Core Viewpoint - The recent financial policy package aims to stabilize the market and enhance expectations, reflecting a strong commitment to addressing risks and challenges while injecting momentum into economic recovery and capital market stability [1][5]. Group 1: Policy Measures - Over twenty new policy measures have been announced, with a focus on comprehensive strategies, including ten monetary policy measures such as reserve requirement ratio cuts, interest rate reductions, and structural tool optimizations [1][3]. - The financial regulatory bodies are collaborating more effectively, as evidenced by the coordinated release of policies from various departments, enhancing the overall policy effectiveness [2][3]. Group 2: Targeted Actions - The People's Bank of China has implemented targeted measures such as lowering reserve requirements and interest rates, while also introducing a 500 billion yuan "service consumption and pension re-loan" to support consumer spending and elderly care [4]. - Specific policies have been designed to support technology innovation, including the creation of risk-sharing tools for technology innovation bonds and the development of high-quality technology insurance [4]. Group 3: Economic Outlook - The fundamentals of the Chinese economy remain strong, with high-quality development continuing to progress, indicating a solid foundation for future growth [5]. - The financial policy package is expected to translate into sustained economic improvement and stable capital market operations, reflecting the government's determination and capability [5].

Core Viewpoint - The Chinese financial authorities have introduced a comprehensive set of financial policies aimed at stabilizing the macroeconomic environment and maintaining financial market stability amid global uncertainties and domestic economic recovery challenges [1]. Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) has announced ten monetary policy measures, including a 0.5% reserve requirement ratio (RRR) cut for large and medium-sized banks, providing over 1 trillion yuan in long-term liquidity [3]. - The PBOC will lower the policy interest rate by 0.1%, reduce the personal housing provident fund loan interest rate by 0.25%, and cut the structural monetary policy tool rate by 0.25% [3]. - A new "service consumption and elderly care re-loan" of 500 billion yuan will be established, along with increased re-loan quotas for agricultural support and technological innovation [3]. Group 2: Capital Market Support - The financial regulatory authorities will optimize two monetary policy tools, combining their quotas to a total of 800 billion yuan to enhance flexibility and meet diverse market participant needs [2]. - The insurance sector will see an expansion in long-term investment pilot programs, with an additional 60 billion yuan approved for market injection, and a 10% reduction in risk factors for stock investments to encourage greater market participation [2]. Group 3: Real Estate Market Stability - The PBOC has reduced the personal housing provident fund loan interest rate by 0.25%, expected to save residents over 20 billion yuan annually in interest payments [2]. - Financial authorities are working on new financing systems that align with the evolving real estate development model, focusing on loans for real estate development, personal housing, and urban renewal [2]. Group 4: Support for Technological Innovation - The bond market will introduce a "technology board" to support the issuance of technology innovation bonds by financial institutions, technology companies, and equity investment firms [6][7]. - Specific measures will be implemented to optimize credit services, enhance insurance coverage, and expand equity investment to support technological innovation [7]. - The China Securities Regulatory Commission (CSRC) will introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to facilitate the development of technology innovation bonds and improve the issuance process [7].

证券时报记者程丹 中国人民银行、国家金融监管总局和中国证监会每次联合发声，市场都要竖起耳朵仔细听。5月7日，三 个部门的"一把手"同时亮相国新办新闻发布会，宣布了"一揽子金融政策支持稳市场稳预期"的改革举 措，从货币政策持续加码、金融制度精准指向重点领域、推动中长期资金入市等方面稳定市场，释放出 稳市场稳预期的强烈信号。 降低政策性利率方面，潘功胜介绍了三方面内容，一是下调公开市场7天期逆回购操作利率0.1个百分 点，将从1.5%下调至1.4%，预计带动LPR随之下行0.1个百分点；二是下调结构性货币政策工具利率0.25 个百分点；三是降低个人住房公积金贷款利率0.25个百分点，其中5年期以上的首套房利率由2.85%降低 为2.6%。 南开大学金融发展研究院院长田利辉表示，金融监管部门加大货币政策调控的强度，提高金融政策调控 的精准性，打出有力有效的政策"组合拳"，维护市场回稳向好态势，通过改革激发市场活力，以高质量 发展的确定性应对外部环境急剧变化的不确定性，进一步支持经济稳定增长。 实施好适度宽松货币政策 中国人民银行行长潘功胜在发布会上明确，进一步实施好适度宽松的货币政策，推出一揽子货币政策措 施。数量 ...

继去年9月24日之后，三大金融管理部门昨日再度同台，介绍正在或即将出台的一揽子增量金融政策。 当前，外部冲击影响加大，稳固经济持续回升向好基础"关键在我"。中央政治局会议已部署要求各方充 分备足预案，本次三大金融管理部门集中"官宣"的金融政策包即是对前期安排的细化落实。 证券时报记者秦燕玲 后续各参与方还将协同发力稳住资本市场，国内发展预期也将由此更加稳定。央行已明确表示"坚定支 持汇金公司在必要时加大力度增持股票市场指数基金，并提供充足的再贷款支持"，未来"央行—汇金公 司"合力带来的有效稳市模式值得期待；同时，保险资金长期投资试点范围扩大、实施公募基金高质量 发展方案，中长期资金入市力度也将进一步加大。 纵观这一揽子增量金融政策，其意不仅在稳，更要"进"。诸如发布新版重组管理办法激活并购市场、创 新科创债券融资服务体系、制定科技保险发展意见等举措，就是要引导金融力量充分挖掘发展的新动 能、新优势，从而充分释放经济增长的潜力。 总之，中国经济从来都是在战胜挑战中发展、在风雨洗礼中成长、在历经考验中壮大。任凭外部环境如 何变化，包括金融政策在内的宏观政策发力总是"以我为主"，在统筹解决短期难题与兼顾长期发展中 ...

Core Viewpoint - The Chinese government has introduced a series of financial policies aimed at stabilizing the market and supporting export-oriented enterprises, particularly in response to the impact of new tariffs from the United States [1][2]. Group 1: Financial Policies - The policies include measures from the banking and insurance sectors to support foreign trade development [1]. - Specific support will be provided to listed companies significantly affected by tariffs, including assistance with equity pledges and fundraising [1]. - The government aims to enhance regulatory support while maintaining a balance in oversight to help affected enterprises cope with tariff impacts [1]. Group 2: Company Responses - Companies like Xinbao Co., a leader in the small home appliance sector, expressed optimism about the new policies, which are expected to alleviate some of the pressures from tariffs [1]. - Xinbao Co. highlighted that approximately 70%-80% of its revenue comes from exports, with a significant portion from the U.S. market [1]. - Other companies, such as an automotive parts manufacturer, noted that while they experienced short-term market fluctuations due to tariffs, their financial stability remains intact, and they are more concerned about rising business costs than liquidity [3]. Group 3: Industry Support Initiatives - China Manufacturing Network, a comprehensive foreign trade service platform, acknowledged the positive impact of the new financial policies on export-oriented businesses, while emphasizing the need for further evaluation of the policy details [4]. - The platform has launched initiatives like the "New Maritime Plan" to help small and medium-sized enterprises expand into emerging markets and has established a special development fund to support industries heavily impacted by tariffs [4].

5月7日，国务院新闻办邀请中国人民银行、金融监管总局以及中国证监会负责人举行新闻发布会，介 绍"一揽子金融政策支持稳市场稳预期"有关情况。相关部门积极进行政策对冲、资金对冲、预期对冲， 应对外部环境变化带来的不确定性。 在稳定楼市方面，央行决定降低个人住房公积金贷款利率0.25个百分点，有利于支持居民家庭刚性住房 需求。金融监管总局则提出加快出台与房地产发展新模式相适配的系列融资制度，持续巩固房地产市场 稳定态势。 中国作为全球第二大经济体，在稳定全球经济与金融秩序方面承担大国责任。据新华社报道，国际货币 基金组织（IMF）发布的《全球金融稳定报告》显示，由于金融状况趋紧，贸易和地缘政治不确定性加 剧，全球金融风险显著增加。 在稳定股市方面，证监会表示将全力支持中央汇金公司发挥好类"平准基金"作用，配合中国人民银行健 全支持资本市场货币政策工具长效机制；金融监管总局表示，将进一步扩大保险资金长期投资试点范 围，近期拟再批复600亿元，为市场注入更多增量资金；证监会当日发布《推动公募基金高质量发展行 动方案》，大力推动中长期资金入市；央行宣布将优化两项支持资本市场的货币政策工具，将证券、基 金、保险公司互换便利 ...

Core Viewpoint - The announcement of a comprehensive financial policy package to stabilize the market and expectations is a significant step towards reinforcing the stability of the real estate market in China [1][7]. Group 1: Financial Policy Measures - The People's Bank of China has lowered the personal housing provident fund loan interest rate by 0.25 percentage points, reducing the five-year and above first-home loan rate from 2.85% to 2.6%, effective from May 8 [2][3]. - This interest rate reduction is expected to save residents over 20 billion yuan in annual interest payments, supporting the housing demand of families [2][3]. - The new monthly payment for a 1 million yuan loan over 30 years will decrease from 4,136 yuan to 4,003 yuan, a reduction of 133 yuan [2][5]. Group 2: Market Reactions and Expectations - The reduction in the housing provident fund loan rate is seen as a clear policy direction to stabilize the real estate market and expectations, which is viewed positively by experts [3][7]. - The anticipated synchronization of the Loan Prime Rate (LPR) reduction, following the recent policy rate cut, is expected to further alleviate the financial burden on existing loan holders [4][6]. - The increase in real estate loan balances, particularly in personal housing loans, indicates a growing willingness from banks to support the real estate sector [6][7]. Group 3: Future Outlook - The financial regulatory authorities are expected to continue refining financial tools to adapt to the evolving real estate development model, emphasizing sustainable and structural improvements over short-term stimulus [7][8]. - Analysts predict that further interest rate cuts may occur in the second half of the year, providing additional support for macroeconomic stability [7][8].

（原标题：重磅政策发布，最新研判来了！） 【导读】"一揽子金融政策"发布，机构最新解读 中国基金报记者 莫琳 5月7日上午，央行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清在国新办发布会上介 绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。发布会上推出多项重磅政策，涉及股 市、楼市、外贸等多项热点内容。 综合多家券商解读，大家普遍认为此次发布会在金融领域清晰传递了短期稳预期和长期调结构的政策逻 辑。"一揽子金融政策"兼具力度与精准度，为应对外部冲击和经济稳中求进奠定了坚实的基础。 与"9·24"国新会有何不同？ 此次国新办再次较为罕见地将新闻发布会时间提前至上午9点。此前在9点召开发布会，分别是2024年9 月24日和2025年1月23日，尤其是去年的"9·24行情"让不少投资者对此次会议充满期待。 国盛证券首席经济学家熊园指出，不同之处是去年"9·24会议"属于大超预期，也是大转向，本次则属于 预期之内、是"4·25"政治局会议精神的落地。往后看，不少增量政策应还在路上，尤其是财政发力、扩 内需、稳外贸等，可能的包括增加预算、增发国债或专项债、"两新""两重"加力扩围、大力发展服务消 费 ...

5月7日9时，国务院新闻办公室举行新闻发布会。中国人民银行、国家金融监督管理总局、中国证券监 督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 从降准降息到稳楼市股市，从支持科技创新到护航小微企业，涵盖多个领域的系列重磅金融政策的推 出，意味着我国在当前复杂经济形势下，将通过精准调控和政策协同，为经济高质量发展注入强大动 力。 降准降息成为此次政策的亮点。央行降低存款准备金率0.5个百分点，预计释放长期流动性约1万亿元， 同时下调公开市场7天期逆回购操作利率0.1个百分点。这一举措不仅增加了市场流动性，降低了企业融 资成本，更向市场传递出了强烈的稳增长信号，有助于提振市场信心，激发企业投资活力。 房地产关乎人民群众切身利益和经济社会发展大局。自去年四季度以来，推动房地产市场止跌回稳的政 策密集落地，房地产市场已出现积极变化，并在一季度信贷数据上有所体现，但也需要看到，目前楼市 复苏的势头仍不稳固。 央行此次下调个人住房公积金贷款利率0.25个百分点，是继2024年后再次对公积金贷款利率进行定向调 整。在商业贷款利率持续下行的背景下，公积金贷款利率的定向调整凸显了政策的分层设计，也 ...

2025年5月7日，央行、金融监管总局、证监会三部门负责人同台发声，不仅推出涵盖货币政策、监管改 革、资本市场支持的一揽子政策，更以"真金白银"的流动性支持与布局长远的制度安排，向市场传递出 一揽子的市场信心。 仔细分析这一政策组合拳不难看出，此次一揽子政策试图通过稳楼市、稳股市、促消费、稳外贸和强科 技等五方面来提振市场信心。特别是在当下，美国高额关税对全球产业链造成了严重冲击，国际金融市 场波动加剧，国内经济也面临着不小的压力。此时，政策协同发力，稳定市场预期显得尤为重要。 房地产市场向来是经济信心的"压舱石"。此次政策双管齐下，从需求端和供给端同时发力。在需求端， 政策大力让利，公积金贷款利率下调0.25个百分点，再加上贷款市场报价利率（LPR）预期下行，居民 的房贷负担进一步减轻。在供给端，加快完善与房地产发展新模式相适配的系列融资制度，满足房企合 理融资需求，缓释风险，持续巩固房地产市场稳定态势。 当全球市场在不确定性中寻找锚点，中国以一场"政策协奏"给出了自己的答案。 股市的稳定，关乎经济社会大局，更关乎亿万投资者的切身利益。稳股市，离不开"长钱"和"制度"的双 重护航。此外，中央汇金发挥类"平准 ...