新财观｜一揽子金融政策再加力，应对内外部挑战

Monetary Policy - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity [2] - The 7-day reverse repurchase rate was lowered from 1.5% to 1.4%, which is anticipated to lead to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [2] - Structural interest rate cuts for various special tools and re-lending rates are expected to save banks approximately 15 to 20 billion yuan annually [2][3] Industry Support Policies - The government introduced a 0.25 percentage point reduction in the personal housing provident fund loan rate, with the first home loan rate for five years and above decreasing from 2.85% to 2.6% [4] - A total of 500 billion yuan will be allocated for service consumption and elderly care re-lending, with an additional 300 billion yuan for agricultural and small business re-lending [5] - The quota for technology innovation and technological transformation re-lending was increased from 500 billion yuan to 800 billion yuan, supporting the implementation of new policies [5][6] Capital Market Policies - The total quota for two capital market support tools was merged to 800 billion yuan, enhancing liquidity support for the market [7] - The government plans to expand the long-term investment pilot program for insurance funds, allowing for an additional 60 billion yuan in investment [7] - New regulations for major asset restructuring management will be released to support mergers and acquisitions in the capital market [7] Market Outlook - Following the recent policy announcements, the A-share and Hong Kong markets have shown resilience and are expected to experience a gradual upward trend [8] - Technology stocks, after adjustments in March and April, are anticipated to become a leading sector for the year and beyond, as their valuation levels have returned to a relatively reasonable range [8]