险分担和补偿作用，切实为科 技创新提供有力保障。 3、调降保险投资风险因子：调整优化监管规则，进一步降低保险公司股票投资风险因子，以支持稳定 和活跃资本市场。 本文系观察者网独家稿件，未经授权，不得转载。 4、支持小微民企融资：尽快推出支持小微企业、民营企业融资的一揽子政策，深入落实融资协调工作 机制，助力稳定企业和经济发展。 5、护航 ...

5月7日，A股三大指数均大幅高开，沪指高开1.17%，回补4月7日跳空低开的缺口；深成指高开1.35%，创业 板指高开1.91%，金融、房地产等板块指数涨幅居前。 受利好消息刺激，地产股集体走强，天保基建、渝开发、华丽家族、三湘印象、新华联涨停，福星股份、光 大嘉宝、绿地控股、城投控股等多股涨超5%。 港股市场开盘表现同样不俗，恒生指数高开2.24%，恒生科技指数高开2.72%。房地产板块高开，融创中国高 开超8%，碧桂园涨超4%。金融股集体上涨，招商证券涨近8%。博雷顿上市首日涨超61%。山东墨龙涨近 15%，延续昨日涨势。 与此同时，今日早盘，在上一交易日夜盘收涨0.83%的基础上，富时中国A50指数期货开盘后直线拉升大涨， 一度涨超2%，现在涨超1.2%。 消息方面，据央视新闻，在今天举行的国新办新闻发布会上，中国人民银行、国家金融监督管理总局、中国 证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 发布会上，中国人民银行行长潘功胜介绍，降准0.5个百分点，向市场提供长期流动性约1万亿元，并降低政 策利率0.1个百分点。 此外，潘功胜还宣布，将下调个人住房公积金贷款利 ...