Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting a stable monetary policy environment amid economic recovery concerns [2][3]. Group 1: Economic Context - The second quarter economic performance was generally positive, reducing the urgency for further monetary easing in the near term [2]. - However, if external and internal challenges impact the annual economic growth target, the PBOC may implement more aggressive monetary easing measures later in the year [2][6]. - The current low levels of interest rates necessitate careful consideration of various factors for future rate movements, with new corporate loans averaging 3.3% and personal housing loans at 3.1%, both significantly lower than the previous year [5][6]. Group 2: Monetary Policy Insights - The LPR's stability indicates that the 20 banks setting the LPR have collectively decided against adjusting the LPR spread, reflecting ongoing pressure on banks' net interest margins [3][4]. - The PBOC is in a policy observation phase, assessing the effectiveness of previously implemented monetary policies before making further adjustments [3][6]. - Analysts suggest that there is potential for LPR to decrease further in the second half of the year, driven by the need to lower financing costs for the real economy [6][7]. Group 3: Future Expectations - There is a possibility of a downward adjustment in the 5-year LPR to alleviate mortgage burdens and stimulate housing demand [7]. - The anticipated easing of global liquidity, particularly if the Federal Reserve lowers rates, could provide additional room for the PBOC to pursue a more accommodative monetary policy [6]. - The focus may shift from merely reducing loan costs to addressing overall financing costs in the economy, emphasizing the importance of non-interest cost reductions [6].

Group 1: Hot News - The People's Bank of China announced on May 7th to cut the deposit - reserve ratio by 0.5 percentage points, providing about 1 trillion yuan of long - term liquidity to the market, and lower the deposit - reserve ratio of auto finance companies and financial leasing companies from 5% to 0% [2] - The PBOC decided to cut the personal housing provident fund loan interest rate by 0.25 percentage points starting from May 8th, 2025 [2] - The PBOC decided to cut the re - loan interest rate by 0.25 percentage points starting from May 7th, 2025 [2] - Vice - Premier He Lifeng will visit Switzerland from May 9th - 12th and hold talks with the US side. The talks are held at the US request, and China's stance against US tariff abuse remains unchanged [3] - The Fed kept the benchmark interest rate unchanged at 4.25% - 4.50%, in line with market expectations. Traders still expect three rate cuts this year [3] Group 2: Sector Performance - Key sectors to focus on: glass, soda ash, asphalt, coking coal, urea [4] - Night - session performance: non - metallic building materials rose 2.58%, precious metals rose 31.40%, oilseeds and oils rose 11.78%, soft commodities rose 2.71%, non - ferrous metals rose 19.66%, coal - coking - steel - minerals rose 12.63%, energy rose 2.51%, chemicals rose 12.07%, grains rose 1.85%, and agricultural and sideline products rose 2.81% [4] Group 3: Asset Performance - Equity: Shanghai Composite Index rose 0.80% daily, 1.94% monthly, and - 0.27% year - to - date; S&P 500 rose 0.43% daily, 1.12% monthly, and - 4.26% year - to - date; Hang Seng Index rose 0.13% daily, 2.59% monthly, and 13.12% year - to - date [7] - Fixed - income: 10 - year Treasury bond futures fell 0.19% daily, - 0.14% monthly, and - 0.07% year - to - date; 5 - year Treasury bond futures fell 0.08% daily, - 0.10% monthly, and - 0.51% year - to - date [7] - Commodities: CRB commodity index fell 0.85% daily, 0.34% monthly, and - 2.35% year - to - date; WTI crude oil fell 1.84% daily, - 0.33% monthly, and - 19.35% year - to - date; London spot gold fell 1.95% daily, 2.31% monthly, and 28.20% year - to - date [7] - Others: US dollar index was flat daily, - 0.38% monthly, and - 8.50% year - to - date; CBOE volatility was flat daily, 0.24% monthly, and 42.71% year - to - date [7]

Group 1 - The People's Bank of China announced a reduction in the 7-day reverse repurchase rate by 0.1 percentage points from 1.5% to 1.4% starting May 8, and a 0.5 percentage point cut in the reserve requirement ratio for financial institutions starting May 15 [1] - The reduction in interest rates is expected to lead to a decrease in loan market quotation rates (LPR) and deposit rates, which will help maintain the stability of commercial banks' net interest margins and effectively lower the comprehensive financing costs for the real economy [1] - The adjustment in housing provident fund loan rates will reduce the total interest payment on a 1 million yuan mortgage by approximately 47,600 yuan, which is anticipated to stabilize the real estate market [3] Group 2 - The National Development and Reform Commission, Ministry of Public Security, and National Data Bureau announced a policy to replace the proof of no violations with a special credit report, enhancing the transparency of corporate credit information and optimizing the business environment [2] - The introduction of a "Technology Board" in the bond market aims to support financing for technology enterprises and private equity institutions, with relevant policies and preparations nearly complete [4] - The Financial Regulatory Bureau plans to encourage insurance companies to increase their market participation by reducing the risk factor for stock investments by 10% and expanding the pilot scope for long-term investments [5][6]

究 东 海 观 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 2025年5月7日 [Table_央Tit行le]下调存款准备金率0.5%和降息10BP ——宏观数据观察 分析师： 事件要点： 察 宏 观 中国人民银行行长潘功胜5月7日在国新办发布会上宣布，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 至0%。第三，下调政策利率0.1个百分点，即公开市场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。第四，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，均从目前的1.75%降至1.5%；抵押补充贷款（PSL） 利率从目前的2.25%降至2%。 事件解读： 此次降准和降息在幅度上符合预期但在时间上略超预期，货币政策持续宽松。 [Table_Report] 中 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a series of monetary policy adjustments, including a 0.5 percentage point reduction in the reserve requirement ratio (RRR) and a 0.1 percentage point decrease in policy interest rates, aimed at stabilizing the market and boosting economic confidence amid external challenges and domestic economic pressures [1][2][3]. Summary by Sections Monetary Policy Adjustments - The PBOC lowered the RRR by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [1]. - The policy interest rate was reduced by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, likely leading to a similar decrease in the Loan Prime Rate (LPR) [1][8]. - Structural monetary policy tool rates were cut by 0.25 percentage points, including a reduction in personal housing provident fund loan rates by the same margin [1][8]. Economic Context - The backdrop for these adjustments includes a decline in the manufacturing Purchasing Managers' Index (PMI) to 49.0%, indicating contraction, while non-manufacturing indices remained in expansion territory [2]. - The ongoing global market volatility due to U.S. tariffs on trade partners has intensified the need for proactive macroeconomic policies to mitigate external risks [2]. Structural Changes in RRR - The RRR reduction is divided into two parts: a general cut for large and medium-sized banks and a specific adjustment for auto finance and financial leasing companies, reducing their RRR from 5% to 0% [5][7]. - This approach aims to address structural liquidity issues in the market, enhancing long-term liquidity supply while reducing banks' funding costs [5][6]. Impact on Financial Institutions - The adjustments are expected to bolster investor confidence and stabilize capital markets by providing low-cost, long-term funding to banks, thereby supporting the real economy [6][11]. - The changes in the RRR and interest rates are designed to improve banks' net interest margins and lower overall financing costs for the economy [8][9]. New Financial Tools - The PBOC announced the creation of new financial tools, including an increase in the quota for technology innovation and agricultural support loans, aimed at enhancing credit support for key sectors [11][12]. - A new "service consumption and elderly care re-loan" tool was introduced to stimulate domestic consumption and support the aging population [13][14]. Long-term Financing Support - The introduction of a risk-sharing tool for technology innovation bonds aims to lower financing costs for equity investment institutions, facilitating the issuance of long-term bonds [14]. - This initiative is expected to enhance the ability of financial institutions to support technological advancements and infrastructure development [12][14].

潘功胜说，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，整体存款准 备金率平均水平将从原来的6.6%降低到6.2%。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%，这两类机构直接面向汽车消费、设备更新投资等领域提供金融支持，降 低存款准备金率后，将有效增强这两类机构面向特定领域的信贷供给能力。 同日，中国人民银行还宣布， 自5月15日起，下调金融机构存款准备金率0.5个百分点（不含已执行 5%存款准备金率的金融机构），下调汽车金融公司和金融租赁公司存款准备金率5个百分点。 中国人民银行7日宣布，从5月8日起，下调公开市场7天期逆回购操作利率0.1个百分点。自5月15日 起，下调金融机构存款准备金率0.5个百分点（不含已执行5%存款准备金率的金融机构）。 中国人民银行表示，为实施好适度宽松的货币政策，加力支持实体经济，从 5月8日起，公开市场7 天期逆回购操作利率由此前的1.5%调整为1.4%。 公开市场14天期逆回购和临时正、逆回购的操作 利率继续在公开市场7天期逆回购操作利率上加减点确定，加减点幅度保持不变。 中国人民银行行长潘功胜当日在国新办新闻发布会上表 ...

Core Viewpoint - The People's Bank of China (PBOC) announced a comprehensive set of ten specific policy measures aimed at stabilizing the market and expectations through a package of financial policies [1][6]. Group 1: Monetary Policy Adjustments - The PBOC will intensify macroeconomic control and implement a moderately loose monetary policy [3]. - The reserve requirement ratio will be lowered by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [3]. - 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%, likely leading to a similar decline in the Loan Prime Rate (LPR) [4]. - Structural monetary policy tool rates will be cut by 0.25 percentage points, including various special structural tool rates and the re-lending rate for agriculture and small enterprises, which will drop from 1.75% to 1.5% [4]. - 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% [4]. Group 2: Support for Innovation and Consumption - The quota for re-lending for technological innovation and technological transformation will be increased by 300 billion yuan, raising the total from 500 billion yuan to 800 billion yuan [4]. - A new 500 billion yuan re-lending facility for service consumption and elderly care will be established to encourage banks to increase credit support in these areas [5]. - The quota for re-lending to support agriculture and small enterprises will also be increased by 300 billion yuan, working in tandem with the reduced re-lending rates [5]. Group 3: Capital Market Support - Two monetary policy tools supporting the capital market will be optimized, combining a 500 billion yuan swap facility for securities, funds, and insurance companies with a 300 billion yuan stock repurchase re-lending, totaling 800 billion yuan [5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the central bank to provide low-cost re-lending funds to purchase these bonds, thereby supporting technology innovation enterprises and equity investment institutions [5].

5月7日国新办举行的新闻发布会上，中国人民银行行长潘功胜表示，为贯彻4月25日中央政治局会议精 神，进一步实施好适度宽松的货币政策，推动经济高质量发展，人民银行将加大宏观调控强度，推出一 揽子货币政策措施。 其中，潘功胜宣布，下调政策利率0.1个百分点，即公开市场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；此外，降低个人住房公积金贷 款利率0.25个百分点，五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。 应当看到，本次降息是积极贯彻落实中央政治局会议要求的体现。4月25日中央政治局会议要求"加紧实 施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策""适时降准降息，保 持流动性充裕，加力支持实体经济"。央行行长潘功胜在新闻发布会上宣布降息，充分体现了适度宽松 的货币政策立场，是支持稳就业、稳企业、稳市场、稳预期的有力举措。 如何理解适时降息的影响呢？ 首先，降息充分体现逆周期调节力度加大。本次降息不仅政策利率下降，支农支小再贷款利率、住房公 积金贷款利率等也一同降低。预计政策利率下降将引导贷款 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations amid external shocks, with a focus on enhancing liquidity and supporting key sectors [1][2][3][4] Group 1: Monetary Policy Measures - The PBOC will introduce ten specific measures categorized into three main types: quantity-based, price-based, and structural policies [1][2] - Quantity-based policies include a 0.5 percentage point reduction in the reserve requirement ratio (RRR), expected to provide approximately 1 trillion yuan in long-term liquidity [1] - Price-based policies involve lowering the policy interest rate by 0.1 percentage points and reducing various structural monetary policy tool rates by 0.25 percentage points [2] - Structural policies aim to enhance existing tools and create new ones to support technology innovation, consumption expansion, and inclusive finance [3] Group 2: Specific Policy Details - The RRR for auto finance and financial leasing companies will be reduced from 5% to 0% [1] - The 7-day reverse repurchase rate will decrease from 1.5% to 1.4%, likely leading to a similar drop in the Loan Prime Rate (LPR) [2] - The personal housing provident fund loan rate will be lowered by 0.25 percentage points, with the five-year and above first home rate dropping from 2.85% to 2.6% [2] - An additional 300 billion yuan will be allocated to technology innovation and technical transformation re-loans, increasing the total to 800 billion yuan [3] - A new 500 billion yuan re-loan for service consumption and elderly care will be established to encourage bank lending in these areas [3] - The total amount for capital market support tools will be combined to 800 billion yuan, optimizing the use of securities and stock repurchase loans [3] - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-loan funds for purchasing these bonds [3]