"建立在特定情景下向非银金融机构提供流动性的机制性安 排"这一新提法引发关注。市场关注，为什么对象是非银金融 机构，特定情景是指什么，机制性安排到底在防什么？ 作者： 欧阳晓红 封图：图虫创意 现代市场的"踩踏"，往往从非银开始。 2025年12月12日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习中央经济工作会议精神，落实全国金融系统工作会议要求，研究 部署贯彻落实举措。 会议强调，继续实施适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，着力扩大内需、优化供给，做优增量、 盘活存量，为经济稳定增长、高质量发展和金融市场稳定运行营造良好的货币金融环境。 2026年，中国人民银行重点工作之一是防范化解重点领域的金融风险，维护金融稳定。对此，会议提出，助力在宏观层面把握好经济增长、经济结构 调整和金融风险防范之间的动态平衡，推动经济高质量发展，夯实金融市场平稳运行和微观单体金融机构稳健经营的根基。加强金融风险监测、评估、 预警体系建设。坚定维护金融市场平稳运行，综合平衡防范金融市场的道德风险，建立在特定情景下向非银金融机构提供流动性的机制性安排。 其中，"建立在特定情 ...

Core Viewpoint - The use of loan tools for stock repurchase or increase by A-share listed companies is accelerating, with significant growth in the number of companies utilizing these financial instruments since the introduction of the stock repurchase and increase re-loan policy in October 2024 [1][2]. Group 1: Loan Utilization and Impact - As of June 3, 2025, 606 listed companies have announced 650 "repurchase and increase re-loan" announcements, with a total loan amount of 1255.85 billion [1][3]. - The re-loan interest rate for stock repurchase and increase is approximately 2.25%, providing a low-cost funding source for companies to effectively implement market value management strategies [1][5]. - The re-loan program has significantly supported both state-owned and private enterprises, with 392 private companies participating, accounting for over 60% of the total [2][4]. Group 2: Industry and Company Participation - The sectors benefiting from the re-loan include traditional and emerging industries, with the highest number of companies in electronics, pharmaceuticals, and chemicals [2][3]. - Notable companies such as Dongfang Shenghong and Muyuan Foods have received substantial re-loan amounts, with Dongfang Shenghong's total reaching 28 billion [2][3]. - The average market capitalization of companies announcing re-loan plans has decreased from 257 billion in 2024 to 193 billion in 2025, indicating increased participation from smaller companies [3][6]. Group 3: Market Trends and Future Outlook - The total announced repurchase and increase plans from January to September 2024 amounted to 2038 billion, with a monthly average of 226 billion, which increased to 371 billion after the introduction of the re-loan tool [6][7]. - The People's Bank of China announced a combined use of 800 billion for stock repurchase and increase re-loan and securities fund insurance company swap facilities, enhancing the flexibility and efficiency of these financial tools [7].