【策略周报】理性降温，景气度仍是避风港

Important Events Review - On January 14, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio for the Shanghai and Shenzhen Stock Exchanges, increasing the minimum financing margin ratio from 80% to 100% for new financing contracts. This adjustment aims to reduce leverage levels and protect investors' rights, promoting long-term market stability [2] - On January 15, the People's Bank of China introduced eight structural monetary policy measures, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and an expansion of the total quota for these tools by approximately 1.1 trillion yuan [2] - On January 15, the People's Bank of China released the 2025 financial statistics report, indicating that the total social financing scale increased by 35.6 trillion yuan for the year, which is 3.34 trillion yuan more than the previous year. As of the end of December, the broad money (M2) balance was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth, while the narrow money (M1) balance was 115.51 trillion yuan, showing a 3.8% year-on-year increase [2]