Core Insights - The new policy financial tool established by the National Development Bank has invested 189.35 billion yuan as of October 17, focusing on supporting major economic provinces and increasing support for private investment and new productive forces, which is expected to drive a total project investment of 2.8 trillion yuan [1][2]. Group 1: Financial Tool Implementation - The new policy financial tool has a total scale of 500 billion yuan, all allocated to supplement project capital [1][2]. - As of October 17, 2023, 1,465.8 billion yuan has been invested in 12 major economic provinces, accounting for 77.4% of the total investment [2]. - The tool has also directed 545.2 billion yuan towards private investment projects, representing 28.8% of the total, and 710.5 billion yuan towards projects in digital economy, artificial intelligence, and consumption, making up 37.5% [2]. Group 2: Future Directions - The National Development Bank will strengthen its functional positioning, focusing on precise investment, maintaining capital preservation, and ensuring compliance, with an emphasis on quick actions and accurate targeting [3]. - The bank aims to achieve high standards, quality, and efficiency in the implementation of the new policy financial tool, while also providing supporting loans for projects within its main responsibilities [3].

Core Insights - The new policy financial tools are being implemented at an unprecedented speed, with a total of 189.35 billion yuan allocated by the China Development Bank (CDB) and 100.11 billion yuan by the Agricultural Development Bank (ADB) as of October 17, 2023, expected to leverage a total investment of approximately 28 trillion yuan [1][8] - The tools are designed to address the capital shortage for major projects, acting as a market-oriented quasi-fiscal mechanism to stimulate investment and support economic stability [6][7] Group 1: Financial Tool Implementation - As of October 17, 2023, the CDB has allocated 189.35 billion yuan, which is expected to drive a total investment of 2.8 trillion yuan, while the ADB has allocated 100.11 billion yuan, expected to drive over 1.26 trillion yuan in total investment [1][8] - The new policy financial tools have a total initial scale of 500 billion yuan, aimed solely at supplementing project capital [1][6] Group 2: Investment Focus and Allocation - The funds are primarily directed towards key economic sectors, with 77.4% of CDB's investments going to 12 major provinces and 28.8% supporting private investment projects [2] - The focus areas include digital economy, artificial intelligence, and consumer sectors, with CDB investing 710.5 billion yuan in these fields, accounting for 37.5% of its total allocation [2][8] Group 3: Expected Economic Impact - The new financial tools are projected to have a significant economic impact, with estimates suggesting they could leverage between 1.5 trillion to 5 trillion yuan in infrastructure investment [8][9] - The tools are expected to facilitate a recovery in infrastructure investment growth rates, with projections indicating a potential increase to 6.0% year-on-year by the end of the year [9][10] Group 4: Long-term Structural Changes - The implementation of these tools is seen as a shift from traditional stimulus measures to a focus on structural repair, aiming to restore investment cycles without significantly increasing government debt or monetary supply [7][8] - The tools are also intended to support the transition towards new productive forces, particularly in emerging sectors like low-carbon economy and digital technologies, laying the groundwork for future economic growth [8][9]

Report Summary 1. Investment Rating of the Industry No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The progress of the new policy - based financial instruments' release may exceed 60%, and it is expected to be fully released by the end of October. The investment leverage ratio has increased, but the high - frequency data reaction is not obvious, and subsequent key data verification nodes should be focused on [1][3][4]. 3. Summary by Relevant Catalogs 3.1 New Policy - based Financial Instruments Release Progress - As of October 17, the two policy banks (CDB and ADBC) have released approximately 290 billion yuan of new policy - based financial instruments, with a release progress close to 70%. The CDB has released 189.35 billion yuan, with a progress of about 75.74%, and the ADBC has completed 100.111 billion yuan of fund release, with a progress close to 66.74%. By linear extrapolation, about 356.2 billion yuan of the 500 - billion - yuan new policy - based financial instruments established since the end of September may have been released. It is expected to be fully released by the end of October [1]. 3.2 Fund Allocation - More funds are allocated to major economic provinces. The CDB has released 146.58 billion yuan to 12 major economic provinces, accounting for 77.41%, and the ADBC has invested 67.136 billion yuan in 407 projects in these provinces, accounting for 67.06%. - The new policy - based financial instruments also support private investment and new infrastructure. Private investment has received 63.879 billion yuan of support from the two policy banks, and the new infrastructure field, mainly invested by the CDB, has received 71.05 billion yuan in projects related to digital economy, artificial intelligence, and consumption [2]. 3.3 Investment Leverage Ratio - The investment leverage ratio of the new policy - based financial instruments is between 12.59 - 14.79 times, slightly stronger than the previous round (10 - 13.2 times in 2022) [3]. 3.4 High - Frequency Data and Follow - up Monitoring - High - frequency data shows that the operating rates of petroleum asphalt plants and major steel mills' rebar production have signs of bottoming out and rebounding, while other indicators are still weak. It is recommended to continuously track high - frequency indicators to judge the implementation of physical work volume and its support for Q4 GDP. The next important data verification time points are the October credit data (sub - items such as medium - and long - term corporate loans/entrusted loans) and economic data (infrastructure investment, etc.) to be released in early November [4].

Core Insights - The newly established policy financial tool, with a total scale of 500 billion yuan, is accelerating its implementation to stabilize investment and promote development [1][4] - As of October 20, major policy banks have disclosed over 330 billion yuan in funding, focusing on supporting key economic provinces and increasing support for private investment and new productive forces [1][3] Group 1 - The new policy financial tool was proposed in April by the Central Committee Political Bureau and officially set at 500 billion yuan on September 29, aimed at supplementing project capital [1][3] - The speed of fund disbursement is notably faster compared to similar tools in 2022, with the Agricultural Development Bank having disbursed over 1,001.11 million yuan of its 1,500 million yuan quota by October 17, accounting for over 60% [1][3] - The Development Bank has also disbursed 1,893.5 million yuan by October 17, reflecting a rapid pace to stabilize the macroeconomic environment [1][3] Group 2 - The funding is directed towards economically significant provinces such as Guangdong, Jiangsu, and Shandong, with the Development Bank allocating 1,465.8 million yuan, which is 77.4% of its total investment [3] - The funds are primarily aimed at sectors aligned with national strategies, with the Export-Import Bank investing 40% in digital economy and artificial intelligence projects [3] - The tool emphasizes support for private investment, with the Development Bank allocating 545.2 million yuan to private projects, representing 28.8% of its total [3] Group 3 - The tool is expected to leverage its funding, with estimates suggesting that the 500 billion yuan could stimulate approximately 4 trillion to 5 trillion yuan in total project investment [3] - The funding is anticipated to generate 3 trillion to 4 trillion yuan in credit demand, providing robust support for expanding effective investment [3]

据悉，国开新型政策性金融工具全部用于补充项目资本金，截至10月17日已向12个经济大省投放1465.8亿元，占比 77.4%；向民间投资和民间资本参与项目投放545.2亿元，占比28.8%；向数字经济、人工智能、消费等领域项目投放710.5亿 元，占比37.5%。 记者从中国农业发展银行获悉，该行将做好新型政策性金融工具工作作为重大政治任务，在9月29日获得监管部门批复 后，当日即完成基金公司注册、营业执照领取、基本账户开立、注册资本金到位等相关工作，并实现104.83亿元的首批基金投 放。自设立基金至10月17日15时，完成分配给农发行1500亿元额度的1001.11亿元基金投放，共支持项目562个，预计可拉动项 目总投资超1.26万亿元。同时，充分发挥基金投资优势，提前谋划"以投促贷""以贷引投"工作，提升投贷联动综合质效，全力 推动重大项目落地。 "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。国家发展改革委正在会同有关方面，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。"在9月29日 ...

新型政策性金融工具在加快投放。 10月20日，国家开发银行（下称"国开行"）消息显示，截至10月17日，国开新型政策性金融工具已投放 1893.5亿元，重点支持经济大省挑大梁，并加大对民间投资和新质生产力领域支持力度，预计可拉动项目 总投资2.8万亿元。 同日，进出口银行也公布了新型政策性金融工具投放的最新进展。进出口银行表示，在其已投放资金中， 对经济大省投放占比达83%，充分发挥经济大省"挑大梁"作用；对民间资本参与项目投放占比达40%，积 极助力民营经济发展；对数字经济、人工智能领域项目投放占比达40%，精准支持符合国家战略和重点发 展方向领域。 此外，本次新型政策性金融工具的运用还强调了对民间投资和民间资本参与项目的支持力度。其中，国开 行向民间投资和民间资本参与项目投放545.2亿元，占其已投资金的比重为28.8%；农发行已投向民间投 资项目的资金为93.59亿元，占其已投资金的比重为9.35%。 在此之前，中国农业发展银行（下称"农发行"）也发布消息称，自设立基金至10月17日15时，完成分配 给农发行1500亿元额度的1001.11亿元基金投放，共支持项目562个，预计可拉动项目总投资超1.26 ...

中国农业发展银行于近日披露，截至10月17日15时，农发行新型政策性金融工具已投放1001.11亿元， 共支持项目562个，预计可拉动项目总投资超1.26万亿元。 农发行新型政策性金融工具聚焦数字经济、人工智能、消费等基础设施和新兴产业领域，向12个经济大 省投资项目407个、671.36亿元。主动对接和挖掘优质民间投资项目，支持民间投资项目23个，93.59亿 元。 今年4月，中央政治局会议明确提出，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。 9月29日，国家发展改革委新闻发布会上透露，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。国家发展改革委正在会同有关方面，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。 【大河财立方 记者 秦龙】5000亿元新型政策性金融工具正加快落地。据大河财立方记者统计，截至目 前，该新型政策性金融工具总投放额已超2800亿元，投向范围覆盖12个经济大省，聚焦数字经济、人工 智能、消费等领域。 国家开发银行官方平 ...

随着国家发展改革委提出设立新型政策性金融工具5000亿元，多地快速响应，目前已经有多省地方国资 落地金融工具项目。 在5000亿元新型政策性金融工具设立之际，3家新型政策性金融工具公司也于9月29日成立。3家公司的 控股股东分别为国家开发银行、中国农业发展银行、中国进出口银行。 一位政策性银行人士对《中国经营报》记者透露，未来将强化特定领域贷款，如人工智能、低空经济、 未来产业等方面，通过资金注入的方式投向特定领域，可以破解项目融资难的问题。 3家政策性金融公司成立 中经记者 石健 北京报道 新型政策性金融工具支持项目涵盖多类重点领域，基础设施类包含轨道交通、市政公用事业（含供水、 供热）、物流仓储；城市发展类包含城市更新；生态与民生类包含水利工程、生态保护。 值得注意的是，此次金融工具落地后，多地政府及国资快速响应。 2025年9月30日，合肥鑫城控股集团有限公司（以下简称"鑫城集团"）成功获批全国首批、安徽省首单 新型政策性金融工具（基金）支持。此次获批新型政策性金融工具资金31.625亿元，同日，中国进出口 银行安徽省分行向鑫城集团一次性投放首笔配套资金4亿元，标志着新型政策性金融工具设立后全国首 批资 ...

记者从中国农业发展银行了解到，自9月30日农发行新型政策性金融工具设立以来，已完成基金投放超 千亿元，共支持项目562个，投向了数字经济、人工智能、消费等基础设施和新兴产业领域，预计可拉 动项目总投资超1.26万亿元。 （文章来源：央视新闻） 为了促进金融更好地服务实体经济、推动扩大有效投资，今年四季度，国家发展改革委会同有关方面设 立了新型政策性金融工具，总规模5000亿元，全部用于补充项目资本金。 ...

9月29日，国家发展改革委对外宣布， 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 。当天，国家开发银行、中国农业发展银行、中国进出口银行全额出资的专门公司 成立，分别是国开新型政策性金融工具有限公司、农发新型政策性金融工具有限公司、进银新 型政策性金融工具有限公司。 随后，新型政策性金融工具在加快投放。9月29日以来， 江苏、安徽、广西、广东、河 北、海南、福建、重庆等 多地对外宣布，首批新型政策性金融工具资金完成投放。这些资 金 投向了城市更新、交通、水务、物流、能源、农业农村、供热管网、环境保护等领域的 项目 。 21世纪经济报道记者梳理地方披露信息发现，新型政策性金融工具的融资期限较长， 部分项 目获批融资期限在15—20年；该新型工具全部用于重点领域重大项目资本金，但是不得超过全 部资本金比例的50% ——这些资金能较大缓解项目资本金不足的问题，还能与项目回报周期 较长的状况相匹配。 新型工具跑步前进 从地方披露信息来看， 交通、城市更新、能源等领域项目较快落地 。 无锡市发展改革委消息显示，无锡至宜兴城际轨道交通工程此次获批新型政策性金融工具资金 31.99亿元（其中一期14.3 ...