宏观策略周报：一揽子金融支持政策出台，政策加码提振市场信心

Monetary Policy Measures - The People's Bank of China announced a package of ten monetary policy measures to support market stability, including a 0.5% reduction in the reserve requirement ratio, expected to release approximately 1 trillion yuan in long-term liquidity[9] - The policy interest rate was lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.596% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) by about 0.1%[9] - A total of 300 billion yuan was added to the re-lending quota for technological innovation and transformation, increasing the total to 800 billion yuan, aimed at supporting the "two new" policies[10] Economic Indicators - In the first four months of 2025, China's total goods trade value reached 14.14 trillion yuan, reflecting a year-on-year growth of 2.4%, with exports increasing by 7.5% to 8.39 trillion yuan and imports decreasing by 4.2% to 5.75 trillion yuan[19] - The trade value with ASEAN countries grew by 9.2%, making ASEAN China's largest trading partner, while trade with the EU increased by 1.1%[21] Market Performance - Major domestic indices showed varied performance, with the Shenzhen Component Index rising by 2.3% and the ChiNext Index increasing by 3.3% over the past week[30] - The Shanghai Composite Index recorded a weekly increase of 1.9%, while the CSI 300 Index rose by 2.0%[30] Sector Analysis - The machinery and equipment sector saw a notable increase, while sectors such as real estate and transportation faced declines, indicating a mixed performance across industries[33] - The electronics sector accounted for over 60% of exports, with significant growth in exports of integrated circuits by 14.7% to 405.15 billion yuan[22] Investment Recommendations - The report suggests a positive outlook for A-shares in the medium to long term, supported by the recent monetary policy measures and relatively low valuations in the market[25] - The financial regulatory authority emphasized the importance of stabilizing the capital market and enhancing support for small and micro enterprises[28]