策略研究专题报告：政策工具齐发，哪些机会仍可关注？

Group 1: Policy Environment - Domestic growth pressure is significant, with internal demand investment continuing to decline and external demand facing risks from US tariffs [5][8] - The RMB exchange rate has stabilized and appreciated, opening up domestic monetary policy space as the Federal Reserve enters a rate-cutting cycle [5][8] - The market's profitability effect is weak, with the proportion of individual stocks outperforming indices dropping to historical lows [5][8] Group 2: Policy Interpretation - Multiple departments have launched significant policies, with the Politburo meeting further boosting confidence in economic stability [5][15] - The central bank has introduced both traditional and innovative monetary policy tools, balancing support for the real economy and capital markets [13][15] - The China Securities Regulatory Commission (CSRC) has emphasized mergers and acquisitions, along with market capitalization management [13][15] Group 3: Market Opportunities - The introduction of swap facilities is expected to enhance liquidity for non-bank financial institutions without expanding the monetary base [5][20] - Special re-loans are anticipated to increase the buyback efforts of listed companies, particularly those with market capitalization management needs [5][22] - A total of 107 listed companies have been identified as potential candidates for utilizing the special re-loan tool, primarily in the banking, construction, and transportation sectors [5][23]