金吾财讯 | 中国银河证券研究指，潘功胜行长在2026金融街论坛发表主题演讲，六项政策举措即将出台，货币框架转型中期重点方向明确。六项举措包括设立非银机构大额赎回流动性支持工具、扩大SLF至境内外资法人银行、推动银行间与交易所债市互联互通落地、境外清算行境内外汇自营试点、国际科创中心金融支持指导意见、外资人民币清算行纳入境外央行回购工具。货币框架转型方面，研究择机将公开市场主要操作品种从7天期切换为隔夜，推动贷款定价基准从LPR单锚向"LPR+DR001"多元转型，推动存贷款基准利率彻底退出。该机构认为，部分区域的科技金融服务体系获最明确结构工具加持和倾斜，再贷款、债券市场"科技板"、跨境投融资向三大科创中心先行先试，深耕区域的优质城商行有望进一步获益科技领域相关信贷扩张红利，加速信贷结构调整和经营模式转型。与此同时，非银流动性工具支持显著降低了银行自营盘FVTPL波动以及理财子公司等表外资产挤兑风险向母行传染的风险。风险提示：经济增长不及预期、零售不良暴露导致资产质量恶化的风险；利率下行导致息差承压的风险。
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