市场抛盘枯竭，政策利好提振

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - A - share market shows continuous volume contraction, indicating exhaustion of selling pressure, and the market is waiting for more positive signals. The stock index is bullish in the medium - to - long - term, and short - term fluctuations should be ignored. The far - month contracts of stock index futures continue to trade at a discount [7][16]. - The Politburo meeting decides to implement more proactive and effective macro - policies, including making full use of fiscal and monetary policies, accelerating the issuance and use of special bonds and ultra - long - term special treasury bonds, and taking measures to support the real economy, innovation, consumption, and foreign trade. It also focuses on stabilizing and activating the capital market and promoting the healthy development of the real estate market [15][18][19]. - Various incremental funds are continuously increasing their positions in ETFs. As of April 18, the total scale of ETFs reached 4.01 trillion yuan, with equity - based ETFs accounting for over 80%. The trading volume of ETFs has increased during market fluctuations, which is significant for stabilizing the market and expectations [20]. 3. Summary by Relevant Catalogs Market Situation - A - share market volume shrank to 0.91 trillion yuan on April 18, indicating exhaustion of selling pressure [7]. - The U.S. market experienced a rebound in the Nasdaq under the pressure of stock - bond - exchange triple - kill and the easing of reciprocal tariffs [9]. Policy Support - The Politburo meeting emphasizes implementing more proactive fiscal and moderately loose monetary policies, such as timely reserve requirement ratio cuts and interest rate cuts, creating new structural monetary policy tools, and establishing new policy - based financial instruments [15][18][19]. - The People's Bank of China supports the Central Huijin Company to increase its holdings of stock market index funds and provides sufficient re - loans when necessary to maintain the stable operation of the capital market [15]. ETF Investment - As of April 18, the total scale of ETFs reached 4.01 trillion yuan, with equity - based ETFs exceeding 3.3 trillion yuan, accounting for over 80%. The net subscription of equity - based ETFs since April 7 exceeded 230 billion yuan [20]. - The scale of Huatai - Berry CSI 300 ETF reached 375.712 billion yuan as of April 18, being the largest ETF in China [20]. Economic Data - In March, China's export amount was 313.9 billion US dollars, a year - on - year increase of 12.4% [21]. - The monthly value of social consumer goods retail in March was 3.67 trillion yuan, a year - on - year increase of 5.9% [23]. - The monthly value of manufacturing fixed - asset investment in March was 2.61 trillion yuan, a year - on - year increase of 9.2% [25]. - The monthly value of infrastructure investment in March was 2.47 trillion yuan, a year - on - year growth rate of 12.6% [27]. - In March, the monthly values of new housing starts and commercial housing sales area stabilized [29]. - In March, industrial added value increased by 0.44% month - on - month and 6.5% year - on - year cumulatively, with an accelerating growth rate [31]. U.S. Economic Data - In March, U.S. retail and food sales increased by 1.4% month - on - month, indicating strong consumption [47]. - In February, U.S. commodity imports were 328.9 billion US dollars, the second - highest level, with a year - on - year increase of 18.8% [49]. - In February, the U.S. job openings reached 7.56 million, an increase of 200,000, and the voluntary resignation rate was 2%, indicating a tightening labor market [60]. Trading Strategies - Stock index futures directional trading: Wait for the end of the sideways consolidation. Be bullish in the medium - to - long - term and ignore short - term fluctuations. The far - month contracts of stock index futures are expected to continue to trade at a discount [16][66][68]. - Stock index options trading: Suspend the operation of deep - out - of - the - money call options on the far - month stock index and wait for the market to break upward [70].