Group 1 - The S&P 500 futures rose by 0.34% at the end of trading on Thursday, May 1 [1] - The Dow futures increased by 0.05% [1] - The Nasdaq 100 futures saw a gain of 0.66% [1] - The Russell 2000 futures climbed by 0.59% [1]

Group 1: Macroeconomic and Financial Data - DRO01 closed at 1.54, down 5.09 bp; DR007 closed at 1.78, up 3.35 bp; GC001 closed at 1.61, down 28.50 bp; GC007 closed at 1.68, down 17.00 bp; SHBOR 3M closed at 1.75, unchanged; LPR 5 - year closed at 3.60, unchanged; 1 - year treasury closed at 1.46, down 0.50 bp; 5 - year treasury closed at 1.51, down 2.00 bp; 10 - year treasury closed at 1.62, down 2.35 bp; 10 - year US treasury closed at 4.23, down 6.00 bp [3] - The central bank conducted 340.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.50%, resulting in a net investment of 120 billion yuan [3] - This week, 504.5 billion yuan of reverse repurchases will mature in the central bank's open market, with 176 billion, 220.5 billion, and 108 billion maturing from Monday to Wednesday respectively, and the funds due on Thursday and Friday will be postponed to the first trading day after the holiday [4] Group 2: Stock Index Futures and Options - The CSI 300 fell 0.17% to 3775.1; the SSE 50 fell 0.22% to 2645.5; the CSI 500 rose 0.12% to 5604.9; the CSI 1000 rose 0.45% to 5903.4. The trading volume of the two markets was 1.02 trillion yuan, a decrease of 34.3 billion yuan [5] - The central political bureau meeting on April 25 released limited incremental information on aggregate policies, emphasizing the implementation of existing policies and the refinement of support policies for specific areas [6] - The short - term trend of stock indices faces a situation of mixed long and short factors. The uncertainty of the Trump administration's actions complicates Sino - US tariff negotiations, while the better - than - expected Q1 economic data reduces the urgency of short - term incremental policies [6] - The short - term recommendation for stock index futures is to hold a light position and wait for the market direction to become clear. Before the May Day holiday, consider the double - buying strategy for stock index options due to overseas uncertainties and low option volatility [6] - The IF, IH, IC, and IM contracts have different levels of premium and discount rates for different delivery months [7]

Group 1: Market Interest Rates and Central Bank Operations - DRO01 closed at 1.54 with a -5.09bp change, DR007 at 1.78 with a 3.35bp change, GC001 at 1.61 with a -28.50bp change, GC007 at 1.68 with a -17.00bp change, SHBOR 3M at 1.75 with no change, LPR 5 - year at 3.60 with no change, 1 - year treasury at 1.46 with a -0.50bp change, 5 - year treasury at 1.51 with a -2.00bp change, 10 - year treasury at 1.62 with a -2.35bp change, and 10 - year US treasury at 4.23 with a -6.00bp change [3] - The central bank conducted 340.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.50%, resulting in a net daily injection of 120 billion yuan after 220.5 billion yuan of reverse repurchases matured [3] Group 2: Monetary Policy Outlook - This week, 504.5 billion yuan of reverse repurchases will mature in the central bank's open - market operations, with 176 billion, 220.5 billion, and 108 billion maturing from Monday to Wednesday respectively, and the rest postponed to the first trading day after the May Day holiday [4] - The meeting mentioned "timely reserve requirement ratio cuts and interest rate cuts", but the urgency of short - term cuts has decreased considering the first - quarter economic data and tariff uncertainties [4] Group 3: Stock Index Performance - The CSI 300 closed at 3775, down 0.17%; the SSE 50 at 2646, down 0.22%; the CSI 500 at 5604.9, up 0.12%; and the CSI 1000 at 5903.4, up 0.45%. The trading volume of the two markets was 1.02 trillion yuan, a decrease of 34.3 billion yuan [5] - Industry sectors showed more gains than losses, with beauty care, plastics products, pesticides and veterinary drugs, auto parts, chemical products, shipbuilding, and decoration sectors leading the gains, while the power, insurance, and shipping port sectors leading the losses [5] Group 4: Stock Index Futures and Options Strategy - The short - term trend of stock indices faces a situation of mixed long and short factors. The uncertainty of the Trump administration's actions complicates Sino - US tariff negotiations, while the first - quarter economic data reduces the urgency of short - term incremental policies [6] - The short - term recommendation is to hold a light position in stock index futures and wait for the market direction to become clear. Before the May Day holiday, consider the double - buying strategy for stock index options due to high overseas uncertainties and low option volatility [6] Group 5: Stock Index Futures Basis - The IF basis for the current - month, next - month, current - quarter, and next - quarter contracts is 9.83%, 9.35%, 7.10%, and 5.35% respectively; the IH basis is 5.29%, 6.45%, 5.38%, and 3.66% respectively; the IC basis is 11.92%, 14.74%, 11.12%, and 9.16% respectively; and the IM basis is 12.87%, 15.43%, 12.68%, and 11.23% respectively [7]

Report Summary 1. Index Trends - On April 29th, the Shanghai Composite Index closed at 3286.65 points with a change of -0.05% and a trading volume of 430.881 billion yuan; the Shenzhen Component Index closed at 9849.8 points with a change of -0.05% and a trading volume of 591.202 billion yuan [1]. - The CSI 1000 Index closed at 5903.38 points with a change of 0.45% and a trading volume of 219.412 billion yuan; the CSI 500 Index closed at 5604.91 points with a change of 0.12% and a trading volume of 158.033 billion yuan [1]. - The SSE 50 Index closed at 2645.51 points with a change of -0.22% and a trading volume of 53.894 billion yuan; the CSI 300 Index closed at 3775.08 points with a change of -0.17% and a trading volume of 197.463 billion yuan [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index rose 26.32 points. Sectors such as machinery, computer, and electronics had a significant positive impact, while the public utilities sector had a negative impact [3]. - The CSI 500 Index rose 6.61 points. Sectors like computer, pharmaceutical, and food and beverage had a positive impact, while national defense, power equipment, and public utilities sectors had a negative impact [3]. - The CSI 300 Index fell 6.54 points. Sectors including electronics, machinery, and household appliances had a positive impact, while food and beverage, public utilities, and power equipment sectors had a negative impact [3]. - The SSE 50 Index fell 5.72 points. Sectors such as electronics, pharmaceutical, and machinery had a positive impact, while non - banking finance, power equipment, and banking sectors had a negative impact [3]. 3. Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was -39.94, IM01 was -136.95, IM02 was -297.78, and IM03 was -425.98 [13]. - For IC contracts, the average daily basis for IC00 was -33.17, IC01 was -119.32, IC02 was -246.92, and IC03 was -340.05 [13]. - For IF contracts, the average daily basis for IF00 was -15.5, IF01 was -48.3, IF02 was -104.23, and IF03 was -131.19 [13]. - For IH contracts, the average daily basis for IH00 was -4.81, IH01 was -21.88, IH02 was -54.45, and IH03 was -59.08 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - The report provides data on the annualized costs and 15 - minute average point differences for IM, IC, IF, and IH contracts during roll - over periods [22][24][25][27].

股指期货早盘收盘 金十期货4月30日讯，沪深300股指期货（IF）主力合约涨0.18%，上证50股指期货（IH）主力合约跌 0.18%，中证500股指期货（IC）主力合约涨0.56%，中证1000股指期货（IM）主力合约涨0.90%。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term and medium - term views of IH2506 are both "oscillation", and the intraday view is "oscillation with a slight upward bias", with an overall view of "range oscillation" due to the coexistence of positive policy expectations and external uncertainties [1]. - For IF, IH, IC, and IM, the intraday view is "oscillation with a slight upward bias", the medium - term view is "oscillation", and the overall view is "range oscillation". The stock index is in an oscillatory consolidation phase before the holiday because of the coexistence of multiple long and short factors [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term is "oscillation", the medium - term is "oscillation", the intraday is "oscillation with a slight upward bias", and the view is "range oscillation". The core logic is the coexistence of positive policy expectations and external uncertainties [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index continued its narrow - range oscillatory consolidation. The stock market trading volume was 1.0417 trillion yuan, a decrease of 35 billion yuan from the previous day [5]. - The Politburo meeting in April sent a signal of stabilizing expectations and confidence to the market, but there is no signal of concentrated policy intensification yet. Policy expectations will rise if economic data weakens [5]. - As the impact of the external tariff war weakens marginally and domestic policies are still in the observation period, the driving force of the stock index has weakened, leading to an oscillatory consolidation [5]. - The stock market trading volume has been stable at around 1 trillion yuan recently, indicating that investors' wait - and - see sentiment has increased and their willingness to chase the rise is not strong [5]. - The stock index has rebounded to the gap position in early April and faces technical selling pressure if it continues to rise. Also, investors are cautious due to the uncertainties during the May Day holiday [5].

Group 1 - The S&P 500 futures rose by 0.53% at the end of trading on Tuesday, April 29 [1] - The Dow futures increased by 0.88% [1] - The Nasdaq 100 futures gained 0.43% [1] - The Russell 2000 futures climbed by 0.73% [1]

Group 1: Macroeconomic and Financial Data - The central bank conducted 279 billion yuan of 7 - day reverse repurchase operations yesterday with an operating rate of 1.50%, resulting in a net daily investment of 103 billion yuan after 176 billion yuan of reverse repurchases matured [3] - This week, 504.5 billion yuan of reverse repurchases in the central bank's open - market operations will mature, with 176 billion, 220.5 billion, and 108 billion yuan maturing from Monday to Wednesday respectively, and the funds due on Thursday and Friday will be postponed to the first trading day after the holiday [4] - The meeting mentioned "timely reserve requirement ratio cuts and interest rate cuts", creating new structural monetary policy tools, and establishing new policy - based financial tools, but the urgency of short - term reserve requirement ratio cuts and interest rate cuts has decreased [4] Group 2: Bond Market - DR001 closed at 1.45% with a - 1.96bp change, DR007 at 1.75% with a 3.59bp change, GC001 at 1.90% with a 21.50bp change, and GC007 at 1.85% with a 7.00bp change [3] - SHBOR 3M remained at 1.75% with no change, LPR 5 - year at 3.60% with no change, 1 - year treasury bond at 1.46% with a 1.00bp change, 5 - year treasury bond at 1.54% with a - 0.50bp change, 10 - year treasury bond at 1.65% with a - 1.25bp change, and 10 - year US treasury bond at 4.29% with a - 3.00bp change [3] Group 3: Stock Index Futures and Spot Market - Yesterday, the CSI 300 fell 0.14% to 3781.6, the SSE 50 rose 0.09% to 2651.2, the CSI 500 fell 0.51% to 5598.3, and the CSI 1000 fell 1.05% to 5877.1. The trading volume of the two markets was 1.0564 trillion yuan, a decrease of 57.2 billion yuan from last Friday [5] - Industry sectors generally declined, with real estate services, real estate development, food and beverage, tourism and hotels, engineering consulting services, decoration and building materials, and commercial department stores leading the decline, while only banks, games, jewelry, steel, and power industries rose [5] - The Politburo meeting on April 25 released limited incremental information on aggregate policies, emphasizing the implementation of existing policies and the refinement of support policies in specific areas [6] - The short - term trend of stock indices faces a situation of mixed long and short factors. The uncertainty of the Trump administration's actions complicates Sino - US tariff negotiations, while the strong Q1 economic data in China reduces the urgency of short - term incremental policies [6] - The short - term recommendation is to hold a light position in stock index futures and wait for the market direction to become clear. Considering the high overseas uncertainty during the May Day holiday and the low option volatility, a double - buying strategy for stock index options can be considered before the holiday [6] Group 4: Stock Index Futures Premium and Discount - The IF premium/discount rates for the current - quarter, next - month, current - month, and next - quarter contracts are 10.41%, 9.29%, 7.33%, and 5.51% respectively [7] - The IH premium/discount rates for the corresponding contracts are 4.46%, 6.03%, 5.41%, and 3.56% respectively [7] - The IC premium/discount rates for the corresponding contracts are 15.32%, 15.66%, 11.48%, and 9.61% respectively [7] - The IM premium/discount rates for the corresponding contracts are 16.86%, 17.35%, 13.18%, and 11.40% respectively [7]

金十期货4月29日讯，沪深300股指期货（IF）主力合约跌0.20%，上证50股指期货（IH）主力合约跌 0.35%，中证500股指期货（IC）主力合约涨0.23%，中证1000股指期货（IM）主力合约涨0.70%。 股指期货午盘收盘 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents the performance of major stock indices on April 28, including their price movements, trading volumes, and the impact of sector fluctuations on these indices. It also provides data on the basis and cost of futures contracts, as well as the points difference and cost of futures contract roll - overs [1][4][13][21]. 3. Summary by Directory Index Trends - On April 28, the Shanghai Composite Index closed at 3288.41 points, down 0.2%, with a trading volume of 441.916 billion yuan. The Shenzhen Component Index closed at 9855.2 points, down 0.62%, with a trading volume of 614.393 billion yuan [1]. - The CSI 1000 Index closed at 5877.06 points, down 1.05%, with a trading volume of 221.938 billion yuan. The CSI 500 Index closed at 5598.3 points, down 0.51%, with a trading volume of 167.616 billion yuan [1]. - The SSE 50 Index closed at 2651.23 points, up 0.09%, with a trading volume of 57.671 billion yuan. The SSE 300 Index closed at 3781.62 points, down 0.14%, with a trading volume of 210.635 billion yuan [1]. Impact of Sector Movements on Index - The CSI 1000 Index dropped 62.44 points, with sectors such as machinery, basic chemicals, and electronics significantly pulling the index down [4]. - The CSI 500 Index dropped 28.88 points, with machinery, electronics, and non - bank finance sectors significantly pulling the index down [4]. - The SSE 300 Index dropped 5.37 points. Sectors like banks, household appliances, and utilities pulled the index up, while real estate, non - bank finance, and automotive sectors pulled it down [4]. - The SSE 50 Index rose 2.42 points. Sectors like banks, electronics, and utilities pulled the index up, while coal, real estate, and food and beverage sectors pulled it down [4]. Futures Basis and Annualized Opening Cost - For the IM contracts, the average daily basis for IM00 was - 58.89, IM01 was - 158.16, IM02 was - 316.67, and IM03 was - 442.49 [13]. - For the IC contracts, the average daily basis for IC00 was - 47.14, IC01 was - 134.14, IC02 was - 260.58, and IC03 was - 354.58 [13]. - For the IF contracts, the average daily basis for IF00 was - 19.19, IF01 was - 52.35, IF02 was - 109.54, and IF03 was - 135.66 [13]. - For the IH contracts, the average daily basis for IH00 was - 5.89, IH01 was - 23.37, IH02 was - 56.54, and IH03 was - 61.01 [13]. Futures Contract Roll - over Points Difference and Annualized Cost - The report provides 15 - minute average data on the points difference and annualized cost of contract roll - overs for IM, IC, IF, and IH futures contracts [21][23].