Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid basic skills are essential for successful investment in funds [2] Group 2 - Certain bond funds can invest in government bond futures, which are futures contracts based on government bonds, highlighting a diversification opportunity within bond investments [3]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The U.S. corn market is in a weak oscillation. China has imposed additional tariffs on U.S. corn and sorghum, resulting in low import profits. The domestic corn spot price is expected to rise in the short - term due to factors such as reduced imports, low supply, and potential feed enterprise stocking. The starch market is also relatively strong, but the long - term demand is weak. The report provides trading strategies for both corn and starch [5][8][9] Summary by Directory Data - **Futures Market**: On April 28, 2025, most corn and corn starch futures contracts showed price increases. For example, C2601 closed at 2295, up 13 (0.57%); CS2601 closed at 2718, up 26 (0.96%). The trading volume and open interest of some contracts also had significant changes, such as the trading volume of C2509 increasing by 115.78% [3] - **Spot and Basis**: Corn spot prices in northern ports and Northeast China are rising, with the northern port flat - price around 2260 yuan. Starch spot prices are relatively stable, with some regions showing strength. The basis of corn and starch varies by region [3][8][9] - **Spreads**: In the corn and starch markets, different spread values and their changes are presented. For example, the C01 - C05 spread is - 24, down 14; the CS01 - CS05 spread is 29, up 8 [3] Market Judgment - **Corn**: The U.S. corn market is weak. China's tariff policy on U.S. corn affects imports. Domestic corn supply is low, and the demand from the breeding industry is weak. However, due to factors such as reduced imports and potential feed enterprise stocking, the corn spot price is expected to rise in the short - term. The 07 corn contract continues to rise, and the premium of the futures over the spot is expanding [5][8] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn in Shandong is relatively strong. The starch inventory has decreased this week. The starch price is mainly affected by the corn price and downstream stocking. In the long - term, the demand for starch is weak, and enterprises may be in a loss state. The 07 starch contract continues to rise, and it is expected to be in a strong oscillation in the short - term [9] Trading Strategies - **Unilateral**: Domestic 07 corn will oscillate narrowly. It is recommended to wait and see, with a short - long idea on pullbacks [11] - **Arbitrage**: Hold the strategy of buying the spot and shorting 07 corn. Expand the spread between 07 corn and starch when it is low, and currently wait and see [13] Corn Options - Option Strategy: Enterprises with spot positions can sell corn call options [15] Relevant Attachments - The report provides multiple charts, including those showing the spot prices of corn in different regions, the basis of corn and starch contracts, and the spreads between different contracts, which visually display the price trends and relationships in the corn and starch markets [17][22][26]