华泰期货：央行“组合拳” 助力市场回升

Core Viewpoint - The central bank has introduced a significant policy package aimed at supporting high-quality economic development, which includes various measures to enhance liquidity and support specific sectors [1][6]. Monetary Policy - The central bank has lowered the re-lending and rediscount rates by 0.25 percentage points [1][6]. - The quota for re-lending to support agriculture and small enterprises has been increased by 500 billion yuan, with a total quota of 1 trillion yuan specifically for private enterprises [1][6]. - The re-lending quota for technological innovation and technical transformation has been increased by 400 billion yuan, with an expanded support scope [1][6]. - The minimum down payment ratio for commercial property loans has been reduced to 30% [1][6]. - The central bank indicated that there is still room for further rate cuts and reserve requirement ratio reductions this year [1][6]. Market Performance - The A-share market showed mixed performance, with the Shanghai Composite Index down 0.33% at 4112.60 points, while the ChiNext Index rose 0.56% [1][6]. - Sector performance varied, with electronics, basic chemicals, and non-ferrous metals leading gains, while defense, media, and computer sectors experienced declines [1][6]. - The trading volume in the Shanghai and Shenzhen markets decreased to 2.9 trillion yuan [1][6]. - In the U.S., major stock indices saw slight increases, with the Dow Jones up 0.6% at 49,442.44 points [1][6]. Strategy - The central bank's policy measures are expected to enhance market liquidity and strengthen the growth drivers for the technology sector within the equity market [3][8]. - The overall monetary policy remains accommodative, with the continuous release of liquidity expected to positively impact the equity market, providing upward momentum for stock indices [3][8]. - It is recommended to buy on dips for IC and IM contracts [3][8].