货币流动性跟踪：政策转向，A股中期底部形成

Group 1: Economic Overview - In the first eight months of 2024, profits of large-scale industrial enterprises in China totaled CNY 46,527.3 billion, a year-on-year increase of 0.5%[2] - In August 2024, profits of large-scale industrial enterprises decreased by 17.8% year-on-year due to high base effects from the previous year[2] Group 2: Market Reactions - The Shanghai Composite Index rose by 13% during the week of September 23-27, marking the best weekly performance since 2008[2] - Global stock markets showed signs of recovery, with the Dow Jones Industrial Average increasing by 0.59% and the Nasdaq rising by 0.95% during the same week[7] Group 3: Monetary Policy Changes - The People's Bank of China announced a reduction in the reserve requirement ratio and policy interest rates, aiming to lower market benchmark rates[5] - The central government is encouraging long-term funds to enter the market to boost capital market confidence[5] Group 4: Liquidity and Interest Rates - The average interest rates for 7-day reverse repos were CNY 1.61% and 1.84% for DR001 and DR007, respectively, showing a decrease of 16 basis points from the previous week[2] - The average daily transaction volume in the interbank pledged repo market was CNY 62,031 billion, down by CNY 1,384 billion from the previous week[2] Group 5: Foreign Exchange Market - As of September 29, the onshore RMB exchange rate was reported at 7.0125, reflecting an appreciation compared to the previous week[3] - The RMB's CFETS index stood at 98.50, indicating a stable currency performance against a basket of currencies[3]