题图来自：AI生成 5月7日上午9点，国新办举行新闻发布会，中国人民银行、国家金融监督管理总局、中国证券管理委员 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，以降准降息为主。 降准降息相关主要内容有： 先看与普通人关系最密切的公积金降息政策，这次通过降息，减少了此前公积金贷款和商贷方面利差的 问题，确保了公积金政策的实际有效性，同时进一步降低了房贷成本。 以100万贷款本金、30年期、等额本息的首套房公积金贷款为例，政策当前月供为4136元，政策后为 4003元，减少了133元。总还款总额（本金+利息）从过去的149万变为144万，减少了约5万元成本。 上海易居房地产研究院副院长严跃进向知危表示，从过去的金融政策操作惯例来看，此次政策主要是指 新购房的公积金贷款利率。根据政策规定，此前已经发放的公积金贷款，在明年元旦后将进行下调。 LPR下调0.1个百分点，也就是下调10个基点的概念，严跃进认为这意味着降息通道即将开启，今年二 季度将计入到降息和资金成本进一步放宽的空间。对于促进LPR进一步下调以及有关的贷款利率下调等 都有较为积极的作用。 整体来看，降息对于购房房贷的影响是积极的。央行数据显示， ...

5月7日，央行发布最新公告： 中国人民银行决定，自2 0 2 5年5月8日起，下调个人住房公积金贷款利率0 . 2 5个百分点，5年以 下（含5年）和5年以上首套个人住房公积金贷款利率分别调整为2 . 1%和2 . 6%，5年以下（含5 年）和5年以上第二套个人住房公积金贷款利率分别调整为不低于2 . 5 2 5%和3 . 0 7 5%。 在今天举行的国新办新闻发布会上，中国人民银行行长潘功胜表示，降低个人住房公积金贷 款利率0 . 2 5个百分点。其中，五年期以上首套房利率由2 . 8 5%降至2 . 6%，其他期限的利率同 步调整，预计每年将节省居民公积金贷款利息超过2 0 0亿元，有利于支持居民家庭的刚性住房 需求，有助于房地产市场止跌企稳。 更多发布会内容请 见专题： 聚焦丨"一行一局一会"重磅发声 本期编辑 金珊 央行重磅官宣！下周四，降准！ 超重磅！降准、降息、降个人住房公积金贷款利率！潘功胜最新发声 关于中国资本市场，吴清说了三个"靠谱" SFC 21君荐读 据金融时报，此次住房公积金贷款利率调整范围既包括新发放的住房公积金贷款，也包括存 量住房公积金贷款。此次利率下调后，新发放的住房公积金贷款 ...

金融监管总局局长李云泽今日参加国新办新闻发布会时表示，房地产"白名单"贷款审批通过金额增至 6.7万亿元。(金融一线) ...

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints of the Report - In May, the bond market should focus on the funding situation. The central bank's operations are uncertain, and the level of funding rates is the core variable for whether bond market interest rates can continue to break downward [4]. - The credit bond market sentiment is stable, and the allocation rhythm should be maintained. The new issuance volume decreased significantly in the week of April 28 - May 4, with a large net outflow. Yields generally declined, and spreads showed different trends [4]. - For convertible bonds, operations can gradually become more active. The convertible bond market is stabilizing and showing signs of a rebound. If the equity market sentiment improves, the demand for convertible bond allocation will continue to be released [4]. Group 3: Summary According to Relevant Catalogs 1 Fixed Income Market Observation and Thinking 1.1 Interest - rate Bonds - In May, the bond market should focus on the funding situation. The 10 - year Treasury bond has moved from the right to the left of the [1.6% - 1.9%] range. The net supply of government bonds in May may reach about 1.7 trillion, bringing uncertainty to the funding situation. The Fed's interest - rate cut expectation cooled during the May Day holiday, adding uncertainty to the central bank's monetary policy [4][9]. 1.2 Credit Bonds - From April 28 to May 4, the primary issuance of credit bonds was 112 billion yuan, a 79% decrease compared to the previous period due to the May Day holiday. The total repayment was 197.3 billion yuan, also a significant decrease, resulting in a net outflow of 85.3 billion yuan. Yields generally declined, and spreads showed different trends. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][11]. 1.3 Convertible Bonds - Last week, the equity market showed mixed performance. The convertible bond market declined slightly, with the CSI Convertible Bond Index falling 0.07%. The convertible bond valuation is stabilizing and showing signs of a rebound. Operations can be more active [4][13]. 1.4 This Week's Attention and Important Data Release - This week, important data to be released include China's April Caixin Services PMI, April CPI, the US May interest - rate decision, and the Eurozone's April Services PMI [14]. 1.5 This Week's Estimated Supply of Interest - rate Bonds - This week, the estimated issuance of interest - rate bonds is 565.1 billion yuan, which is relatively high compared to the same period. Treasury bonds are expected to be 391 billion yuan, local bonds 74.1 billion yuan, and policy - bank bonds about 100 billion yuan [14][16]. 2 Interest - rate Bonds Review and Outlook 2.1 Central Bank's Operations and Funding Situation - During the month - end, the central bank increased reverse repurchase operations, with a total net injection of 735.8 billion yuan in the open - market operations for the week [19]. 2.2 Strong Willingness to Hold Bonds for the Holiday - Before the holiday, the PMI data and the funding situation were generally stable, and the enthusiasm for holding bonds for the holiday was high, which contributed to the decline in interest rates, especially for longer - term and high - duration bonds [34]. 3 High - frequency Data - Commodity prices mostly declined. On the production side, the operating rates were divided. On the demand side, the year - on - year growth rates of passenger - car wholesale and retail sales remained positive, while land transactions decreased. Export indices declined. In terms of prices, crude oil prices decreased, copper and aluminum prices increased, and coal prices were divided [45]. 4 Credit Bonds Review 4.1 Negative Information Monitoring - There were no bond defaults, downgrades of bond or issuer ratings in the domestic market from April 28 - May 4, but there were overseas rating downgrades of some companies [64][65]. 4.2 Primary Issuance - The primary issuance volume of credit bonds decreased significantly, with a large net outflow. The cost of issuing high - grade bonds increased slightly, and the frequency of issuing new AA/AA - grade bonds remained low [4][68]. 4.3 Secondary Trading - Credit bond valuations declined slightly. Short - term spreads narrowed, while medium - and long - term spreads widened passively. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][73].

Core Viewpoint - The article emphasizes the importance of a more proactive fiscal policy in stabilizing the economy and enhancing social welfare, guided by Xi Jinping's economic thought [2][3]. Group 1: Fiscal Policy Effectiveness - In 2024, a series of incremental fiscal policies were implemented, leading to a noticeable economic rebound and increased social confidence, particularly during the second and third quarters [3][4]. - A one-time increase of 6 trillion yuan in local special bond limits was executed to replace hidden debts, with the 2024 replacement quota fully issued and over 70% of the 2025 quota completed, resulting in an average interest rate reduction of over 2.5% [4]. - The introduction of special government bonds to support state-owned banks in enhancing their core capital is aimed at improving their ability to serve the real economy [4]. Group 2: Support for Key Sectors - The government has intensified support for the real estate market through tax incentives and special bonds, leading to signs of stabilization in the housing sector [5]. - A significant adjustment in student aid policies has been made, benefiting over 34 million students, alongside direct financial assistance to over 11 million vulnerable individuals [6]. - The GDP growth rate for the last quarter of the previous year was 5.4%, with a total GDP of 134.9 trillion yuan, contributing approximately 30% to global economic growth [6]. Group 3: Strategic Fiscal Management - The design and implementation of fiscal policies reflect the central government's strategic thinking, emphasizing a systematic approach to balancing multiple objectives such as growth, structural adjustment, and risk prevention [7][8]. - The government is focusing on precise measures to address key economic challenges, particularly in local government debt management, to foster new growth points [8]. - The fiscal policy aims to enhance macroeconomic control by increasing the deficit ratio to 4% and raising the fiscal budget to 5.66 trillion yuan, the highest in recent years [11][12]. Group 4: Investment and Consumption Promotion - The government is committed to boosting consumption through substantial fiscal measures, including a 300 billion yuan allocation for consumer subsidies [14]. - Effective investment strategies are being employed, with a focus on both physical and human capital, including the issuance of long-term special bonds to support infrastructure and equipment upgrades [15]. - Increased funding for scientific research and technology is prioritized, with a 10% rise in central government technology spending compared to the previous year [15]. Group 5: Social Welfare and Regional Development - The fiscal strategy includes enhancing social welfare by increasing funding for education, healthcare, and social security, with a focus on improving living standards [17]. - Support for rural development and agricultural policies is being strengthened to ensure food security and promote rural revitalization [18]. - The government is actively working to mitigate risks in key sectors, particularly in local government debt management and the real estate market [18].

Core Viewpoint - The article discusses the applicability of the R&D expense super deduction policy, outlining which activities and industries are eligible or ineligible for this policy [5][10]. Group 1: Applicable R&D Activities - R&D activities eligible for the super deduction policy are defined as systematic activities aimed at acquiring new scientific and technological knowledge, creatively applying this knowledge, or significantly improving technology, products (services), or processes [5]. Group 2: Ineligible Activities - The following activities are not eligible for the super deduction policy: - Routine upgrades of products (services) [8] - Direct application of existing research results, such as using publicly available new processes, materials, or products [8] - Technical support activities provided to customers after commercialization [8] - Repetitive or simple changes to existing products, services, technologies, materials, or processes [8] - Market research, efficiency studies, or management research [8] - Routine quality control, testing, analysis, or maintenance as part of industrial (service) processes [8] - Research in social sciences, arts, or humanities [8] Group 3: Ineligible Industries - Industries that do not qualify for the R&D expense super deduction policy include: - Tobacco manufacturing - Accommodation and catering - Wholesale and retail - Real estate - Leasing and business services - Entertainment - Other industries as specified by the Ministry of Finance and the State Administration of Taxation [10]

股市，并不是经济的晴雨表，反而是流动性的晴雨表。如果现实里面投资太难挣到利润的情况下，释放流动性，只会让资金流入股市、楼市。 一般而言，央行放水的流动性都是在资本市场流通几轮，这些挣到利润的人，会选择买房买车等消费，之后才有实业的复苏。 央行：投放1.2万亿元！ 央行4月30日发布，开展1.2万亿元买断式逆回购操作，目的是释放流动性，虽然没有降息降准，也相当于同样的目的了。 A股，目前不缺流动性，几根大阳线就可以激活了。去年9月份之前，大家都不看好A股，日内成交量只有5000多亿了，不影响短短几个交易日就放量到3.5 万亿，交易所都罢工了。 节后，A股重启牛市了 4月份的回调很充分，大家各取所需，924行情之后，汇金、社保等也高抛了筹码，需要3000点附近接回来，所以借利空砸盘了。 从去年10月开始，权重股就是盘整行情，散户不会喜欢这种，只会眼红炒小炒差，市场用中小盘股票的筹码换他们的核心资产。 上半年也是盘整，5月份大概率有一波小幅拉升，真正的主升浪还是下半年。不过如果提前上涨，就是超预期。 牛市肯定会重启！924行情只是开始，而不是结束。这个市场里面，大多数人都很迷茫，当我们没有方向的时候，情绪悲观的时候 ...

天眼查工商信息显示，近日，浙商中拓集团股份有限公司出资20000万元成立浙商中拓（浙江自贸区） 资源有限公司，持股100%，所属行业为房地产业。 资料显示，浙商中拓（浙江自贸区）资源有限公司成立于2025年4月25日，法定代表人为杨威，注册资 本20000万人民币，公司位于舟山市，金属材料销售、金属矿石销售、非金属矿及制品销售、建筑材料 销售、煤炭及制品销售、化工产品销售（不含许可类化工产品）、专用化学产品销售（不含危险化学 品）、供应链管理服务、光伏设备及元器件销售、光伏发电设备租赁、光伏设备及元器件制造、电子元 器件与机电组件设备销售、建筑用钢筋产品销售、高品质特种钢铁材料销售、高品质合成橡胶销售、新 材料技术研发、建筑装饰材料销售、有色金属合金制造、有色金属合金销售、铁合金冶炼、有色金属压 延加工、金属制品销售、金属链条及其他金属制品销售、金属链条及其他金属制品制造、建筑用金属配 件销售、机械零件、零部件销售、机械零件、零部件加工、电子产品销售、软件销售、软件外包服务、 计算机软硬件及辅助设备批发、计算机软硬件及辅助设备零售、基础化学原料制造（不含危险化学品等 许可类化学品的制造）、日用玻璃制品制造、日 ...

Group 1 - The core viewpoint presented by Fuyao Glass founder Cao Dewang is that the value of real estate is significantly overestimated, with construction costs being only 2,000 to 3,000 yuan per square meter, while prices exceed 10,000 to 20,000 yuan [1] - Cao Dewang argues that high housing prices attract excessive social capital into the real estate sector, hindering the development of the real economy due to a lack of capital inflow [1] - Independent economist Ma Guangyuan counters that dismissing real estate as merely "bricks and cement" overlooks its substantial contributions to GDP and employment, with the sector's contribution to GDP declining from nearly 30% to 22% [3][5] Group 2 - Ma Guangyuan emphasizes that the real estate sector supports over 56 related industries, providing employment for more than 50 million people, and a downturn in the market could lead to increased unemployment [3][5] - He warns that portraying housing as worthless could mislead the public, as housing demand remains rigid, and even renting incurs living costs [5] - The discussion highlights the need for a balanced approach to real estate, avoiding excessive financialization while recognizing its short-term economic contributions [9] Group 3 - Cao Dewang's perspective aligns with the idea that housing prices should reflect true value to avoid economic bubbles, citing that in cities like Shanghai and Shenzhen, the price-to-income ratio is as high as 40 [7] - Ma Guangyuan argues for the importance of maintaining a prosperous real estate market for GDP growth and employment, suggesting that the economy is overly reliant on real estate [7] - The urgent need is to stabilize the real estate market to allow for a gradual transition towards high-end manufacturing and high-tech industries, reducing dependency on real estate investment [9]

4月28日，记者从人民银行广西区分行获悉，广西精准有效落实适度宽松的货币政策，引导金融机 构提升服务实体经济质效，金融总量保持合理增长。一季度，广西社会融资规模增量为2365.08亿元， 同比多增83.46亿元，贷款增速持续高于全国平均水平。 广西引导金融机构加大对房地产企业合理融资和城中村改造等"三大工程"的金融支持力度，3月 末，广西房地产贷款余额1.17万亿元，连续9个月保持正增长。 在降低社会综合融资成本方面，广西引导金融机构强化风险定价理念，健全科学定价机制，畅通利 率传导渠道，推动企业和个人融资成本稳中有降。 一季度，广西新发放各项贷款加权平均利率3.26%，同比下降54个基点。其中，企业贷款加权平均 利率3.34%，同比下降36个基点。贷款利率下行叠加住房贷款利率调整、货币政策工具支持，广西企业 融资和居民信贷成本累计降低超37亿元。（谭卓雯 农宇） 在全区新增社会融资规模中，贷款保持主要支柱地位。一季度，全区金融机构向实体经济发放的本 外币贷款增加1600.97亿元，占社会融资规模增量的67.7%，比全国高4.5个百分点。3月末，广西各项存 款、贷款余额分别为4.85万亿元、5.57万亿元，同 ...