Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current round of interest rate cuts and reserve requirement ratio cuts is the beginning of monetary easing, and broad - spectrum interest rates need to decline further. The future easing policy may continue due to the impact of tariff increases on the export and the downward pressure on prices [2]. - Interest rate cuts and reserve requirement ratio cuts are direct positives for the bond market. The decline in short - term interest rates will drive down long - term interest rates. The current 1 - year AAA certificates of deposit have high allocation value, and ultra - long bonds have allocation value under the bond - loan price comparison effect [20][21]. - The stock market's rise is not necessarily a negative for the bond market. If it is driven by loose liquidity, it may lead to a situation of both stocks and bonds rising [25]. - Credit expansion depends on the subsequent fiscal and credit expansion policies. The current fundamental situation is under pressure from tariff increases and price changes [28]. Summary by Related Catalogs Monetary Policy Measures - **Reserve Requirement Ratio Cut**: Lower the deposit reserve ratio by 0.5 percentage points, providing about 1 trillion yuan of long - term liquidity to the financial market. Temporarily reduce the deposit reserve ratio of auto finance companies and financial leasing companies from 5% to 0% [7]. - **Interest Rate Cut**: Lower the policy interest rate by 0.1 percentage points, with the 7 - day reverse repurchase operation rate dropping from 1.5% to 1.4%, and it is expected to drive the loan prime rate (LPR) down by 0.1 percentage points. Guide commercial banks to lower deposit interest rates through the interest rate self - regulatory mechanism [7]. - **Real Estate Policy**: Reduce the individual housing provident fund loan interest rate by 0.25 percentage points. The interest rate for first - home loans over five - year terms drops from 2.85% to 2.6%, and other terms are adjusted accordingly, saving residents over 20 billion yuan in provident fund loan interest annually [8]. - **Structural Monetary Policy**: Lower the interest rate of structural monetary policy tools by 0.25 percentage points. Set up a 500 - billion - yuan service consumption and elderly care re - loan. Increase the re - loan quota for scientific and technological innovation and technological transformation from 500 billion yuan to 800 billion yuan, and increase the re - loan quota for supporting agriculture and small businesses by 300 billion yuan [9]. - **Stock Market Policy**: Optimize two monetary policy tools to support the capital market, combining the quotas of 500 billion yuan for securities, fund, and insurance company swaps and 300 billion yuan for stock repurchase and increase re - loans, with a total quota of 800 billion yuan [10]. Market Reaction - Before the current round of reserve requirement ratio cuts and interest rate cuts, market expectations were strong. After the implementation, the market's profit - taking amplitude was limited, and the yields of 10 - year and 30 - year treasury bonds only rose by about 1 - 2bp [12]. - In the past three interest rate cut processes since mid - 2022, interest rates declined before the cuts due to market expectations. After the cuts, the 10 - year treasury bond interest rate declined in the following few trading days, then rebounded [12]. Interest Rate Trend and Bond Investment Value - The decline in short - term interest rates will open up space for the decline of long - term interest rates. The current 1 - year AAA certificates of deposit have high allocation value [20]. - Comparing the 30 - year treasury bond with the new - issued mortgage loan interest rate, if the LPR is synchronously lowered by 10bp, the current 30 - year treasury bond with a yield of about 1.85% has allocation value [21]. - The overall interest rate curve is expected to shift downward, and long - term bond yields are expected to reach new lows [31]. Fundamental Situation and Policy Impact - The current fundamentals are under the impact of tariff increases and price pressure. The impact of tariff increases on exports may be lagged, leading to a continuous slowdown in export growth. The downward pressure on overall industrial product prices and prices has increased [2]. - The implementation of reserve requirement ratio cuts and interest rate cuts reflects the emphasis on the macro - economy, but credit expansion depends on the subsequent fiscal and credit expansion policies [28].

Group 1: Monetary Policy Measures - The People's Bank of China announced a series of monetary policy measures aimed at stabilizing the market, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [1] - The interest rate for the 7-day reverse repurchase operation was lowered by 0.1 percentage points from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [1] - The interest rate for first-time home loans over five years was reduced from 2.85% to 2.6%, alongside a 0.25 percentage point decrease in the personal housing provident fund loan rate [1] Group 2: Capital Market Support - The People's Bank of China optimized two monetary policy tools to support the capital market, with a combined total limit of 800 billion yuan, allowing for greater flexibility in usage [2] - The scope of participating institutions for swap facilities was expanded to 40, and the maximum term for repurchase-backed loans was extended from 1 year to 3 years [2] - The China Securities Finance Corporation will increase its support for stock market index funds as needed, ensuring sufficient re-lending support to maintain market stability [2] Group 3: Long-term Investment Initiatives - The National Financial Regulatory Administration plans to expand the pilot scope for insurance funds' long-term investments, with an additional 60 billion yuan to be approved for market injection [2] - Regulatory adjustments will lower the risk factors for stock investments by 10%, encouraging insurance companies to increase their market participation [2] - The China Securities Regulatory Commission aims to enhance the scale and proportion of various long-term funds entering the market, promoting a virtuous cycle of increased returns leading to more funds and market stability [2] Group 4: Capital Market Reforms - Future reforms in the capital market include measures to deepen the Sci-Tech Innovation Board and Growth Enterprise Market, as well as the release of revised regulations on major asset restructuring for listed companies [3] - The development of technology innovation bonds and a series of practical measures for opening up the market are also planned [3] - These reforms are intended to enhance the inherent stability of the capital market and support high-quality economic development [3]

Group 1 - The central bank's decision to cut the reserve requirement ratio by 0.5 percentage points is expected to provide approximately 1 trillion yuan in medium to long-term liquidity to the market [2] - The policy rate was lowered by 0.1 percentage points, which is anticipated to lead to a slight decrease in the Loan Prime Rate (LPR), thereby reducing the burden of existing mortgage rates for homebuyers [2][6] - The reduction in personal housing provident fund loan rates by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6%, is expected to stimulate demand in the housing market [2][6] Group 2 - The stock market did not experience a significant rise following the central bank's actions, indicating that the previously anticipated benefits of the rate cuts have already been priced in by the market [3][5] - The stock market is seen as a leading indicator of policy changes, reflecting market sentiment more rapidly than the housing market, which tends to react more slowly [5] - The measures taken by the central bank are aimed not only at stabilizing the stock and housing markets but also at reducing financing costs for the real economy, thereby enhancing refinancing effects [3][6] Group 3 - The decline in LPR is expected to lead to lower rates for existing mortgages, alleviating financial pressure on homeowners and indirectly boosting confidence in the housing market [6] - The central bank's actions are viewed as friendly towards the housing market, with expectations of continued supportive policies in the future [6] - The adjustment period for both the stock and housing markets is expected to shorten under the influence of these favorable policies, with market performance increasingly tied to demand recovery and improvements in economic fundamentals [6]

5月7日上午，国新办举行新闻发布会，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 会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 降准又降息 央行发布3类10项措施 发布会上，中国人民银行行长潘功胜宣布:中国人民银行将加大宏观调控强度，推出3类10项政策，进一 步实施好适度宽松的货币政策，推动经济高质量发展。 一是数量型政策，通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。 潘功胜在发布会上宣布，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。与此同时，将降低个人住房公积金贷款利率0.25个百分点，5年期以上首套房利率由2.85%降至 2.6%，其他期限的利率同步调整。 业内人士表示，此次降息既充分体现了逆周期调节力度加大，也有助于支持消费；降准则有利于保持流 动性充裕，增强特定领域信贷供给能力，优化两项资本市场支持工具还有助于支持资本市场稳定发展， 多措并举支持稳就业稳企业稳市场稳预期。 二是价格型政策，下调政策利率，降低结构性货币政策工具利率，同时调降公积金贷款利率。 三是结构型政策，创设并加力实施结构性货币政策工具，支持科 ...

Financial Policies - The central bank announced ten policy measures, including a comprehensive reduction of the reserve requirement ratio by 0.5 percentage points and a decrease in the policy interest rate by 0.1 percentage points [2] - The financial regulatory authority will introduce eight incremental policies to support the real estate sector and accelerate the financing system [2] Public Fund Industry - The China Securities Regulatory Commission (CSRC) released an action plan to promote high-quality development in the public fund industry, focusing on optimizing fee structures and enhancing performance-based assessments [2] U.S. Federal Reserve - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, citing increased uncertainty in economic prospects and rising risks of unemployment and inflation [3] - Fed Chairman Jerome Powell indicated that the Fed can afford to be patient and does not need to rush into rate cuts [4] Semiconductor Trade Regulations - The Trump administration plans to lift AI chip restrictions imposed during the Biden era, which faced significant opposition from major tech companies and foreign governments [4] Domestic Economic Developments - China's logistics industry prosperity index for April was reported at 51.1, indicating growth in fixed asset investment [7] - The first quarter saw significant revenue growth in the light industry, with a reported revenue of 5.4 trillion yuan, a year-on-year increase of 4.8% [6] Stock Market Performance - A-shares opened significantly higher due to interest rate cuts but faced pressure later, with the Shanghai Composite Index closing up 0.8% [9] - Hong Kong's stock indices experienced mixed results, with the Hang Seng Index closing up 0.13% [9] Company News - Apple is exploring the addition of an AI search engine to its Safari browser, potentially ending its long-standing partnership with Google [19] - Disney announced plans to open a theme park in Abu Dhabi, marking its first large-scale new theme park in nearly a decade [19] - OpenAI plans to expand its data center project globally, with initial goals to launch ten projects outside the U.S. [19] Overseas Economic Trends - U.S. Vice President expressed hopes for improved trade relations with the EU, while the EU is preparing countermeasures against U.S. tariffs if negotiations fail [22] - South Korea's central bank hinted at another rate cut in May due to growing economic concerns [22] Commodity Market - Domestic commodity futures closed mostly lower, with energy and chemical products experiencing declines [27] - International oil prices weakened, with U.S. crude oil futures dropping by 1.93% [27]

Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) announced a 0.5 percentage point reduction in the reserve requirement ratio (RRR), providing approximately 1 trillion yuan in long-term liquidity to the market [2] - The PBOC will lower the policy interest rate by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [2] - A total of 10 monetary policy measures will be implemented, including structural policies to support technology innovation, consumption expansion, and inclusive finance [2][3] Group 2: Support for Real Estate Market - The PBOC will reduce the housing provident fund loan interest rate by 0.25 percentage points, with the new rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [4][5] - In the first quarter, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the highest quarterly increase since 2022 [4] - The financial regulatory authority is set to introduce policies to support small and private enterprises, enhancing financing coordination to stabilize the economy [3][4] Group 3: Capital Market Stability - The PBOC will optimize two monetary policy tools for the capital market, combining a total of 800 billion yuan in support for securities, funds, and stock repurchase loans [7] - Since the introduction of these tools, the market has responded positively, with significant amounts already utilized for stock repurchase and support for listed companies [7][8] - The regulatory authority aims to enhance the capital market's stability while also promoting market vitality and functionality [7][8] Group 4: Support for Technological Innovation - The PBOC announced the creation of a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to support the issuance of these bonds [9] - Nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, indicating strong market interest [9][10] - The financial regulatory authority will optimize credit services and expand equity investment to support technological innovation and development [10]

Core Viewpoint - The Chinese government is implementing a series of structural monetary policy tools to support economic recovery and stabilize market expectations, with a focus on enhancing financial support for key sectors and improving the overall financial environment [1][2]. Monetary Policy Tools - The People's Bank of China (PBOC) has introduced various structural monetary policy tools, with a total of nine tools currently in use, focusing on key areas of the national economy, major strategies, and weak links, with a total balance of approximately 5.9 trillion yuan, accounting for 13% of the PBOC's balance sheet [1][2]. - A reduction in the interest rates of several structural monetary policy tools by 0.25 percentage points, lowering rates from 1.75% to 1.5% for specific loans, and from 2.25% to 2% for policy financial institutions' pledged supplementary loans (PSL) [2][3]. - Establishment of a 500 billion yuan service consumption and elderly care re-loan to enhance financial support for key service sectors and the elderly care industry [2]. Support for Key Sectors - The quota for technology innovation and technological transformation re-loans has been increased from 500 billion yuan to 800 billion yuan to support the expansion of the "two new" policies [3]. - An additional 300 billion yuan has been allocated to the agricultural and small business re-loans, bringing the total quota for these loans to 3 trillion yuan [3]. Real Estate and Stock Market Stability - The government is actively working to stabilize the real estate and stock markets, which are crucial for boosting social expectations and facilitating domestic demand [3][4]. - As of now, the approved "white list" loans from commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units [3]. - In the first quarter of this year, 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 [3]. Capital Market Performance - The capital market is showing signs of stability, with the Shanghai Composite Index maintaining around 3,300 points and the bond market self-correcting due to improved economic confidence [4]. - The onshore and offshore RMB has appreciated by approximately 1% against the US dollar since the end of last year, indicating balanced cross-border capital flows [4]. Technological Innovation Financing - The establishment of a technology innovation bond risk-sharing tool is aimed at supporting the issuance of low-cost, long-term bonds for technology innovation enterprises and equity investment institutions [5].

Core Viewpoint - The People's Bank of China (PBOC) is set to enhance macroeconomic regulation by implementing a comprehensive monetary policy package consisting of three main categories and ten specific measures aimed at increasing liquidity and supporting economic growth [1][2]. Group 1: Monetary Policy Measures - The PBOC will adopt quantity-based policies, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR), which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [1][2]. - Price-based policies will involve a 0.1 percentage point decrease in policy interest rates, lowering the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [1][2]. - Structural policies will include the optimization of existing monetary policy tools and the creation of new ones to support sectors such as technological innovation, consumption expansion, and inclusive finance [1][2]. Group 2: Specific Policy Details - The PBOC will lower the interest rates of structural monetary policy tools by 0.25 percentage points, affecting various special tools and the re-lending rate for agriculture and small enterprises [2]. - The personal housing provident fund loan rate will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [2]. - An increase in the re-lending quota for technological innovation and technological transformation will raise the total from 500 billion yuan to 800 billion yuan [2]. Group 3: Capital Market Support - The PBOC has established two tools to support the stability of the capital market, which have been well-received and have helped boost investor confidence [3]. - The total quota for the two capital market support tools will be merged to 800 billion yuan, enhancing flexibility and accessibility for various market participants [4]. - The PBOC will support the China Securities Finance Corporation in maintaining market stability by providing sufficient re-lending support for stock market index funds [4]. Group 4: Technology Bond Market Initiatives - The PBOC is preparing to launch a "Technology Board" in the bond market to facilitate the issuance of technology innovation bonds by financial institutions and technology enterprises [4][5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending funds to support the issuance of long-term bonds [5]. - Nearly 100 market institutions are planning to issue over 300 billion yuan in technology innovation bonds, indicating strong market interest and participation [5].

Group 1: Core Policy Measures - The People's Bank of China (PBOC) announced ten specific policy measures aimed at boosting consumption, categorized into quantity, price, and structural policies [2][3] - Key quantity measures include a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to release approximately 1 trillion yuan in long-term liquidity, and a temporary RRR reduction to 0% for auto finance and leasing companies [2][3] - Price measures involve lowering the 7-day reverse repurchase rate by 10 basis points to 1.4%, reducing various structural tool rates by 25 basis points, and cutting housing provident fund loan rates by 25 basis points, which is projected to save residents over 20 billion yuan annually [2][3] Group 2: Financial Regulatory Policies - The Financial Regulatory Administration introduced eight incremental policy measures to stabilize the economy, including accelerating financing systems compatible with new real estate development models and expanding long-term investment trials for insurance funds [4][5] - The banking sector provided approximately 17 trillion yuan in new financing to the real economy in the first four months of the year, with a cumulative 4.4 trillion yuan in renewed loans for small and micro enterprises [4][5] - The real estate loan balance increased by over 750 billion yuan in the first quarter, with new personal housing loans reaching the highest quarterly increase since 2022 [5][6] Group 3: Capital Market Stability - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market through three main strategies: consolidating market recovery, supporting the development of new productive forces, and promoting long-term capital inflow [7][8] - The CSRC plans to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, as well as revise regulations on major asset restructuring for listed companies [7] - The CSRC emphasizes the importance of maintaining a stable and healthy development of the stock market, asserting confidence in the economic development and macro policies of China [8]

原标题：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 降准又降息 央行加大宏观调控强度 5月7日上午9时，国新办举行新闻发布会，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 清介绍"一揽子金融政策支持稳市场稳预期"有关情况，这是自去年9月24日以来，三部门"一把手"时隔近8个月再次齐 聚国新办新闻发布会。新京报记者梳理了此次发布会值得关注的要点。 中国人民银行10项政策 ●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 ●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% ●下调政策利率0.1个百分点公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%，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 ●下调结构性货币政策工具利率0.25个百分点 包括：各类专项结构性工具利率、支农支小再贷款利率，都从目前的1.75%降至1.5%，这些工具利率是中央银行向商 业银行提供再贷款资金的利率。抵押补充贷款（PSL）利率从目前的2.25%降至2% ●降低个人住房公积金贷款利率0.25个百分点 五年 ...