Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic recovery slope has slowed, with weak internal momentum, low market confidence, and high deflation pressure. Further policy support is needed, and the role of domestic demand has become more important. The expectation of macro - policy regulation has increased, and attention should be paid to the implementation and impact of policies at the end of the second quarter [2]. - Given the macro - policy expectations and improved risk appetite in the equity market, the long - term treasury bonds have adjusted, showing the stock - bond seesaw effect. Although the economic data in April indicates that policies are still needed to boost the internal momentum of economic recovery, the index is supported. However, due to insufficient trading volume, weak sentiment, and the possibility of tariff negotiation setbacks, the index is likely to oscillate and fall into a range - bound pattern. It is recommended to wait and see in the short term and go long at low levels after a stable correction [2]. 3. Summary by Directory Market Performance - **Market Review**: Last week, the Sino - US trade agreement was reached, and the overseas equity market risk appetite improved. With the support of domestic macro - policy expectations and mixed economic data, the index rose first and then fell, with most sectors rising. From May 9th to May 16th, the CSI 300 rose 1.12%, SSE 50 rose 1.22%, CSI 500 fell 0.10%, and CSI 1000 fell 0.23%. IF rose 0.98%, IH rose 1.09%, IC fell 0.05%, and IM fell 0.19%. The overnight Shibor rate increased by 16 basis points, and DR007 increased by 9.65 basis points [1][4]. - **Institutional Positions**: As of May 16th, the net short positions of the top 20 institutional members in IF and IC increased from 30,135 and 13,473 to 32,221 and 14,142 respectively, while those in IH and IM decreased from 11,943 and 35,213 to 11,025 and 34,951 respectively [4]. - **Liquidity and Capital**: As of May 16th, the net capital outflow from the Shanghai and Shenzhen stock markets was 201.371 billion yuan, with 128.359 billion yuan from the main board and 56.138 billion yuan from the ChiNext. The margin trading balance increased by about 2.239 billion yuan, and the data on foreign capital was not released [5]. Macroeconomic Fundamentals - In April, the economy declined seasonally. Although imports and exports exceeded expectations, the internal economic momentum was still weak, with weak financing demand in the real economy. Investment mainly relied on policies, consumption was resilient but showed a marginal decline, and market confidence was insufficient. The economic recovery slope slowed, and further policy support was needed. The role of domestic demand became more important, and the expectation of macro - policy regulation increased [2]. Viewpoints and Strategies - In China, due to the implementation of macro - policy expectations and improved risk appetite in the equity market, long - term treasury bonds have adjusted. The economic data in April shows that policies are still needed to boost the internal momentum of economic recovery, which supports the index. However, due to insufficient trading volume, weak sentiment, and the possibility of tariff negotiation setbacks, the index is likely to oscillate and fall into a range - bound pattern. It is recommended to wait and see in the short term and go long at low levels after a stable correction [2].

Report Industry Investment Rating - Not provided Core Viewpoints - In May, the macro environment is changing. With the repair of overseas equity risk appetite, the boost of domestic macro - policies, and the marginal mitigation of tariff disturbances, the RMB exchange rate and the domestic equity market are likely to remain strong. The investment strategy is to go long on pullbacks and take profits on rallies. The CSI 300 Index has support at 3600 - 3700 and resistance at 4000 - 4100 [2][18] Summary by Directory Market Performance - **Market Review**: After the holiday, the index oscillated upward with all sectors closing higher. By May 9, the CSI 300 fell 0.36%, the SSE 50 fell 0.84%, the CSI 500 rose 0.46%, and the CSI 1000 rose 0.50%. IF fell 0.55%, IH fell 1.01%, IC rose 0.35%, and IM rose 0.59%. The net short positions of IF and IC held by the top 20 institutional members decreased, while those of IH and IM increased [1][4] - **Liquidity and Capital**: By May 9, the overnight Shibor rate dropped 26 basis points, and DR007 dropped 25.77 basis points. The inter - bank market interest rate declined marginally. The net outflow of funds from the Shanghai and Shenzhen stock markets was 115.282 billion, with the main board having a net outflow of 75.083 billion and the GEM having a net outflow of 25.099 billion. The margin trading balance increased by about 17.394 billion. Foreign capital data was suspended [4][5] Macroeconomic Fundamentals - In April, CPI continued to be under pressure with deflationary pressure remaining. Food CPI rebounded, non - food CPI declined, and optional consumption demand was weak. PPI of production and living materials continued to decline, indicating weak manufacturing demand. The Politburo meeting emphasized more active macro - policies. After the May Day holiday, reserve requirement ratio cuts and interest rate cuts were implemented. Although the Q1 economy recovered better than expected, the Q2 economy faces significant downward pressure [13][15] Views and Strategies - Overseas, the US - UK trade agreement boosted market sentiment. The US economy showed resilience, and the Fed kept interest rates unchanged. Earnings reports and trade negotiations supported the US stock market. Domestically, the index adjustment in April digested negative impacts. In May, macro - policies provided support, and market risk appetite is expected to gradually recover. The investment strategy is to go long on pullbacks and take profits on rallies [17][18]

Report Information - Report Title: Variety Research Report - Stock Index Futures Weekly Report - Report Date: April 28, 2025 - Research Institute: Zhengxin Futures Research Institute Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Amid the backdrop of the April Politburo meeting, the strengthening of domestic macro - policy expectations may support the index, but factors such as insufficient fundamental drivers, upcoming performance reports, and tariff policy uncertainties may lead to continued index fluctuations [2][3]. Summary by Directory 1. Market Performance 1.1 Market Review - The implementation of the April Politburo meeting and strengthened macro - policy expectations supported the market bottom, but due to insufficient fundamental drivers, performance reports under scrutiny, and tariff policy uncertainties, the index fluctuated widely. Most sectors rose, with sectors like building decoration leading in gains, while sectors such as light manufacturing and non - bank finance declined. From April 18 - 25, the CSI 300 rose 0.38%, the SSE 50 fell 0.33%, the CSI 500 rose 1.20%, and the CSI 1000 rose 1.85%. The net short positions of IF, IH, and IC held by the top 20 institutional members decreased, while that of IM increased [2][6][8]. 1.2 Liquidity and Capital - As of the week of April 25, the overnight Shibor rate dropped by 11 basis points, and DR007 remained basically flat. The inter - bank market interest rate was stable. The net capital outflow from the Shanghai and Shenzhen stock markets was 148.547 billion yuan, with 116.354 billion yuan from the main board and 28.079 billion yuan from the ChiNext. The margin trading balance decreased by about 1.191 billion yuan, and foreign capital data was not released [2][7]. 2. Macroeconomic Fundamentals - In Q1 2025, GDP grew 5.4% year - on - year, remaining stable. Consumption's contribution to economic growth increased significantly, while investment declined and exports slowed marginally. The April Politburo meeting recognized that external uncertainties have become real factors, and the role of domestic demand has been strengthened. The meeting emphasized implementing more proactive macro - policies, increasing the income of low - and middle - income groups, and promoting consumption. Attention should be paid to the implementation rhythm and intensity of macro - policies [2][14][16]. 3. Views and Strategies - Overseas, the US stock market rebounded in the past week, but the uncertainties brought by Trump's administration and the depreciation of the US dollar may limit the rebound height. In China, the April Politburo meeting has been implemented, and policy expectations may support the index. However, performance disclosure from late April to mid - May and tariff uncertainties still pose resistance to the rebound. It is expected that the index will likely continue to fluctuate. The investment strategy is to reduce positions and wait and see during the long holiday [19][20].