九方金融研究所：央行最新表态对于资本市场的重要意义

Core Viewpoint - The recent statements from the People's Bank of China (PBOC) are expected to stabilize the capital market and support a "slow bull" trend in the stock market for 2026, encouraging long-term investment strategies [2][6]. Group 1: Monetary Policy Tools - The PBOC has lowered the interest rates on structural monetary policy tools by 0.25 percentage points, bringing the rate down to 1.25%, which is aimed at stabilizing the market and encouraging long-term capital inflow [3][6]. - The introduction of two capital market-specific tools in September 2024 has positively impacted the stock market, helping it recover from previous downturns [3]. Group 2: Support for Technology Sector - The PBOC has increased the quota for re-loans aimed at technological innovation and upgrades from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private SMEs [4]. - This increase is expected to enhance the willingness and capability of companies to invest in R&D and technology upgrades, thereby accelerating the transformation of technological achievements [4]. Group 3: Future Monetary Policy Outlook - The PBOC indicated that there is still room for further cuts in reserve requirement ratios and interest rates, with the average reserve requirement ratio currently at 6.3% [5]. - The easing of monetary policy is seen as a catalyst for a sustained "slow bull" market in 2026, as it will increase the availability of long-term capital and lower the opportunity cost of equity assets [5][6].