文/李悦 曹萌 刘思嘉 5月7日上午9时 ， 在沪深两市开盘前半小时， 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罕见 集体 亮相国务院新闻办发布会 ， 介绍"一揽子金融政策支持稳市场 稳预期"有关情况 ， 一次性 抛出 货币政策 十项措施 、 金融监管 八项增量政策 ， 以及 活跃资本 市场 多项 举措 。 在业内人士看来，这场新闻发布会 在举办 时点 、会议内容 等方面 明显超出市场预期。 中泰证券指出， 首先是召开时间，昨天下午才提前公告。其次是均为一把手出席，市场之前对出席 的"负责人"级别有诸多讨论。最后是政策超预期，货币政策降准降息，三部委多措并举稳楼市稳股 市。 除了落实4月25日政治局会议外，可能也和4月官方制造业 PMI弱于季节性有关。 对比 去年 9 月 24 日的 新闻发布会 来 看，本次新闻发布会期间市场 反应 相对平稳 ， 三大指数 高开后震荡回落，深证成指、创业板指一度翻绿，临近收盘有所拉升。截至收盘，沪指涨0.80%， 深证成指涨0.22%，创业板指涨0.51%。 中泰证券认为， 一方面是因美国对等关税政策落地后，中国各类稳市场政策取得了积极成效，这和 ...

华福证券 eR 固 收 研 究 Table_First|Table_Summary 固定收益专题 2025 年 5 月 7 日 【华福固收】怎么看一揽子货币政策及 对债市的影响 投资要点： 团队成员 Table_First|Table_Author 分析师: 徐亮 执业证书编号： S0210524040003 邮箱：xl30484@hfzq.com.cn Table_First|Table_Contacter 研究助理： 黄紫仪 邮箱：hzy30614@hfzq.com.cn 相关报告 诚信专业 发现价值 1 请务必阅读报告末页的重要声明 Table_First e p yT iF _ e tro p _ e lb aT |ts r lb aT Table_First|Table_ReportDate Table_First|Table_RelateReport 2025年5月7日央行从数量型、价格型、结构型三方面推出了10项政策。 固 定 与2024年9月24日类似，本次央行同时宣布了降准降息，是对2024年12月 中央经济工作会议、2025年《政府工作报告》以及2025年4月政治局会议 提出的"实施适度宽 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a comprehensive set of monetary policy measures aimed at stabilizing the market and expectations, including lowering reserve requirements and interest rates, as well as optimizing support for the capital market [2][3][5]. Monetary Policy Measures - The PBOC introduced three categories of measures totaling ten items, including a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates [2][3]. - The reduction in the reserve requirement ratio is expected to inject approximately 1 trillion yuan of long-term liquidity into the market [3][6]. - The 7-day reverse repurchase rate was lowered from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [3][4]. Impact on Financing and Consumption - The measures are designed to stimulate financing demand from businesses and households, thereby promoting investment and consumption, and boosting market confidence [5][6]. - The expected decrease in the LPR could reduce monthly mortgage payments for homeowners, enhancing consumer spending capacity [7][8]. Structural Monetary Policy Tools - The PBOC announced a comprehensive reduction in the interest rates of structural monetary policy tools, which are designed to address specific economic challenges [8][9]. - The interest rate for the pledged supplementary lending (PSL) was reduced from 2.25% to 2%, and new lending quotas were established for various sectors, including technology and agriculture [9][10]. Future Outlook - Analysts predict that the PBOC will continue to implement interest rate cuts and reserve requirement reductions in response to external economic pressures [10]. - The measures reflect a commitment to maintaining a moderately accommodative monetary policy without excessive liquidity injection [10].

每经记者 周逸斐 每经编辑 陈星 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，为进一步实施好适度宽松的货币政策，人民银行将加大宏观调控强度，推出一揽子货币政策措 施。其中，优化两项支持资本市场的货币政策工具，将5000亿元证券基金保险公司互换便利和3000亿元股票回购增持再贷款两 个工具的额度合并使用，总额度8000亿元。 去年四季度央行推出了两项支持资本市场的货币政策工具，这半年来央行做了哪些工作？如何评价这些工具使用效果？下阶段 如何完善工具设计？ 潘功胜回答《每日经济新闻》记者上述提问时表示，在回购增持再贷款方面，将贷款最长期限由1年延长到3年，鼓励银行发放 信用贷款，将上市公司回购增持股票的自有资金比例要求从30%下降到10%。 互换便利已开展2次操作、总金额1050亿元 潘功胜告诉《每日经济新闻》记者，去年人民银行会同证监会、金融监管总局等部门创设了两项支持资本市场的工具。这两项 资本市场支持工具首期额度分别是5000亿元、3000亿元，适应了市场需求，受到市场广泛欢迎，起到了提振投资者信心、改善 金融市场预期、增强资本市场内在稳定性 ...

Group 1 - The central bank has introduced a comprehensive monetary policy package, including three categories and ten measures, such as interest rate cuts and reserve requirement ratio reductions [2][7] - The central bank will lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [8][17] - The policy interest rate will be reduced by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [9][17] Group 2 - The Financial Regulatory Administration will introduce eight incremental policies, including improving financing systems for real estate and expanding the scope of long-term insurance fund investments [3][11] - Specific measures include accelerating the introduction of financing systems compatible with new real estate development models and adjusting regulatory rules to lower investment risk factors for insurance companies [12][13] Group 3 - The China Securities Regulatory Commission (CSRC) emphasizes supporting the development of new productive forces and promoting long-term capital inflow into the market [4][14] - The CSRC plans to enhance the inclusiveness and adaptability of the system for the Science and Technology Innovation Board and the Growth Enterprise Market [15][16] Group 4 - The central bank will create a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to support the issuance of long-term bonds for technology innovation [10][27] - The bond market for technology innovation is nearly ready, with significant interest from market participants, indicating a robust pipeline for future issuances [26] Group 5 - The CSRC will implement a high-quality development action plan for public funds, focusing on aligning the interests of fund managers with those of investors and enhancing the stability of fund investment behavior [28][29] - The plan aims to reform the fund operation model to avoid the "guaranteed returns" phenomenon and ensure that fund performance is directly tied to investor outcomes [28][29]

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 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a comprehensive set of monetary policy measures aimed at stabilizing the market and expectations, including a reduction in structural monetary policy tool rates and the introduction of new lending facilities to support consumption and innovation [1][4][11] Monetary Policy Measures - The PBOC will implement three categories of monetary policy measures, including quantity-based policies like reserve requirement ratio cuts, price-based policies such as lowering policy interest rates, and structural policies to enhance existing tools and create new ones [3][4] - A 0.25 percentage point reduction in structural monetary policy tool rates was announced, affecting various lending rates including those for agricultural and small business loans [4][6] - The PBOC's structural monetary policy tools have a balance of 5.9 trillion yuan, which is a significant channel for basic currency issuance [6] Support for Specific Sectors - The introduction of a 500 billion yuan "service consumption and elderly care re-lending" facility aims to boost financial support for service consumption and the elderly care sector [7][8] - An increase of 300 billion yuan in the agricultural and small business re-lending quota is expected to enhance credit support for these sectors [9] - The new policy tools are designed to stimulate domestic service consumption and support the development of the elderly care industry, reflecting a broader strategy to enhance consumer spending [8][10] Structural Policy Tools - The PBOC's structural monetary policy tools are intended to address structural issues in the economy, with a focus on key areas such as technology innovation and consumption [6][10] - The recent measures include a significant focus on technology and innovation, with an additional 300 billion yuan allocated for technology innovation and transformation loans [8][11] - The overall approach combines both quantity and price adjustments to effectively support various sectors, indicating a comprehensive strategy to tackle economic challenges [10][11]