Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the market liquidity overview on May 15, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report shows data on the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each sector [1][2][5]. II. Stock Index Plate - On May 15, 2025, the stock index plate had a trading volume of 547.042 billion yuan, a 24.25% decrease from the previous trading day; the holding amount was 971.109 billion yuan, a 9.22% decrease; the trading - holding ratio was 55.81% [1]. III. Treasury Bond Plate - The trading volume of the treasury bond plate was 450.641 billion yuan, a 6.91% decrease from the previous trading day; the holding amount was 848.685 billion yuan, a 3.17% decrease; the trading - holding ratio was 53.75% [1]. IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 246.665 billion yuan, a 16.36% decrease from the previous trading day; the holding amount was 374.191 billion yuan, a 1.04% decrease; the trading - holding ratio was 88.66%. - The precious metal plate had a trading volume of 921.81 billion yuan, a 52.51% increase from the previous trading day; the holding amount was 442.619 billion yuan, a 2.61% decrease; the trading - holding ratio was 178.96% [1]. V. Energy Chemical Plate - The trading volume of the energy chemical plate was 525.637 billion yuan, an 18.59% decrease from the previous trading day; the holding amount was 367.285 billion yuan, a 0.39% increase; the trading - holding ratio was 123.82% [1]. VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 287.393 billion yuan, a 1.73% decrease from the previous trading day; the holding amount was 514.646 billion yuan, a 1.21% decrease; the trading - holding ratio was 46.18% [1]. VII. Black Building Material Plate - The trading volume of the black building material plate was 161.156 billion yuan, a 38.49% decrease from the previous trading day; the holding amount was 325.313 billion yuan, a 0.78% increase; the trading - holding ratio was 52.72% [2].

流动性日报 | 2025-05-15 市场流动性概况 2025-05-14，股指板块成交7222.05亿元，较上一交易日变动+49.02%；持仓金额10697.09亿元，较上一交易日变动 +10.66%；成交持仓比为67.29%。 农产品板块成交2924.46亿元，较上一交易日变动-5.73%；持仓金额5209.66亿元，较上一交易日变动+0.53%；成交 持仓比为47.98%。 黑色建材板块成交2619.98亿元，较上一交易日变动+26.34%；持仓金额3228.09亿元，较上一交易日变动+0.08%； 成交持仓比为84.26%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 流动性日报 国债板块成交4840.70亿元，较上一交易日变动-0.85%；持仓金额8764.82亿元，较上一交易日变动-3.00%；成交持 仓比为55.86%。 基本金属板块成交2949.30亿元，较上一交易日变动+17.41%；持仓金额3781.07亿元，较上一交易日变动+2.40%； 成交持仓比为107.62%。 贵金属板块成交6044.21亿元，较上一交易日变动-22.54%；持仓金额4544.65亿元 ...

短债收益率回落，融资加码科技 ——流动性 5 月第 1 期 ◼ 内容要点 策略研究/策略周报 上周（5.5-5.9）2 年期国债收益率下行、10 年期上行；美国 2 年期、 10 年国债收益率继续上行，美元指数回升，中美 10 年国债利差边际 扩大；上周融资买入额回升，南向资金流小幅净流入。 ◼ 宏观流动性 国内：上周（5.5-5.9），2 年期国债收益率下行、10 年期上行，10 年期 与 2 年期国债利差扩大。上周央行公开市场净回笼 7817 亿元，MLF 净回笼 1250 亿元。 国外：上周（5.5-5.9）2 年期、10 年期美债收益率继续上行，美元指 数上行，中美 10 年期国债利差边际扩大。上周 10 年期美债收益率上 行至 4.37%，美元指数升至 100.42。截至 5 月 9 日，中美 10 年期国债 利差扩大至-2.73%。 ◼ 市场流动性 公募基金：2025 年 5 月新成立 15 只基金，其中 13 只为股票型基金。 截至 5 月 9 日，2025 年 5 月新成立基金 15 只，24 年 5 月为 94 只； 其中，5 月新成立股票型基金 13 只，发行总额约 58 亿份。 ETF ...

Group 1 - The core argument emphasizes the need to enhance the competitiveness of listed companies as a key point for the development of the capital market [1] - Structural monetary policy has positively influenced the share buyback behavior of listed companies, leading to increased market liquidity and proactive buybacks [2] - A well-structured ecological system is essential for the stable development of the capital market, which relies on high-tech enterprises [3] Group 2 - Capital market reforms should encompass legal systems, policy rules, and financial instruments to combat fraudulent activities and optimize IPO and disclosure regulations [4] - Sufficient liquidity is crucial for capital market development, with a focus on attracting commercial insurance funds, social security funds, and pension funds [5] - The capital market should incorporate expectation management into its regulatory framework to promote stability and confidence [5]

Core Viewpoint - The Federal Reserve is set to implement regular operations of the Standing Repo Facility (SRF) to enhance liquidity tools in response to recent market pressures [1] Group 1 - Federal Reserve officials indicated that the market has responded well to liquidity pressures experienced in April, particularly in the U.S. Treasury cash market [1] - Roberto Perli, a manager at the Federal Reserve's Open Market Account, noted that the resilience of funding liquidity in the U.S. Treasury repo market contributed to the market's stability during this period [1] - The experience during the recent market stress highlights the need for the Federal Reserve to further explore ways to provide rapid liquidity to the market [1] Group 2 - The SRF is expected to conduct operations in the near future during both morning and afternoon sessions [1] - Early settlement auctions, along with the current afternoon auctions, are anticipated to enhance the effectiveness of the SRF as a tool for monetary policy implementation and market operations [1]

Report Industry Investment Rating - Not provided in the content Core View - The report presents the liquidity situation of various market sectors on May 8, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - There are figures showing the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [3][4][7] 2. Stock Index Plate - On May 8, 2025, the trading volume was 4967.28 billion yuan, a - 12.91% change from the previous trading day; the holding amount was 9838.24 billion yuan, a - 0.93% change; the trading - holding ratio was 50.40%. There are also figures showing the price change, trading - holding ratio, and other information of each variety in the stock index plate [1][4] 3. Treasury Bond Plate - On May 8, 2025, the trading volume was 3719.98 billion yuan, a - 23.11% change from the previous trading day; the holding amount was 9640.40 billion yuan, a + 1.86% change; the trading - holding ratio was 39.07%. There are figures showing the price change, trading - holding ratio, etc. of each variety in the treasury bond plate [1][4] 4. Basic Metals and Precious Metals (Metal Plate) - On May 8, 2025, the trading volume of the basic metals plate was 2876.01 billion yuan, a + 0.41% change from the previous trading day; the holding amount was 3702.63 billion yuan, a + 1.00% change; the trading - holding ratio was 100.72%. The trading volume of the precious metals plate was 8720.92 billion yuan, a + 21.72% change; the holding amount was 4738.26 billion yuan, a + 2.18% change; the trading - holding ratio was 166.80%. There are figures showing the price change, trading - holding ratio, etc. of each variety in the metal plate [1][4] 5. Energy and Chemical Plate - On May 8, 2025, the trading volume was 4162.35 billion yuan, a - 4.71% change from the previous trading day; the holding amount was 3471.94 billion yuan, a + 3.34% change; the trading - holding ratio was 96.87%. There are figures showing the price change, trading - holding ratio, etc. of the main varieties in the energy and chemical plate [1][4] 6. Agricultural Products Plate - On May 8, 2025, the trading volume was 3013.83 billion yuan, a - 5.92% change from the previous trading day; the holding amount was 5168.63 billion yuan, a + 0.46% change; the trading - holding ratio was 50.64%. There are figures showing the price change, trading - holding ratio, etc. of the main varieties in the agricultural products plate [1][4] 7. Black Building Materials Plate - On May 8, 2025, the trading volume was 2236.51 billion yuan, a - 1.92% change from the previous trading day; the holding amount was 3123.99 billion yuan, a + 4.55% change; the trading - holding ratio was 73.80%. There are figures showing the price change, trading - holding ratio, etc. of each variety in the black building materials plate [2][4]

二、大资金突然出手，释放什么信号？ 无论是沪指还是创业板指数，今天的阳包阴主要出现在开盘半小时内。虽然沪指在这段时间涨幅不明显，但从盘面上能清楚看到大资金的强势动作。 低开后，市场迅速完成技术调整，一口气收复失地，这通常是多头强势的信号，也是市场突然变强的征兆。而这一切的导火索，正是沪深300ETF。 随着1.2万亿资金逐步通过银行体系流入市场，市场资金流动性得到有力补充，经济也迎来强劲动力。在这种充裕的资金环境下，消费市场迎来巨大机遇， 无论是高端消费还是日常消费，都能找到发展机会。 4月份有1000亿MLF到期，这意味着央行本月MLF净投放高达5000亿。很多人还没意识到这个数字的惊人之处。要知道，3月份MLF净投放才630亿，4月份 的投放量相当于3月份的近10倍，力度之大，简直就像"一次降准"！ 一、央行突击降准的牛市！降准降息是本次发布会重点之一，预计将向市场提供长期流动性约1万亿元！ 三、只要回踩基本上都会给我们一次比较好的这种分歧低吸的机会，短期我们就是轻指数、重个股、重节奏。 指数上，是低开之后出现了一波上攻，但是从量能上来看，1.2万亿的一个预期的成交量还是不太够，所以说下午仍然还是围绕33 ...

市场流动性概况 2025-05-07，股指板块成交5703.61亿元，较上一交易日变动+30.97%；持仓金额9930.63亿元，较上一交易日变动 +5.59%；成交持仓比为56.61%。 日报 | 2025-05-08 流动性日报 国债板块成交4837.91亿元，较上一交易日变动+67.77%；持仓金额9464.55亿元，较上一交易日变动-1.40%；成交 持仓比为52.92%。 基本金属板块成交2864.21亿元，较上一交易日变动+54.42%；持仓金额3666.05亿元，较上一交易日变动+4.50%； 成交持仓比为99.90%。 贵金属板块成交7164.83亿元，较上一交易日变动+68.64%；持仓金额4637.10亿元，较上一交易日变动+1.89%；成 交持仓比为131.05%。 能源化工板块成交4367.88亿元，较上一交易日变动+38.73%；持仓金额3359.73亿元，较上一交易日变动+4.66%； 成交持仓比为103.22%。 农产品板块成交3203.33亿元，较上一交易日变动+31.69%；持仓金额5145.19亿元，较上一交易日变动+3.64%；成 交持仓比为55.05%。 黑色建材板块成 ...

Core Viewpoint - The article discusses the implications of China's decision to lower interest rates and reserve requirements ahead of the U.S. Federal Reserve, highlighting the need to stimulate liquidity in the market and the potential impact on global capital flows [1][3][4]. Group 1: Economic Context - China's early interest rate cuts are primarily driven by insufficient market liquidity and signs of deflation, necessitating the release of liquidity [4]. - The increase in bank deposits, with over 9 trillion yuan added in the first quarter, indicates that a significant amount of capital is not circulating in the market, leading to a widening gap between M1 and M2 [4]. - The rising U.S. Treasury yields and declining Chinese bond yields suggest a potential widening of the interest rate differential between China and the U.S. following the rate cuts [4]. Group 2: Market Reactions - The performance of the Hong Kong stock market has been notably strong, with the Hang Seng Index rising over 20% this year, reflecting the positive impact of China's policy measures and the influx of global capital [6]. - The shift in investor focus from risk-free assets to riskier assets indicates a growing confidence in the potential for economic recovery in China, which could attract more global investment [6]. Group 3: Strategic Implications - The upcoming high-level economic dialogue between China and the U.S. is crucial, as it may address tariff issues that have strained relations since the trade war began [3]. - The proactive approach of China in adjusting monetary policy, rather than waiting for the U.S. to act, signifies a strategic shift aimed at enhancing economic growth and attracting foreign investment [6].

潘功胜：降低存款准备金率0.5个百分点，预计向市场提供长期流动性约1万亿。下调政策利率0.1个百分 点，从目前的1.5%下调到1.4%。 ...