1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On April 29, most of the four major A-share stock indices declined, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.05%, 0.05%, and 0.13% respectively, while the Science and Technology Innovation 50 Index rose by 0.1%. Market trading volume decreased by 35 billion yuan compared to the previous day. In terms of industry sectors, public utilities, communications, and beauty care led the gains, while real estate, pharmaceutical biology, and coal led the losses [2]. - The basis of the next-month contracts of IM, IC, IF, and IH was 129.78, 117.71, 50.28, and 24.31 points respectively, with annualized basis yields of -15.7%, -15%, -9.51%, and -6.56%. After the implementation of US reciprocal tariffs, stock index fluctuations increased significantly. The short-term index may be oversold. Attention should be paid to signs of tariff relaxation and structural opportunities in the stock market. If the RMB holds the key level, the index may stabilize synchronously. Currently, there are gaps above and below the index, and it is expected to fluctuate in the short term. The valuation of IF is low, and it is recommended to make long-term investments at low prices [3]. - On April 29, treasury bond futures rose across the board. Recently, the short-term capital market is neutral. With the implementation of the US reciprocal tariff executive order, global trade uncertainty has increased significantly. In the short term, the safe-haven property of treasury bonds is more prominent, but the price has reached a high level, and it is expected to fluctuate. In the long term, the order of fiscal and monetary policies will determine the direction of long-term prices. If fiscal policies are introduced first and the domestic economy shows further improvement, it is expected that long-term treasury bond prices will gradually cool down and the yield curve will become steeper [3][4]. - High-frequency data shows that the recent infrastructure boom has slightly increased [6]. 3. Summary by Relevant Catalogs (1) Economic Data - High-frequency data indicates a slight increase in the recent infrastructure boom [6]. (2) Stock Index Futures and Spot Market Performance | Code | Name | Change (%) | Current Price | Change | Volume | Turnover (10,000 yuan) | Open Interest | Daily Change in Open Interest | Settlement Price | Basis | Annualized Basis Yield (%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | IC2505 | CSI 2505 | 0.24 | 5573.8 | 13.4 | 19806 | 2204954 | 47845 | -2300 | 5572.8 | 31.1 | -12.6 | | IC2506 | CSI 2506 | 0.23 | 5487.2 | 12.8 | 34048 | 3731914 | 95869 | -211 | 5487.6 | 117.7 | -15.0 | | IC2509 | CSI 2509 | 0.25 | 5360.8 | 13.2 | 7370 | 789232 | 44957 | 792 | 5360.6 | 244.1 | -10.9 | | IC2512 | CSI 2512 | 0.41 | 5275.6 | 21.8 | 3696 | 388947 | 10261 | 887 | 5266.6 | 329.3 | -9.2 | | IC500 | CSI 500 | 0.12 | 5604.9 | 6.6 | 12674292700 | 15803300 | -- | -- | -- | -- | -- | | IF2505 | SSE-CSI 2505 | -0.21 | 3757.8 | -7.8 | 17994 | 2029214 | 46271 | -3286 | 3758.4 | 17.3 | -10.4 | | IF2506 | SSE-CSI 2506 | -0.21 | 3724.8 | -8.0 | 37569 | 4199484 | 134140 | -200 | 3725.8 | 50.3 | -9.5 | | IF2509 | SSE-CSI 2509 | -0.15 | 3670.0 | -5.6 | 6039 | 664974 | 54843 | 67 | 3670.2 | 105.1 | -7.0 | | IF2512 | SSE-CSI 2512 | -0.12 | 3645.6 | -4.2 | 2045 | 223522 | 5819 | 461 | 3643.8 | 129.5 | -5.4 | | IF300 | SSE-CSI 300 | -0.17 | 3775.1 | -6.5 | 11151469400 | 19746274 | -- | -- | -- | -- | -- | | IH2505 | SSE 2505 | -0.32 | 2639.0 | -8.6 | 9490 | 751984 | 17294 | -724 | 2640 | 6.5 | -5.6 | | IH2506 | SSE 2506 | -0.35 | 2621.2 | -9.2 | 20683 | 1628147 | 43068 | 452 | 2623.2 | 24.3 | -6.6 | | IH2509 | SSE 2509 | -0.28 | 2589.8 | -7.2 | 2672 | 207741 | 16917 | 36 | 2590.8 | 55.7 | -5.3 | | IH2512 | SSE 2512 | -0.35 | 2583.4 | -9.2 | 619 | 48041 | 1492 | 41 | 2586.2 | 62.1 | -3.7 | | IH50 | SSE 50 | -0.22 | 2645.5 | -5.7 | 2804263100 | 5389422 | -- | -- | -- | -- | -- | | IM2505 | China 1000 2505 | 0.60 | 5868.0 | 35.0 | 38130 | 4462992 | 63293 | -4736 | 5864.8 | 35.4 | -13.6 | | IM2506 | China 1000 2506 | 0.70 | 5773.6 | 40.4 | 116166 | 13372787 | 159461 | 203 | 5769 | 129.8 | -15.7 | | IM2509 | China 1000 2509 | 0.64 | 5610.0 | 35.4 | 18463 | 2066494 | 69978 | -1510 | 5607 | 293.4 | -12.4 | | IM2512 | China 1000 2512 | 0.56 | 5478.2 | 30.4 | 6083 | 665528 | 17620 | 884 | 5478.4 | 425.2 | -11.3 | | IM1000 | CSI 1000 | 0.45 | 5903.4 | 26.3 | 18602339400 | 21941178 | -- | -- | -- | -- | -- | [10] (3) Treasury Bond Futures and Spot Market Performance | Code | 2-Year Treasury Bond Futures | 5-Year Treasury Bond Futures | 10-Year Treasury Bond Futures | 30-Year Treasury Bond Futures | | --- | --- | --- | --- | --- | | Current Price | 102.3 | 106.1 | 109.1 | 121.0 | | Change (%) | 0.01 | 0.13 | 0.23 | 0.69 | | Volume | 34240 | 50163 | 51372 | 77545 | | Turnover (10,000 yuan) | 7008580 | 5318695 | 5600931 | 9361494 | | Open Interest | 93075 | 157294 | 192474 | 106469 | | Daily Change in Open Interest | -1495 | -717 | 5655 | 1926 | | CTD Bond | 240024.IB | 240014.IB | 240025.IB | 200012.IB | | Yield Change (bps) | -1.00 | -1.75 | -3.12 | -3.10 | | Net Basis | 0.0 | -0.1 | -0.1 | -0.1 | | Quantile | 27.00% | 12.30% | 8.30% | 13.10% | | IRR | 2.0 | 2.4 | 2.6 | 2.4 | | Quantile | 70.90% | 94.80% | 94.00% | 87.20% | [12] Short-Term Capital Interest Rate Market Changes | | Current Price | Previous Price | One Week Ago | One Month Ago | | --- | --- | --- | --- | --- | | SHIBOR: Overnight | 1.54 | 1.60 | 1.71 | 1.73 | | DR001 | 1.54 | 1.59 | 1.70 | 1.72 | | SHIBOR: One Week | 1.75 | 1.72 | 1.67 | 1.94 | | DR007 | 1.78 | 1.75 | 1.71 | 2.05 | [15]