汇率压力降低放行货币政策，结构性投资机会将再次展开

Group 1: Monetary Policy and Economic Outlook - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity[14] - The anticipated consumer spending growth for the year is capped at around 5.5%-6%, with retail sales growth projected between 6.1%-6.8%[16] - The recent appreciation of the RMB against the USD, from 7.2689 on April 30 to 7.2080 on May 6, represents a 0.84% increase, easing the constraints on monetary policy[13] Group 2: Consumer and Market Confidence - The central bank's interest rate cut of 10 basis points aims to lower the overall financing costs, indirectly increasing disposable income and stimulating consumption[17] - The establishment of a 500 billion yuan "service consumption and elderly re-loan" policy is intended to enhance credit support for service consumption and expand recovery space[18] - The A-share market has shown resilience, with the Shanghai Composite Index recovering from previous shocks, indicating a potential "slow bull" market ahead[21] Group 3: Risks and Challenges - Risks include unexpected developments in global trade tensions, potential underperformance of policy measures, and geopolitical risks[25]