Core Viewpoint - The market is experiencing a downward trend with major indices such as the Shanghai Composite Index and Shenzhen Component Index declining by 0.42% and 1.12% respectively, while the overall market shows more stocks falling than rising [1][2]. Market Performance - As of the midday close, the Shanghai Composite Index is at 3389.75, down by 14.19 points or 0.42% [2]. - The Shenzhen Component Index stands at 10238.63, decreasing by 115.59 points or 1.12% [2]. - The ChiNext Index has dropped by 28.08 points or 1.35%, reaching 2055.06 [2]. - Overall, more than 3600 stocks in the market have declined, indicating a bearish sentiment [1]. Sector Analysis - The port and shipping sector continues to show strength, while sectors such as beauty care, pet economy, synthetic biology, corn, and dairy are among the top gainers [1]. - Conversely, sectors related to Huawei's technologies and digital currencies are experiencing declines [1]. Institutional Insights - Analysts suggest that the current market conditions, characterized by ample liquidity and active fund operations, indicate limited adjustment space for the indices [4]. - There is a recommendation to focus on technology and undervalued sectors for strategic trading, emphasizing the importance of not chasing high prices blindly [4]. - The potential for economic growth exceeding expectations is highlighted, with the market likely to maintain a fluctuating upward trend [4]. - Attention is drawn to the upcoming half-year report disclosures as a potential catalyst for market movements, with a focus on industries expected to show profit growth [4].

Group 1: Investment Ratings - The investment ratings for stock index futures and government bond futures are both "oscillation" [1] Group 2: Core Views - For stock indices, the joint statement between China and the US, along with domestic policy measures such as the establishment of new financial asset investment companies, support for Huijin to increase holdings of stock index funds, and the central bank's reserve requirement ratio and interest rate cuts, are expected to help companies repair their balance sheets, promote the stable development of the real economy, and steadily increase stock market valuations. The internal policy drive is the main theme for the stock market in 2025. The revenue growth rate of A-share listed companies has narrowed for three consecutive quarters, and the net profit has increased by about 4% year-on-year, but the ROE is still in the stage of bottoming out and stabilizing [1] - For government bonds, the bond market has been supported by expectations of monetary policy easing and the weakening of the pricing fundamentals caused by tariffs. However, with the implementation of a series of incremental measures on May 7 and the joint statement between China and the US on May 12 to significantly reduce mutual tariffs, the two major positive factors have disappeared, and the bond market is expected to run in a bearish direction. The yield curve is expected to steepen again [1][2] Group 3: Summary by Directory 1. Research Views - **Stock Index Futures**: The joint statement between China and the US provides a good start for further trade negotiations. Domestic policies are the main driving force for the stock market in 2025. The revenue and profit of A-share listed companies are showing signs of improvement, and the market is expected to oscillate [1] - **Government Bond Futures**: The bond market is expected to be bearish due to the implementation of monetary policy measures and the reduction of tariffs. The yield curve is expected to steepen [1][2] 2. Daily Price Changes - **Stock Index Futures**: On May 13, 2025, compared with May 12, IH rose 0.06%, IF fell 0.05%, IC fell 0.59%, and IM fell 0.67%. Among the stock indices, the Shanghai Composite 50 rose 0.20%, the CSI 300 rose 0.15%, the CSI 500 fell 0.21%, and the CSI 1000 fell 0.27% [3] - **Government Bond Futures**: On May 13, 2025, the 30-year main contract rose 0.13%, the 10-year main contract rose 0.03%, the 5-year main contract fell 0.01%, and the 2-year main contract rose 0.03% [1] 3. Market News - On May 13, the Chinese Foreign Ministry Spokesperson responded to questions about Sino-US economic and trade talks and the issue of special tariffs on fentanyl, stating that the responsibility for the fentanyl issue lies with the US, and the US's imposition of tariffs has damaged Sino-US cooperation and Chinese interests [5] 4. Chart Analysis - **Stock Index Futures**: The report presents the trend charts of IH, IF, IM, and IC main contracts, as well as the basis trend charts of various stock index futures [6][7][8] - **Government Bond Futures**: The report shows the trend charts of government bond futures main contracts, the yield charts of government bond cash bonds, the basis charts, the inter - period spread charts, the inter - variety spread charts, and the capital interest rate charts [13][14][16] - **Exchange Rates**: The report includes the charts of the central parity rate of the US dollar against the RMB, the euro against the RMB, the forward exchange rates of the US dollar and the euro against the RMB, the US dollar index, and the exchange rates of the euro, pound, and yen against the US dollar [20][21][22]

Core Insights - The Hong Kong stock market indices opened significantly higher, with the Hang Seng Index up 1.38% and the Hang Seng Tech Index up 2.15% [1] - Consumer sector showed strong performance, with the China Securities Hong Kong Stock Connect Consumer Theme Index rising 1.66% [1] - A recent government announcement introduced a comprehensive financial policy package aimed at stabilizing the market and economy, focusing on both total and structural policies [1] Policy Impact - Total policies aim to activate capital markets, reduce financing costs, and release real estate demand [1] - Structural policies focus on upgrading the technology industry, promoting consumption, boosting the stock market, stabilizing the real estate market, and supporting troubled enterprises [1] - Positive statements regarding quasi-stabilization funds are expected to solidify the lower end of A-shares and Hong Kong stocks, enhancing risk appetite for Greater China assets [1] Investment Opportunities - Huatai Securities suggests that Hong Kong stocks may still offer relative returns, particularly in the import substitution sector [1] - Key points include: 1. Low market capitalization in export chains and midstream manufacturing sectors that are sensitive to tariffs [1] 2. Improved policy environment likely to boost risk appetite [1] 3. Attractive valuations in Hong Kong tech and consumer sectors supported by policies [1] 4. Weakening hard data from the US economy may increase global capital reallocation demand [1] Notable Investment Targets - Core broad-based Hong Kong stock: Hang Seng ETF (159920) [2] - AI and platform economy: Hang Seng Tech Index ETF (513180) [2] - Core assets in Hong Kong consumption: Hong Kong Consumption ETF (513230) [2] - Global pharmaceutical industry representation: Hang Seng Pharmaceutical ETF (159892) [2] - Chinese AI technology concept companies: Hang Seng Internet ETF (513330) [2]

Group 1: Policy Measures - The People's Bank of China (PBOC) lowered the policy interest rate by 10 basis points, leading to a decrease in LPR and deposit rates[2] - A 50 basis point reserve requirement ratio (RRR) cut was implemented, with specific reductions for auto finance and leasing companies[2] - Three targeted relending tools were established, including a 500 billion yuan relending for consumption and elderly care, and an 800 billion yuan expansion for technology innovation[3] Group 2: Market Impact - The dual interest rate cuts are expected to have a neutral impact on the equity market, with marginal increases being limited due to already low discount rates[2] - The establishment of quasi-stabilization funds and support tools totaling 800 billion yuan aims to solidify market support and enhance risk appetite among investors[4] - Policies are expected to drive medium to long-term capital into the market, benefiting large-cap stocks, particularly in the technology and consumer sectors[1][5] Group 3: Strategic Recommendations - The report maintains a mid-term investment strategy focusing on dividends, domestic demand, and technology sectors[1] - The emphasis on structural opportunities suggests potential for growth in sectors directly benefiting from policy support[4][5] - The new regulations for public funds are designed to enhance the scale and stability of equity investments, optimizing the investor structure in the market[5]

Core Viewpoint - The announcement of a comprehensive financial policy package by three major financial regulatory bodies aims to stabilize market expectations and enhance the resilience of the capital market through three dimensions: "stabilizing expectations," "activating funds," and "strengthening foundations" [1] Group 1: Stabilizing Expectations - Economic stability is crucial for maintaining investor confidence in the capital market, with the central bank implementing three types of policies: quantitative policies (0.5% reserve requirement ratio cut, releasing approximately 1 trillion yuan in long-term liquidity), price policies (0.1% reduction in policy interest rates, 0.25% reduction in structural monetary policy tool rates), and structural policies (establishment of 500 billion yuan in re-loans for service consumption and elderly care) [2] - The financial regulatory authority has introduced financing and support policies targeting weak economic sectors such as real estate and small enterprises, including measures to support foreign trade development and assist market entities affected by tariffs [2] - The policy package not only seeks stability but also aims for progress, with an increase of 300 billion yuan in re-loans for technological innovation and the creation of risk-sharing tools for technology innovation bonds [2][3] Group 2: Activating Funds - The capital market in China has historically been dominated by retail investors, leading to high volatility; however, recent reforms aim to attract long-term capital by enhancing the return characteristics of equity investments [4] - The establishment of a "stabilizer" in the form of a quasi-"stabilization fund" is emphasized, which will play a crucial role in mitigating irrational market fluctuations during times of risk [4] - The central bank's decision to merge 500 billion yuan in securities, fund, and insurance company swap facilities with 300 billion yuan in stock repurchase loans is expected to release more long-term capital into the market [4] Group 3: Strengthening Foundations - The implementation of the new "National Nine Articles" has accelerated reforms in the capital market, focusing on serving new productive forces and enhancing investor returns [5] - The regulatory authority plans to expedite the release of revised guidelines for major asset restructuring and other reforms related to the Sci-Tech Innovation Board and Growth Enterprise Market [5] - The introduction of a high-quality development action plan for public funds aims to link fund company revenues with investor returns, establishing mechanisms for performance-based fees and long-term assessments [6]

Group 1 - The core viewpoint of the news highlights the active trading of the Hongli Low Volatility ETF (512890), which has seen significant inflows and reached a new high in scale [1][4] - The ETF has recorded a cumulative return of 123.74% since its inception, with an annualized return of 13.43% [4][5] - Recent financial policies introduced by the central bank and regulatory bodies are expected to stabilize market expectations and enhance risk appetite among investors [3] Group 2 - The ETF has experienced net inflows of 3.3 billion yuan over the past five days and 9.14 billion yuan over the past twenty days, indicating strong investor interest [1] - The financial policies are anticipated to support mid-to-long-term capital entering the market, particularly benefiting large-cap stocks [3] - The market sentiment is expected to remain cautious due to ongoing uncertainties, with a potential rotation between defensive and growth styles [3]

Group 1 - The Federal Reserve is unlikely to cut interest rates in the short term, especially not preemptively, with future rate cuts depending on tariff negotiations [1] - If tariff negotiations do not yield substantial progress, the Fed may be forced to initiate "recession-style" rate cuts, potentially reducing rates by 100 basis points by the end of the year [1] - Conversely, if effective results are achieved in tariff negotiations, rate cuts may be delayed until December, with a more moderate reduction [1] Group 2 - Huatai Securities maintains a configuration suggestion focused on mid-term dividends, domestic demand, and technology, indicating a moderately positive short-term outlook [2] - The recent announcement of a comprehensive financial policy to stabilize the market is expected to support risk appetite among market participants [2] - The focus on technology and consumption sectors is reaffirmed as key areas for policy support [2] Group 3 - China Galaxy Securities continues to view the banking sector as having strong configuration value, supported by a series of financial policies including reserve requirement ratio cuts and interest rate reductions [3] - The release of liquidity and innovation in structural tools are expected to optimize the credit structure of banks [3] - The accumulation of positive fundamental factors in the banking sector is anticipated to accelerate the realization of its dividend value [3]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The short - term view of the stock index futures is that the index will fluctuate strongly, and the medium - term view is that it will fluctuate. Policy - positive signals can well stabilize market expectations and form strong bottom support for the index [1][5]. 3. Summary by Relevant Content 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term and medium - term trends are both fluctuating, and the intraday trend is fluctuating strongly. The core logic is that policy benefits provide strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index rose first and then fell, closing slightly higher. The total stock market turnover was 1505.1 billion yuan, an increase of 140.6 billion yuan from the previous day. After the holiday, the trading volume continued to increase, indicating that funds flowed back to the stock market and market risk appetite significantly recovered [5]. - A series of major policies were announced at the press conference. The central bank cut interest rates and the reserve ratio, set up a 500 - billion - yuan service consumption and pension re - loan, and increased the re - loan quota for scientific and technological innovation and technological transformation by 300 billion yuan. The CSRC emphasized stabilizing stock market expectations, supporting Central Huijin to play the role of a quasi - stabilization fund, and promoting the reform of public funds. The CBIRC will expand the long - term investment pilot scope of insurance funds, introduce more incremental funds into the market, adjust and optimize regulatory rules, and reduce the risk factor of insurance companies' stock investment [5]. - The market is concerned about the China - US talks on tariffs from May 9th to 12th. Although the current market expectation is positive, the actual result may fall short of expectations [5].

非银金融 证券研究报告 关注新提法，续写新叙事——国新办"一揽子金融政 行业报告 | 行业点评 策支持稳市场稳预期"发布会点评 事件：2025 年 5 月 7 日，国新办举办"一揽子金融政策支持稳市场稳预期"发布 会，央行行长潘功胜、金管局局长李云泽、证监会主席吴清分别介绍政策情况。 要点： 1、央行方面，以定向"加杠杆"的方式"稳内需"，科技和消费是两大抓手。第一， 数量政策和价格政策符合预期。下调存款准备金率 50bps，下调政策利率 10bps， 下调公积金贷款利率 25bps。第二，结构政策力度更大。结构性货币工具利率下调 25bps，力度更大。第三，着力于以央行加杠杆支持实体经济，定向清晰。十项政 策中六项直指再贷款工具，两项与准备金率相关，以央行定向加杠杆的形式稳定内 需。主要提及"科技"和"消费"两大抓手，科技改造再贷款、服务消费与养老再 贷款、支农支小再贷款、创新债券风险分担工具。 2、金管局方面，宏观方针锚定稳预期，微观举措定向于科技发展与企业纾困。一 方面，进一步推动银行和保险公司资本金补充，"稳楼市"和"稳股市"仍是"稳预 期"目标的具象阐释，优化保险公司股票投资风险因子引导保险资金入市 ...

21世纪经济报道记者崔文静 北京报道美国加征所谓"对等关税"后，国际形势更加复杂多变，当前，A股 市场稳在3300点，表现出较强韧性。持续稳住股市，成为市场广泛关注之处。 5月7日，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、证监会主席吴清共同参加国新 办发布会，提出一揽子金融政策支持稳市场稳预期相关政策，为资本市场送上一颗"定心丸"。 上次三大部委联手发布一揽子政策是在2024年9月，彼时，A股迎来一波大涨。在业内人士看来，此次 发布会召开后，A股有望延续4月上旬以来的回稳态势。 5月7日，股市已经给出积极反应。根据Wind数据，截至收盘，上证指数、深证成指、科创50等主要指 数纷纷上涨。其中，上证指数当日上涨0.80%，报收3342.67点。两市及北交所共3293只股票上涨，其中 100只股票涨超9%。 就资本市场而言，一系列利好政策即将相继发布。 5月7日傍晚，《推动公募基金高质量发展行动方案》（下称《行动方案》）已经出台。其优化主动管理 权益类基金收费模式，打破基金公司"旱涝保收"现象；强化基金公司与投资者的利益绑定，将业绩比较 基准对比、基金利润率等直接关乎投资者利益的指标引入考核体系， ...