Group 1 - David Perdue was confirmed as the U.S. Ambassador to China by the Senate with a vote of 67 in favor and 29 against [2] - Perdue has a long career in management and international trade, having served as CEO of Dollar General and Reebok, and held executive positions at Sara Lee [1] - His nomination was announced by President Trump, who emphasized Perdue's role in maintaining peace in the region and fostering productive relations with China [2]

5月7日，受政策面提振，A股三大股指全线高开，此后高位震荡。截至收盘，上证指数报3342.67点，涨 0.80%；深证成指报10104.13点，涨0.22%；创业板指报1996.51点，涨0.51%。沪深两市合计成交14683 亿元，较前一日放量1321亿元。 金融与房地产板块5月7日携手走强，成为带动股指上涨的主要力量。以申万行业划分，银行指数5月7日 上涨1.49%，房地产指数上涨1.06%。 复盘历次央行降准操作，降准后A股短期有较大概率走强。在最近21次全面降准生效后的5个交易日， 有12次上证指数录得上涨。最近一次降准发生在2024年9月27日，当天沪指跳空上涨2.88%，降准后5日 累计上涨超过10%。从板块表现看，历次降准后，银行、非银金融、地产等行业短期上涨较为明显，家 电、建材等地产链相关行业也往往有所表现。 东吴证券首席经济学家芦哲表示，"一行一局一会"出台了全面、清晰、务实的一揽子金融支持政策，以 稳市场稳预期为目标，释放出强烈的宏观调控信号。当前，短期资本市场资金较为充足，一揽子政策有 望进一步提升市场对新增流动性的预期，实现稳定资本市场的目标。中长期来看，总量政策调控和结构 性的精准 ...

中国人民银行行长潘功胜5月7日上午在国新办新闻发布会上宣布了三大类共十项措施。随后，包括降 准、降息、新设立结构性货币政策工具等在内的多项政策火速落地。其中，降准将自5月15日起执行， 降息自5月8日起实施。 业内专家表示，此次推出的一揽子货币政策措施，超预期、力度大、工具组合多。降准方面，既针对大 中型银行，也阶段性调降汽车金融公司、金融租赁公司存款准备金率；降息方面，不仅下调政策利率， 还下调了住房公积金贷款利率，并首次全面下调结构性货币政策工具利率。相关政策是积极贯彻落实中 央政治局会议要求的体现，充分彰显了适度宽松的货币政策立场，也是支持稳就业、稳企业、稳市场、 稳预期的有力举措。 据悉，此次调整范围涵盖新发放和存量住房公积金贷款。调整后，新发放的住房公积金贷款将执行新的 利率，存量住房公积金贷款利率将在2026年1月1日起下调。 降准将有效满足 长期流动性资金需求 "此次降准分为两部分。"业内专家表示：一部分是针对大型银行和中型银行降准0.5个百分点，可向市 场提供长期流动性超1万亿元；另一部分是完善汽车金融公司、金融租赁公司存款准备金制度，阶段性 将其存款准备金率从目前的5%调降至0%。 降准可有 ...

责编： 刘珺宇 校对：冉燕青 百万用户都在看 重磅利好！央行，"十箭"齐发！ 央行官宣！下周四，降准！ 集体大涨！两大利好，重磅来袭！ 吴清，最新发声！ 美国、以色列，发动大规模空袭！伊朗传出大消息 美国六大州，突然出手！贝森特发声，涉及对华关税 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据日本广播协会(NHK)报道，当地时间7日19时许，日本东京地铁南北线的东大前站发生持刀袭击事件。 据报道，袭击事件发生在车站站台，一名男子持刀在站台挥向路人，一名女子头部和颈部多处被刺伤，随后被 紧急送医。 东京警视厅通报称，嫌疑人已被逮捕，警方正在对其身份以及作案动机进行调查。 来源：中国新闻网 ...

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]

1、三部委会议，支撑力有多大? 2、中美关税谈判启动，可以乐观了吗？ 如有疑问请以音频内容为准，添加妙妙子微信huxiuvip302，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 本篇评级为★★★，主要围绕以下内容展开： 今天早晨9点开会，被大家万众期待，公布出了哪些重磅级消息呢？市场到底会怎样去消化？有没有对 市场拉动的延续性呢？我们一起来分析一下。 这个会议在今天早晨9点开，网友把它戏称为央行"十全大补丸"，提到了十个政策来支持目前的经济和 金融恢复。 在这些政策里，被大家注意到最多的就是降准和降息。降准这件事其实是意料之中的，之前一直在提， 这次降了0.5%。而降息是市场没有太多人预计到的，这次虽然只降了0.1%，但在银行面临这么大利差 压力的情况下，这其实是一种诚意的表现，也成了这次政策中的一个亮点。 不过，我们之前也聊到过，货币政策，不管是降准还是降息，对于股票市场、对于资本市场来说，一般 不会觉得它的药效太大。它的药效一般比较小，而且也比较短，属于短期性的政策。过去这几年，市场 上有非常出色表现机会的时候，一般并不是因为降准或者是降息所引发的。所以这 ...

Group 1 - The central bank has introduced 10 policies, while the financial regulatory bureau will launch 8 incremental policies, and the securities regulatory commission has announced four significant measures to promote long-term capital into the market [1][10] - A reserve requirement ratio (RRR) cut of 0.5 percentage points will provide 1 trillion yuan in liquidity [1] - The RRR for auto finance companies and financial leasing companies will be reduced from 5% to 0% [2] Group 2 - The 7-day OMO rate has been lowered by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [3] - Structural monetary policy tool rates have been cut by 0.25 percentage points, and the personal housing provident fund loan rate has also been reduced by 0.25 percentage points [4] Group 3 - The quota for re-lending for technological innovation and technological transformation has been expanded from 500 billion yuan to 800 billion yuan [5] - A new 500 billion yuan re-lending facility for service consumption and elderly care has been established [6] - The re-lending quota for supporting agriculture and small enterprises has been increased by 300 billion yuan [7] Group 4 - The total quota for securities, funds, and insurance companies' swap convenience and stock repurchase increase re-lending has been merged to 800 billion yuan [7] - A risk-sharing tool for technological innovation bonds has been created [8] - The pilot scope for long-term investment by insurance funds will be further expanded, with an additional 60 billion yuan planned for approval [9] Group 5 - The policies announced are mostly in line with or slightly exceed expectations, as mentioned in the April Politburo meeting [10] - Despite the positive policies, the A-share market experienced a high open but low close, with the Shanghai Composite Index rising by 0.80% [11] Group 6 - The market's high open and low close can be attributed to three main reasons: policies meeting or slightly exceeding expectations, a different market environment compared to September 2024, and the current index level being higher than in September 2023 [12] - The Shanghai Composite Index shows a divergence in technical patterns, indicating potential upward movement if certain conditions are met [13] Group 7 - The military-related sectors, such as aerospace and shipbuilding, are leading the market, with a noted low allocation of active funds in these sectors during Q1 [15] - The military industry is expected to be resilient against "reciprocal tariffs" and is projected to see continued growth amid uncertain international conditions [15] Group 8 - The banking, insurance, oil, and large-cap stocks have performed well due to policy benefits [18] - The focus should be on blue-chip stocks if the island reversal pattern is confirmed, or on technology stocks if the market does not correct [18]

Core Points - The central theme of the news is the recent monetary policy adjustments by the central bank, including a reserve requirement ratio (RRR) cut, interest rate reduction, and a decrease in housing provident fund loan rates aimed at stimulating economic growth and easing market liquidity pressures [1] Monetary Policy Adjustments - RRR cut of 0.5% effective from May 15, 2025, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1] - Interest rate reduction of 0.1% on the 7-day reverse repurchase operations, lowering the rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the loan market quotation rate (LPR) [1] - Reduction of 0.25 percentage points in the housing provident fund loan rate for first-time homebuyers, with the 5-year and above rate dropping from 2.85% to 2.6% [1] Market Reactions - Following the RRR announcement, the 10-year government bond yield initially dropped but then experienced fluctuations, indicating market volatility and mixed reactions to the policy changes [1][3] - As of 11:30 AM, short-term interest rates on government bonds rose while long-term rates fell, with the 10-year government bond yield reaching 1.64% [3] Economic and Market Outlook - The bond market is influenced by both policy adjustments and economic data, with potential for increased volatility due to prior market expectations being overly optimistic [8] - Long-term pressures on the bond market are anticipated, with a need for balanced investment strategies between stocks and bonds [8][9] - In the credit bond sector, there is potential value in mid-to-high-grade urban investment bonds and perpetual bonds from commercial banks, but attention to credit risk is essential [10]

[Table_Tag] [Table_Summary] 事件 ◼ 2025 年 5 月 7 日，在国新办举行的"一揽子金融政策支持稳市场稳预 期"新闻发布会上，央行行长潘功胜宣布三大类共十项货币政策措施， 其中总量型政策包括降低存款准备金率 0.5 个百分点，以及下调政策利 率 0.1 个百分点。 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券研究报告·固定收益·固收点评 固收点评 20250507 双降之后，债券市场怎么走？ 2025 年 05 月 07 日 证券分析师 徐沐阳 执业证书：S0600523060003 xumy@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20250428- 20250502）》 2025-05-05 《二级资本债周度数据跟踪 （20250438-20250502）》 2025-05-05 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 降准是货币与财政配合的重要手段：降准为银行提供了无期限的零成本 的资金，降准 50bp 可以为金融市场提供约 1 万亿元的流 ...

Group 1 - The People's Bank of China (PBOC) has injected approximately 2.1 trillion RMB into the market through a reserve requirement ratio (RRR) cut and expanded various relending tools [1][2] - A 10 basis point cut in policy interest rates aligns with expectations, and the bank has incorporated a 30 basis point reduction in the 2025 Loan Prime Rate (LPR) into its profit forecasts [1][2] - The reduction in relending/PSL facility rates by 25 basis points will lower banks' funding costs, although banks may pass on these benefits selectively to certain borrowers, such as qualified tech companies and SMEs [1][2] Group 2 - The National Financial Regulatory Administration and the China Securities Regulatory Commission (CSRC) have emphasized increasing long-term capital investment in the stock market [3] - The regulatory bodies plan to relax solvency requirements for insurance companies to encourage more asset allocation to the stock market [3] - Measures to support SMEs, particularly those affected by tariffs, include increased liquidity support and tailored strategies from banks to avoid collective loan withdrawals [3] Group 3 - The growth rate of high-end technology loans is nearly three times the average loan growth rate, with technology insurance covering over 2 trillion RMB [3] - Future plans include optimizing credit support, enhancing insurance protection, and expanding equity investments in the technology sector to further support its development [3]