近日，因增值税政策变化，债券市场出现了明显波动。"新老划断"引发机构抢筹，短期带来了交易性机 会，而长期来看，银行、保险、券商等机构投资者，为了追求低利率时代下更高的收益，或调整债券投资 策略，寻求比如红利资产等"固收+"投资机会。 同时，因公募等资管产品享受了"减半"税收优惠，不排除更多银行保险资金，选择委托外部公募资管的方式进 行债券投资。 公募资管委外需求或提高 值得注意的是，不同机构之间的债券增值税差异，可能会促使保险银行等自营资金，增强通过公募等资管机构 委托投资的意愿。 低利率环境下，债券投资票息收益和资本利得空间有所缩小。短期来看，免税的存量债券成为稀缺资产，容易 引发抢筹行情，近日债市的波动已印证了这一点。 长期来看，随着旧债滚动续作，需要缴纳增值税的债券规模会持续扩大，机构投资者的债券投资利息收入减 少，以1.7%的10年期国债收益率测算，机构自营资金和公募资管分别减少10.8BP和5.5BP的利息收入。 此外，一位券商资管子公司高管向券商中国记者表示："部分资金或流向信用债市场，不过信用债还要考虑资 本占用，估计规模也不会很大。" 银行保险等自营影响较大 财政部、税务总局公告称，自8月8日 ...

Core Viewpoint - The article discusses the recently released "Guiding Opinions on Financial Support for New-Type Industrialization," which outlines a clear path for financial support to enhance industrialization in China, focusing on optimizing funding structures and improving financial services across various sectors [1][2]. Financial Support for New-Type Industrialization - The guiding opinions emphasize the need for a comprehensive, differentiated, and specialized financial service system to support new-type industrialization, including loans, bonds, and equity financing [1]. - Key areas of focus include enhancing technological financial services, optimizing supply chain finance, promoting green finance, and advancing digital finance to support industrial transformation [1][2]. Overall Goals - By 2027, the financial system supporting the high-end, intelligent, and green development of the manufacturing industry is expected to be fundamentally mature, with a richer product offering and improved service adaptability [2]. Specific Measures - The opinions propose 18 specific measures across five main areas, including enhancing technological innovation capabilities, improving supply chain resilience, and strengthening financial support capabilities [4]. - Notable measures include the implementation of a "Technology-Industry Financial Integration" initiative and the exploration of a "de-nuclear" service model for supply chain finance [4][5]. Enhancing Financial Services - Financial institutions are encouraged to improve their internal mechanisms and develop differentiated credit policies tailored to specific industries and growth stages [8]. - The article highlights the importance of collaboration between financial institutions and industry sectors to enhance service capabilities and talent development [8][10]. Cross-Border Financial Services - The opinions call for improved cross-border financial services, including facilitating cross-border trade settlements and expanding the use of RMB in international transactions [6][10]. Long-Term Mechanisms - The article stresses the need for establishing long-term mechanisms to support new-type industrialization, including enhancing cooperation among various financial entities and improving the overall financial service environment [10].

金 融 期 货 研 究 2025 年 8 月 6 日 | | 期指：上涨后的震荡 | | | | --- | --- | --- | --- | | | 毛磊 | 投资咨询从业资格号：Z0011222 | maolei@gtht.com | | 【期指期现数据跟踪】 | | | | | 期指数据 | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4103.45 | ↑0.80 | | 3069.3 | | | | | | IF2508 | 4095 | ↑0.86 | -8.45 | 266 | 21739 | ↑1063 | 40900 | ↓262 | | IF2509 | 4082 | ↑0.84 | -21.45 | 554.2 | 45420 | ↑684 | 147312 | ↑504 | | IF2512 | 4051 | ↑0.85 | -52.45 | 123.1 | 10162 | ↑ ...

近日，在苏州军分区、市退役军人事务局的指导下，苏州市慈善总会联合多家机构，构建起覆盖现 役与退役军人的立体化保障网络，为驻苏官兵、苏州籍现役军人及广大退役军人送上一份特别的"节日 礼包"。 今年，市慈善总会计划支出108.33万元，开展拥军优抚慰问、关爱困难退役军人医疗保险、关爱困 难退役军人慈善助困、为烈士寻亲等项目，以多维度、精准化的实际举措，传递城市温暖与尊崇。截至 目前已支出27.8万元，惠及278名困难军人。 健康守护，最高获赔近5万元。2024年，在苏州市退役军人事务局支持下，苏州市东吴退役军人关 爱基金会、市慈善总会联合人保财险苏州分公司投入104.25万元，为695名困难退役军人购买了医疗保 险。在保障期内，已有85位退役军人申请赔付，总赔付金额达62.78万元。其中，一位罹患重大疾病的 退役军人个体最高获得了4.94万元的赔付，有效缓解其高昂的医疗费用压力。 慈善助困，雪中送炭显真情。自2019年起，由苏州市退役军人事务局、市慈善总会共同出资252万 元启动的"关爱困难退役军人"慈善助困项目持续发力。截至目前，该项目已累计支出654.53万元，惠及 1680名困难退役军人，成为他们遭遇困境时 ...

又一细化领域迎来金融支持举措。为加快金融强国和制造强国建设，中国人民银行、工业和信息化部等 七部门在8月5日联合印发《关于金融支持新型工业化的指导意见》（以下简称《意见》），要求为推进 新型工业化、加快发展新质生产力提供高质量金融服务，坚持分类施策、有扶有控，推动产业加快迈向 中高端，防止"内卷式"竞争。《意见》在支持提升产业科技创新能力和产业链供应链韧性、支持加快建 设现代化产业体系等五大方面提出十八项金融支持措施。 在苏商银行特约研究员薛洪言看来，"科技产业金融一体化"是《意见》众多政策举措中值得关注的一 项，通过硬科技属性评价体系和"千帆百舸"上市培育计划，打通社会资本流向硬科技领域的"最后一公 里"，能让更多实验室里的创新成果快速走向产业化。而探索产业链金融的"脱核"服务模式，借助全国 中小微企业资金流信用信息共享平台，使缺乏核心企业担保的专精特新企业也能凭借真实交易数据获得 授信，这种"数据换信用"的创新有望激活产业链末梢活力。 "提升跨境金融服务便利性，从跨境结算便利化到外汇套保服务升级，从出口信用保险扩围到海外知识 产权融资支持，全方位的跨境金融服务让'中国制造'在全球产业链竞争中更具底气。"薛 ...

Core Viewpoint - The People's Bank of China and several government departments have issued guidelines to enhance financial support for new-type industrialization, focusing on the integration of finance and manufacturing to foster technological innovation and sustainable development [1][2]. Financial Support for Industrialization - The guidelines emphasize the importance of financial services for the real economy and risk prevention, aiming to deepen financial supply-side structural reforms and enhance the synergy between industrial and financial policies [1][4]. - By 2027, a mature financial system supporting the high-end, intelligent, and green development of manufacturing is expected, with increased access to various financial instruments for manufacturing enterprises [1][2]. Enhancing Technological Innovation and Supply Chain Resilience - Financial policies will be optimized to support key technologies and products, particularly in critical sectors such as integrated circuits and medical equipment, through long-term financing [2][3]. - The guidelines encourage collaboration between financial institutions and technology service providers to facilitate diverse financing models and accelerate the transformation of technological achievements [2]. Modern Industrial System Construction - The guidelines outline five key areas for building a modern industrial system, including optimizing financial services for traditional manufacturing, enhancing the quality of technology finance, promoting green finance, and deepening financial services for industrial chains [2][3]. Industry Integration and Upgrading - Support for listed companies to engage in industry consolidation and upgrading through various financial mechanisms is highlighted, along with the need for diversified technology finance service models [3][4]. - Financial institutions are encouraged to utilize advanced technologies like big data and AI to improve service efficiency for manufacturing, especially for small and medium-sized enterprises [3][4]. Regional and Cross-Border Financial Services - The guidelines stress the importance of flexible financial services to support industrial transfer and regional optimization, particularly in less developed areas [3][4]. - Enhancements in cross-border financial services are also emphasized to expand high-level open development spaces for manufacturing [3]. Capacity Building for Financial Support - Financial institutions are urged to integrate support for new-type industrialization into their long-term strategies and improve the coordination of various financial tools [4]. - The guidelines call for the cultivation of a talent pool with expertise in advanced manufacturing and related technologies to strengthen financial management and services [4]. Implementation and Collaboration - The People's Bank of China and relevant departments will work together to ensure the implementation of these guidelines, aiming to provide robust financial support for advancing new-type industrialization [5].

同洲电子公告，持股8.09%的股东瑞众人寿保险有限责任公司计划自2025年8月27日至2025年11月26 日，通过集中竞价方式减持公司股份不超过752.44万股，占公司总股本不超过1%，减持原因为自身资 金需求。 ...

证券研究报告 | 定期追踪 | ESG 及绿色金融 定期追踪 报告日期：2025 年 08 月 05 日 ❑ 创业板综引入 ESG 负面筛选，最新绿金目录探索中国分类法 创业板综引入 ESG 与风险双重剔除机制，推动指数高质量发展；新版绿金目录出 炉，明确绿色贸易与消费支持方向；电动自行车强制性国标发布，强化产品质量 监管，加快电池报废回收；央地各部门密集出台绿电政策，涵盖开发、核发和消 纳多领域；节能绿色低碳转型引领工商业基础设施高质量发展主线。 ❑ 欧盟减轻企业可持续报告披露负担，SASB 可持续报告标准修订提升适用性 ESMA 发布反洗绿指南，指导市场参与者避免漂绿风险；欧盟简化可持续金融分 类目录应用标准，并减轻中小企业披露负担，推迟对大型企业的可持续发展报告 要求。新加坡发布实务指南推动"新加坡-亚洲转型分类标准"落地应用。ISSB 拟 启动 SASB 可持续发展报告标准的修订工作，提升兼容性和国际适用性。 ❑ 海外 ESG 基金流量反弹规模新高，国内绿债发行同比增长超四分之三 根据 Wind 统计，本月新发行 ESG 基金数量达 6 只，ESG 策略/环保主题/社会责 任主题分别为 1/1/4 只 ...

知情人士表示，受新加坡金管局提供的税收优惠等激励措施所吸引，部分险企近年来加快将新加坡作为 区域资产管理中心的步伐，尽管保单销售主要在中国香港进行。 智通财经APP获悉，据报道，中国香港及新加坡两大金融中心在人才和资本方面的竞争日益激烈，令资 产管理公司集中度风险的上升，引发对企业外迁的审视。香港保险监管机构于过去一年，持续推动部分 香港大型人寿保险公司，将投资决策职能迁回香港。报道称，这项由香港保险业监管局牵头的行动于去 年初启动，对象包括友邦保险等公司。 ...

【资产配置快评】 政治局会议后怎么看 ——总量"创"辩第 107 期 ❖ 宏观 张瑜：股票相对债券的配置价值已由劣转优 核心指标而言：股债夏普比率差值已与股债价格走势出现十年级别的大背离， 意味着股票相比债券的性价比、配置吸引力都已显著回升，但股债价格的反应 偏滞后。 背后逻辑而言：1）政策主动分摊风险提供了稀缺的确定性。2）经济领先指标 见底。 投资启发而言：1）权益"高光时刻"客观会提前。2）美日也有同等规律。3） 我们认为叠加宏观条件而言，需要开始重视权益相比债券的配置价值。 ❖ 策略 姚佩：3500 以上的定价新变化 牛市不惧"变"？更需"稳"！7 月政治局会议为牛市提供定心丸：1）在已形 成明确趋势性上涨的牛市中，政策稳定延续即是利好。2）政策稳定延续提供 的是确定性溢价，灵活性、预见性提供的是向上期权。3）从总量加码转向结构 优化，供给出清或先于需求刺激。4）牛市仍将延续，从上半场金融再通胀逐步 演化为下半场实物再通胀。 3500 以上的新趋势：增量资金、高低切、中盘成长占优。1）增量资金加速流 入：两融+主动权益基金助推放量新高。2）行业高低切：周期+成长领跑，哑 铃配置回调。3）风格：中盘追涨 ...