FICC日报：轮动继续，大资金再出手-20250528

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The double positive factors of Trump delaying the tariff increase on the EU and the unexpected rebound of the US consumer confidence index have boosted the market's risk appetite, leading to a full - scale rise in the three major US stock indexes. In the domestic market, the main stock indexes continue to correct. With the continuous release of the bottom - support momentum of large funds, it is recommended to seize the opportunity to buy the large - cap stock index on dips [3] Summary by Related Catalogs Market Analysis - Enterprise Profits: In April, the profits of China's large - scale industrial enterprises increased by 3% year - on - year, 0.4 percentage points faster than in March. New - kinetic energy industries represented by equipment manufacturing and high - tech manufacturing had rapid profit growth. In May, the US consumer confidence index rose significantly from 85.7 in April to 98, higher than market expectations [1] - Stock Index Adjustment: In the domestic spot market, the three major A - share indexes fluctuated and adjusted. The Shanghai Composite Index fell 0.18% to close at 3340.69 points, and the ChiNext Index fell 0.68%. Most sector indexes declined, with textile and apparel, medicine and biology, and beauty care industries leading the gains, and non - ferrous metals, electronics, and automobile industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at one trillion yuan. China Chengtong's subsidiary subscribed to the CSI Chengtong SOE Digital Economy ETF with a total amount of 600 million yuan. In the overseas market, the three major US stock indexes rose across the board, with the Nasdaq rising 2.47% to 19199.16 points [1] - Futures Index Changes: In the futures market, the basis of stock index futures showed a differentiated trend, and the basis of IM continued to rise. In terms of trading volume and open interest, only the trading volume of IM rebounded, and the open interest of the four major stock index futures increased [2] Strategy - Seize the opportunity to buy the large - cap stock index on dips in the domestic market [3] Macro - economic Charts - Include charts on the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [5][7][8] Spot Market Tracking Charts - Stock Index Performance: On May 27, 2025, the Shanghai Composite Index was 3340.69 points, down 0.18% from the previous day; the Shenzhen Component Index was 10029.11 points, down 0.61%; the ChiNext Index was 1991.64 points, down 0.68%; the CSI 300 Index was 3839.40 points, down 0.54%; the SSE 50 Index was 2685.28 points, down 0.46%; the CSI 500 Index was 5652.15 points, down 0.31%; the CSI 1000 Index was 6008.46 points, down 0.34% [14] - Also include charts on the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [15] Stock Index Futures Tracking Charts - Trading Volume and Open Interest: The trading volume of IF was 75774, a decrease of 10972; the trading volume of IH was 39115, a decrease of 7003; the trading volume of IC was 74989, a decrease of 8598; the trading volume of IM was 195063, an increase of 9659. The open interest of IF was 240995, an increase of 5370; the open interest of IH was 81979, an increase of 1589; the open interest of IC was 209867, an increase of 927; the open interest of IM was 329034, an increase of 10340 [17][18] - Basis: The basis data of the current - month, next - month, current - quarter, and next - quarter contracts of IF, IH, IC, and IM are provided, with different changes in basis values [37] - Inter - period Spread: The inter - period spread data of IF, IH, IC, and IM for different periods (next - month minus current - month, next - quarter minus current - month, etc.) are provided, along with their changes [42][44][45]