从“9.24”到“5.7”：A股会继续“牛”吗？

Core Viewpoint - The recent press conference on May 7, 2024, highlighted a series of financial support policies aimed at stabilizing the market and expectations, marking a systematic response to complex economic conditions [2][4][10]. Monetary Policy Measures - The People's Bank of China announced a package of monetary policy measures, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR) and a 0.1 percentage point cut in interest rates, indicating a proactive approach to economic challenges [4][10]. - The combination of "total easing + targeted drip irrigation" strategies aims to lower financing costs for the real economy and inject certainty into the market [4][10]. Market Response and Expectations - The market's initial reaction to the "double cut" was less enthusiastic compared to previous announcements, with the Shanghai Composite Index only rising by 0.80% on the day of the announcement, reflecting a more cautious sentiment [11][12]. - Analysts suggest that the current low valuation levels of the A-share market, combined with ongoing supportive policies, could lead to a "slow bull" market trend [12]. Capital Market Support - The financial regulatory authorities emphasized the importance of long-term capital, such as insurance funds, to stabilize the capital market, indicating a shift towards a more coordinated policy approach [7][10]. - The introduction of structural tools and support for long-term investments aims to enhance market resilience and encourage a transition from short-term speculation to long-term value investment [7][10]. Future Policy Directions - Analysts anticipate further policy measures in fiscal, quasi-fiscal, and consumption sectors, suggesting that the recent monetary policy actions are just the beginning of a broader strategy to stimulate demand and support economic growth [5][12].