究 东 海 观 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 2025年5月7日 [Table_央Tit行le]下调存款准备金率0.5%和降息10BP ——宏观数据观察 分析师： 事件要点： 察 宏 观 中国人民银行行长潘功胜5月7日在国新办发布会上宣布，第一，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。第二，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%。第三，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。第四，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%。 事件解读： 此次降准和降息在幅度上符合预期但在时间上略超预期，货币政策持续宽松。 [Table_Report] 中 ...

贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 贾东旭 报告正文 事件： 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" 情况 。 本次发布会的变与不变？三大部门负责人出席，更侧重详细阐释政策落实情况 继"9.24"金融政策发布会后，央行、金融监管总局、证监会负责人再度联合召开新闻发布会，详解本轮一 揽子金融政策支持进展。 4月中央政治局会议作出部署后，多部门已召开新闻发布会解读落实举措。 5月7 日，央行、金融监管总局、证监会负责人进一步详解稳市场强预期的一揽子金融政策。与"9.24"发布会相 似，本次发布会仍为三大金融相关部门负责人共同出席；不同在于，此次发布会紧跟4月中央政治局会议， 侧重对政策执行细则的深度解读。 本次发布会，央行重点介绍推出三大类型货币政策措施、十项具体举措。 三大类型包含，数量型政策，通 过降准等措施，加大中长期流动性供给；价格型政策，下调政策利率，降低结构性货币政策工具利率，也 就是中央银行向商业银行提供再贷款的利率，同时调降公积金贷款利率；结构型政策，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。 ...

Group 1: Market Performance - The Hong Kong Dividend ETF Fund (513820) saw a volume increase and closed up 0.82%, marking two consecutive days of gains, with funds increasing by over 95 million yuan for five consecutive days [1] - The Bank ETF leader (512820) ended a three-day decline with a 1.42% increase, with a trading volume exceeding 54 million yuan, a 39% increase compared to the previous period [3] Group 2: Insurance Capital Preferences - In 2022, insurance capital initiated a new wave of "stake acquisitions," with eight insurance companies making a total of 20 acquisitions, predominantly targeting dividend assets, particularly the Industrial and Commercial Bank of China H-shares, which exhibit low valuation and high dividend characteristics [5] - In 2023, insurance giants have made 12 stake acquisitions involving 11 stocks, continuing their preference for banks and Hong Kong dividend assets [5] Group 3: Investment Environment - The insurance capital's demand for equity asset allocation has increased due to new regulations aimed at reducing profit volatility and a shift towards flexible dividend insurance products [7] - Policies are strongly supporting insurance capital and other long-term funds entering the market, with a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [7] Group 4: Dividend Asset Characteristics - High dividend assets are favored in a low-interest-rate environment, as they provide stable returns and lower volatility compared to growth stocks, making them attractive for insurance capital [7] - The Hong Kong dividend assets have a higher cash dividend ratio of 48.9% compared to A-shares at 41.8%, and the dividend yield of the Hong Kong Dividend ETF Fund (513820) is 8.88%, leading the market's mainstream dividend indices [8][9] Group 5: Banking Sector Insights - The banking sector is characterized by high dividends and low valuations, with the Bank ETF leader (512820) showing a dividend yield of 6.71%, the highest among all secondary industry indices [9] - The banking industry is closely tied to macroeconomic growth, and with ongoing policies to stabilize growth, there is potential for improvement in profitability and valuations within the banking sector [10]

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 ...

降准又降息！金融政策多箭齐发。 5月7日，国新办就"一揽子金融政策支持稳市场稳预期"有关情况举行新闻发布会。央行、金融监管总局、证监会三大金融监管部门"一把手"同台出席。 增加支农支小再贷款额度3000亿元，这将进一步支持商业银行扩大对涉农、小微，特别是中小民营企业的贷款投放。 此次会议在早上九点开始，在股市开盘前打出政策"组合拳"，传递信号非同一般，A股三大股指集体高开。 有力度 一揽子金融政策拿出真金白银，力度很大，彰显稳市场稳预期之决心。 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。阶段性将汽车金融公司、金融租赁公司的存款准备金率从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，五年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整，预计每年将节省居民公积金贷款利息支 出超过200亿元。 粤开证券首席经济学家罗志恒对三里河表示，当前关税战有可能对二季度的出口产生影响，要进一步提振内需以填补外需下行缺口，这就要求进一步稳定 楼市股市、提振消费、扩大有效投资，降准降息必要性和迫切性进 ...

Group 1 - The People's Bank of China (PBOC) has injected approximately 2.1 trillion RMB into the market through a reserve requirement ratio (RRR) cut and expanded various relending tools [1][2] - A 10 basis point cut in policy interest rates aligns with expectations, and the bank has incorporated a 30 basis point reduction in the 2025 Loan Prime Rate (LPR) into its profit forecasts [1][2] - The reduction in relending/PSL facility rates by 25 basis points will lower banks' funding costs, although banks may pass on these benefits selectively to certain borrowers, such as qualified tech companies and SMEs [1][2] Group 2 - The National Financial Regulatory Administration and the China Securities Regulatory Commission (CSRC) have emphasized increasing long-term capital investment in the stock market [3] - The regulatory bodies plan to relax solvency requirements for insurance companies to encourage more asset allocation to the stock market [3] - Measures to support SMEs, particularly those affected by tariffs, include increased liquidity support and tailored strategies from banks to avoid collective loan withdrawals [3] Group 3 - The growth rate of high-end technology loans is nearly three times the average loan growth rate, with technology insurance covering over 2 trillion RMB [3] - Future plans include optimizing credit support, enhancing insurance protection, and expanding equity investments in the technology sector to further support its development [3]

中国人民银行总行(北京市) 定位为主要的政策利率的7天期短期利率从1.5%下调至1.4%，存款准备金率也下调0.5个百分 点。目的是通过降息来降低整体利率，支撑因特朗普关税等中美贸易摩擦而可能放缓的经济…… 中国人民银行(央行)行长潘功胜在5月7日的记者会上宣布，将用于向商业银行注入资金的7天 期短期利率（逆回购操作利率）从1.5%下调至1.4%,下调0.1%。显示金融机构缴存在中央银行 的存款比例的存款准备金率也下调0.5个百分点。 中国人民银行将7天期短期利率定位为主要的政策利率。预计通过此次降息，贷款市场报价利 率(LPR)也将下调0.1%左右。 目的是通过降息来降低整体利率，支撑因特朗普关税等中美贸易摩擦而可能放缓的经济。这 是自2024年9月的8个月来再次降息。 由于存款准备金率的下降，金融机构将能减少存入央行的资金，银行用于信贷的能力将加 强。潘功胜预测称，随着存款准备金率的下调，预计向金融市场提供长期流动性约1万亿元。 由于美国对中国加征关税，中国的出口产业将受到巨大冲击。出口不振将导致内需下滑，因 此此次记者会还表示将提供旨在刺激国内消费的资金。将推出以服务支出等为用途的5000亿 元的低息贷 ...

Monetary Policy Overview - The People's Bank of China (PBOC) announced a comprehensive package of monetary policies aimed at stabilizing the market and expectations, including a 0.5% reduction in the reserve requirement ratio (RRR) and targeted RRR cuts for auto finance and financial leasing companies [2][3] - The total monetary policy measures include five items, with two being quantity-based policies and three being price-based policies [4][2] Quantity-Based Policies - A comprehensive RRR cut of 0.5% is expected to provide approximately 1 trillion yuan in long-term liquidity to the market, reducing the average RRR from 6.6% to 6.2% [5][6] - Targeted RRR cuts will reduce the RRR for auto finance and financial leasing companies from 5% to 0%, enhancing their credit supply capabilities [6][7] Price-Based Policies - The policy interest rate will be lowered by 0.1%, bringing the 7-day reverse repurchase rate down from 1.5% to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [8][9] - Structural monetary policy tool rates will be reduced by 0.25%, including a drop in the rates for various special structural tools and the pledged supplementary loan (PSL) rate [9][10] - The personal housing provident fund loan rate will be reduced by 0.25%, with the five-year rate for first-time homebuyers decreasing from 2.85% to 2.6%, potentially saving residents over 20 billion yuan in interest payments annually [11] Structural Monetary Policy Tools - Five structural monetary policy tools were introduced to support technology innovation, consumption, and inclusive finance [12] - The re-lending quota for technology innovation and technical transformation will increase from 500 billion yuan to 800 billion yuan, while the quota for agricultural and small business support will rise by 300 billion yuan to 3 trillion yuan [13] - A new 500 billion yuan "service consumption and elderly care re-lending" tool will be established to enhance credit support for service consumption and the elderly care industry [13] - The existing tools for capital market support will be merged into a total of 800 billion yuan to improve flexibility and meet market demands [14] Technology Innovation Support - A new risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending funds to purchase these bonds, thereby supporting technology enterprises and private equity investment [16][17] - The PBOC aims to broaden financing channels for technology firms and stimulate market confidence through these specific policy arrangements [17]

21世纪经济报道记者 唐婧 北京报道 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、国家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 0.25个百分点，降低个人住房公积金贷款利率0.25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（PMI）再次回到临界点以下。4月30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49.0%， 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和综合PMI产出指数分别为50.4% 和50.2%，继续保持在扩张区间。 还有业内专家告诉记者，这些年来我国央行围 ...

Core Viewpoint - The People's Bank of China (PBOC) has announced a reduction in the reserve requirement ratio (RRR) by 0.5 percentage points and a decrease in policy interest rates by 0.1 percentage points to implement a more accommodative monetary policy and enhance macroeconomic regulation [1][8] Group 1: Monetary Policy Tools - The PBOC's decision to lower the RRR and interest rates is aimed at releasing market liquidity and stimulating investment and consumption, especially in the face of various internal and external pressures on economic growth [1][3] - The PBOC emphasizes a cautious approach to using these tools, balancing the need for liquidity with the potential risks associated with a complex economic environment [1][2] Group 2: Factors Influencing Timing - Domestic economic indicators, such as a manufacturing PMI below 50% and low CPI, suggest a need for monetary easing to boost market confidence and stimulate demand [4][8] - The current liquidity conditions in the financial market, including rising interbank rates, indicate a need for increased liquidity supply from the PBOC [5][9] - The pressure on banks' net interest margins has eased, providing a more favorable environment for the PBOC to implement rate cuts [6][10] Group 3: External Influences - The global liquidity environment, particularly the policies of the Federal Reserve, plays a significant role in the PBOC's decision-making regarding rate cuts [7][12] - Expectations of a potential rate cut by the Federal Reserve create a "time window" for the PBOC to adjust its policies without immediate adverse effects on the currency [12]