Core Viewpoint - The Chinese government is implementing a series of monetary policies to stabilize the market and support economic recovery, including interest rate cuts and liquidity provisions [4][12][15]. Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) has lowered the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity [4][13]. - The PBOC has reduced the policy interest rate by 0.1 percentage points, which is expected to lower the Loan Prime Rate (LPR) by a similar margin [13]. - A new 500 billion yuan re-lending facility for service consumption and elderly care has been established to support low-cost funding in key consumption areas [6][14]. Group 2: Housing and Loan Policies - The PBOC has announced a reduction of 0.25 percentage points in the personal housing provident fund loan interest rate, which is expected to save borrowers over 20 billion yuan annually [5][16]. - The first-time home loan interest rate for five years and above has been lowered from 2.85% to 2.6% [13][16]. Group 3: Capital Market Support - The PBOC has combined two monetary policy tools for capital market support, increasing the total amount to 800 billion yuan [7][12]. - The PBOC plans to increase the re-lending quota for technology innovation and technological transformation from 500 billion yuan to 800 billion yuan [14]. Group 4: Financial Stability and Market Resilience - The financial market has shown resilience, with the stock market remaining stable and the Shanghai Composite Index hovering around 3,300 points [9][10]. - The PBOC reported that macro-financial data has been positive this year, with social financing scale growing by 8.4% year-on-year and loan growth at 7.4% [8][26]. Group 5: Regulatory and Supportive Measures - The China Banking and Insurance Regulatory Commission (CBIRC) plans to introduce eight incremental policies to support small and micro enterprises, including optimizing regulatory rules and reducing investment risk factors for insurance companies [18][20][28]. - The CBIRC aims to enhance the long-term investment capabilities of insurance funds and adjust the risk factors for stock investments to encourage more market participation [19][27].

5月7日，国务院新闻办公室举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。会上，金融监管总局局长李云泽介绍，将尽 快推出支持小微企业、民营企业融资一揽子政策，并制定实施银行业保险业护航外贸发展系列政策措施，对受关税影响较大的市场主体提供精 准服务。 ▲金融监管总局局长李云泽 杨佳 摄 李云泽表示，今年以来，金融监管总局防风险、强监管、促发展各项工作扎实推进。 七是将发起设立金融资产投资公司的主体扩展至符合条件的全国性商业银行，加大对科创企业的投资力度。 据介绍，近期，金融监管总局将推出八项增量政策。 一是加快出台与房地产发展新模式相适配的系列融资制度。 二是进一步扩大保险资金长期投资试点范围。 三是调整优化监管规则，进一步调降保险公司股票投资风险因子。 四是尽快推出支持小微企业、民营企业融资一揽子政策，做深做实融资协调工作机制。 五是制定实施银行业保险业护航外贸发展系列政策措施，对受关税影响较大的市场主体提供精准服务。 六是修订出台并购贷款管理办法。 一是金融运行总体稳健。从前4个月看，银行资本充足率、保险偿付能力充足率保持稳中向好态势，不良贷款率同比下降约0.1个百分点，拨备 覆盖率同比上升 ...

宏观金融类 股指 前一交易日沪指+1.13%，创指+1.97%，科创 50+1.39%，北证 50+3.21%，上证 50+0.55%，沪深 300+1.01%， 中证 500+1.93%，中证 1000+2.57%，中证 2000+3.25%，万得微盘+3.27%。两市合计成交 13362 亿，较上 一日+1669 亿。 宏观消息面： 1、央行、证监会等部门 7 日上午 9 时将发声，将介绍"一揽子金融政策支持稳市场稳预期"有关情况。 2、4 月财新中国服务业 PMI 降至 50.7，为七个月来最低。 3、外交部：中方和欧洲议会决定同步全面取消对相互交往的限制。 资金面：融资额-156.09 亿；隔夜 Shibor 利率+5.80bp 至 1.7600%，流动性较为宽松；3 年期企业债 AA- 级别利率-0.30bp 至 3.0936%，十年期国债利率+0.03bp 至 1.6282%，信用利差-0.33bp 至 147bp；美国 10 年期利率+3.00bp 至 4.36%，中美利差-2.97bp 至-273bp。 市盈率：沪深 300:12.30，中证 500:28.76，中证 1000:40.98，上 ...

2025 年 05 月 07 日 铅：短期承压 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16700 | -0.83% | 伦铅 3M 电子盘收 | 1931.5 | -1.30% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 36146 | 1712 | 伦铅成交量（手） | 3716 | 901 | | （手） | | | | | | | 沪铅主力持仓量 | 38454 | 2348 | 伦铅持仓量（手） | 147990 | 1250 | | （手） | | | | | | | 上海 1# 铅升贴水 | 0 | 0 | LME CASH-3M 升 | -15.21 | -5.96 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -80 | -40 | 进口升贴水（美 | 1 ...

2025 年 05 月 07 日 短纤：政策预期向上，震荡反弹 瓶片：政策预期向上，震荡反弹 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2505 | 6054 | ୧୦୫୫ | -34 | PF05-06 | -84 | -72 | -12 | | PF | 短纤2506 | 6138 | 6160 | -22 | PF06-07 | 80 | 24 | 56 | | | 短纤2507 | 6058 | 6136 | -78 | PF基差 | 172 | 180 | -8 | | | 短纤持仓量 | 239730 | 225729 | 14001 | 短纤华东现货价格 | 6. 310 | 6. 340 | -30 | | | 短纤成交量 ...

1、适配房地产融资制度：加速出台与房地产发展新模式相匹配的一系列融资制度，助力持续稳固房地 产市场的稳定态势。 2、扩大保险资金投资试点：进一步拓宽保险资金长期投资试点的范围，为市场引入更多增量资金。 5 月 7 日上午 9 时，国务院新闻办公室举行新闻发布会，邀请中国人民银行、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" 相关情况，并回答记者提 问。 发布会上，国家金融监督管理总局局长李云泽透露，金融监管总局近期计划推出 8 项增量政策： 7、扩展金融投资公司主体：将发起设立金融资产投资公司的主体范围，扩大至符合条件的全国性商业 银行，加大对科创企业的投资力度。 8、推动科技保险发展：制定科技保险高质量发展的意见，更好地发挥风险分担和补偿作用，切实为科 技创新提供有力保障。 3、调降保险投资风险因子：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，以支持稳定 和活跃资本市场。 本文系观察者网独家稿件，未经授权，不得转载。 4、支持小微民企融资：尽快推出支持小微企业、民营企业融资的一揽子政策，深入落实融资协调工作 机制，助力稳定企业和经济发展。 5、护航 ...

5月7日，A股三大指数均大幅高开，沪指高开1.17%，回补4月7日跳空低开的缺口；深成指高开1.35%，创业 板指高开1.91%，金融、房地产等板块指数涨幅居前。 受利好消息刺激，地产股集体走强，天保基建、渝开发、华丽家族、三湘印象、新华联涨停，福星股份、光 大嘉宝、绿地控股、城投控股等多股涨超5%。 港股市场开盘表现同样不俗，恒生指数高开2.24%，恒生科技指数高开2.72%。房地产板块高开，融创中国高 开超8%，碧桂园涨超4%。金融股集体上涨，招商证券涨近8%。博雷顿上市首日涨超61%。山东墨龙涨近 15%，延续昨日涨势。 与此同时，今日早盘，在上一交易日夜盘收涨0.83%的基础上，富时中国A50指数期货开盘后直线拉升大涨， 一度涨超2%，现在涨超1.2%。 消息方面，据央视新闻，在今天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。 发布会上，中国人民银行行长潘功胜介绍，降准0.5个百分点，向市场提供长期流动性约1万亿元，并降低政 策利率0.1个百分点。 此外，潘功胜还宣布，将下调个人住房公积金贷款利 ...

Group 1 - The core viewpoint of the news is that the Chinese financial regulatory authorities are implementing a series of policies to stabilize the market and manage expectations amid international economic challenges [2] - The China Securities Regulatory Commission (CSRC) has been actively promoting the "New National Nine Articles" and other policy documents to ensure the market operates steadily and positively [2] - The recent U.S. tariff policies have significantly impacted international trade order and caused volatility in international financial markets, which in turn has put pressure on the domestic capital market [2] Group 2 - In response to the challenges, the CSRC, along with various financial regulatory bodies, has launched a comprehensive set of measures including policy, funding, and expectation countermeasures [2] - Strong policy signals have been released by various authorities, including the People's Bank of China and the National Financial Regulatory Administration, to support market stability [2] - Institutional investors, including national social security and securities fund institutions, have shown confidence and actively participated in the market, contributing to the stabilization of stock prices through buybacks and increased holdings [2]

Market Performance - On May 7, major indices opened significantly higher, with the Shanghai Composite Index up 1.17%, the Shenzhen Component Index up 1.35%, and the ChiNext Index up 1.91% [1] - The leading sectors included brokerage, military industry, and real estate, while financial technology, data elements, AI applications, photolithography factories, cross-border payments, low-altitude economy, servers, computing power, and photovoltaic concept stocks showed active performance [1] Policy Impact - The recent market opening surge is likely influenced by new policies announced by the People's Bank of China (PBOC), which includes optimizing two monetary policy tools to support the capital market, combining a 500 billion yuan swap facility for securities, funds, and insurance companies with a 300 billion yuan stock repurchase loan, totaling 800 billion yuan [2][4] - The PBOC also announced a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity, and a 0.1 percentage point reduction in policy interest rates [4][5] Economic Outlook - Analysts from JD Group indicated that as the second quarter progresses, China’s economy will face significant challenges due to the impact of tariff shocks and the diminishing effects of certain stimulus policies [6] - They emphasized the importance of enhancing the effectiveness of fiscal policies, particularly by focusing on investments in human capital to strengthen policy stimulus effects and promote economic structural transformation [6] International Trade Relations - The European Union (EU) has expressed readiness to respond to the U.S. imposition of tariffs on EU imports, with the EU Trade Commissioner stating that the U.S. tariffs cover 70% of EU exports to the U.S., potentially rising to 97% following further investigations [7] - U.S. Treasury Secretary defended the administration's tariff policies, claiming they would reinforce the U.S. position as a global capital destination, although many industry executives expressed concerns over the adverse effects of aggressive tariffs on investment plans [8][9]

交易提示 交易咨询：0571-85165192，85058093 2025 年 5 月 7 日星期三 16519 新世纪期货交易提示（2025-5-7） | | | | 周，全球铁矿发运或季节性回升，钢厂高炉复产带动铁水产量维持高位， | | --- | --- | --- | --- | | | | | 铁矿：今日一揽子金融政策支持稳市场预期，黑色夜盘受到支撑。未来几 | | | | | 全国日均铁水产量 245.42 万吨，环比增 1.07 万吨。按目前铁水走势看，5 | | | 铁矿石 | 逢高试空 | 月份将是钢材产量的峰值，同时钢材出口受关税扰动风险上升，国内需求 | | | | | 步入季节性淡季，钢厂销售压力加剧或导致利润收缩，自发性减产还是被 | | | | | 动减产，其减产的总量都对原料端形成利空。短期铁矿基本面矛盾不突出， | | | | | 盘面反弹态势，中长期来看，考虑到钢厂限产，铁水或见顶回落以及中美 | | | | | 贸易摩擦延续，铁矿 09 合约逢高试空，关注政策落地情况。 | | | | | 煤焦：进口方面，蒙古口岸通关量维持低位，叠加竞拍市场持续低迷，蒙 | | | 煤焦 ...