Core Viewpoint - The People's Bank of China (PBOC) announced a series of monetary policy adjustments, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR) and a 0.1 percentage point decrease in policy interest rates, aimed at stabilizing the market and boosting economic confidence amid external challenges and domestic economic pressures [1][2][3]. Summary by Sections Monetary Policy Adjustments - The PBOC lowered the RRR by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [1]. - The policy interest rate was reduced by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, likely leading to a similar decrease in the Loan Prime Rate (LPR) [1][8]. - Structural monetary policy tool rates were cut by 0.25 percentage points, including a reduction in personal housing provident fund loan rates by the same margin [1][8]. Economic Context - The backdrop for these adjustments includes a decline in the manufacturing Purchasing Managers' Index (PMI) to 49.0%, indicating contraction, while non-manufacturing indices remained in expansion territory [2]. - The ongoing global market volatility due to U.S. tariffs on trade partners has intensified the need for proactive macroeconomic policies to mitigate external risks [2]. Structural Changes in RRR - The RRR reduction is divided into two parts: a general cut for large and medium-sized banks and a specific adjustment for auto finance and financial leasing companies, reducing their RRR from 5% to 0% [5][7]. - This approach aims to address structural liquidity issues in the market, enhancing long-term liquidity supply while reducing banks' funding costs [5][6]. Impact on Financial Institutions - The adjustments are expected to bolster investor confidence and stabilize capital markets by providing low-cost, long-term funding to banks, thereby supporting the real economy [6][11]. - The changes in the RRR and interest rates are designed to improve banks' net interest margins and lower overall financing costs for the economy [8][9]. New Financial Tools - The PBOC announced the creation of new financial tools, including an increase in the quota for technology innovation and agricultural support loans, aimed at enhancing credit support for key sectors [11][12]. - A new "service consumption and elderly care re-loan" tool was introduced to stimulate domestic consumption and support the aging population [13][14]. Long-term Financing Support - The introduction of a risk-sharing tool for technology innovation bonds aims to lower financing costs for equity investment institutions, facilitating the issuance of long-term bonds [14]. - This initiative is expected to enhance the ability of financial institutions to support technological advancements and infrastructure development [12][14].

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].

Core Viewpoint - The article discusses the significant market opening on May 7, with major indices in A-shares showing substantial gains, driven by supportive monetary policies from the People's Bank of China aimed at stabilizing the market and expectations [1][4]. Market Performance - On May 7, the Shanghai Composite Index opened up by 1.17% to 3354.97, the Shenzhen Component Index rose by 1.35% to 10218.33, and the ChiNext Index increased by 1.91% to 2024.30 [2]. - Over 4,000 stocks in the market experienced an increase, indicating a broad-based rally [1][3]. Monetary Policy Measures - The People's Bank of China introduced three categories of policies consisting of ten measures to support market stability [4]. - Quantity-based policies include a reduction in the reserve requirement ratio (RRR) by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity [4][5]. - Price-based policies involve lowering the policy interest rate by 0.1 percentage points, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [5]. - Structural policies focus on enhancing support for technology innovation, consumption expansion, and inclusive finance [4][6]. Specific Policy Adjustments - The RRR for auto finance companies and financial leasing companies will be reduced from 5% to 0% [4]. - The policy interest rate for the 7-day reverse repurchase operation will decrease from 1.5% to 1.4% [5]. - The interest rate for personal housing provident fund loans will be lowered by 0.25 percentage points, with the five-year and above first home loan rate dropping from 2.85% to 2.6% [5][6]. - An additional 300 billion yuan will be allocated for technology innovation and technical transformation re-loans, increasing the total from 500 billion yuan to 800 billion yuan [6].

中国人民银行行长潘功胜5月7日在国新办发布会上表示，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%。 （金融时报） ...

【导读】A50直线拉升，美股盘前跳水！ 美股盘前，美国资产、中国资产冰火两重天！ 美股期指跳水 5月6日晚间，美股盘前，三大股指期货大幅跳水，道指、标普500指数期货分别跌约0.7%和0.9%，纳指 期货跌超1%。 有分析称，因为美国和欧洲的多家公司都表示关税将损害利润。软件公司Palantir Technologies盘前交易 中跌幅一度高达8%，其业绩未达预期；福特汽车公司在撤回财务指引后下跌2%。在"七巨头"科技股 中，特斯拉公司跌幅居前，该电动车制造商在欧洲的销量进一步大幅下滑。 美股盘前的走势显示，先前因美国做出一些贸易让步而引发的乐观情绪可能正在迅速消退。福特的预警 再次提醒市场，关税战所带来的损害将在未来几个月内逐步显现；而近期一系列强劲的经济数据则使交 易员降低了对美联储降息的押注。 A50直线拉升 5月6日晚间，富时中国A50指数期货直线拉升，现涨约0.7%！ 消息面上，国务院新闻办公室5月6日消息，国务院新闻办公室将于5月7日上午9时举行新闻发布会，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"有关情况，并答记者问。 4月份召开 ...