降息降准！一揽子政策亮相，资本市场后市如何演绎？机构分析

Core Viewpoint - The People's Bank of China (PBOC) has introduced a comprehensive financial policy package aimed at stabilizing the market and expectations, which includes a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates [3][4][5]. Group 1: Policy Measures - The PBOC's new policies consist of 10 specific measures categorized into quantity-based, price-based, and structural policies, aimed at enhancing long-term liquidity and supporting sectors like technology innovation, consumption, and foreign trade [4][5]. - The reduction in the personal housing provident fund loan interest rate by 0.25 percentage points, lowering the five-year first home loan rate from 2.85% to 2.6%, is expected to stimulate the housing market [3][4]. Group 2: Market Reactions - Analysts noted that the market had anticipated the "double reduction" (lowering of reserve requirement and interest rates), leading to a relatively stable market performance during the announcement [6][8]. - The PBOC's proactive measures are seen as a clear signal of "moderate easing" to stabilize growth and the market, reflecting a strategic response to current economic conditions [5][6]. Group 3: Economic Context - The announcement comes in response to a slowdown in economic expansion, as indicated by poor PMI performance in April, necessitating supportive policies for economic development [4][6]. - The timing of the policy rollout is also influenced by recent developments in US-China trade relations, providing a favorable window for domestic policy implementation [4][6]. Group 4: Future Market Outlook - Analysts suggest that the A-share market remains at a relatively low valuation, with potential for continued stabilization, contingent on developments in US-China trade negotiations and domestic economic data [8][9]. - The ongoing easing cycle by the PBOC is expected to persist, with further room for rate cuts if economic pressures increase [8][9].