Group 1 - The central political bureau meeting on April 25 emphasized the importance of stabilizing employment, enterprises, markets, and expectations, with "stabilizing markets" and "stabilizing expectations" being key focuses [1] - On May 7, a press conference announced a comprehensive financial policy package aimed at supporting market stability and expectations, including a reduction in policy interest rates and structural monetary policy tool rates [3][4] - The People's Bank of China implemented a reserve requirement ratio (RRR) cut of 0.5 percentage points for financial institutions, effective May 15, to further support economic stability [3][4] Group 2 - The recent interest rate and RRR cuts reflect a moderately accommodative monetary policy stance, aimed at stimulating financing demand from businesses and households, thereby boosting investment and consumption [4] - A joint initiative by multiple departments aims to provide comprehensive financial services for technological innovation, indicating a shift towards supporting tech financing through both credit and equity investments [6][7] Group 3 - The National Financial Supervision Administration announced measures to support small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [10] - Since the launch of the financing coordination mechanism, over 67 million businesses have been visited, resulting in loans totaling 12.6 trillion yuan [10] Group 4 - The central government is accelerating the construction of a unified national market to enhance domestic circulation and promote high-quality economic development [14] - A special action to standardize administrative law enforcement related to enterprises has been initiated, addressing prominent issues raised by businesses and ensuring their legal rights [16] Group 5 - Recent reforms have streamlined market access by reducing the number of items on the market access negative list to 106, facilitating easier entry for private enterprises [18][21] - The implementation of the Private Economy Promotion Law aims to create a fairer and more predictable environment for business development [21]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The demand side shows that steel mills are increasing furnace shutdowns and maintenance during the off - season. The maintenance period is long and mainly involves large blast furnaces, indicating that molten iron production has peaked. The supply side reveals that last week's overseas shipment volume increased month - on - month, reaching the highest level in the same period of the past three years, while the arrival volume decreased month - on - month. Overall, the fundamentals have weakened, and it is expected that iron ore will fluctuate weakly [1][4][5] 3. Summary by Relevant Catalogs 3.1 Transaction Data - SHFE rebar had a closing price of 3046 yuan/ton, a decline of 36 yuan, a drop of 1.17%, a total trading volume of 6,951,630 lots, and a total open interest of 2,902,476 lots [2] - SHFE hot - rolled coil had a closing price of 3189 yuan/ton, a decline of 37 yuan, a drop of 1.15%, a total trading volume of 2,170,566 lots, and a total open interest of 1,353,196 lots [2] - DCE iron ore had a closing price of 718.0 yuan/ton, a decline of 10.0 yuan, a drop of 1.37%, a total trading volume of 1,542,621 lots, and a total open interest of 756,347 lots [2] - DCE coking coal had a closing price of 801.5 yuan/ton, a decline of 51.0 yuan, a drop of 5.98%, a total trading volume of 2,192,852 lots, and a total open interest of 568,597 lots [2] - DCE coke had a closing price of 1383.0 yuan/ton, a decline of 62.5 yuan, a drop of 4.32%, a total trading volume of 110,769 lots, and a total open interest of 56,994 lots [2] 3.2 Market Review - Last week, iron ore futures fluctuated downward. With a stable macro - environment and weakening demand in the fundamentals, the iron ore price declined. In the spot market, the price of PB powder at Rizhao Port was 753 yuan/ton, a month - on - month decrease of 12 yuan/ton, and the price of Super Special powder was 625 yuan/ton, a month - on - month decrease of 13 yuan/ton. The price difference between high - and low - grade PB powder and Super Special powder was 128 yuan/ton [4] - On the demand side, steel mills are increasing furnace shutdowns and maintenance during the off - season. The maintenance period is long and mainly involves large blast furnaces, indicating that molten iron production has peaked. Last week, the blast furnace operating rate of 247 steel mills was 83.69%, a month - on - month decrease of 0.46 percentage points and a year - on - year increase of 2.19 percentage points; the blast furnace iron - making capacity utilization rate was 91.32%, a month - on - month decrease of 0.44 percentage points and a year - on - year increase of 2.78 percentage points; the steel mill profitability rate was 59.74%, a month - on - month increase of 0.43 percentage points and a year - on - year increase of 5.63 percentage points; the daily average molten iron production was 2.436 million tons, a month - on - month decrease of 11,700 tons and a year - on - year increase of 68,000 tons [1][4] - On the supply side, last week's overseas shipment volume increased month - on - month, reaching the highest level in the same period of the past three years, while the arrival volume decreased month - on - month. The total global iron ore shipment volume was 3.3478 million tons, a month - on - month increase of 318,800 tons. The total iron ore shipment volume from Australia and Brazil was 2.7755 million tons, a month - on - month increase of 283,200 tons. The total shipment volume from Australia was 1.8887 million tons, a month - on - month increase of 46,100 tons, and the volume shipped from Australia to China was 1.635 million tons, a month - on - month increase of 8,000 tons. The total shipment volume from Brazil was 886,800 tons, a month - on - month increase of 237,100 tons. The iron ore shipment volume from 19 ports in Australia and Brazil was 2.7061 million tons, a month - on - month increase of 283,600 tons. The shipment volume from Australia was 1.8278 million tons, a month - on - month increase of 30,600 tons, and the volume shipped from Australia to China was 1.579 million tons, a month - on - month decrease of 14,800 tons. The Brazilian shipment volume was 878,300 tons, a month - on - month increase of 253,100 tons. In terms of inventory, the inventory of imported iron ore at 47 ports across the country was 14.59183 million tons, a month - on - month decrease of 155,160 tons; the daily average port clearance volume was 343,190 tons, an increase of 3,600 tons [1][5] 3.3 Industry News - The central bank governor, Pan Gongsheng, chaired a symposium on financial support for the real economy, requiring the implementation of a moderately loose monetary policy to meet the effective financing needs of the real economy and maintain a reasonable growth of the financial aggregate. It is necessary to increase support for key areas such as scientific and technological innovation, consumption stimulation, private small and micro - enterprises, and stable foreign trade, and make full use of existing and incremental policies. Strengthen the implementation and transmission of monetary policy and maintain a fair market competition order [9] - From January to April, the national real estate development investment was 277.3 billion yuan, a year - on - year decrease of 10.3%. The housing construction area of real estate development enterprises was 6.20315 billion square meters, a year - on - year decrease of 9.7%. Among them, the residential construction area was 4.31937 billion square meters, a decrease of 10.1%. The new housing construction area was 178.36 million square meters, a decrease of 23.8%. Among them, the new residential construction area was 131.64 million square meters, a decrease of 22.3%. The housing completion area was 156.48 million square meters, a decrease of 16.9%. Among them, the residential completion area was 114.24 million square meters, a decrease of 16.8% [9] - From January to April, the national fixed - asset investment (excluding rural households) was 1.47024 trillion yuan, a year - on - year increase of 4.0%. Among them, private fixed - asset investment increased by 0.2% year - on - year. On a month - on - month basis, fixed - asset investment (excluding rural households) in April increased by 0.10%. In the secondary industry, industrial investment increased by 11.7% year - on - year. Among them, mining investment increased by 6.3%, manufacturing investment increased by 8.8%, and investment in the production and supply of electricity, heat, gas, and water increased by 25.5%. In the tertiary industry, infrastructure investment (excluding the production and supply of electricity, heat, gas, and water) increased by 5.8% year - on - year. Among them, investment in water conservancy management increased by 30.7%, investment in water transportation increased by 26.9%, and investment in air transportation increased by 13.9% [9] 3.4 Related Charts - The report provides multiple charts, including those related to the futures and spot trends of rebar, hot - rolled coil, and iron ore; the basis trends of rebar, hot - rolled coil, and iron ore; steel mill profit per ton; the profit and loss situation of the ferrous metal smelting and rolling processing industry; the daily and ten - day steel production in the country; the inventory of steel billets in the country and Tangshan; the social inventory of rebar and hot - rolled coil; the increase rate of the social inventory of rebar and hot - rolled coil; the factory inventory of steel; the weekly production of rebar and hot - rolled coil in steel mills; the apparent consumption of steel; the terminal procurement volume of wire rods and rebar in Shanghai; the daily and ten - day production of pig iron and crude steel in the country; the number of profitable steel mills; the daily molten iron production; the operation situation of electric furnaces in the country; the blast furnace operating rate; the port inventory of 45 ports and main ports; the port inventory by iron ore type; the number of ships at ports; the average available days of iron ore in steel mills; the total inventory and daily consumption of iron ore in steel mills; the shipment volume of iron ore from Australia and Brazil; the arrival volume of iron ore at six northern ports; the shipment volume of iron ore mines; and the number of ships arriving in China with iron ore [7][10][12]

Core Viewpoint - The meeting highlighted the challenges faced by international trade and economic order, emphasizing the need for proactive measures to stabilize the economy and maintain trade resilience [1] Group 1: Economic Challenges - The international economic and trade order is experiencing severe shocks, leading to increased fragmentation of supply chains and rising trade barriers [1] - These challenges are significantly impacting economic development across countries [1] Group 2: Policy Responses - In response to external shocks, the government is enhancing macroeconomic policy adjustments, implementing more proactive fiscal policies, and adopting moderately loose monetary policies [1] - The economy has shown signs of recovery this year, particularly in foreign trade, which has maintained strong resilience [1] Group 3: Future Measures - The government is preparing to introduce measures to stabilize employment and the economy, while also researching new policy tools, including unconventional measures, to be deployed as needed based on changing circumstances [1] - There is confidence in the ability to sustain positive economic momentum [1]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - A - share major indices fluctuated this week, with all but the Small - and - Medium 100 recording slight declines. The four stock index futures showed differentiation, with large - cap blue - chip stocks outperforming small - and - medium - cap stocks. The release of weaker domestic economic data in April put pressure on the market, and although the LPR cut briefly restored market sentiment, the lack of further catalysts led to a market correction. Market trading activity decreased slightly compared to last week. For stocks, the configuration suggestion is to be cautious and wait and see [6]. - In the bond market, the long - term bond bull market may still be expected, but in the short term, due to the phased results of Sino - US tariff negotiations and the exhaustion of interest rate and reserve requirement ratio cut benefits, the market's risk - aversion sentiment decreased significantly, and the bond market fluctuated weakly. The configuration suggestion is also to be cautious and wait and see [6]. - The commodity market may experience a correction after the release of the positive effects brought by the repair of trade relations. The configuration suggestion is to short at high prices [6]. - In the foreign exchange market, the US dollar index fluctuated weakly due to factors such as the rise in fiscal pressure and the damage to the credit of US dollar assets. The euro fluctuated due to factors such as the pressure of tariff negotiations and the expectation of interest rate cuts. The yen showed a slightly stronger and fluctuating pattern. The configuration suggestion for foreign exchange is to be cautious and wait and see [6]. 3. Summary by Relevant Catalogs 3.1 This Week's Summary and Next Week's Configuration Suggestions Stocks - Performance: A - share major indices fluctuated, with all but the Small - and - Medium 100 recording slight declines. The four stock index futures showed differentiation, with large - cap blue - chip stocks outperforming small - and - medium - cap stocks. The market was pressured by weaker economic data in April, briefly recovered with the LPR cut, and then corrected due to the lack of catalysts. Market trading activity decreased slightly [6]. - Configuration Suggestion: Be cautious and wait and see [6]. Bonds - Performance: In the long - term, the bond bull market may still be expected, but in the short term, the bond market fluctuated weakly due to factors such as the phased results of Sino - US tariff negotiations and the exhaustion of interest rate and reserve requirement ratio cut benefits [6]. - Configuration Suggestion: Be cautious and wait and see [6]. Commodities - Performance: After the release of the positive effects brought by the repair of trade relations, the commodity market may experience a correction [6]. - Configuration Suggestion: Short at high prices [6]. Foreign Exchange - Performance: The US dollar index fluctuated weakly due to factors such as the rise in fiscal pressure and the damage to the credit of US dollar assets. The euro fluctuated due to factors such as the pressure of tariff negotiations and the expectation of interest rate cuts. The yen showed a slightly stronger and fluctuating pattern [6]. - Configuration Suggestion: Be cautious and wait and see [6]. 3.2 Important News and Events - **China - related**: The Ministry of Commerce responded to the US's tightening restrictions on Chinese chips, emphasizing that the US measures are discriminatory and that relevant parties may be held legally responsible. China and ASEAN completed the negotiation of the China - ASEAN Free Trade Area 3.0 version, adding 9 new chapters. The central bank will implement a moderately loose monetary policy to support the real economy. The "15th Five - Year Plan" compilation work launched an online opinion - solicitation activity [15]. - **International**: Moody's downgraded the US sovereign credit rating to AA1. Trump will set new tariff rates for trading partners in the next two to three weeks. Fed officials hinted that it may be difficult to cut interest rates before September. ECB officials said that a June interest rate cut cannot be ruled out [17]. 3.3 This Week's Domestic and International Economic Data - **China**: In April, the year - on - year growth rate of the total retail sales of consumer goods was 5.1% (expected 5.5%, previous value 5.9%); the year - on - year growth rate of the added value of industrial enterprises above the designated size was 6.1% (expected 5.5%, previous value 7.7%); the year - to - date year - on - year growth rate of urban fixed - asset investment was 4% (expected 4.2%, previous value 4.2%); the one - year LPR as of May 20 was 3% (expected 3%, previous value 3.1%) [18]. - **US**: As of the week ending May 17, the number of initial jobless claims was 227,000 (expected 230,000, previous value 229,000); the preliminary value of the S&P Global Manufacturing PMI in May was 52.3 (expected 50.1, previous value 50.2) [18]. - **EU**: The final value of the CPI annual rate in April was 2.2% (expected 2.2%, previous value 2.2%); the preliminary value of the consumer confidence index in May was - 15.2 (expected - 16, previous value - 16.7); the preliminary value of the Manufacturing PMI in May was 49.4 (expected 49.3, previous value 49) [18]. - **UK**: The annual rate of the core retail price index in April was 4.2% (previous value 2.8); the annual rate of the retail price index in April was 4.5% (expected 4.2, previous value 3.2); the annual rate of the core CPI in April was 3.8% (expected 3.6, previous value 3.4); the preliminary value of the Manufacturing PMI in May was 45.1 (expected 46, previous value 45.4) [18]. - **Germany**: The monthly rate of PPI in April was - 0.6% (expected - 0.3%, previous value - 0.7); the preliminary value of the Manufacturing PMI in May was 48.8 (expected 48.9, previous value 48.4) [18]. - **France**: The preliminary value of the Manufacturing PMI in May was 49.5 (expected 48.9, previous value 48.7) [18]. 3.4 Next Week's Important Economic Indicators and Economic Events - May 27: At 14:45, the final value of France's May CPI monthly rate (previous value 0.6); at 21:00, the annual rate of the unadjusted house price index of 20 major cities in the US in March (previous value 4.5) [88]. - May 28: At 14:45, the final value of France's Q1 GDP annual rate; at 15:55, Germany's seasonally - adjusted unemployment rate in May (previous value 6.3) [88]. - May 29: At 20:30, the number of initial jobless claims in the US for the week ending May 24; the revised value of the annualized quarterly rate of the US Q1 real GDP [88]. - May 30: At 07:30, Japan's April unemployment rate (previous value 2.5); at 20:00, the preliminary value of Germany's May CPI monthly rate (previous value 0.4); at 20:30, the annual rate of the US April core PCE price index (previous value 2.6); at 21:45, the US May Chicago PMI (previous value 44.6); at 22:00, the final value of the US May University of Michigan consumer confidence index (previous value 52.2) [88].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoint of the Report The report indicates that the nickel market is currently in a situation of weak supply and demand. Domestically, inventory is decreasing, while overseas inventory is rising again. Technically, the price has broken through the lower limit of the range, and the short - selling force has strengthened with increased positions. It is expected that the market will be in a weak oscillation. The report suggests either temporarily observing or lightly short - selling [3]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 123,400 yuan/ton, with a 120 - yuan increase; the 06 - 07 contract spread is - 140 yuan/ton, with a 30 - yuan increase [3]. - The price of LME 3 - month nickel is 15,630 US dollars/ton, with a 100 - dollar increase; the position of the main contract of Shanghai nickel is 50,453 lots, with a decrease of 9,195 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 6,871 lots, with a decrease of 825 lots; the LME nickel inventory is 200,910 tons, with a decrease of 876 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 27,742 tons, with a decrease of 66 tons; the total LME nickel cancelled warrants is 22,116 tons, with a decrease of 642 tons [3]. - The warehouse receipt quantity of Shanghai nickel is 22,562 tons, with a decrease of 452 tons [3]. Spot Market - The spot price of SMM 1 nickel is 124,500 yuan/ton, with a 25 - yuan decrease; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 124,600 yuan/ton, with no change [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 100 US dollars/ton, with no change; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 100 US dollars/ton, with no change [3]. - The average price of battery - grade nickel sulfate is 28,900 yuan/ton, with no change; the basis of the NI main contract is 1,100 yuan/ton, with a 145 - yuan decrease [3]. - The LME nickel (spot/three - month) premium is - 201.15 US dollars/ton, with a 3.11 - dollar increase [3]. Upstream Situation - The monthly import volume of nickel ore is 153.52 million tons, with an increase of 38.91 million tons; the total port inventory of nickel ore is 706.24 million tons, with an increase of 9.72 million tons [3]. - The average monthly import unit price of nickel ore is 111.85 US dollars/ton, with a 17.44 - dollar decrease; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no change [3]. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with an increase of 1,120 tons; the total monthly output of ferronickel is 22,800 metal tons, with a decrease of 500 metal tons [3]. - The monthly import volume of refined nickel and alloys is 8,559.43 tons, with an increase of 661.27 tons; the monthly import volume of ferronickel is 1.0133 billion tons, with an increase of 104.6 million tons [3]. Downstream Situation - The monthly output of 300 - series stainless steel is 190.18 million tons, with an increase of 24.75 million tons; the total weekly inventory of 300 - series stainless steel is 65.6 million tons, with a decrease of 110,000 tons [3]. Industry News - In April, the second - hand housing market in core cities maintained a certain level of activity. With a high listing volume, "trading at a lower price for higher volume" was the mainstream. The average price of second - hand housing in 100 cities was 13,892 yuan/square meter, with a month - on - month decline of 0.69% and a year - on - year decline of 7.23%. The second - hand housing price in first - tier cities decreased by 0.36% month - on - month [3]. - Two Fed officials emphasized that the Fed can be patient and evaluate upcoming data before adjusting policies. San Francisco Fed President Daly said not to act suddenly or rapidly without necessity [3]. - Fed's Musalem said that high uncertainty is prompting households and businesses to suspend spending and investment. If this situation persists, it will lead to a significant slowdown in economic growth [3]. - The central bank governor held a symposium on financial support for the real economy and stated that a moderately loose monetary policy should be implemented to meet the effective financing needs of the real economy and maintain a reasonable growth in financial aggregates [3]. - Since the implementation of the zero - tariff policy for 33 least - developed African countries from December 1, last year, to March this year, China's imports from these countries reached 21.42 billion US dollars, with a year - on - year increase of 15.2% [3]. Key Points - The implementation of Indonesia's NBP policy has increased the supply cost of nickel resources, and the premium of domestic trade ore has remained stable. The Philippines plans to implement a nickel ore export ban from June 2025, intensifying raw material disturbances [3]. - The cost of domestic smelters has steadily increased, and some smelters are facing losses. Meanwhile, the production capacity of Indonesian ferronickel is being released faster, and the output has increased significantly [3]. - On the demand side, the profit of stainless steel plants has been compressed, but the willingness to start production is high, and the output remains at a relatively high level. The demand for new energy vehicles continues to rise, but its proportion is small and the impact is limited [3].

现货升水400元/吨，冶炼厂捂货惜售，实际成交有限，下游普遍认为当前价格过高，终端消费疲软导致接 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 货意愿低迷，观望情绪主导市场，国内外去库放缓迹象。技术面，持仓减量多头谨慎，关注MA10支撑，预 | | | 沪锡产业日报 2025-05-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 264780 | -2950 6月-7月合约收盘价:沪锡(日,元/吨) | -190 | -140 | | | LME3个月锡(日,美元/吨) | 32775 | -185 主力合约持仓量:沪锡(日,手) | 23836 | -5367 | | | 期货前20名净持仓:沪锡(日,手) | -1720 | -2185 LME锡:总库存(日,吨) | 2670 | 15 | | | 上期所库存:锡(周,吨) | 8417 | -302 LME锡:注销仓单(日,吨) | ...

报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 愿升温，国内社库有所下降，海外延续去库。技术面，持仓增量，关注MA10争夺，预计锌价区间震荡为主 。操作上，建议暂时观望，或区间操作。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | | | 沪锌产业日报 2025-05-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22455 | -125 06-07月合约价差:沪锌(日,元/吨) | 210 | 40 | | | LME三个月锌报价(日,美元/吨) | 2684.5 | -40 沪锌总持仓量(日,手) | 227497 ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 5 月 22 日星期四 早盘提示 Morning session notice | 【市场逻辑】 1-4 月份，全国固定资产投资同比增长 4.0%，市场预期 4.3%，1-3 月份为 4.2%。4 月份，社会消费品零售总额同比增长 5.1%，市场预期 5.5%，3 月同比增长 5.9%。4 | | --- | | 月份，规模以上工业增加值同比实际增长 6.1%，市场预期增长 5.2%，一季度同比 | | 增长 6.5%。中国 4 月以美元计价出口同比增长 8.1%，市场预估为增长 2.0%，3 月 | | 增长 12.4%。4 月份中国出口东盟增长 20.8%，3 月增长 11.55%；4 月出口美国同比 | | 下降 21.03%，3 月增长 9.09%。因关税影响，4 月中国对美出口出现大幅下降，对 | | 东盟出口增长加速，可能存在转出口因素。4 月固定资产投资和消费略不及预期， | | 工业生产和出口好于市场预期，4 月的经济增长保持韧性。5 月 12 日中美日内瓦经 | | 贸会谈联合声明发布之后，美线航运出现"抢运潮"。中美经贸会 ...

报告类型 股指日评 日期 2025 年 5 月 22 日 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 5 月 21 日，万得全 A 放量上涨，开盘震荡运行后有所上涨，午后调头回落， 收张 0.08%，超 6 成个股下跌。指数现货方面，沪深 300、上证 50 开盘后震荡上 行，午后有所回落，收盘分别上涨 0.47%、0.43%，中证 500、中证 1000 开盘回落 后有所回升，午后震荡运行，前者收涨 0.18%，后者收跌 0.23%，大盘蓝筹股表现 更优。指数期货方面，期货表现整体弱于现货，IF、IH、IC 主力合约分别收涨 0.41%、 0.49%、0.08%，IM 主力合约收跌 0.31%（按前一交易日收盘价为基准计算）。 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属 ...

Group 1 - The recent financial policy package includes 10 monetary policy measures aimed at stabilizing the market and expectations through a combination of tools, reflecting a moderately loose monetary policy stance to support employment, businesses, and market stability [1][2] - The measures include targeted reserve requirement ratio (RRR) cuts for large and medium-sized banks, as well as for auto finance and leasing companies, alongside interest rate reductions for policy rates and housing provident fund loans [2][3] - Structural monetary policy tools have been innovatively enhanced, with a comprehensive reduction in interest rates for various structural monetary policy tools, which will incentivize banks to increase credit to key strategic areas and weak links [3] Group 2 - New policy tools such as loans for service consumption and elderly care have been established to encourage financial institutions to support sectors like accommodation, dining, entertainment, and the elderly care industry, thereby stimulating service consumption and enhancing the pension market [3] - The structural monetary policy tools, with a balance of 5.9 trillion yuan, have become a significant channel for basic currency supply, reinforcing the policy incentives for commercial banks [3]