中美经贸会谈联合声明提振风险偏好

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The joint statement of the China-US Geneva economic and trade talks exceeded market expectations. Both sides promised to take substantial measures before May 14, 2025, including amending and revoking tariffs on each other's goods and suspending or abolishing non-tariff barrier countermeasures. This positive progress releases a clear policy signal, which helps boost market confidence and is expected to support the continued strengthening of stock indices [3]. Summary by Directory Market Analysis - Macro: China and the US issued a joint statement. The US will cancel 91% of the additional tariffs, and China will correspondingly cancel 91% of the counter - tariffs. The US will suspend the implementation of 24% "reciprocal tariffs", and China will also suspend the implementation of 24% counter - tariffs. China will also suspend or cancel non - tariff countermeasures against the US. Both sides will establish a mechanism to continue consultations on economic and trade relations [2]. - Overseas: US President Trump signed an executive order requiring pharmaceutical manufacturers to lower US drug prices to match those in other countries [2]. - Stock Indices: In the spot market, China's A - share three major indices opened and closed higher. The Shanghai Composite Index rose 0.82% to close at 3369.24 points, and the ChiNext Index rose 2.63%. Most sector indices rose, with national defense and military industry, power equipment, machinery and equipment, and non - banking finance leading the gains. Only agriculture, forestry, animal husbandry and fishery, medicine and biology, public utilities, and beauty care sectors closed lower. The trading volume of the Shanghai and Shenzhen stock markets increased to 1.3 trillion yuan. In overseas markets, the three major US stock indices closed sharply higher, with the Nasdaq rising 4.35% to 18708.34 points [2]. - Futures: In the futures market, this Friday is the delivery date of the current - month futures contracts, and the basis tends to converge. In terms of trading volume and open interest, the trading volume and open interest of stock index futures rebounded [2]. Strategy - The joint statement of the China - US Geneva economic and trade talks exceeded market expectations. The positive progress is expected to support the continued strengthening of stock indices [3]. Macro Economic Charts - The report includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][11][10]. Spot Market Tracking Charts - The daily performance of domestic major stock indices on May 12, 2025: the Shanghai Composite Index closed at 3369.24 with a daily increase of 0.82%; the Shenzhen Component Index closed at 10301.16 with a daily increase of 1.72%; the ChiNext Index closed at 2064.71 with a daily increase of 2.63%; the CSI 300 Index closed at 3890.61 with a daily increase of 1.16%; the SSE 50 Index closed at 2702.62 with a daily increase of 0.87%; the CSI 500 Index closed at 5793.67 with a daily increase of 1.26%; the CSI 1000 Index closed at 6167.46 with a daily increase of 1.40% [13]. Stock Index Futures Tracking Charts - Trading volume and open interest: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. For example, the trading volume of IF contracts was 110087, an increase of 36524, and the open interest was 267426, an increase of 20649 [15]. - Basis: The basis data of IF, IH, IC, and IM contracts for different contract periods (current - month, next - month, current - quarter, and next - quarter) are provided, along with their changes [41]. - Inter - period spreads: The inter - period spreads (such as next - month minus current - month, next - quarter minus current - month, etc.) of IF, IH, IC, and IM contracts are presented, along with their changes [46].