宏观大类日报：1.8万亿政策“未完待续”关注市场情绪

Group 1: Monetary Policy and Economic Support - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, providing approximately 1 trillion yuan in long-term liquidity to the financial market[5] - The central bank's 7-day reverse repurchase rate was lowered by 0.2 percentage points from 1.7% to 1.5%, aiming to guide loan market rates and deposit rates downward[5] - The government has introduced a series of policies to support economic growth, including a special bond issuance of 600 billion yuan for consumer subsidies during the Mid-Autumn and National Day holidays[5] Group 2: Market Reactions and Trends - Following the announcement of the policy measures, the Shanghai Composite Index surged by 4.15%, marking its largest single-day gain in over four years[2] - The Shenzhen Component Index rose by 4.36%, while the ChiNext Index increased by 5.54%, indicating strong market confidence[2] - The overall commodity market is expected to remain under pressure during the interest rate cut cycle, with gold likely to outperform other commodities[2] Group 3: Economic Indicators and Risks - The U.S. Federal Reserve unexpectedly cut interest rates by 50 basis points, raising concerns about potential economic downturns[2] - The PMI indices for the EU and India showed varying degrees of adjustment, highlighting recession risks in the market[2] - Geopolitical risks, unexpected global economic downturns, and tightening by the Federal Reserve pose significant risks to risk assets[4]