2025 年 08 月 05 日 市场进入上涨波段， 企业回收 意愿 图语 -上市公司回购增持月度跟踪（2025年７月） 集中落地,回购增持实 -上市公司回购培 持月度跟踪（2025年６月）》 2025/07/03 申万宏源研究微信服务号 《市场有所回暖, 回购增持随之降温 =市公司回购增持月度跟踪 (2025年5月) 》 2025/06/17 证券分析师 牟璋璋 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 牟璋璋 A0230524100002 mujj@swsresearch.com 联系人 牟蓮蓮 (8621)23297818× mujj@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 2024 年 9 月 24 日，国务院举行新闻发布会，央行行长潘功胜宣布创设两项结构性货币 政策工具,以支持 ...

Group 1 - Recently, China Chengtong and China Guoxin, two state-owned capital operation companies, announced plans to use stock repurchase and increase loan funds to enhance their stakes in listed companies [1] - The People's Bank of China has created two tools to support the stable development of the capital market, with initial quotas of 500 billion yuan and 300 billion yuan for securities, fund, and insurance company swap facilities and stock repurchase increase loans, respectively [1] - On May 7, the central bank announced the merger of the quotas for these two tools, totaling 800 billion yuan, to better meet the needs of different types of institutions and support the internal stability of the capital market [1] Group 2 - Both China Chengtong and China Guoxin are platforms under the State-owned Assets Supervision and Administration Commission, and most of their invested listed companies are "China-character" enterprises [2] - The loan interest rate for stock repurchase increase loans from commercial banks is around 2.25%, which may lead to a higher willingness to use these loans among companies that focus on shareholder returns and have high potential returns [2] - The Hong Kong Stock Connect Central Enterprise Dividend Index had a dividend yield of 8.06% as of May 15, significantly higher than the 10-year China Central Government Bond yield of 1.68%, highlighting the value of high-dividend stocks [2]

Group 1 - The People's Bank of China has lowered the interest rate of structural monetary policy tools by 0.25 percentage points, bringing the rate down to 1.5% [1] - Financial institutions are currently offering stock repurchase and increase loans at around 2%, which is below the average dividend yield of listed companies [1] - As of April 2025, listed companies have disclosed plans to apply for stock repurchase and increase loans amounting to over 110 billion yuan, with contracts signed for approximately 200 billion yuan [1] Group 2 - The central bank announced the merger of 500 billion yuan for securities, funds, and insurance company swap facilities with 300 billion yuan for stock repurchase and increase re-loans, totaling 800 billion yuan [2] - The reduction in the interest rate for structural monetary policy tools is expected to stimulate market participants to utilize loans for repurchase and increase, enhancing market capitalization management among listed companies [2] - The combined use of these two capital market tools is aimed at improving convenience and flexibility, better meeting the needs of different market participants, and increasing the efficiency of policy fund utilization [2]

两项资本市场支持工具推出后取得了立竿见影的效果。2024年9月下旬开始，国内股票市场呈现普涨行 情，上证指数在政策公布后的一个月内最大涨幅超过30%，A股市场整体成交量显著回升。截至2024年 末，证券、基金、保险公司互换便利累计操作超过1000亿元。政策落地后至2025年4月16日，共有470家 A股上市公司累计披露496单回购增持贷款，贷款金额上限合计969.78亿元，接近首期3000亿元规模的三 分之一。 这些稳定资本市场的政策措施产生了多方面的积极效应。从市场信心层面看，央行直接为资本市场提供 流动性支持的明确态度，有效稳定了投资者的风险偏好。2024年9月24日政策公布到10月18日正式落 地，A股市场呈现了显著的企稳回升态势，这无疑反映出市场信心的巨大转变。从资金供给角度看，两 项工具通过不同渠道为市场注入流动性：一方面，上市公司通过回购增持再贷款获得低成本资金用于市 值管理；另一方面，非银金融机构通过互换便利工具获得流动性支持，增强了其配置权益资产的能力。 5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。央行行长潘功胜 在会上宣布，将优化两项支持资本市场的货币政策 ...

Core Viewpoint - The Chinese government is implementing a series of financial policies aimed at stabilizing and invigorating the capital market, as highlighted by the recent press conference attended by top financial regulators [1][2]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [1]. - The People's Bank of China announced the merging of two monetary policy tools aimed at supporting the capital market, expanding the range of participating institutions and collateral, while also reducing fees [1][2]. Group 2: Reform Initiatives - The CSRC plans to introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability, alongside revising the major asset restructuring management measures [2]. - These reforms are expected to optimize resource allocation through mergers and acquisitions and improve financing channels for technology enterprises [2]. Group 3: Funding Injections - The National Financial Regulatory Administration intends to expand the pilot program for long-term insurance investments, injecting an additional 60 billion yuan into the market [3]. - Adjustments to solvency regulations will lower risk factors for stock investments, encouraging insurance companies to increase their market participation [3]. Group 4: Market Impact - Following the announcement of these policies, the A-share market experienced consecutive gains, with major indices rising over 1% in two trading days [3][4]. - The combination of liquidity support and long-term capital inflow is expected to stabilize market sentiment and reduce volatility, laying the groundwork for a sustained bullish market [4].

Core Viewpoint - The Chinese government is implementing a comprehensive set of monetary policies to stabilize the economy and promote high-quality development in response to external uncertainties [1][2][12]. Monetary Policy Measures - The People's Bank of China (PBOC) announced 10 measures to enhance macroeconomic control, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [4]. - The PBOC will lower the policy interest rate by 0.1%, bringing the 7-day reverse repurchase rate down from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [4]. - A 0.25% reduction in the interest rates of structural monetary policy tools will be implemented, affecting various special structural tools and re-lending rates [4]. - The personal housing provident fund loan rate will be reduced by 0.25%, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. - An increase in the re-lending quota for technological innovation and technical transformation from 500 billion yuan to 800 billion yuan will support the implementation of new policies [5]. Financial Regulatory Policies - The National Financial Regulatory Administration announced eight incremental policies to enhance the effectiveness of existing policies and support economic recovery [6]. - New financing systems will be introduced to stabilize the real estate market and expand the long-term investment pilot scope for insurance funds [7][8]. - Policies will be developed to support small and private enterprises, as well as to assist businesses affected by tariffs [9][10]. Capital Market Support - The China Securities Regulatory Commission (CSRC) is set to introduce a package of financial policies to stabilize the capital market and enhance investor confidence [12]. - Reforms in public funds will focus on aligning the interests of fund companies with investors, including a performance-based fee structure [12][13]. - The CSRC will revise regulations to support mergers and acquisitions, enhancing the capacity for innovation and risk management in listed companies [13]. Market Performance - On May 7, the A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.80% to 3342.67 points [14]. - Approximately 3300 stocks rose, with significant gains in sectors such as aerospace, shipbuilding, and agriculture [15]. - Analysts suggest that the newly announced financial policies are expected to boost market liquidity and support the transition to high-quality economic development [15].

5月7日，国务院新闻办举行新闻发布会，邀请中国人民银行行长潘功胜、金融监管总局局长李云泽、中 国证监会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况。 看点①：保持流动性充裕 降准0.5个百分点，提供长期流动性约1万亿元 看点②：持续巩固房地产市场稳定态势 公积金贷款利率下调0.25个百分点 今年一季度，我国房地产贷款余额增加7500多亿元，其中新增个人住房贷款创2022年以来单季最大增 幅，住房租赁贷款同比增长28%。最近，一些重要国际投资机构也认为，中国房地产市场的投资价值正 在逐步显现。 "我们扎实推动城市房地产融资协调机制扩围增效，支持打赢保交房攻坚战。"李云泽介绍，目前，商业 银行审批通过的"白名单"贷款增至6.7万亿元，支持了1600多万套住宅的建设和交付，有力保障了广大 购房人的合法权益，为房地产市场止跌回稳提供了重要支撑。 李云泽表示，将加快完善与房地产发展新模式相适配的系列融资制度，包括房地产开发、个人住房、城 市更新等贷款管理办法，同时，指导金融机构继续保持房地产融资稳定，有效满足刚性和改善性住房需 求，强化对高品质住房的资金供给，助力持续巩固房地产市场稳定态势。 降低存款准备金率 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to enhance macroeconomic regulation by implementing a comprehensive monetary policy package consisting of three main categories and ten specific measures aimed at increasing liquidity and supporting economic growth [1][2]. Group 1: Monetary Policy Measures - The PBOC will adopt quantity-based policies, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR), which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1][2]. - Price-based policies will involve a 0.1 percentage point decrease in policy interest rates, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [1][2]. - Structural policies will include the optimization of existing monetary policy tools and the creation of new ones to support sectors such as technological innovation, consumption expansion, and inclusive finance [1][2]. Group 2: Specific Policy Details - The PBOC will lower the interest rates of structural monetary policy tools by 0.25 percentage points, affecting various special tools and the re-lending rate for agriculture and small enterprises [2]. - The personal housing provident fund loan rate will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [2]. - An increase in the re-lending quota for technological innovation and technological transformation will raise the total from 500 billion yuan to 800 billion yuan [2]. Group 3: Capital Market Support - The PBOC has established two tools to support the stability of the capital market, which have been well-received and have helped boost investor confidence [3]. - The total quota for the two capital market support tools will be merged to 800 billion yuan, enhancing flexibility and accessibility for various market participants [4]. - The PBOC will support the China Securities Finance Corporation in maintaining market stability by providing sufficient re-lending support for stock market index funds [4]. Group 4: Technology Bond Market Initiatives - The PBOC is preparing to launch a "Technology Board" in the bond market to facilitate the issuance of technology innovation bonds by financial institutions and technology enterprises [4][5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending funds to support the issuance of long-term bonds [5]. - Nearly 100 market institutions are planning to issue over 300 billion yuan in technology innovation bonds, indicating strong market interest and participation [5].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of financial policies aimed at stabilizing the market and boosting economic growth in response to the current complex economic situation in China [2][4] - The People's Bank of China (PBOC) has lowered the reserve requirement ratio by 0.5 percentage points, which is expected to release approximately 1 trillion yuan in long-term liquidity, thereby increasing market liquidity and reducing financing costs for enterprises [2][4] - A series of support measures for small and micro enterprises have been proposed, including increasing re-lending quotas and optimizing financing coordination mechanisms to alleviate financing difficulties [2][3] Group 2 - The adjustment of the personal housing provident fund loan interest rate by 0.25 percentage points is aimed at enhancing the consumer support function of the provident fund loans, especially in the context of declining commercial loan rates [3] - The National Financial Regulatory Administration has indicated plans to introduce a series of financing systems that align with new models of real estate development, which may lead to increased support for development and mortgage loans [3][4] - The introduction of two monetary policy tools to support the capital market, including securities, fund, and insurance company swap facilities, as well as stock repurchase and increase re-lending, is expected to provide ongoing support for market stability [4]

中国人民银行召开会议贯彻落实中央政治局会议精神 全力推进一揽子金融政策加快落地 5月7日下午，中国人民银行召开全系统会议，深入学习贯彻4月25日中央政治局会议精神，全力推进一揽子金 融政策加快落地见效。中国人民银行党委书记、行长潘功胜主持会议并讲话。 会议强调，中央政治局会议对当前经济形势作出深刻分析，对下一步经济工作作出重要部署，中国人民银行系 统要迎难而上、迅速行动，实施好适度宽松的货币政策，用好用足存量政策，加力实施增量政策，充分释放政 策效应。要强化协同联动，全系统密切协作，不断巩固发展经济回升向好势头，促进经济高质量发展。 中国人民银行党委委员、副行长邹澜出席会议并发言。会议以视频形式召开，中国人民银行有关司局、各省分 行负责同志分别在主会场和分会场参加会议。 4．下调结构性货币政策工具利率0.25个百分点，包括各类专项结构性政策工具利率。例如，支农、支小 再贷款利率从目前的1.75%降至1.5%；抵押补充贷款（PSL）利率从目前的2.25%降至2%。 重磅利好！央行，"十箭"齐发！ 今日上午9时，国新办举行新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、中国 证券监督管理委员会 ...