有了农行金融活水的滋养，养殖场很快焕发新颜：新鸡舍拔地而起，自动化设备让养殖效率大幅提 升，鸡蛋产量和品质稳步提高。更让村民们高兴的是，养殖场新增的十余个岗位优先雇用脱贫户，饲料 采购也专挑本村农户种的玉米、大豆——罗国平的养殖场就像一个引擎，带着全村人一起增收。 如今的雪骡村，村口的小卖部里村民们闲聊时总会提起："要不是惠农贷款，老罗的养殖场哪能发 展这么快？咱们村的日子也不会这么有奔头。"农行泸州直属支行相关负责人表示，下一步，将继续聚 焦农业特色产业，推出更多精准化、差异化的信贷产品，让金融活水真正浸润田间地头，助力像雪骡村 这样的乡村在振兴路上走得更稳、更远。 责任编辑：杨喜亭 清晨的阳光漫过泸州市龙马潭区金龙乡雪骡村的田埂，成片的竹林在微风中沙沙作响，错落有致的 农舍旁，几棵老黄桷树伸展着枝叶，守护着这个宁静的村落。与这份静谧形成鲜明对比的，是村东头现 代化养殖场里的热闹景象——25万余只蛋鸡在宽敞整洁的鸡舍里悠然踱步，鸡鸣声此起彼伏，一个个饱 满的鸡蛋顺着传送带有序滑落、等待分拣，养鸡大户罗国平（化名）正盯着监控屏幕查看鸡群状态，一 天的忙碌就此拉开序幕。 作为土生土长的雪骡村人，罗国平与蛋鸡打交 ...

新华财经莫斯科9月24日电（记者包诺敏）俄罗斯央行数据显示，2025年8月俄罗斯银行间企业贷款组合 环比增长1.1%，银行对企业的债权总额增加1.2万亿卢布，增幅1.3%。 8月，俄汽车贷款增长加速至2.7%，7月份增速为2.3%。俄央行指出，优惠计划和经销商营销活动刺激 了汽车消费需求。 数据显示，8月俄企业信贷增长中，以卢布计价的贷款占主导地位，增加0.8万亿卢布。其中，石油和天 然气行业为主要拉动力量，其贷款增量约占企业信贷总增长的三分之一。 （文章来源：新华财经） 当月，外币贷款同步实现增长，增加约0.3万亿卢布，增幅2.5%。俄罗斯央行指出这一增长主要得益于 出口企业的信贷需求支撑。此外，俄央行数据显示，俄罗斯银行还增加了对公司债券的投资（约0.2万 亿卢布），主要投资于冶金企业的新发行债券。 ...

Core Viewpoint - The decision to maintain the Loan Prime Rate (LPR) at 3% and 3.5% reflects a strategic approach to stabilize the economy while promoting gradual progress, amidst global interest rate fluctuations and inflation uncertainties [4]. Group 1: Monetary Policy - The LPR was kept unchanged as of September 22, indicating a deliberate and targeted monetary policy rather than inaction [4]. - The current environment of low interest rates for corporate and personal housing loans, approximately 3.1%, aims to alleviate financial burdens for businesses and residents [4]. Group 2: Economic Strategy - The rationale behind not further lowering interest rates is to avoid excessive borrowing that could inflate asset bubbles, while also preventing high rates that could suppress consumption and investment [4]. - The focus is on precise measures, utilizing structural tools and targeted relending to direct financial resources towards key areas such as technological innovation and green development [4]. Group 3: Future Outlook - A stable and low interest rate environment is seen as a foundation for accumulating strength in the Chinese economy, preparing for the next phase of high-quality growth [4].

Group 1 - The core viewpoint is that China's loan scale has maintained reasonable growth and the credit structure has continued to optimize in the first eight months of the year [1][2]. - As of the end of August, the balance of RMB loans reached 269.1 trillion yuan, with a year-on-year growth of 6.8%. Notably, inclusive small and micro loans and medium to long-term loans for the manufacturing sector grew by 11.8% and 8.6%, respectively, surpassing the overall loan growth rate [2]. - The advanced manufacturing sector, represented by high-tech and equipment manufacturing, has shown high levels of prosperity, leading to increased financing demand and supporting credit growth [2]. Group 2 - Personal loans have also seen an increase, driven by traditional summer consumption peaks and policies such as "old-for-new" promotions, which have further released consumer demand [2]. - The weighted average interest rate for newly issued corporate and personal housing loans in August remained at approximately 3.1%, continuing to stay at historically low levels [3]. - In the first eight months, RMB loans increased by 13.46 trillion yuan, with household loans rising by 711 billion yuan and loans to enterprises increasing by 12.22 trillion yuan [3].

Monetary Policy and Financial Statistics - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [1] - The total social financing stock was 433.66 trillion yuan, also reflecting a year-on-year increase of 8.8% [1] - The balance of RMB loans stood at 269.1 trillion yuan, showing a year-on-year growth of 6.8% [1] - The government bond net financing scale for the first eight months of the year was 1.027 trillion yuan, an increase of 463 billion yuan compared to the previous year [1] Credit and Loan Growth - RMB loans increased by 1.346 trillion yuan in the first eight months, indicating strong support for the real economy [2] - The issuance of special refinancing bonds has accelerated, providing significant funding support for resolving hidden debts [2] - The growth rate of loans, after adjusting for the impact of replacing local government hidden debts, was estimated to be around 7.8% in August [2] Economic Activity and Sector Performance - The proportion of direct financing through corporate bonds, government bonds, and non-financial corporate domestic stock financing has steadily increased from 26.7% at the end of 2018 to 31.6% by the end of August 2025 [3] - Manufacturing loans have seen a significant increase, with new manufacturing loans accounting for 53% of new corporate loans in the first eight months, a rise of 33 percentage points from the previous year [3] - High demand for financing has been noted in sectors such as textiles, specialized equipment, and computer communications, driven by seasonal demand and market expansion efforts [4] Consumer Loans and Housing Market - Personal loan growth has been boosted by traditional summer consumption peaks and policies promoting consumption [4] - Recent real estate regulatory policies in major cities have aimed to better meet diverse housing needs, contributing to increased loan demand [4] Interest Rates and Economic Outlook - Since 2020, the People's Bank of China has cut policy rates nine times, leading to a decrease in loan rates for both enterprises and personal housing loans [5] - The macroeconomic policy is expected to maintain continuity and stability, with a supportive monetary policy aiding the real economy [5] - Long-term economic structural transformation and industrial upgrading are anticipated to lead to a more balanced supply-demand relationship in the economy [5]

Group 1: Financial Data Overview - In the first eight months of the year, the total social financing increased by 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [1] - The increase in RMB loans for the same period was 13.46 trillion yuan, with 590 billion yuan added in August alone [1] - The financial sector continues to support the real economy effectively, aided by proactive fiscal policies and moderately loose monetary policies [1] Group 2: Personal Loan Growth - Household loans increased by 711 billion yuan in the first eight months, with 303 billion yuan added in August, showing a year-on-year decrease of 1.597 trillion yuan but a month-on-month increase of 5.196 trillion yuan [2] - The growth in personal loans is attributed to the traditional summer consumption peak and policies promoting consumption [2] - The service industry activity index rose to 50.5%, indicating strong performance in sectors like travel and entertainment [2] Group 3: Real Estate Policy Impact - Long-term loans for households increased by 200 billion yuan in August, with a year-on-year decrease of 1 trillion yuan but a month-on-month increase of 1.3 trillion yuan [3] - New real estate policies in major cities have positively influenced housing demand and mortgage loan inquiries [3] - The average interest rate for new personal housing loans in August was 3.1%, down approximately 25 basis points from the previous year [3] Group 4: Corporate Loan Trends - Corporate loans increased by 590 billion yuan in August, with a year-on-year decrease of 2.5 trillion yuan but a month-on-month increase of 5.3 trillion yuan [5] - Short-term loans for enterprises saw a significant increase, while medium to long-term loans remained stable [6] - The manufacturing sector's PMI rose, indicating improved production and financing demand [6] Group 5: Structural Adjustments in Monetary Policy - The total balance of RMB loans reached 269.10 trillion yuan by the end of August, with a year-on-year growth of 6.8% [8] - The balance of inclusive small and micro loans grew by 11.8%, and medium to long-term loans for manufacturing increased by 8.6% [8] - Structural monetary policy tools are being utilized to enhance financial support for key sectors [9] Group 6: Economic Outlook - The macroeconomic environment is stable, with manufacturing and non-manufacturing sectors showing signs of expansion [11] - The overall economic growth is expected to meet the target of around 5% for the year, supported by continuous and stable macro policies [11] - Experts emphasize the need for reforms in key areas to address deeper issues and promote consumption [11]

□ 通讯员 王梦冉 今年7月以来，连云港市启动企业贷款综合融资成本明示试点工作。在人民银行连云港市分行的积极组 织推动下，试点当月全市就完成417笔、合计17.64亿元贷款的综合融资成本明示，让企业融资成本 从"算不清"变"道得明"，更推动了连云港市市场利率持续走低，为实体企业注入了源源不断的金融"活 水"。 为让试点工作落地不落空，人民银行连云港市分行从机制、流程、宣传三方面发力：指导辖区内金融机 构制定专门的落实方案，明确每个金融机构的责任部门，把工作职责落到具体环节；指导金融机构结合 贷款发放收息收费环节，制定详细操作流程，确保每一笔贷款的成本核算都有章可循；引导辖区内金融 机构通过多种方式，向企业普及企业贷款综合融资成本知识。不管是网点的宣传物料，还是针对企业的 座谈讲解，都围绕"让企业知道自己要花多少钱"展开，帮企业树立成本意识，切实保护借款人的合法金 融权益。 在人民银行连云港市分行推动下，辖区内各金融机构会同贷款企业填写《企业贷款综合融资成本清 单》，把企业要承担的贷款利率以及担保费率、评估费率等所有非利息支出一一列清楚，并用年化率的 形式呈现综合融资成本，让企业一眼就能看清"每一分钱花在哪"， ...

Core Insights - The People's Bank of China (PBOC) Beijing Branch has initiated a pilot program to enhance transparency in corporate loan financing costs, which has received positive feedback from businesses [1][5] - The program involves creating a "Loan Clarity Document" that details all interest and non-interest costs associated with loans, helping businesses understand their actual financing costs [1][5] Group 1: Program Implementation - The pilot program covers all types of offline loans for technology-based small and medium-sized enterprises (SMEs) in Beijing [1] - A total of 37 major domestic banks in the region are participating in this initiative, which aims to provide a clear breakdown of loan costs, including fees and payment terms [1][5] Group 2: Benefits to Businesses - Businesses have reported that the clear cost information provided by banks has alleviated concerns regarding loan financing, transforming previously opaque costs into transparent ones [1][5] - The initiative has successfully prevented potential exploitation by illegal intermediaries, as demonstrated by a construction company that avoided high service fees through the clarity provided by the Loan Clarity Document [5] Group 3: Future Plans - The PBOC Beijing Branch plans to summarize the pilot experience and gradually expand the program's coverage to benefit more enterprises [5] - The goal is to lower the overall financing costs for society and improve the quality of financial services provided to the real economy [5]

Core Viewpoint - The People's Bank of China (PBOC) Beijing Branch is initiating a pilot program to transparently display the comprehensive financing costs of corporate loans, aiming to reduce unnecessary fees and enhance trust between banks and enterprises [1] Group 1: Pilot Program Details - The pilot program will involve 37 major domestic banks in Beijing starting from August 2025, focusing on clearly outlining the interest and non-interest costs associated with corporate loans [1] - The program will detail the charging entities, payment methods, and payment cycles, converting these into the actual annualized interest rates that enterprises will bear [1] Group 2: Impact on Enterprises - The initiative is expected to promote transparency in corporate loan costs, effectively curbing unreasonable charges such as credit enhancement fees, bridge fees, and intermediary fees [1] - Feedback from enterprises indicates that the program has been well-received, particularly among technology-oriented small and medium-sized enterprises, enhancing their understanding of banks' cost reductions [1] Group 3: Future Plans - The PBOC Beijing Branch plans to summarize the pilot experience and gradually expand the coverage of the program to benefit more enterprises [1] - The goal is to lower the overall social financing costs and improve the quality and efficiency of financial services to the real economy [1]

Core Viewpoint - Suzhou Bank reported a revenue of 6.5 billion yuan and a net profit of 3.1 billion yuan for the first half of 2025, showing year-on-year growth of 1.81% and 6.15% respectively, with stable asset quality indicators [1][2][5] Performance Summary - Revenue and net profit growth rates for H1 2025 were 1.81% and 6.15%, with improvements in net interest margin decline and narrowing of other non-interest income decline contributing positively to performance [2] - Net interest income increased by 2.72% year-on-year, with a net interest margin of 1.33%, down 5 basis points from the previous year [2][3] - Non-interest income from fees and commissions grew by 9.0% year-on-year, with significant increases in agency and investment financing services [3] Asset and Liability Summary - Total assets reached 755 billion yuan and total loans amounted to 363.5 billion yuan by the end of Q2 2025, reflecting year-on-year growth of 14.5% and 11.8% respectively [4] - Total deposits were 462.8 billion yuan, up 11.4% year-on-year, with a net increase of 45.8 billion yuan in H1 2025 [4] Asset Quality Summary - The non-performing loan (NPL) ratio stood at 0.83% at the end of Q2 2025, with a coverage ratio of 437.91%, indicating stable asset quality [5][6] - The NPL ratio for corporate loans was 0.51%, while personal loans had an NPL ratio of 1.80%, reflecting some pressure on personal loan quality [5][6] Investment Recommendation - Suzhou Bank is positioned as a high-quality regional city commercial bank with strong asset quality and growth potential, with projected net profit growth rates of 6.86%, 5.36%, and 4.51% for 2025-2027 [7]