1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The short - term view of the stock index is range - bound, the medium - term view is upward, and the intraday view is slightly bullish. Although there are some factors restricting the upward movement of the stock index, the bottom - support from policies is strong, and the downward risk in the short term is low[1][4] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term trend is oscillatory, the medium - term trend is upward, the intraday trend is slightly bullish, with an overall view of range - bound. The core logic is that the positive policy expectations provide strong support[1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is slightly bullish, the medium - term view is upward, and the reference view is range - bound. Yesterday, each stock index rebounded slightly. The total stock market turnover was 1286.6 billion yuan, a reduction of 164.6 billion yuan compared to the previous day. The result of Sino - US economic and trade consultations is highly uncertain, and the market sentiment is mainly one of waiting and watching. Overseas uncertainties and weak domestic demand suppress the upward momentum of the stock index. However, the weakening of macro - economic indicators increases the expectation of policy support, and the bottom - support of the market is sufficient. The marginal effect of the negative impact of the tariff war is weak, and the short - term downward risk of the market is low[4]

Report Summary 1. Core Views - A series of policies were unexpectedly introduced, including a 50bp reserve requirement ratio cut, a 10bp reduction in policy interest rates, a 25bp cut in personal housing provident fund mortgage rates, a 25bp reduction in structural monetary policy tool rates, an increase of 300 billion yuan in technological innovation re - loan quota, the establishment of a 500 billion yuan pension re - loan quota, and an increase of 300 billion yuan in agricultural and small - business re - loan quota. However, the stock index performance was lower than expected, with market trading volume only reaching 1.4 trillion. After a one - month rebound, the stock index has gradually recovered to the level before the China - US tariff policy was implemented on April 2. For non - participating investors, the cost - effectiveness of entering the long position in the short term is not high, and it is recommended to wait and see cautiously. Existing long positions can be held [6]. 2. Market Data 2.1 Interest Rate and Bond Market | Instrument | Closing Price | Change from Previous Day (bp) | | --- | --- | --- | | DRO01 | 1.66 | - 4.82 | | DR007 | 1.68 | - 4.70 | | GC001 | 1.58 | - 13.00 | | GC007 | 1.68 | - 6.00 | | SHBOR 3M | 1.74 | - 1.10 | | LPR 5 - year | 3.60 | 0.00 | | 1 - year Treasury Bond | 1.45 | - 1.65 | | 5 - year Treasury Bond | 1.50 | 0.30 | | 10 - year Treasury Bond | 1.64 | 1.65 | | 10 - year US Treasury Bond | 4.30 | - 6.00 | The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.50% yesterday. With 530.8 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 335.3 billion yuan [3]. 2.2 Stock Index and Futures Market | Index/Futures | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 3832 | 0.61 | - | - | | IF Current Month | 3817 | 0.5 | 14.0 | 2.2 | | SSE 50 | 2671 | 0.87 | - | - | | IH Current Month | 2665 | 0.7 | 22.9 | 6.6 | | CSI 500 | 5750 | 0.17 | - | - | | IC Current Month | 5718 | 0.2 | 22.9 | 3.8 | | CSI 1000 | 6111 | 0.14 | - | - | | IM Current Month | 6072 | 0.1 | 41.3 | 8.9 | Yesterday, the CSI 300 rose 0.61% to 3831.6, the SSE 50 rose 0.87% to 2670.7, the CSI 500 rose 0.17% to 5750.3, and the CSI 1000 rose 0.14% to 6111.5. The trading volume of the Shanghai and Shenzhen stock markets was 1.4683 trillion yuan, an increase of 132.1 billion yuan from the previous day. Most industry sectors closed higher, with the aerospace sector surging, and sectors such as shipbuilding, fertilizer, agriculture, chemical raw materials, rubber products, and mining leading the gains, while the gaming sector led the losses [5]. 2.3 Index Futures Basis | Futures | Current Month | Next Month | Current Quarter | Next Quarter | | --- | --- | --- | --- | --- | | IF Basis | 15.27% | 10.09% | 7.47% | 5.76% | | IH Basis | 8.96% | 7.55% | 5.74% | 3.61% | | IC Basis | 22.63% | 18.77% | 12.59% | 10.23% | | IM Basis | 30.72% | 21.21% | 14.93% | 12.46% | [7]