Group 1 - The People's Bank of China announced a set of 10 policies aimed at enhancing macroeconomic control and promoting high-quality economic development through a moderately loose monetary policy [4][5] - The policies include a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [5] - The policy interest rate will be lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [5][6] Group 2 - An increase of 3 trillion yuan in the re-lending quota for technological innovation and technical transformation, raising it from 5 trillion yuan to 8 trillion yuan [7] - The establishment of a 5 trillion yuan re-lending facility for service consumption and elderly care, aimed at encouraging banks to increase credit support in these areas [7] - The introduction of eight incremental policies by the National Financial Regulatory Administration to stabilize the real estate market and support small and micro enterprises [8][9] Group 3 - The China Securities Regulatory Commission plans to implement a series of financial policies to stabilize the market and expectations, including reforms to public funds to better align with investor interests [16][17] - The reforms will focus on optimizing the fee structure for actively managed equity funds, ensuring that poorly performing funds charge lower management fees [17] - The commission emphasizes the resilience of A-share listed companies, with nearly 90% of their revenue coming from domestic markets, which supports the overall performance of these companies [17]

Core Points - The People's Bank of China announced the optimization of two monetary policy tools to support the capital market, combining a total quota of 800 billion yuan for securities, fund, and insurance company swap facilities and stock repurchase loans [1][4] - The tools are designed to enhance the financing and investment capabilities of listed companies and industry institutions, reflecting the central bank's expanded role in maintaining financial stability [1][4] - The tools have built-in counter-cyclical adjustment properties, aimed at stabilizing the market during periods of undervaluation [1][6] Group 1 - The total quota for the two monetary policy tools is set at 800 billion yuan, with 500 billion yuan for swap facilities and 300 billion yuan for stock repurchase loans [1][4] - Over 500 listed companies have announced the use of loan repurchase to increase stock holdings, with a total loan amount nearing 300 billion yuan [2] - The tools have received widespread market acceptance, with ideal business scale and response speed, leading to the decision to merge the quotas for better flexibility and convenience [4] Group 2 - The range of participating institutions for swap facilities has been expanded from 20 to 40, and the collateral scope now includes Hong Kong stocks and restricted shares [4][5] - The maximum loan term for stock repurchase loans has been extended from 1 year to 3 years, and the self-funding ratio requirement has been reduced from 30% to 10% [5] - State-owned capital operation platforms, such as China Chengtong Holdings and China Guoxin Holdings, have been included in the support scope, with plans to use a total of 180 billion yuan for stock repurchases [5] Group 3 - Experts anticipate further optimization of policy design based on business developments and market needs to enhance the tools' effectiveness in supporting capital market stability [6] - The measures taken by the People's Bank of China and regulatory bodies aim to prevent risks and respond to global economic uncertainties, thereby maintaining stability in China's financial markets [6]

Core Viewpoint - The overall operation of the capital market in China has shown stability and progress in 2023, with the China Securities Regulatory Commission (CSRC) committed to maintaining market stability while enhancing market vitality and functionality [1]. Group 1: Support for Market Stability - The CSRC will fully support the Central Huijin Investment Ltd. in playing its role as a stabilizing fund, enhancing market monitoring and risk assessment to respond to external shocks [2]. - A comprehensive "combination punch" of policy, funding, and expectation countermeasures will be implemented to inject more certainty into the market amid global economic uncertainties [10]. Group 2: Reforms and Regulations - New policies to deepen reforms in the Sci-Tech Innovation Board and the ChiNext will be introduced, enhancing the inclusiveness and adaptability of the system [3]. - The CSRC will expedite the release of revised regulations on major asset restructuring for listed companies, aiming to strengthen the role of capital markets in mergers and acquisitions [4]. Group 3: Development of Public Funds - An action plan to promote the high-quality development of public funds will be released, focusing on aligning the interests of fund managers with investors and enhancing long-term capital inflow into the market [5]. - Measures will be taken to stabilize fund investment behaviors, including setting clear performance benchmarks for each fund product to ensure alignment with their stated objectives [6]. Group 4: Investor Services and Fund Growth - The CSRC will enhance the capabilities of fund companies to serve investors better, including optimizing investment research and risk management resources [7]. - There will be a focus on expanding equity funds, with regulatory guidance to promote the issuance and sales of equity funds that align with national development goals [7]. Group 5: Market Resilience and Adaptability - A-share listed companies demonstrate strong resilience and adaptability, with nearly 90% of their revenue coming from domestic markets, and a reported 3.6% year-on-year growth in net profits [11]. - Companies have successfully diversified their export markets and improved their competitiveness, with over 350 companies announcing share buybacks since April 7, indicating confidence in their value [12]. Group 6: Regulatory Support and Open Market - The CSRC will continue to provide regulatory support to companies affected by external shocks, including optimizing regulatory arrangements for those significantly impacted by tariffs [13]. - The commission is committed to advancing high-level opening-up of the capital market, including the gradual inclusion of RMB trading counters in the Hong Kong Stock Connect [14].

Core Viewpoint - The People's Bank of China (PBOC) has announced the merger of two monetary policy tools aimed at supporting capital market stability, with a total quota of 800 billion yuan, enhancing the convenience and flexibility of these tools to better meet the market needs of various institutions [1][2]. Group 1 - The two monetary policy tools, namely the securities, fund, and insurance company swap facility and the stock repurchase increase loan, were created to support the stable development of the capital market, with initial quotas of 500 billion yuan and 300 billion yuan respectively [1]. - As of now, the swap facility has conducted two operations totaling 105 billion yuan, and over 500 listed companies have announced the use of loan repurchase to increase stock buybacks, with a total loan amount nearing 300 billion yuan [1]. - The merger of the two tool quotas is expected to better release their effectiveness, as both tools have been well-received in the market, demonstrating ideal business scale and response speed [1]. Group 2 - The PBOC plans to continuously improve the policy elements of these two tools to maintain their supportive role in the capital market, optimizing aspects such as the range of participating institutions, loan terms, and self-funding ratios [2]. - Experts anticipate that relevant departments will further optimize policy design based on practical business developments and market needs to enhance the tools' effectiveness in supporting capital market stability [2].

月度策略/A 股市场 2025 年 4 月 30 日 继续企稳修复 2025 年 5 月份投资策略报告 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 4 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3279.03 | -1.70% | | 深证成指 | 9899.82 | -5.75% | | 沪深 300 | 3770.57 | -3.00% | | 创业板指 | 1948.03 | -7.40% | | 北证 50 | 1331.13 | 4.72% | | 科创 50 | 1012.42 | -1.01% | 资料来源：东莞 ...

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文 ｜ 裘翔 2 0 2 3年1 0月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。根据公募基金2 3Q4 - 2 5Q1季度披露的持有 人数据，汇金持有的ETF份额未曾出现环比净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传言与实际情况完全不 符。2 0 2 5年4月以来，汇金持有的ETF获明显的资金净流入，且结构上更加均衡。我们认为，A股也是中国贸易战中提振信心的 关键环节，应充分相信国家维护资本市场稳定的决心。同时，本文汇总了对这一揽子ETF资金流的跟踪测算方式，供投资者参 考。 ▍ 汇金持有的ETF份额未曾出现净减少的情况。 2 0 2 5年4月以来，汇金积极增持ETF有效稳定资本市场预期、提振投资者信心。但同时市场有传言称汇金通常在市场阶段性上 涨后卖出（如2 4Q4）、近期的增持行为将对未来行情构成减持压力，基于事实数据，此类揣测与实际情况完全不符。由于季 报并不披露基金前1 0大持有人的信息，我们统计了2 3Q4 - 2 5Q1公募基金季报披露的"单一投资者持有份额比例达到或超过 2 0%"的申赎情况（中央汇金2 0 2 3年1 0月公告买入ETF，2 0 2 3年年 ...

文 ｜ 裘翔 2 0 2 3年1 0月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。根据公募基金2 3Q4 - 2 5Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比净减少的情况，诸如"汇金通常在市场阶段性 上涨后卖出"等传言与实际情况完全不符。2 0 2 5年4月以来，汇金持有的ETF获明显的资金净流入，且结构上 更加均衡。我们认为，A股也是中国贸易战中提振信心的关键环节，应充分相信国家维护资本市场稳定的决 心。同时，本文汇总了对这一揽子ETF资金流的跟踪测算方式，供投资者参考。 ▍ 汇金持有的ETF份额未曾出现净减少的情况。 2 0 2 5年4月以来，汇金积极增持ETF有效稳定资本市场预期、提振投资者信心。但同时市场有传言称汇金通 常在市场阶段性上涨后卖出（如2 4Q4）、近期的增持行为将对未来行情构成减持压力，基于事实数据，此类 揣测与实际情况完全不符。由于季报并不披露基金前1 0大持有人的信息，我们统计了2 3Q4 - 2 5Q1公募基金季 报披露的"单一投资者持有份额比例达到或超过2 0%"的申赎情况（中央汇金2 0 2 3年1 0月公告买入ETF， 2 0 2 3年年 ...

Core Viewpoint - Banks are intensifying efforts to support stock buybacks and increase loan business, aiming to bolster the confidence of the capital market and support the stable development of the real economy [1][3]. Group 1: Bank Actions - Various commercial banks have accelerated the implementation of buyback and increase loans, with total credit exceeding 300 billion yuan [2]. - Major banks such as ICBC, ABC, BOC, CCB, and PSBC are actively responding to policies, providing substantial support for stock buybacks and enhancing market value management [4]. - ICBC has connected with enterprises for funding needs close to 50 billion yuan, supporting nearly 400 projects with transaction amounts exceeding 100 billion yuan [4]. - ABC has provided buyback loans to 53 listed companies, with signed loan amounts exceeding 15 billion yuan and disbursed amounts over 8.5 billion yuan [4]. - BOC has supported 73 listed companies with a total loan intention amount of 25.36 billion yuan [5]. - CCB has engaged with over 80 companies regarding buyback loans, serving nearly 70 listed companies and their major shareholders [6]. - PSBC has rapidly implemented business operations across multiple regions, completing its first buyback loan approval in just three days [7]. Group 2: Government and Regulatory Support - Various local governments and departments are actively promoting high-quality development of listed companies and maintaining stable capital markets through meetings and initiatives [8]. - Since April, multiple stakeholders, including central banks and state-owned enterprises, have collaborated to provide continuous funding support to the A-share market [8]. Group 3: Market Implications - Analysts believe that the collective actions of state capital, insurance funds, and listed companies' buybacks will positively impact the long-term healthy development of the capital market [9]. - The government has shown a commitment to stabilizing growth and the capital market, with potential for further policy support [9].

Core Viewpoint - The article discusses the coordinated efforts by various Chinese financial authorities and state-owned enterprises to stabilize the capital market amid the backdrop of "reciprocal tariffs" implemented by the Trump administration [1][2]. Group 1: Government and Regulatory Actions - The People's Bank of China (PBOC) has expressed strong support for the Central Huijin Investment Ltd. to increase its holdings in stock market index funds and will provide sufficient re-lending support when necessary to maintain market stability [1]. - The Central Huijin has been identified as a key strategic player in maintaining market stability, functioning similarly to a "sovereign wealth fund" [1]. - The Financial Regulatory Administration has announced an increase in the upper limit for equity asset allocation ratios for insurance funds [1]. - The State-owned Assets Supervision and Administration Commission (SASAC) has pledged to support central enterprises and their listed subsidiaries in increasing share buybacks and maintaining shareholder rights [1]. Group 2: Actions by State-Owned Enterprises - Major state-owned enterprises, including China National Petroleum Corporation, have announced significant share buyback plans [1]. - Investment platforms such as China Reform Holdings Corporation and China Chengtong Holdings Group have committed to increasing their investments in ETFs and stocks of central state-owned enterprises [1]. Group 3: Private Sector Involvement - Several private enterprises are also actively engaging in share buybacks, with CATL planning to repurchase shares worth between 4 billion to 8 billion yuan [2]. - As of April 8, at least 48 companies, including both state-owned and private enterprises, have announced buyback or increase plans, with a total potential amount reaching 37.7 billion yuan [2].