简评 5 月 7 日三部委新闻发布会 证券研究报告/宏观定期报告 2025 年 05 月 07 日 | 分析师：张德礼 | 报告摘要 | | --- | --- | | 执业证书编号：S0740523040001 |  2025 年 5 月 7 日，三部委召开新闻发布会介绍"一揽子金融政策支持稳市场稳预期" | | Email：zhangdl01@zts.com.cn | 有关情况，对此有以下学习体会： | | |  第一，会议超预期。首先是召开时间，昨天下午才提前公告的。其次是均为一把手出 | | 相关报告 | 席，市场之前对出席的"负责人"级别有诸多讨论。最后是政策超预期，货币政策降 | | | 准降息，三部委多措并举稳楼市稳股市。除了落实 月 日政治局会议外，可能也 4 25 | | | 和 4 月官方制造业 PMI 弱于季节性有关。 | | | 股波动不大，在岸人民币兑美  第二，市场反应相对平稳。预告一揽子金融政策后，A | | | 元汇率窄幅震荡，长端利率上行。对比 924 新闻发布会看，本次新闻发布会期间市场 | | | 表现相对平稳，一方面是因美国对等关税政策落地后，中国各类稳市场政策取 ...

. 贵金属有色金属产业日报 2025/5/7 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本公司 ...

Group 1 - Xanadu Mines Ltd has terminated its exclusive negotiation agreement with Zijin Mining Group due to the inability to finalize a control transaction within the agreed timeframe [1][2] - The company will restart the shareholder voting process regarding the exercise of a 25% put option, with a special meeting scheduled for June 4, 2025 [2][3] - If the put option is exercised, Xanadu can sell 19.125% of its interest in the Kharmagtai project to Zijin for $25 million, funded by a low-interest loan from Zijin [3] Group 2 - Xanadu is exploring other financing options and potential partnerships for the Kharmagtai project, while also discussing joint venture or equity financing for the Red Mountain project [4] - The company has received approval to issue up to 15% of its shares for financing as a backup plan [4] Group 3 - Almonty Industries Inc has signed a binding off-take agreement with U.S. defense contractor Tungsten Parts Wyoming, Inc. for the supply of tungsten oxide [5][6] - The agreement stipulates a minimum monthly purchase of 40 tons of tungsten oxide, which will be used for U.S. defense projects [6][7] - Almonty reported a revenue of CAD 28.8 million for the fiscal year 2024, a 28% increase from the previous year, but also a net loss of CAD 16.3 million [9][10] Group 4 - The company plans to relocate its registered office from Canada to the U.S., which has been approved by shareholders [10] - Almonty's stock price has increased approximately 285% over the past year, reaching a 52-week high of AUD 2.85 [10]

宣布降息降准、设立服务消费与养老再贷款、完善房地产融资制度、发布公募基金重要改革举措……5月7日上午，三位金融管理部门"一把手"亮相国新办发 布会，推出一揽子金融政策，释放稳市场稳预期的强信号。 卜 " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " " 0.1个百分点 )由此前 自5月15 下调金融机构存款准备 不含已执行5%存款准 下调汽车金融公司和金 存款准备金率5个百分! 一揽子金融政策聚焦哪些方面？ 发布会上，中国人民银行行长潘功胜"一口气"宣布了3大类10项金融举措，覆盖货币政策诸多方面； 金融监管总局局长李云泽介绍了8项增量政策，涉及房地产金融和险资入市等市场热点； 中国证监会主席吴清围绕持续稳定和活跃资本市场，宣布多项重磅举措…… 当日，中国人民银行宣布自5月8日起，下调个人住房公积金贷款利率0.25个百分点。以金 ...

Group 1 - The core viewpoint of the news is the introduction of a comprehensive financial policy package aimed at stabilizing the market and expectations in China, which includes various monetary and regulatory measures [1][4]. - The People's Bank of China (PBOC) has implemented 10 monetary policies, notably a 0.5% reduction in the reserve requirement ratio (RRR), releasing approximately 1 trillion yuan in long-term liquidity, exceeding market expectations [1][2]. - Structural tools have been expanded and optimized, with the re-lending quota for technological innovation and transformation increased from 500 billion yuan to 800 billion yuan, and a new 500 billion yuan re-lending facility for service consumption and elderly care established [1][2]. Group 2 - The interest rate cut, including a reduction in the 7-day reverse repurchase rate from 1.5% to 1.4%, is expected to lead to a 0.1% decrease in the Loan Prime Rate (LPR), alleviating the burden on residential mortgage loans and releasing consumer potential [2]. - The Financial Regulatory Administration's expansion of the long-term investment pilot for insurance funds is a key highlight, with an additional 60 billion yuan in incremental funds approved for the market, encouraging insurance companies to increase equity market investments [2][3]. - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional inclusiveness and promoting the development of technology innovation bonds to support financing for high-risk, long-cycle tech enterprises [3].

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]

Group 1 - A comprehensive financial policy package has been released by three departments to stabilize the market and expectations [5] - In the first quarter, large-scale light industry enterprises achieved revenue of 5.4 trillion yuan [8] - The logistics industry in China continued to expand, as indicated by the logistics prosperity index for April [10] - During the "May Day" holiday, the national consumption industry saw a year-on-year sales revenue increase of 15.2% [11] Group 2 - The largest "light-hydrogen storage integrated" offshore photovoltaic project in the country has been fully operational [14]

事件概况 国务院新闻办公室于 2025 年 5月 7 日上午 9 时举行新闻发布会，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了"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 事件点评 一是资金面迎利好： 1）发布会上，中国人民银行行长潘功胜介绍，降准 0.5 个百分点，向市场提供长期流动性约 1 万亿元，并降低 政策利率 0.1 个百分点； 2）证监会主席吴清在参加国新办新闻发布会时表示，全力支持中央汇金公司发挥类平准基金作用； 3）优化两项支持资本市场货币政策工具，将 5000 亿元证券基金保险公司互换便利和 3000 亿元股票增持回购再 贷款两个工具的额度合并，总额度变为 8000 亿元。宽松的货币政策以及支持资本市场的政策工具为资本市场创 造了良好的流动性环境，体现了监管呵护资本市场的决心与信心，有利于市场情绪的提升。 二是改革端有深化： 国新办发布会上，吴清主席表示大力推动中长期资金入市，抓紧印发和落实《推动公募基金高质量发展行动方 案》、抓紧发布新修订的《上市公司重大资产重组管理办法》。预计未来基金公司将从"重规模"向"重回报" 转变，与投资者利益绑定，更利于 ...

上海金融与发展实验室主任 曾刚：房地产和股票是居民主要的财富配置方向，也是社会预期和市场信心的晴雨表，稳股市、稳 楼市有助于稳住居民财产，提振消费投资意愿，巩固金融市场健康运行的基础，从而实现稳增长、稳预期、稳信心的目标。 金融政策总量"放水养鱼"结构"精准滴灌" 央视网消息：央行、金管局、证监会三大金融监管部门推出的一揽子金融政策"组合拳"，在总量上"放水养鱼"，在结构上"精准 滴灌"，这些金融政策力度大精度准，彰显稳市场稳预期的决心，将大大提振中国经济和资本市场的信心。 一揽子金融政策措施包括降准、降息、下调个人住房公积金贷款利率，降准有利于提高商业银行支持实体经济的能力，商业银 行有更强的放贷能力支持居民购房、消费和企业投资。公积金利率下调降低居民房贷利息压力，既能提振居民购房积极性，又能通 过降低房贷负担提高消费能力。 北京师范大学教授 经济学专家 万喆：首先就是稳定市场信心和预期，通过降准降息、股市支持工具、楼市托底等等，政策的组 合拳直接缓解市场流动性紧张，提振投资者的风险偏好，为市场注入强心剂。 稳股市稳楼市 提振消费投资意愿 房地产和资本市场直接关系到中国的经济增长、就业和居民财富。为稳定股市 ...

5月7日，国新办召开新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。上银基金表示， 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。一方面通过流动性宽松对冲外 部不确定性，避免经济复苏"二次探底"。另一方面将资源向科创、绿色、消费等领域倾斜，房地产领域 托底意图明显。第三方面也为资本市场的稳定预期提供了更坚定的信心保障。上银基金认为，"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。 ...