期指：震荡反复格局，关注今日LPR-20250520

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The futures index shows a pattern of oscillation and repetition, and attention should be paid to the LPR on the current day. The total trading volume of the futures index declined on the trading day, indicating a cooling of investors' trading enthusiasm. The positions of different futures index varieties showed different trends [1][2]. 3) Summary by Relevant Catalogs 【Futures Index and Spot Data Tracking】 - On May 19, the current - month contracts of the four major futures indices showed mixed gains and losses. On the trading day, the closing prices of various futures index contracts had different changes, with some rising and some falling. For example, the CSI 1000 rose 0.45%, while the Shanghai Composite 50 fell 0.43%. The trading volume and open interest of each contract also changed. For instance, the total trading volume of IF decreased by 16,668 lots, and the total open interest of IM increased by 12,395 lots [1][2]. 【Trend Intensity】 - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]. 【Important Drivers】 - Moody's downgrade impact was short - lived. The U.S. stock market opened lower and closed higher, the U.S. Treasury bonds had a V - shaped reversal, and the gold futures once rebounded more than 2%. Chinese Ministry of Commerce demanded the U.S. to correct its wrong actions on AI chip export controls. Fed officials, including the second and third - in - command, poured cold water on interest rate cuts, suggesting that interest rates may be maintained until at least September [8][9]. 【A - Share Closing Review】 - The Shanghai Composite Index had a narrow - range consolidation, with restructuring concept stocks being active. The North - bound 50 Index rose more than 2%, hitting a record high closing point. The trading volume of A - shares was 1.12 trillion, the same as the previous day. Mergers and acquisitions and restructuring concepts were active, while the robot industry chain and pharmaceutical stocks declined [10].