Core Viewpoint - The Swiss National Bank has lowered its policy interest rate by 25 basis points to 0, aligning with market expectations [1] Group 1 - The decision to cut the interest rate is consistent with prior market forecasts, indicating a stable economic outlook [1] - The reduction in the policy rate aims to support economic activity and maintain price stability in Switzerland [1]

Core Viewpoint - Recent adjustments in deposit rates by several small and medium-sized banks indicate a downward trend, with many banks now offering rates below 2% and some eliminating long-term deposit products altogether [1][3]. Group 1: Deposit Rate Adjustments - Numerous banks, particularly small and medium-sized ones, have lowered their deposit rates since April, with many banks making multiple adjustments in a short period [3]. - For instance, Fujian Huatuo Bank has reduced its one-day and seven-day personal notice deposit rates to 0.8% and 1.0% respectively, and its three-year fixed deposit rate from 2.7% to 2.45% [3]. - Shanghai Huari Bank has also adjusted its three-year fixed deposit rate from 2.6% to 2.5% and its five-year rate from 2.55% to 2.4%, resulting in a "negative interest rate" scenario where the five-year rate is lower than the three-year rate [3]. Group 2: Future Rate Expectations - The People's Bank of China announced a reduction in the 7-day reverse repurchase rate from 1.50% to 1.40%, which is expected to lead to a decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points [5]. - Analysts predict that this reduction in policy rates will likely prompt further declines in deposit rates across the banking sector [5][6]. - The overall adjustment in policy rates aims to stabilize the net interest margins of commercial banks while reducing the comprehensive financing costs for enterprises [6].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The domestic fundamental side shows a marginal recovery trend, but the recovery foundation needs to be consolidated, and policy expectations continue to increase. The overseas market shows signs of economic cooling, and the Fed's policy still favors anti - inflation. The bond market is in a sideways shock, and the bond bull environment remains unchanged. It is recommended to wait for the short - end to stabilize before making band allocations [92] Summary According to the Table of Contents 1. Market Review - **Contract Performance**: The 30 - year TL2506 contract fell 0.32%, the 10 - year T2506 contract rose 0.06%, the 5 - year TF2506 contract fell 0.01%, and the 2 - year TS2506 contract fell 0.02%. The trading volumes of TS, TF, T, and TL main contracts all decreased, as did their open interests [11][28] - **CTD Bond Performance**: For the 30 - year, 200012.IB fell 0.33 and 210005.IB fell 0.15; for the 10 - year, 220003.IB fell 0.06 and 240025.IB remained unchanged; for the 5 - year, 240014.IB rose 0.03 and 220021.IB rose 0.11; for the 2 - year, 240024.IB rose 0.03 and 220002.IB rose 0.09 [11] 2. News Review and Analysis - **Domestic News**: On May 7, China agreed to have contact with the US, and the Chinese finance minister said China would achieve the 5% growth target in 2025. On May 8, three departments issued a package of financial policies, including a 0.5 - percentage - point reserve requirement ratio cut, a 0.1 - percentage - point policy rate cut, etc. The public fund industry worth over 30 trillion yuan underwent systematic reform [31] - **International News**: On May 8, the Fed kept the federal funds rate unchanged at 4.25% - 4.5%. The number of initial jobless claims in the US for the week ending May 3 was 228,000, lower than expected [32] 3. Chart Analysis - **Spread Changes**: The yield spreads between 10Y - 5Y and 10Y - 1Y bonds widened slightly. The spread between 2 - year and 5 - year main contracts widened slightly, while the spread between 5 - year and 10 - year main contracts narrowed slightly. The inter - period spreads of 10 - year, 30 - year, 2 - year, and 5 - year contracts weakened slightly [40][44][50] - **Main Contract Position Changes**: The net short positions of the top 20 holders in the T main contract decreased slightly [61] - **Interest Rate Changes**: Overnight, 1 - week, 2 - week, and 1 - month Shibor rates all declined. The DR007 weighted average rate rose to around 1.78%, and the money market tightened. The yields of short - term treasury bonds were stronger than long - term ones, with 1 - 7Y yields down 2 - 5bp and 10Y, 30Y yields up 1bp to 1.63% and 1.88% respectively. The yield spreads between US and Chinese 10 - year and 30 - year treasury bonds widened slightly [65][69] - **Central Bank Operations**: The central bank conducted 836.1 billion yuan in reverse repurchases and had 1617.8 billion yuan in reverse repurchase maturities, resulting in a net injection of 781.7 billion yuan. The DR007 weighted average rate fell to around 1.52%, and the money market tightness improved [72] - **Bond Issuance and Maturity**: This week, bond issuance was 1433.8 billion yuan, total repayment was 813.6 billion yuan, and net financing was 620.169 billion yuan [76] - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 7.2095, down 81 basis points this week. The spread between offshore and onshore RMB strengthened. The 10 - year US treasury bond yield rose slightly, the VIX index fell slightly, the 10 - year treasury bond yield in China rose slightly, and the A - share risk premium fell slightly [82][85][89] 4. Market Outlook and Strategy - **Domestic Fundamentals**: The domestic economy shows a marginal recovery, but the recovery foundation needs to be strengthened, and policy expectations will continue to increase [92] - **Overseas Situation**: The US economy shows signs of cooling, and the Fed's policy still favors anti - inflation, with the possibility of delaying the rate - cut time to July [92] - **Strategy**: The bond market is in a sideways shock. Considering the long - term need for a low - interest - rate environment, the bond bull environment remains unchanged. However, beware of the risk of long - end bond price corrections. It is recommended to wait for the short - end to stabilize before making band allocations [92]

Core Viewpoint - The Norwegian central bank's committee currently assesses that the policy interest rate is likely to be lowered during the year 2025 [1] Summary by Relevant Categories - **Monetary Policy Outlook** - The committee's evaluation indicates a potential decrease in the policy interest rate in 2025 [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 新浪财经 徐苑蕾 5月7日，中国人民银行重磅宣布下调个人住房公积金贷款利率0.25个百分点，5年期以上首套房利率降 至2.6%，创历史新低。同步推出的还有降准、政策利率下调等多项措施，释放宽松信号。 截至今日收盘，三湘印象、天保基建涨停，渝开发、新华联（维权）涨超4%，金地集团、保利发展等 涨超1.5%。 新浪财经分别对话了上海易居房地产研究院副院长严跃进和广东省城乡规划院住房政策研究中心首席研 究员李宇嘉。双方表示，公积金贷款利率的下调，将使其与商业贷款利率的差距拉大，加上各地提高公 积金贷款额度，有助于提升公积金贷款的利用效率。此外，随着政策利率的下调，贷款市场报价利率 （LPR）或将跟跌，进一步降低购房门槛。 此次调整后，5年期以上首套房公积金贷款利率创下历史最低水平。实际上，近年来，公积金政策调整 愈加频繁。从历史数据看，5年以上首套个人住房公积金贷款利率最高值在2007年，为5.22%。2011年 后，政策对房地产市场的支持力度持续加大，公积金贷款利率进入下行周期。此次调整前最后一次公积 金贷款利率调整是在2024年5 ...

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]