Group 1 - The Central Committee of the Communist Party of China is preparing for the 15th Five-Year Plan, with a meeting scheduled from October 20 to 23 [1] - The People's Bank of China (PBOC) has shifted its monetary policy focus from "implementing appropriate monetary easing" to "detailed implementation," indicating a shift towards execution rather than broad policy changes [1][2] - Economic indicators show that industrial added value increased by 6.2% year-on-year in the first eight months, while the service production index grew by 5.9%, suggesting that the economy is performing above the target growth rate of 5.0% [1] Group 2 - The narrowing net interest margin of commercial banks, which fell to a historical low of 1.42% in Q2, poses challenges for monetary easing as it may further compress banks' margins and increase operational pressures [2] - The PBOC emphasized the need to balance financial support for the real economy with maintaining the health of financial institutions, reflecting a cautious approach to monetary policy [2] - Recent adjustments in policy language indicate a focus on maintaining stability and predictability in monetary policy, with an emphasis on executing existing measures effectively [2][3] Group 3 - The PBOC is concentrating on maintaining ample liquidity in the market through various tools, including reverse repos and medium-term lending facilities [3] - Structural monetary policy tools are being utilized to support sectors such as technology innovation, consumption, small and micro enterprises, and foreign trade [3] - Coordination between fiscal and monetary policies is being strengthened, with discussions on government bond issuance and offshore RMB bond mechanisms, indicating a collaborative approach to economic management [3][4]

赵诣指出，第三季度例会表述和第二季度例会表述整体变化不大，国内经济层面强调稳中有进，并认可 高质量发展新成效。 货币政策层面，第三季度例会指出，要落实落细适度宽松的货币政策。第二季度相应部分表述为，要实 施好适度宽松的货币政策。 此外，将"保持经济稳定增长和物价处于合理水平"修正为"促进经济稳定增长和物价处于合理水平"。赵 诣指出，这体现了对政策落地生效进度的关注。 中国人民银行货币政策委员会2025年第三季度（总第110次）例会于日前召开。 会议研究了下阶段货币政策主要思路，建议加强货币政策调控，提高前瞻性、针对性、有效性，根据国 内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，抓好各项货币政策措施执行， 充分释放政策效应。 相较第二季度例会内容，最新例会新增"抓好各项货币政策措施执行，充分释放政策效应"。中信证券固 定收益分析师赵诣最新解读，这更多体现了对现有存量工具使用的关注，后续央行或更多关注存量工具 的使用情况。 "充分释放政策效应" 维护金融市场稳定发展 第三季度例会指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业， 增强银行资本实力，共同维护金融市场的 ...

9月23日，中国人民银行货币政策委员会召开2025年第三季度例会。 会议认为，今年以来，宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期 调节，综合运用多种货币政策工具，服务实体经济高质量发展，为经济回升向好创造了适宜的货币金融 环境。 "总体来看，三季度例会表述和上季度例会变化不大，对国内经济运行表述为'稳中有进''高质量发 展取得新成效'，未提及'风险隐患较多'表述。"中信证券首席经济学家明明对《金融时报》记者表示。 这也是近年来货币政策"优结构"的重点方向。专家表示，我国金融总量已经很大，在保持总量合理 增长的同时，更需要优化结构。结构性货币政策工具已实现对金融"五篇大文章"领域的全覆盖，7月 末，科技贷款、绿色贷款、普惠小微贷款同比增速均高于全部贷款增速。此外，中国人民银行探索维护 资本市场稳定的货币政策工具，会同证监会创设互换便利和股票回购增持再贷款两项工具，支持中央汇 金公司发挥类"平准基金"作用，有力支持资本市场的稳定发展。 下一步，结构性货币政策工具被寄予厚望。"上半年，结构性工具成为发力重点，实现'量扩价 降'。"中国民生银行首席经济学家温彬说，5月7日，中国人民银行公布的 ...

2025.09. 28 本文字数：1911，阅读时长大约3分钟 作者 | 第一财经 杜川 在外部环境更趋复杂严峻、国内经济面临需求不足与物价低位运行挑战的背景下，本次例会在形势判 断、政策基调及重点领域支持等方面的表述调整，既呼应了当前经济运行特点，也为后续政策走向提 供了清晰指引。 重在推进已出台政策落实落细 三季度例会在货币政策基调上与7月政治局会议的要求相同，均强调"落实落细适度宽松的货币政 策"。与上个季度例会内容相比，一些表述出现微调。 | | 二季度 | 三季度 | | --- | --- | --- | | 经济形势 | 经济呈现向好态势,社会信 | 经济运行稳中有进,社会信心 | | | 心持续提振,高质量发展扎 | 持续提振,高质量发展取得新 | | | 实推进，但仍面临国内需求 | 成效,但仍面临国内需求不 | | | 不足、物价持续低位运行、 | 足、物价低位运行等困难和挑 | | | 风险隐患较多等困难和挑 | 战。 | | | 战。 | | | 货币政策要求 | 实施好适度宽松的货币政 | 落实落细适度宽松的货币政 | | | 策,加强逆周期调节。 | 策,加强逆周期调节 | | 经 ...

会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加力支持科技创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领域的融 资支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资 本市场稳定。持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作 用，进一步打通中小微企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存量商品 房和存量土地盘活力度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展 新模式。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期调节， 综合运用多种货币政策工具，服务实体经济高质量发展，为经济回升向好创造适宜的货币金融环境。贷 款市场报价利率改革效能持续释放，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强， 社会融资成本处于 ...

扫码文末"投小圈" 加入行业交流群 文章来源：中国人民银行 国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，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，并答记者问。在介绍"十 四五"时期金融业发展成就时，中国人民银行行长潘功胜在国新办新闻发布会上表示，今天的新闻发布会的主题是 介绍"十四五"时期金融业的发展情况， 主要是从中长期的视角回顾和总结"十四五"，不涉及短期政策的调整，关 于"十五五"以及下一步金融改革的内容，将在中央统一部署后做进一步沟通。 以下为部分文字实录摘要： 中国人民银行行长 潘功胜： 今年以来，人民银行认真贯彻落实中央经济工作会议精神和《政府工作报告》部署，实施好适度宽松的货币政 策，强化逆周期调节，综合运用多种货币政策工具，服务实体经济高质量发展，为推动经济持续回升向好营造良 好的货币金融环境。 从效果上看，今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行 特征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 ...

Group 1 - The direct impact of the Federal Reserve's interest rate cuts on A-shares is limited, and the current bull market is driven by the enhancement of the stock market's status and the upgrade of the technology industry [1] - The traditional "pre-holiday effect" in A-shares indicates that market performance is usually subdued before long holidays as funds adjust their trading strategies based on news during the break [2] - Key events in September that have influenced market expectations include military industry speculation driven by the "September 3rd Military Parade," significant investments from Oracle, valuation recovery of CATL, Huawei's report on "Smart World 2035," and the Federal Reserve's interest rate cuts [2] Group 2 - The financial sector's leading companies include Industrial and Commercial Bank of China, China Ping An, and CITIC Securities [4] - The technology sector's leading companies include Cambricon Technologies, Zhongji Xuchuang, and Sanhua Intelligent Controls [5] - The market is currently experiencing a "pre-holiday effect," suggesting that large funds are likely to refrain from taking significant actions before the holiday [7][13] Group 3 - The upcoming significant press conference on September 22 is expected to draw attention, but the focus will be on summarizing past achievements rather than introducing new policies [10][11] - The previous year's meeting on September 24 led to the introduction of structural monetary policy tools, while this year's meeting is more about reviewing financial industry achievements [10][11] - The ideal window for potential investments aligns with the timeline of the "14th Five-Year Plan," suggesting that any market fluctuations are seen as preparatory for new highs [15]

Core Viewpoint - The establishment of structural monetary policy tools aims to enhance the adaptability and precision of financial services in supporting economic structural adjustments and high-quality development [1][2][3] Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are designed to support key areas such as technological innovation and consumption, thereby improving the effectiveness of economic transformation and upgrading [1][3] - The People's Bank of China has set up a 500 billion yuan service consumption and elderly care re-loan program, with the first loan of 36 million yuan issued for a senior care community project in Henan [1][2] - By the end of June, loans in sectors such as technology, green finance, inclusive small and micro enterprises, elderly care, and digital economy had increased by 12.5%, 25.5%, 12.3%, 43%, and 11.5% year-on-year, respectively [2] Group 2: Financial Support for Service Consumption - The service consumption market in China has significant growth potential, with strong demand and sufficient financial support, although supply remains a shortfall [2] - The re-loan program aims to guide financial institutions to enhance high-quality supply in service sectors like accommodation, tourism, education, and elderly care, fostering a virtuous cycle of supply and demand [2] Group 3: Implementation and Coordination - The effective use of structural monetary policy tools requires a focus on key areas, reasonable adjustments, and a dynamic approach to policy implementation [3][4] - Coordination among various policies, including fiscal, industrial, regional, and trade policies, is essential to amplify the effects of monetary policy tools and ensure precise support for targeted sectors [3]

Economic Situation - The report indicates a more optimistic view on the economic situation, stating that "there is solid support for stable growth in the second half of the year" and emphasizes the need to maintain strategic focus on modernization tasks [2][3] - Confidence in total demand expansion is highlighted, with the service sector showing a production index growth of 5.9% from January to July, surpassing the annual GDP growth target of 5% [3] - The report notes that the macro policy is becoming more proactive, which is expected to continue supporting economic stability [3] Inflation Situation - The report expresses a more positive outlook on domestic inflation, stating that "positive factors for a moderate recovery in price levels are increasing" [4] - Core CPI growth has risen for three consecutive months, reaching a new high since March 2024, indicating a potential start to a moderate recovery in prices [4] - The report emphasizes the importance of expanding effective demand and improving supply chain efficiency to support price recovery [4] Monetary Policy Outlook - The report suggests a shift in monetary policy focus from "discretionary choices" to "precise adjustments," indicating a transition into a "policy consolidation period" [5] - The overall tone of the report has changed from "implementing appropriate monetary policy" to "implementing detailed appropriate monetary policy," reflecting a commitment to maintaining policy stability and predictability [5] - Structural monetary policy tools are expected to play a significant role, with a cautious approach to total quantity tools like rate cuts and reserve requirement ratio adjustments [6][10] Structural Policy Tools - The report emphasizes the use of structural monetary policy tools to support sectors such as technology innovation, consumption, and small enterprises [10] - The central bank plans to enhance coordination with fiscal policies to accelerate the deployment of various loan programs aimed at stimulating consumption and supporting small businesses [10] - The focus on improving financial services for high-quality development areas is highlighted, with a shift in credit allocation towards technology and consumption sectors [12][14] Financial Market Dynamics - The report indicates a need to prevent capital idling and improve the efficiency of fund utilization, which may have limited effects on the bond market [8][9] - The central bank's approach to liquidity management is evolving, with an emphasis on transparency and efficiency in monetary policy operations [11] - The report notes that the financial support structure is shifting towards enhancing the adaptability of financial services to economic structural adjustments, particularly in technology and consumption [12]

Group 1 - The People's Bank of China (PBOC) has implemented a series of monetary policy measures in the first half of the year, including interest rate cuts and structural adjustments to support economic recovery [1][2] - The report indicates that the PBOC aims to maintain a moderately loose monetary policy, ensuring liquidity is abundant and aligning the growth of social financing and money supply with economic growth targets [1][2] - As of June, key financial indicators such as social financing scale and broad money supply have shown stable growth, with GDP increasing by 5.3% year-on-year, indicating a positive economic trend [2][3] Group 2 - The PBOC has cumulatively reduced the reserve requirement ratio (RRR) 12 times and policy interest rates 9 times since 2020, leading to significant declines in the Loan Prime Rate (LPR) [2] - The report highlights a shift in loan distribution, with a growing proportion directed towards technology, green finance, and small and micro enterprises, reflecting a structural optimization in credit allocation [5][6] - The PBOC is focusing on enhancing direct financing, with the proportion of corporate bonds and stocks in social financing increasing by 4.4 percentage points since the end of 2018 [6] Group 3 - The report emphasizes the importance of supporting high-quality development through financial services, particularly in technology and service consumption sectors [7][8] - The PBOC has introduced new tools to enhance financial support for consumption and has noted the potential for service consumption to drive economic growth as income levels rise [8] - The report also addresses the need to improve the efficiency of financial resource allocation, particularly in light of the ongoing economic transition [4][5] Group 4 - The PBOC is actively addressing issues related to "involution" in competition, which can impact economic balance and pricing [10][11] - Recent policies have been introduced to regulate corporate competition and improve payment terms within supply chains, particularly benefiting small and medium-sized enterprises [11] - The report indicates that these measures are expected to enhance the quality and efficiency of industrial chains and promote more rational competition among enterprises [11]