粤开宏观：新一轮一揽子金融政策：重现924及增量举措

Monetary Policy Measures - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity[11] - The 7-day reverse repurchase rate was lowered by 0.1 percentage points from 1.5% to 1.4%, which will lead to a corresponding decrease in the Loan Prime Rate (LPR) by 0.1 percentage points[11] - A new tool of 500 billion yuan for "service consumption and pension re-loans" was established to boost consumer spending[6] Market Stabilization Efforts - The financial regulatory authorities introduced eight incremental policies aimed at stabilizing the real estate market, stock market, and foreign trade[3] - The stock market responded positively, with the Shanghai Composite Index and the ChiNext Index rising by 0.8% and 0.51% respectively on the announcement day[4] - The measures are designed to counteract the potential decline in external demand due to increased tariffs from the U.S.[3] Economic Context and Challenges - The current economic backdrop includes a significant impact from U.S. tariffs, with the main challenge shifting from internal demand issues to external trade pressures[4] - The manufacturing PMI fell to 49% in April, indicating contraction, and the CPI showed a year-on-year decline of 0.1%[12] - The overall deposit reserve ratio will decrease from 6.6% to 6.2%, still above the historical low of 6.0%[13] Consumer and Business Support - The policy aims to enhance consumer confidence and spending, particularly in the service sector, which accounts for over 50% of total consumption[6] - An additional 3 trillion yuan in re-loan quotas for small and micro enterprises was announced, with a focus on reducing financing costs and improving access to credit[17] - The government will provide targeted support for businesses affected by the tariff war, ensuring financial assistance and insurance coverage[7] Real Estate Market Stability - The measures include lowering mortgage rates to alleviate repayment pressure on households, thereby boosting home-buying intentions[21] - The interest rate for personal housing provident fund loans was reduced by 0.25 percentage points, with the five-year rate dropping from 2.85% to 2.6%[22] - The real estate market is showing signs of stabilization after a prolonged downturn, with first-tier cities experiencing a rebound in second-hand home prices[20]