FICC日报：免签范围扩大，纺织服饰行业领涨-20250529

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Fed will face a "difficult trade - off" between inflation and rising unemployment, and the economic uncertainty indicates that a cautious monetary policy is appropriate, leading to a late - session decline in the three major US stock indexes [3] - China's expansion of the visa - free policy aims to boost cross - border service trade and enhance foreign investment attractiveness through measures to facilitate personnel exchanges [3] - The recent index has continued the pattern of volatile consolidation, which is expected to continue until new market drivers emerge. The large - cap index has a strong supporting effect, and it is advisable to make phased purchases at the lower end of the range [3] Summary by Directory 1. Market Analysis - Domestic Policy: From June 9, 2025, to June 8, 2026, China will implement a visa - free policy for ordinary passport holders from Saudi Arabia, Oman, Kuwait, and Bahrain for business, tourism, family visits, exchanges, and transit within 30 days [1] - Overseas Policy: Fed policymakers believe that economic uncertainty is higher than before, and they should be cautious about interest rate cuts, waiting for the impact of Trump administration's tariff policies to become clearer. They are also worried about the long - term inflation - pushing effect of tariffs [1] - Stock Index Performance: In the domestic spot market, the three major A - share indexes continued to adjust. The Shanghai Composite Index fell 0.02% to 3339.93 points, and the ChiNext Index fell 0.31%. The textile and apparel, environmental protection, and coal industries led the gains, while the basic chemicals, agriculture, forestry, animal husbandry, national defense and military industry, and automobile industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets remained above one trillion yuan. In the overseas market, the three major US stock indexes all closed down, with the Dow Jones Industrial Average falling 0.58% to 42098.7 points [2] - Futures Market: In the futures market, the basis of stock index futures showed a differentiated trend, with the basis of IC and IM continuing to rise. Both the trading volume and open interest of stock index futures decreased [2] 2. Strategy - Due to the Fed facing a difficult trade - off and increased economic uncertainty, a cautious monetary policy is appropriate, causing the three major US stock indexes to decline. China's expansion of the visa - free policy aims to boost cross - border service trade and attract foreign investment. The recent index is expected to continue the volatile pattern, and large - cap indexes can be bought at the lower end of the range [3] 3. Charts - Macro - economic Charts: Include charts such as the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][9][10] - Spot Market Tracking Charts: Present the daily performance of domestic major stock indexes, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., and the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [6][12][13] - Stock Index Futures Tracking Charts: Show the basis, trading volume, open interest, and inter - delivery spreads of stock index futures, including IF, IH, IC, and IM contracts [6][14][36]