宏观研究：央行宣布降息降准，稳增长、稳楼市力度大幅加码

Monetary Policy Adjustments - The central bank announced a reduction in the 7-day reverse repurchase rate by 20 basis points, from 1.7% to 1.5%[1] - A decrease in the reserve requirement ratio (RRR) by 50 basis points, providing approximately 1 trillion yuan in long-term liquidity to the financial market[1] - Potential further RRR cuts of 25-50 basis points later this year, depending on market liquidity conditions[2] Real Estate Support Measures - The central bank will guide commercial banks to lower existing mortgage rates to align with new mortgage rates, with an expected average reduction of around 50 basis points[3] - The minimum down payment ratio for second homes will be reduced from 25% to 15% nationwide, lowering the barrier for improvement demand in housing[4] - The central bank's support ratio for the 300 billion yuan affordable housing relending program will increase from 60% to 100%, accelerating the acquisition of existing homes for affordable housing[4] Economic Impact and Outlook - The policy adjustments aim to stimulate macroeconomic demand, addressing the current "strong supply and weak demand" situation and promoting a moderate recovery in price levels[3] - The reduction in existing mortgage rates is expected to decrease banks' annual interest income by approximately 189 billion yuan, about 8.2% of the total banking sector profit for 2023[3] - The focus will shift to further lowering new mortgage rates, which is crucial for reversing market expectations in the real estate sector[4]