"中国人民银行将统筹金融开放与安全，探索拓展央行宏观审慎和金融稳定的功能，坚定维护中国的汇 市、债市、股市等金融市场平稳运行。"5月7日，中国人民银行行长潘功胜在国新办举行的新闻发布会 上表示，中国人民银行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，坚决维护资本市场平稳运行。 潘功胜表示，为贯彻中共中央政治局会议精神，进一步实施好适度宽松的货币政策，人民银行将加大宏 观调控强度，推出一揽子货币政策措施，主要有三大类（数量型政策，价格型政策，结构型政策）共十 项措施。 第一，降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。 第二，完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的5%调降 为0%。 记者统计发现，截至5月7日18时，央行已在同日连发8条公告，包括下调政策利率、下调金融机构存款 准备金率、合并两项资本市场支持工具额度、下调个人住房公积金贷款利率、下调再贷款利率、增加支 农支小再贷款额度3000亿元、增加科技创新和技术改造再贷款额度3000亿元等内容，以及央行、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 ...

Group 1 - The core viewpoint is that China's economy is continuously recovering, and the bull market pattern remains unchanged despite global uncertainties [1][8] - Geopolitical uncertainties are making the global economy more fragile, but in the medium to long term, capital is expected to flow back to non-US economies, benefiting global economic and financial system rebalancing [8][24] - China's stock market is expected to return to a normal valuation repair process, with a mid-term bull market pattern still intact [14][9] Group 2 - Current economic recovery in China is supported by a complete industrial system, a large domestic market, rich human capital, and enhanced technological innovation capabilities [10] - The Chinese economy is projected to achieve a growth target of around 5% due to positive fiscal policies and a moderately loose monetary environment [10][11] - The RMB is expected to remain stable in the medium to long term, supported by a high trade surplus and inflow of overseas capital into Chinese markets [12][10] Group 3 - The US economy is facing a negative cycle driven by policy uncertainty, with GDP showing negative growth in Q1, indicating that tariff disruptions are beginning to drag on economic growth [18][16] - The Federal Reserve is expected to start cutting interest rates as early as June, with a total of 3 to 4 cuts anticipated throughout the year [18][19] - The trend of "de-dollarization" is emerging, with a reassessment of the dollar's dominance in the global financial system due to rising policy uncertainties and fiscal deficits [20][25] Group 4 - The trend of "sell America, buy Asia" is likely to continue, as capital flows out of US assets into Asian markets, which are perceived as having lower valuations and more stable policies [24][26] - The impact of tariff policies on the economy will gradually manifest in macro data over the next 1 to 2 months, prompting investors to adopt defensive strategies [27][11] - Investors are advised to increase allocations to European investment-grade bonds and stocks, as well as low-risk bonds in Asian markets, while considering higher allocations to gold [27][11]

01 重要事件回顾 (5.5-5.11) 1、5月7日国务院新闻办公室举行的发布会上，中国人民银行行长潘功胜宣布，央行降 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。 2、当地时间5月7日，美联储委员会结束为期两天的货币政策会议，宣布将联邦基金利 率目标区间维持在4.25%至4.5%之间不变。鲍威尔表示，通胀的影响可能是短暂的，但 也可能会"更加持久"。面对这种不确定性，鲍威尔表示"等待和进一步观察的成本相当 低"。 报告正文共计2932字 链接报告 阅读全文（长按上方二维码） 您也可点击下方"阅读原文"查看报告全文，更多高质量研究成果等你发现！ (5.25-5.11) 债市小幅上涨 本周央行通过逆回购净投放资金1586亿元，维护流动性宽松。5月8日开展的7天期逆回购利 率维持在1.40%，推动货币市场利率显著下行，市场流动性保持充裕。5月7日央行宣布降准 0.5个百分点（释放约1万亿元流动性）和降息10BP（逆回购利率从1.5%降至1.4%），受 此消息提振，本周债市整体小幅上涨。 A股显著反弹 5月7日央行降准0.5个百分点并下调逆回购利率，释放流动性，叠加 ... 0 ...

Core Viewpoint - The article discusses the dynamics of market sentiment and interest rates, emphasizing the impact of external events on investment behavior and market fluctuations. Group 1: Market Dynamics - When market conditions are favorable, investors tend to be greedy, hoping for further gains, but during market corrections, they may panic and exit positions to secure profits [1] - The recent April import and export data exceeded expectations, contributing to cautious market sentiment amid U.S.-China trade discussions and a meeting in Switzerland [2][6] - The central bank's decision to resume government bond trading operations is seen as a potential factor influencing interest rates [6] Group 2: Interest Rate Movements - The central bank conducted a 770 billion yuan reverse repurchase operation, resulting in a net injection of liquidity into the market [3] - The funding environment remains balanced and loose, with the DR001 rate dropping below 1.5% to 1.49% and DR007 decreasing to 1.54% [4] - The weighted average rates for various repo codes showed a decline, with R001 at 1.52% (down 5 basis points) and R007 at 1.58% (down 7 basis points) [5]

Monetary Policy and Economic Measures - The central bank announced a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [2] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar drop in the Loan Prime Rate (LPR) [2] - The measures aim to stabilize market expectations and support the development of the real economy, with the Shanghai Composite Index rising by 0.8% to 3342.67 points on the announcement day [2][3] Public Fund Industry Reform - The China Securities Regulatory Commission (CSRC) introduced an action plan to promote high-quality development in public funds, shifting focus from "scale" to "returns" [4] - Key changes include linking management fees to fund performance, with lower fees for underperforming funds and potential increases for those exceeding benchmarks [4][5] - As of the end of April, public funds managed 32.5 trillion yuan, with over 50% of pension assets under management [4][5] Trade and Export Performance - In April, China's exports grew by 9.3% year-on-year, while imports turned positive with a 0.8% increase [9] - The total value of goods trade for the first four months reached 14.14 trillion yuan, a 2.4% increase compared to the previous year [9] - Exports to the U.S. saw a significant decline of 21.0%, while exports to ASEAN countries increased by 20.8% [9] Automotive Industry Standards - The Ministry of Industry and Information Technology is seeking public input on new safety standards for automotive door handles, focusing on emergency access and safety in accidents [10] - The proposed standards aim to enhance the safety and visibility of hidden door handles, addressing concerns raised by recent traffic incidents [10][11] Private Sector Investment - The National Development and Reform Commission plans to launch approximately 3 trillion yuan in quality projects this year, encouraging private sector participation in major infrastructure projects [13] - The initiative aims to leverage the flexibility and innovation of private enterprises to enhance project execution and create jobs [13] Stock Market and Corporate Actions - Geely Automobile announced plans to acquire all shares of Zeekr Intelligent Technology, leading to its delisting from the NYSE and a focus on consolidating its automotive business [18] - This move reflects Geely's strategy to enhance its competitiveness in the smart electric vehicle sector amid increasing market pressures [18]

当下，美国正深陷"关税—通胀—衰退"三角困局。在这个历史 转折点上，中国打出的这张牌可谓中美博弈下的政策组合拳 ——它是一次有力度的"宽信用+对冲风险"组合。 作者：欧阳晓红 封图：图虫创意 非常时期非常政策。 当美联储主席鲍威尔在华盛顿反复强调"需要更多数据"，而人民币汇率在"五一"假期表现出足够 的底气时，中国央行率先出手，宣布"双降"（降准与降息），宽松政策先于美联储落地。 5月7日，国务院新闻办公室举行新闻发布会，中国人民银行、国家金融监督管理总局（下称"金融 监管总局"）、中国证券监督管理委员会三大金融管理部门联合发布"一揽子金融政策支持稳市场稳 预期"的措施。 中国人民银行宣布，下调政策操作利率10个基点，下调再贷款利率0.25个百分点，下调个人住房公 积金贷款利率0.25个百分点，将科技创新与技术改造再贷款额度从5000亿元提升至8000亿元，设 立5000亿元"服务消费与养老再贷款"等10项增量政策。 这10项政策可归为三大类：一是数量型政策，通过降准等措施，直接增加流动性供应，降低存款 准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元；二是价格型政策，7天期逆回购 利率下调10个 ...

Group 1 - A comprehensive set of financial policies has been introduced to stabilize the market and expectations, including interest rate cuts and reserve requirement ratio reductions [1][3][5] - The People's Bank of China (PBOC) announced a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in liquidity to support credit and investment [5][10][15] - The policies aim to address external uncertainties and pressures on economic growth, with a focus on maintaining high-quality development [3][19][25] Group 2 - Price-based policies include a 0.25 percentage point reduction in personal housing provident fund loan rates, potentially saving borrowers around 20 billion yuan in interest payments annually [10][12][15] - Structural policies target specific sectors, with 5,000 billion yuan allocated for service consumption and elderly care loans, aimed at enhancing service quality and boosting employment [15][20][25] - The financial measures are part of a broader strategy to ensure macroeconomic stability and support small and private enterprises, with additional policies expected to be rolled out [24][25] Group 3 - The recent financial reforms also include significant changes to public fund management, focusing on aligning fund managers' performance with investor returns [22] - The government emphasizes the importance of maintaining strategic focus and effectively responding to external challenges through coordinated fiscal, monetary, and industrial policies [19][25] - The overall goal is to inject strong momentum into economic development while addressing market pain points and uncertainties [25]

今年4月以来，美国特朗普政府所谓"对等关税"政策搅动世界经贸体系，全球金融市场随之陷入剧烈波动中，美国本土市场首当其冲。 21世纪经济报道记者注意到，4月份，美国金融市场多次出现股债汇"三线齐跌"的现象。Wind数据显示，美股标普500指数当月下跌0.7625%，道琼斯工业指 数当月下跌3.1722%；美债则遭遇"抛长买短"，两年期美债收益率从月初的3.87%一度下降至3.6%，十年期美债收益率从月初的4.17%迅速拉升，最高达到 4.48%。 汇市方面，美元指数4月开盘104.179，收盘99.646，录得4.36%的跌幅，其间最低触达97.910。而在此之前，美元指数已长期维持在105以上的高位，且于今 年1月10日以109.6567创2023年以来的最高值。最新数据显示，截至记者发稿，美元指数徘徊在100.41附近。 中国社会科学院亚太与全球战略研究院副研究员肖宇在接受记者采访时指出，4月份美国金融市场股债汇三杀在其历史上屈指可数。"即使是在2008年次贷危 机期间，流动性短缺导致美三大股指大幅回撤，但债市和汇市涨跌互现，也未形成单边一致性下跌"。 显然，在美国掀起的关税风暴催化下，资本市场对美元资产信 ...

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and is maintained [10] Core Viewpoints - The report highlights the optimistic outlook for the construction sector following the release of a comprehensive financial policy aimed at stabilizing the market and expectations [8][10] - The People's Bank of China is expected to enhance macroeconomic control with a moderately loose monetary policy, which includes measures such as lowering the reserve requirement ratio and interest rates [14] - The report emphasizes the importance of stabilizing the real estate and stock markets, with significant support measures announced for both sectors [14] Summary by Sections Event Description - A press conference was held by the State Council on May 7, where officials discussed the "comprehensive financial policy to support market stability and expectations" [2][8] Event Commentary - The report discusses the key points from the press conference, including the expansion of the real estate financing coordination mechanism and the increase in loans approved for residential construction [14] - It also mentions the role of insurance funds in stabilizing the stock market and the introduction of specific measures to encourage long-term investments [14] Related Research - The report references other studies, including one on URI's revenue growth and another on the construction industry's performance in 2024 and Q1 2025 [12]

Monetary Policy Measures - The People's Bank of China (PBOC) announced a comprehensive monetary policy package with ten specific measures aimed at stabilizing the market and expectations[8] - A reduction in the reserve requirement ratio (RRR) by 0.5 percentage points is expected to release approximately ¥1 trillion in long-term liquidity[9] - The policy interest rate for the 7-day reverse repurchase operation was lowered by 0.1 percentage points, from 1.596% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points[9] Economic Indicators - In the first four months of 2025, China's total goods trade value reached ¥14.14 trillion, reflecting a year-on-year growth of 2.4%[19] - Exports amounted to ¥8.39 trillion, increasing by 7.5%, while imports totaled ¥5.75 trillion, showing a decline of 4.2%[19] - The trade surplus for April was ¥700 billion, with exports growing by 9.3% and imports increasing by 0.8%[19] Sector Performance - The major stock indices showed varied performance, with the ChiNext Index leading with a weekly increase of 3.3%, while the STAR 50 Index decreased by 0.6%[30] - The A-share market is expected to continue its upward trend due to favorable policies and relatively low valuations[25] Trade Partners - ASEAN remains China's largest trading partner, with trade totaling ¥2.38 trillion, a growth of 9.2%[21] - Trade with the EU reached ¥1.78 trillion, growing by 1.1%, while trade with the US decreased by 2.1% to ¥1.44 trillion[21] Investment Trends - Private enterprises accounted for 56.9% of total foreign trade, with imports and exports growing by 6.8%[22] - The import value of mechanical and electrical products increased by 5.7%, indicating a shift in trade dynamics[24]