华创证券：央行新增加了“落细适度宽松”的表述，并在四篇专栏均聚焦于货币投放的结构性问题

Core Viewpoints - The central bank has introduced the phrase "detailed moderate easing" in its monetary policy, emphasizing that the structure of monetary policy is more important than the total amount at present [2][3] - Compared to the first quarter, the central bank has reiterated the need to "prevent fund idling," indicating concerns about potential systemic risks due to increased leverage in the asset market [2][4] - Future financial services will focus on supporting technological innovation and expanding consumption, with enhanced credit support and diversified financing channels [2][5] Summary by Sections Monetary Policy Framework - The change in wording from "implementing moderate easing" in Q1 to "detailed moderate easing" in Q2 reflects a shift in focus towards the structure of monetary policy [3][8] - The understanding of moderate easing includes maintaining ample liquidity and low financing costs while dynamically adjusting policies based on economic conditions [3][8] - In Q2, both social financing and M2 have shown year-on-year increases, indicating improved financial investment expectations [3] Fund Utilization and Risks - Fund idling is defined as the behavior of funds moving from real to virtual assets, which can reduce the efficiency of fund usage [4][9] - The recent surge in non-bank deposits and stock market performance raises concerns about potential asset price volatility and systemic risks if interbank rates decline further [4][9] - The central bank may take measures to curb fund idling, which could disrupt the bond market, although the impact on equity assets may be limited due to the source of funds [4][9] Financing Focus - The central bank aims to support the real economy by focusing on major national strategies, particularly in technological innovation and consumption expansion [5][15] - Support for technological innovation will involve both strengthened credit support and improved direct financing channels [5][15] - For consumption expansion, policies will include enhancing service consumption support, broadening financing channels for consumption entities, and improving residents' consumption capacity and willingness [5][15]