2025 年 5 月 7 日 5 月 7 日一揽子金融政策点评 乘风好去 证券分析师 事项： 2025 年 5 月 7 日国新办举行新闻发布会，一行两局介绍"一揽子金融政策支持 稳市场稳预期"有关情况。 平安观点： 宏 观 报 告 宏 观 点 评 证 券 研 究 报 告 平安证券研究所投资评级： 股票投资评级: 强烈推荐 （预计 6 个月内，股价表现强于市场表现 20%以上） 推 荐 （预计 6 个月内，股价表现强于市场表现 10%至 20%之间） 中 性 （预计 6 个月内，股价表现相对市场表现在±10%之间） 回 避 （预计 6 个月内，股价表现弱于市场表现 10%以上） 行业投资评级: 强于大市 （预计 6 个月内，行业指数表现强于市场表现 5%以上） 中 性 （预计 6 个月内，行业指数表现相对市场表现在±5%之间） 弱于大市 （预计 6 个月内，行业指数表现弱于市场表现 5%以上） 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 一、 ...

宏观 降准降息落地，政策协同加强 ——"一揽子金融政策支持稳市场稳预期"新闻发布会点评 2025 年 5 月 7 日 宏观研究/事件点评 投资要点： 相关报告： 事件：2025 年 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，邀请到的发言人包括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。会议围绕推动经济 高质量发展、推进对外开放、维护金融市场及房地产市场平稳运行等，在金 融领域部署了一系列具体举措，政策协同性进一步增强。 分析师： 第一，推出一揽子货币政策，降准降息落地。（1）数量型政策包括：降 准 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%。（2）价格型政策 包括：下调 7 天期逆回购利率 0.1 个百分点，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；降低个人住房公积金贷款利率 0.25 个百 分点。（3）结构型政策包括：下调结构性货币政策工具利率 0.25 个百分点， 包括支农支小再贷款、科技创新和技术改造再贷款、碳减排支持工 ...

【导读】知名私募解读"一揽子金融政策支持稳市场稳预期"相关内容 5月7日，中国人民银行、国家金融监管总局、中国证监会召开新闻发布会，介绍"一揽子金融政策支持 稳市场稳预期"有关情况，受到市场关注。 会后，中国基金报记者采访了多家知名私募机构，私募人士对相关内容进行解读并表示，此次政策力度 超预期，提振了市场信心。央行宣布降准又降息，对于金融市场和实体经济均有重要意义；还有对外贸 企业和科技创新的定向支持，创设科技创新债券风险分担工具，保险公司调降股票投资风险因子，为稳 经济和稳资本市场提供了有力支持。 "发布会上各新增政策务实且积极，整体力度超出市场预期，一定程度上增强了市场关于政策连续性和 落地及时性的信心，对国内资本市场情绪也有明显支撑。"星石投资副总经理、基金经理方磊说。 方磊进一步表示，政策稳市场稳预期的目标较为明确：第一，调降股票投资风险因子等各项政策发力， 推动长钱长投，促进增量资金入市；第二，动态完善应对各类外部风险冲击的工作预案，全力支持中央 汇金公司发挥类平准基金作用；第三，积极回应关税冲击，虽然上市公司经营会受到影响，但A股上市 公司近九成收入来自国内，超大规模的内需和潜在的需求为A股市场 ...

一揽子金融政策有效提振市场情绪。 5月7日，央行、金融监管总局、证监会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 本次发布会出台了降准降息、结构性货币政策工具降价扩容、险资入市加码、公募费率改革等众多增量政策。 公募基金普遍认为，会议释放积极政策信号，有效提振市场情绪。 发布会超预期 此次发布会上，央行发布三类共10项货币政策，延续货币政策适度宽松基调，强化逆周期调节和支持实体经济 发展。 金融监管总局发布8项增量政策，覆盖房地产、资本市场、小微民营企业、外贸及科技创新等多个领域。 博时基金首席权益策略分析师陈显顺分析，此次会议凸显多部门协同发力稳定市场的政策决心，释放以下三大 信号。一是政策协调性强化。央行、金融监管总局、证监会联合部署，传递系统性维稳意图，提振市场信心。 二是重点风险化解加码。明确支持房企合理融资、推进地方债务重组，并严控IPO节奏缓解资金分流压力，结 构性纾困政策有望降低系统性风险。三是 引入 长线资金。推动险资、养老金等入市，优化分红回购机制，引 导市场从短期博弈转向长期价值投资，夯实估值底部。 景顺长城基金指出，本次央行、金融监管总局、证监会三部委出台多项举措，释放积极政 ...

Core Viewpoint - The Chinese government is implementing targeted financial support measures for businesses significantly impacted by tariffs, focusing on "one enterprise, one policy" precision services to stabilize operations and expand markets [1][2]. Group 1: Financial Support Measures - The government aims to provide precise services to market entities heavily affected by tariffs, particularly small and private enterprises facing financing difficulties [2][8]. - A financing coordination mechanism has been established, with over 67 million businesses visited and loans amounting to 12.6 trillion yuan issued, one-third of which are credit loans [2][8]. - The People's Bank of China announced an increase in re-lending quotas for small and micro enterprises to 3 trillion yuan, with a reduction in re-lending rates to enhance financial support [8][9]. Group 2: Identification of Affected Enterprises - Accurate identification of enterprises affected by tariffs is crucial, focusing on those primarily engaged in exports, especially those with a high proportion of exports to the U.S. [2][3]. - Supply chain enterprises, although not directly exporting, also face indirect impacts due to reliance on export orders and should be included in the identification process [3][4]. - Factors such as the nature, scale, employment impact, and financial status of enterprises should be considered to prioritize support [3][4]. Group 3: Export Stability and Domestic Sales Expansion - Policies to stabilize exports include ensuring continuous lending to affected enterprises and supporting cross-border e-commerce and overseas warehouses [6][7]. - Measures to assist in expanding domestic sales involve providing financing guarantees for export-to-domestic sales transitions and reducing barriers for pure foreign trade enterprises entering domestic markets [7][8]. - The government emphasizes the need to streamline domestic certification and approval processes to facilitate quicker market entry for products transitioning from export to domestic sales [7][8]. Group 4: Focus on Small and Micro Enterprises - Small and micro enterprises are identified as a key focus for support due to their significant role in employment and their vulnerability to tariff impacts [8][9]. - The overall export volume for 2024 is projected at 3.58 trillion USD, with private enterprises accounting for 64.6% of this, highlighting their importance in stabilizing foreign trade [8][9]. - Policies aim to enhance the financing environment for small and micro enterprises by improving credit access and reducing financing costs [9][10].

金十数据5月7日讯，5月7日，招商基金研究部首席经济学家李湛表示，国新办金融发布会为4月政治局 后一系列宏观政策的稳市场稳经济拉开了序幕。李湛认为，虽然市场对本次发布会第一反应的超预期是 央行"双降"，但是随着关税冲击的显现，真正能让经济和市场行稳致远的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"在二季度的持续落地，三季度增量财政的空间也将随之打开。 招商基金研究部首席经济学家李湛：增量财政政策空间有望在三季度打开 ...

简评 5 月 7 日三部委新闻发布会 证券研究报告/宏观定期报告 2025 年 05 月 07 日 | 分析师：张德礼 | 报告摘要 | | --- | --- | | 执业证书编号：S0740523040001 |  2025 年 5 月 7 日，三部委召开新闻发布会介绍"一揽子金融政策支持稳市场稳预期" | | Email：zhangdl01@zts.com.cn | 有关情况，对此有以下学习体会： | | |  第一，会议超预期。首先是召开时间，昨天下午才提前公告的。其次是均为一把手出 | | 相关报告 | 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 月 日政治局会议外，可能也 4 25 | | | 和 4 月官方制造业 PMI 弱于季节性有关。 | | | 股波动不大，在岸人民币兑美  第二，市场反应相对平稳。预告一揽子金融政策后，A | | | 元汇率窄幅震荡，长端利率上行。对比 924 新闻发布会看，本次新闻发布会期间市场 | | | 表现相对平稳，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 ...

1. Report Information - Report Title: Precious Metals and Non - Ferrous Metals Industry Daily Report [2] - Report Date: May 7, 2025 [2] - Author: Xu Liang [3] - Reviewer: Tang Yun [3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Views Precious Metals - Shanghai Gold (SHFE) showed a high - level oscillating and回调 trend. The appreciation of the RMB exchange rate offset part of the upward transmission effect of international gold prices, and the post - holiday decline in domestic physical consumption demand made SHFE gold weaker than overseas markets. With multiple factors in play, SHFE gold will maintain an oscillating pattern [4]. Copper - Copper prices are affected by macro, sentiment, and expectations. In the short term, the absolute price of copper is difficult to predict, but volatility will remain high [16]. Zinc - Given the supply and demand situation and weak macro data, zinc prices are expected to maintain a weak oscillating trend in the short term [35]. Aluminum and Alumina - Aluminum is expected to oscillate in the short term. Alumina is likely to continue its weak performance due to an oversupply situation and bearish market sentiment [46]. Nickel - The nickel market remains stable in terms of fundamentals, with no significant changes in logic. The nickel market lacks obvious upward drivers [66]. Tin - Tin prices are expected to continue their narrow - range oscillation in the short term as the impact of macro factors on the fundamentals is not yet evident [80]. Lithium Carbonate - Lithium salt prices are falling, and there is a risk of a spiral decline in ore and salt prices. Trade uncertainties may suppress long - term demand [91]. Silicon - With prices in the silicon industry chain falling, downstream polysilicon production cuts are more likely, and the supply side of industrial silicon is also showing signs of adjustment [99]. 4. Content Summary by Category Precious Metals - **Price Performance**: SHFE gold showed high - level oscillation and回调, affected by factors such as the RMB exchange rate and domestic consumption demand [4]. - **Influencing Factors**: The appreciation of the RMB exchange rate, post - holiday decline in domestic physical consumption demand, and multiple macro - factors contribute to the current situation of SHFE gold [4]. Copper - **Price Performance**: Copper prices are affected by multiple factors, and short - term volatility remains high. The latest prices of various copper contracts are provided, with daily price changes and percentage changes [16][17]. - **Influencing Factors**: Macro factors (US non - farm employment data and Sino - US tariff issues), market sentiment (disputes between bulls and bears), and policy expectations (upcoming financial policies) all impact copper prices [16]. Zinc - **Price Performance**: Zinc prices are expected to maintain a weak oscillating trend. The latest prices of various zinc contracts and related price differences are presented [35][36]. - **Influencing Factors**: Supply is expected to be loose due to the opening of the import window, and demand is supported by domestic policies but with unclear strength. Weak macro data also affects zinc prices [35]. Aluminum and Alumina - **Price Performance**: Aluminum is expected to oscillate, and alumina is likely to be weak. The latest prices of aluminum and alumina contracts are provided [46][47]. - **Influencing Factors**: For aluminum, macro factors and demand seasonality are key. For alumina, the supply of bauxite, production capacity changes, and market sentiment are important [46]. Nickel - **Price Performance**: The nickel market lacks upward drivers. The latest prices of nickel and stainless - steel contracts and related data are given [66][67]. - **Influencing Factors**: The slow release of nickel ore supply, the continuous decline in nickel - iron prices, and the weak stainless - steel market all contribute to the current situation [66]. Tin - **Price Performance**: Tin prices are in a narrow - range oscillation. The latest prices of tin contracts are provided [80]. - **Influencing Factors**: Uncertainty about Myanmar's复产 and the semiconductor industry cycle affect tin prices [80]. Lithium Carbonate - **Price Performance**: Lithium salt prices are falling, and the market is cautious. The latest prices of lithium carbonate futures contracts and related price differences are presented [91]. - **Influencing Factors**: Market sentiment, cost - side changes, and trade uncertainties impact lithium carbonate prices [91]. Silicon - **Price Performance**: The prices of industrial silicon and related products in the silicon industry chain are falling. The latest prices of industrial silicon contracts and spot prices are provided [99][100]. - **Influencing Factors**: Expected production cuts in downstream polysilicon and supply - side adjustments in industrial silicon affect prices [99].

Group 1 - Xanadu Mines Ltd has terminated its exclusive negotiation agreement with Zijin Mining Group due to the inability to finalize a control transaction within the agreed timeframe [1][2] - The company will restart the shareholder voting process regarding the exercise of a 25% put option, with a special meeting scheduled for June 4, 2025 [2][3] - If the put option is exercised, Xanadu can sell 19.125% of its interest in the Kharmagtai project to Zijin for $25 million, funded by a low-interest loan from Zijin [3] Group 2 - Xanadu is exploring other financing options and potential partnerships for the Kharmagtai project, while also discussing joint venture or equity financing for the Red Mountain project [4] - The company has received approval to issue up to 15% of its shares for financing as a backup plan [4] Group 3 - Almonty Industries Inc has signed a binding off-take agreement with U.S. defense contractor Tungsten Parts Wyoming, Inc. for the supply of tungsten oxide [5][6] - The agreement stipulates a minimum monthly purchase of 40 tons of tungsten oxide, which will be used for U.S. defense projects [6][7] - Almonty reported a revenue of CAD 28.8 million for the fiscal year 2024, a 28% increase from the previous year, but also a net loss of CAD 16.3 million [9][10] Group 4 - The company plans to relocate its registered office from Canada to the U.S., which has been approved by shareholders [10] - Almonty's stock price has increased approximately 285% over the past year, reaching a 52-week high of AUD 2.85 [10]

Group 1 - The core viewpoint of the news is the introduction of a comprehensive financial policy package aimed at stabilizing the market and expectations in China, which includes various monetary and regulatory measures [1][4]. - The People's Bank of China (PBOC) has implemented 10 monetary policies, notably a 0.5% reduction in the reserve requirement ratio (RRR), releasing approximately 1 trillion yuan in long-term liquidity, exceeding market expectations [1][2]. - Structural tools have been expanded and optimized, with the re-lending quota for technological innovation and transformation increased from 500 billion yuan to 800 billion yuan, and a new 500 billion yuan re-lending facility for service consumption and elderly care established [1][2]. Group 2 - The interest rate cut, including a reduction in the 7-day reverse repurchase rate from 1.5% to 1.4%, is expected to lead to a 0.1% decrease in the Loan Prime Rate (LPR), alleviating the burden on residential mortgage loans and releasing consumer potential [2]. - The Financial Regulatory Administration's expansion of the long-term investment pilot for insurance funds is a key highlight, with an additional 60 billion yuan in incremental funds approved for the market, encouraging insurance companies to increase equity market investments [2][3]. - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional inclusiveness and promoting the development of technology innovation bonds to support financing for high-risk, long-cycle tech enterprises [3].