Group 1 - The core viewpoint of the news is the introduction of a comprehensive financial policy package aimed at stabilizing the market and expectations, following the April Politburo meeting [2][9] - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5%, injecting approximately 1 trillion yuan of long-term liquidity into the market [9] - The current valuation level of the A-share market is relatively low, with the CSI 300 index's price-to-earnings ratio at 12.3, significantly lower than that of major international indices like the S&P 500 [5][9] Group 2 - The "classical stabilization fund" in China operates differently from international counterparts, focusing on maintaining stable market operations and guiding long-term capital into the market [3][5] - The China Securities Regulatory Commission (CSRC) plans to enhance the inclusiveness and adaptability of regulations to support the development of the Science and Technology Innovation Board and the Growth Enterprise Market [5][7] - A significant number of listed companies have announced share repurchase plans, reflecting confidence in their own value and development [6] Group 3 - The National Financial Supervision Administration plans to support the capital market by expanding the long-term investment pilot program for insurance funds and adjusting risk factors for stock investments [10][11] - The recent policies are expected to release over 130 billion yuan in incremental funds, enhancing the capital market's stability and activity [11] - The focus on long-term capital inflow is seen as crucial for stabilizing the capital market and boosting investor confidence [10][12]

▍ 中央汇金：首次明确类"平准基金"定位。 4月8日，中央汇金公司以答记者问形式，介绍了其在维护资本市场稳定中的定位和作用，并首次 提出类"平准基金"定位。央行同步宣布，将通过再贷款向汇金提供充足资金支持，形成"政策工 具—资金渠道—市场操作"的闭环。虽然中央汇金是首次提出类"平准基金"这一概念，但历史上 已经多次发挥救市托底的重要作用。梳理中央汇金公司的救市举措，可以发现在过去多年中呈现 出一些明显的变化趋势：例如，从单一操作到组合拳、从短期救市到长期布局、从单一资金到多 元化资金协同以及从市场稳定到生态重构的变化趋势。这些变化不仅提升了救市效率，也为资本 市场的长期稳定发展奠定了基础。 ▍ 中国大陆以外地区平准基金的实践经验与规律总结。 文 ｜ 明明 章立聪 史雨洁 杨宏宇 通过比较美国、日本以及中国香港的平准基金救市历史，可以总结出以下规律和经验：①平准基 金的入市时机通常是在市场出现剧烈波动、投资者信心极度低迷、市场交易量萎缩，且常规政策 手段效果有限的情况下；②平准基金的规模一般占市场总市值的2%- 7%，以确保有足够的资金来 稳定市场。这些资金的来源主要包括政府出资和市场出资；③平准基金在短期内能 ...