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].

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policies to support economic recovery and high-quality development in response to the current economic situation as analyzed in the Central Political Bureau meeting on April 25 [1][2]. Group 1: Quantity Policies - The first category of policies focuses on quantity measures, primarily through lowering the reserve requirement ratio (RRR) to increase long-term liquidity supply, with specific actions including: - A reduction of the RRR by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3]. - Adjusting the RRR for auto finance and financial leasing companies from 5% to 0% temporarily [3]. Group 2: Price Policies - The second category includes price measures aimed at lowering policy interest rates and structural monetary policy tool rates, with specific actions including: - A decrease in the policy interest rate by 0.1 percentage points, reducing the seven-day reverse repurchase rate from 1.5% to 1.4%, which is expected to lead to a similar drop in the Loan Prime Rate (LPR) [4]. - A reduction of 0.25 percentage points in the rates of structural monetary policy tools, such as the re-lending rate for agriculture and small enterprises from 1.75% to 1.5% [4]. - A decrease in the personal housing provident fund loan rate by 0.25 percentage points, with the five-year and above first home rate dropping from 2.85% to 2.6% [4]. Group 3: Structural Policies - The third category focuses on structural policies designed to enhance existing monetary policy tools and innovate new ones to support technology innovation, consumption expansion, and inclusive finance, with specific actions including: - An increase of 300 billion yuan in the re-lending quota for technology innovation and technological transformation, raising the total from 500 billion yuan to 800 billion yuan [5]. - Establishing a 500 billion yuan re-lending facility for service consumption and elderly care to encourage banks to increase credit support in these areas [6]. - Increasing the re-lending quota for agriculture and small enterprises by 300 billion yuan, along with a reduction in the re-lending rate to support banks in expanding loans to small and private enterprises [6]. - Optimizing two monetary policy tools supporting the capital market, merging the quotas for securities, funds, and insurance company swaps and stock repurchase loans to a total of 800 billion yuan [6]. - Creating a risk-sharing tool for technology innovation bonds, where the central bank provides low-cost re-lending funds to purchase these bonds, supporting technology innovation enterprises and equity investment institutions [6]. Implementation - The ten main policy measures across the three categories will be gradually disclosed and implemented on the PBOC's official website [7].

5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 中国人民银行行长潘功胜表示，人民银行将推出三类十项政策。其中，十项政策主要包括降 低存款准备金率0.5个百分点；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，五年期以上首套房贷款利率从2.85%降至 2.6%等内容。 第一类是数量型政策，主要通过降准等措施，加大中长期流动性供给，保持市场流动性充 裕；第二类是价格型政策，主要包括下调政策利率、降低结构性货币政策工具的利率以及调 降公积金贷款利率；第三类是结构性政策，旨在完善现有结构性货币政策工具，并创设新的 政策工具，支持科技创新、扩大消费、普惠金融等领域。 十项措施主要包括降低存款准备金率0.5个百分点；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，五年期以上首套房贷款 利率从2.85%降至 ...

5月7日，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会议，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。 来源：国新网 会上，潘功胜表示，降低存款准备金率0.5个百分点，预计向市场提供长期流动性约1万亿。同时，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。 此外，潘功胜还表示，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从2.85%降至 2.6%，其他期限的利率同步调整。 监管机构负责人集体亮相，此次"一揽子金融政策"有何看点？将如何提振市场信心？后续市场又将如何发展？ 各大机构先后给出分析。 三大类型共10项具体政策 机构：释放强烈宏观调控信号，增加市场长期流动性 据潘功胜介绍，本次央行推出10项具体政策，主要分为数量型政策、价格型政策和结构型政策，包括降准释 放长期流动性、下调各类利率、创设并加力实施结构性货币政策工具等，支持科技创新、消费、外贸等领域 发展。 中泰证券分析师何佳烨表示，与去年 ...

作 者丨唐婧 编 辑丨杨希 5月7日上午9时，国新办举行新闻发布会，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。 潘功胜在会上正式宣布，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；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%调降为0%。 潘功胜还称，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。此外，下调结构 性货币政策工具利率0 . 2 5个百分点，降低个人住房公积金贷款利率0 . 2 5个百分点。 本次降准降息的一大背景是，4月中国采购经理指数（P M I）再次回到临界点以下。4月 3 0 日 ， 国 家 统 计 局 服 务 业 调 查 中 心 和 中 国 物 流 与 采 购 联 合 会 发 布 的 数 据 显 示 ， 4 月 份 ， 制造业采购经理指数为4 9 . 0 %，比上月下降1 . 5个百分点，回落至临界点以下；非制造业 商务活动指数 ...

金融发布会:"双降"之外的政策信号 2025 年 05 月 07 日 [Table_Author] 分析师：陶川 分析师：张云杰 研究助理：钟渝梅 执业证号：S0100524060005 执业证号：S0100525020002 执业证号：S0100124080017 邮箱：taochuan@mszq.com 邮箱：zhangyunjie@mszq.com 邮箱：zhongyumei@mszq.com ➢ 今天的国新办金融发布会"既赶早也赶巧"，可以说是为 4 月政治局会议后 一系列稳市场、稳经济的宏观政策拉开了序幕。 "赶早"无疑是借鉴了去年"924"在开盘前释放利好的成功经验，上证指数午 盘上涨 0.64%，我们认为这一次"一揽子金融政策"对市场的影响更偏细水长流。 "赶巧"则是因为中美经贸谈判在即，谁能在新一轮谈判中把握主动，背后比拼 的是双方的士气和耐心，首先就需要一个稳定的市场预期。 虽然市场对本次发布会第一反应的超预期是央行"双降"，但我们认为随着关税 冲击的显现，真正能让经济和市场行稳致远的关键因素仍在于货币金融政策和财 政政策的协同，预计随着"一揽子金融政策"在二季度的陆续落地，三季度增量 财政 ...

5月7日，中国人民银行行长潘功胜在国新办新闻发布会上宣布下调结构性货币政策工具利率0.25个百分 点，推出服务消费与养老再贷款，分别增加科技创新和技术改造再贷款与支农支小再贷款额度3000亿 元。总体来看，央行此次再贷款工具量价结合，力度大、支持面广、使用也更为便利，发挥了货币政策 工具总量和结构双重功能。权威专家表示，当前经济循环仍然存在堵点，结构性矛盾较为突出，未来货 币政策需要更多采用结构性工具，支持扩内需，挖掘新动能，助力经济结构转型和产业升级。 结构性货币政策工具利率是人民银行对商业银行提供再贷款的利率。据了解，此次是央行首次全方面下 调各项结构性政策工具利率，既包括支农支小再贷款等长期性工具，也包括碳减排支持工具、科技创新 和技术改造再贷款、保障性住房再贷款、股票回购增持再贷款等阶段性工具。 "结构性降息也是降息，有利于强化对商业银行的政策激励作用。"权威专家指出，截至2025年一季度 末，结构性货币政策工具余额5.9万亿元，是央行重要的基础货币投放渠道。此次降低利率0.25个百分 点，有利于强化对商业银行的政策激励，进一步发挥结构性货币政策工具对商业银行的牵引带动作用， 激励商业银行加强对重大战 ...

Group 1 - The People's Bank of China announced the establishment of a 500 billion yuan service consumption and pension re-lending program to support low-cost funding in key consumption areas [1] - The new policy tool aims to stimulate domestic service consumption potential and support the development of the pension industry, thereby enhancing long-term consumer spending [1] - This new tool is an expansion and upgrade of the previous inclusive pension re-lending policy, which had a limit of 40 billion yuan and was initially piloted before being expanded nationwide [1] Group 2 - The People's Bank of China lowered the interest rates on structural monetary policy tools by 0.25 percentage points, marking the first comprehensive rate cut across various structural policy tools [3] - The reduction in rates is expected to strengthen the policy incentives for commercial banks, encouraging them to increase credit allocation to key strategic areas and weak links [3] - The central bank also increased the quota for technology innovation and transformation re-lending by 300 billion yuan, raising it from 500 billion yuan to 800 billion yuan, to support the implementation of new policies [3] Group 3 - The agricultural and small enterprise re-lending program is a long-term tool aimed at supporting inclusive finance, with the recent quota increase being the first since the management reform [4] - The reform combined the agricultural and small enterprise re-lending tools for more efficient management, enhancing support for rural, small, and private enterprises [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。中国人民银行行 长潘功胜在发布会上表示，中国人民银行将加大宏观调控强度，实施三大类10项措施。 降准降息！潘功胜：三大类政策，共十项措施 第一类是数量型政策，主要通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。 1、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。 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%调降为 0%。 第二类是价格型政策，主要包括下调政策利率、降低结构性货币政策工具的利率以及调降公积金贷款利 率。 1、下调政策利率0.1个百分点，即公开市场七天期逆回购利率从目前的1.5%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。 2、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政策工具利率。例如，支农、支 小再贷款利率从目前的1.75%降至1.5%；抵押补充贷款（PSL）利率从目前的2.25%降至2%。 3、降低个人住房公积金贷 ...

Core Viewpoint - The People's Bank of China announced a series of macro monetary policies aimed at enhancing liquidity and supporting economic growth through interest rate cuts and structural monetary policies [1][2]. Group 1: Quantity Policies - The first category includes quantity-type policies, such as a 0.5 percentage point reduction in the reserve requirement ratio, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3]. - The reserve requirement ratio for auto finance companies and financial leasing companies will be reduced from 5% to 0% [3]. Group 2: Price Policies - The policy interest rate will be lowered by 0.1 percentage points, reducing the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [3]. - The structural monetary policy interest rate will be reduced by 0.25 percentage points, bringing it down from 1.75% to 1.5% [3]. - The personal housing provident fund loan interest rate will be lowered by 0.25 percentage points, with the rate for first-time homebuyers on loans over five years decreasing from 2.85% to 2.6% [3]. Group 3: Structural Policies - An additional 300 billion yuan will be allocated for technology innovation and technological transformation re-loans, increasing the total from 500 billion yuan to 800 billion yuan [3]. - A new 500 billion yuan re-loan for service consumption and elderly care will be established to encourage banks to increase credit support in these areas [4]. - The re-loan quota for agricultural and small enterprises will be increased by 300 billion yuan, complementing the reduction in re-loan rates to support lending to these sectors [4]. - The optimization of two capital market support monetary policy tools will merge the quotas for securities fund insurance company swaps and stock repurchase loans, resulting in a total quota of 800 billion yuan [4]. - A risk-sharing tool for technology innovation bonds will be created, allowing the central bank to provide low-cost re-loan funds to purchase these bonds, thereby supporting technology innovation enterprises and equity investment institutions [4].