Huatai Securities pointed out that on September 29, the People's Bank of China adjusted and improved monetary policy tools, involving PSL, technological innovation and technological transformation reloans, agricultural support and small reloans, etc.; the Ministry of Finance and other departments introduced interest rate discount policies for residents' home purchase loans to give financial discounts on the first set of eligible commercial personal housing loans. The two sets of policies were implemented collaboratively. In the context of credit growth shifting from scale expansion to improving quality and efficiency, this round of policies highlights the direction of structural optimization and increases support for major projects, scientific and technological innovation, small and micro private enterprises, and rigid housing needs. It is expected that the center of bank credit growth will gradually slow down, and policies will shift to optimizing credit structures and improving financing needs in key areas. Bank dividend allocation logic continues.

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