Group 1 - The core viewpoint of the news is the announcement of a comprehensive financial policy package by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to stabilize the market and expectations [1] - The implementation of a moderately loose monetary policy includes a 0.5 percentage point reduction in the reserve requirement ratio, aimed at enhancing liquidity and credit supply in specific sectors [1][2] - The reduction in the reserve requirement ratio for auto finance and financial leasing companies from 5% to 0% is expected to lower their funding costs and improve credit supply capabilities [2] Group 2 - The People's Bank of China has introduced measures to lower policy interest rates, including a 0.1 percentage point reduction in the 7-day reverse repurchase rate, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [2] - The central bank's support for capital markets includes optimizing two monetary policy tools with a total quota of 800 billion yuan, allowing for more flexible use of funds [3] - The Central Huijin Investment Company is emphasized as a key player in maintaining capital market stability, with the central bank providing sufficient support for its operations [3] Group 3 - The expansion of pilot programs for insurance funds to invest long-term is set to inject an additional 60 billion yuan into the market, alongside adjustments to solvency regulations to encourage more stock investments [4] - The focus on increasing the scale and proportion of long-term funds entering the market is highlighted, with initiatives to promote high-quality development of public funds [4] - The roadmap for capital market reforms includes measures to enhance the stability and adaptability of the market, with a focus on supporting technological innovation and improving the investment environment for foreign entities [5]

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道 5月7日上午，国务院新闻办公室举行新闻发布会，中国人民银行、国家金融监督管理总局、中国证监会 负责人介绍了"一揽子金融政策支持稳市场稳预期"有关情况。其中，央行推出包含数量型、价格型政策 及结构性货币政策工具三大类共十项货币政策措施；国家金融监管总局近期将推出八项增量政策；证监 会亦将出台多项资本市场政策。这些政策在稳楼市股市、支持科技创新、促进消费等多个关键领域均作 出相关部署。 多家机构指出，当前政策出台恰逢其时。 开源证券宏观经济首席分析师何宁表示，随着关税扰动初显，政策落地的窗口期已至。在政策效果方 面，据中信建投首席政策分析师胡玉玮测算，本次增量资金释放规模基本可以对冲关税带来的负面冲 击。 万联证券研究所负责人、宏观首席分析师徐飞表示，此次发布会是对中央经济工作会议精神和政治局会 议精神的贯彻落实，强调加大宏观调控强度，推出一揽子货币政策措施，服务实体经济高质量发展，为 推动经济持续回升向好、维护资本市场稳健发展营造良好的货币金融环境。 展望未来政策走向，多位分析师预计将有更多增量政策推出，重点集中在财政发力、扩大内需、稳定外 贸等领域。何 ...

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]

Monetary Policy Measures - The People's Bank of China (PBOC) reduced the reserve requirement ratio by 0.5 percentage points, releasing 1 trillion yuan in long-term liquidity[2] - The 7-day reverse repurchase rate was lowered by 0.1 percentage points to guide the Loan Prime Rate (LPR) downwards, aiming to reduce financing costs for the real economy[5] - The PBOC increased the quota for technology innovation re-loans from 500 billion yuan to 800 billion yuan, and lowered the interest rate from 1.75% to 1.5%[18] Real Estate Sector Support - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the first home rate dropping from 2.85% to 2.6%, saving residents over 20 billion yuan annually in interest payments[15] - Policies focus on stimulating demand and alleviating risks in the real estate sector, promoting a shift towards a new development model[17] Support for Small and Micro Enterprises - The PBOC increased the quota for re-loans supporting agriculture and small enterprises by 300 billion yuan, bringing the total to 3 trillion yuan[23] - A comprehensive policy package is being developed to support financing for small and private enterprises, enhancing their operational vitality[23] Capital Market Support Policies - The PBOC will optimize two monetary policy tools to support the capital market, merging a total quota of 800 billion yuan for securities and stock repurchase[30] - The China Securities Regulatory Commission (CSRC) is revising regulations to support mergers and acquisitions, enhancing the role of capital markets in resource allocation[40] A-Share Market Outlook - As of May 7, the A-share index has increased by 0.50% year-to-date, with the overall market showing resilience despite external pressures[47] - The A-share index's price-to-earnings ratio stands at 18.78, indicating it is at a historical median level, while the price-to-book ratio is at 1.53, suggesting relatively low valuations compared to global markets[47] Risks and Challenges - Potential risks include uncertainty regarding domestic policy effectiveness, geopolitical disturbances, and market sentiment instability[54]

证 券 研 究 报 告 【策略快评】 金融口发布会引领走出黄金坑 ——一揽子金融政策点评 1、针对实体经济的支持：包括总量和结构两方面：①总量方面，降准 50BP， 降息 10BP。降息幅度较去年 10 月 25BP 更小，后续货币政策更多或呈现"小 步快跑"模式，随中美贸易形势变化和经济数据做出更高频的相机抉择。②结 构方面，中国央行在资金投向方面拥有更大的灵活性和指引性，当前更多倾向 于科技创新和扩内需，具体工具包括再贷款、科技创新债券风险分担工具等。 2、针对资本市场的支持：央行强调坚定支持汇金公司在必要时加大力度增持 股票市场指数基金，并向其提供充足的再贷款支持。中长线资金主要集中在保 险（扩大长期投资试点范围、调降股票投资风险因子）和公募资金（强化与投 资者利益绑定、明确长期考核权重），侧重于从结构上加强市场中长期稳定性。 大势观点：金融口发布会引领走出黄金坑。明确乐观，本次新闻发布会对市场 的定价将衔接第一步到第二步的切换，第一步国家队的流动性支持速度快体量 大，第二步转向更多针对实体经济的政策支持和经济基本面的修复。后续各部 委或密集召开新闻发布会，可能形成类似去年四季度 "一揽子"政策的加速 ...

国务院新闻办公室5月7日上午举行新闻发布会，请中国人民银行行长潘功胜、国家金融监督管理总局 局长李云泽、中国证券监督管理委员会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况， 并答记者问。 潘功胜：人民银行支持汇金公司增持 5月7日，中国人民银行行长潘功胜在参加国新办新闻发布会时表示，汇金公司是维护资本市场稳定的重要 战略力量。人民银行坚定支持汇金公司在必要时加大力度增持股票市场指数基金，并向其提供充足的再贷 款支持，坚决维护资本市场平稳运行。 潘功胜：将两项支持资本市场的工具额度合并为8000亿元 5月7日，中国人民银行行长潘功胜在参加国新办新闻发布会时表示，去年人民银行会同证监会、金融监管 总局等部门创设了两项支持资本市场的工具，这两项资本市场支持工具首期额度分别是5000亿元、3000亿 元。 目前，互换便利工具已经开展了2次操作、总金额1050亿元；超过500家上市公司、主要股东公告使用贷款 回购增持股票，贷款总金额约3000亿元。 在政策实施过程中，人民银行会同证监会、金融监管总局不断总结实践经验，结合各方建议，不断优化工 具的政策要素，提高政策的实施效率。 一是将两项工具总额度8000亿元 ...

Domestic Investment News - The State Council Tariff Commission has increased the tariff rate on imports from the U.S. to 84%, up from 34%, effective from April 10 [2] - In response to tariff impacts, several trillion-level wealth management companies have increased their investments in ETFs and equity assets, with firms like Bank of China Wealth Management and Postal Savings Bank Wealth Management announcing their actions [2] - The central bank supports the Central Huijin Investment Company in increasing its holdings in stock market index funds and will provide sufficient relending support if necessary to maintain market stability [2] Fund Performance - There is significant performance divergence among newly established funds, with over 30% of the 104 new active equity funds launched since last year's fourth quarter achieving positive returns in the last month, resulting in a performance gap exceeding 47 percentage points [3] International Investment News - The U.S. CPI for March increased by 2.4% year-on-year, a notable decrease from 2.8% the previous month, with a month-on-month decline of 0.1%, leading to increased bets on a potential interest rate cut by the Federal Reserve [5] - The European Central Bank has expressed concerns about financial risks posed by shadow banking, particularly during market stress periods [5] - The World Gold Council reported that the first quarter saw the highest inflow into gold ETFs in three years, driven by investors seeking refuge from political and economic volatility [5] Market Overview - The major stock indices experienced fluctuations, with the Shanghai Composite Index falling by 3.11% and the ChiNext Index dropping by 6.73% over the week [7] - The overall fund market saw a total of 17 new funds launched this week, including 14 equity funds, 2 bond funds, and 1 mixed fund [12] Fund Market Index - The total fund market index decreased by 2.94% this week, with the stock fund index down by 5.70% and the mixed fund index down by 4.91% [11] Banking Wealth Management Market - A total of 568 new bank wealth management products were launched this week, with a total establishment scale of approximately 801.84 billion yuan, a decrease of 66.89% from the previous week [16] Precious Metals Market - Domestic precious metal prices generally rose, with SHFE gold closing at 757.3 yuan per gram, up 2.71% for the week [19]

Core Viewpoint - The article discusses the recent actions taken by state-owned enterprises and financial institutions in China to stabilize the stock market through stock repurchases and increased holdings, marking a significant intervention in the capital market [12][16][20]. Group 1: Actions by State-Owned Enterprises - On April 8, China Guoxin announced plans to purchase A-share stocks and ETFs through a "special loan for stock repurchase and increase," followed by similar announcements from China Chengtong and China Electronics [13][16]. - These state-owned enterprises, including China Guoxin and China Chengtong, are under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC) and have significant assets, with China Guoxin's total assets reaching 980 billion yuan by the end of 2024 [15][16]. - The collective actions of these enterprises represent a new mission for the "national team" in the capital market, indicating a shift towards using special loans for broader market support [16][18]. Group 2: Central Bank and Financial Institutions' Role - The People's Bank of China (PBOC) has established a new funding channel to support the national team's market stabilization efforts, providing low-interest loans for stock repurchases [17][20]. - Central Huijin Investment Company, a key player in maintaining market stability, has committed to increasing its investments in stock market index funds, with the PBOC pledging to provide sufficient loan support as needed [20][21]. - The announcement of these measures has led to a collective response from various financial institutions, including the National Social Security Fund, which has also begun to increase its domestic stock holdings [22][23]. Group 3: Market Impact and Future Expectations - The coordinated efforts of state-owned enterprises and financial institutions are seen as a rare and significant response to stabilize the market, with nearly 30 state-owned enterprises announcing repurchase or increase plans [26][27]. - The article emphasizes the importance of maintaining market confidence, suggesting that a stable stock market can enhance household wealth and stimulate domestic consumption [28][31]. - Analysts view the recent actions as a potential precursor to a more structured "stabilization fund" that could be used to mitigate market volatility in the future [32][36].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoint of the Report - Today, treasury bond futures fluctuated and closed slightly lower. The unexpected escalation of the tariff war led to concerns about the slowdown of global economic demand growth, increasing risk aversion and driving up treasury bond futures. However, today before the market, domestic policy signals to stabilize the stock market emerged, and the central bank will support Central Huijin to stabilize the stock market, easing market sentiment and weakening risk - aversion demand. In the short term, the central bank has little need to implement easing policies as the first - quarter economic indicators are good. Overseas, the tariff war poses inflation and growth risks to the US economy, leaving the Fed in a dilemma. Overall, policy is actively stabilizing the equity market, risk aversion has cooled, and the short - term need for the central bank to cut interest rates is low. There is still a possibility of future interest rate cuts and reserve requirement ratio cuts, and treasury bond futures are expected to remain range - bound [3] 3. Summary by Relevant Catalogs Industry News - On April 8 before the market, the People's Bank of China and Central Huijin Company spoke out. Central Huijin will continue to play the role of a "stabilizer" in the capital market, and will increase its holdings of ETFs of various market styles. The central bank will support Central Huijin to increase its holdings of stock market index funds and provide re - loans if necessary. The central bank conducted 167.4 billion yuan of 7 - day reverse repurchase operations on April 8 at an operating rate of 1.50% [5]