宏观金融数据日报-20250605

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term fluctuations of stock indices are dominated by overseas variables, but Trump's administration has a changeable style, and tariff policies still face significant uncertainties. Domestic factors have limited driving force for stock indices, and the policy level is in a relative vacuum. It is recommended to adopt a wait - and - see approach for futures index operations and be cautious about chasing rising prices [6] 3. Summary by Relevant Catalogs 3.1 Money Market - DRO01 closed at 1.41 with a - 0.03bp change; DR007 at 1.55 with a 0.53bp change; GC001 at 1.49 with a - 1.00bp change; GC007 at 1.59 with a - 0.50bp change; SHBOR 3M at 1.65 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds decreased by 1.28bp, 1.80bp, and 0.81bp respectively, while the 10 - year US treasury bond remained unchanged at 4.46 [4] - The central bank conducted 2149 billion yuan of 7 - day reverse repurchase operations yesterday, with 2155 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 6 billion yuan. This week, 16026 billion yuan of reverse repurchases will mature in the central bank's open market. After the monthly bank assessment, the money market has become looser, and the central bank uses various tools to maintain reasonable liquidity [4][5] 3.2 Stock Index Market - Yesterday, the Shanghai - Shenzhen 300 rose 0.43% to 3868.7, the Shanghai 50 rose 0.13% to 2690.8, the CSI 500 rose 0.78% to 5739, and the CSI 1000 rose 0.88% to 6123.2. The trading volume of the two markets was 1.15 trillion yuan, a slight increase of 116 billion yuan. Most industry sectors rose, while aviation, logistics, and aerospace sectors declined [5] - Rumors of Sino - US trade negotiations have affected the market. Stock indices have rebounded for two days but have not broken through key resistance levels, and trading volume has not significantly increased. Domestic factors have limited driving force for stock indices, and the policy level is in a vacuum. It is recommended to wait and see for futures index operations [6] 3.3 Futures Contract Market - For IF, the trading volume was 69824 with a - 7.1% change, and the open interest was 229448 with a - 2.9% change. For IH, the trading volume was 31907 with a - 20.4% change, and the open interest was 78806 with a - 3.8% change. For IC, the trading volume was 58090 with a - 16.3% change, and the open interest was 206376 with a - 3.4% change. For IM, the trading volume was 151505 with a - 7.9% change, and the open interest was 315489 with a - 1.8% change [5] - The IF basis for the current - month, next - month, current - quarter, and next - quarter contracts was 15.53%, 14.05%, 0.02%, and 6.60% respectively. The IH basis was 14.60%, 14.62%, 6.77%, and 3.65% respectively. The IC basis was 19.96%, 17.35%, 14.18%, and 11.80% respectively. The IM basis was 25.77%, 21.73%, 18.19%, and 15.27% respectively [7]