光大期货金融类日报1.29

Market Overview - The A-share market continued to fluctuate, with Wind All A index rising by 0.11% and a trading volume of 2.99 trillion yuan, driven mainly by the non-ferrous metals sector [2] - The recent economic adjustment policies have provided fundamental support for the indices, with the National Development and Reform Commission announcing plans for a national-level merger fund and measures to regulate local economic promotion behaviors [2] - The People's Bank of China (PBOC) has lowered the interest rates of various structural monetary policy tools by 25 basis points, which is expected to guide funds into specific sectors such as technology innovation and carbon reduction [2] Bond Market - The bond futures market saw slight increases, with the 30-year, 10-year, 5-year, and 2-year contracts rising by 0.07%, 0.05%, 0.06%, and 0.01% respectively [9] - The PBOC conducted a 7-day reverse repurchase operation of 377.5 billion yuan at a rate of 1.4%, maintaining the previous rate [9] - The bond market is expected to remain strong, but the momentum may be insufficient due to ongoing fiscal policies aimed at stabilizing growth [9] Precious Metals - Gold prices surged, breaking through $5,400 per ounce and reaching a new high of over $5,500 per ounce, reflecting strong market sentiment [10] - The gold-silver ratio has risen to approximately 46.7, while the price difference between platinum and palladium has narrowed to around $660 per ounce [10] - Factors contributing to gold's strong performance include ongoing government shutdown threats in the U.S., potential changes in the Federal Reserve leadership, and geopolitical tensions in Iran [10]