Report Summary 1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Report Core Viewpoints - Stock Index: Trump's announcement of national emergency, full - scale tariff collection, and setting a 10% "minimum benchmark tariff" with higher tariffs on countries with large trade deficits against the US. Tariff disturbances and the earnings season may lead the market to focus more on fundamental realities, causing the stock index to face downward pressure [1]. - Treasury Bonds: The bond market strengthened on Wednesday due to improved liquidity and increased post - quarter - end allocation demand. Falling funding rates drove up short - and medium - term bonds, and signs of increased fund subscriptions and narrowing spreads of less - active bonds indicated the entry of allocation buyers. On Thursday, attention should be paid to the impact of US reciprocal tariffs. If the impact is more than expected, combined with banks' allocation demand, the market may accelerate; if the impact is mild, yields may decline in the short term, but the bond market environment remains favorable in the first half of April [3]. 3. Summary by Related Catalogs Stock Index - Market Review: The main contract futures of the CSI 300 index fell 0.07%, the main contract futures of the SSE 50 index fell 0.17%, the main contract futures of the CSI 500 index rose 0.24%, and the main contract futures of the CSI 1000 index rose 0.49% [6]. - Technical Analysis: The KDJ indicator of the Shanghai Composite Index shows a weakening trend [7]. - Strategy Suggestion: The stock index may be under pressure and fluctuate weakly [2]. Treasury Bonds - Market Review: The 10 - year main contract rose 0.26%, the 5 - year main contract rose 0.15%, the 30 - year main contract rose 0.86%, and the 2 - year main contract rose 0.04% [9]. - Technical Analysis: The KDJ indicator of the T main contract shows a strengthening trend [10]. - Strategy Suggestion: Take profits in a timely manner [4]. 4. Futures Data | Date | Futures Variety | Closing Price (yuan/piece) | Change (%) | Volume (lots) | Open Interest (lots) | | --- | --- | --- | --- | --- | --- | | 2025/03/10 | CSI 300 Continuous | 3857.60 | - 0.07 | 37515 | 151868 | | 2025/03/10 | SSE 50 Continuous | 2656.20 | - 0.17 | 20568 | 51807 | | 2025/03/10 | CSI 500 Continuous | 5868.60 | 0.24 | 35926 | 68392 | | 2025/03/10 | CSI 1000 Continuous | 6100.00 | 0.49 | 106534 | 161702 | | 2025/03/10 | 10 - year Treasury Bond Continuous | 108.05 | 0.26 | 62618 | 181072 | | 2025/03/10 | 5 - year Treasury Bond Continuous | 105.75 | 0.15 | 44032 | 158987 | | 2025/03/10 | 30 - year Treasury Bond Continuous | 117.18 | 0.86 | 103374 | 107670 | | 2025/03/10 | 2 - year Treasury Bond Continuous | 102.39 | 0.04 | 33901 | 98280 | [12]
金融期货日报-2025-04-03
Chang Jiang Qi Huo·2025-04-03 02:53