China XD(SH:601179) Datayes·2026-01-15 12:22Core Viewpoint - The article discusses recent monetary policy adjustments by the People's Bank of China (PBOC) aimed at stimulating economic growth, particularly focusing on support for small and medium-sized enterprises (SMEs) and technological innovation [4][5][8][10]. Monetary Policy Adjustments - Starting January 19, 2026, the PBOC will lower the re-lending and re-discount rates by 0.25 percentage points, with new rates set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year re-lending respectively [4][8]. - An additional 400 billion yuan will be allocated to support technological innovation and transformation loans, increasing the total to 1.2 trillion yuan [5][10]. - The PBOC will also increase the re-lending quota for agricultural and small business support by 500 billion yuan, with a total quota of 1 trillion yuan for private enterprises [5][10]. Support for Green Projects - Projects related to energy efficiency, green upgrades, and low-carbon transitions will be included in the carbon reduction support tool, with an annual operation limit of 800 billion yuan [5][10]. Market Reactions - The article notes a mixed performance in the stock market, with significant fluctuations in various sectors, particularly in technology and materials [15][28]. - The semiconductor sector is highlighted, with companies like TSMC planning substantial capital expenditures and projecting significant sales growth [18][22]. Economic Indicators - In December, new RMB loans totaled 910 billion yuan, marking the lowest seasonal increase since 2018, with corporate loans being the primary contributor [12]. - The M2 money supply grew by 8.5% year-on-year, indicating ample liquidity in the market, while M1 growth was only 3.8%, suggesting businesses are not converting funds into active deposits for expansion [12].