在特朗普贸易战和美元基本面削弱的双重打击下， 亚洲投资者正在大规模"逃离"世界储备货币 ——美元 ， "卖出美国，买入亚洲"的投资主题愈发强烈，资金大规模回流亚洲 ，推动亚洲货币 出现历史性反弹、股市也随之上涨。 台币两天暴涨10%，港元测试联系汇率的强势兑换保证水平，新加坡元飙升至近十年最高水平， 人民币在岸汇率周二大涨近600点，升至去年11月以来最高，韩元、马来西亚林吉特等也纷纷上 涨。亚洲债市和股市也随之受益，股市中以内需型企业的股票尤为突出。 5月7日， 著名经济学家Stephen Jen警告称， 亚洲出口商和投资者多年来可能积累了"极其庞 大"的美元储备 。 随着美国主导的贸易战不断加剧，一些亚洲投资者可能会将大量资金汇回， 美 元可能面临2.5万亿美元的"雪崩式"抛压。 1 9 9 8 年 的 " 镜 像 版 本 " 这 一 次 " 亚 洲 不 要 美 元 " 了 ？ 自20世纪末的亚洲金融危机以来， 亚洲经济体长期深陷"美元陷阱"。 1997-1998年亚洲金融危机期间的资本外流，导致亚洲多个国家货币暴跌。此后，亚洲地区加强 了美元储备的积累。 目前，亚洲最大的美元储备来自中国、韩国和新加坡， ...

Monetary Policy - The recent financial policy package is a response to the April Politburo meeting's directive for a more proactive macroeconomic policy, emphasizing timely reductions in reserve requirements and interest rates to maintain ample liquidity[3] - Starting May 15, the reserve requirement ratio will be lowered by 0.5 percentage points, releasing approximately CNY 1 trillion in long-term liquidity, bringing the average reserve requirement ratio to 6.2%[4] - The interest rate for the 7-day reverse repurchase operation will be reduced by 0.1 percentage points, expected to lead to a similar decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points[4] Support for Key Sectors - An additional CNY 300 billion will be allocated for technology innovation and technical transformation loans, alongside the establishment of risk-sharing tools for technology innovation bonds[5] - A CNY 500 billion service consumption and elderly care loan facility will be set up to enhance service consumption supply[5] - The total quota for capital market support tools will be merged to CNY 800 billion, with CNY 3 trillion in stock repurchase loans announced[6] Real Estate Market Stability - The LPR will be lowered by 10 basis points, reducing the 5-year LPR from 4.2% to 3.6%, with a further expected drop to 3.5%[8] - The personal housing provident fund loan interest rate will decrease by 25 basis points, bringing the rate for first-time homebuyers down from 2.85% to 2.6%[8] - The total amount of loans approved for real estate development has reached CNY 6.7 trillion, supporting the construction and delivery of over 16 million residential units[9] Corporate Support Measures - The People's Bank of China has set a total quota of CNY 3 trillion for loans supporting agriculture and small enterprises, enhancing financing for small and medium-sized private enterprises[11] - Regulatory adjustments will be made to improve financing convenience for companies impacted by U.S. tariff policies, including support for direct financing through various instruments[11] - A comprehensive policy package will be introduced to further support financing for small and private enterprises, focusing on increasing supply, reducing costs, improving efficiency, and optimizing the environment[11]

投资咨询业务资格: 证监许可[2011]1771号 2025年5月8日 贾利军 从业资格证号： F0256916 投资咨询证号: Z0000671 电话: 021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号: F03092124 投资咨询证号: Z0018827 电话: 021-80128600-8631 刘慧峰 从业资格证号: F3033924 投资咨询证号: Z0013026 电话: 021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号: F03091165 投资咨询证号: Z0019876 邮箱：liub@qh168.com.cn 王亦路 从业资格证号: F03089928 投资咨询证号: Z0019740 电话：021-80128600-8622 冯冰 从业资格证号：F3077183 投资咨询证号: Z0016121 电话：021-80128600-8616 邮箱：fengb@qh168.com.cn 宏观金融: 央行超预期降准和降息，美联储维持利率不变 【宏观】 海外方面，美联储按兵不动维持利率不变，以及 ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations, focusing on monetary policy adjustments and regulatory measures to support economic recovery and growth [1][2][3]. Monetary Policy Measures - The People's Bank of China (PBOC) is introducing a package of ten monetary policy measures categorized into three types: quantity-based, price-based, and structural policies [3]. - A reduction in the reserve requirement ratio (RRR) by 0.5 percentage points is set to take effect on May 15, 2025, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [4]. - The interest rate for the 7-day reverse repurchase operations will be lowered from 1.50% to 1.40%, likely leading to a corresponding decrease in the Loan Prime Rate (LPR) by about 0.1 percentage points [4]. - The PBOC will also lower the rates for various structural monetary policy tools by 0.25 percentage points, including the re-lending rates for agricultural and small business support [4]. - An increase in the re-lending quota for technological innovation and transformation from 500 billion yuan to 800 billion yuan is planned, along with the establishment of a 500 billion yuan re-lending facility for service consumption and elderly care [4]. Regulatory Measures - The Financial Regulatory Administration is set to introduce eight incremental policies aimed at enhancing the implementation of existing policies and ensuring economic stability [5][6]. - New financing systems compatible with the evolving real estate market will be developed to support stability in the housing sector [8]. - The administration plans to expand the scope of long-term investment trials for insurance funds, with an additional 60 billion yuan to be approved for market injection [9]. - Policies to support small and private enterprises will be expedited, focusing on improving financing coordination mechanisms [8]. Capital Market Support - The China Securities Regulatory Commission (CSRC) is committed to enhancing the stability and vitality of the capital market through various reforms [10][11]. - A new action plan for the high-quality development of public funds has been released, aiming to create a positive cycle of returns and market stability [14]. - The CSRC will introduce measures to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing institutional adaptability and inclusiveness [12][13].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - A series of financial policies have been introduced by multiple departments to stabilize the market and expectations, including central bank's reserve requirement ratio cuts, interest rate cuts, and the establishment of special re - loans; financial regulatory agencies' incremental policies for real estate and other fields; and the support for the role of Central Huijin by the CSRC [2][15][16] - The Fed has kept interest rates unchanged, but the uncertainty of the economic outlook has increased, and the risks of rising unemployment and inflation have also risen [3][18] - The stock market has shown different trends, with A - shares rising in the short - term and the Hong Kong stock market having a mixed performance. The CSRC plans to expand institutional opening and support listed company mergers and acquisitions [35] 3. Summaries by Relevant Catalogs 3.1 Macro Data - GDP in Q1 2025 had a year - on - year growth rate of 5.4%, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in April 2025 was 49.0%, down from 50.5% in the previous month [1] - The social financing scale increment in March 2025 was 58894 billion yuan, and the new RMB loans of financial institutions in the same month were 36400 billion yuan [1] 3.2 Commodity Investment Reference - Three departments issued a package of financial policies, including the central bank's ten policy measures, the financial regulatory agency's eight incremental policies, and the CSRC's support for Central Huijin [2] - Many regions have implemented the central bank's policy of lowering the provident fund loan interest rate, and Zhuhai has introduced new real - estate policies [2] - The Fed kept the federal funds rate target range at 4.25% - 4.5% unchanged, and the market still expects three interest rate cuts this year [3] 3.3 Main Variety Highlights Metals - By the end of April 2025, China's foreign exchange reserves reached 3281.7 billion US dollars, an increase of 4.1 billion US dollars from the end of March, and the gold reserves increased for the sixth consecutive month [5] - Goldman Sachs raised its copper price forecasts for Q2 and Q3 2025, and Argentina's silver production is expected to decline year - on - year [5] Coal, Coke, Steel and Minerals - As of late April, the price of coking coal remained flat, while the prices of coke and rebar increased [6][7] Energy and Chemicals - Russia's crude oil production in April was below the OPEC + quota, and the US refined fuel oil inventory reached its lowest level since November 2023 [8] - The US crude oil inventory decreased last week, and the strategic petroleum reserve inventory increased [8] Agricultural Products - Seven departments jointly issued an implementation plan to improve the overall efficiency of the agricultural science and technology innovation system [12] - The price of rice in Japan has risen for 17 consecutive weeks, and the prices of domestic soybean meal, corn, and wheat have reached new highs [12][13] 3.4 Financial News Compilation Open Market - On May 7, the central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, and the net withdrawal of funds was 335.3 billion yuan. Starting from May 8, the central bank adjusted the 7 - day reverse repurchase operation rate from 1.5% to 1.4% [14] Important News and Information - The central bank cut the reserve requirement ratio by 0.5 percentage points, lowered policy interest rates, and cut the provident fund loan interest rate by 0.25 percentage points [15][16][17] - The financial regulatory agency will improve the real - estate financing system, and the real - estate market investment value is gradually emerging [16] - The CSRC launched a systematic reform of the public fund industry, aiming to shift from "emphasizing scale" to "emphasizing returns" [20] Bond Market Summary - Treasury bond futures closed down across the board, and the yields of bank - to - bank major interest - rate bonds showed obvious differentiation [27] - The yields of most money market interest rates and various bond - related rates declined [28][29] Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down, and the US dollar index rose. The foreign exchange reserves at the end of April 2025 increased, and gold reserves increased for the sixth consecutive month [31][32] 3.5 Stock Market News - A - shares opened higher but then declined under pressure, with the military industry sector performing strongly. The Hong Kong stock market had a mixed performance, with financial stocks relatively strong [35] - The CSRC plans to expand institutional opening and support listed company mergers and acquisitions. The number of new A - share accounts in April decreased but remained stable [35][36] - Some companies have important events, such as Geely's privatization of Zeekr, and Baidu's performance report shows significant revenue growth [37]

Monetary Policy Measures - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market[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%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) by about 0.1 percentage points[2] - The interest rate for personal housing provident fund loans was reduced by 0.25 percentage points, with the rate for first-time homebuyers on loans over five years dropping from 2.85% to 2.6%[2] Financial Support Initiatives - A total of 5,000 billion yuan was allocated for "service consumption and pension re-loans" to encourage banks to increase credit support in these areas[2] - The quota for re-loans supporting technological innovation and technical transformation was increased from 5,000 billion yuan to 8,000 billion yuan, with an additional 3,000 billion yuan allocated for supporting agriculture and small enterprises[2] - The combined use of 5,000 billion yuan for securities fund insurance company swaps and 3,000 billion yuan for stock repurchase loans was established to support capital market stability[2] Regulatory Adjustments - The Financial Regulatory Administration plans to introduce eight new policies aimed at financing and investing in real estate, foreign trade, small and private enterprises, and technological innovation[3] - Insurance funds' long-term investment pilot scope will be expanded, with an additional 60 billion yuan approved to inject more funds into the market[3] - The risk factor for stock investments by insurance companies will be reduced by 10%, encouraging greater market participation[3] Market Outlook - The overall policy measures are expected to enhance market confidence, stabilize economic growth, and promote healthy market development, with some policies exceeding market expectations[4] - The impact of tariff negotiations between China and the U.S. on the domestic economy will need to be monitored, particularly regarding the effectiveness of these policies in countering negative effects[4] - The bond market is anticipated to stabilize, with a focus on the timing for entering positions as the market recovers from previous declines[7]

Core Viewpoint - The recent press conference by the State Council emphasized a comprehensive financial policy package aimed at stabilizing the market and expectations, with a balanced approach between bottom-line support and development initiatives [1] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) announced a series of interest rate cuts, including a 25 basis points reduction in the housing provident fund loan rate, effective May 8, and a comprehensive reduction in the 7-day reverse repurchase rate [1][2] - The PBOC's proactive measures include a total reduction in the reserve requirement ratio (RRR) and interest rates, with the RRR cut scheduled for May 15 [1][2] Group 2: Support for Technology and Innovation - The PBOC increased the quota for re-lending for technological innovation and technical transformation from 500 billion yuan to 800 billion yuan, aiming to support tech enterprises [2] - The China Securities Regulatory Commission (CSRC) plans to promote the development of technology innovation bonds and establish risk-sharing tools for these bonds [2] Group 3: Capital Market Stability - The CSRC is focused on encouraging long-term capital inflows into the market, with initiatives such as the "Action Plan for High-Quality Development of Public Funds" [3] - The PBOC supports the Central Huijin Investment Ltd. in increasing its holdings of index funds, providing sufficient re-lending support [3] Group 4: Real Estate Market Support - The PBOC will lower the personal housing provident fund loan rate by 25 basis points, which is expected to save residents over 20 billion yuan annually in interest payments [4] - The financial regulatory authority is expediting the introduction of financing systems that align with new models of real estate development [4] Group 5: Consumer Sector Support - The PBOC will temporarily reduce the reserve requirement ratio for auto finance and financial leasing companies to 0%, facilitating financial support for automotive consumption and equipment upgrades [5] - A new 500 billion yuan "Service Consumption and Elderly Care Re-lending" program will be established to encourage financial institutions to support key service sectors and the elderly care industry [5]

期货研究报告|宏观政策 2025-05-08 研究院 宏观组 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 高聪 gaocong@htfc.com 从业资格号：F3063338 投资咨询号：Z0016648 投资咨询业务资格： 证监许可【2011】1289 号 央行 5 月"双降"，关注未来财政增量政策 ——中国货币政策系列十八 宏观事件 2025 年 5 月 7 日，国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 核心观点 ◼ 货币政策"双降" 背景：外部不确定性降低，内部压力对冲。4 月美国实施"对等关税"政策，经济增长面 临的不确定上升，4 月全球制造业 PMI 跌落荣枯线，中国外需在"抢出口"之后逐渐显现， 美国金融市场波动率也显著抬升。压力到了需要"缓和"的窗口。 政策：央行出台"三类十项"政策，金管总局出台"八项增量"政策，证监会推出"三条措施" 稳定和活跃资本市场。（1）总量上，降准 0.5 个百分点，降息 0.1 个百分点；（2）结构 上，汽车金融公司、金融租赁公司的存款准备金率降至 0%；结构货性货币政策工具利 率降低 ...

Report Investment Rating No relevant information provided. Core Viewpoints - The domestic commodity futures night session generally closed down, with most energy and chemical products, black series, and agricultural products falling, and most basic metals also declining [2][47]. - The international precious metal futures generally closed down, and international oil prices weakened, with concerns about oversupply dominating the oil price trend [2][47][49]. - A - share market is expected to continue the stabilization trend since early April, and there is no need to be pessimistic about the medium - term market [27]. Summary by Directory Overnight Night - Market Trends - Domestic commodity futures night session: Energy and chemical products mostly fell (e.g., glass down 2.96%, soda ash down 2.7%), black series all declined (e.g., coking coal down 2.57%), agricultural products mostly dropped (e.g., soybeans down 1.58%), and basic metals all fell (except for a 0.07% rise in Shanghai gold) [2][47]. - International precious metal futures: COMEX gold futures down 1.47% to $3372.60 per ounce, COMEX silver futures down 2.31% to $32.61 per ounce [2][47]. - International oil prices: U.S. oil main contract down 1.93% to $57.95 per barrel, Brent crude main contract down 1.91% to $60.96 per barrel [2][49]. - London basic metals: Most declined, except LME lead up 2.16% [3][49]. - Chicago Board of Trade (CBOT) agricultural products: All futures main contracts fell [3][49]. Important News Macroeconomic News - The central bank cut the deposit - reserve ratio by 0.5 percentage points, provided about 1 trillion yuan in long - term liquidity, and made multiple interest - rate cuts [6]. - Deputy Prime Minister He Lifeng will visit Switzerland from May 9 - 12 and hold talks with the U.S. side [7]. - The estimated wholesale sales of new energy passenger vehicles in April were 1.14 million, a 42% year - on - year increase [7][35]. - China's foreign exchange reserves at the end of April were $32816.62 billion, a $409.97 billion month - on - month increase [9]. - The Fed kept the benchmark interest rate unchanged at 4.25% - 4.50%, and traders still expected three interest rate cuts this year [9]. Energy and Chemical Futures - UAE's Fujairah Port's refined oil inventory rose 0.1% week - on - week, while middle distillates inventory dropped 20% [11]. - China's methanol port inventory increased slightly, with de - stocking in East China and inventory accumulation in South China [11]. - Some quotes of photovoltaic glass in the South China market were lowered, and the market may see a general decline [11]. - U.S. commercial crude inventory decreased by 2032000 barrels, and strategic petroleum reserve inventory increased by 580000 barrels [13][50]. - The national main port's imported coniferous log inventory slightly decreased [13]. Metal Futures - Alphamin Resources lowered its tin mine production guidance from 20000 tons to 17500 tons [15]. Black - Series Futures - The impact of production - restriction news on the Northeast region is limited [17]. - China's gold reserves increased by 70000 ounces at the end of April, the sixth consecutive month of increase [19][50]. - Guinea's government started the process to revoke EGA's mining license [19]. - The coal price at the Bohai Rim ports has dropped by 111 yuan/ton, and experts predict it may fall to 600 yuan/ton [20]. Agricultural Product Futures - Analysts predict the U.S. 2025/2026 soybean yield to be 4.338 billion bushels [22]. - China's oil - mill soybean - crushing volume is expected to rise, and domestic soybean meal and soybean oil inventories will gradually increase [22]. - India's sugar production decreased by 1.833 million tons in the 2024/2025 season as of April 30 [22]. - The predicted trading price of Malaysian palm oil futures from June to November is 3500 ringgit per ton [23]. - Brazil's May soybean export is expected to be 12.6 million tons [24]. Financial Markets Finance - A - shares opened higher but then fell back, with a turnover of 1.5 trillion yuan, and the military industry was strong [27]. - Hong Kong stocks opened high and closed low, with net southbound capital outflows [27]. - The current foreign - held A - share market value is about 3 trillion yuan, and the CSRC will support M&A [27]. - A - share new - account openings in April decreased but remained stable [28]. - CITIC Securities may prepare for the return of Chinese concept stocks [28]. - Shanghai Auntie's dark - market price rose over 62% [28]. - Pop Mart's director sold all shares, cashing out HK$2.267 billion [30]. - Geely will privatize ZEEKR [30]. - BeiGene's Q1 revenue increased by 50.2% [30]. - CATL's potential Hong Kong IPO price may be less than 10% lower than A - shares [30]. - Changan Automobile refuted the merger rumor [31]. Industry - Real - estate loans increased in Q1, and many places implemented the central bank's mortgage - interest - rate cut [32][33]. - Zhuhai introduced new real - estate policies [35]. - The 2025 World Robot Conference will be held in Beijing [35]. - Goldman Sachs predicts the growth of the Chinese Robotaxi market [35]. - Tesla China's April wholesale sales decreased by 6% year - on - year [35]. - The CBRC approved the establishment of Xingyin Financial Asset Investment Co., Ltd. [36]. Overseas - The U.S. and the EU are negotiating, and the EU may take counter - measures [37]. - U.S. drug imports increased by $20 billion in March [37]. - The Bank of Korea may cut interest rates in May [39]. - U.S. electronic product prices may rise due to tariffs [40]. - Brazil's central bank raised interest rates by 50 basis points [41]. International Stock Markets - U.S. stocks rose, with Disney and NVIDIA leading the gains, while Chinese concept stocks generally fell [42]. - European stocks fell [43]. - Asia - Pacific stocks showed mixed performance [43]. - Disney's Q2 revenue increased by 7%, and it raised its annual profit forecast [43]. - Novo Nordisk's Q1 revenue and profit increased, but it lowered its annual profit - growth forecast [45]. - BMW's Q1 sales were lower than expected, and it warned of U.S. tariff impacts [45]. - Uber's Q1 revenue increased by 14% but was lower than expected, while EPS exceeded expectations [45]. - ARM's Q4 adjusted EPS, revenue, and operating profit all exceeded expectations [46]. Commodities - Similar to the overnight market trends, domestic and international commodity futures generally showed a downward trend, with some exceptions in gold and lead [47][49]. - China's gold reserves increased, and U.S. crude - oil - related data changed [50]. - The price of Japanese rice continued to rise [50]. Bonds - The "technology board" of the bond market was launched, with nearly 100 institutions planning to issue over 300 billion yuan of innovation - related bonds [51]. - Domestic bond futures fell, and bond - yield trends were divided [53]. - The central bank conducted reverse - repurchase operations and adjusted the interest rate [53]. - There may be a $2 - trillion demand for U.S. Treasuries from digital assets [53]. - Japanese and U.S. and European bond yields showed different trends [54]. Foreign Exchange - China's foreign exchange reserves increased by 1.27% month - on - month in April [56]. - The on - shore RMB against the U.S. dollar declined, and the dollar index rose [57]. - Indonesia's central bank will maintain its presence in the foreign - exchange market [57].

Core Viewpoint - The Chinese government has introduced a comprehensive financial policy package aimed at stabilizing the market and expectations, promoting high-quality economic development in response to global economic uncertainties [1][2]. Group 1: Financial Policy Measures - The financial policy package includes measures such as timely reductions in reserve requirement ratios (RRR) and interest rates, with a focus on structural measures to achieve high-quality development [2][4]. - The RRR will be lowered by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [2]. - The policy interest rate will be reduced by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, expected to lead to a similar decline in the Loan Prime Rate (LPR) [2]. Group 2: Support for Consumption and Innovation - The central bank will temporarily lower the reserve requirement ratio for auto finance and leasing companies from 5% to 0%, establishing a 500 billion yuan "service consumption and elderly re-loan" to support automotive consumption and service sectors [3]. - An additional 300 billion yuan will be allocated for technology innovation and transformation loans, along with the creation of risk-sharing tools for technology innovation bonds [3]. - The central bank will also increase the re-loan quota for agricultural and small enterprises by 300 billion yuan to support lending to rural and small private businesses [3]. Group 3: Real Estate and Stock Market Stability - The central bank will reduce the personal housing provident fund loan interest rate by 0.25 percentage points to support housing demand [3]. - The China Securities Regulatory Commission (CSRC) will support the Central Huijin Investment Ltd. in stabilizing the stock market, while expanding the pilot scope for insurance funds' long-term investments [4]. - The CSRC has announced an action plan to promote the high-quality development of public funds, aiming to attract more long-term capital into the market [4].