证 券 研 究 报 告 【策略快评】 金融口发布会引领走出黄金坑 ——一揽子金融政策点评 1、针对实体经济的支持：包括总量和结构两方面：①总量方面，降准 50BP， 降息 10BP。降息幅度较去年 10 月 25BP 更小，后续货币政策更多或呈现"小 步快跑"模式，随中美贸易形势变化和经济数据做出更高频的相机抉择。②结 构方面，中国央行在资金投向方面拥有更大的灵活性和指引性，当前更多倾向 于科技创新和扩内需，具体工具包括再贷款、科技创新债券风险分担工具等。 2、针对资本市场的支持：央行强调坚定支持汇金公司在必要时加大力度增持 股票市场指数基金，并向其提供充足的再贷款支持。中长线资金主要集中在保 险（扩大长期投资试点范围、调降股票投资风险因子）和公募资金（强化与投 资者利益绑定、明确长期考核权重），侧重于从结构上加强市场中长期稳定性。 大势观点：金融口发布会引领走出黄金坑。明确乐观，本次新闻发布会对市场 的定价将衔接第一步到第二步的切换，第一步国家队的流动性支持速度快体量 大，第二步转向更多针对实体经济的政策支持和经济基本面的修复。后续各部 委或密集召开新闻发布会，可能形成类似去年四季度 "一揽子"政策的加速 ...

Core Viewpoint - The Chinese government is implementing a series of financial policies to stabilize the market and support companies affected by tariff policies, enhancing regulatory flexibility in areas such as equity pledges and refinancing [2][5]. Group 1: Financial Policies Announced - The central bank announced ten policies, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [7]. - Additional measures include lowering policy rates by 0.1 percentage points and increasing the re-lending quota for technology innovation and technical transformation from 500 billion yuan to 800 billion yuan [7]. - The financial regulatory authority will introduce eight policies aimed at stabilizing the real estate market and supporting small and micro enterprises, including optimizing regulatory rules and expanding long-term investment by insurance funds [8]. Group 2: Market Reactions - Following the announcement of these policies, the A-share market opened significantly higher, with the Shanghai Composite Index rising by over 1% at the start [3]. - By midday, the Shanghai Composite Index closed at 3337 points, up 0.64%, with notable gains in sectors such as military, real estate, and banking [3]. - The Hong Kong market also showed positive movement, with the Hang Seng Index up 0.48% [4]. Group 3: Economic Resilience - The resilience of A-share listed companies is highlighted, with nearly 90% of their revenue coming from domestic sources, and a reported net profit growth of 3.6% in the first quarter [5]. - The central bank and regulatory authorities emphasize the importance of reliable economic development and macro policies to inject certainty into the market amid uncertainties [6].

21世纪经济报道 记者 崔文静 北京报道 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，证监会主席吴清参会并发言。 这是继2024年9月后，吴清再次与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共同参 加国新办新闻发布会。彼时发布会召开后，A股迎来一波大涨。 此次发布会上，吴清一席发言，为提振资本市场底气和信心，注入十足力量。 "前行路上有风有雨是常态，不管面临的是轻风细雨还是狂风暴雨，是风高浪急还是惊涛骇浪，我们都 完全有条件、有信心、有能力实现中国股市稳定健康发展。"吴清表示。 平准基金，是资本市场韧性的重要支撑。针对平准基金，中国人民银行行长潘功胜表态，将坚定支持汇 金公司在必要时实施对股票市场指数基金的增持，并向其提供充足的再贷款支持。这意味着，中央汇金 具备充足的"资金后盾"，股市平稳提升可期。 资本市场的稳步提升，离不开更多政策的支持。对此，吴清明确将逐步推出四方面政策，包括发布《推 动公募基金高质量发展行动方案》，修订《上市公司重大资产重组管理办法》和相关监管指引，出台深 化科创板、创业板改革政策措施，优化科技创新债券发行注册流程等。 与此同时，债券 ...

Group 1 - The core viewpoint emphasizes the commitment to stabilize and improve the capital market, with a focus on enhancing the role of the Central Huijin Investment Ltd. as a stabilizing fund [2][5][6] - The China Securities Regulatory Commission (CSRC) aims to maintain market stability while also invigorating market activity and functionality [4][5] - The CSRC plans to release an action plan for the high-quality development of public funds, which will better align the interests of fund managers and investors [6][7] Group 2 - The action plan will promote the entry of long-term capital into the market, encouraging listed companies to improve governance and performance [6] - The reform will focus on binding the interests of public funds with those of investors, optimizing fee structures based on performance, and ensuring that underperforming funds charge lower management fees [6][7] - The plan will establish clear performance benchmarks for each fund to prevent deviations from their stated investment objectives and enhance long-term returns [6][7]

5月7日，三大指数均涨超1%，多元金融、证券板块高开，东方财富涨超3%，苏州天脉、华泰证券等涨 幅靠前。相关ETF方面，证券ETF（159841）涨超1%，开盘15分钟，成交额超1亿元。 消息面上，今日上午9时，国新办将举行新闻发布会，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。 中国证监会主席吴清在参加国新办新闻发布会时表示，全力巩固市场维稳向好的势头，动态完善应对各 类外部风险攻击的工作预案，全力支持中央汇金公司发挥类平准基金作用。 与此同时，中国人民银行行长潘功胜在会上宣布，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。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头，这也让该指数拥有了科技属性。 证券ETF（159841）同时配置场外证券ETF联接基金（A：008590，C：008591）。 开源证券在5月6日研报中指出，"底线思维"指向政策宜"满"不宜"亏"，2025的关键词是"超常规"。政策 加码的可能方向 ...

沪指涨1.17%，深证成指涨1.35%，创业板指涨1.91%。多元金融、券商、脑机接口、房地产、保险、黑 色家电板块走高，贵金属板块飘绿。 沪指开盘涨1.17%，深证成指涨1.35%，创业板指涨1.91%。 （更新中） 09:40房地产板块盘初持续拉升 新华联、三湘印象、天保基建、世联行、华丽家族、渝开发纷纷触及涨停。 09:28吴清：全力支持中央汇金公司发挥好类平准基金作用 中国证监会主席吴清在新闻发布会上表示，全力巩固市场回稳向好势头。强化市场监测和风险综合研 判，动态完善应对各类外部冲击的工作预案，全力支持中央汇金公司发挥好类"平准基金"作用，配合中 国人民银行健全支持资本市场货币政策工具长效机制，更好发挥市场各参与方的内在稳市功能。 09:27 A股开盘丨沪指涨1.17% 券商股走强 人民币兑美元中间价报7.2005，调升3个基点。前一交易日中间价报7.2008。 09:14潘功胜：降低个人住房公积金贷款利率0.25个百分点 中国人民银行行长潘功胜在发布会上表示，降低个人住房公积金贷款利率0.25个百分点，5年期以上首 套房利率由2.85%降至2.6%，其他期限的利率同步调整。 09:13潘功胜：降低 ...

Core Viewpoint - Analysts generally expect a "strong start" for A-shares after the holiday, with a market structure characterized by "stable heavyweight indices and active technology growth" throughout May [1][2]. Group 1: Market Sentiment and Economic Factors - The easing of Sino-US trade tensions during the May Day holiday has boosted global risk appetite, leading to a rapid appreciation of the RMB and a significant rebound in Chinese equity assets [1][4]. - The global stock markets are gradually returning to pre-"equal tariffs" levels, indicating two potential scenarios: resolution through negotiations or continued fiscal expansion by major economies if negotiations fail [2][4]. - Analysts highlight that the market is currently in a policy observation phase, with a focus on domestic demand and the potential impact of US Federal Reserve policies and LPR dynamics [5]. Group 2: Sector Focus and Investment Opportunities - AI+ is expected to be a key investment theme in May, driven by high capital expenditure in the AI sector from overseas firms and significant advancements in domestic technology industries [1][3]. - Analysts are optimistic about technology stocks in the 5-6 month period, considering factors such as the resolution of negative first-quarter reports and ongoing progress in AI applications and computing power [2][4]. - The focus on themes such as military, self-sufficiency, and new consumption sectors is emphasized, with a particular interest in AI applications, computing power, and consumer goods [3][4].

Group 1: Central Huijin's Role and Holdings - As of December 31, 2024, Central Huijin's total ETF holdings reached CNY 1.05 trillion, an increase of approximately 80% from CNY 584.2 billion on June 30, 2024, and a staggering 744% increase from CNY 124.7 billion on December 31, 2023[20]. - The majority of Central Huijin's holdings are in broad-based index ETFs, with the CSI 300 ETF accounting for CNY 690.5 billion, representing 65.6% of its total holdings[7]. - Central Huijin's investment strategy has expanded to include industry-themed and style-based ETFs since the second half of 2024[7]. Group 2: Market Dynamics and Fund Flows - From April 7 to April 12, 2025, 213 companies in the Shenzhen market announced share buybacks, with 73 companies planning to repurchase between CNY 18.1 billion and CNY 32.8 billion[9]. - During the same period, 24 companies announced plans to increase their holdings, with intended amounts ranging from CNY 6.6 billion to CNY 9.4 billion[9]. - Southbound funds accounted for over 40% of the trading volume in Hong Kong stocks in 2025, indicating their significant pricing power in the market[14]. Group 3: Comparison with International Practices - Japan's ETF market, which began in the early 2000s, saw the Bank of Japan hold approximately JPY 37 trillion in ETFs by March 2023, making it the largest shareholder in the Japanese stock market[8]. - The operational model of Japan's stabilization fund serves as a reference for China's "similar stabilization fund" approach, particularly in terms of direct market intervention[8].

- The report does not contain any quantitative models or factors related to the requested topic[5][7][15]

NO.2券商资管最新规模出炉，基金经理股票仓位普遍抬升 2025年基金一季报近日披露完毕，券商资管旗下的最新公募管理规模及基金经理观点出炉。从机构管理 规模来看，截至2025年一季度末，有4家券商资管的公募基金管理规模超千亿元，东方红资产管理（即 东证资管）、华泰证券资管、中银证券位居前三。整体来看，多位券商资管的权益类基金经理在一季度 产品净值取得正增长，基金经理的股票仓位普遍提升。展望后市，基金经理普遍保持乐观。有基金经理 表示，今年很可能是AI（人工智能）应用兴起元年，人们常担心宏观问题，而忽略了科技进步带来的 影响。 点评：券商资管最新规模显示，多家券商资管公募基金管理规模超千亿，基金经理股票仓位普遍提升。 这表明市场信心增强，对股市整体有积极影响。AI应用被视为新兴增长点，科技板块或将受益。基金 经理的乐观态度可能带动更多资金流入股市，推动相关行业板块活跃。 ｜2025年4月24日 星期四｜ NO.1国泰海通证券副总裁谢乐斌履新海富通基金董事长 国泰海通证券"官宣"完成合并后，旗下子公司的人事调整正逐步落地。4月23日，海富通基金公告称， 路颖因工作调整离任董事长，国泰海通证券副总裁谢乐斌兼任公司董 ...