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This morning, affected by the sharp fall of US stocks, A-share groups opened significantly lower, the Shanghai Stock Index was weak and low, blue chips were weak, the GEM was shaking up, and domestic software, 5G, biopharmaceuticals and other sectors saw large gains. In the afternoon, the two markets shook horizontally, and the GEM index continued to rise in the afternoon. As of the closing, the Shanghai Stock Index closed at 3117.97, down 0.35%, with a turnover of 161.3 billion yuan. Shenzhen Chengdu Index closed at 10547.10, down 0.09%, with a turnover of 258.2 billion yuan. The GEM closed at 1819.41, up 0.69%, with a turnover of 101 billion yuan.

The Political Bureau of the Central Committee held a meeting to analyze and study the economic situation and work at that time, requiring more market-based and legal approaches to resolve excess capacity, strengthening key core technology breakthroughs, actively supporting the launch of new industries, new models, and new formats, continuing to streamline administration and delegate power, reduce taxes and fees, and reduce corporate financing costs; More actively promote reform and opening up, deepen the reform of state-owned enterprises, state-owned assets, finance, taxation and finance; Promote the healthy development of credit, stock market, bond market, foreign exchange market and property market.

Li Xunlei commented that expanding domestic demand after three years indicates that the center's focus on short-term economic stability has significantly improved. Guan Qingyou said that although the financial tone of the Bank of Money seemed unchanged, it actually left a loose mouth. Huatai Strategy believes that the pressure of trade conflict on the economy has flashed.

In terms of liquidity, on Wednesday (April 25), the Central Bank announced that it would cut the deposit reserve ratio of some financial institutions today to replace the medium-term fake loan convenience. Considering that the liquidity released by the above organizations can absorb the impact of factors such as the expiration of the central bank's reverse repo, and in order to protect the reasonable and stable liquidity of the banking system, no open market operations will be carried out. On that day, 150 billion yuan of reverse repo expired, with a net withdrawal of 150 billion yuan.

Market insiders pointed out that the disturbance of tax payment on capital in April this year was slightly more than expected, and the central bank's withdrawal of a lot of funds in the early period, the debt market and leverage may also have aggravated the market's shake, but the negative impact of tax payment on capital has come to an end. Today's RRR reduction will be implemented, and the financial expenditure at the end of the month will increase, and other positive effects will flash, and the capital level will be stable across the month.