Core Viewpoint - The comprehensive financial policy package introduced by the central bank, financial regulatory authority, and securities regulatory commission aims to stabilize the market and boost confidence in the Chinese economy and capital markets through significant and precise measures [1][3]. Group 1: Financial Policy Measures - The financial policy measures include lowering the reserve requirement ratio (RRR), interest rates, and personal housing provident fund loan rates, which enhance commercial banks' ability to support the real economy and increase lending capacity for housing, consumption, and business investment [3][9]. - The reduction in housing loan interest rates alleviates the financial burden on residents, encouraging home purchases and enhancing consumer spending capacity [3][9]. Group 2: Market Stability and Confidence - The stability of the stock and real estate markets is crucial for China's economic growth, employment, and residents' wealth, prompting financial regulators to implement specific measures to support and activate the capital market [4][6]. - Maintaining stable stock and real estate markets helps secure residents' assets and boosts consumer and investment willingness, thereby reinforcing the foundation for healthy financial market operations [6]. Group 3: Targeted Support for Key Sectors - The policy package not only provides broad liquidity support but also includes targeted measures, such as increasing the quota for re-loans for technological innovation and small enterprises from 500 billion to 800 billion yuan, and establishing a 500 billion yuan fund for consumer services and elderly care [9]. - These measures are designed to inject vitality into technology and small businesses while stimulating the consumer market, thereby sending strong policy signals to enhance confidence and stabilize expectations [9].

Core Viewpoint - The Chinese government has announced a comprehensive set of financial policies aimed at stabilizing the market and boosting confidence in response to the current economic uncertainties [2] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) has implemented a series of monetary policy measures, including a 0.5% reduction in the reserve requirement ratio, a 0.1% decrease in policy interest rates, and a 0.25% cut in structural monetary policy tool rates [3][11] - These measures are expected to provide approximately 1 trillion yuan in long-term liquidity to the financial market and reduce the overall financing costs for the real economy [3][11] - The reduction in housing provident fund loan rates is projected to save residents over 20 billion yuan annually in interest payments [3][11] Group 2: Support for Enterprises - The Financial Regulatory Administration plans to implement policies to support foreign trade development and expand financing mechanisms for small and micro enterprises to include all foreign trade companies [4][12] - Since the launch of the financing coordination mechanism for small and micro enterprises, over 67 million businesses have been visited, resulting in loans totaling 12.6 trillion yuan [4][12] - The PBOC will continue to implement a moderately loose monetary policy and enhance coordination with fiscal policies to promote high-quality economic development [4][12] Group 3: Capital Market Stability - The China Securities Regulatory Commission (CSRC) aims to enhance market monitoring and risk assessment, while supporting the Central Huijin Investment Ltd. to stabilize the capital market [6][7] - The PBOC will optimize two monetary policy tools to support the capital market, combining a total of 800 billion yuan for securities, funds, and insurance companies [7][11] - The CSRC is working on revising regulations to support mergers and acquisitions, thereby enhancing the innovation and risk resilience of listed companies [6][12] Group 4: Targeted Financial Support - Financial departments have introduced targeted policies to support key areas such as technological innovation, consumption, and real estate, including a 300 billion yuan increase in re-loan quotas for technological innovation [8][9] - A new 500 billion yuan re-loan facility for service consumption and elderly care has been established to encourage financial institutions to support sectors like hospitality and education [9][11] - The financial sector is actively working to stabilize real estate financing, with approved loans increasing to 6.7 trillion yuan, supporting over 16 million housing units [9][12]

央视网消息：5月7日，国务院新闻办公室就"一揽子金融政策支持稳市场稳预期"有关情况举行新闻发布会。这场新闻发布会上所释放的政策信 息，对于未来经济发展有何助力？ 对于房地产方面，政策也在加码。从需求端看，下调个人住房公积金贷款利率，减轻居民负担，并刺激购房需求。从供给端来看，加快出台和 房地产发展新模式相适配的系列融资制度，来助力持续巩固房地产市场的稳定态势。 北京师范大学教授、经济学专家万喆表示，发布会释放了一系列金融政策的"组合拳"，核心还是围绕稳市场、稳预期展开。政策力度很大、覆 盖范围广，对未来经济发展也具有多维度的支撑作用。 货币政策全面宽松 释放流动性 从主要关注点来看，首先是在宏观经济方面。货币政策调整和流动性支持力度相当大。发布会也明确提及，要通过降准降息等工具来释放流动 性，降低实体经济融资成本，缓解当前的有效需求不足这等问题，提振企业投资和居民消费的信心。 房地产政策精准施策 促进市场企稳 在资本市场方面，资本市场改革和中长期资金引入也是"组合拳"之一，进一步扩大保险资金长期投资试点范围，为市场引入更多的增量资金， 而且也会调整优化监管规则，进一步降低保险公司股票投资风险因子，来支持稳定和 ...

降准又降息！金融政策多箭齐发。 5月7日，国新办就"一揽子金融政策支持稳市场稳预期"有关情况举行新闻发布会。央行、金融监管总局、证监会三大金融监管部门"一把手"同台出席。 增加支农支小再贷款额度3000亿元，这将进一步支持商业银行扩大对涉农、小微，特别是中小民营企业的贷款投放。 此次会议在早上九点开始，在股市开盘前打出政策"组合拳"，传递信号非同一般，A股三大股指集体高开。 有力度 一揽子金融政策拿出真金白银，力度很大，彰显稳市场稳预期之决心。 降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。阶段性将汽车金融公司、金融租赁公司的存款准备金率从5%调降为0%。下调 政策利率0.1个百分点。下调结构性货币政策工具利率0.25个百分点。 降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整，预计每年将节省居民公积金贷款利息支 出超过200亿元。 粤开证券首席经济学家罗志恒对三里河表示，当前关税战有可能对二季度的出口产生影响，要进一步提振内需以填补外需下行缺口，这就要求进一步稳定 楼市股市、提振消费、扩大有效投资，降准降息必要性和迫切性进 ...

Core Viewpoint - The Chinese government is implementing a package of eight incremental financial policies aimed at stabilizing the market and expectations, focusing on key economic issues and long-term development [1][6]. Group 1: Incremental Policies - The eight incremental policies include the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [3][4]. - Expansion of the long-term investment pilot program for insurance funds to introduce more incremental capital into the market [3][9]. - Adjustment of regulatory rules to lower investment risk factors for insurance companies in the stock market, supporting capital market stability [4][9]. - Implementation of a comprehensive policy to support financing for small and private enterprises, enhancing coordination in financing efforts [4][6]. - Development of policies to support foreign trade, providing targeted services to businesses affected by tariffs [4][10]. - Revision of merger loan management methods to promote industrial transformation and upgrading [5]. - Expansion of the establishment of financial asset investment companies to increase investment in technology innovation enterprises [5][11]. - Formulation of high-quality development opinions for technology insurance to better support technological innovation [6][13]. Group 2: Market Stability - In the real estate sector, the financial regulatory authority is enhancing the financing coordination mechanism to support the completion of housing projects, with approved loans increasing to 6.7 trillion yuan, aiding over 16 million housing units [7][8]. - The first quarter of this year saw an increase of over 750 billion yuan in real estate loans, with new personal housing loans reaching the highest quarterly increase since 2022 [7][8]. - For the stock market, the financial regulatory authority has initiated reforms to allow insurance funds to invest more in equities, with plans to approve an additional 60 billion yuan for market liquidity [9][10]. - The insurance funds currently invest over 4.4 trillion yuan in stocks and equity funds, with a focus on optimizing asset allocation to enhance support for the real economy [9][10]. Group 3: Support for Technology and Innovation - The financial asset investment company initiative aims to enhance support for technology enterprises, with signed investment intentions exceeding 380 billion yuan [11][12]. - The banking sector is encouraged to adopt a blended financing model for technology enterprises, combining traditional loans with direct investment [12]. - The establishment of technology insurance is expected to improve risk-sharing mechanisms, thereby enhancing the resilience of technological innovation [13].

5月7日，国务院新闻办公室举行新闻发布会，邀请中国人民银行行长潘功胜、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。 央行：降息降准"十箭"齐发 潘功胜介绍，今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运 行特征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债置 换地方融资平台贷款的影响进行还原，贷款同比增速将超过8%），广义货币供应量（M2）保持在7%左右平 稳增长，明显高于名义经济增速。同时，社会融资成本保持低位，普惠小微、制造业中长期、科技型中小企 业等贷款增速均快于全部贷款增速，信贷结构进一步优化。 经观要闻 从金融市场看，一季度表现良好。股市运行总体平稳，交易较为活跃，上证指数保持在3300点左右。债券市 场在经济信心提升的带动下自我校正。在岸、离岸人民币对美元汇率较去年末小幅升值1%左右，跨境资本流 动相对均衡。 潘功胜表示，4月份以来，尽管面临比较大的外部冲击，国内金融体系仍然保持稳健，金融市场展现出较强韧 性。上证指数在4月7日下跌后迅速反弹并企稳，目 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the monetary policy adjustments by the People's Bank of China (PBOC) in response to economic conditions and external pressures, particularly related to trade negotiations with the United States. Core Points and Arguments - **Monetary Policy Adjustments**: The PBOC announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in the seven-day reverse repo rate by 0.1 percentage points, effective May 8. This aims to support the real economy and enhance liquidity in the banking system [1][2]. - **Liquidity Injection**: The reduction in the reserve requirement is expected to inject approximately 1 trillion yuan (about 154 billion USD) into the banking system, enhancing the lending capacity for both enterprises and households [3]. - **Future Expectations**: Analysts predict that further interest rate cuts and reserve requirement reductions may occur later in the year, estimating a total policy interest rate reduction of 0.6 percentage points and a reserve requirement cut of 1 percentage point for the year [3]. - **Support for Specific Sectors**: The PBOC's policies are seen as supportive of sectors such as technology innovation, consumption, and elderly care, indicating a targeted approach to monetary easing [4]. - **Impact of External Factors**: The ongoing trade negotiations with the U.S. are influencing domestic policy decisions, with analysts suggesting that the PBOC's actions are partly a response to external economic pressures [5][8]. Additional Important Content - **Analyst Insights**: Various analysts provided insights on the implications of the PBOC's decisions, emphasizing the need for fiscal support to complement monetary policy in stimulating growth [7][8]. - **Economic Indicators**: The call referenced recent economic data, including a significant decline in the PMI in April, which raised concerns about the domestic economy and prompted the swift policy response [8]. - **Upcoming Diplomatic Engagements**: The call highlighted the upcoming visit of Vice Premier He Lifeng to Switzerland for discussions with U.S. Treasury Secretary Janet Yellen, indicating the importance of diplomatic negotiations in shaping economic policy [9]. This summary encapsulates the key points discussed in the conference call, focusing on the monetary policy changes by the PBOC, their implications for the economy, and the context of ongoing trade negotiations.

证券研究报告·宏观报告·宏观点评 宏观点评 20250507 "稳市场稳预期"政策发布提振资本市场信 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 心 [Table_Tag] [Table_Summary] 事件 ◼ 5 月 7 日上午，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。 观点 2025 年 05 月 07 日 证券分析师 芦哲 相关研究 《货币政策变局：如何理解"降准降 息"的逻辑》 2025-05-06 《特朗普 2.0 百日新政复盘及后市展 望》 2025-05-06 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 一季度数据显示经济整体呈现企稳回升态势，但内需压力仍存，在关税 影响下，外部环境不确定性增加，出口下行、企业利润实际受损的程度 仍然有待评估。为贯彻中央政治局会议精神，进一步实施好适度宽松的 货币政策，"一行一局一会"出台了全面、清晰、务实的一揽子金融支持 政策， ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250507 "稳市场稳预期"政策发布提振资本市场信 心 [Table_Tag] [Table_Summary] 事件 ◼ 5 月 7 日上午，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。 观点 2025 年 05 月 07 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 相关研究 ◼ 一季度数据显示经济整体呈现企稳回升态势，但内需压力仍存，在关税 影响下，外部环境不确定性增加，出口下行、企业利润实际受损的程度 仍然有待评估。为贯彻中央政治局会议精神，进一步实施好适度宽松的 货币政策，"一行一局一会"出台了全面、清晰、务实的一揽子金融支持 政策，以"稳市场、稳预期"为目标，释放出强烈的宏观调控信号。本 次会议发声既体现了中央对当前经济形势的精准把控，也展现出中央坚 定不移执行高质量发展目标的战略定力。 ◼ 央行分别就数量型、价格型和结构型工具 ...

5月7日上午，国新办举行新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、 中国证券监督管理委员会主席吴清出席发布会，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。 【导读】国新办举行新闻发布会，金融监管总局局长回答多项社会关切问题 金融监管总局局长李云泽在介绍即将推出的八项增量政策后，围绕稳楼市、稳股市、稳外贸等社会关切 问题进行了详细的回答。 加快完善与房地产发展新模式相适配的 系列融资制度 稳楼市方面，李云泽表示，下一步，将加快完善与房地产发展新模式相适配的系列融资制度，包括房地 产开发、个人住房、城市更新等贷款管理办法。指导金融机构继续保持房地产融资稳定，有效满足刚性 和改善性住房需求，强化对高品质住房的资金供给，助力持续巩固房地产市场稳定态势。 拟再批复600亿元 进一步扩大保险资金长期投资试点范围 稳股市方面，李云泽表示，将充分发挥保险资金作为耐心资本、长期资本的优势，加大入市稳市力度。 前期，金融监管总局开展了保险资金长期投资改革试点，为股市提供了真金白银的增量资金。上个月， 上调了保险资金权益类资产投资的比例上限，进一步释放投资空间。 下一步，金融监管总局将推 ...