责编： 刘珺宇 校对：冉燕青 百万用户都在看 重磅利好！央行，"十箭"齐发！ 央行官宣！下周四，降准！ 集体大涨！两大利好，重磅来袭！ 吴清，最新发声！ 美国、以色列，发动大规模空袭！伊朗传出大消息 美国六大州，突然出手！贝森特发声，涉及对华关税 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据日本广播协会(NHK)报道，当地时间7日19时许，日本东京地铁南北线的东大前站发生持刀袭击事件。 据报道，袭击事件发生在车站站台，一名男子持刀在站台挥向路人，一名女子头部和颈部多处被刺伤，随后被 紧急送医。 东京警视厅通报称，嫌疑人已被逮捕，警方正在对其身份以及作案动机进行调查。 来源：中国新闻网 ...

Group 1: Monetary Policy Measures - The central bank, financial regulatory authority, and securities commission jointly announced a series of monetary policy measures including a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in long-term liquidity [3][4] - The open market 7-day reverse repurchase operation rate was lowered from 1.50% to 1.40%, indicating a cautious approach to interest rate adjustments due to external pressures [5][6] - There is potential for further reductions in the reserve requirement ratio, with expectations of a possible additional 0.5 percentage point cut in the third quarter [4][5] Group 2: Real Estate Sector Support - The policy includes a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the interest rate for first-time homebuyers from 2.85% to 2.6% [8][9] - An approval quota exceeding 6 trillion yuan for real estate financing is expected to be largely implemented, which will help improve liquidity for key real estate companies and stabilize the industry [10] - The impact of the loan rate reduction on first-time homebuyers is anticipated to be positive, although the overall market recovery will depend on various factors beyond just interest rate changes [9][10] Group 3: Capital Market Stability - The total amount for capital market support tools has been increased to 800 billion yuan, which includes measures to facilitate stock repurchases and enhance liquidity [11][12] - Concerns regarding the withdrawal of state support from the capital market are addressed, emphasizing that the state will continue to play a stabilizing role during market downturns [12] - The state’s intervention is characterized as a non-profit endeavor aimed at maintaining market stability and controlling risks [12] Group 4: External Trade and Economic Outlook - The future external environment is expected to remain uncertain and unstable, with increased exchange rate risks anticipated over the next few years [14][15] - Despite these challenges, there is strong confidence in the resilience and long-term growth potential of the Chinese economy, which is viewed as a global leader [16] - Companies are encouraged to manage exchange rate risks through financial derivatives while focusing on improving their profitability and risk management capabilities [15][16]

1、三部委会议，支撑力有多大? 2、中美关税谈判启动，可以乐观了吗？ 如有疑问请以音频内容为准，添加妙妙子微信huxiuvip302，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 本篇评级为★★★，主要围绕以下内容展开： 今天早晨9点开会，被大家万众期待，公布出了哪些重磅级消息呢？市场到底会怎样去消化？有没有对 市场拉动的延续性呢？我们一起来分析一下。 这个会议在今天早晨9点开，网友把它戏称为央行"十全大补丸"，提到了十个政策来支持目前的经济和 金融恢复。 在这些政策里，被大家注意到最多的就是降准和降息。降准这件事其实是意料之中的，之前一直在提， 这次降了0.5%。而降息是市场没有太多人预计到的，这次虽然只降了0.1%，但在银行面临这么大利差 压力的情况下，这其实是一种诚意的表现，也成了这次政策中的一个亮点。 不过，我们之前也聊到过，货币政策，不管是降准还是降息，对于股票市场、对于资本市场来说，一般 不会觉得它的药效太大。它的药效一般比较小，而且也比较短，属于短期性的政策。过去这几年，市场 上有非常出色表现机会的时候，一般并不是因为降准或者是降息所引发的。所以这 ...

Group 1 - The central bank has introduced 10 policies, while the financial regulatory bureau will launch 8 incremental policies, and the securities regulatory commission has announced four significant measures to promote long-term capital into the market [1][10] - A reserve requirement ratio (RRR) cut of 0.5 percentage points will provide 1 trillion yuan in liquidity [1] - The RRR for auto finance companies and financial leasing companies will be reduced from 5% to 0% [2] Group 2 - The 7-day OMO rate has been lowered by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [3] - Structural monetary policy tool rates have been cut by 0.25 percentage points, and the personal housing provident fund loan rate has also been reduced by 0.25 percentage points [4] Group 3 - The quota for re-lending for technological innovation and technological transformation has been expanded from 500 billion yuan to 800 billion yuan [5] - A new 500 billion yuan re-lending facility for service consumption and elderly care has been established [6] - The re-lending quota for supporting agriculture and small enterprises has been increased by 300 billion yuan [7] Group 4 - The total quota for securities, funds, and insurance companies' swap convenience and stock repurchase increase re-lending has been merged to 800 billion yuan [7] - A risk-sharing tool for technological innovation bonds has been created [8] - The pilot scope for long-term investment by insurance funds will be further expanded, with an additional 60 billion yuan planned for approval [9] Group 5 - The policies announced are mostly in line with or slightly exceed expectations, as mentioned in the April Politburo meeting [10] - Despite the positive policies, the A-share market experienced a high open but low close, with the Shanghai Composite Index rising by 0.80% [11] Group 6 - The market's high open and low close can be attributed to three main reasons: policies meeting or slightly exceeding expectations, a different market environment compared to September 2024, and the current index level being higher than in September 2023 [12] - The Shanghai Composite Index shows a divergence in technical patterns, indicating potential upward movement if certain conditions are met [13] Group 7 - The military-related sectors, such as aerospace and shipbuilding, are leading the market, with a noted low allocation of active funds in these sectors during Q1 [15] - The military industry is expected to be resilient against "reciprocal tariffs" and is projected to see continued growth amid uncertain international conditions [15] Group 8 - The banking, insurance, oil, and large-cap stocks have performed well due to policy benefits [18] - The focus should be on blue-chip stocks if the island reversal pattern is confirmed, or on technology stocks if the market does not correct [18]

Core Points - The central theme of the news is the recent monetary policy adjustments by the central bank, including a reserve requirement ratio (RRR) cut, interest rate reduction, and a decrease in housing provident fund loan rates aimed at stimulating economic growth and easing market liquidity pressures [1] Monetary Policy Adjustments - RRR cut of 0.5% effective from May 15, 2025, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1] - Interest rate reduction of 0.1% on the 7-day reverse repurchase operations, lowering the rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the loan market quotation rate (LPR) [1] - Reduction of 0.25 percentage points in the housing provident fund loan rate for first-time homebuyers, with the 5-year and above rate dropping from 2.85% to 2.6% [1] Market Reactions - Following the RRR announcement, the 10-year government bond yield initially dropped but then experienced fluctuations, indicating market volatility and mixed reactions to the policy changes [1][3] - As of 11:30 AM, short-term interest rates on government bonds rose while long-term rates fell, with the 10-year government bond yield reaching 1.64% [3] Economic and Market Outlook - The bond market is influenced by both policy adjustments and economic data, with potential for increased volatility due to prior market expectations being overly optimistic [8] - Long-term pressures on the bond market are anticipated, with a need for balanced investment strategies between stocks and bonds [8][9] - In the credit bond sector, there is potential value in mid-to-high-grade urban investment bonds and perpetual bonds from commercial banks, but attention to credit risk is essential [10]

[Table_Tag] [Table_Summary] 事件 ◼ 2025 年 5 月 7 日，在国新办举行的"一揽子金融政策支持稳市场稳预 期"新闻发布会上，央行行长潘功胜宣布三大类共十项货币政策措施， 其中总量型政策包括降低存款准备金率 0.5 个百分点，以及下调政策利 率 0.1 个百分点。 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券研究报告·固定收益·固收点评 固收点评 20250507 双降之后，债券市场怎么走？ 2025 年 05 月 07 日 证券分析师 徐沐阳 执业证书：S0600523060003 xumy@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20250428- 20250502）》 2025-05-05 《二级资本债周度数据跟踪 （20250438-20250502）》 2025-05-05 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 降准是货币与财政配合的重要手段：降准为银行提供了无期限的零成本 的资金，降准 50bp 可以为金融市场提供约 1 万亿元的流 ...

Group 1 - The People's Bank of China (PBOC) has injected approximately 2.1 trillion RMB into the market through a reserve requirement ratio (RRR) cut and expanded various relending tools [1][2] - A 10 basis point cut in policy interest rates aligns with expectations, and the bank has incorporated a 30 basis point reduction in the 2025 Loan Prime Rate (LPR) into its profit forecasts [1][2] - The reduction in relending/PSL facility rates by 25 basis points will lower banks' funding costs, although banks may pass on these benefits selectively to certain borrowers, such as qualified tech companies and SMEs [1][2] Group 2 - The National Financial Regulatory Administration and the China Securities Regulatory Commission (CSRC) have emphasized increasing long-term capital investment in the stock market [3] - The regulatory bodies plan to relax solvency requirements for insurance companies to encourage more asset allocation to the stock market [3] - Measures to support SMEs, particularly those affected by tariffs, include increased liquidity support and tailored strategies from banks to avoid collective loan withdrawals [3] Group 3 - The growth rate of high-end technology loans is nearly three times the average loan growth rate, with technology insurance covering over 2 trillion RMB [3] - Future plans include optimizing credit support, enhancing insurance protection, and expanding equity investments in the technology sector to further support its development [3]

降准、降息、降个人住房公积金贷款利率！央妈又发红包了！ 首先，对普通人来说，降准让银行手里的钱变多，再通过贷款 流到咱们生活的方方面面。 5月7日，央行宣布，自5月1 5日起，下调金融机构存款准备金率0 . 5个百分点（不含已执行5%存款准备金率的金融机 构），下调汽车金融公司和金融租赁公司存款准备金率5个百分点，向市场提供长期流动性约1万亿元。 同日，央行行长潘功胜宣布，下调政策利率0 . 1个百分点，从目前的1 . 5%调降至1 . 4%，预计将带动LPR下行约0 . 1个百 分点。此外，潘功胜还宣布，将下调个人住房公积金贷款利率0 . 2 5个百分点，五年期以上首套房利率由2 . 8 5%降至 2 . 6%，其他期限的利率同步调整。 这一系列操作堪比给市场灌了1 0杯冰美式，资本市场直接原地清醒！5月7日开盘，A股三大指数均大幅高开，金融、 房地产等板块指数涨幅居前。 那么，这波降准会怎么影响你的钱包？ 降准是啥？ 先给小白补补课，所谓降准，就是把 存款准备金上交的比例往下调。 国家规定，各个商业银行必须把吸收进来的储户存款的一部分缴存在中央银行， 这部分存款就是"存款准备金"。 具 体交多少？央妈说了 ...

Core Viewpoint - The central bank is expected to implement a series of monetary policy measures, focusing on quantity-based, price-based, and structural monetary policies, with anticipated interest rate cuts and reserve requirement ratio reductions throughout the year [1] Group 1: Monetary Policy Measures - The central bank's comprehensive monetary policy measures will target three directions: quantity-based policies, price-based policies, and structural monetary policies [1] - It is projected that the policy interest rate will be reduced by 0.6 percentage points over the year [1] - The reserve requirement ratio is expected to be lowered by 1 percentage point throughout the year [1]

Core Viewpoint - The recent announcements from the People's Bank of China and other financial authorities have led to a positive market reaction, with A-shares showing significant gains, particularly in the military and real estate sectors [1][3][6]. Market Performance - A-shares opened higher, with the Shanghai Composite Index reaching 3337.23 points, up 0.64%, and hitting a peak of 3356.69 points, recovering over 10% from the low on April 7 [1]. - The military sector saw a surge, with the Shenwan Defense Index rising 4.21%, leading all sectors, and stocks like AVIC Chengfei and Aileda hitting the daily limit of 20% [3]. - The real estate sector also performed strongly, with the Shenwan Real Estate Index increasing by 1.44%, and stocks such as Sanxiang Impression and Tianbao Infrastructure reaching their daily limit [12]. Monetary Policy Changes - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, effective from May 15, 2025, which historically correlates with a positive short-term performance in A-shares [6][10]. - The recent rate cut in housing provident fund loans by 0.25 percentage points aims to lower the borrowing threshold for residents, potentially boosting housing consumption and supporting the real estate market [14][15]. Company Highlights - Bohreton, a provider of electric engineering machinery, successfully listed on the Hong Kong Stock Exchange, with shares rising over 80% on the first day of trading [20][19]. - Shandong Molong's stock surged over 50% in Hong Kong, following the removal of risk warnings and its inclusion in the Stock Connect program, indicating improved market sentiment [26]. Financial Sector Activity - The financial sector in Hong Kong saw significant gains, with banks and insurance stocks rising, and notable increases in trading volumes for companies like Hongye Futures, which saw a rise of over 50% [17].