缩量调整

Report Industry Investment Rating - Not provided Core View of the Report - Today, the stock index had a volume - shrinking adjustment, with large - cap stock indices being relatively resilient. April's social data showed obvious government efforts, while corporate credit and household loans were weak, possibly due to previous tariffs, and demand recovery needs a boost. With the easing of Sino - US trade relations, the reduction of external uncertainties, clear expectations of domestic favorable policies to support and stabilize the stock market, and loose domestic and foreign liquidity, the index is supported. It is expected that the short - term downside space is limited. However, the current index is mainly driven by sentiment, and its sustainability needs to be observed. Therefore, it is recommended to mainly wait and see, and long positions can be held [6]. Summary by Related Catalogs Market Review - Today, the stock indices closed down collectively. For example, the CSI 300 index closed down 0.91%. In terms of capital, the trading volume of the two markets decreased by 16.4332 billion yuan. In the futures index market, all varieties declined with shrinking volume [4]. Important Information - In late April, China's social financing scale stock increased by 8.7% year - on - year, and the M2 balance increased by 8% year - on - year, with the growth rate accelerating compared to last month [5]. Strategy Recommendation - Mainly wait and see [7]. Futures Index Market Observation | Index |主力日内涨跌幅（%） | 成交量（万手） | 成交量环比（万手） | 持仓量（万手） | 持仓量环比（万手） | | --- | --- | --- | --- | --- | --- | | IF | - 0.74 | 9.9618 | - 3.9806 | 25.0422 | - 2.3251 | | IH | - 0.38 | 5.5413 | - 2.0824 | 8.858 | - 1.2671 | | IC | - 1.10 | 9.8288 | - 3.2125 | 20.8397 | - 1.4134 | | IM | - 1.28 | 23.2044 | - 5.9446 | 32.2293 | - 2.7808 | [7] Spot Market Observation | Index | Value | | --- | --- | | 上证涨跌幅（%） | - 0.68 | | 深证涨跌幅（%） | - 1.62 | | 个股涨跌数比 | 0.36 | | 两市成交额（亿元） | 11523.95 | | 成交额环比（亿元） | - 1643.32 | [8]