中信证券：央行对数量目标淡化趋势延续

Core Viewpoint - The People's Bank of China (PBOC) highlighted the "prominent contradiction between strong supply and weak demand" in its monetary policy committee meeting, indicating that supply-side adjustments may be a focus for future policy efforts [1] Group 1: Economic Policy Insights - The meeting introduced a new emphasis on cross-cycle adjustments, suggesting that future policy priorities may shift towards long-term institutional reforms [1] - The statement regarding cost reduction emphasized "promoting the low-level operation of comprehensive financing costs," indicating a focus on maintaining low financing costs rather than immediate operational measures [1] - The meeting omitted references to preventing fund diversion and guiding financial institutions to increase monetary credit, reflecting a continued trend of downplaying quantitative targets by the central bank [1]