楼市、A股齐迎利好，三部门万亿级政策红利超预期稳经济

Core Viewpoint - The joint announcement of a comprehensive set of policies by the central bank, financial regulatory authority, and securities regulator aims to stabilize market expectations and support the real economy, significantly boosting market confidence and leading to a collective rise in A-share indices with trading volume exceeding 1.5 trillion yuan [1][2]. Monetary Policy - The central bank has implemented a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity, alongside a 0.1 percentage point reduction in policy interest rates to alleviate repayment pressure for homebuyers [1][3]. - Structural monetary policy tools have seen a reduction in interest rates from 1.75% to 1.5%, and the rate for pledged supplementary loans (PSL) has decreased from 2.25% to 2% [1][3]. Capital Market Reforms - The securities regulator plans to introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability, while the financial regulatory authority will expand the pilot scope for long-term insurance fund investments [1][2][8]. Real Estate Market Support - The central bank has lowered the personal housing provident fund loan interest rate for first-time homebuyers from 2.85% to 2.6%, resulting in a reduction of approximately 67,600 yuan in total monthly payments over 30 years for borrowers [6][7]. - The financial regulatory authority has reported an increase in approved loan amounts for the real estate "white list" to 6.7 trillion yuan, up by about 1.7 trillion yuan since the beginning of the year, supporting the financing needs of real estate companies [6][7]. Capital Market Attraction - A series of policies aimed at stabilizing and invigorating the capital market have been announced, including the expansion of long-term investment pilot programs for insurance funds and adjustments to solvency regulations to encourage stock investments [8][9]. - The central bank has combined swap facilities and stock repurchase loan quotas totaling 800 billion yuan, further enhancing market liquidity and support for stock market stability [8].