合肥市财政局公开消息称，今年9月中旬安徽发行的50亿元专项债券资金主要用于注资合肥市创业投资 类政府投资基金，标志着财政部首批地方政府专项债券注资创业投资类政府投资基金试点在我市成功落 地。此次专项债券精准聚焦支持"耐心资本"理念，明确发行期限设定为20年，充分匹配长期股权投资需 求，为早期科技企业和硬科技领域提供持续稳定的资金支持。 "十五五"时期中国将加快高水平科技自立自强，加强原始创新和关键核心技术攻关，推动科技创新和产 业创新深度融合。而政府投资基金显然是推动科技自立自强的一个重要政策工具。 根据各地财政部门11月21日公开信息，广东省财政厅将在11月28日发行100亿元30年期地方政府专项债 券，投向广东省政府投资基金。四川省财政厅将在28日发行50亿元15年期专项债券，投向成都市创业投 资基金。上海市财政局将在28日分别发行30亿元15年期和20亿元20年期专项债券，分别投向上海未来产 业基金和浦江创源基金。 这意味着28日一天，地方政府将发行总额200亿元专项债券投向政府投资基金等，而此前已有北京、江 苏、广州、浙江、宁波、陕西、上海、安徽、湖北、深圳发行总计625.2亿元专项债投向政府投资基 ...

越来越多地方开始尝试举债来充实当地政府投资基金。 不过去年底国务院办公厅发布《关于优化完善地方政府专项债券管理机制的意见》，扩大专项债券投向 领域，其中对口专项债券投向领域采取了"负面清单"管理，未纳入"负面清单"的项目均可申请专项债券 资金。而政府投资基金并不在"负面清单"之中，多位接受第一财经采访的专家表示，这意味着专项债被 允许投向政府投资基金等股权基金。 今年1月，国务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（下称《意见》），其 中在部署政府投资基金找准定位，更好服务国家发展大局时要求，发展壮大长期资本、耐心资本，比如 积极引导全国社会保障基金、保险资金等长期资本出资。 为防控风险，上述《意见》要求加强政府投资基金风险防范，严禁地方政府通过违法违规举债融资进行 出资，不得新增地方政府隐性债务，不得强制要求国有企业、金融机构出资或垫资。 在这一背景之下，地方密集发行专项债投向政府投资引导基金。 中证鹏元研发部高级董事吴志武认为，近年来地方经济发展趋缓，地方财政收入增速下降，支出压力较 为突出，导致资金供给所带来的挑战，政府投资基金迫切需要拓宽资金来源。而相比保险、银行等其他 社会资金，专 ...

今年以来，北京、江苏、广州、浙江、宁波、陕西、上海、安徽、湖北已经合计发行520亿元专项债 券，投向当地政府投资基金。 越来越多地方开始尝试举债来充实当地政府投资基金。 近日，深圳市财政局公开最新当地政府债券发行披露文件显示，11月24日将发行的65.2亿元10年期专项 债券，这笔资金投向深圳市政府投资引导基金。 为防控风险，上述《意见》要求加强政府投资基金风险防范，严禁地方政府通过违法违规举债融资进行 出资，不得新增地方政府隐性债务，不得强制要求国有企业、金融机构出资或垫资。 在这一背景之下，地方密集发行专项债投向政府投资引导基金。 中证鹏元研发部高级董事吴志武认为，近年来地方经济发展趋缓，地方财政收入增速下降，支出压力较 为突出，导致资金供给所带来的挑战，政府投资基金迫切需要拓宽资金来源。而相比保险、银行等其他 社会资金，专项债资金支持政府投资基金具有一些优势。比如融资成本更低，且在债券还本付息得到保 障的基础上，地方政府可以将基金更好地聚焦于政策目标的实现上。 目前地方政府并未详细披露专项债资金用于政府投资基金具体项目，从期限来看，投向政府投资基金的 专项债期限普遍在10年至20年。从偿债来源看，各地投 ...

固收-3-5Y 政金债的结构性行情 20251117 年末准财政资金落地影响：年末 5,000 亿准财政资金作为项目资本金落 地，需关注实物工作量增加是否带动名义利率上涨及通胀回升，可寻资 金流向机会。 Q&A 上周债市有哪些细微变化，如何看待这些变化？ 上周债市依然呈现窄幅震荡的行情。主要有两个方面值得关注：一是货币政策 的新预期，二是摊余债基的购债行为对市场的持续影响。 首先，货币政策方面， 新发布的获胜报告和相关数据引发了市场对央行政策的新预期。例如，央行副 行长陶玲在 14 号论坛上的讲话提到"约束金融行业内卷式竞争保持合理盈利 空间"，这表明官方希望通过反内卷方式指导银行放贷。具体而言，有三个关 键点： 1. 银行信贷投放不再要求同比增加，而是可以保持平稳状态。这意味着不 再为了规模而进行内卷竞争。 2. 央行投放基础货币的方式多样化，不再仅依赖降准和降息，而是通过隔 夜逆回购、买断式 MLF、再贷款等多种形式来适应新的信贷投放结构。 3. 市场比价问题，即贷款利率和债券收益率应匹配。如果贷款利率低于债 券收益率，则可能需要调整贷款利率以反映真实融资成本，从而避免内 卷。 其次，关于摊余债基的购债行 ...

Core Viewpoint - The article discusses the innovative approach of local governments in China to utilize special bonds for raising funds for government investment guidance funds, marking a significant shift in funding strategies and enhancing investment efficiency [2][3][4]. Group 1: Government Investment Funds - The Beijing government plans to issue 100 billion yuan in special bonds for the "Beijing Government Investment Guidance Fund," which is the first instance of such funding in the country [2]. - Various local governments have followed suit, issuing special bonds to support government investment funds, indicating a trend towards innovative fundraising methods [3][4]. - The issuance of special bonds for government investment funds is seen as a replicable model that other cities may adopt in the future [7]. Group 2: Policy Changes and Implications - Recent policy changes have allowed special bonds to be used for government investment funds, breaking down previous barriers that kept these funding sources separate [6]. - The 2024 guidelines expanded the scope of special bonds, allowing them to be used for project capital in emerging industries, which includes government investment funds [5]. - Local governments must demonstrate strong financial capabilities and mature fund management systems to ensure the effectiveness of these investments [7]. Group 3: Market Reactions and Future Outlook - The bond market has seen significant interest from venture capital and private equity firms, with over 200 billion yuan in technology innovation bonds issued recently [3]. - Institutional investors, including banks and insurance companies, are likely to continue supporting these bonds due to the strong government credit backing, even if initial investment returns are not as expected [7]. - The future scale of special bond issuance and its impact on the development of government investment guidance funds remains to be observed [7].

Core Viewpoint - The Chinese Ministry of Finance released a report on the execution of fiscal policy for the first half of 2025, outlining six key areas of focus for future fiscal policy implementation [1]. Group 1: Fiscal Policy Implementation - The report emphasizes the need for a more proactive fiscal policy, including actions to boost consumer spending through targeted financial subsidies for personal loans in key sectors [3]. - Support for employment and foreign trade is prioritized, with measures to promote job creation and assist businesses in maintaining operations and expanding markets [4]. - The report highlights the importance of fostering new growth drivers by advancing core technologies and promoting emerging industries, while ensuring equal treatment for all business entities [4]. Group 2: Consumer Trends - High-end consumption is showing signs of recovery, with notable improvements in sectors such as Macau gaming and luxury goods, driven by wealth effects and supply optimization [6]. - The luxury market is experiencing growth, with companies like LVMH and Hermès reporting improved sales in China, indicating a positive trend in consumer sentiment [6]. - New consumption sectors, particularly in the tea beverage industry, are expected to see significant profit growth, with leading brands benefiting from strong market positions [8]. Group 3: Policy Support for Consumption - The government is taking steps to enhance service consumption by relaxing entry barriers and removing unreasonable restrictions, which is expected to boost consumer willingness to spend [7]. - Recent policy changes in the duty-free sector aim to improve shopping experiences and increase consumer engagement in duty-free shopping [7].

Group 1 - The Ministry of Finance will focus on six key areas to implement a more proactive fiscal policy, including supporting employment and foreign trade, fostering new growth drivers, improving people's livelihoods, preventing risks in key sectors, and enhancing fiscal governance effectiveness [1][2][3] - The report emphasizes the importance of budget execution responsibility and aims to improve the efficiency of fund usage while ensuring fund security [1] - Specific measures include implementing consumption stimulus actions, providing fiscal subsidies for personal consumption loans, and encouraging private investment through local government bonds and special treasury bonds [1][2] Group 2 - The report highlights the need to strengthen employment support policies, including public employment services, vocational training, and stabilizing job positions for key groups [1][2] - It aims to enhance international economic cooperation by signing more free trade agreements and supporting enterprises in stabilizing orders and expanding markets [1][2] - The focus on nurturing new growth drivers includes promoting technological innovation, supporting the digital transformation of small and medium-sized enterprises, and creating a favorable environment for business development [2] Group 3 - The report outlines measures to improve social welfare, such as providing subsidies for elderly care services and implementing free preschool education [2] - It emphasizes the importance of coordinating major livelihood policies across departments to expand social security coverage and support low-income groups [2] - The Ministry of Finance will continue to implement a comprehensive debt management policy to address hidden debts and ensure stable fiscal operations [3] Group 4 - The report stresses the need for enhanced fiscal governance, including the implementation of various fiscal and tax reforms to improve resource allocation and budget management [3] - It calls for increased financial supervision and accountability at local and departmental levels to ensure effective use of fiscal funds [3] - The Ministry of Finance aims to align its fiscal policies with the goal of building a modern socialist country, focusing on high-quality fiscal planning and macroeconomic regulation [3]

Core Viewpoint - The Ministry of Finance's report emphasizes a proactive fiscal policy aimed at stabilizing employment, businesses, markets, and expectations, while enhancing coordination with other policies to promote economic recovery and growth [5][6][10]. Group 1: Fiscal Policy Implementation - The report highlights the need to effectively utilize a more proactive fiscal policy, ensuring budget execution responsibility and enhancing the efficiency and security of fund usage [1][2]. - It mentions the continuation of special actions to boost consumption, including fiscal subsidies for personal consumption loans in key sectors [1][6]. - The report outlines the issuance of 300 billion yuan in special bonds to support consumption upgrades, which has already driven sales of 1.6 trillion yuan in related categories [6][16]. Group 2: Risk Management - The Ministry of Finance will continue to focus on preventing and resolving risks in key areas, implementing a comprehensive debt management policy while monitoring and analyzing fiscal operations [2][8]. - It emphasizes the importance of maintaining a stable financial environment at the grassroots level and addressing hidden debt issues promptly [2][8]. Group 3: Economic Growth and Innovation - The report stresses the need to cultivate new growth drivers by enhancing industrial innovation and technology supply, promoting the transformation and upgrading of the manufacturing sector [3][22]. - It highlights the allocation of 398.12 billion yuan for central-level technology funding, marking a 10% increase from the previous year, aimed at supporting key technological projects [6][23]. Group 4: Investment and Consumption - The report indicates a collaborative effort to stimulate domestic demand through consumption and investment, with a focus on effective government investment [15][18]. - It mentions the issuance of 5.55 billion yuan in special bonds to support various investment projects, including infrastructure and housing [18][19]. Group 5: Social Welfare and Employment - The report outlines measures to stabilize and expand employment, with 667.4 billion yuan allocated for employment support, resulting in 6.95 million new urban jobs in the first half of the year [28][29]. - It emphasizes the enhancement of social security systems, including pension and healthcare support, to improve the welfare of citizens [27][35]. Group 6: Environmental Protection and Sustainability - The report details efforts to implement pollution prevention strategies, with significant funding allocated for air and water quality improvement projects [40][41]. - It highlights the commitment to achieving carbon neutrality and promoting green development through various initiatives and funding [43][44].

Core Viewpoint - The report emphasizes the acceleration of new growth momentum in China's economy through enhanced fiscal policies, support for innovation, and investment in key industries, while ensuring the stability of employment and market expectations [1][3]. Group 1: Fiscal Policy and Economic Growth - The fiscal policy is increasingly proactive, focusing on stabilizing employment, businesses, and market expectations, while promoting economic recovery [3][4]. - A total of 300 billion yuan in special bonds is allocated to support the replacement of consumer goods, which is expected to stimulate significant retail sales [4][15]. - The central government plans to increase its technology funding to 398.12 billion yuan in 2025, a 10% increase from the previous year, focusing on core technology and strategic industries [5][21]. Group 2: Investment and Consumption - The government aims to enhance domestic demand by boosting consumption and effective investment, with a focus on key sectors and weak links [13][16]. - The issuance of special bonds has accelerated, with 5.55 billion yuan issued in the first half of the year, completing 42.7% of the annual target [16]. - The manufacturing sector is expected to see a 10.3% increase in industrial investment, driven by government support for technological upgrades [17]. Group 3: Employment and Social Welfare - The central government allocated 667.4 billion yuan for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - Education spending increased by 5.9% to 2.15 trillion yuan, with a focus on improving quality and access to education [29][30]. - Basic public health service funding reached 804.35 billion yuan, enhancing health management and disease prevention efforts [32][33]. Group 4: Risk Management and Financial Stability - The government is implementing measures to mitigate financial risks, including the management of local government debt and the promotion of real estate market stability [7][9]. - A comprehensive approach to fiscal management is being adopted, including reforms in tax systems and budget execution to ensure effective use of resources [7][12]. Group 5: Innovation and Technology - The report highlights the importance of integrating technological innovation with industrial development, with a focus on enhancing research capabilities and supporting key technology projects [20][21]. - Funding for basic research is set to increase by 12.1%, emphasizing the need for original innovation and support for research institutions [21][22]. Group 6: Environmental and Social Development - The government is committed to ecological protection and sustainable development, with significant funding allocated for pollution control and ecosystem restoration [38][39]. - Social welfare programs are being expanded, with increased support for vulnerable populations and efforts to improve living standards [34][35].

Core Viewpoint - The Ministry of Finance emphasizes the implementation of a more proactive fiscal policy to stimulate domestic demand, enhance consumption, and support economic recovery amid complex external challenges [2][3]. Group 1: Fiscal Policy Implementation - The report highlights the need for a more proactive fiscal policy, focusing on improving budget execution and ensuring effective use of funds [2][3]. - It mentions the allocation of 300 billion yuan in special bonds to support consumption, particularly in key sectors like automotive and home appliances, which has already driven sales of 1.6 trillion yuan [3][12]. - The report outlines the importance of local government special bonds and long-term treasury bonds in enhancing financial cooperation and encouraging private investment [2][3]. Group 2: Economic Growth and Investment - The report indicates that the central government has allocated 398.12 billion yuan for technology funding, marking a 10% increase from the previous year, to support innovation and industrial upgrades [4][20]. - It emphasizes the need for effective investment in infrastructure and key industries, with a focus on modern transportation systems and manufacturing technology upgrades [15][16]. - The issuance of special bonds has accelerated, with 555 billion yuan issued in the first half of the year, representing 42.7% of the annual target [15][16]. Group 3: Employment and Social Welfare - The report states that 667.4 billion yuan has been allocated for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - It highlights the increase in education spending to 2.15 trillion yuan, a 5.9% year-on-year growth, to improve educational resources and quality [29][30]. - The report also mentions the enhancement of basic public health services, with 804.35 billion yuan allocated for public health service subsidies [32][33]. Group 4: Risk Management - The report stresses the importance of risk prevention and management, particularly in addressing hidden debts and ensuring local government financial stability [5][10]. - It outlines measures to curb new hidden debt and emphasizes the need for strict supervision of local government financing platforms [5][10]. Group 5: Environmental and Ecological Initiatives - The report allocates 340 billion yuan for air pollution control and 267 billion yuan for water pollution prevention, aiming to improve environmental quality [38][39]. - It highlights the commitment to carbon neutrality and ecological restoration, with significant funding directed towards these initiatives [40][41].