Group 1 - Steady increase in residents' income is crucial for activating consumption and driving economic growth, as well as ensuring shared development and achieving common prosperity [1] - To steadily increase residents' income, it is essential to stabilize employment and broaden income channels, particularly by increasing property income [1] - Stabilizing the capital market and promoting long-term investments are necessary to enhance capital market returns [1] Group 2 - Promoting a stable and healthy development of the real estate market is key, as it constitutes the largest portion of residents' assets [1] - A stable real estate market can release wealth effects and better stimulate consumption [1] - Attention should also be given to low- and middle-income groups, with a focus on strengthening social security [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View Today, influenced by information such as articles on continuously stabilizing and activating the capital market and the public - fund reform plan, the non - banking and banking sectors rose significantly, driving the broad - market index futures to rise notably. However, among all A - shares, the number of rising stocks was less than that of falling stocks, showing an obvious structural market. Since April, the effects of stabilizing the stock market and capital support have been remarkable. In the short term, even if the stock index retraces, the downside space is limited. But it's difficult to drive the central level of the stock index to rise continuously with only emotional support, and the short - term upside space is also expected to be limited. Taking the CSI 300 index as an example, around 3955 is the first resistance level, which was not broken today. Although the trading volume increased, it was relatively limited, and the volatile market may continue. It is recommended to mainly adopt a wait - and - see approach in the short term [6]. 3. Summary According to Related Catalogs Market Review Today, the stock index generally rose. Taking the CSI 300 index as an example, it closed up 1.21%. In terms of capital, the trading volume of the two markets increased by 2.0252 billion yuan. In the index - futures market, all varieties rose with increased volume [4]. Important Information 1. Seven departments including the Ministry of Science and Technology issued "Several Policy Measures for Accelerating the Construction of a Science - and - Technology Finance System to Strongly Support High - level Scientific and Technological Self - Reliance" [5]. 2. Starting from 12:01 on May 14th, China implemented adjusted measures for imposing additional tariffs on imported goods originating from the United States [5]. Strategy Recommendation It is recommended to mainly adopt a wait - and - see approach [7]. Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday percentage change (%) | 1.45 | 1.85 | 0.77 | 0.77 | | Trading volume (10,000 lots) | 13.9424 | 7.6237 | 13.0413 | 29.149 | | Trading volume change compared to the previous period (10,000 lots) | 5.6184 | 3.915 | 3.7433 | 8.0442 | | Open interest (10,000 lots) | 27.3673 | 10.1251 | 22.2531 | 35.0101 | | Open interest change compared to the previous period (10,000 lots) | 2.5069 | 1.878 | 1.5835 | 2.8068 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index percentage change (%) | 0.86 | | | Shenzhen Component Index percentage change (%) | 0.64 | | | Ratio of rising to falling stocks | 0.82 | | | Trading volume of the two markets (100 million yuan) | 13167.27 | | | Trading volume change compared to the previous period (100 million yuan) | 252.02 | [8]

Core Viewpoint - The press conference held by the State Council Information Office reflects the policy goal of stabilizing the capital market, which is beneficial for maintaining short-term risk appetite and overall activity in the A-share market, particularly favoring opportunities in the technology sector [1]. Group 1: Financial Policy and Market Stability - The introduction of a package of financial policies aims to support market stability and expectations [1]. - The timing of the press conference indicates a proactive approach to stabilize the capital market [1]. Group 2: Sector Analysis - According to the first quarter reports, both the consumer and technology sectors show strengthened expectations for growth [1]. - In April, structural opportunities within the consumer industry were highlighted, while the technology sector continues to experience a phase of adjustment [1]. - The consumer sector currently exhibits a relatively high profit effect, whereas the technology sector is at a relatively low level [1].

Group 1: Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies to support the stability and activity of the capital market [1] - Specific measures will be implemented to stabilize the real estate market, including improving financing systems for real estate development, personal housing, and urban renewal [1] - Financial institutions will be guided to maintain stable real estate financing to meet rigid and improved housing demands, with a focus on high-quality housing [1] Group 2: Support for Small and Private Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, focusing on increasing supply, reducing costs, improving efficiency, and optimizing the environment [2] - In response to external shocks, policies will be developed to support foreign trade development, including enhancing financial assistance and stabilizing exports [2] Group 3: Support for Technological Innovation - The regulatory body will deepen existing pilot programs and expand new models to establish a financial system that supports technological innovation [3] - Credit services will be optimized, including the establishment of specialized credit support mechanisms for technology innovation and revising merger loan management methods [3] - Insurance support will be enhanced for technological innovation, including the development of high-quality technology insurance and promoting insurance products for emerging fields [3] Group 4: Establishment of Financial Asset Investment Company - Approval has been granted for the establishment of Xingyin Financial Asset Investment Company by Industrial Bank, with a six-month timeline for completion [4] - The regulatory body emphasizes the need for responsibility and urgency in implementing policies to ensure economic recovery [4]

宏观经济 | 证券研究报告 — 总量点评 2025 年 5 月 7 日 稳市场稳预期发布会点评 金融助力稳经济 5 月 7 日，国务院新闻办公室上午 9 时举行新闻发布会。除了落地降准降息 之外，我们认为货币政策宽松主要目标是稳定我国二季度经济向好的趋势， 政策的主要发力方向是促消费、助力科创企业发展和稳定资本市场。 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 本次金融政策调整力度大、范围广。我们认为金融政策调整可以从三个 层面理解：一是适度宽松的货币政策如期落地，包括降准 0.5 个百分点、 下调政策利率 0.1 个百分点，以及下调结构型货币政策工具利率 0.25 个 百分点，预计本次宽松将向市场提供长期流动性 1 万亿元，同时带动 LPR 同步下行约 0.1 个百分点，有助于改善金融机构和资本市场流动性；二是 稳定金融市场，包括加大长期资金流入和优化资本 ...

Group 1: Real Estate Market - In Q1 2023, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [1][3] - The financial regulatory authority is implementing a series of financing systems to support the stability of the real estate market, including managing loans for real estate development, personal housing, and urban renewal [3][4] - The "white list" loans approved by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units, which is crucial for stabilizing the real estate market [3] Group 2: Capital Market Stability - The financial regulatory authority plans to expand the pilot scope for long-term investment of insurance funds, injecting more incremental capital into the market [1][2] - Adjustments to regulatory rules will lower the risk factors for stock investments by insurance companies by 10%, encouraging greater market participation [1][2] - Recent international investment institutions have recognized the investment value of the Chinese real estate market, indicating a positive shift in market sentiment [3] Group 3: Policy Measures and Support - The financial regulatory authority will introduce a package of policies to support financing for small and private enterprises, enhancing the financing coordination mechanism [2] - New policies will be developed to support foreign trade development, providing targeted services to businesses affected by tariffs [2][4] - The authority aims to revise and implement management measures for merger loans to facilitate industrial transformation and upgrading [2]

华夏时报（www.chinatimes.net.cn）记者 王兆寰 北京报道 2025年4月底，当沪指在3300点上下持续小幅震荡之际，政治局会议再次给出了最新定调：持续稳定和活跃资本市 场。 多位专业人士在接受《华夏时报》记者采访时表示，这是继2023年7月政治局会议"要活跃资本市场，提振投资者 信心"后，又一次将资本市场放在了前所未有的高度。资本市场不仅要保持稳定，更要具有活力和吸引力，要开启 中国特有的"慢牛""长牛"行情，真正把股市变成居民财富增值保值的蓄水池，切实提高居民财产性收入。 华西证券最新报告显示，此前中央汇金公司首次明确自身资本市场"国家队"和"类平准基金"的定位，并自4月以来 持续大力增持ETF。本次会议提"稳定股市"，表明后续若外部因素再次对股市产生冲击，"国家队"有望再次入市 稳定股市。 同时，"活跃股市"意味着后续增量政策在"引导中长期资金入市、推进公募基金改革、保护中小投资者等"方面有 望加快落地。 稳中求进 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议指出，要持续用力防范化解重点领域 风险；加快构建房地产发展新模式，加大高品质住房供给，优化存量商品房收 ...

■安宁 "持续稳定和活跃资本市场"是4月25日召开的中共中央政治局会议对资本市场的最新表述，也是对资本 市场工作的新要求，意味着在持续稳市的基础上，未来需要进一步活跃市场。"稳定"和"活跃"将成为市 场中的两个关键词。 "稳"是底色，是资本市场健康发展的前提和基础。 资本市场作为经济的"晴雨表"，其稳定发展既是防范金融风险的底线要求，也是激活经济动能、实现高 质量发展的重要抓手。 去年以来，中央多次提出要稳住股市。比如，去年12月份召开的中央经济工作会议以及今年的《政府工 作报告》都对股市作出非常明确的部署。另外，中国证监会在2025年系统工作会议上提出的第一项任务 就是"坚持稳字当头，全力形成并巩固市场回稳向好势头"。 今年4月份以来，全球金融市场受外部因素冲击出现了大幅波动。为应对市场波动，我国多部门密集部 署，类"平准基金"发力，央企增持，机构、上市公司等积极行动，各方共同维护了A股市场的稳定。 只有在稳定的基础上，资本市场才能健康发展。今天的中国资本市场已成为全球最具活力的市场之一， 股票、债券市场规模已经居于全球第二位，商品期货交易额连续多年位居世界前列，这些都构成了中国 资本市场应对冲击的坚固底盘 ...