Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies aimed at stabilizing the market and expectations, which includes monetary policy measures from the People's Bank of China (PBOC), regulatory policies from the financial regulatory authority, and market stabilization strategies from the China Securities Regulatory Commission (CSRC) [2][6][14]. Monetary Policy Measures by PBOC - The PBOC will lower the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity [3]. - The reserve requirement ratio for auto finance and financial leasing companies will be reduced from 5% to 0% [4]. - The policy interest rate will be decreased by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, likely leading to a similar decrease in the Loan Prime Rate (LPR) [4]. - The interest rates for various structural monetary policy tools will be lowered by 0.25 percentage points, including special structural tools and re-lending rates [4]. - The personal housing provident fund loan rate will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. - An additional 300 billion yuan will be allocated for technology innovation and technological transformation re-lending, increasing the total from 500 billion yuan to 800 billion yuan [4]. - A new 500 billion yuan "service consumption and elderly care re-lending" will be established to encourage banks to increase credit support for these sectors [5]. - The re-lending quota for agriculture and small enterprises will be increased by 300 billion yuan, supporting banks in expanding loans to these sectors [5]. - The PBOC will optimize two capital market support tools, merging 500 billion yuan for securities fund insurance company swaps and 300 billion yuan for stock repurchase re-lending into a total of 800 billion yuan [5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending to support the issuance of these bonds [5]. Regulatory Policies by Financial Regulatory Authority - The financial regulatory authority will introduce eight incremental policies to enhance the implementation of existing policies and support the real estate market [7]. - A series of financing systems will be developed to align with new real estate development models [8]. - The scope for long-term investment by insurance funds will be expanded to inject more incremental capital into the market [8]. - Regulatory rules will be adjusted to lower the investment risk factors for insurance companies in stock investments [9]. - A comprehensive policy package will be launched to support financing for small and private enterprises [10]. - Policies will be developed to support foreign trade development, particularly for entities affected by tariffs [10]. - The management of merger loans will be revised to facilitate industry transformation [11]. - Financial asset investment companies will be established to enhance investment in technology innovation enterprises [12]. - High-quality development opinions for technology insurance will be formulated to support risk-sharing and compensation [13]. Market Stabilization Strategies by CSRC - The CSRC will focus on consolidating market stability while enhancing market vitality and functionality [14]. - Measures will be introduced to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [15]. - The CSRC will promote the development of technology innovation bonds and optimize the issuance process [15]. - Efforts will be made to increase the participation of long-term funds in the market [16]. - Strategies will be implemented to support the real estate market and stock market stability, including increasing insurance fund investments [17][18]. - Specific measures will be introduced to assist listed companies in coping with the impacts of tariffs [19].

5月7日上午9时，国新办举行新闻发布会，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。 图片来自新华社 降准又降息 央行推出3类10项措施 发布会上，中国人民银行行长潘功胜表示，中国人民银行将加大宏观调控强度，推出一揽子货币政策措 施，主要有三大类共十项措施。>>>更多内容《中国人民银行推出三大类、十项措施 支持稳市场稳预 期》 图片来自@央视新闻 潘功胜介绍，央行将下调金融机构存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿 元。下调后，金融机构存款准备金率平均由此前的6.6%降低到6.2%。 潘功胜表示，适度宽松的货币政策主要有几点内涵，第一是流动性充裕，社会融资条件比较宽松，社会 综合融资成本比较低；第二是政策的实施需要相机抉择，动态调整；第三是货币政策的取向是对货币政 策状态的描述，央行连续几年多次降准降息，货币政策的状态是支持性的，总量也比较宽松。 涉房地产金融、险资入市等 金融监管总局将推出8项增量政策 发布会上，国家金融监督管理总局局长李云泽介绍，金融监管总局近期将推出8项增量政策： 一是加快出台与房地产发展新模式 ...

Monetary Policy Measures - The People's Bank of China (PBOC) will implement a package of monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [10][12][14] - The policy interest rate will be lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [10][14][35] - Structural monetary policy tool rates will be reduced by 0.25%, including rates for various special structural tools and re-lending rates for agriculture and small enterprises, from 1.75% to 1.5% [10][14][45] Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [20][21] - There will be an expansion of the pilot scope for long-term investment by insurance funds to introduce more incremental capital into the market [20][22] - Policies will be adjusted to lower the investment risk factors for insurance companies in the stock market, supporting a stable and active capital market [20][23] Support for Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, enhancing the financing coordination mechanism to stabilize businesses and the economy [20][24] - Specific measures will be implemented to assist foreign trade development, providing precise services to market entities significantly affected by tariffs [20][25] Capital Market Development - The China Securities Regulatory Commission (CSRC) will promote high-level opening of the capital market, including expanding institutional access and optimizing the Qualified Foreign Institutional Investor (QFII) system [20][26][51] - The CSRC will enhance product supply by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [20][26][52] - Measures will be taken to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, while protecting investors' legal rights [20][26][52] Fund Management Reforms - The upcoming public fund reforms will focus on strengthening the alignment of interests between fund managers and investors, optimizing the fee structure, and enhancing the stability of fund investment behavior [20][26][37] - The reforms will also emphasize improving investor service capabilities and promoting the growth of equity funds [20][26][39]

2. 完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率，从目前的5%调降至0%。 3. 下调政策利率0.1个百分点，即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，预计将带动贷款市场报价利率（LPR）同步下行约0.1个百分 点。4. 下调结构性货币政策工具利率0.25个百分点，包括：各类专项结构性工具利率、支农支小再贷款利率，均从目前的1.75%降至1.5%；抵押补充贷款 （PSL）利率从目前的2.25%降至2%。5. 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%，其他期限的利率同步调 整。举例来看，对于100万元贷款本金、30年期、等额本息的公积金贷款，政策前月供为4136元，而政策后则为4003元，减少了133元。总还款总额（本金 +利息）从过去的149万变为144万，直接减少了5万元成本。 在今天（5月7日）举行的国新办新闻发布会上，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。 中国人民银行推出三大类、十项措施· 一是数量型政策，通过降准等措施， ...

韦春泽 (8621)23297818× weicz@swsresearch.com 2025 年 05 月 07 日 关键节点支持市场信心 相关研究 - 证 券 研 究 报 告 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 韦春泽 A0230524060005 weicz@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 股 策 略 ——国新办"一揽子金融政策支持稳市场稳预期"发布会 点评 20250507 ⚫ 1. 金融政策全面宽松。 策 略 研 究 A ⚫ 央行：价格工具方面，全面降准 0.5%，政策利率下调 0.1%，结构性货币政策工具利率下调 0.25%，下调 住房公积金贷款利率 0.25%。数量工具方面，设立 5000 亿服务消费与养老再贷款，增加 3000 亿元的科 技创新和技术改造再贷款额度，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 工具合并，总额度变为 8000 亿元。扩大互换便利工具的参与机构范围(首批 20 家券商基金扩大至 40 ...

从周二市场的表现看，股债跷跷板对债市走势的影响虽然存在但并不显著， 当前制约收益率下行的核心因素仍然在于资金价格，这也体现在午后 TS 期货 合约再度上演"下杀"剧本。尽管当前资金面整体维持均衡，但 4 月央行通 过 MLF 补充买断式回购 5000 亿的"续作缺口"，以及在节后首日公开市场 逆回购操作中回笼逾 6000 亿，还是说明了当下资金市场整体的克制。"偏高" 的资金利率仍然是当前收益率下行最大的障碍。 金融期货日报 股指 ◆ 核心观点： 欧盟计划扩大反制：若谈判失败，将对 1000 亿欧元的美国商品加征关税。美 加领导人会晤：卡尼称加拿大永远不卖，特朗普说"永远不要说永远"。何 立峰将访问瑞士、法国并举行中美经贸高层会谈、第十次中法高级别经济财 金对话。商务部新闻发言人就中美经贸高层会谈答记者问。周三上午九时， 中国央行、证监会等介绍"一揽子金融政策支持稳市场稳预期"有关情况。 利好齐出，股指或震荡偏强运行。 ◆ 策略建议： 震荡运行 国债 ◆ 核心观点： ◆ 策略建议： 短期看好 研究咨询部 2025-05-07 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字{2014}1 号 金 ...

5月7日，国新办新闻发布会举行。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。 潘功胜 中国人民银行行长 ▶ 央行发布3类10项措施 一是数量型政策，通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。二是价格型政策， 下调政策利率，降低结构性货币政策工具利率，同时调降公积金贷款利率。三是结构型政策，创设并加 力实施结构性货币政策工具，支持科技创新、扩大消费、普惠金融等领域。 ▶ 降准又降息！下调个人住房公积金贷款利率 ▶ 合并两项支持资本市场货币政策工具额度，共8000亿元 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。 ▶ 外部冲击下国内金融市场保持稳健 今年一季度金融市场表现良好，股市运行总体平稳，交易标准质量较高。在经济基本面改善的带动下， 市场自我矫正能力增强，人民币对美元汇率去年末小幅升值1%左右。 ▶ 央行将创设科技创新债券风险分担工具 潘功胜宣布，将创设科技创新债券风险分担工具。 ▶ 4月以来金融市场展现 ...

Core Viewpoint - The overall operation of the capital market in China has shown stability and progress in 2023, with the China Securities Regulatory Commission (CSRC) committed to maintaining market stability while enhancing market vitality and functionality [1]. Group 1: Support for Market Stability - The CSRC will fully support the Central Huijin Investment Ltd. in playing its role as a stabilizing fund, enhancing market monitoring and risk assessment to respond to external shocks [2]. - A comprehensive "combination punch" of policy, funding, and expectation countermeasures will be implemented to inject more certainty into the market amid global economic uncertainties [10]. Group 2: Reforms and Regulations - New policies to deepen reforms in the Sci-Tech Innovation Board and the ChiNext will be introduced, enhancing the inclusiveness and adaptability of the system [3]. - The CSRC will expedite the release of revised regulations on major asset restructuring for listed companies, aiming to strengthen the role of capital markets in mergers and acquisitions [4]. Group 3: Development of Public Funds - An action plan to promote the high-quality development of public funds will be released, focusing on aligning the interests of fund managers with investors and enhancing long-term capital inflow into the market [5]. - Measures will be taken to stabilize fund investment behaviors, including setting clear performance benchmarks for each fund product to ensure alignment with their stated objectives [6]. Group 4: Investor Services and Fund Growth - The CSRC will enhance the capabilities of fund companies to serve investors better, including optimizing investment research and risk management resources [7]. - There will be a focus on expanding equity funds, with regulatory guidance to promote the issuance and sales of equity funds that align with national development goals [7]. Group 5: Market Resilience and Adaptability - A-share listed companies demonstrate strong resilience and adaptability, with nearly 90% of their revenue coming from domestic markets, and a reported 3.6% year-on-year growth in net profits [11]. - Companies have successfully diversified their export markets and improved their competitiveness, with over 350 companies announcing share buybacks since April 7, indicating confidence in their value [12]. Group 6: Regulatory Support and Open Market - The CSRC will continue to provide regulatory support to companies affected by external shocks, including optimizing regulatory arrangements for those significantly impacted by tariffs [13]. - The commission is committed to advancing high-level opening-up of the capital market, including the gradual inclusion of RMB trading counters in the Hong Kong Stock Connect [14].

| | 宏观金融 | | --- | --- | | ◆股指： 震荡运行 | | | ◆国债： 震荡上行 | | | | 黑色建材 | | ◆螺纹钢： 暂时观望 | | | ◆铁矿石： 震荡偏弱 | | | ◆双焦： 震荡运行 | | | | 有色金属 | | ◆铜： | 区间谨慎交易 | | ◆铝： | 建议观望，等待逢高做空机会 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： 区间交易 | | | ◆黄金： | 待价格充分回调后，逢低建仓 | | ◆白银： 区间交易 | | | | 能源化工 | | ◆PVC： 震荡 | | | ◆纯碱： | 看涨期权空头持有。 | | ◆烧碱： 震荡 | | | ◆橡胶： 震荡 | | | ◆尿素： 震荡运行 | | | ◆甲醇： 震荡运行 | | | ◆塑料： 震荡运行 | | | | 棉纺产业链 | | ◆棉花棉纱： 震荡偏弱 | | | ◆苹果： 震荡走强 | | | ◆PTA： 震荡偏弱 | | | | 农业畜牧 | | ◆生猪： 震荡偏弱 | | | ◆鸡蛋： 走势偏弱 | | | ◆玉米： 震荡偏强 | | | ◆豆粕： 走势偏弱 | | | ◆油脂 ...

所长 早读 国泰君安期货 2025-05-07 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 今 日 发 现 上午 9 时央行、证监会等部门将举行重磅发布会 观点分享： 今天上午，将有一重要新闻发布会：国务院新闻办公室 5 月 6 日消息，国务院新闻办公 室将于 5 月 7 日上午 9 时举行新闻发布会，请中国人民银行、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。毫无疑问，发布会上将释放一系列利好政策。是降准降息，还是创设新的结构性货币政 策工具，设立新型政策性金融工具？静待揭晓。但坚定不移办好自己的事"、"着力稳就业、 稳企业、稳市场、稳预期"等基调已定，鼓励科技创新、扩大消费、稳定外贸的举措很可能 将会进一步推出。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 豆粕 | ★★★★ | 豆粕：短期趋势偏弱、下方空间不大。4 月下旬行情主要由现货和 05 合约主导，急涨之后的 急跌，带动 09 盘面弱势下跌。目前来看，利空因素有所交易：如贸易摩擦缓和、5-6 月到港 压力、饲用豆粕减量替代、美豆 ...