Group 1 - The People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority announced enhancements to the "Swap Connect" product types, which were welcomed by the Hong Kong industry [1] - The optimization measures include extending the interest rate swap contract duration to 30 years and introducing interest rate swap contracts referencing the Loan Prime Rate (LPR) [1] - The Hong Kong government supports the continuous optimization of the "Swap Connect" mechanism, aiming to promote the coordinated development of financial derivative markets between mainland China and Hong Kong [1] Group 2 - Bank of China (Hong Kong) stated that the optimization measures will provide greater operational space and diverse options for overseas investors in managing RMB interest rate risks [2] - The Hong Kong Stock Exchange plans to collaborate with the China Foreign Exchange Trade System and the Interbank Market Clearing House to further enrich the product duration and types under "Swap Connect" [2] - The initiatives are expected to enhance the attractiveness of the domestic RMB interest rate derivatives and RMB bond markets [1][2]

多位与会人士认为，中国经济长期向好趋势不变，金融业高水平对外开放稳步推进，人民币国际化步伐 加快，将推动熊猫债市场继续扩容。 在新开发银行司库及资金投资局融资负责人董理乐看来，中国金融管理部门对熊猫债的发行机制、资金 使用等方面不断进行优化，为发行人提供便利，熊猫债在市场上的流动性也不断提高。 "中国债券市场展现出高度的稳定性和开放性，为境外发行人营造了一个更清晰透明可操作的发行环 境。"汇丰银行（中国）有限公司副行长唐臻怡在研讨会上表示，由于中国债券利率水平低于美元和欧 元债券，熊猫债融资成本优势持续强化，为熊猫债发行提供难得的窗口期。 去年11月，巴西纸浆生产商书赞桉诺集团成功发行12亿元绿色熊猫债。书赞桉诺中国业务与战略全球执 行副总裁马欣荣说："用熊猫债进行融资，标志着我们进入中国债券市场，将有助于建立更平衡更有竞 争力的企业资本结构。" 新华财经北京5月14日电 (记者任军、吴雨）今年前四个月，熊猫债累计发行规模622亿元，继续保持快 速增长势头。14日下午，在一场主题为"深化金融开放共创中拉合作新篇章"的中拉熊猫债研讨会上，记 者获悉了这样一则数据。 "近年来，中国金融高水平开放不断深化，熊猫债市 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Through macro - fundamental analysis and technical analysis, the report forecasts the trend of various futures on April 30, 2025, including their support and resistance levels, and also analyzes the market situation on April 29, 2025, along with relevant macro - news and commodity - related information [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate. IF2506 has resistance at 3748 and 3768 points, support at 3715 and 3705 points; IH2506 has resistance at 2640 and 2650 points, support at 2612 and 2605 points; IC2506 has resistance at 5530 and 5561 points, support at 5440 and 5420 points; IM2506 has resistance at 5820 and 5848 points, support at 5700 and 5668 points [2]. - **Treasury Bond Futures**: The ten - year T2506 and thirty - year TL2506 are likely to oscillate strongly. T2506 has resistance at 109.16 and 109.32 yuan, support at 109.00 and 108.88 yuan; TL2506 has resistance at 121.2 and 121.7 yuan, support at 120.8 and 120.4 yuan [3]. - **Precious Metal Futures**: Gold futures AU2506 are likely to oscillate and consolidate, with resistance at 792.2 and 795.0 yuan/gram, support at 780.0 and 774.5 yuan/gram; Silver futures AG2506 are likely to oscillate widely, with resistance at 8296 and 8329 yuan/kg, support at 8159 and 8113 yuan/kg [3]. - **Base Metal Futures**: Copper futures CU2506 are likely to oscillate widely, with resistance at 78200 and 78600 yuan/ton, support at 77600 and 77200 yuan/ton; Aluminum futures AL2506 are likely to oscillate strongly, attacking resistance at 20100 and 20190 yuan/ton, with support at 19930 and 19880 yuan/ton; Alumina futures AO2509 are likely to oscillate weakly, with support at 2650 and 2600 yuan/ton, resistance at 2770 and 2787 yuan/ton [3]. - **Other Commodity Futures**: Industrial silicon, polysilicon, lithium carbonate, rebar, iron ore, crude oil, PTA, PVC, and soybean meal futures are likely to oscillate weakly; Glass and soda ash futures are likely to oscillate weakly [1]. 3.2 Macro - news and Trading Tips - **Domestic News**: President Xi Jinping emphasized Shanghai's role in building an international science and technology innovation center; the Ministry of Foreign Affairs responded to the US Treasury Secretary's remarks on the tariff war; the Ministry of Commerce commented on Boeing's situation; the central financial institutions supported Shanghai's construction of an international financial center; the central bank increased capital injection to ensure market liquidity; the National Development and Reform Commission and other departments carried out a market access barrier cleanup campaign; the Ministry of Human Resources and Social Security proposed reform measures; the central bank mobilized the implementation of the financial "five - article" statistical system [9]. - **International News**: The US Secretary of Commerce mentioned trade agreements and tariff policies; the US Treasury Secretary planned to have talks and proposed tax - related measures; the "helmsman" of the Norwegian sovereign wealth fund warned of global economic risks; global investors sold ESG sustainable funds; US economic data such as job vacancies, consumer confidence, and housing prices were released; euro - zone economic data such as industrial and economic sentiment were released [11]. 3.3 Commodity Futures - related Information - **Domestic Futures Night Session**: Most domestic commodity futures closed lower at night, with energy - chemical products, black series, and some agricultural products falling, while some base metals had mixed performance [13]. - **International Futures**: International precious metal futures and oil futures closed lower on April 29, 2025; London base metals mostly fell; Chicago Board of Trade agricultural product futures closed lower [14]. - **Industry News**: The China National Coal Association called for regulating coal imports; the Ministry of Agriculture and Rural Affairs issued a plan for the livestock - breeding grain - saving action; the World Bank predicted commodity prices; US API crude oil inventories increased; the US dollar index rose [15]. 3.4 Futures Market Analysis and Outlook - **Stock Index Futures**: On April 29, 2025, major stock index futures contracts showed different trends, with some falling slightly and some having short - term rebounds, but most faced resistance and support levels [17]. - **Treasury Bond Futures**: On April 29, 2025, treasury bond futures closed higher across the board, with the ten - year and thirty - year contracts showing strong upward trends, and the central bank conducted reverse - repurchase operations to inject capital [40]. - **Other Futures**: Gold, silver, copper, aluminum, and other futures also had their respective trends on April 29, 2025, and their future trends were predicted, including support and resistance levels [46].

Core Viewpoint - The document outlines the strategic opinions of the Central Committee of the Communist Party of China and the State Council on enhancing the Free Trade Zone, focusing on improving data flow, transportation services, and financial openness [1] Group 1: Data Flow and Market Rules - The strategy emphasizes promoting efficient, convenient, and secure data flow, establishing comprehensive market rules for data elements, and enhancing the facilitation of cross-border data movement [1] Group 2: Transportation and Logistics - The plan includes constructing efficient and open transportation channels, improving shipping service levels, and strengthening land and air transport capabilities [1] - It allows for the blending and mixing of high and low sulfur fuel oil under different tax codes through bonded logistics [1] - Liquefied natural gas is permitted to enjoy bonded policies as fuel for international navigation vessels [1] Group 3: Financial Sector Innovation - The strategy aims to deepen financial sector openness and innovation, promoting financial services for the real economy and gradually expanding financial openness [1] - It supports pilot programs for multinational companies' integrated currency pools and qualified foreign limited partner trials in designated Free Trade Zones [1] - The plan encourages the opening of the futures market, focusing on specific domestic futures products and exploring diverse paths for settlement price authorization [1] Group 4: Talent Policy - The document calls for the implementation of more proactive and effective talent policies, innovating talent cultivation and utilization mechanisms, and facilitating personnel exchanges [1]

Core Viewpoint - AXA Group is committed to deepening its presence in the Chinese market, driven by China's policy of expanding openness and the significant market potential it offers [1][2]. Group 1: AXA Group's Commitment and Strategy - AXA Group's executives expressed confidence in their strategy to deepen engagement in the Chinese market, highlighting the unprecedented opportunities presented by China's high-quality financial openness [1]. - The company has been rooted in China for 26 years and plans to continue leveraging its operational entities, including ICBC-AXA Life, AXA Tianping, and AXA Global Re, to strengthen its market position [1]. Group 2: Performance of ICBC-AXA Life - In 2024, ICBC-AXA Life is projected to achieve a net profit increase of 46% and a significant revenue growth of 318%, positioning it as a leader among joint venture life insurance companies in China [1][2]. Group 3: Collaboration with PICC - AXA Tianping is leading a collaboration with PICC, focusing on various areas such as local insurance services, underwriting support, and product innovation, with the first cooperation deal set to launch in Hong Kong in January 2025 [2]. - The partnership aims to provide comprehensive risk management solutions for Chinese enterprises, particularly in the new energy vehicle sector, as they expand internationally [2]. Group 4: Reinsurance Initiatives - In May, AXA Group's reinsurance team will conduct a roadshow in Shanghai Lingang to enhance the international visibility and influence of Shanghai as a global reinsurance center [3]. - The innovative policies and high-level openness of Lingang are expected to attract global reinsurance resources [3].