Group 1: Index Trends - On May 28th, the Shanghai Composite Index had a change of -0.02%, closing at 3339.93 points with a trading volume of 389.341 billion yuan; the Shenzhen Component Index had a change of -0.26%, closing at 10003.27 points with a trading volume of 620.609 billion yuan [1]. - The CSI 1000 Index had a change of -0.4%, with a trading volume of 191.733 billion yuan, an opening price of 6006.89, a closing price of 5984.46, a daily high of 6023.82, and a daily low of 5972.18 [1]. - The CSI 500 Index had a change of -0.26%, with a trading volume of 119.96 billion yuan, an opening price of 5651.88, a closing price of 5637.24, a daily high of 5660.47, and a daily low of 5628.42 [1]. - The SSE 300 Index had a change of -0.08%, with a trading volume of 162.496 billion yuan, an opening price of 3843.07, a closing price of 3836.24, a daily high of 3849.74, and a daily low of 3833.96 [1]. - The SSE 50 Index had a change of -0.08%, with a trading volume of 44.83 billion yuan, an opening price of 2686.73, a closing price of 2683.06, a daily high of 2691.48, and a daily low of 2681.86 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 Index decreased by 24.0 points compared to the previous closing price, with sectors such as Computer, Electronics, and Medicine & Biology significantly dragging down the index [3]. - The CSI 500 Index decreased by 14.91 points compared to the previous closing price, with the Food & Beverage sector significantly boosting the index, while sectors such as National Defense & Military Industry, Automobile, and Computer significantly dragging it down [3]. - The SSE 300 Index decreased by 3.16 points compared to the previous closing price, with sectors such as Transportation, Household Appliances, and Communication significantly boosting the index, while sectors such as Electronics, Power Equipment, and Automobile significantly dragging it down [3]. - The SSE 50 Index decreased by 2.22 points compared to the previous closing price, with sectors such as Petroleum & Petrochemical, Public Utilities, and Coal significantly boosting the index, while sectors such as Automobile, Electronics, and Banking significantly dragging it down [3]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was -96.74, IM01 was -188.82, IM02 was -344.92, and IM03 was -518.57 [14]. - For IC contracts, the average daily basis for IC00 was -78.15, IC01 was -152.25, IC02 was -265.01, and IC03 was -391.8 [14]. - For IF contracts, the average daily basis for IF00 was -32.25, IF01 was -71.05, IF02 was -102.95, and IF03 was -142.39 [14]. - For IH contracts, the average daily basis for IH00 was -18.32, IH01 was -49.61, IH02 was -55.82, and IH03 was -58.14 [14]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, various roll - over point differences and their corresponding annualized costs are presented, such as at 09:45, IM00 - 01 was -53.1193, IM00 - 02 was -158.791, etc. [25]. - For IC contracts, at 09:45, IC00 - 01 was -26.1467, IC00 - 02 was -90.0318, etc., along with their annualized costs [26]. - For IF contracts, at 09:45, IF00 - 01 was -5.99267, IF00 - 02 was -13.4098, etc., and their annualized costs are provided [26]. - For IH contracts, at 09:45, IH00 - 01 was -1.29644, IH00 - 02 was 1.559889, etc., with corresponding annualized costs [28].

Core Viewpoint - Wind is committed to providing high-quality online courses for global users, with a focus on financial education and insights into market trends [1]. Group 1: Upcoming Courses - The schedule for May includes various topics such as credit bond strategies in a low-interest environment, global index asset allocation strategies amid tariff impacts, and insights into global financial market trends [2][3]. - Specific courses are set for May 8, 15, 22, and 29, covering themes like timing and selection in credit bonds and the volatility of safe-haven assets [2]. Group 2: Training Series - Wind offers a series of essential training sessions, including topics on AI integration with financial data and regional economic insights, available in multiple languages [2][4]. - The training series aims to enhance understanding of financial tools and strategies, catering to a diverse audience with sessions in English, Arabic, and German [2][4]. Group 3: April Highlights - A recap of April's courses is provided, showcasing the key insights and learnings from previous sessions, emphasizing the importance of staying updated with market dynamics [3].

Group 1 - The article highlights a series of online courses offered by Wind, focusing on various financial topics and strategies for asset allocation and market analysis [1][2][4] - Courses are scheduled throughout May 2025, with specific topics such as credit bond strategies, asset volatility, and regional economic features [1][2][4] - The courses are designed to assist participants in navigating the complexities of the global financial market, particularly in the context of tariff shocks and low interest rates [2][4] Group 2 - The training sessions include insights into the economic impact of U.S. tariffs and the use of AI in financial analysis, showcasing Wind's commitment to integrating technology in finance [4] - The course calendar provides a structured overview of the sessions, allowing participants to plan their attendance effectively [4] - Wind emphasizes the importance of global asset allocation strategies and the role of data analysis in enhancing financial decision-making [2][4]

3、据外媒报道，布宜诺斯艾利斯谷物交易所周三表示，未来七天，阿根廷主要农业区 将普遍干燥。干燥条件预计将加快 2024/25 年度的大豆收获。此前大豆收获受阻，因许多田 地土壤水分过剩。 表 1：油脂期货日度数据监测 | | | 油 脂 | 国 | | 日 数 据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | 令日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆油主力 | 4月24日 | 元/吨 | 7846.00 | 7838.00 | 8.00 | 0.10% | | | DCE棕榈油主力 | 4月24日 | 元/吨 | 8230.00 | 8218.00 | 12.00 | 0.15% | | | CZCE菜籽油主力 | 4月24日 | 元/吨 | 9390.00 | 9396.00 | -6.00 | -0.06% | | | CBOT大豆主力 | 4月23日 | 美分/蒲式耳 | 1051.50 | 1046.25 | 5.25 | 0.50% | | | CBOT豆油主力 | 4 ...

成交量持续萎缩 逢高减仓滚动操作 ——股指周报2025.04.21 客服中心 ：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询业务资格 证监发【2014】217号 投资咨询编号：Z0017812 | 本期观点 | | --- | | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、来自第一财经消息，随着近期"国家队"等多路资金的持续加仓，ETF市场总规模站上 作透明、交易便捷等特征，ETF也受到各类投资者青睐。 中证500周跌0.37%，中证1000周跌0.52%。成交方面，四大指数日均交易量交易前一周 | | | | | 了4万亿元关口。据Wind数据统计，截至4月20日，全市场ETF最新规模达到40116.17亿 | | | | | 元。其中，股票ETF是规模增长的主力军。与此同时，4月以来，场内ETF基金的资金净 | | | | | 流入额超过3200亿元。其中，沪深300ETF、中证500ETF、中证1000ETF等宽基产品最 | 操作上，市场量 | | | | 受青睐。在业内人士 ...

Trade Policy Changes - President Trump signed two executive orders establishing a 10% "minimum baseline tariff" on trade partners, effective April 5, 2025[1] - Higher "reciprocal tariffs" will be imposed on countries with the largest trade deficits with the U.S., effective April 9, 2025[1] - A 25% tariff on imported cars took effect on April 3, 2025[1] Employment Data - U.S. ADP employment increased by 155,000 in March, significantly exceeding market expectations of 84,000[1] - Manufacturing jobs rose by 21,000, marking the largest increase since October 2022[1] - Despite policy uncertainties and low consumer confidence, the U.S. job market remains robust[1] Commodity Market Performance - Domestic commodity futures showed mixed results, with energy and chemical products mostly rising; PVC increased by 1.22%[1] - Black metals mostly declined, with aluminum oxide down by 1.61% and zinc down by 0.71%[1] - Agricultural products generally rose, with vegetable oil up by 1.78%[1] Global Asset Performance - NYMEX crude oil closed at $70.73, down 0.58%[4] - COMEX gold rose by 1.33% to $3190.30, with a year-on-year increase of 34.24%[4] - The S&P 500 index increased by 0.67% to 5670.97, with a year-on-year growth of 12.92%[4] Bond Market Insights - The 10-year Chinese government bond yield decreased by 1.36% to 1.79%[4] - The 10-year U.S. Treasury yield slightly increased by 0.03% to 4.20%[4] - The China-U.S. interest rate spread stands at -2.41, reflecting a decrease of 0.05%[4]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 104.5 billion yuan at a fixed rate of 1.5% on March 6, resulting in a net withdrawal of 110.5 billion yuan for the day, marking the fourth consecutive day of net withdrawal [2][4] - The interbank funding market remained stable after four days of net withdrawal, with overnight repo rates and non-bank institutions' pledged credit bond borrowing rates concentrated in the range of 1.75%-1.8% [4] - The latest overnight financing rate in the US was reported at 4.33% [5] Group 2: Bond Market Trends - The secondary market for one-year interbank certificates of deposit was around 2%, showing little change from the previous day [7] - Major interest rate bond yields in the interbank market rose by 3-5 basis points, with specific yields for various government bonds listed [8] - The yield spreads for AAA-rated local government bonds across different maturities were analyzed, indicating trends in the bond market [9] Group 3: Fiscal Policy and Economic Plans - The Ministry of Finance proposed a budget report for 2025, projecting total revenue of 98,860 billion yuan, a decrease of 3.5% from 2024, with a central fiscal deficit of 48,600 billion yuan, an increase of 15,200 billion yuan from the previous year [11] - The National Development and Reform Commission proposed actions to boost consumption, including enhancing consumer capacity and improving the consumption environment, with a planned central budget investment of 735 billion yuan for 2025 [11] Group 4: Bond Market Developments - The issuance of special government bonds to support state-owned banks' capital replenishment will be implemented in phases [14] - The first mixed equity-debt venture capital fund was established in Shenzhen [15] - The State Council emphasized the importance of the bond market for financing and plans to expand the issuance scale in key areas [15]

Core Viewpoint - The article highlights the performance rankings of various types of funds in Hong Kong, providing transparency and accurate information for mainland investors, and emphasizes the collaboration between Wind and HKCAMA to present these rankings [1]. Fund Performance Rankings Equity Funds - The top-performing five-year equity fund is the "Fuguo China Small Cap Growth Fund I-USD" with a return of 61.97% [2]. - The three-year top performer is the "Zhongyin Baosheng China Value Fund A-HKD" with a return of 22.11% [3]. - The one-year leader is the "Ruiyuan China Equity Fund I-HKD" with a return of 46.66% [4]. Passive Index Funds - The five-year top passive index fund is the "Zhongyin Baosheng North America Index Fund A-HKD" with a return of 90.39% [5]. - The three-year leader is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 26.59% [6]. - The one-year top performer is also the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 23.75% [7]. Bond Funds - The five-year top bond fund is the "Huaxia Selected Asian Bond Fund I-USD" with a return of 26.48% [8]. - The three-year leader is the "Taikang Kaitai Overseas Short-Term Bond Fund I-USD" with a return of 22.52% [9]. - The one-year top performer is the "Huaxia Selected Stable Income Fund A-USD" with a return of 12.88% [10]. Mixed Funds - The five-year top mixed fund is the "Zhongyin Hong Kong All-Weather Global Investment Fund A1-USD" with a return of 54.13% [12]. - The three-year leader is the same fund with a return of 45.71% [13]. - The one-year top performer is again the "Zhongyin Hong Kong All-Weather Global Investment Fund A1-USD" with a return of 38.39% [14]. Money Market Funds (USD) - The five-year top money market fund is the "Dacheng Money Market Fund M-USD" with a return of 15.62% [18]. - The three-year leader is the "Ping An Money Fund I-USD" with a return of 13.82% [19]. - The one-year top performer is the "Taikang Kaitai USD Money Fund M-USD" with a return of 5.74% [20]. Money Market Funds (HKD) - The five-year top HKD money market fund is the "E Fund (Hong Kong) HKD Money Market Fund I-HKD" with a return of 12.57% [18]. - The three-year leader is the "Taikang Kaitai HKD Money Fund M-HKD" with a return of 11.90% [19]. - The one-year top performer is the "Taikang Kaitai HKD Money Fund M-HKD" with a return of 4.80% [20]. Greater China Funds - The five-year top Greater China equity fund is the "Fuguo China Small Cap Growth Fund I-USD" with a return of 61.97% [22]. - The three-year leader is the "Zhongyin Baosheng China Value Fund A-HKD" with a return of 22.11% [23]. - The one-year top performer is the "Ruiyuan China Equity Fund I-HKD" with a return of 46.66% [24]. Greater China Bond Funds - The five-year top Greater China bond fund is the "China Ping An Selected RMB Bond Fund A-CNY" with a return of 11.95% [26]. - The three-year leader is the "Minyin Ronghui Greater China Selected Bond Fund I-USD" with a return of 9.81% [27]. - The one-year top performer is the "Zhongyin Hong Kong All-Weather China High-Yield Bond Fund A1-CNY" with a return of 7.92% [28]. Overseas Market Funds - The five-year top overseas market equity fund is the "Zhongyin Baosheng North America Index Fund A-HKD" with a return of 90.39% [30]. - The three-year leader is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 26.59% [31]. - The one-year top performer is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 23.75% [32]. ETF Performance - The five-year top ETF by average daily trading volume is the "Huaxia CSI 300 Index ETF" with an average daily trading volume of 314.83 million HKD [45]. - The three-year leader is the "Nanfang Dongying Hang Seng Technology Index ETF" with an average daily trading volume of 1986.05 million HKD [46]. - The one-year top performer is the "Nanfang Dongying Hang Seng Technology Index ETF" with an average daily trading volume of 2578.52 million HKD [47].