宏观金融数据日报-20250523

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - As the market's response to tariff shocks and policy support weakens, and the current rebound has reached the upper limit of the range, the market may enter a short - term consolidation phase without incremental catalysts. It is advisable to cautiously observe the stock index and pay attention to macro - incremental signals [6] 3. Summary by Relevant Catalogs Interest Rate and Bond Market - DRO01 closed at 1.48, down 3.18bp; DR007 closed at 1.57, down 0.49bp; GC001 closed at 1.49, down 5.00bp; GC007 closed at 1.61, down 0.50bp; SHBOR 3M closed at 1.64, unchanged; LPR 5 - year closed at 3.50, down 10.00bp; 1 - year treasury closed at 1.45, up 0.25bp; 5 - year treasury closed at 1.53, unchanged; 10 - year treasury closed at 1.69, up 1.40bp; 10 - year US treasury closed at 4.58, up 10.00bp [3] - On May 20, the 1 - year LPR was 3.0% (previously 3.1%), and the 5 - year LPR was 3.5% (previously 3.6%). The central bank guided the LPR to decline through policy rate cuts, which will reduce the financing costs of the real economy. Also, on May 20, some banks cut deposit rates, with large state - owned banks' current deposit rates falling below 0.1% and 1 - year fixed - deposit rates falling below 1% [4] - The central bank conducted 154.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. With 64.5 billion yuan of reverse repurchase maturing, the net investment on the day was 90 billion yuan [3] Stock Index and Futures Market - The CSI 300 closed at 3914, down 0.06%; the SSE 50 closed at 2734, up 0.19%; the CSI 500 closed at 5703, down 0.95%; the CSI 1000 closed at 6066.1, down 1.08%. The trading volume of the two markets was 1.1 trillion yuan, a decrease of over 70 billion yuan [5] - IF volume was 72,125, down 7.3%; IF open interest was 233,159, down 0.8%; IH volume was 37,418, up 2.6%; IH open interest was 78,458, up 1.1%; IC volume was 77,616, up 31.0%; IC open interest was 207,764, up 3.8%; IM volume was 202,919, up 34.7%; IM open interest was 330,540, up 7.8% [5] - The market volume shrank, small and medium - cap stocks led the decline, the futures discount widened during the session, but the IM recovered some discount as the CSI 1000 accelerated its decline at the end of the session. The press conference after the market mainly mentioned financing for technology companies with little incremental information [5] - The IF, IH, IC, and IM futures showed different levels of premium or discount in different contracts. For example, IF's current - month contract had a 11.02% premium, and IM's current - month contract had a 24.09% premium [7]