Group 1 - The report highlights a comprehensive set of financial policies aimed at stabilizing the market and expectations, introduced by the National Financial Administration [3][24][26] - The central bank is implementing targeted "leverage" measures to stabilize domestic demand, focusing on technology and consumption as key areas [5][23] - The report emphasizes the importance of supporting technological innovation and the revaluation of technology assets, indicating ongoing policy support for the tech sector [5][24] Group 2 - The report discusses the impact of Trump's first 100 days in office, noting that while tariffs have been a major focus, other areas such as immigration reform have seen more success [4][28] - It predicts a significant decline in GDP due to the effects of tariff policies, with consensus estimates showing a downward adjustment for the first quarter of 2025 [4][29] - The report suggests that upcoming midterm elections will shift focus towards manufacturing repatriation and large-scale tax cuts as key policy priorities [4][33] Group 3 - The report on AI investment opportunities indicates that major tech companies like Microsoft are experiencing significant growth in AI revenue, with a fivefold increase in token processing [9] - It highlights the increasing ROI from AI applications, particularly in advertising, with Meta's AI usage growing significantly [9] - The report suggests that Chinese AI companies are expected to see important investment opportunities with the release of new models, emphasizing the potential for growth in this sector [9][17] Group 4 - The report on TCL Technology outlines its dual leadership in semiconductor displays and photovoltaic silicon, with strong revenue growth projected for the coming years [38][39] - It notes that TCL's proactive cash-based share buyback strategy is expected to enhance earnings and solidify its market position [38][39] - The report anticipates that government subsidy policies will stimulate demand for large-screen TVs, benefiting TCL's sales and market share [39][43] Group 5 - The report on Huayi Brothers indicates a stable revenue growth trajectory, with a focus on expanding its film and television production capabilities [21] - It emphasizes the company's strategic initiatives to enhance its content library and distribution channels, aiming for increased market penetration [21] - The report projects a positive outlook for Huayi Brothers, driven by anticipated growth in the entertainment sector [21]

● 本报记者黄一灵黄灵灵杨洁 上交所持续推动科创债提质扩面，累计支持近300家产业企业发行科创债，发行规模过万亿元。深交所 方面，截至目前，深市科技创新固收产品发行规模超2200亿元，近年来落地多个典型发债项目。北交所 方面，2024年，北交所信用债市场开市以来，已推出包括科创债在内的10个专项品种债券。 5月7日，中国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告，对支持科创 债发行提出多项举措。随后，沪深北交易所同步配发《关于进一步支持发行科技创新债券服务新质生产 力的通知》，进一步提出细化支持措施。 具体来看，《通知》从扩大发行主体和募集资金使用范围、简化信息披露安排、完善配套支持机制等方 面提出若干条细化措施，聚焦支持新质生产力发展，核心是建立更加具有包容性的科创债融资制度安 排。中国证券报记者获悉，目前已有多家证券公司和科创企业响应，正在积极筹备科创债申报和发行， 近期有望迎来一大批科创债项目落地。 扩大科技金融服务覆盖面 在服务国家创新发展战略过程中，金融发挥了资源配置和风险分担的作用，而债券作为重要金融工具， 具有公开透明、期限长、条款灵活、资金来源稳定等优势，与科创领域的资 ...

其中，突破关键核心技术的科技型企业可以参照适用知名成熟发行人优化审核安排，提升科创债审核注 册效率，对不存在需重点关注的负面情形的，交易所审核时限原则上不超过10个工作日。另外，鼓励发 行人对发行方式、期限结构、利率确定和计算方式等方面进行创新。支持发行人设置预期收益质押担 保、知识产权质押担保、可转换为股权、票面利率与科创企业成长或募投项目收益挂钩、以募投项目收 益现金流为主要偿债来源等创新条款。 自2021年全市场率先推出科创债以来，上交所持续推动科创债提质扩面，累计支持近300家产业企业发 行科创债，发行规模过万亿元。截至目前，深市科技创新固收产品发行规模超2200亿元，有效激发创新 发展的活力与动力。 据悉，目前多家证券公司和相关企业积极响应，正在筹备科创债的申报和发行。与此同时，证券公司科 创债的相关配套支持措施也在研究中，近期将渐次落地。 为加快多层次债券市场发展，积极支持发行科技创新债券，服务新质生产力，更好发挥债券市场功能， 沪深北交易所昨日分别发布《关于进一步支持发行科技创新债券服务新质生产力的通知》，自发布之日 起施行。《通知》优化了相关规则，包括进一步拓宽发行主体和募集资金使用范围，简化 ...

"稳住楼市、股市对提振社会预期、畅通内需循环具有重要意义。"在5月7日举行的国务院新闻办新闻发 布会上，国家金融监管总局局长李云泽表示，4月25日中央政治局会议再次对稳定楼市和股市提出了明 确要求。金融监管总局坚决贯彻落实党中央、国务院部署要求，协同打好"组合拳"，积极做好相关工 作。对"助小微""保外贸""科技金融"等方面也均进一步健全制度及加大支持力度。 稳楼市："白名单"贷款增至6.7万亿元 谈及"稳楼市"方面，李云泽透露，将扎实推动城市房地产融资协调机制扩围增效，支持打赢保交房攻坚 战。他表示，目前，商业银行审批通过的"白名单"贷款增至6.7万亿元，支持了1600多万套住宅的建设 和交付，有力保障了广大购房人的合法权益，为房地产市场止跌回稳提供了重要支撑。 与此同时，房地产市场的积极变化在信贷数据上也有所体现。据李云泽透露，今年一季度，房地产贷款 余额增加7500多亿元，其中新增个人住房贷款创2022年以来单季最大增幅，住房租赁贷款同比增长 28%。最近一些来华的头部国际投资机构也认为中国房地产市场的投资价值正在逐步显现。 "下一步，我们将加快完善与房地产发展新模式相适配的系列融资制度，包括房地产开发 ...

新华财经北京5月7日电（记者翟卓刘玉龙） 为更好支持股权投资机构在"科技板"发行长期限的债券融 资，中国人民银行行长潘功胜5月7日在国新办新闻发布会上宣布，人民银行会同证监会创设了科技创新 债券风险分担工具。 同日，中国人民银行、证监会联合发布关于支持发行科技创新债券有关事宜的公告（下称"公告"），从 丰富科技创新债券产品体系和完善配套支持机制两方面提出13项具体举措，支持科技创新债券发行。随 后，沪深北交易所也发布了关于进一步支持发行科技创新债券服务新质生产力的通知（下称"通知"）， 对公告所提举措补充了实施细则。 有业内人士表示，公告及通知提出的各项支持政策是债券市场"科技板"的重要配套制度安排，既有利于 进一步拓宽科技型企业和股权投资机构的融资渠道，也有利于进一步激发市场活力和信心，从而带动更 多社会资本进入科技创新领域。 创新推出债市"科技板" 科技创新债券计划发行规模已超三千亿元 其实早在十四届全国人大三次会议经济主题记者会上，潘功胜就曾提到，创新推出债券市场"科技板"。 据潘功胜7日最新介绍，前期人民银行会同有关部门积极准备推出债市"科技板"，支持金融机构、科技 型企业、股权投资机构发行科技创新债 ...

Core Viewpoint - The People's Bank of China (PBOC) has announced a comprehensive set of monetary policy measures aimed at stabilizing the market and expectations, including a 0.5% reduction in the reserve requirement ratio (RRR) and various structural tools to support consumption and innovation [1][2]. Summary by Category Total Quantity Tools - The RRR has been lowered by 0.5%, releasing approximately 1 trillion yuan in long-term liquidity, reducing the average reserve requirement ratio from 6.6% to 6.2% [2]. - The decision to lower the RRR is intended to counteract government bond supply pressures and optimize the funding structure, while also reducing the cost of liabilities for commercial banks [2]. Total Price Tools - The 7-day reverse repurchase rate has been cut by 10 basis points to 1.40%, which is expected to lead to a similar reduction in the Loan Prime Rate (LPR) [3]. - The reduction in the reverse repurchase rate is anticipated to alleviate the pressure on commercial banks' interest margins and improve their cost of liabilities [3]. Structural Tools - The PBOC has expanded the quota for re-loans for technological innovation and transformation from 500 billion yuan to 800 billion yuan, enhancing support for hard technology sectors [5]. - A new 500 billion yuan re-loan for service consumption and elderly care has been established to boost financial support in these areas, aiming to stimulate consumer confidence and address shortages in elderly care facilities [6]. - The quota for re-loans supporting agriculture and small enterprises has been increased by 300 billion yuan, continuing the PBOC's long-term support for inclusive finance [6]. Capital Market Support Tools - The PBOC has merged two existing capital market support tools with a total quota of 800 billion yuan to enhance liquidity and stability in the capital market [7]. - The introduction of a risk-sharing mechanism for technology innovation bonds aims to bolster market confidence and facilitate the development of a technology-focused bond market [8].

Core Viewpoint - Chengdu Bank has demonstrated strong growth and stability, achieving significant increases in both assets and profits, while also expanding its deposit and loan portfolios, positioning itself as a leading city commercial bank in the western region of China [1][2][7]. Financial Performance - As of the end of last year, Chengdu Bank's total assets reached 1,250.1 billion yuan, an increase of 158.9 billion yuan, representing a growth rate of 14.56% [2][4]. - The bank's total deposits amounted to 885.9 billion yuan, up by 105.4 billion yuan, with a growth rate of 13.51% [2]. - Total loans reached 742.6 billion yuan, increasing by 116.8 billion yuan, with a growth rate of 18.67% [2]. - The bank's net profit for the reporting period was 128.6 billion yuan, reflecting a year-on-year increase of 11.9 billion yuan, or 10.17% [7]. Business Strategy - Chengdu Bank focuses on a strategy of "stable deposits and efficient assets," emphasizing "refined, digital, and large retail" transformation [2]. - The bank has developed three main business areas: government finance, entity business, and retail liabilities, which serve as its competitive advantages [2]. Loan and Deposit Breakdown - Company deposits stood at 405.5 billion yuan, growing by 3.79%, while personal deposits reached 438.4 billion yuan, with a significant growth of 23.79% [3]. - The bank's loan structure is robust, with corporate loans at 602.6 billion yuan, growing by 20.25%, and personal loans at 138.7 billion yuan, increasing by 12.46% [4]. Investment and Innovation - Chengdu Bank has been active in investment banking, achieving record-high credit bond underwriting and launching several innovative financial products [5][6]. - The bank has successfully issued the first asset-backed debt financing tool without external guarantees, reducing local enterprises' financing costs [6]. Shareholder Confidence - Major shareholders, including Chengdu Jiaozi Financial Holding Group, have increased their stakes in the bank, reflecting confidence in its future growth [11][12]. - The bank's board proposed a cash dividend of 8.91 yuan per 10 shares, totaling 3.776 billion yuan, which is 30.04% of the net profit attributable to shareholders [7]. Future Outlook - Chengdu Bank aims to enhance its strategic support for key industries and social welfare while adhering to the principles outlined in the "Five Major Financial Actions" [8][9][12].

Core Viewpoint - Industrial Bank has been approved to establish Xingyin Financial Asset Investment Co., becoming the first joint-stock bank to receive such a license after five state-owned banks [2][4]. Group 1: Approval and Establishment - The approval for the establishment was granted on May 6, with a requirement to complete the setup within six months under the supervision of the financial regulatory authority [4]. - The establishment of the AIC is part of a broader initiative to support qualified national commercial banks in setting up financial asset investment companies [2][4]. Group 2: Regulatory Support and Expansion - The regulatory authority has been actively promoting the establishment of AICs, with a focus on expanding direct equity investment trials [5]. - As of May 7, the signed intention amount for AIC equity investment trials has exceeded 380 billion yuan [5]. - The expansion of AICs is expected to enhance the professional alignment of equity investments with the funding needs of technological innovation, thereby addressing the challenges of indirect financing [5].

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 ...

证券研究报告 | 行业点评 以金融高质量发展应对外部不确定性 事件描述 5 月 7 日，国务院新闻办公室就"一揽子金融政策支持稳市场稳预期"有 关情况举行新闻发布会。 事件点评 "关税风暴"扰动全球金融市场，"稳市场稳预期"发布会彰显扭转困境 信心决心。海外形势不确定性加剧，国内经济新旧动能转换，金融高质量 发展成为破局之策。本次发布会显示出监管层对于稳市场稳预期的高度重 视。从政策力度来看，不仅将稳住楼市股市置于重要位置，而且增加科技 创新企业、小微企业等实体经济的政策支持力度；不仅包含数量型、价格 型、结构型货币政策，而且重点提及两项创新型货币政策工具；引入中长 期资金入市仍是投资端改革重点。本次发布会规格高、政策覆盖面广，彰 显出监管层对于扭转困境的信心决心。 多措并举稳住楼市股市。本次发布会"稳住股市楼市"置于重要位置，增 强资本市场内在稳定性、稳定资产价格的重要性提升。会议提出降息加快 出台与房地产发展新模式相适配的系列融资制度持续巩固房地产市场的 稳定态势。稳住股市方面，保险资金入市再度迎来政策利好：①进一步扩 大保险资金长期投资试点范围。②进一步调降保险公司股票投资风险因 子。此外，发布会强调全 ...