股指日报：震荡，中小盘表现较强-20250423

1. Report Industry Investment Rating - The report maintains a cautiously optimistic view and recommends cautious long - positions [6][7] 2. Core View - The US Treasury Secretary indicated an intention to ease the tariff situation, but the domestic market has become "immune" to tariff policies. The current market trading core focuses more on domestic policy expectations. Positive policy expectations under domestic policy guidance support the index to some extent. However, judging from the futures - spot basis of stock index futures, market sentiment is not optimistic, with the historical percentile of the volume - weighted average basis of stock index futures, except for IH, being below 5%. Attention should be paid to the Politburo meeting at the end of April. If substantial favorable policies are released, the index is expected to rise. Before that, a cautiously optimistic view is maintained [6] 3. Summary by Relevant Catalogs Market Review - Today, the stock index was mainly volatile. Taking the CSI 300 as an example, it closed up 0.08. In terms of funds, the trading volume of the two markets increased by 13.9712 billion yuan. Among stock index futures, IH declined with increasing volume, while other varieties rose with increasing volume [4] Important Information - A package of policies to expand domestic demand is on the way! Guangdong, Shanghai and other places are planning to introduce the "Special Action Plan to Boost Consumption". The US Treasury Secretary Yellen said at a closed - door investor meeting on April 22 that the tariff deadlock is unsustainable, and the situation is expected to ease in the near future [5] Strategy Recommendation - Cautiously go long [7] Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday gain/loss | 0.03% | - 0.38% | 0.16% | 0.87% | | Volume | 8.4129 | 4.0501 | 8.7116 | 22.5306 | | Volume MoM | 1.7351 | 0.4849 | 1.4745 | 2.2728 | | Open interest | 247,788 | 80,695 | 208,458 | 319,302 | | Open interest MoM | 3,049 | 1,842 | 7,911 | 5,569 | [8] Stock Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index gain/loss (%) | - 0.10 | | | Shenzhen Component Index gain/loss (%) | 0.67 | | | Ratio of rising to falling stocks | 1.55 | | | Trading volume of the two markets (billion yuan) | 122.9714 | | | Trading volume MoM (billion yuan) | 13.9712 | [9]