Group 1: Monetary Policy Measures - The central bank, financial regulatory authority, and securities commission jointly announced a series of monetary policy measures including a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in long-term liquidity [3][4] - The open market 7-day reverse repurchase operation rate was lowered from 1.50% to 1.40%, indicating a cautious approach to interest rate adjustments due to external pressures [5][6] - There is potential for further reductions in the reserve requirement ratio, with expectations of a possible additional 0.5 percentage point cut in the third quarter [4][5] Group 2: Real Estate Sector Support - The policy includes a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the interest rate for first-time homebuyers from 2.85% to 2.6% [8][9] - An approval quota exceeding 6 trillion yuan for real estate financing is expected to be largely implemented, which will help improve liquidity for key real estate companies and stabilize the industry [10] - The impact of the loan rate reduction on first-time homebuyers is anticipated to be positive, although the overall market recovery will depend on various factors beyond just interest rate changes [9][10] Group 3: Capital Market Stability - The total amount for capital market support tools has been increased to 800 billion yuan, which includes measures to facilitate stock repurchases and enhance liquidity [11][12] - Concerns regarding the withdrawal of state support from the capital market are addressed, emphasizing that the state will continue to play a stabilizing role during market downturns [12] - The state’s intervention is characterized as a non-profit endeavor aimed at maintaining market stability and controlling risks [12] Group 4: External Trade and Economic Outlook - The future external environment is expected to remain uncertain and unstable, with increased exchange rate risks anticipated over the next few years [14][15] - Despite these challenges, there is strong confidence in the resilience and long-term growth potential of the Chinese economy, which is viewed as a global leader [16] - Companies are encouraged to manage exchange rate risks through financial derivatives while focusing on improving their profitability and risk management capabilities [15][16]

事件概况 国务院新闻办公室于 2025 年 5月 7 日上午 9 时举行新闻发布会，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了"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 事件点评 一是资金面迎利好： 1）发布会上，中国人民银行行长潘功胜介绍，降准 0.5 个百分点，向市场提供长期流动性约 1 万亿元，并降低 政策利率 0.1 个百分点； 2）证监会主席吴清在参加国新办新闻发布会时表示，全力支持中央汇金公司发挥类平准基金作用； 3）优化两项支持资本市场货币政策工具，将 5000 亿元证券基金保险公司互换便利和 3000 亿元股票增持回购再 贷款两个工具的额度合并，总额度变为 8000 亿元。宽松的货币政策以及支持资本市场的政策工具为资本市场创 造了良好的流动性环境，体现了监管呵护资本市场的决心与信心，有利于市场情绪的提升。 二是改革端有深化： 国新办发布会上，吴清主席表示大力推动中长期资金入市，抓紧印发和落实《推动公募基金高质量发展行动方 案》、抓紧发布新修订的《上市公司重大资产重组管理办法》。预计未来基金公司将从"重规模"向"重回报" 转变，与投资者利益绑定，更利于 ...

5月7日，国新办召开新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。上银基金表示， 此次发布会在金融领域清晰传递了短期稳预期和长期调结构的政策逻辑。一方面通过流动性宽松对冲外 部不确定性，避免经济复苏"二次探底"。另一方面将资源向科创、绿色、消费等领域倾斜，房地产领域 托底意图明显。第三方面也为资本市场的稳定预期提供了更坚定的信心保障。上银基金认为，"一揽子 金融政策"兼具力度与精准度，为应对外部冲击和经济稳中求进奠定了坚实的基础。 ...

永赢基金表示，总体来看，本次"一行一局一会"的政策组合以"宽货币+稳信用+资本市场托底"为框架， 短期将通过释放流动性和压降融资成本缓解市场压力，而科技创新、设备更新等领域再贷款额度扩容有 望加速相关产业资本开支。不过，政策重心仍侧重于预期引导和风险缓释，财政政策增量工具落地节奏 以及需求侧刺激的力度，或成为市场预期差的主要来源。 招商基金表示，资本市场的相关政策体现在"稳"与"进"两个方面，分别对应4月政治局会议对资本市 场"持续稳定"和"活跃"的两个要求。如证监会主席所述，"全力支持中央汇金公司发挥好类'平准基金'作 用"，尤其是有央行作为后盾，当前市场的底部企稳的态势已基本确立，将进一步出台深化科创板、创 业板改革措施；而随着《推动公募基金高质量发展行动方案》的落地实施，公募基金将更加突出投资人 最佳利益导向，在激发市场活力，强化市场功能上的"进"也将进一步体现。金融监管总局表示，进一步 扩大保险资金长期投资试点范围，为市场引入更多增量资金。 【导读】公募基金解读一揽子金融政策 政策"大礼包"来了！ 5月7日上午，国新办举行新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、 中国证券监 ...

Policy Highlights - The People's Bank of China (PBOC) announced a 0.5% reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in long-term liquidity [1] - A targeted reserve requirement ratio cut to 0% for auto finance and financial leasing companies aims to enhance credit capacity in the automotive and equipment renewal sectors [1] - Policy interest rates were lowered by 0.1%, with the 7-day reverse repo rate decreasing from 1.5% to 1.4%, which is expected to drive down the Loan Prime Rate (LPR) [2] Financial Regulatory Measures - The Financial Regulatory Administration approved 6.7 trillion yuan in "white list" loans to support the construction and delivery of 16 million residential units [5] - A package of policies for small and micro enterprises was introduced, focusing on increasing credit supply, reducing costs, improving efficiency, and optimizing the environment [9] - Measures to stabilize the stock market include expanding insurance capital market participation with an additional 60 billion yuan for long-term investment [7] Capital Market Reforms - The China Securities Regulatory Commission (CSRC) is deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and support mergers and acquisitions [12] - A high-quality development action plan for public funds was released, emphasizing the binding of fund and investor interests [13] - The introduction of a risk response plan aims to enhance the resilience of A-share listed companies against external shocks [14] Market Outlook - The combination of monetary easing and structural optimization is expected to stabilize market expectations and support long-term economic transformation, potentially leading to a slow bull market in A-shares [15] - The introduction of 8,000 billion yuan in technology innovation re-loans is anticipated to lower financing costs for tech companies, making them a core growth point in the market [17] - The public fund reform plan emphasizes long-term investment behavior, which is expected to reduce short-term volatility and enhance investor trust [18]

5月7日，国务院新闻办公室举行发布会，"一行一局一会"齐聚再次释放了多个重磅利好信号，涵盖降息 降准，稳市场、稳预期、稳楼市，以及应对关税影响等多项具体举措。 此次发布会与以往相比有何不同？这些政策将如何影响A股市场？有业内人士认为，本次国新会信号积 极，A股有望延续4月上旬以来回稳态势，短期政策受益领域或有相对表现。 会议延续"预期管理"思路，更加重视资本市场 在此次新闻发布会上，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、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。 贝壳财经记者了解到，本次国新会推出包括降准降息、稳定市场以及支持消费、外贸、房地产、养老等 领域在内的一系列政策：包括央行推出三大类共十项措施；金融监管总局推出八项增量政策，稳楼市、 稳股市，支持外贸。证监会则表态"持续稳定和活跃资本市场"。 中信建投策略分析师夏凡捷认为，此次"一揽子金融政策"是贸易战和金融战背景下一次积极主动的政策 应对和预期引导，从释放流动性、纾困解难、稳定预期、支持科技等方面给予政策支持，有利于市场风 险偏好和流动性的进一步改善。 多部门合力推出政策组合拳，有利于应对全球 ...

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package to stabilize the market and manage expectations, which includes monetary policy adjustments and regulatory measures aimed at supporting economic growth and market stability [5][6][7]. Monetary Policy Measures - The People's Bank of China (PBOC) will reduce the reserve requirement ratio for financial institutions by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market, lowering the average reserve requirement ratio from 6.6% to 6.2% [5]. - The monetary policy aims for adequate liquidity, low financing costs, and a supportive overall monetary environment, with a focus on dynamic adjustments based on economic conditions [6]. Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including: 1. Accelerating the development of financing systems compatible with new real estate models. 2. Expanding the pilot scope for long-term investments by insurance funds. 3. Optimizing regulatory rules. 4. Implementing a comprehensive policy to support financing for small and private enterprises. 5. Developing policies to support the banking and insurance sectors in facilitating foreign trade. 6. Revising management measures for merger loans. 7. Expanding the establishment of financial asset investment companies to qualified national commercial banks. 8. Formulating opinions on the high-quality development of technology insurance [6]. Market Stability Efforts - The China Securities Regulatory Commission is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Company in stabilizing the market [6][7]. - A significant portion of A-share listed companies derive nearly 90% of their revenue from domestic markets, indicating strong resilience and adaptability amid economic fluctuations [7].

Policy Measures - On May 7, 2025, the central bank announced ten monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity[2] - The LPR (Loan Prime Rate) was reduced by 10 basis points, while the interest rate for first-time homebuyers on five-year loans decreased from 2.85% to 2.6%[4] - A targeted reserve requirement ratio of 0% was introduced for auto finance and financial leasing companies, marking a historical first in China[6] Structural Tools - The central bank introduced structural monetary tools with a total of at least 1.1 trillion yuan in low-cost loans, targeting sectors such as technology innovation and small enterprises[7] - The interest rates for various structural monetary tools were lowered by 25 basis points, including the re-lending rate for agricultural support, which decreased from 1.75% to 1.5%[4] - An additional 3,000 billion yuan was allocated for technology innovation and technical transformation re-lending, increasing the total from 5,000 billion yuan to 8,000 billion yuan[5] Market Impact - The central bank's proactive measures are expected to cushion "Chinese assets" against external shocks and uncertainties, with a focus on maintaining economic stability amid international trade tensions[8] - The anticipated fiscal stimulus is expected to further support market stability and growth, with a coordinated approach to monetary and fiscal policies[9] - The report expresses optimism for both equity and bond markets, citing regulatory support for asset prices and market expectations[9]

Group 1: Monetary Policy Adjustments - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio (RRR), injecting approximately 1 trillion yuan into the market, and a 0.1 percentage point decrease in policy interest rates, expected to lower the Loan Prime Rate (LPR) by the same margin [3][4] - The central bank's actions are seen as a clear signal of "appropriate easing" aimed at stabilizing growth and the market, especially in light of ongoing external tariff disputes affecting exports and the economy [3][4] - The current economic growth rate is reported at 5.4% year-on-year, indicating a recovery trend following policy interventions in the previous year [3] Group 2: Stock Market Support - The central bank and the Central Huijin Investment Ltd. are set to support the stock market by enhancing liquidity and providing backing for index fund purchases [5][6] - A total of 800 billion yuan has been allocated for two financial tools aimed at stabilizing the capital market, which will be utilized when the market is significantly undervalued [5][6] - The A-share market showed stability with the Shanghai Composite Index and the ChiNext Index rising by 0.8% and 0.51%, respectively, reflecting positive market sentiment following the announcement [6] Group 3: Real Estate Market Policies - The interest rate for personal housing provident fund loans has been reduced by 0.25 percentage points, with the new rate for first-time homebuyers set at 2.6% for loans over five years [8][9] - The new policies are expected to alleviate repayment pressures for homebuyers and stimulate housing consumption, contributing positively to market confidence [8][9] - The government is also working on optimizing financing systems related to real estate development, which is anticipated to improve funding conditions for enterprises [9][10] Group 4: Consumer Spending Initiatives - A new 500 billion yuan service consumption and pension re-loan program has been established to stimulate domestic demand, particularly in durable goods and service consumption [11] - The policy aims to create a positive cycle of stabilizing the real estate market, boosting consumption, and enhancing investment [11] - The central bank has also reduced reserve requirements for auto finance and leasing companies by 5 percentage points to further support consumer spending [11] Group 5: Support for Technological Innovation - An additional 300 billion yuan has been allocated for loans aimed at technological innovation and upgrades, bringing the total to 800 billion yuan [12][13] - The issuance of technology innovation bonds is being supported through various measures to enhance funding for innovative enterprises [13][14] - Multiple securities firms and tech companies are preparing to issue innovation bonds, indicating a proactive approach to funding in the sector [14]

5月7日上午，国务院新闻办公室举行新闻发布会，中国人民银行、国家金融监督管理总局、中国证券监 督管理委员会介绍"一揽子金融政策支持稳市场稳预期"有关情况。贝莱德首席中国经济学家宋宇认为， 政策调整对权益市场具有积极的推动作用，有效缓解了此前因外部环境变化等带来的市场压力。 ...