每经记者｜张寿林 每经编辑｜毕陆名 会议认为，主要宏观调控指标处在合理区间，经济结构持续优化，防范化解金融风险取得初步成效，生 态环境改善，人民群众获得感、幸福感、安全感增强。 会议要求，保持经济平稳健康发展，坚持实施积极的财政政策和稳健的货币政策，提高政策的前瞻性、 灵活性、有效性。 财政政策要在扩大内需和结构调整上发挥更大作用。要把好货币供给总闸门，保持流动性合理充裕。 图片来源：新华社 中共中央政治局7月31日召开会议，分析研究当前经济形势，部署下半年经济工作。 会议要求，把防范化解金融风险和服务实体经济更好结合起来，坚定做好去杠杆工作，把握好力度和节 奏，协调好各项政策出台时机。要通过机制创新，提高金融服务实体经济的能力和意愿。 此前提到"杠杆"的中央政治局会议召开时间是2017年12月8日，要求防范化解重大风险要使宏观杠杆率 得到有效控制，金融服务实体经济能力增强，防范风险工作取得积极成效。前后对比可见，7月31日对 去杠杆的态度更为坚定，要求"坚定做好去杠杆工作"。 中国银行国际金融研究所研究员高玉伟在接受《每日经济新闻》记者采访时指出，与市场上有些人判断 进入"稳杠杆"阶段不同，中央仍然强调坚定 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The restart of treasury bond trading is likely to enrich the liquidity injection structure rather than being a signal of further monetary easing. It helps enhance market confidence and avoid exacerbating the structural imbalance in the bond market demand. There is a possibility of the central bank buying long - term bonds for risk - prevention purposes, and the total scale of treasury bond purchases is expected to be lower than the same period last year [3]. - Without the boost of increased expectations of interest rate cuts, the market from November to December may show a downward trend with fluctuations. Interest rate decline space will be anchored at the lows after the interest rate cut in the first half of the year, with the yield floors of 30 - year and 10 - year treasury bonds (old bonds) around 1.9% and 1.7% respectively [3]. 3. Summary According to Related Catalogs 3.1 Important Matters - On October 27, 2025, People's Bank of China Governor Pan Gongsheng announced the restart of treasury bond trading in the open market [6]. - In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity. Sub - indices such as production and new orders also showed a downward trend [7]. - On October 30, 2025, leaders of China and the United States held a meeting, reaching a consensus on resolving important economic and trade issues and promoting cooperation in various fields [11]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Rate Movements - From October 27 to 31, 2025, the central bank injected 206.8 billion yuan through 7 - day reverse repurchase operations, with 86.72 billion yuan maturing, resulting in a net injection of 120.08 billion yuan. It is expected that 206.8 billion yuan of base currency will mature and be withdrawn from November 3 to 7 [13]. - The money market tightened due to the end - of - month effect, and the fund stratification phenomenon intensified. Policy rates and various short - term fund rates showed certain changes [16]. 3.2.2 Certificate of Deposit (CD) Rate Movements and Repurchase Transaction Volume - In the primary market, the issuance scale of inter - bank CDs last week was 734.92 billion yuan, a decrease of 227.42 billion yuan from the previous week. The net financing scale was 170.61 billion yuan, a decrease of 173.84 billion yuan. By the 44th week of 2025, the cumulative issuance scale of inter - bank CDs for the year had reached 28.44 trillion yuan [20]. - The issuance rates of inter - bank CDs of various banks decreased compared with the previous week. In the secondary market, the yields of inter - bank CDs of all tenors showed a downward trend [23][26]. 3.3 Bond Market 3.3.1 Primary Market - In the last week of October, the supply of treasury bonds entered a window period. The total issuance scale of interest - rate bonds was 412.682 billion yuan, with a net financing of 324.196 billion yuan. From January to October, the net financing rhythm of local government bonds was generally faster than that of treasury bonds. As of October 31, 2025, the cumulative net financing scale of various treasury bonds was about 5.40 trillion yuan, and that of local bonds was about 6.15 trillion yuan [29][37]. - The issuance scale of special refinancing bonds as of last week was 2.05 trillion yuan, mainly long - term and ultra - long - term bonds. Regions with relatively large issuance scales include Jiangsu, Sichuan, Shandong, Guizhou, and Henan [41]. 3.3.2 Secondary Market - The restart of treasury bond trading triggered bullish sentiment in the market, with interest rates generally showing a downward trend. The yields of treasury bonds and policy - bank bonds of various tenors changed, and the term spreads of 10Y - 1Y treasury bonds and 10Y - 1Y policy - bank bonds also changed. The implied tax rate of 10 - year policy - bank bonds was slightly compressed [43]. - The daily average turnover rates of the 10 - year treasury bond and 10 - year policy - bank bond active bonds decreased. The average spread between the 10 - year treasury bond active bond and the secondary active bond was 5.4BP, and the spread between the 10 - year policy - bank bond active bond and the secondary active bond slightly widened [47][49]. 3.4 Institutional Behavior Tracking - The scale of leveraged trading decreased last week, maintaining an average level of around 7 trillion yuan on the other four days except for the impact of the month - end factor on Friday. The buying intensity of state - owned banks in the cash bond market weakened, and rural commercial banks accelerated their profit - taking and selling. Securities firms, funds, and insurance companies were the main bond buyers [56][66][69]. - In September 2025, the overall leverage ratio of institutions in the inter - bank market was about 118.68%, with the leverage ratios of commercial banks, securities firms, and other institutions being about 109.85%, 192.23%, and 133.25% respectively [57]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 0.80% week - on - week, wire rod futures decreased by 3.14%, cathode copper futures increased by 0.54%, the cement price index increased by 1.69%, and the Nanhua Glass Index decreased by 0.82%. The CCFI index increased by 2.89%, and the BDI index decreased by 1.26%. Food prices such as pork and vegetables increased, while crude oil prices decreased. The central parity rate of the US dollar against the RMB was 7.09 [77]. 3.6 Market Outlook - The restart of treasury bond trading is mainly to enrich the liquidity injection structure. If there is no increase in expectations of interest rate cuts, the market from November to December may decline with fluctuations. Interest rate decline space will be limited, and the yields of 30 - year and 10 - year treasury bonds (old bonds) are expected to be around 1.9% and 1.7% respectively [81][83]. - It is recommended to keep the portfolio duration in a moderately long range. In terms of allocation, high - quality coupon - bearing assets are preferred, and opportunities in 2 - year AA -/AA - rated credit bonds and 10 - year local bonds can be explored. In terms of trading, attention can be paid to the trading opportunities of medium - duration bonds such as secondary - tier capital bonds that have fallen significantly [84].

Group 1 - The core issue affecting the real estate market is the declining purchasing power of ordinary citizens, rather than down payment ratios or loan interest rates [1] - The income of the general public is decreasing and becoming more unstable, leading to reduced financial resources available for purchasing homes [1] - The desire for marriage and family is becoming increasingly unrealistic for many, as individuals prioritize basic survival in the face of economic challenges, such as the resurgence of the COVID-19 pandemic [1] - The fundamental solution for the real estate sector lies in improving the income of ordinary citizens, as the market's recovery depends on their purchasing power [1] - Wealthy families no longer need to buy additional properties, indicating a shift in market demand [1] - Without addressing the primary contradictions in the market, policy adjustments will be ineffective [1] Group 2 - The focus on mitigating financial risks includes the reform and risk resolution of small and medium-sized financial institutions [2] - Strategies such as mergers, restructuring, and market exit are being employed to address risks within small and medium-sized financial institutions [2] - There is an emphasis on strengthening early correction mechanisms for risk in small and medium-sized financial institutions [2] - Specific risk resolution measures are being implemented for individual securities companies [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining financial stability and supporting the real economy while enhancing financial regulation and deepening financial reform and opening-up since November 2024 [1] Summary by Sections Monetary Policy - The PBOC plans to implement a moderately loose monetary policy to foster economic recovery, ensuring that social financing and money supply growth align with economic growth and price expectations [2] - The central bank aims to enhance the efficiency of fund utilization and maintain liquidity while managing interest rates and exchange rate stability [2] Financial Regulation - There will be a focus on strengthening financial regulation, improving regulatory effectiveness, and addressing irrational competition among financial institutions [3] - The PBOC will enhance consumer and investor protection, combat illegal financial activities, and promote legislative efforts in financial law [3] Financial Services to the Real Economy - The PBOC will prioritize high-quality financial services, particularly in areas like technological innovation, consumption, small and micro enterprises, and foreign trade [4] - The aim is to support key industries and improve the quality of financial services through coordinated policies [4] Structural Financial Reforms - The central bank will continue to deepen supply-side structural reforms in finance, improve the monetary policy framework, and enhance macro-prudential management [4] - There will be efforts to support the transformation of commercial banks and develop the bond market [4] Financial Opening and Security - The PBOC will promote a high level of financial openness while ensuring national financial security, including advancing the internationalization of the Renminbi [5] - The focus will also be on enhancing the functions of the Renminbi in international trade and investment [5] Risk Prevention - The PBOC will strengthen monitoring and assessment of systemic financial risks and support the market-oriented transformation of financing platforms [5] - Efforts will be made to improve the financing system in line with new real estate development models and enhance the stability of capital markets [5]

Core Viewpoint - The Supreme People's Court is enhancing financial administrative trials and non-litigation enforcement to ensure effective implementation of financial regulatory measures, thereby supporting and supervising regulatory agencies in their legal duties [1][5]. Group 1: Financial Judicial Innovations - The Supreme Court is promoting a shift in concepts and innovative practices in financial civil and commercial trials, focusing on balancing stability and progress, risk prevention and development promotion, as well as domestic and foreign legal frameworks [3]. - Various methods such as judicial interpretations, policies, and typical case publications are being utilized to unify judgment standards and stabilize market expectations [3]. - Over 130 financial-related cases have been entered into the case database, covering various financial sectors including banking, securities, insurance, and trust [3]. Group 2: Risk Prevention and Financial Security - The core function of financial law is to prevent and resolve financial risks, particularly maintaining the bottom line of avoiding systemic financial risks [4]. - The courts are involved in major risk management, providing legal frameworks for risk resolution while clarifying market discipline [4]. - Emphasis is placed on early identification, warning, exposure, and resolution of financial risks, with a focus on substantive risk mitigation during trials and enforcement [4].

Core Points - The meeting emphasized the importance of adhering to the centralized and unified leadership of the Party Central Committee on financial work, and the commitment to advancing the construction of a financial power in line with Chinese characteristics [1][2] - The focus is on risk prevention, with a strong emphasis on maintaining a bottom line to prevent systemic financial risks, and enhancing mechanisms to address key areas of risk [2][3] - The meeting highlighted the need for high standards in learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session, ensuring that the outcomes of this learning translate into effective regulatory practices [3] Group 1 - The meeting called for a commitment to the primary responsibility of risk prevention, ensuring that systemic financial risks do not occur [2][3] - There is a need to enhance the regulatory framework, focusing on the five major regulatory areas to improve the foresight, precision, effectiveness, and coordination of financial regulation [2] - The meeting stressed the importance of aligning financial work with the economic and social development goals set for the 14th Five-Year Plan, ensuring that financial services support high-quality development [2][3] Group 2 - The meeting outlined the necessity for comprehensive and high-standard learning and implementation of the 20th Central Committee's Fourth Plenary Session spirit as a major political task [3] - It was emphasized that the learning outcomes should be transformed into practical results in regulatory practices, ensuring that the Party's decisions are fully implemented [3] - The meeting also discussed the importance of planning for the next year's work and the 15th Five-Year Plan to promote stable operation in the financial sector [3]

Core Viewpoint - Multiple banks are cleaning up long-term inactive accounts to enhance financial security and operational efficiency, while also preventing risks such as telecom fraud and money laundering [1][3]. Group 1: Bank Announcements - On October 16, Hubei Yuanan Rural Commercial Bank announced a cleanup of personal bank accounts, including long-term inactive accounts and those with missing or expired identity information [2]. - Various banks have released similar announcements, with criteria for identifying long-term inactive accounts varying across institutions. For instance, Guian Development Village Bank will clean accounts that have had no transactions for a year, excluding interest accruals [2]. - Industrial Bank has adjusted its criteria for long-term inactive accounts from a balance of 100 yuan to 10 yuan, with a requirement of no transactions for 365 days [2]. Group 2: Risk Prevention - The ongoing cleanup of long-term inactive accounts is aimed at strengthening account management and safeguarding customer funds against telecom fraud risks [3]. - Long-term inactive accounts can lead to wasted financial resources and expose consumers to risks of fraud, as sensitive information may be compromised [3]. - The initiative is seen as beneficial for customers, allowing them to better understand their account status and manage their funds effectively [3]. Group 3: Consumer Recommendations - Consumers are advised to regularly review and manage their bank accounts, including timely cancellation of unused cards [4]. - Banks recommend that customers perform at least one transaction on accounts identified as long-term inactive to avoid restrictions [4]. - Customers should verify with their banks if they are unsure whether their accounts fall under the cleanup criteria [4]. Group 4: Security Measures - Banks have assured that during the cleanup process, they will not request sensitive information such as passwords or verification codes through SMS or calls [5]. - Customers are warned against phishing attempts related to account cleanup and should be cautious of unsolicited communications [5].

Core Viewpoint - Multiple banks are initiating the cleanup of long-dormant accounts, which includes both personal and corporate accounts, to enhance financial security and operational efficiency [1][3]. Group 1: Bank Announcements - On October 16, Hubei Yuanan Rural Commercial Bank announced a cleanup of personal bank accounts, targeting long-dormant accounts and those with missing or expired identity information [2]. - Other banks, such as Gui'an Development Village Bank, are also implementing similar measures, focusing on accounts that have not had any transactions for over a year [2]. - Industrial Bank has adjusted its criteria for identifying long-dormant accounts, lowering the balance threshold from 100 yuan to 10 yuan and extending the inactivity period from 180 days to 365 days [2]. Group 2: Risk Prevention - The cleanup of long-dormant accounts is seen as a measure to prevent financial risks such as telecom fraud and money laundering, thereby safeguarding customer funds [3]. - Long-dormant accounts can lead to wasted financial resources and increase the risk of fraud, as customers may forget about these accounts, making them vulnerable to unauthorized access [3]. Group 3: Consumer Recommendations - Consumers are advised to regularly review and manage their bank accounts, including closing any that are no longer in use [4]. - Banks recommend that customers engage in at least one transaction to avoid their accounts being classified as long-dormant, which could lead to restrictions on account usage [4]. - Customers should be cautious of any requests for sensitive information during the cleanup process, as banks will not ask for passwords or verification codes through unsolicited communications [4][5].

Core Viewpoint - Multiple banks are initiating the cleanup of long-term inactive accounts to enhance financial security and operational efficiency while preventing risks such as telecom fraud and money laundering [1][2][3]. Group 1: Bank Announcements - On October 16, Hubei Yuanan Rural Commercial Bank announced a cleanup of personal bank accounts, including long-term inactive accounts and those with missing or expired identity information [1]. - Other banks, such as Gui'an Development Village Bank, are also cleaning up accounts that have not had any transactions for over a year, excluding interest accruals [1]. Group 2: Adjustments in Inactive Account Criteria - Industrial Bank has adjusted its criteria for identifying long-term inactive accounts from a balance of 100 yuan to 10 yuan, with the inactivity period extended from 180 days to 365 days [2]. - The new criteria will be implemented starting October 15, with daily monitoring of accounts that meet the conditions [2]. Group 3: Risk Prevention - The ongoing cleanup of long-term inactive accounts is aimed at strengthening account management and safeguarding customer funds against telecom fraud risks [2][3]. - Long-term inactive accounts can lead to wasted financial resources and increased vulnerability to fraud, as consumers may forget about these accounts and their associated risks [3]. Group 4: Consumer Recommendations - Consumers are advised to regularly review and manage their bank accounts, including closing any long-term inactive accounts [3]. - Banks recommend that customers perform at least one transaction on accounts identified as long-term inactive to avoid restrictions on account usage [4]. Group 5: Security Measures - Banks have assured customers that they will not request sensitive information such as passwords or verification codes during the cleanup process [4]. - Customers can reactivate restricted accounts by visiting bank branches with valid identification or through mobile banking [4].

Group 1 - The core viewpoint of the news highlights the achievements in China's financial sector during the "14th Five-Year Plan" period, emphasizing deepened financial reforms and the construction of a financial powerhouse [1] - Financial risk prevention and resolution have made significant progress, with tailored reform plans for key regions and the establishment of provincial-level legal entities for rural credit cooperatives [3] - Financial support for the real economy has been strengthened, with a notable decrease in financing platform numbers by over 60% and a reduction in financial debt scale by over 5% compared to the beginning of 2023 [6] Group 2 - The capital market has maintained a market-oriented, legal, and international approach, with long-term funds holding A-shares reaching approximately 21.4 trillion yuan, a 32% increase from the end of the "13th Five-Year Plan" [9] - The foreign exchange market has shown stable operation, with cross-border receipts and payments projected to reach 14 trillion USD in 2024, a 64% increase from 2020 [11] - The financial regulatory system has been solidified, with 171 regulations issued over five years and enhanced supervision of 41 key institutions [21] Group 3 - Financial support for major projects during the "14th Five-Year Plan" has been substantial, with infrastructure loan balances reaching 54.5 trillion yuan, a 62% increase from the "13th Five-Year Plan" [15] - The number of foreign institutions participating in the interbank foreign exchange market has increased, with 703 banks and 115 non-bank institutions involved, including 296 foreign institutions [11] - The total amount of small loans issued to poverty alleviation populations has reached nearly 400 billion yuan [16]