“国家队”出手稳市，政策工具箱还有哪些弹药待发

Core Viewpoint - The Chinese government is actively implementing measures to stabilize the A-share market in response to the impact of "reciprocal tariffs," with the establishment of a domestic version of a stabilization fund to alleviate market concerns and boost investor confidence [1][2][3]. Group 1: Government Actions - Central Huijin Investment announced its continued support for the A-share market by increasing its holdings in exchange-traded funds (ETFs), emphasizing the long-term development prospects of China's capital market [1]. - The People's Bank of China and Central Huijin confirmed their roles in stabilizing the capital market, with the central bank ready to provide sufficient re-lending support if necessary [1][2]. - The Financial Regulatory Administration adjusted the regulatory ratios for insurance funds, increasing the upper limit for equity asset allocation and relaxing requirements for tax-deferred pension investments, thereby expanding the investment space for equity capital [1]. Group 2: Policy Measures and Economic Outlook - A macro policy analyst compared the current situation to 2022, suggesting that the government has a range of policy tools available to support the stock market, including monetary easing and fiscal measures [2][3]. - The anticipated macro policy reserves include monetary policies such as reserve requirement ratio cuts, structural interest rate reductions, and innovative monetary policy tools to support consumption and foreign trade [2]. - Fiscal policies may involve accelerating the issuance of government bonds, expanding the scope of "old for new" policies, and promoting tax reforms to stimulate economic growth [2][3]. Group 3: Market Reactions and Economic Implications - The market showed increased trading activity, with significant transaction volumes in the CSI 500 ETF and CSI 1000 ETF, indicating heightened investor engagement [1]. - The potential impact of the "reciprocal tariffs" could lead to a decline in overall demand, necessitating further fiscal measures to counteract the economic slowdown [4][6]. - Recommendations for short-term actions include enhancing counter-cyclical macroeconomic adjustments to stabilize growth and expanding consumer spending through targeted subsidies and support for the real estate market [5][6].