《意见》以习近平新时代中国特色社会主义思想为指导，深入践行金融工作的政治性、人民性，引导金融 机构从消费供给和需求两端强化金融服务，满足各类主体多样化融资需求，推动扩大高质量消费供给，助 力释放消费增长潜能。《意见》从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、 促进提升消费供给效能、优化消费环境和政策支撑保障等六个方面提出 19 项重点举措。 为贯彻落实党中央、国务院决策部署，完善扩大消费长效机制，更好满足消费领域金融服务需求，近日中 国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六部门联合印发《关于金 融支持提振和扩大消费的指导意见》（以下简称《意见》）。 《意见》指出，要夯实宏观经济金融基础，支持居民就业增收，优化保险保障，积极培育消费需求。强化 结构性货币政策工具激励，加大对服务消费重点领域信贷支持，发展债券、股权等多元化融资渠道。 《意见》强调，要聚焦消费重点领域加大金融支持，结合消费场景和特点创新金融产品，持续推动消费领 域金融服务提质增效。优化消费支付服务，健全消费领域信用体系建设，加强金融消费权益保护。 下一步，中国人民银行将会同有关部门加快推动《意见 ...

Core Viewpoint - The article discusses the joint issuance of guidelines by six Chinese government departments aimed at enhancing financial support for consumption, thereby stimulating economic growth and improving consumer confidence [1][2]. Group 1: Overall Requirements - The guidelines emphasize the importance of financial services in supporting the real economy and enhancing consumer demand, aligning with the principles of Xi Jinping's thought [6]. - The approach combines supply-side structural reforms with the expansion of domestic demand, aiming to create a virtuous cycle of production, distribution, circulation, and consumption [6]. Group 2: Enhancing Consumer Capacity and Demand - The guidelines propose measures to stabilize consumer expectations by strengthening financial support for the real economy and coordinating monetary and fiscal policies [7]. - Support for employment and income growth is highlighted, particularly for small and micro enterprises, to boost consumer confidence [7]. - Financial products tailored to individual pension needs and commercial health insurance are encouraged to enhance consumer willingness to spend [8]. Group 3: Expanding Financial Supply in Consumption - Financial institutions are urged to improve their service capabilities in the consumption sector, focusing on innovative credit products and efficient loan processes [9]. - Structural monetary policy tools will be utilized to incentivize lending in key service sectors such as retail, hospitality, and education [10]. - The guidelines advocate for the development of bond markets to support financing in cultural, tourism, and educational sectors [10][11]. Group 4: Supporting Key Consumption Areas - Financial institutions are encouraged to provide diverse financing options for consumer goods, including trade-in services for old products [13]. - There is a focus on enhancing financial support for service consumption, particularly in areas like hospitality, retail, and elder care [14]. - New consumption models such as digital, green, and health consumption are to be explored and supported through financial innovation [14]. Group 5: Strengthening Financial Infrastructure - The guidelines call for financial support for the construction of consumer infrastructure, including cultural and sports facilities, to enhance overall consumption capacity [16]. - Support for logistics and supply chain projects is emphasized to reduce costs and improve efficiency in the commercial circulation system [17]. Group 6: Optimizing the Consumption Environment - Financial institutions are encouraged to enhance payment services across various consumer scenarios, improving the overall payment experience [18]. - The establishment of a robust credit system in the consumption sector is prioritized to facilitate better access to credit for consumers and businesses [19]. Group 7: Organizational Support - Coordination among local financial management departments and relevant industry authorities is essential for effective implementation of the guidelines [21]. - Monitoring and evaluation mechanisms will be established to assess the impact of financial support on consumption [21].

Group 1 - The "Su Chao" football league in Jiangsu Province has gained significant popularity, with total online views exceeding 1 billion, attracting 21 sponsors from an initial 6, including well-known brands like Yili, JD.com, and Xiaomi [1] - Insurance companies are increasingly engaging with the "Su Chao" league, with China Ping An and Xinhua Insurance becoming official partners for the Nantong division, providing insurance products tailored for players and fans [2][3] - The insurance sector is leveraging the high visibility of sports events to enhance brand image and connect with younger demographics, while also addressing unique risks associated with sports events [4] Group 2 - The Chinese government has issued policies to support financial institutions' involvement in the sports industry, encouraging the development of diverse financial products and services tailored to sports events [4] - The participation of insurance companies in the "Su Chao" league is expected to create long-term value growth, as they can better understand the specific risks and insurance needs within the sports industry [4] - Local insurance provider Zijin Insurance has customized various insurance plans for the "Su Chao" league, ensuring comprehensive coverage for event organization, spectators, and staff [3][5]

Group 1 - The core point of the article highlights that following U.S. airstrikes in Iran, the shipping insurance rates in the Gulf region have significantly increased from 0.2%-0.3% to 0.5% within a week [1]

Group 1: Main Views - US economic performance is relatively robust with a reduced recession risk, and the implementation of the tax - cut bill could boost demand expectations; China's May economic data shows resilience, but real estate is a major drag on commodity chains [3] - This week, domestic commodities continued to rebound, driven by the conflict between Israel and Iran, China's economic resilience, good US economic data, and the Sino - US framework agreement. Commodities may continue to rebound in the short - term, but there are still differences among varieties [4] Group 2: Overseas Situation Analysis US - The US military's air strikes on Iranian nuclear facilities may escalate the Middle East situation, affecting global supply chains and oil prices [4] - The Fed paused rate cuts in June. There are differences among committee members on rate - cut expectations. The new economic outlook downgrades growth expectations and raises inflation expectations. The Fed may cut rates late in 2025 [4] - US employment and inflation data are not bad, but there may be hidden concerns in the employment market, and the impact of tariffs on inflation has not fully emerged. Short - term inflation expectations are rising [4] Japan - The Bank of Japan paused rate hikes and plans to slow down the pace of balance - sheet reduction. It is not optimistic about the economic and inflation outlook. There is a probability of rate cuts in the second half of 2025 [4] Group 3: Domestic Situation Analysis - In May, domestic macro - data showed a pattern of "weak investment, strong consumption". Economic growth still faces pressure, and new incremental policies are needed in the second half of the year. The central bank may cut rates, and fiscal policies will further strengthen [4] - Positive fiscal policies continue to be effective. A total of 162 billion yuan in central funds has been allocated in January and April, and another 138 billion yuan will be allocated in the third and fourth quarters [4] - At the 2026 Lujiazui Forum, the central bank governor announced eight financial policy measures, the financial regulatory chief mentioned bank - insurance opening and support for Shanghai's financial center construction, and the CSRC chair proposed measures to reform the Sci - tech Innovation Board and ChiNext [27] Group 4: High - Frequency Data Tracking - In June, the operating rates of PTA plants, POY, etc. showed certain trends, with the PTA operating rate at 76% - 89% and other related data [34] - As of June 22, there were changes in some consumption - related data such as factory wholesale and retail, with year - on - year growth and decline rates [40] - In June, the average price of 28 key monitored vegetables, pork, and other agricultural products showed certain trends [42]

早 报 精 选 3、跨境支付通6月22日正式上线运行。跨境支付通业务场景丰富，支持经常项目项下 的跨境汇款，包括南向和北向的便利化汇款业务，并可提供双向的留学缴费、医疗缴 费、薪酬及津补贴发放等便民、惠民金融服务。 1、 特朗普宣布已完成对伊朗福尔多、纳坦兹、伊斯法罕三处核设施打击，外交部回 应。 4、6月20日，外交部发言人郭嘉昆主持例行记者会。记者提问， 中方更倾向由谁主 导调解以伊冲突？ 北京方面是否会提出相关提案？郭嘉昆表示，中方愿继续同地区国 家和国际社会一道努力，为尽快恢复中东地区和平稳定发挥建设性作用。 2、跨境支付通昨日正式上线。 3、国家药监局：支持高端医疗器械创新发展，将出台新措施。 4、伊朗议会赞成关闭霍尔木兹海峡。 5、平安人寿再度举牌招商银行H股。 宏 观 新 闻 1、 美国总统特朗普宣布，已完成对伊朗福尔多、纳坦兹、伊斯法罕三处核设施打 击。外交部对此表示，中方强烈谴责美方袭击伊朗，攻击国际原子能机构监管下的核 设施。美方此举严重违反联合国宪章宗旨和原则以及国际法，加剧中东紧张局势。中 方呼吁冲突当事方尤其是以色列尽快停火，保障平民安全，开启对话谈判。 2、欧盟中国商会21日发布声 ...

Core Viewpoint - The aging economy in China is rapidly developing, with the elderly population expected to exceed 400 million by 2035, leading to a potential market size of 30 trillion yuan for the silver economy [1] Group 1: Policy Support for Elderly Finance - The Chinese government is focusing on enhancing the elderly finance system to improve welfare, which is one of the key areas for the financial system to address [1] - Financial policies are being implemented to support the health and elderly care industries, including a 500 billion yuan "service consumption and elderly re-loan" initiative by the People's Bank of China [1] - Commercial banks are developing specific plans to increase credit support for elderly care, medical rehabilitation, and cultural activities for the elderly, particularly targeting small and medium-sized enterprises [1] Group 2: Development of Pension Financial Products - There is a need to diversify the supply of pension financial products and actively develop the third pillar of pension insurance to meet the growing and diverse financial needs of the elderly [2] - The current pension insurance system consists of three pillars, with the third pillar (personal pension system) being underdeveloped and having significant growth potential [2] Group 3: Enhancing Product Accessibility - Efforts are being made to expand the range of pension financial products available to investors, allowing for greater choice and comparability [3] - Financial institutions are encouraged to improve their investment research capabilities to ensure that pension financial products meet the long-term preservation needs of investors [3] Group 4: Improving Investor Engagement - Financial institutions should establish specialized pension financial service outlets in senior communities to enhance accessibility for elderly investors [4] - Online banking platforms are being developed to cater to the elderly demographic, incorporating features that align with their financial management needs [4]

证券研究报告 | 宏观研究 gszqdatemark 2025 06 22 年 月 日 宏观定期 政策半月观—下半年政策有 4 大节点 近半月，中美经贸磋商机制首次会议在伦敦举行，陆家嘴论坛召开。我们对每 半月重大政策进行跟踪：1）中央、部委重要会议与政策；2）地方政策；3） 行业与产业政策。本期为近半月（2025.6.9-6.22）的政策跟踪。 核心结论：总体看，近半月政策延续聚焦稳增长、扩内需，具体有 6 大焦点： 一是 6.9-10 中美经贸磋商机制首次会议在伦敦举行，聚焦关税和稀土，本次 会议后中美关税水平保持现状，但随着 7.9（对全球）和 8.12（对中国）两个 暂缓期结束，继续紧盯后续美国与中国、欧盟等关税谈判。二是 6.17 总书记 出席第二节中国-中亚峰会并作主旨发言，继 4 月东南亚之行、5 月访问俄罗 斯，6 月来到中亚，也是今年以来第三次元首出访聚焦周边，此次峰会聚焦共 建"一带一路"、人员往来便利化、绿色矿产、贸易畅通等领域。三是 6.18 陆 家嘴论坛开幕，"一行一会一局"一把手出席开幕式并发表主题演讲，其中， 央行将在上海实施 8 项金融开放政策，金监总局聚焦支持上海金融开放，证 ...

Domestic News - The State Administration for Market Regulation will conduct national supervision and sampling inspections on 164 products, with a total of over 16,000 batches to be sampled, focusing on children's products, power banks, electric bicycles, and gas appliances, among others [2] - The Shanghai Shipping Exchange reported a continued adjustment in the export container transportation market, with the comprehensive index dropping by 10.5% to 1869.59 points [3] - The China-Europe Railway Express has surpassed 1,000 trips since its first launch on October 26, 2022, with an average cargo value per container being 41% higher than other trains, primarily transporting high-value products like solar panels and marine engine parts [3] - In Xi'an, from January to May, the industrial added value increased by 13.0% year-on-year, while fixed asset investment grew by 0.6% [3] - The 9th South China Expo signed 21 projects with an investment amount exceeding 22 billion yuan, focusing on renewable energy and digital technology [4] International News - The Chinese Embassy in New Zealand announced new visa policies for Chinese citizens, allowing easier entry into New Zealand starting November 2025, which will enhance travel and trade relations [5] - President Putin emphasized the need for a new global development model that considers the interests of all countries to ensure sustainable development for the global south [6]

金融监管总局制定了《关于废止部分规章的决定》，自公布之日起施行。《决定》废止《商业银行市场 风险管理指引》（中国银行业监督管理委员会令2004年第10号）、《中国银行业监督管理委员会法律工 作规定》（中国银行业监督管理委员会令2005年第4号）、《银行业立法规划》（中国银行业监督管理 委员会令2008年第2号）、《中国保险监督管理委员会规章制定程序规定》（中国保险监督管理委员会 令2006年第2号中国保险监督管理委员会令2013年第11号修改）共四部规章。 ...