【笔记20250512— 中美会谈超预期，峰回路转靠实力】

Core Viewpoint - The article emphasizes the importance of execution over the perfection of systems in trading, suggesting that even flawed rules can become profitable if executed strictly [1]. Group 1: Economic Indicators - The April inflation data met expectations, and the joint statement from the US-China trade talks exceeded expectations, leading to a strong stock market performance and a significant rise in bond yields [4]. - The central bank conducted a 430 billion yuan reverse repurchase operation, resulting in a net injection of 430 billion yuan into the market [1]. Group 2: Market Reactions - Following the joint statement, US and Hong Kong stocks surged, while bonds and gold prices fell, indicating a positive market sentiment [4]. - The 10-year government bond yield rose sharply to approximately 1.6775% after the announcement of reduced tariffs from both the US and China [4]. Group 3: Interest Rates - The interbank funding rates showed a downward trend, with DR001 falling over 7 basis points to 1.41% and DR007 dropping below 1.5% [2]. - The weighted average rates for various interbank funding instruments were reported, with R001 at 1.46%, R007 at 1.55%, and R014 at 1.60%, reflecting a general decline in rates [3].