投资咨询业务资格:证监许可【2012】31号 【C 国贸易所 期货执业证号:F3074875: 投资咨询证号: Z0017779 宏观金融数据日报 国贸期货研究院 宏观金融研究中心 郑雨婷 2025/4/28 | | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 较前一日变 | | --- | --- | --- | --- | --- | --- | --- | | | | | (bp) | | | 动(bp) | | | DROO1 | 1.61 | 2.67 | DR007 | 1.71 | 7.72 | | | GC001 | 1.68 | 20.00 | GC007 | 1.78 | 2.50 | | ह | SHBOR 3M | 1.75 | 0.00 | LPR 5年 | 3.60 | 0.00 | | 市 | 1年期国债 | 1.45 | -0.02 | 5年期国债 | 1.55 | -0.28 | | 市 | 10年期国债 | 1.66 | -0.49 | 10年期美债 | 4.29 | -3.00 | | 场 | | | 回顾:上周央行公开市场累计进行了9720亿元逆回购操 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The Chinese government will implement more proactive macro - policies, including fiscal and monetary policies, to support the real economy [2]. - China's economy started well in Q1 2025, with GDP growing by 5.4% year - on - year. The financial system remained stable and the financial market showed strong resilience [3]. - From January to March, the profits of industrial enterprises above designated size turned from a decline to an increase, and nearly 60% of industries saw profit growth [3]. 3. Summary by Relevant Catalogs Hot News - The Politburo emphasized proactive macro - policies, including possible reserve requirement ratio and interest rate cuts [2]. - An explosion occurred at a port in Iran, causing 25 deaths [2]. - China is accelerating the pilot reform of automobile circulation and consumption [2]. - China's Q1 GDP grew by 5.4% year - on - year, and the financial system remained stable [3]. - From January to March, industrial enterprise profits turned from decline to growth, and manufacturing profits improved significantly [3]. Plate Performance - Key focus: hot - rolled coil, rebar, rapeseed meal, soybeans, PTA, and Shanghai gold [4]. - Night - session performance: different commodity futures had various price changes, with precious metals rising by 29.89%, coal - coking - steel - ore by 13.58%, and non - metallic building materials by 2.78% [4]. Asset Performance - Different asset classes had different performance. For example, among equities, the S&P 500 rose 0.74% daily, while among commodities, London spot gold rose 6.27% monthly and 26.47% annually [8].

Group 1 - The central political bureau meeting emphasized the need for high-quality development to address the uncertainties arising from external shocks [1] - The meeting reiterated the importance of stabilizing employment, enterprises, markets, and expectations as key points for economic work [1] - Structural monetary policy is expected to play a greater role in guiding financial resources to support the "four stabilizations" [1] Group 2 - Traditional monetary policy tools like interest rate cuts and reserve requirement ratio reductions still hold significance in signaling appropriate monetary easing to stabilize market expectations [1] - The meeting proposed the creation of new structural monetary policy tools to support key areas such as technological innovation, consumption expansion, and foreign trade stability [1] - Existing tools like the technological innovation relending and inclusive elderly care special relending are considered temporary, with expectations for the central bank to enhance support through measures like extending terms and optimizing lending conditions [1][2]