降准降息、房地产新政、支持股票市场等多箭齐发，提振市场预期

Monetary Policy Adjustments - The central bank will lower the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan of long-term liquidity into the financial market, reducing the average reserve requirement ratio to about 6.6%[1] - The policy interest rate will be reduced, with the 7-day reverse repurchase rate decreasing from 1.7% to 1.5%, expected to lead to a decline in MLF rates by about 0.3 percentage points[1] - The average reduction in existing mortgage rates is anticipated to be around 0.5 percentage points, with the minimum down payment ratio for second homes lowered from 25% to 15%[2] Support for Real Estate Market - The central bank will increase the support for guaranteed housing refinancing, raising the funding support ratio from 60% to 100% for a 300 billion yuan refinancing project[2] - The extension of the execution period for operational property loans and the "Financial 16 Measures" policy until the end of 2026 aims to alleviate structural pressures in the real estate market[2] Capital Market Stability Measures - New monetary policy tools will be introduced to support the stability of the stock market, including securities, fund, and insurance company swap facilities to enhance liquidity access[3] - Special refinancing for stock repurchases and increases will guide banks to provide funding support to listed companies and major shareholders, promoting stock buybacks and increases[3] Economic Context and Implications - The global economic growth is slowing, with the Federal Reserve announcing a 50 basis point rate cut, leading to a more stable RMB exchange rate around 7.0 against the USD[2] - Domestic consumption confidence is low, and the capital market remains weak, particularly in the real estate sector, which directly impacts related industries[2] - The recent policies are seen as necessary and timely to address structural pressures and enhance the effectiveness of monetary policy transmission[4]