经济日报文章称，近期公布的一揽子金融政策中，10项 货币政策措施分别从总量、价格、结构3方面发 力。此次一揽子政策措施超预期、力度大、工具组合多，在关键时点稳住市场稳住预期，充分彰显了适 度宽松的货币政策立场，也是支持稳就业、稳企业、稳市场、稳预期的有力举措。一揽子货币政策措施 中，创设并加力实施系列结构性 货币政策工具也有诸多创新做法，既有数量的增加，又有价格的优 惠。同时，服务消费与 养老再贷款等新政策工具的设立，有利于激励引导金融机构加大对住宿餐饮、 文体娱乐、 教育等服务消费重点领域和养老产业的金融支持，释放服务消费和养老市场活力。 ...

碳酸锂产业日报 2025/5/21 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | --- | --- | | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | 主力合约收盘价（日，元/吨） 61,100.00 +240.00↑ 前20名净持仓（日，手） -39,315.00 -9202.00↓ | | 期货市场 | 主力合约持仓量（日，手） 329,205.00 -10468.00↓ 近远月合约价差（日，元/吨） -1,180.00 -40.00↓ | | | 广期所仓单（日，手/吨） 36,545.00 -139.00↓ ...

央行降息，股指震荡上行 市场分析 央行降息。宏观方面，央行行长主持召开金融支持实体经济座谈会，要求实施好适度宽松的货币政策，满足实体 经济有效融资需求，保持金融总量合理增长。加力支持科技创新、提振消费、民营小微、稳定外贸等重点领域， 用好用足存量和增量政策。强化货币政策执行和传导，维护市场竞争公平秩序。我国最新1年期降至3%，5年期以 上降至3.5%，均下降10个基点，为去年10月以来首次下调。海外方面，美国与各国的关税谈判继续，美日第三轮 关税谈判拟于5月23日举行，日本正考虑接受美国下调关税税率作为妥协方案，而非全面撤销，以打破当前的谈判 僵局。 股指上行。现货市场，A股三大指数震荡上行，上证指数涨0.38%收于3380.48点，创业板指涨0.77%。行业方面， 板块指数涨多跌少，美容护理、综合、传媒、家用电器行业领涨，仅国防军工、煤炭、钢铁、房地产行业收跌。 当日沪深两市成交金额约为1.2万亿元。海外市场，美国三大股指小幅收跌，标普500指数跌0.39%报5940.46点，终 结六连涨。 FICC日报 | 2025-05-21 IH增仓。期货市场，IF、IC基差回升。成交持仓方面，IH、IF的成交量和持 ...

Core Viewpoint - A package of financial policies aimed at stabilizing the market and expectations is gradually being implemented, with the recent reduction in the Loan Prime Rate (LPR) signaling a proactive approach to economic management [1][5]. Summary by Relevant Sections Monetary Policy - The latest LPR, effective from May 20, 2025, shows a decrease of 0.1 percentage points, bringing the 1-year LPR to 3% and the 5-year LPR to 3.5% [1][2]. - This marks the first adjustment of the LPR in 2025, following a 7-month period since the last change, and aligns with the central bank's earlier announcement to lower policy rates [3][5]. Impact on Housing Market - The reduction in LPR will lower mortgage rates for both first-time and second-home buyers, easing interest expenses and monthly payments, which is expected to stimulate demand in the housing market [3][4]. - The adjustment is anticipated to attract a wave of existing demand into the market, particularly benefiting first-time homebuyers [3][9]. Developer Financing - Lower LPR rates will also reduce financing costs for real estate developers, contributing to market stabilization efforts [4][12]. - The central bank's ongoing financial support for the real estate sector is crucial for halting the decline in property prices [12]. Policy Adjustments - The central government is expected to continue adjusting policies to stabilize the real estate market, including reducing restrictions on purchases and loans, and optimizing supply structures [13][14]. - Local policies will focus on enhancing housing quality and activating demand, with measures such as tax reductions and subsidies targeted at specific groups [15]. Market Outlook - The real estate market is currently in a phase of stabilization, with expectations of a gradual recovery characterized by moderate warming and structural differentiation [15]. - The short-term effects of LPR and public fund rate reductions are likely to support first-time homebuyers more than speculative demand, directly lowering purchasing costs and increasing market activity [15].

【资讯导读】 ·央行：要实施好适度宽松的货币政策满足实体经济有效融资需求 ·美国桥水投资公司创始人瑞·达利欧19日警告，国际信用评级机构穆迪对美国主权信用评级的下调，是 对美国国债风险的"轻描淡写"；穆迪未计入美国可能印美元自购美债的风险。 ·澳洲联储将基准利率下调25个基点至3.85%，为今年第二次降息，符合市场预期。澳洲联储在货币政策 声明指出，国际形势将对经济构成压力，同时通胀风险已趋于平衡。该行准备在必要时采取进一步行 动，并透露此前曾讨论过降息50基点的可能性。 ·欧元区5月消费者信心指数初值录得-15.2，预期-16，前值-16.7。 ·德国4月PPI月率-0.6%，预期-0.3%，前值-0.7%。 ·欧洲央行管委诺特表示，"不能排除"6月再次降息的可能性，但在未看到最新季度预测的情况下，目前 做出决定还"为时尚早"。欧洲央行管委温施称，欧元区经济可能需要"温和支持性"的利率水平，以确保 在一系列冲击后通胀不会跌破目标水平。 ·加拿大通胀率回落至去年9月份以来最低，原因是消费者碳税取消及油价下跌。加拿大统计局数据显 示，4月份CPI同比上涨1.7%，低于3月份的2.3%。但两项核心通胀指标均值加速 ...

Monetary Policy and Economic Support - The central bank aims to implement a moderately loose monetary policy to meet the effective financing needs of the real economy and maintain reasonable growth in financial totals [2] - The People's Bank of China is focusing on supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [2] Banking Sector Trends - The trend of decreasing interest rates on bank deposits continues, leading to a decline in the popularity of large-denomination certificates of deposit, which are expected to enter the "1 era" [2] Policy Developments - The National Development and Reform Commission announced that the Private Economy Promotion Law will officially take effect on May 20, aiming to address issues of competition and promote healthy industrial development [2] - The loan market quotation rate (LPR) for May shows a decrease in the 5-year LPR to 3.5% from 3.6% last month, and the 1-year LPR decreased to 3% from 3.1% [2] Fiscal Performance - From January to April, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%, with tax revenue down by 2.1% and non-tax revenue up by 7.7% [2] Infrastructure and Urban Development - The Ministry of Housing and Urban-Rural Development plans to accelerate the construction of new urban infrastructure, utilizing information and digital technology to enhance smart infrastructure levels [3] Import Trends - In April, China's gold imports reached 127.5 tons, a significant increase of 73% month-on-month, marking the highest level in 11 months [3] Fund Management Adjustments - Nearly 80 public funds have adjusted their performance benchmarks this year to better reflect risk-return characteristics and improve comparability with performance benchmarks [3] Stock Market Performance - A-shares experienced a rise, with the Shanghai Composite Index up by 0.38% and the Shenzhen Component Index up by 0.77%, while the market turnover reached 1.21 trillion yuan [4] Hong Kong Market Activity - The Hang Seng Index closed up by 1.49%, with significant gains in biotechnology stocks, particularly a 32% increase in a pharmaceutical company following a major collaboration [4] New Listings - CATL's H-shares were listed on the Hong Kong Stock Exchange, with an initial increase of over 16% on the first trading day [5] Technology Developments - Xiaomi announced the mass production of its self-developed 3nm flagship chip, which will be featured in its upcoming high-end products [6] Company Performance - Bilibili reported a 24% year-on-year revenue increase to 7.003 billion yuan in Q1, with a significant growth in its gaming business [6] - Pony.ai's Q1 revenue grew by 12% to 102 million yuan, with a remarkable 200% increase in Robotaxi business revenue [6]

特朗普：不通过税收法案的替代方案就是大幅增税 伊朗最高领袖哈梅内伊：认为与美国的核谈判不会成功 特朗普官宣"黄金穹顶"防御计划 欧盟正考虑对俄气进口实行零配额 马斯克：承诺在五年内继续担任特斯拉的首席执行官，星链未来有可能上市 男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 美媒爆料：以色列正在准备袭击伊朗的核设施 5年期和1年期LPR均下调10个基点 发改委：必须加以整治"内卷式"竞争，进一步完善促进民营经济发展的制度机制 央行行长潘功胜：要实施好适度宽松的货币政策，满足实体经济有效融资需求 大额存单产品即将全面迈入"1时代" 市场盘点 周二，因美联储官员对经济发表了更为谨慎的言论，同时交易员们期待着美国与日本即将举行的会谈，其中可能包括作为贸易协议一部分的汇率讨论。美元 指数继续走软，并跌至100大关附近，最终收跌0.34%，报100.02。基准的10年期美债收益率收报4.491%；对货币政策更敏感的两年期美债收益率收报 3.977%。 受益于市场仍然存在一定程度的不确定性，现货黄金先跌后涨，在欧盘时段开 ...

Domestic News - The central bank governor emphasized the need for an appropriately loose monetary policy to meet the effective financing needs of the real economy and maintain reasonable growth in the total financial volume [1] - In April, the total electricity consumption in China reached 772.1 billion kilowatt-hours, a year-on-year increase of 4.7%. From January to April, the cumulative electricity consumption was 3,156.6 billion kilowatt-hours, up 3.1% year-on-year, with industrial power generation accounting for 2,984 billion kilowatt-hours [1] - The National Development and Reform Commission is working to further improve the institutional mechanisms that promote the development of the private economy [1] - Several banks have recently lowered the interest rates on fixed-term deposits and large-denomination certificates of deposit, with large-denomination products soon entering the "1 era" [1] - China successfully launched the Zhongxing 3B satellite, which is primarily used for voice, data, and broadcasting transmission services [1] International News - The Reserve Bank of Australia cut the benchmark interest rate by 25 basis points to 3.85%, marking a return to the "3" range for the first time in two years [2] - The Bank of Japan's report revealed market divisions, raising concerns about the liquidity crisis in ultra-long-term government bonds [2] - The European Union approved the 17th round of sanctions against Russia, with more sanctions in the pipeline [3] - The issuance of European bonds has surged at a record pace, surpassing one trillion euros [3]

中国人民银行行长潘功胜主持召开金融支持实体经济座谈会 百万用户都在看 美国调整对华加征关税！ 利好突袭！外资，重大转变！ 为贯彻落实党中央、国务院决策部署，推动一揽子货币金融政策落地见效，支持经济持续回升向好，5月19 日，中国人民银行行长潘功胜主持召开金融支持实体经济座谈会并讲话。金融监管总局副局长周亮出席会议并 讲话。中国人民银行副行长宣昌能、邹澜出席会议。 会议指出，4月25日中央政治局会议分析研究当前经济形势，对下一步经济工作作出重要部署。金融系统要提 高政治站位，切实把思想和行动统一到党中央决策部署上来，着力稳就业、稳企业、稳市场、稳预期，抓好一 揽子货币金融政策措施的落实和传导，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。 会议强调，要实施好适度宽松的货币政策，满足实体经济有效融资需求，保持金融总量合理增长。加力支持科 技创新、提振消费、民营小微、稳定外贸等重点领域，用好用足存量和增量政策，提高金融支持实体经济质 效，支持经济结构调整、转型升级和新旧动能转换。强化货币政策执行和传导，维护市场竞争公平秩序，推动 金融服务实体经济和银行自身可持续发展的有机统一。有序推进人民币国际使用，提高贸易 ...

Core Viewpoint - The meeting emphasized the need for the financial system to align with the central government's decisions to stabilize employment, businesses, markets, and expectations, while effectively implementing monetary policies to address external uncertainties [1] Group 1: Monetary Policy - The meeting highlighted the importance of implementing a moderately loose monetary policy to meet the effective financing needs of the real economy [1] - It was stated that maintaining reasonable growth in the total financial volume is crucial [1] Group 2: Support for Key Areas - Increased support for key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade was emphasized [1] - The meeting called for effective utilization of both existing and new policies to enhance the quality and efficiency of financial support for the real economy [1] Group 3: Economic Transition - The focus was placed on supporting economic structural adjustments, transformation upgrades, and the conversion of old and new driving forces [1]