Group 1 - The core viewpoint emphasizes the importance of stabilizing the market as a foundation for economic growth, highlighting the need for targeted, precise, and effective policies to strengthen market stability [1][2][3] - The "old-for-new" policy is expanding, with the number of eligible home appliance categories increasing from 8 to 12 by 2025, and local initiatives in Shenyang further expanding the categories to 35, indicating a robust consumer market [1][2] - The "Two New" policies have led to significant investment growth, with equipment and tool purchases increasing by 18.2% year-on-year in the first four months of this year, and retail sales of consumer goods rising by 4.7% [2][3] Group 2 - The approach to market stability involves a gradual and methodical implementation of policies, ensuring that measures are adjusted dynamically based on current conditions [3][4] - The real estate sector is receiving focused support through coordinated financing mechanisms and lowered mortgage rates, with a notable increase in housing loans by over 750 billion yuan in the first quarter [4] - The overall market has ample space for growth, with expectations for more effective policies to enhance market vitality and stimulate demand [4]

Group 1: Policy Signals - The April Politburo meeting emphasized "stabilizing employment, economy, market, and expectations" amid external risks, marking a shift towards high-quality development and proactive policy adjustments[1] - The government plans to implement flexible and unconventional policies based on changing circumstances, focusing on timely incremental reserve policies and counter-cyclical adjustments[1] Group 2: Employment and Market Stability - The April 28 press conference highlighted coordinated efforts to stabilize domestic demand and employment, with initiatives like "trade-in" subsidies and support for service consumption[2] - The May 7 press conference focused on stabilizing the stock and real estate markets, including measures like lowering public housing loan rates by 0.25 percentage points and increasing long-term capital market participation[2] Group 3: Incremental Policies and Financial Support - The 90-day tariff "grace period" serves as a crucial window for implementing existing policies and preparing incremental measures, with strong export performance expected to continue into May[3] - The central bank's recent policies, including comprehensive reserve requirement cuts and structural monetary policy rate reductions, aim to lower commercial banks' funding costs and facilitate loan rate reductions[3] Group 4: Fiscal Policy and Revenue Trends - In Q1, broad fiscal revenue fell by 2.6% year-on-year, below the initial target of 0.2%, while fiscal expenditure increased by 5.6% due to government debt financing[4] - The issuance of local government bonds is expected to accelerate, with new special bonds projected to grow by 36.5% compared to Q1[4] Group 5: Future Focus Areas - If tariff negotiations progress positively, future policies may shift towards long-term institutional reforms and structural support, emphasizing consumer relief and income growth as key drivers for consumption[5] - Service consumption recovery remains critical, with current levels at only 87.7% of historical trends, indicating significant potential for policy-driven growth[5]

央视网消息：中国人民银行近期部署一系列综合性系统性的增量政策，金融部门宣布一揽子政策打出重磅"组合拳"，释放稳市 场稳预期强信号，引起国际舆论广泛关注。 英国路透社：进一步激发市场活力 文章称，中国将指导金融机构加大对消费、外贸、科技创新和小微企业的支持。这意味着，在全球经济形势复杂多变的背景 下，中国政府一方面看重"稳市场稳预期"，另一方面，重视推动科技创新与产业升级，培育新的增长动能。事实证明，外部压力不 会阻碍中国发展，反而会加速其自主创新步伐、推动经济高质量发展。 《巴基斯坦观察家报》：展现灵活性与战略定力 《日本经济新闻》: 积极应对 稳中有进 文章指出，一揽子金融政策是针对全球经济不确定性加剧所做的积极应对，体现了中国政府在应对外部压力时的果断与智慧。 这一系列举措表明，中国坚定推进稳增长政策，确保经济平稳运行。多家国际金融研究机构研究认为，中国适度宽松政策具有"稳 中有进"的特点，预期将会带来积极影响，能够有效支撑国内经济增长。 新加坡亚洲新闻台：培育新的增长动能 中国确认保持适度宽松的货币政策立场，根据国内外经济形势，灵活调整政策实施的力度与节奏，采用多种政策工具保持流动 性充裕，通过定向政策 ...

超大规模市场的需求优势是中国经济的底气所在。稳预期是基础和关键。只有居民和企业的预期稳定 了、信心增强了，消费需求和投资需求不足的问题才能随之减轻，来自需求侧和供给侧的矛盾才能得到 逐步化解，巩固经济回升向好的态势才会有坚实的基础和保障。 4月25日召开的中共中央政治局会议深入分析研究了当前经济形势和经济工作，释放了"着力稳就业、稳 企业、稳市场、稳预期，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"的强烈信号。4月30 日，习近平总书记在上海主持召开部分省区市"十五五"时期经济社会发展座谈会，会议再次强调要"多 措并举稳就业、稳企业、稳市场、稳预期"。着力抓好"四稳"的重要表述，为进一步做好今年经济工作 指明了方向、坚定了信心、展现了底气，这种信心和底气来自中国经济的强大韧性和活力：一季度，面 对纷繁复杂的外部形势，中国经济同比增长5.4%，比去年全年增速加快0.4个百分点，较去年一季度增 速加快0.1个百分点。 面对压力和困难，唯有迎难而上、顶压前行。一要加力重点领域、重点行业、城乡基层和中小微企业岗 位挖潜扩容，支持高校毕业生、农民工等重点群体就业创业。二要落实贷款优惠、税收优惠和培训补 贴、岗位 ...

一揽子金融政策落地，关注可月月评估分红的现金流ETF（159399）投资机会。 消息面，5月7日，一揽子金融政策发布，包括央行3大类10项货币政策、金监总局8项增量政策，证监会 一揽子稳市"组合拳"。 国盛证券表示，一揽子金融政策如期而至、揭开了新一批增量政策的序幕，既有着眼当下的"放 水"、"真金白银"支持、也有布局长远的制度安排。此外，本次发布会均是盘前9点，三部门一把手出 席，均为系列组合拳出击，不同之处在于，去年9月24日发布会领先政治局会议率先发力，本次则基本 是4月25日政治局会议精神的落地，也更为重视稳外贸。往后看，预计还有不少增量政策在路上。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 相关机构表示，展望后市，能看到国内政策对稳市场、稳预期的强劲支持，叠加关税的边际缓和迹象， 这都给市场提供了较强的底部支撑；但另一方面，未来中美谈判及川普政府的政策存在 ...

Group 1: Core Policy Measures - The People's Bank of China (PBOC) announced ten specific policy measures aimed at boosting consumption, categorized into quantity, price, and structural policies [2][3] - Key quantity measures include a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to release approximately 1 trillion yuan in long-term liquidity, and a temporary RRR reduction to 0% for auto finance and leasing companies [2][3] - Price measures involve lowering the 7-day reverse repurchase rate by 10 basis points to 1.4%, reducing various structural tool rates by 25 basis points, and cutting housing provident fund loan rates by 25 basis points, which is projected to save residents over 20 billion yuan annually [2][3] Group 2: Financial Regulatory Policies - The Financial Regulatory Administration introduced eight incremental policy measures to stabilize the economy, including accelerating financing systems compatible with new real estate development models and expanding long-term investment trials for insurance funds [4][5] - The banking sector provided approximately 17 trillion yuan in new financing to the real economy in the first four months of the year, with a cumulative 4.4 trillion yuan in renewed loans for small and micro enterprises [4][5] - The real estate loan balance increased by over 750 billion yuan in the first quarter, with new personal housing loans reaching the highest quarterly increase since 2022 [5][6] Group 3: Capital Market Stability - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market through three main strategies: consolidating market recovery, supporting the development of new productive forces, and promoting long-term capital inflow [7][8] - The CSRC plans to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, as well as revise regulations on major asset restructuring for listed companies [7] - The CSRC emphasizes the importance of maintaining a stable and healthy development of the stock market, asserting confidence in the economic development and macro policies of China [8]

Core Viewpoint - The article discusses a series of financial policies introduced by Chinese authorities to stabilize the market and manage expectations, emphasizing the implementation of a loose monetary policy and measures to support the stock market [1][2]. Summary by Sections Recent Financial Market Assessment - The financial market is currently operating smoothly, supported by a series of monetary policy adjustments including a 0.5 percentage point reduction in the reserve requirement ratio, expected to inject approximately 1 trillion yuan into the market [2]. - Policy interest rates will be lowered by 0.1 percentage points, while structural monetary policy tools and personal housing fund loan rates will see a reduction of 0.25 percentage points [2]. - New structural monetary policy tools will be created to support technology innovation, expand consumption, and promote inclusive finance [2]. Measures to Stabilize the Capital Market - Key measures include encouraging listed companies to repurchase shares to enhance investor returns and stabilize stock prices [2]. - The Central Huijin Investment will act as a "stabilization fund" [2]. - There will be an increase in the scale and proportion of medium to long-term funds entering the market, with plans to approve an additional 60 billion yuan for insurance funds to invest long-term [2]. Response to Tariff Increases - The China Securities Regulatory Commission has proposed a toolkit for addressing tariff impacts, focusing on "precise relief," "strengthening resilience," and enhancing capital market services [2]. - The National Financial Regulatory Administration has suggested measures for strong relief, stabilizing exports, and expanding domestic sales [2]. Confidence in Stock Market Stability - The stability of the stock market is supported by strong leadership from the central government and a commitment to maintaining market stability [3]. - The implementation of a "1+N" policy system in the capital market has led to significant structural changes [3]. - The "technology narrative" in the A-share market is becoming clearer, with increasing aggregation effects [3]. - The valuation levels in the A-share market remain relatively low, providing a favorable environment for investment [3].

证券研究报告 证券 组合拳落地，助力稳市场 华泰研究 2025 年 5 月 07 日│中国内地 动态点评 重磅政策"组合拳"再出，奠定稳市场基础 5 月 7 日国新办举行新闻发布会，央行行长潘功胜、金融监管总局局长李云 泽、证监会主席吴清出席。会议明确完善资本市场基础制度，如深化双创板 改革措施、鼓励并购重组、促进高水平双向开放；加快公募基金改革落地， 推动高质量发展改革；合并互换便利及回购增持再贷款额度，支持汇金发挥 类"平准基金"作用，同时积极促进险资入市。本次发布会是继去年"924" 后的新一轮政策"组合拳"，从制度、生态、资金多维度呵护市场平稳运行。 我们认为，在持续稳定和活跃资本市场的基调下，权益市场底部有支撑，关 注资产负债表运用能力强、业绩增长稳健的头部券商，如汇金系券商银河 H、 中金 H，优质头部券商中信 H、国泰海通 H。 公募基金高质量发展改革落地在即 证监会主席吴清表示将于今日发布推动公募基金高质量发展的行动方案，改 革涵盖费率、产品、考核、销售等综合维度。其中，以浮动管理费扭转基金 公司"旱涝保收"现象，进一步深化费率机制改革；以投资者保护为本，把 业绩是否跑赢基准、投资者盈亏情况纳 ...

不过，当下形势和924有很大不同，尽管受关税战冲击，但当前股票市场风险偏好已显著改善；同时4月zzj会议已 经召开，下一步政策方向部署已经定调（vs上一轮9·26zzj会议，9·24发布会更像是打前站）。 我们之前也反复强调，本轮应对外 华泰政策|关于5·07金融部门发布会前瞻 华泰政策|关于5·07金融部门发布会前瞻 ① 新闻发布会选择在开盘时间召开（9：00），形式和规格上都很像924，一行一局一会"一把手"集体亮相。 ① 新闻发布会选择在开盘时间召开（9：00），形式和规格上都很像924，一行一局一会"一把手"集体亮相。 不过，当下形势和924有很大不同，尽管受关税战冲击，但当前股票市场风险偏好已显著改善；同时4月zzj会议已 经召开，下一步政策方向部署已经定调（vs上一轮9·26zzj会议，9·24发布会更像是打前站）。 是双降or降准+结构性降息 or only降准？ 不同的组合对债券市场有不同含义。 我们认为，如果有降息指引，更大概率可能是结构性降息。 2）落实新的增量政策工具——创设新的结构性货币政策工具，设立新型政策性金融工具（科技消费和外贸）和推 出债市科技板；3）消费：服务消费与养老再贷款 ...

Core Viewpoint - The speech emphasizes the importance of maintaining a stable economic foundation while promoting high-level opening-up and adapting to international changes [1] Group 1: Economic Development Strategy - The need to proactively understand the impact of international developments on China's economic layout and make necessary adjustments [1] - A commitment to steadfastly manage domestic affairs and expand high-level foreign openness [1] - The focus on stabilizing employment, enterprises, markets, and expectations to effectively maintain the economic fundamentals [1] Group 2: High-Quality Development - Accelerating the construction of a new development pattern and promoting high-quality development comprehensively [1] - Greater emphasis on coordinating development and security, considering both internal and external risks and challenges [1] - Enhancing the national security system and improving the ability to maintain security to foster a positive interaction between high-quality development and high-level security [1]