策略研究点评报告：多措并举，资本市场高质量发展有望提速

Group 1 - The report highlights the introduction of two new monetary policy tools by the People's Bank of China to support the stable development of the stock market, which is expected to accelerate the high-quality development of the capital market [5][10][6] - The first tool is the creation of a swap facility for securities, funds, and insurance companies, allowing them to use their bonds and stocks as collateral to obtain high liquidity assets from the central bank [7][8] - The second tool is a special relending program aimed at guiding banks to provide loans to listed companies and major shareholders to support stock repurchases and increases in shareholding [10][9] Group 2 - The swap facility enhances the liquidity of non-bank financial institutions by allowing them to efficiently access funds, thereby alleviating funding pressures and improving liquidity management [8] - The introduction of these innovative monetary policy tools demonstrates the central bank's flexibility and commitment to supporting the capital market, contrasting with traditional methods of liquidity support [8][10] - The special relending program reflects a counter-cyclical adjustment feature, providing targeted support to specific sectors, which has become a major channel for the central bank to create money [9][10] Group 3 - The report indicates that the initial scale of the swap facility operation is set at 500 billion yuan, with potential for further phases if the initial phase is successful [7][8] - The special relending program has an initial quota of 300 billion yuan, with a relending rate of 1.75%, aimed at various types of enterprises including state-owned, private, and mixed-ownership [10][9] - Overall, the report suggests that these policy announcements are a follow-up to the Politburo meeting on July 30, indicating a proactive approach to enhancing the capital market's development [10][5]