丨 来源：总台央视 2025-05-07 ...

2025.05.09 导读 ： 银行股价值凸显；纺织服装企业或迎机遇 ；解锁【第一财经智享会员】实时解读市 场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1、一揽子金融政策发力，银行股价值凸显 2、2 0 2 5纺织服装"优供给促升级"活动启动，相关企业或迎机遇 1、 一揽子金融政策发力，银行股价值凸显 中国人民银行5月7日宣布推出一揽子金融政策措施，包括降低存款准备金率0 . 5个百分点、下调 政策利率0 . 1个百分点、下调政策利率0 . 1个百分点等多项举措。 5月7日下午，中国人民银行召开全系统会议，深入学习贯彻4月2 5日中央政治局会议精神，全力 推进一揽子金融政策加快落地见效。 中国银河证券指出，一揽子金融政策出台，降准降息落地，释放流动性，结构性工具创新力度加 大，引导银行信贷结构优化，银行增资为信贷投放和风控提供支撑。银行基本面积极因素持续积 累 。 中 长 期 资 金 入 市 有 望 进 一 步 加 速 ， 加 速 银 行 板 块 红 利 价 值 兑 现 。 继 续 看 好 银 行 板 块 配 置 价 值。 中信证券指 ...

Group 1 - The core viewpoint of the news is the implementation of a comprehensive financial policy package aimed at stabilizing the market and supporting economic growth, which includes various monetary and regulatory measures [1][2] - The financial policy package consists of 10 monetary policies from the central bank and 8 incremental policies from the banking regulatory authority, indicating a strong commitment to market stability and long-term institutional arrangements [1] - The recent announcements are seen as a response to the political bureau meeting held on April 25, emphasizing the importance of stabilizing foreign trade and providing a strong bottom support for the market [1] Group 2 - The cash flow ETF (159399) is highlighted as an investment opportunity due to its monthly assessable dividends and focus on large-cap stocks with stable free cash flow, aligning with current investor preferences [2] - The ETF tracks the FTSE China A-Share Free Cash Flow Index, which is expected to attract more capital interest in the current market environment [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The Shanghai copper market is entering a new stage with slowing supply growth, steadily recovering demand, and positive consumption expectations, and the fundamental support is gradually strengthening. It is recommended to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 77,330 yuan/ton, down 460 yuan; the price of LME 3 - month copper was 9,389.5 dollars/ton, down 30 dollars. The main contract's inter - month spread was 550 yuan/ton, up 170 yuan; the main contract's open interest of Shanghai copper was 179,692 lots, up 589 lots. The top 20 futures positions of Shanghai copper were 7,243 lots, up 6,096 lots. LME copper inventory was 193,975 tons, down 1,650 tons; Shanghai Futures Exchange's cathode copper inventory was 89,307 tons, down 27,446 tons; LME copper cancelled warrants were 86,125 tons, down 825 tons; Shanghai Futures Exchange's cathode copper warrants were 19,540 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot was 78,435 yuan/ton, down 145 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 78,430 yuan/ton, unchanged. The CIF (bill of lading) price of Shanghai electrolytic copper was 113 dollars/ton, unchanged; the average premium of Yangshan copper was 100 dollars/ton, up 4 dollars. The basis of the CU main contract was 1,105 yuan/ton, up 315 yuan; the LME copper cash - 3 months spread was 21.65 dollars/ton, down 0.1 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates was 239.39 million tons, up 21.1 million tons. The rough smelting fee (TC) of domestic copper smelters was - 42.61 dollars/thousand tons, down 0.09 dollars. The price of copper concentrate in Jiangxi was 68,710 yuan/metal ton, unchanged; the price of copper concentrate in Yunnan was 69,410 yuan/metal ton, unchanged. The processing fee of blister copper in the south was 700 yuan/ton, down 400 yuan; the processing fee of blister copper in the north was 800 yuan/ton, unchanged. The output of refined copper was 1.248 billion tons, up 0.006 billion tons; the import volume of unwrought copper and copper products was 470,000 tons, up 50,000 tons [2] 3.4 Industry Situation - The social inventory of copper was 418,200 tons, up 4,300 tons. The price of 1 bright copper wire scrap in Shanghai was 0 yuan/ton, down 55,290 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 66,700 yuan/ton, unchanged. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 490 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products was 2.1252 billion tons, down 0.1476 billion tons. The cumulative completed investment in power grid infrastructure was 95.622 billion yuan, up 52.001 billion yuan. The cumulative completed investment in real estate development was 1,990.417 billion yuan, up 918.443 billion yuan. The monthly output of integrated circuits was 4,197,199,900 pieces, down 80,202,900 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 19.52%, down 12.31%; the 40 - day historical volatility of Shanghai copper was 24.49%, up 0.04%. The implied volatility of the current - month at - the - money IV was 15.51%, down 0.0022; the put - call ratio of at - the - money options was 0.88, up 0.0887 [2] 3.7 Industry News - Three departments issued a package of financial policies to stabilize the market and expectations. The central bank announced ten policy measures, including a 0.5 - percentage - point comprehensive reserve requirement ratio cut, a 0.1 - percentage - point cut in policy interest rates, a 0.25 - percentage - point cut in the interest rates of structural monetary policy tools and provident fund loans, and the establishment of a 500 - billion - yuan "service consumption and elderly care re - loan". The Financial Regulatory Administration will introduce eight incremental policies. The CSRC will fully support Central Huijin to play the role of a quasi - "stabilization fund". The head of the Financial Regulatory Administration said three measures would be introduced to support the stability and activity of the capital market. In March, the total import and export volume of automobile commodities was 23.82 billion dollars, with exports growing well. The Fed kept interest rates unchanged, and Powell said he was not in a hurry to cut interest rates [2]

| | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | | 沪铝主力合约收盘价(日,元/吨) | 19,510.00 | +45.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,794.00 | +90.00↑ | | | 本月-下月合约价差:沪铝(日,元/吨) | 100.00 | +35.00↑ 本月-下月合约价差:氧化铝(日,元/吨) | -5.00 | -2.00↓ | | | 主力合约持仓量:沪铝(日,手) | 192,703.00 | -2108.00↓ 主力合约持仓量:氧化铝(日,手) | 276,909.00 | -20851.00↓ | | 期货市场 | LME铝注销仓单(日,吨) | 156,900.00 | -4000.00↓ 库存:氧化铝:合计(周,万吨) | 285,278.00 | -12598.00↓ | | | LME电解铝三个月报价（日，美元/吨） ...

Group 1 - The core viewpoint of the news is the positive performance of the state-owned enterprise dividend index and its constituent stocks, indicating a favorable market environment for the banking sector [1][2] - The China Securities State-Owned Enterprise Dividend Index (000824) has shown an increase of 0.18% as of May 8, 2025, with notable gains in constituent stocks such as Industrial Bank (601166) up by 2.61% and China Merchants Bank (600036) up by 2.57% [1] - The National Enterprise Dividend ETF (159515) has also increased by 0.28%, reflecting a growing interest in high-dividend stocks [1] Group 2 - Recent financial policies, including interest rate cuts and liquidity releases, are expected to enhance the banking sector's fundamentals and accelerate the entry of medium to long-term capital into the market [2] - The National Enterprise Dividend ETF closely tracks the China Securities State-Owned Enterprise Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of April 30, 2025, the top ten weighted stocks in the index account for 15.18% of the total index weight, with China COSCO Shipping (601919) being the highest at 2.59% [2][3]

Report Summary 1. Core Views - A series of policies were unexpectedly introduced, including a 50bp reserve requirement ratio cut, a 10bp reduction in policy interest rates, a 25bp cut in personal housing provident fund mortgage rates, a 25bp reduction in structural monetary policy tool rates, an increase of 300 billion yuan in technological innovation re - loan quota, the establishment of a 500 billion yuan pension re - loan quota, and an increase of 300 billion yuan in agricultural and small - business re - loan quota. However, the stock index performance was lower than expected, with market trading volume only reaching 1.4 trillion. After a one - month rebound, the stock index has gradually recovered to the level before the China - US tariff policy was implemented on April 2. For non - participating investors, the cost - effectiveness of entering the long position in the short term is not high, and it is recommended to wait and see cautiously. Existing long positions can be held [6]. 2. Market Data 2.1 Interest Rate and Bond Market | Instrument | Closing Price | Change from Previous Day (bp) | | --- | --- | --- | | DRO01 | 1.66 | - 4.82 | | DR007 | 1.68 | - 4.70 | | GC001 | 1.58 | - 13.00 | | GC007 | 1.68 | - 6.00 | | SHBOR 3M | 1.74 | - 1.10 | | LPR 5 - year | 3.60 | 0.00 | | 1 - year Treasury Bond | 1.45 | - 1.65 | | 5 - year Treasury Bond | 1.50 | 0.30 | | 10 - year Treasury Bond | 1.64 | 1.65 | | 10 - year US Treasury Bond | 4.30 | - 6.00 | The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.50% yesterday. With 530.8 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 335.3 billion yuan [3]. 2.2 Stock Index and Futures Market | Index/Futures | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 3832 | 0.61 | - | - | | IF Current Month | 3817 | 0.5 | 14.0 | 2.2 | | SSE 50 | 2671 | 0.87 | - | - | | IH Current Month | 2665 | 0.7 | 22.9 | 6.6 | | CSI 500 | 5750 | 0.17 | - | - | | IC Current Month | 5718 | 0.2 | 22.9 | 3.8 | | CSI 1000 | 6111 | 0.14 | - | - | | IM Current Month | 6072 | 0.1 | 41.3 | 8.9 | Yesterday, the CSI 300 rose 0.61% to 3831.6, the SSE 50 rose 0.87% to 2670.7, the CSI 500 rose 0.17% to 5750.3, and the CSI 1000 rose 0.14% to 6111.5. The trading volume of the Shanghai and Shenzhen stock markets was 1.4683 trillion yuan, an increase of 132.1 billion yuan from the previous day. Most industry sectors closed higher, with the aerospace sector surging, and sectors such as shipbuilding, fertilizer, agriculture, chemical raw materials, rubber products, and mining leading the gains, while the gaming sector led the losses [5]. 2.3 Index Futures Basis | Futures | Current Month | Next Month | Current Quarter | Next Quarter | | --- | --- | --- | --- | --- | | IF Basis | 15.27% | 10.09% | 7.47% | 5.76% | | IH Basis | 8.96% | 7.55% | 5.74% | 3.61% | | IC Basis | 22.63% | 18.77% | 12.59% | 10.23% | | IM Basis | 30.72% | 21.21% | 14.93% | 12.46% | [7]

乐有家研究中心相关人士介绍，此次国家出台一揽子金融政策，对稳定楼市、稳定市场预期，有极大的 带动作用。据测算，以深圳总价800万元的房产为例，组合贷，按照最新的房贷利率计算(公积金贷款利 率2.6%，商贷3.05%)，等额本息情况下，每月月供可节省510.35元，30年贷款总利息节省18.4万元。这 对于消费者而言，降低了交易门槛，提升了信心及预期。深圳市房地产中介协会专家表示，此次一揽子 金融政策定向非常明确，对楼市交易既有直接影响：例如降低公积金贷款利率，有助于增加潜在入市意 愿，并减少现有还款人的供楼压力；同时，还有间接影响：例如降低存款准备金率0.5个百分点、公开 市场7天期逆回购操作利率从目前的1.5%调降至1.4%等，都会增加市场流动性，这对当前做好持续巩固 房地产市场稳定态势，将发挥积极作用。(新浪财经) ...

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 ...

黑色产业日报 周三，螺纹钢期货价格冲高回落，杭州中天螺纹钢 3220 元/吨，较前一 日上涨 10 元/吨，10 合约基差 122（-11），7 日上午国新办举行新闻 发布会，央行等多部门介绍了"一揽子金融政策支持稳市场稳预期"有 关情况，货币政策利多落地，盘面高开低走，目前市场仍在期待财政政 策发力。后市而言：估值方面，螺纹钢期货价格跌至电炉谷电成本附近， 仅仅高于长流程成本，静态估值处于偏低水平；驱动方面，政策端，预计 中美关税政策仍会反复博弈，短期国内出台大规模财政刺激政策概率较 小，产业端，现实供需尚可，但关税影响出口+需求季节性下滑，市场预 期偏弱，关注限产政策是否落地，预计价格震荡运行。(数据来源：同花 顺 iFinD，Mysteel) ◆ 铁矿石 供给方面，全球发运季节性回升，近期国内进口矿到港有所增长，港口 铁矿库存仍呈现小幅上升态势。需求方面，铁水产量大幅增长，钢厂产 能利用率提升。月末钢厂复产节奏加快，成材价格暂稳，钢厂生产积极 性提高。市场存在粗钢限产预期，但尚未见到具体政策文件出台，五千 万吨限产相较总量仍然较少，正反馈难以形成，矿价仍是弱势。基本面 铁矿属于供需均有走弱趋势，但即将进 ...