来源：国投期货 一、发言概述：央行宣布结构性"降息"，完善政策工具 1月15日，人民银行新闻发言人、副行长邹澜表示，人民银行将下调各类结构性货币政策工具利率0.25 个百分点，并完善结构性工具。 具体操作上，主要包括：1．下调各类结构性货币政策工具利率0.25 个百分点，同步调整其他期限档次 利率；2．将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款；3．是增加科技创 新和技术改造再贷款额度并扩大支持范围；4．合并设立科技创新与民营企业债券风险分担工具；5．拓 展碳减排支持工具的支持领域；6．拓展服务消费与养老再贷款的支持领域；7．会同金融监管总局支持 推动商办房地产市场去库存；8．鼓励金融机构提升汇率避险服务水平。 二、未来政策空间：降准降息还有一定空间 从今年看，降准与降息还有一定空间。从法定存款准备金率看，目前金融机构的法定存款准备金率平均 为6.3%，降准仍然还有空间。 从政策利率来看，外部约束方面，目前人民币汇率比较稳定，美元处于降息通道，汇率不构成很强的约 束。内部约束方面，2025年以来，银行净息差已经出现企稳迹象，2026年还有规模较大的定期存款到 期，此次下调各项结构性货币政 ...

Group 1 - The core viewpoint emphasizes the proactive financial support initiatives in Ulanqab City aimed at enhancing the development of enterprises through innovative financial service models and targeted policies [1][4] Group 2 - A platform has been established to facilitate communication between enterprises and financial institutions, achieving 100% coverage of key financing needs with a total loan issuance of 1.322 billion yuan [1] - Monthly government-financial-enterprise matching activities have been organized, resulting in financing intentions of 17.092 billion yuan and credit amounts of 4.592 billion yuan [1] Group 3 - Innovative guarantee models have been developed to assist small and micro enterprises, with a total of 51 million yuan loaned to 11 enterprises through the collaboration of the municipal financing guarantee company and banks [2] - As of June, the financing guarantee company has added 105 new projects amounting to 506 million yuan, with 202 projects under guarantee totaling 926 million yuan [2] Group 4 - Ulanqab City has introduced tailored financial service plans for specific industries, utilizing supply chain finance and green credit to address financing challenges [3] - The iron alloy industry has received 5.042 billion yuan in financing, supporting over 90 enterprises through an innovative supply chain financing model [3] - Green credit initiatives have provided 743 million yuan in loans for six renewable energy projects, aiding the transition to sustainable energy [3] - A special service team has been established to assist small and micro enterprises in overcoming financing difficulties, utilizing tax records for credit assessments [3]