2025年5月7日利率债观察：三类十项一揽子政策超预期

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On May 7, 2025, Governor Pan Gongsheng announced a package of ten monetary policy measures across three categories, exceeding market expectations. These measures include quantity - based, price - based, and structural policies, with all structural monetary policy tool interest rates cut by 25bp and the OMO rate (along with related temporary repo and SLF rates) cut by 10bp [1] - The package of policies is a prompt implementation of the Politburo meeting spirit. The People's Bank of China had made preparations in advance, such as improving the interest rate regulation mechanism and maintaining market competition order, which facilitated the introduction of these policies [1][2] - The ten - measure package provides a solid foundation for stabilizing the economy, the market, and expectations. There may be additional incremental policies in the future, and expansionary fiscal policies are also expected to show more effects [3] - The calmness of the stock and bond markets indicates that the press conference has achieved the goal of "stabilizing the market and expectations." Bond investment should not be based on a terminal - thinking approach, and rational pricing is needed when the capital interest rate is falling [4] Group 3: Summary by Related Catalog 1. Policy Announcement and Background - On May 7, 2025, a package of ten monetary policy measures across three categories was announced, including quantity - based, price - based, and structural policies. This was a response to the need to further consolidate the foundation of China's economic recovery and the requirement of the Politburo meeting [1] 2. Policy Preparation - The People's Bank of China made preparations, including improving the market - oriented interest rate regulation mechanism, maintaining market competition order, and guiding the bond yield to rise steadily in the first quarter of this year, which provided space for policy implementation [2] 3. Policy Impact and Future Expectations - The package of policies provides a solid foundation for economic and market stability. There may be new policy tools in the future, and expansionary fiscal policies are expected to have more impacts on economic and financial data [3] 4. Market Reaction and Investment Suggestions - The calmness of the stock and bond markets shows that the press conference stabilized the market and expectations. Bond investment should avoid terminal - thinking, and rational pricing is required during the period of falling capital interest rates [4]