5月7日三部门会议点评：“稳预期”先行

Policy Adjustments - The central bank announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity[3] - A policy interest rate cut of 0.1 percentage points was implemented, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%[3] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the five-year and above first home rate decreasing from 2.85% to 2.6%, saving residents over 20 billion yuan annually[4] Market Impact - The meeting's timing and the announcement of incremental policies exceeded market expectations, particularly the interest rate cut[5] - The stock market responded positively, with the Shanghai Composite Index rising by 0.8% to 3342.7 points, and the micro-cap index increasing by 1.2%[7] - Bond market yields showed mixed reactions, with the 1-year treasury yield decreasing by 1.75 basis points while the 10-year yield increased by 1.5 basis points[7] Economic Outlook - The incremental financial policies aim to stabilize the market and support consumption, small and micro enterprises, and the real estate sector[6] - Despite the positive market response, risks remain due to potential economic pressures from international trade tensions and weaker PMI data[6] - The report suggests that without further demand-side fiscal policies, the market may revert to focusing on fundamental economic conditions[7]