2/10年期美债收益率利差跌6.174个基点，报+58.027个基点。 两年期美债收益率涨5.04个基点，报3.8106%，08:30微跌至3.7560%刷新日低，01:09涨至3.8190%刷新 日高。 周二（4月22日）纽约尾盘，美国10年期国债收益率跌1.96个基点，报4.3910%，北京时间13:10涨至 4.4341%刷新日高，随后走低，21:34刷新日低至4.3695%。 ...

M1-M2 同比剪刀差维持上行趋势，红利相对成交额逐步走高 —— 红利风格投资价值跟踪（2025W16） [Table_ReportTime] 2025 年 4 月 19 日 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [TableReportType] 金工专题报告 [Table_A 于明明 uthor 金融工程与金融产品 ] 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品 分析师 执业编号：S1500523050003 联系电话：+ ...

Group 1 - Gold prices have reached new highs, with spot gold surpassing $3,270 per ounce and SHFE gold at 774.66 yuan per gram [2][3] - The precious metals sector in the A-share market has seen significant gains, with a 5-day cumulative increase of 18.67% [5][6] - Various gold brands have adjusted their prices differently in response to rising gold prices, with some maintaining their prices while others have increased them [6][7] Group 2 - Recent fluctuations in gold prices were influenced by market expectations regarding the Federal Reserve's policy, with a hawkish signal from Fed Chairman Powell leading to a sell-off in gold futures [8] - The negative correlation between gold prices and U.S. Treasury yields has been highlighted, with recent declines in yields contributing to gold's price increase [8] - Factors such as global economic uncertainty, central bank gold purchases, and geopolitical tensions are expected to support continued upward momentum in gold prices [9]

美元指数五连跌 10年期美债收益率下跌11.8个基点 智通财经4月15日电，美元指数连续第五天下跌，创六个月新低，投资者重新评估美元的避险货币地 位。美国国债在上周重挫后反弹。美国10年期国债收益率下跌11.8个基点，报4.372%；5年和30年期国 债收益率差上升约8.9个基点，报79.583个基点。 ...

宏观要闻 美国宣布对部分商品免征"对等关税" 据CCTV国际时讯消息，当地时间4月11日深夜，美国海关与边境保护局发布公告称，智能手机、路由 器以及部分电脑和笔记本等产品将不再被纳入此前针对中国进口商品实施的125%所谓"对等关税"范围 内。 根据最新政策，若符合美国《协调关税税则》中所列明的分类号码的产品，将可获得"对等关税"豁免， 其中包括智能手机、路由器、部分计算机设备及电子零部件等关键技术产品。 美国海关与边境保护局称，进口商应在申报相关商品时申报豁免资格。对于已于4月5日后通关或提货的 商品，企业需在货物放行后10日内完成相关申报更正。未结算条目可申请事后汇总更正，已结算但仍在 抗议期内的条目亦可申请退款。 目前尚不清楚这些产品是否仍将适用不属于"对等关税"框架的20%税率。美国国际贸易委员会尚未就相 关询问作出回应，白宫方面也未立即置评。 商务部：如果美方继续关税数字游戏，中方将不予理会 美东时间4月10日，美方公布行政令，进一步提高对中国产品加征的"对等关税"，商务部新闻发言人表 示，中方敦促美方在取消所谓"对等关税"上迈出一大步，彻底纠正错误做法。如果美方继续关税数字游 戏，中方将不予理会。但 ...

以下文章来源于每日怡见 ，作者每日怡见 每日怡见 . 关注 国际、财经、社会 作者：每日怡见 来源：每日怡见（ID：sxjjzj77） 其中，美股 七巨头全都暴涨，苹果涨15.33%，重回全球市值第一；微软涨10.13%，英伟达涨 18.72%，亚马逊涨11.98%，谷歌C涨9.88%，Meta涨14.76%，特斯拉涨22.69%。 一夜之间，涨了几万亿美元。其夸张程度，简直令人咋舌。 巴菲特：投资学不存在了，劳资研究了一辈子，最后就得出一句话， 想要成为股神，首先你要成 为美国总统。 昨天凌晨，美国东部时间早上，懂王神秘兮兮的发了一条推文： 这是一个最好的时间点，快买！ 结果，美股暴涨。 截至收盘，道指狂飙近3000点，标普500指数涨超9%，纳指涨超12%。 而造成这一切的原因，都是因为懂王在发完推特不久之后，就宣布将会对75个国家和地区暂停90 天征收关税，只保留他们10%的基础关税。 大家还记得前两天吗？ 白宫国家经济委员会主任凯文·哈塞特跑出来说：总统正考虑对部分国家暂停征收90天关税。 但是这条消息还没出来半个小时，白宫就跑出来辟谣， 说刚刚那条是假消息。 懂王还跑出来一再强调自己不会改变政策。 ...

Core Viewpoint - The article discusses the overall cooling of inflation in the U.S. as of March 2025, highlighting a decrease in CPI and core CPI, alongside rising market concerns regarding economic uncertainty and trade tensions, which have led to a risk-off sentiment in the market [1][2][3][4]. Inflation Data Summary - The CPI year-on-year decreased to 2.4% from 2.8%, with a month-on-month change of -0.1% [1][5][6]. - Core CPI year-on-year was 2.8%, down from 3.1%, with a month-on-month change of 0.1% [1][9]. - The Cleveland Fed's Trimmed Mean CPI for March was 3.0%, lower than the previous 3.07% [9]. - The Atlanta Fed's Sticky CPI year-on-year was 3.28%, also down from 3.50% [9]. Market Reactions - The data increased the probability of interest rate cuts, with Bloomberg's implied June rate cut expectation rising to 100% from 81.5% [2][12]. - Following the data release, the 10-year U.S. Treasury yield rose by 9 basis points to 4.43%, while major stock indices experienced declines, with the Nasdaq down 4.3% [2][12]. Risk-Off Sentiment Factors - One reason for the risk-off sentiment is the Federal Reserve's concerns about economic weakness and inflation rebound risks due to tariffs, leading to a cautious decision-making environment [2][13]. - Another factor is the ongoing escalation of trade tensions, with the White House announcing a total tariff of 145% on China, causing the VIX index to rise to 40.7 [3][16]. - Additionally, the recent significant rise in U.S. Treasury yields, with the 10-year yield increasing by 47 basis points to 4.46%, has contributed to market unease [4][17]. Fiscal Policy Context - The U.S. House passed a revised budget resolution for FY 2025, allowing for a potential increase in the deficit by up to $5.8 trillion before FY 2034, raising concerns about fiscal sustainability [4][18][19]. - The budget resolution includes provisions for significant tax cuts, which could further complicate the fiscal landscape [18][19].

Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Treasury Bonds on April 11, 2025, provided by the Shenwan Futures Research Institute [1][2] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Treasury bond futures prices showed mixed performance, with the 10 - year Treasury bond active bond yield falling to 1.6475%. The central bank's open - market operations led to a net withdrawal of 157.5 billion yuan, and short - term Shibor rates mostly declined, with funding rates dropping below 1.7%. The probability of the Fed's interest rate cut increased, causing short - term US Treasury yields to fall. Policy expectations for China's market are strengthening, and it is expected to continue supporting short - term Treasury bond futures prices. However, long - term Treasury bond futures prices may experience greater fluctuations [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Price and Yield Changes**: On the previous trading day, Treasury bond futures prices showed mixed performance. For example, the T2506 contract rose 0.13%, and the corresponding CTD bond IRR of each Treasury bond futures main contract was at a low level, with no arbitrage opportunities. Short - term market interest rates generally declined, and key - term Treasury bond yields at home and abroad also changed. The 10Y Treasury bond yield in China decreased by 0.23bp to 1.65%, while the 10Y Treasury bond yields in the US, Germany, and Japan increased by 6bp, 3bp, and 1.6bp respectively [2] - **Trading Volume and Open Interest**: The trading volume and open interest of each contract also changed. For example, the open interest of T2506 increased by 3578 [2] - **Spread Changes**: The inter - period spreads of some contracts changed. For example, the inter - period spread of TS2506 decreased from - 0.096 to - 0.106 [2] 3.2 Macro and Market News - **Domestic Macro**: The central bank's open - market operations had a net withdrawal of 157.5 billion yuan on April 10. China's March CPI and PPI were affected by seasonal and international input factors, but core CPI increased by 0.5% year - on - year, showing positive price changes. There are expectations for the introduction of more macro - policies, including possible reserve requirement ratio cuts and interest rate cuts [3] - **International Macro**: The US imposed a 90 - day tariff suspension on some countries or regions. The US March CPI increased by 2.4% year - on - year, reaching a six - month low, and the probability of the Fed's interest rate cut increased. US Treasury bonds were sold off, and concerns about the sustainability of US debt increased [3] 3.3 Market Interest Rates - **Domestic Short - term Market Interest Rates**: SHIBOR overnight and 7 - day rates, DR001 and DR007, GC001 and GC007, FR001 and FR007 all declined to varying degrees on the previous trading day [2] - **US Treasury Yields**: US Treasury yields showed mixed performance. The 2 - year yield fell, while the 5 - year, 10 - year, and 30 - year yields rose [3]

两年期美债收益率跌约4.77个基点，报3.8620%，全天处于下跌状态，持续震荡下行，23:36刷新日低至 3.7810%。 周四（4月10日）纽约尾盘，美国10年期基准国债收益率上涨9.34个基点，刷新日高至4.4249%，全天震 荡上行，北京时间08:43刷新日低至4.2562%，20:30发布美国CPI通胀调查结果时回落至4.2754%。 ...

Fundamental Analysis - Gold prices rebounded after hitting a low, currently trading around $3042, recovering all losses from the previous night [1] - The U.S. 10-year Treasury yield rose to 4.283%, reaching a high of 4.296%, increasing the holding cost of non-yielding assets like gold [1] - Concerns over weak demand for U.S. Treasury auctions and the Federal Reserve's policy outlook are dominating short-term market sentiment [1] Trade Policy - U.S. Trade Representative Tai indicated that there will be no easing of tariff policies in the short term, emphasizing the necessity of short-term pain for long-term competitiveness [3] - Tariffs on 57 trading partners have come into effect, reinforcing U.S. trade barriers and contributing to ongoing global trade tensions [3] - The U.S. is engaged in negotiations with over 50 countries, but a hardline stance is maintained, requiring substantial reductions in tariffs from trading partners for any consideration of tariff relief [3] Market Sentiment - The S&P 500 index fell below 5000, with a cumulative drop of over 12% in four days, resulting in a market capitalization loss of $5.8 trillion [4] - The volatility index (VIX) surged to its highest level since March 2020, indicating widespread market panic [4] - Market expectations suggest a 105 basis point rate cut by the Federal Reserve by year-end, with over 50% probability for a cut in May [4] Technical Analysis - Gold prices have shown a recovery from recent lows, with potential for significant fluctuations within the range above $2950 [6] - Short-term price movements indicate a challenge around the $3050 level, with key support at $3013 [6] Trading Strategy - Aggressive buying is suggested around $3013, with a stop loss at $2999 and a target of $3053/3076 [7] - For short positions, entry is recommended near $3053, with a stop loss at $3060 and a target of $3033/3013 [7]