一揽子金融政策支持稳市场稳预期 对债券市场带来哪些影响？工银瑞信基金解析

Group 1 - The core viewpoint of the news is the announcement of a comprehensive financial policy package aimed at stabilizing the market and expectations, which includes measures such as lowering the reserve requirement ratio and interest rates [1][2]. - The policy measures can be categorized into two types: total quantity policies, which include a 50 basis point reduction in the reserve requirement ratio and a 10 basis point cut in the 7-day reverse repurchase rate, injecting over 1 trillion yuan into the market [2]. - Structural monetary policies involve lowering various types of structural policy loan rates and increasing the quota for structural re-lending, which helps reduce the financing costs for commercial banks and the real economy [2]. Group 2 - The impact of the financial policy package on the bond curve is expected to be significant, with short-term assets benefiting more directly from the potential decline in funding rates [2]. - Long-term asset valuations are currently considered expensive, with the yield curve at historically low levels, indicating limited room for further declines in long-term rates due to improved economic fundamentals and risk appetite [3]. - The preparation for a "technology board" in the Chinese bond market is nearly complete, with the central bank and the securities regulatory commission set to create risk-sharing tools for technology innovation bonds, which may attract more social investment into the technology sector [3].