兴业证券首席经济学家王涵：筑底线谋发展是最好的稳预期

Core Viewpoint - The recent press conference by the State Council emphasized a comprehensive financial policy package aimed at stabilizing the market and expectations, with a balanced approach between bottom-line support and development initiatives [1] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) announced a series of interest rate cuts, including a 25 basis points reduction in the housing provident fund loan rate, effective May 8, and a comprehensive reduction in the 7-day reverse repurchase rate [1][2] - The PBOC's proactive measures include a total reduction in the reserve requirement ratio (RRR) and interest rates, with the RRR cut scheduled for May 15 [1][2] Group 2: Support for Technology and Innovation - The PBOC increased the quota for re-lending for technological innovation and technical transformation from 500 billion yuan to 800 billion yuan, aiming to support tech enterprises [2] - The China Securities Regulatory Commission (CSRC) plans to promote the development of technology innovation bonds and establish risk-sharing tools for these bonds [2] Group 3: Capital Market Stability - The CSRC is focused on encouraging long-term capital inflows into the market, with initiatives such as the "Action Plan for High-Quality Development of Public Funds" [3] - The PBOC supports the Central Huijin Investment Ltd. in increasing its holdings of index funds, providing sufficient re-lending support [3] Group 4: Real Estate Market Support - The PBOC will lower the personal housing provident fund loan rate by 25 basis points, which is expected to save residents over 20 billion yuan annually in interest payments [4] - The financial regulatory authority is expediting the introduction of financing systems that align with new models of real estate development [4] Group 5: Consumer Sector Support - The PBOC will temporarily reduce the reserve requirement ratio for auto finance and financial leasing companies to 0%, facilitating financial support for automotive consumption and equipment upgrades [5] - A new 500 billion yuan "Service Consumption and Elderly Care Re-lending" program will be established to encourage financial institutions to support key service sectors and the elderly care industry [5]