房贷政策再松绑：下调最低首付比和公积金贷款利率、取消商贷利率下限；4月宏观指标走势分化 扩内需是稳增长的重点；文旅部牵头发放超1亿元消费券

房地产“收储”所需的资金量级可能更大；房地产库存的分布与保障性住房需求的分布可能存在差异；保障性住房运营收支如何平衡是个关键，财政资金支持尤为必要

全国层面首套住房和二套住房商业性个人住房贷款利率政策下限取消，5年以下（含5年）和5年以上首套个人住房公积金贷款利率下调25BP至2.35%和2.85%，首套个人住房贷款首付比例下限下调5个百分点至不低于15%

化解房地产等重点领域的风险，难以仅靠市场化的出清方式，应介入公共资金的力量，加大总量性政策的支持力度，而政策有效落地的关键在于实现利益相关方的激励相容

尽管杠杆率上行有分母端GDP增速放缓的影响，但也需要在政策思路演进中认识到，货币政策将更需关注“价”、而弱化“量”

继续运用存贷款余额增速为主导的指标体系推算季度金融业增加值，已经不太科学

• The insurance industry faces significant challenges in managing investment returns due to persistent declines in equity markets and low-risk interest rates, with the CSI 300 index falling by approximately 11.4% in a year, impacting net profits of insurance companies.
• In response to these challenges, insurance funds have increased their bond holdings to over 45% in 2023, reaching a ten-year high, as bonds serve as a stabilizing force amidst volatile equity markets and help bridge asset-liability duration gaps.
• Insurance companies are also adapting by reducing liability costs through lower product predetermined rates and expenses, while diversifying investments into foreign bonds and equities based on practices observed in international markets like the US, Japan, and the UK.

• In early April 2024, China's financial regulators issued an initiative under the market interest rate pricing self-discipline mechanism to prohibit banks from using manual interest compensation as a means to attract high-interest deposits and maintain order in the deposit market. Banks were required to conduct self-inspections and rectify any non-compliance by the end of April 2024.
• The rate self-discipline mechanism, established in September 2013 and guided by the People's Bank of China, has played a significant role in coordinating market pricing and advancing interest rate market reforms. This initiative marks its first formal issuance in over a decade, reflecting a firm regulatory stance against practices that circumvent deposit rate controls.
• Manual interest compensation was originally intended to correct operational errors but had been exploited by some banks under competitive pressure to offer higher than regulated deposit rates, particularly to major corporate clients. This practice was seen as contributing to inefficient capital utilization and financial risks, prompting zero tolerance from regulators aiming to curb these activities.

【本文系数据通用户提前专享】低利率环境下，保险业投资端与负债端持续存在平衡难局

【本文系数据通用户提前专享】监管部门对银行手工补息、高息揽储零容忍，剑指企业资金空转；短期整治之后，还有待经济转型升级、有效需求恢复、社会预期改善

低利率环境下，保险业投资端与负债端持续存在平衡难局

监管部门对银行手工补息、高息揽储零容忍，剑指企业资金空转；短期整治之后，还有待经济转型升级、有效需求恢复、社会预期改善

• Xiaomi launched its first car, the SU7, on March 28, 2024, sparking interest in the new energy vehicle market. The insurance costs for the SU7 are comparable to those of a fuel vehicle priced over 500,000 yuan, with premiums ranging from 7,000 to 9,900 yuan depending on the model.
• New energy vehicles (NEVs) face higher insurance rates and claim frequencies compared to traditional fuel vehicles. Insurance companies often operate at a loss in this segment due to high risk and payout rates associated with NEVs. Regulatory adjustments aim to address these issues by optimizing insurance mechanisms for NEVs.
• A draft notice from China's financial regulatory authority proposes expanding the pricing autonomy for NEV insurance by adjusting the autonomous pricing coefficient range from 0.65-1.35 to 0.5-1.5, allowing insurers more flexibility in setting premiums based on risk levels and potentially reducing instances of coverage denial.

【本文系数据通用户提前专享】“车主喊贵、险企喊亏”，新能源车险尴尬局面如何破解，放宽定价范围作用有多大

“车主喊贵、险企喊亏”，新能源车险尴尬局面如何破解，放宽定价范围作用有多大

在美元大涨激起全球市场涟漪，韩元和日元本周跌至多年低点后，韩国与日本讨论了汇率问题

金融体系的每一次变化，看似跟随政策起伏波动，但事实上每一轮金融周期穿透到底层，都是经济周期

中国到了要赤字货币化的时刻了吗？中国需要赤字货币化吗？