有机协同，体系重构

Policy Framework - The central bank implements a policy framework of "moderate overall easing + precise structural support + market expectation management" to stabilize the market[2] - A 0.5 percentage point reserve requirement ratio cut releases 1 trillion yuan in liquidity, alongside reductions in reverse repurchase rates and other loan rates[2] Structural Adjustments - The loan quota for technological innovation is expanded by 60% to 800 billion yuan, with a new risk-sharing mechanism for tech bonds introduced[6] - The deposit reserve ratio for auto finance and leasing companies is reduced to 0%, directly stimulating credit issuance in the automotive sector[6] Risk Management - The financial regulatory authority focuses on "risk prevention" and "transformation promotion" through a four-dimensional policy layout, including a financing coordination mechanism in the real estate sector[9] - A total of 6.7 trillion yuan in loans has been approved to support the delivery of over 16 million residential units[9] Capital Market Reforms - The China Securities Regulatory Commission (CSRC) promotes reforms in the capital market to stabilize expectations and enhance functionality, including a 10% reduction in stock risk factors to release insurance capital allocation space[9] - New long-term investment trials worth 60 billion yuan are introduced to support insurance funds entering the market[9] Economic Support Measures - A financing combination for small and micro enterprises includes a no-repayment extension of 4.4 trillion yuan, aimed at increasing supply, reducing costs, and improving efficiency[9] - Export credit insurance coverage is increased by 15.3%, alongside innovations in domestic trade insurance and cross-border e-commerce insurance[9] Systemic Financial Ecosystem - The policy framework creates a closed loop from monetary supply to capital formation, supporting a full-cycle service ecosystem for technological innovation[11] - The financial governance model is transitioning from "administrative intervention" to "rule-based governance," enhancing market stability mechanisms[11] Risk Alerts - Potential risks include demand-side constraints on monetary policy effectiveness, unexpected adjustments in the real estate market, and geopolitical external shocks[12]