Report Industry Investment Rating - Not provided in the report Core View of the Report - The policies announced at the press conference can significantly boost market confidence in the future. A-shares have shown a notable increase. It is believed that the stock index is likely to choose a direction in the short term and experience a relatively long - lasting trend - based market. The wide - straddle option buying strategy is more suitable for trading [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - IF Contracts: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3845.80, 3816.00, 3755.40, and 3724.60 respectively, with increases of 34.00, 37.80, 35.40, and 36.60. The trading volumes were 31414.00, 58985.00, 13083.00, and 3136.00, and the open interest changes were 211.00, 4027.00, 1284.00, and 392.00 [1] - IH Contracts: The previous day's closing prices of IH contracts were 2679.00, 2664.80, 2631.60, and 2627.60 respectively, with increases of 18.40, 21.80, 21.20, and 20.00. The trading volumes were 13654.00, 31258.00, 5919.00, and 1142.00, and the open interest changes were - 1206.00, 927.00, - 22.00, and 17.00 [1] - IC Contracts: The previous day's closing prices of IC contracts were 5752.00, 5660.00, 5515.20, and 5412.80 respectively, with increases of 47.40, 50.40, 41.60, and 38.00. The trading volumes were 25952.00, 43288.00, 11234.00, and 4782.00, and the open interest changes were - 1926.00, - 1908.00, - 438.00, and 516.00 [1] - IM Contracts: The previous day's closing prices of IM contracts were 6127.60, 6018.80, 5830.00, and 5692.20 respectively, with increases of 75.20, 73.80, 63.60, and 57.60. The trading volumes were 39672.00, 125065.00, 23819.00, and 9124.00, and the open interest changes were - 7842.00, - 8842.00, - 2136.00, and 1228.00 [1] - Inter - month Spreads: The current values of inter - month spreads for IF, IH, IC, and IM contracts were - 29.80, - 14.20, - 92.00, and - 108.80 respectively, compared to previous values of - 32.20, - 18.40, - 98.00, and - 110.00 [1] 2. Stock Index Spot Market - Major Indexes: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 3852.90, 2679.51, 5773.81, and 6158.08 respectively, with increases of 0.56, 0.33, 0.41, and 0.76. The trading volumes (in billions of lots) were 124.96, 33.45, 136.14, and 203.92, and the total trading amounts (in billions of yuan) were 2469.87, 634.09, 1870.33, and 2627.40 [1] - Industry Indexes: Among different industries, the energy, raw materials, and telecommunications sectors had increases of - 0.31%, - 0.84%, and 2.23% respectively, while the industrial, optional consumption, and main consumption sectors had increases of 0.78%, 0.44%, and 0.84% [1] 3. Futures - Spot Basis - IF Contracts: The previous day's basis values of IF contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 300 index were - 7.10, - 36.90, - 97.50, and - 128.30 respectively, compared to previous values of - 14.43, - 46.63, - 105.83, and - 136.63 [1] - IH Contracts: The previous day's basis values of IH contracts relative to the SSE 50 index were - 0.51, - 14.71, - 47.91, and - 51.91 respectively, compared to previous values of - 5.90, - 24.30, - 56.70, and - 59.70 [1] - IC Contracts: The previous day's basis values of IC contracts relative to the CSI 500 index were - 21.81, - 113.81, - 258.61, and - 361.01 respectively, compared to previous values of - 32.09, - 130.09, - 267.69, and - 364.29 [1] - IM Contracts: The previous day's basis values of IM contracts relative to the CSI 1000 index were - 30.48, - 139.28, - 328.08, and - 465.88 respectively, compared to previous values of - 46.29, - 156.29, - 337.49, and - 471.49 [1] 4. Other Domestic and Overseas Indexes - Domestic Indexes: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3352.00, 10197.66, 6334.29, and 2029.45 respectively, with increases of 0.28%, 0.93%, 0.63%, and 1.65% [1] - Overseas Indexes: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 22775.92, 36928.63, 5663.94, and 23352.69 respectively, with increases of 0.37%, 0.41%, 0.58%, and 1.02% [1] 5. Macroeconomic Information - China - Russia Relations: Chinese President Xi Jinping held talks with Russian President Vladimir Putin, and the two sides signed a joint statement to further deepen the comprehensive strategic partnership of coordination in the new era. They witnessed the exchange of over 20 bilateral cooperation texts [2] - China - US Economic and Trade Relations: The Ministry of Commerce responded to China - US economic and trade high - level talks, stating that the US should correct wrong practices and cancel unilateral tariff increases if it wants to resolve issues through negotiation [2] - UK - US Trade Agreement: The UK and the US reached an agreement on tariff trade terms. The US will reduce the tariff on UK - made cars to 10% and the tariff on steel and aluminum to zero [2] - Private Economy Promotion: Multiple departments interpreted the Private Economy Promotion Law, stating that a series of supporting institutional mechanisms are being accelerated, and high - quality projects worth about 3 trillion yuan will be launched this year [2] 6. Industry Information - Huawei: Huawei held a communication meeting on Hongmeng computer technology and ecosystem, and the "Hongmeng computer" was officially unveiled [2] - Intellectual Property: The "2025 Intellectual Property Power Construction Promotion Plan" was issued, clarifying 118 key tasks in seven aspects [2] - Housing Market: Four major first - tier cities in China announced a reduction in the provident fund loan interest rate, and Chengdu proposed a new provident fund policy [2] - Banking Industry: Some banks have launched time - limited preferential activities for cash installment business, with the annualized interest rate dropping to below 3% [2] 7. Stock Index Outlook - Market Performance: The three major US indexes rose, and the stock index rose again the previous day. The communication and national defense and military industry sectors led the gains, while the beauty and care sector led the losses. The total trading volume in the market was 1.32 trillion yuan [2] - Funding Situation: On May 7, the margin trading balance increased by 7.22 billion yuan to 1.797293 trillion yuan [2] - Policy Impact: The central bank announced a 0.5 - percentage - point reserve requirement ratio cut, providing about 1 trillion yuan in long - term liquidity to the market, and a 0.1 - percentage - point reduction in the policy interest rate [2] - Trading Strategy: It is recommended to use the wide - straddle option buying strategy to capture market trends [2]
申银万国期货早间策略-20250509
Shen Yin Wan Guo Qi Huo·2025-05-09 05:33