股指日报：昨日高开低走，短期仍需等待回踩-20250508

Report Industry Investment Rating - The investment rating for the stock index is "Oscillation" [1] Core Viewpoints - Recent macro information is in line with expectations. US employment data is better than expected, and the Fed's dovish stance has led to a general rise in European and US stock indices. Sino-US trade relations show signs of phased improvement, reducing international risk aversion during the holiday. The A-share index had a slight pre-holiday correction, with the decline weaker than expected, indicating continued trading enthusiasm. The economic data and earnings reports in April suggest that the index's profit cycle is still at the bottoming stage. With the implementation of policy expectations, the market sentiment will enter a window period. Therefore, a sideways market for the index in May is the baseline expectation, and unilateral operations are not cost-effective at present. It is recommended to wait for a pullback before going long. In terms of style, the current market speculative sentiment is strong, and there may be reserve requirement ratio and interest rate cuts in the second quarter. The small-cap style is expected to become active again in May, and the export chains affected by tariffs may rebound after the bad news is exhausted. It is recommended to exit the IF-IM combination at high levels after the May Day holiday [3] Summary by Related Catalogs Macro Stock Market Information - The central bank announced ten policy measures, including a 0.5 percentage point cut in the reserve requirement ratio, a 0.1 percentage point cut in policy interest rates, a 0.25 percentage point cut in the interest rates of structural monetary policy tools and provident fund loans, and the establishment of a 500 billion yuan "Service Consumption and Elderly Care Re-lending" [4] - The Fed kept the federal funds rate target range unchanged at 4.25%-4.5%. The FOMC statement said that the uncertainty of the economic outlook has further increased, and the risks of rising unemployment and inflation have both increased [4] Stock Index盘面 Review Disk Tracking - In the previous trading session, the A-share market opened higher and closed lower. Among the four major indices, the Shanghai 50 rose 0.87%, the CSI 300 rose 0.61%, the CSI 500 rose 0.17%, and the CSI 1000 rose 0.14%. In terms of sectors, aerospace and defense (+4.45%) and land transportation (+2.07%) led the gains, while office supplies (-1.94%) and biotechnology (-0.93%) lagged. More than 3,200 stocks rose, and 101 stocks hit the daily limit, indicating a positive profit-making effect [4] Technical Tracking - After a gap-down decline in early April, the technical indicators of the index on the daily and weekly levels turned bearish. The short-term market is still in a stage of oversold rebound, and attention should be paid to the upper edge of the gap as the key resistance level [4] Fund Flow - The trading volume of the A-share market increased slightly, reaching around 1.5 trillion yuan. Market sentiment remained cautious, and the sustainability of the continuous upward movement of the market was not strong [4]