FICC日报 | 2025-05-08 一揽子金融政策提振预期，股指收红 市场分析 策略 总的来看，美联储如期维持利率决议不变，鲍威尔明确表态货币政策不受政治因素干扰，美股三大股指全线收涨。 国内金融监管部门联合推出政策组合拳，旨在稳定市场预期、夯实资本市场基础。尽管A股市场日内呈现高开回落 态势，但政策红利释放下市场整体价格中枢有望上移。部分中小盘股指短期累计涨幅过大，超买压力显现，预计 后市将进入震荡整固阶段。 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级c，股指有下行风险 美联储按兵不动。宏观方面，三部门发布一揽子金融政策稳市场稳预期。央行宣布推出十项政策措施，其中包括 全面降准0.5个百分点，下调政策利率0.1个百分点，降低结构性货币政策工具利率和公积金贷款利率0.25个百分点， 设立5000亿元"服务消费与养老再贷款"等。金融监管总局将推出八项增量政策，包括加快出台适配房地产发展新 模式的融资制度、再批复600亿元保险资金长期投资试点等。证监会将全力支持中央汇金发挥好类"平准基金"作用， 出台深化科创板、创业板改革政策措施等。海外方面，美联储如期按兵不动，维持联邦基金利率目标区间在 ...

Group 1 - The main contract of the CSI 500 stock index futures (IC) experienced an intraday increase of 1.00% [1] - The current index level is reported at 5666.0 points [1]

Market Performance - The S&P 500 futures rose by 0.34% [1] - The Dow futures increased by 0.64% [1] - The Nasdaq 100 futures gained 0.41% [1] - The Russell 2000 futures saw an uptick of 0.30% [1]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | IF主力合约（2506） IH主力合约（2506） | 3785.0 2646.4 | +19.2↑ IF次主力合约（2505） +17.4↑ IH次主力合约（2505） | 3817.2 2664.8 | +20.8↑ +20.0↑ | | | IC主力合约（2506） | 5620.2 | +0.8↑ IC次主力合约（2505） | 5718.2 | +14.0↑ | | | IM主力合约（2506） | 5955.2 | +7.4↑ IM次主力合约（2505） | 6065.2 | +13.2↑ | | | IF-IH当月合约价差 | 1152.4 | +0.6↑ IC-IF当月合约价差 | 1901.0 | -7.0↓ | | | IM-IC当月合约价差 | 347.0 | -7.0↓ IC-IH当月合约价差 | 3053.4 | -6.4↓ | | | IM-IF当月合约价差 | 2248.0 | ...

沪深300股指期货（IF）主力合约涨0.51%，上证50股指期货（IH）主力合约涨0.65%，中证500股指期 货（IC）主力合约涨0.01%，中证1000股指期货（IM）主力合约涨0.12%。 股指期货午盘收盘 ...

Group 1 - The S&P 500 futures declined by 0.99% [1] - The Dow futures fell by 1.18% [1] - The Nasdaq 100 futures decreased by 1.03% [1] - The Russell 2000 futures dropped by 1.39% [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The overall view for the financial futures stock index sector is that the index futures are expected to operate with a bias towards strength in an oscillatory manner. The short - term view for IH2506 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a bias towards strength, with an overall view of range - bound oscillation. For IF, IH, IC, and IM, the intraday view is oscillatory with a bias towards strength, and the medium - term view is oscillatory [1][4]. - The core logic is that the 4 - month manufacturing PMI released last Wednesday was 49.0%, down 1.5 percentage points from the previous month, indicating that external demand decline has disturbed the macro - economy. The policy expectation is expected to heat up after the May Day holiday, and the market's cautious sentiment will fade, with trading volume in the stock market expected to pick up. It is expected that the index futures will break through the gap in early April and continue to rebound [4]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory with a bias towards strength, and the overall view is range - bound oscillation. The core logic is the co - existence of positive policy expectations and external uncertainties [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillatory with a bias towards strength, and the medium - term view is oscillatory, with an overall view of range - bound oscillation. The 4 - month manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating external demand decline disturbing the macro - economy. Policy expectation is expected to heat up after the May Day holiday, and market sentiment is expected to recover, with index futures expected to operate with a bias towards strength in an oscillatory manner [4].

沪深300股指期货（IF）主力合约涨1.24%，上证50股指期货（IH）主力合约涨0.74%，中证500股指期 货（IC）主力合约涨1.98%，中证1000股指期货（IM）主力合约涨2.18%。 股指期货早盘收盘 ...

Group 1 - The main contract of the CSI 500 stock index futures (IC) has surpassed 5600 points, indicating a positive market trend [1] - The index experienced a daily increase of 1.60%, reflecting investor confidence and market dynamics [1]

周五（5月2日）亚太盘初，纳斯达克100股指期货跌超0.6%，标普股指期货跌0.4%，道指期货跌0.2%。 爱彼迎目前（美股盘后）跌5.9%，苹果跌超4%，亚马逊跌2.7%，美光科技跌1%，特斯拉跌0.7%，Meta 跌0.6%，英伟达跌0.5%，C3.ai则涨0.2%，谷歌A涨0.5%，Pinterest涨1.4%。 ...