国泰海通｜策略：明确政策立场：贴现率降低，股市中国红——5月7日“一揽子金融政策支持稳市场稳预期”发布会点评

Core Viewpoint - The article emphasizes the positive outlook for the Chinese A/H stock market following the release of a comprehensive financial policy package aimed at stabilizing market expectations and supporting economic development [1][2]. Group 1: Financial Policy Measures - The financial policy package includes a 0.5% reduction in the reserve requirement ratio, a 10 basis points (bp) cut in policy interest rates, and a 25 bp reduction in public housing loan rates, along with a 500 billion yuan initiative for consumer services and elderly care [2]. - Additional measures include a 300 billion yuan increase in loans for technological innovation and upgrades, which are expected to enhance liquidity and lower financing costs [2]. Group 2: Market Stability and Investor Confidence - The policy aims to stabilize investor confidence and promote a coordinated investment and financing ecosystem in the capital market, enhancing the long-term value of equity investments [3]. - The article highlights that the combination of monetary easing and structural reforms will lead to a systematic decline in the discount rate for the Chinese stock market, making investments more attractive [3]. Group 3: Investment Recommendations - The article recommends focusing on sectors that will benefit from the declining risk-free interest rates and increased market participation, particularly in financial services and high-dividend stocks such as brokerage firms, insurance companies, and banks [3][4]. - It also suggests investing in emerging technologies with low exposure to external demand, including internet, media, gaming, domestic supply chain products, and pharmaceuticals [4].