中金公司研报指出，本次"结构性降息"主要是结构性的，后续也并不意味着马上会有传统的"降息"。在 新闻发布会上，央行通常会一次性宣布总量性的降准降息和结构性货币政策的调整，比如去年5月。在 本次发布会上，央行主要是宣布了结构性货币政策工具的降息，并没有宣布传统的降准降息政策。与此 同时，央行在发布会上指出，"近期中国的物价水平已经出现积极变化，中国宏观政策的协调效应也在 不断强化"。结合这些信息来看，我们倾向于认为这次政策调整主要是结构性的，总量上则是保持了大 体宽松的基调。在信息发布之后，国债期货小幅走高后回落，我们计算的政策利率预期指数显示，目前 的降息预期大体平稳，对2026年全年降息预期在10bp左右。 ...

Group 1 - The recent monetary policy adjustment is characterized as a precise structural interest rate cut rather than a traditional comprehensive rate cut, aimed at reducing the cost for commercial banks to borrow from the central bank [2] - The central bank's funding will be directed towards specific sectors, particularly supporting private small and medium-sized enterprises with high R&D investment, indicating a focus on technology companies for future growth [2] - A reduction in the down payment for commercial real estate has been implemented, lowering it from 50% to 30%, which is a strategic move to alleviate inventory pressure in the commercial property sector [3][4] Group 2 - The inventory pressure in commercial real estate is significantly higher than in residential real estate, with the de-stocking cycle for commercial properties being 2-4 times longer than that of residential properties, especially in first-tier cities [3][4] - As of October 2025, the inventory of commercial properties in first-tier cities reached 31.49 million square meters, with an average sales volume of 458,000 square meters per year, resulting in a de-stocking cycle of 68.8 months (approximately 5.7 years) [4] - Shanghai faces the most severe situation with a commercial property inventory of 20.97 million square meters and a de-stocking cycle of 253.5 months (approximately 21 years) [5] Group 3 - The vacancy rate in second and third-tier cities is high, with some office buildings exceeding a 35% vacancy rate, indicating a challenging market environment [6] - The rental rates for commercial properties in key cities are declining, with a drop from 85.37% to 82.54% in occupancy rates and an average rental decrease of 11.9% [7] - The conditions for purchasing commercial real estate are stricter than for residential properties, but there is potential for investment in apartments, especially in major cities where rental yields can be attractive [9] Group 4 - Recent favorable policies in the real estate sector include tax exemptions for individuals who sell their homes and purchase new ones within a year, although this is a continuation of previous measures rather than a new initiative [10][12] - The central bank is expected to maintain a relatively loose monetary policy, with indications that the Loan Prime Rate (LPR) may be adjusted downwards in the near future, signaling a potential increase in liquidity in the market [14]