Interest rate cuts and reserve requirement ratio reductions once became market expectations, but reality has provided a different answer. Recently, the central bank's meeting set the tone that a reserve cut and interest rate reduction in the first quarter are basically unlikely, and many investors' expectations have cooled accordingly. However, a true reversal has followed — the two major stock exchanges in Shanghai and Shenzhen have simultaneously stepped up efforts, announcing significant reductions in trading fees starting from 2026, with total concessions exceeding 1.9 billion yuan. This real financial benefit ultimately flows to investors and listed companies.

This fee reduction is quite substantial. The Shanghai Stock Exchange officially announced the exemption of listing fees and transaction unit fees, followed closely by the Shenzhen Stock Exchange, which also canceled related fees for bonds, funds, and other instruments. Although the LPR has remained unchanged for seven consecutive months and banks still face funding pressures, this round of fee reductions has genuinely lowered trading costs, directly transmitting policy benefits to the market.

The central bank's approach is also quietly shifting. No longer engaging in "flood-like" comprehensive stimulus, but moving toward "precise drip irrigation," focusing resources on technological innovation and small- and micro-sized enterprises. Recently, the MLF operation injected 400 billion yuan of liquidity, maintaining overall financial stability. Fiscal policy may also be brewing to exert influence earlier.

Compared globally, the Federal Reserve may continue to cut interest rates gradually, while China has chosen a differentiated path. This seemingly simple fee reduction by the exchanges may conceal a deeper policy shift — from macro-level growth stimulation to micro-level cost reduction; from expectation management to actual savings.

While interest rate cuts have not arrived as expected, fee reductions are equally noteworthy. This "asymmetric" operational logic reflects the current fine-tuning of policies. More policy benefits are expected to be released in 2026, and market participants need to be more敏锐ly aware of these subtle changes. What do you think about this wave of fee reforms? Short-term market stimulation or long-term structural optimization?