Debang Securities Cheng Qiang: Releasing multiple heavy-weight policy signals to support the consolidation of the positive economic trend from three aspects.

Cheng Qiang, Chief Economist of Founder Securities, expressed that the joint release of multiple departments at the press conference has sent out multiple major policy signals. Among them, the reduction of reserve requirements and interest rates, the entry of medium and long-term funds into the market, and the increment measures in the real estate and consumption sectors are particularly prominent, demonstrating a systematic upgrade of the macroeconomic governance system and highlighting a comprehensive layout of policies for stabilizing the market and promoting development. Cheng Qiang believes that there are three major highlights in this press conference: first, in terms of monetary policy, both overall easing and precise structural efforts are being made, with a combination of reserve requirement reductions and interest rate cuts releasing long-term liquidity. Second, in terms of capital market reform, efforts will be made to accelerate the optimization of the scale and system of medium and long-term fund entry into the market, promoting the reshaping of the capital market ecology. Third, in terms of stabilizing growth, efforts are being made to expand domestic demand and prevent risks. It is expected that boosting consumption will continue to be a key focus for the year, with increased support for low-cost funding in key consumption areas. In addition, multiple departments mentioned various support measures for small and medium-sized enterprises.