Femorning 04.19

1.The People’s Bank of China stated that currently, the balance of RMB loans in China is close to 250 trillion yuan, and the total financial volume is already considerable. Revitalizing existing credit is of great significance for improving the quality and efficiency of financial services to the real economy. In the next stage, the central bank will focus on revitalizing financial resources that have been inefficiently occupied, continue to strengthen monitoring, closely monitor the transfer and borrowing of enterprise loans, and promote the improvement of fund utilization efficiency.

1、央行表示，目前，我国人民币贷款余额接近250万亿元，金融总量已经不少，盘活存量信贷对提升金融服务实体经济的质效意义重大。下一阶段，央行将注重盘活被低效占用的金融资源，继续加强监测，密切关注企业贷款转存和转借等情况，促进提高资金使用效率。

2. According to data from the National Bureau of Statistics, in March, the unemployment rate of labor force aged 25-29 in urban areas across the country, excluding current students, was 7.2%, an increase of 0.8 percentage points compared to the previous month. In terms of other age groups, the unemployment rate of the 16-24 year old labor force in urban areas across the country, excluding enrolled students, is 15.3%, which is the same as last month. The unemployment rate of the 30-59 year old labor force in urban areas across the country, excluding enrolled students, was 4.1%, a decrease of 0.1 percentage points compared to the previous month.

2、统计局数据显示，3月，全国城镇不包含在校生的25-29岁劳动力失业率为7.2%，环比上升0.8个百分点。其他年龄段方面，全国城镇不包含在校生的16-24岁劳动力失业率为15.3%，与上月持平。全国城镇不包含在校生的30-59岁劳动力失业率为4.1%，环比下降0.1个百分点。

3. The People’s Bank of China stated that it should balance both internal and external factors, and coordinate the prices of interest rates and exchange rates. In terms of interest rates, it is necessary to establish a sound mechanism for the formation, regulation, and transmission of market-oriented interest rates, promote further marketization of deposit and loan interest rates, stabilize bank debt costs and net interest margins, and improve the sustainability of financial institutions supporting the real economy. In terms of exchange rate, we must adhere to the principle that the RMB exchange rate is mainly determined by the market and maintain the basic stability of the RMB exchange rate level.

3、央行表示，兼顾内外均衡，统筹好利率和汇率两种资金价格。利率上，要健全市场化利率形成、调控和传导机制，推动存贷款利率进一步市场化，稳定银行负债成本和净息差，提高金融机构支持实体经济的可持续性。汇率上，要坚持人民币汇率主要由市场决定，保持人民币汇率水平基本稳定。

4. According to statistics from the China Academy of Housing and Urban Rural Development, as of now, more than 40 cities in China have phased out the lower limit of interest rates for first home loans. Regarding the future trend of mortgage interest rates, in the short term, there is still room for a downward adjustment in China's LPR over a period of 5 years, and the expectation of interest rate cuts within the year is still ongoing. Meanwhile, the prices of new houses in some cities are still fluctuating and adjusting.

4、据中指院统计，截至目前，全国已有40余个城市阶段性取消首套房贷款利率下限。对于房贷利率未来走势。短期来看，我国5年期以上LPR仍具备下调空间，年内降息预期仍在。同时，当前部分城市新房价格仍在波动调整。

5. According to the Shanghai Securities News, the pricing interest rate level of insurance products may continue to be lowered in the future. In this context, various insurance companies have taken various measures to respond to regulatory requirements and actively respond to the challenges brought about by the rapid changes in the external environment. However, regarding the common challenges of low interest rates faced by the industry, the management of insurance companies believes that they still need to adjust their business strategies and improve their precision pricing capabilities in order to truly overcome the period of low interest rates.

5、上证报消息，未来保险产品定价利率水平还可能继续下调。在此背景下，各家险企已采取多种措施响应监管要求，积极应对外部环境急剧变化带来的挑战。不过，对于目前行业面临的低利率共性挑战，险企管理层认为还须调整经营思路，提高精准定价能力，才能真正穿越低利率时期。

6. The China Securities Journal stated that investing in non-ferrous metal stocks this year has yielded the highest returns, with the core logic being the rise in raw material prices. Although the hype surrounding the Russian metal incident has cooled in the short term due to restrictions imposed by the UK and the US, and there has been a high adjustment in the prices of non-ferrous metals, there is still room for price increases in the future due to the recovery of the global manufacturing industry, the stimulation of domestic and foreign economic policies, and positive news of reduced production in some categories such as copper.

6、中证报表示，今年做有色金属板块股票投资收益是最高的，核心逻辑在于原材料价格的上涨。虽然短期内英美限制俄罗斯金属事件炒作情绪有所降温，有色金属价格出现高位调整，但是受益于全球制造业回暖、国内外经济政策刺激带来新增动力以及部分品类如铜减产利好消息，后市价格仍有上涨空间。

7. According to data released by the Ministry of Industry and Information Technology, as of the end of March, a total of 3.647 million 5G base stations have been built nationwide, with a 5G user penetration rate of over 60%. There are 24.56 million ports with gigabit network service capabilities, and the world's first 400G all optical inter provincial backbone network link has been officially put into commercial use.

7、工信部发布数据，截至3月底，全国累计建成5G基站达到364.7万个，5G用户普及率也超过60%，具备千兆网络服务能力端口达到2456万个，全球首条400G全光省际骨干网链路正式商用。

8. According to data from the Immigration Administration, in the first quarter, a total of 6.357 million ordinary passports were issued, 24.987 million documents were signed for travel between Hong Kong, Macao, and Taiwan, and 724000 Hong Kong and Macao residents were issued Mainland China (Mainland China) travel permits, an increase of 24.1%, 30.5%, and 19.9% year-on-year, respectively.

8、移民管理局数据显示，一季度，共签发普通护照635.7万本、往来港澳台证件签注2498.7万人次，签发港澳居民来往内地（大陆）通行证72.4万人次，同比分别上升24.1%、30.5%、19.9%。

9. The Ministry of Industry and Information Technology stated that in the first quarter, China's 5G mobile phone shipments reached 56.43 million units, accounting for 83.7% of the same period's mobile phone shipments. In terms of industrial applications, 5G applications have been integrated into 74 of 97 major categories of national economy, and have been promoted in key fields such as industry, mining, power, and medical care. The number of "5G+industrial Internet" projects has exceeded 10000.

9、工信部表示，一季度，中国5G手机出货量达到5643万部，占同期手机出货量的83.7%。行业应用方面，5G应用已经融入到97个国民经济大类中的74个，在工业、矿业、电力、医疗等重点领域规模推广，“5G+工业互联网”项目数超过1万个。

10. According to data from the State Administration of Foreign Exchange, in March, banks settled foreign exchange of 1306.1 billion yuan, sold foreign exchange of 1424.2 billion yuan, and had a trade deficit of 118.1 billion yuan. From January to March, the bank's cumulative foreign exchange settlement was 3851.4 billion yuan, with a cumulative foreign exchange sales of 4027.6 billion yuan and a cumulative foreign exchange settlement and sales deficit of 176.2 billion yuan.

10、外管局数据显示，3月，银行结汇13061亿元，售汇14242亿元，结售汇逆差1181亿元。1-3月，银行累计结汇38514亿元，累计售汇40276亿元，累计结售汇逆差1762亿元。