宏观金融数据日报-20250519

Group 1: Market Data - DROO1 closed at 1.63 with a 21.93bp increase, DR007 at 1.64 with an 11.29bp increase, GC001 at 1.51 with a 13.50bp increase, and GC007 at 1.56 with a 2.00bp increase [4] - SHBOR 3M closed at 1.65 with a 0.90bp decrease, LPR 5 - year at 3.60 with no change [4] - 1 - year, 5 - year, and 10 - year Chinese government bonds closed at 1.45, 1.55, and 1.68 respectively, with increases of 1.94bp, 1.14bp, and 0.71bp; 10 - year US Treasury bonds closed at 4.43 with a 2.00bp decrease [4] - Last week, the central bank conducted 486 billion yuan of reverse repurchase operations, with 836.1 billion yuan of reverse repurchase and 125 billion yuan of MLF maturing, resulting in a net withdrawal of 475.1 billion yuan [4] - This week, 486 billion yuan of reverse repurchase will mature, with 4.3 billion, 18 billion, 9.2 billion, 6.45 billion, and 10.65 billion yuan maturing from Monday to next Friday [5] Group 2: Stock Index Quotes - The CSI 300 closed at 3889 with a 0.46% decrease, the SSE 50 at 2717 with a 0.86% decrease, the CSI 500 at 5716 with a 0.01% increase, and the CSI 1000 at 6068 with a 0.18% increase [6] - IF, IH, IC, and IM contracts also showed corresponding price changes and volume and position changes [6] - Last week, the CSI 300 rose 1.12% to 3889.1, the SSE 50 rose 1.22% to 2716.7, the CSI 500 fell 0.1% to 5715.8, and the CSI 1000 fell 0.23% to 6068.1 [6] - In the Shenwan primary industry index, non - bank finance (2.5%), automobile (2.4%), transportation (2.1%), basic chemicals (1.8%), and comprehensive (1.7%) led the gains last week, while computer (-1.3%), national defense and military industry (-1.2%), media (-0.8%), electronics (-0.7%), and social services (-0.5%) led the losses [6] Group 3: Economic Data and Market Analysis - In April, the domestic inflation level remained low, with CPI down 0.1% year - on - year, core CPI up 0.5% year - on - year, and PPI down 2.7% year - on - year with a 0.2 - percentage - point increase in the decline [7] - Financial data was weaker than seasonal. In April, new social financing was 1.16 trillion yuan, weaker than market expectations; the year - on - year growth rate of social financing stock was 8.7%, up 0.3 percentage points from the previous month [7] - In April, new RMB loans in the financial caliber were 280 billion yuan, 450 billion yuan less than the same period last year, and government bonds continued to provide support; the year - on - year growth rate of M1 was 1.5%, down 0.1 percentage points from the previous month [7] - Due to the under - performance of social financing and inflation data in April, the fundamental driving force for the stock index is still weak. After the first - stage Sino - US tariff negotiation, the stock index has recovered the technical gap, and the need for Central Huijin to support the market has weakened. It is recommended to reduce long positions and be vigilant against adjustment risks [7] Group 4: Futures Premium and Discount - The IF, IH, IC, and IM contracts showed different premium and discount rates for different contract periods [8]