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].

5月7日，国务院新闻办邀请中国人民银行、金融监管总局以及中国证监会负责人举行新闻发布会，介 绍"一揽子金融政策支持稳市场稳预期"有关情况。相关部门积极进行政策对冲、资金对冲、预期对冲， 应对外部环境变化带来的不确定性。 在稳定楼市方面，央行决定降低个人住房公积金贷款利率0.25个百分点，有利于支持居民家庭刚性住房 需求。金融监管总局则提出加快出台与房地产发展新模式相适配的系列融资制度，持续巩固房地产市场 稳定态势。 中国作为全球第二大经济体，在稳定全球经济与金融秩序方面承担大国责任。据新华社报道，国际货币 基金组织（IMF）发布的《全球金融稳定报告》显示，由于金融状况趋紧，贸易和地缘政治不确定性加 剧，全球金融风险显著增加。 在稳定股市方面，证监会表示将全力支持中央汇金公司发挥好类"平准基金"作用，配合中国人民银行健 全支持资本市场货币政策工具长效机制；金融监管总局表示，将进一步扩大保险资金长期投资试点范 围，近期拟再批复600亿元，为市场注入更多增量资金；证监会当日发布《推动公募基金高质量发展行 动方案》，大力推动中长期资金入市；央行宣布将优化两项支持资本市场的货币政策工具，将证券、基 金、保险公司互换便利 ...

Core Viewpoint - The announcement of a comprehensive financial policy package to stabilize the market and expectations is a significant step towards reinforcing the stability of the real estate market in China [1][7]. Group 1: Financial Policy Measures - The People's Bank of China has lowered the personal housing provident fund loan interest rate by 0.25 percentage points, reducing the five-year and above first-home loan rate from 2.85% to 2.6%, effective from May 8 [2][3]. - This interest rate reduction is expected to save residents over 20 billion yuan in annual interest payments, supporting the housing demand of families [2][3]. - The new monthly payment for a 1 million yuan loan over 30 years will decrease from 4,136 yuan to 4,003 yuan, a reduction of 133 yuan [2][5]. Group 2: Market Reactions and Expectations - The reduction in the housing provident fund loan rate is seen as a clear policy direction to stabilize the real estate market and expectations, which is viewed positively by experts [3][7]. - The anticipated synchronization of the Loan Prime Rate (LPR) reduction, following the recent policy rate cut, is expected to further alleviate the financial burden on existing loan holders [4][6]. - The increase in real estate loan balances, particularly in personal housing loans, indicates a growing willingness from banks to support the real estate sector [6][7]. Group 3: Future Outlook - The financial regulatory authorities are expected to continue refining financial tools to adapt to the evolving real estate development model, emphasizing sustainable and structural improvements over short-term stimulus [7][8]. - Analysts predict that further interest rate cuts may occur in the second half of the year, providing additional support for macroeconomic stability [7][8].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of financial policies aimed at stabilizing the market and boosting economic growth in response to the current complex economic situation in China [2][4] - The People's Bank of China (PBOC) has lowered the reserve requirement ratio by 0.5 percentage points, which is expected to release approximately 1 trillion yuan in long-term liquidity, thereby increasing market liquidity and reducing financing costs for enterprises [2][4] - A series of support measures for small and micro enterprises have been proposed, including increasing re-lending quotas and optimizing financing coordination mechanisms to alleviate financing difficulties [2][3] Group 2 - The adjustment of the personal housing provident fund loan interest rate by 0.25 percentage points is aimed at enhancing the consumer support function of the provident fund loans, especially in the context of declining commercial loan rates [3] - The National Financial Regulatory Administration has indicated plans to introduce a series of financing systems that align with new models of real estate development, which may lead to increased support for development and mortgage loans [3][4] - The introduction of two monetary policy tools to support the capital market, including securities, fund, and insurance company swap facilities, as well as stock repurchase and increase re-lending, is expected to provide ongoing support for market stability [4]

2025年5月7日，央行、金融监管总局、证监会三部门负责人同台发声，不仅推出涵盖货币政策、监管改 革、资本市场支持的一揽子政策，更以"真金白银"的流动性支持与布局长远的制度安排，向市场传递出 一揽子的市场信心。 仔细分析这一政策组合拳不难看出，此次一揽子政策试图通过稳楼市、稳股市、促消费、稳外贸和强科 技等五方面来提振市场信心。特别是在当下，美国高额关税对全球产业链造成了严重冲击，国际金融市 场波动加剧，国内经济也面临着不小的压力。此时，政策协同发力，稳定市场预期显得尤为重要。 房地产市场向来是经济信心的"压舱石"。此次政策双管齐下，从需求端和供给端同时发力。在需求端， 政策大力让利，公积金贷款利率下调0.25个百分点，再加上贷款市场报价利率（LPR）预期下行，居民 的房贷负担进一步减轻。在供给端，加快完善与房地产发展新模式相适配的系列融资制度，满足房企合 理融资需求，缓释风险，持续巩固房地产市场稳定态势。 当全球市场在不确定性中寻找锚点，中国以一场"政策协奏"给出了自己的答案。 股市的稳定，关乎经济社会大局，更关乎亿万投资者的切身利益。稳股市，离不开"长钱"和"制度"的双 重护航。此外，中央汇金发挥类"平准 ...

摘要 • 中国推出一系列金融政策，包括降准降息、增加结构性货币政策额度及创 设科技创新债券风险分担工具，旨在稳定资本市场、汇率及宏观经济走势， 应对美国关税带来的外部冲击和国内需求不足问题。短期 LPR 利率下降 10 个基点，公积金贷款利率下降 25 个基点。 • 央行将 5,000 亿元证券基金保险公司互换额度与 3,000 亿元股票回购增值 再贷款合并使用，总额达 8,000 亿元，同时证监会支持汇金公司发挥类平 准基金作用，表明政府高度重视资本市场发展，并有足够的政策空间来稳 定市场。 • 当前中国经济面临的主要问题是需求不足，需要通过结构性货币政策刺激 需求。财政政策在解决需求不足方面尤为重要，预计未来财政可能会加码， 通过增加补贴、利息支持等方式刺激消费和投资。 • 央行优化合并互换便利和股票回购增值再贷款，证监会支持汇金公司发挥 类平准基金作用，并推动公募基金高质量发展，扩大险资长期股权投资试 点规模至超过 1,000 亿元，调降股票投资风险因子 10%，鼓励保险资金 入市，旨在稳定资本市场并促进其健康发展。 Q&A 如何解读今天新闻发布会上介绍的一揽子金融政策？ 今天的新闻发布会规格很高，央行 ...

揽子金融政策稳市场稳预期 关键时间节点的发布会 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:王雪莹、周美丽 相关研究 | 2025-05-05，年报和一季报有哪些亮点? | | --- | | 2025-05-04. "五一"假期事件梳理及市场展望 | | 2025-04-25,"持续稳定和活跃资本市场"聚焦哪些 | | 方面? -- 4 月中央政治局会议解读 | | 2025-04-23,公募基金一季度持仓释放哪些信号? | | 2025-04-08. 中国版平准基金横空出世提振市场信心 | | 2025-04-08,汇金入市,坚定看多 | | 2025-04-03, "对等关税"冲击市场配置预期 | | 2025-04-03,港股 2025 年二季度投资展望:从估值修 | | 复到盈利兑现 | | 2025-04-02,2025年二季度 A 股投资展望:风格切换, | | 均衡配置 | | 2025-03-22. 港股市场 2025年以来行情拆解 | | 2025-03- ...

2025.05. 07 本文字数：2672，阅读时长大约5分钟 作者 | 第一财经 杜川 5月7日上午，央行、金融监管总局、证监会联合召开新闻发布会，推出一揽子增量政策，旨在稳定 市场预期，助力实体经济发展。政策涵盖货币政策、资本市场、险资入市扩容、稳楼市等多个关键领 域，释放出万亿元级别的流动性红利。 受此利好消息影响，A股市场三大指数集体收涨，成交额突破1.5万亿元，市场信心显著提振。 在货币政策方面，央行宣布全面降准0.5个百分点，预计释放长期流动性约1万亿元，同时下调政策利 率0.1个百分点，推动房贷利率进一步降低，有效减轻刚需购房者的还款压力。此外，央行还下调结 构性货币政策工具利率，包括各类专项结构性工具利率、支农支小再贷款利率，均从1.75%降至 1.5%，抵押补充贷款（PSL）利率从2.25%降至2%。 在资本市场改革上，证监会明确将出台深化科创板、创业板改革政策措施，增强制度包容性与适应 性；金融监管总局宣布将进一步扩大保险资金长期投资试点范围，为市场引入更多增量资金等。 综合市场分析来看，此次三部门联合发布的一揽子政策，是对当前经济形势的及时回应，政策之密 集、力度之大超出市场预期，不仅为 ...

Group 1: Monetary Policy Measures - The central bank, financial regulatory authority, and securities commission jointly announced a series of monetary policy measures including a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in long-term liquidity [3][4] - The open market 7-day reverse repurchase operation rate was lowered from 1.50% to 1.40%, indicating a cautious approach to interest rate adjustments due to external pressures [5][6] - There is potential for further reductions in the reserve requirement ratio, with expectations of a possible additional 0.5 percentage point cut in the third quarter [4][5] Group 2: Real Estate Sector Support - The policy includes a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the interest rate for first-time homebuyers from 2.85% to 2.6% [8][9] - An approval quota exceeding 6 trillion yuan for real estate financing is expected to be largely implemented, which will help improve liquidity for key real estate companies and stabilize the industry [10] - The impact of the loan rate reduction on first-time homebuyers is anticipated to be positive, although the overall market recovery will depend on various factors beyond just interest rate changes [9][10] Group 3: Capital Market Stability - The total amount for capital market support tools has been increased to 800 billion yuan, which includes measures to facilitate stock repurchases and enhance liquidity [11][12] - Concerns regarding the withdrawal of state support from the capital market are addressed, emphasizing that the state will continue to play a stabilizing role during market downturns [12] - The state’s intervention is characterized as a non-profit endeavor aimed at maintaining market stability and controlling risks [12] Group 4: External Trade and Economic Outlook - The future external environment is expected to remain uncertain and unstable, with increased exchange rate risks anticipated over the next few years [14][15] - Despite these challenges, there is strong confidence in the resilience and long-term growth potential of the Chinese economy, which is viewed as a global leader [16] - Companies are encouraged to manage exchange rate risks through financial derivatives while focusing on improving their profitability and risk management capabilities [15][16]

A股市场三大指数集体收涨，成交额突破1.5万亿元，市场信心显著提振。 5月7日上午，央行、金融监管总局、证监会联合召开新闻发布会，推出一揽子增量政策，旨在稳定市场 预期，助力实体经济发展。政策涵盖货币政策、资本市场、险资入市扩容、稳楼市等多个关键领域，释 放出万亿元级别的流动性红利。 价格型政策同现，政策利率下调0.1个百分点，结构性货币政策工具利率下调0.25个百分点。对此，董希 淼分析，这些调整将推动社会综合融资成本下降；东方金诚首席宏观分析师王青则强调，这是2024年9 月以来降息降准"大招"再次出现，彰显货币政策稳增长决心，能有效激发市场融资需求，且不会对人民 币汇率造成贬值压力 。 结构性货币政策工具则呈现"量增、价降"特点，央行十大政策中，与结构性货币政策工具相关的就占了 六项，包括全面下调结构性货币政策工具利率0.25个百分点，增加3000亿元科技创新和技术改造再贷款 额度，设立5000亿元"服务消费与养老再贷款"，增加3000亿元支农支小再贷款额度，优化两项支持资本 市场的货币政策工具，创设科技创新债券风险分担工具，全面覆盖经济金融关键环节。 受此利好消息影响，A股市场三大指数集体收涨，成交额 ...