大摩安盈稳固吴慧文：降准降息落地 长端估值定价的降息空间较大

Monetary Policy Measures - The People's Bank of China (PBOC) will intensify macroeconomic control and introduce a package of monetary policy measures, including a 50 basis points (BP) reduction in the reserve requirement ratio (RRR) and a 10 BP cut in the policy interest rate [1] - The RRR cut is expected to release 1 trillion yuan in liquidity, alleviating financial institutions' funding pressures and addressing issues related to high borrowing costs [2] - The PBOC's cautious approach to monetary easing suggests that the actual impact on the real economy may be limited, as the central bank aims to use monetary policy effectively without excessive measures [2] Market Reactions - Following the announcement, the bond market showed a significant response, with a 3 BP increase in the 30-year government bond yield on the day of the announcement, indicating market volatility similar to previous policy shifts [3] - The market is expected to observe the effects of liquidity and interest rate differentials, with a focus on the convergence of rates following the RRR and interest rate cuts [2][3] Investment Strategies - The current market environment suggests a preference for stable assets, with a focus on short-term bonds and leveraging opportunities, as the overall leverage level remains low at around 115% [3] - The convertible bond market is characterized by a high premium, indicating a more structured approach to investments, with limited potential for large fluctuations in overall valuations [3]