煤炭行业反弹，沪指收涨

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Market concerns about the adverse impact of large - scale tax cuts and weak demand for the 20 - year US Treasury bond auction led to a significant rise in long - term yields and a sharp decline in US stock indices. Multiple departments issued policies to support small and micro - enterprise financing, aiming to ease their financing difficulties and stabilize market expectations. It is expected that the stock index will continue its recovery trend [1][2][3] Summary by Directory 1. Market Analysis - Policy support for small and micro - enterprises: Eight departments including the Financial Regulatory Administration jointly issued measures to increase the supply of various types of loans, guide banks to manage loan interest rates, and reduce additional loan fees. Overseas, a new tax bill extended Trump's tax - cut policies and cut government spending, causing concerns about increased federal debt. The 20 - year US Treasury bond auction had poor results, indicating weak market demand [1] - Stock index performance: A - share indices rose. The Shanghai Composite Index increased by 0.21% to 3387.57 points, and the ChiNext Index rose by 0.83%. Coal, non - ferrous metals, and power equipment sectors led the gains, while beauty care, electronics, media, and social services sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was around 1.2 trillion yuan. US stock indices fell, with the Dow Jones Industrial Average dropping 1.91% to 41860.44 points. In the futures market, only the basis of IH recovered, the trading volume of IF increased, and the open interest of IC rose [2] 2. Strategy - The market's concerns about the tax bill and weak Treasury bond auction demand led to a decline in US stocks. The policies for small and micro - enterprises are expected to help the stock index continue to recover [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury bond yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury bond yields and A - share style trends [6][11][10] 4. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on May 21, 2025. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all increased, with daily increases of 0.21%, 0.44%, and 0.83% respectively [13] 5. Futures Market Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. The trading volume of IF increased, and the open interest of IC rose [15] - Table 3 shows the basis of stock index futures. Only the basis of IH recovered on the day [35] - Table 4 shows the inter - delivery spread of stock index futures [40]