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].

股指期货早盘收盘 金十期货4月29日讯，沪深300股指期货（IF）主力合约跌0.16%，上证50股指期货（IH）主力合约跌 0.27%，中证500股指期货（IC）主力合约涨0.19%，中证1000股指期货（IM）主力合约涨0.62%。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The short - term view of the stock index futures is interval oscillation. Policy利好预期 forms a strong bottom support, while overseas uncertainty risks restrict the upward space of the stock index. [1][4] - The short - term view of IH2506 is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias, with an overall view of interval oscillation. [1] - The intraday view of IF, IH, IC, IM is oscillation with a slight upward bias, the medium - term view is oscillation, and the reference view is interval oscillation. [4] 3) Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias. The core logic is that there are both policy - side利好 expectations and external uncertainty risks. [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, each stock index oscillated and sorted within a narrow range. The stock market trading volume was 107.67 billion yuan, a decrease of 6.03 billion yuan compared with the previous day. Recently, the trading volume has been stable at around 1 trillion yuan, indicating that investors' wait - and - see sentiment has increased and the willingness to chase up is not strong. [4] - On one hand, due to the approaching May Day holiday, investors are cautious about the holiday's uncertainty risks. On the other hand, the stock index has rebounded to the gap position in early April and faces technical selling pressure when continuing to rise. [4] - After the Politburo meeting last Friday, the domestic policy side released signals of stabilizing expectations and confidence in the context of rising external environmental uncertainty. However, there is no signal of concentrated policy intensification yet. Attention can be paid to the performance of subsequent macro - economic indicators. If economic data weakens, policy expectations will increase. [4]

Report Overview - Report Name: Weekly Report on the Stock Index Futures Market - Research Institution: Huajin Futures Research Institute - Date: April 28, 2025 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - In the short - term, the index may rebound, and investors are advised to mainly wait and see [4]. - Currently, the basis rate of stock index futures is at a high level, and there are reverse arbitrage opportunities for CSI 300 and CSI 1000 index futures [7]. 3. Summary by Directory 3.1. Stock Index Futures Macro and Market Outlook - **Domestic News**: The Political Bureau of the CPC Central Committee held a meeting, stating that the economy shows a positive trend this year and emphasizing more active macro - policies, including fiscal and monetary policies [4]. - **Overseas News**: European central bank governors are more confident about a 25 - basis - point interest rate cut in June due to stagnant business growth, slowing wage growth, and continuous decline in inflation in the eurozone [4]. - **Market Performance**: The CSI 300 index fluctuated narrowly with low trading volume last week. In the past 5 trading days, the net outflow of main funds was 54.3 billion yuan, and the margin trading funds decreased by 1.2 billion yuan [4]. - **Technical Analysis**: The CSI 300 index is below the 40 - day moving average, with short - term trading volume shrinking and medium - to - long - term valuations at a medium - low level [4]. 3.2. Stock Index Futures Quotes and Basis - **Futures Performance**: IF2506 rose 0.82% to 3739.2, IH2506 fell 0.21% to 2628, IC2506 rose 1.83% to 5498.6, and IM2506 rose 2.56% to 5786.6 last week [6]. - **Price and Basis**: Stock index futures fluctuated after a rebound, with low market trading volume. The current basis rate of stock index futures is at a high level, and there are reverse arbitrage opportunities for CSI 300 and CSI 1000 index futures [7]. - **Historical Returns**: Since 2024, large - cap stocks in the SSE 50 have risen 15.56%, and small - cap stocks in the CSI 1000 have risen 1.45% [7]. 3.3. Stock Index Macro and Earnings Growth - **Macro Data**: In March, the manufacturing PMI was 50.5, above the boom - bust line; the interest rate was 1.67%, below 3%; and the year - on - year growth rate of M2 was 7% [10]. - **Profit Situation**: The year - on - year net profit of A - share enterprises in the first three quarters turned from decline to increase, and the net profit of the CSI 300 rose year - on - year [10]. - **Interest Rate**: The yield of 10 - year treasury bonds was 1.67%, up 1 BP from last week [10]. 3.4. Stock Index Capital and Valuation Changes - **Fund Flows**: The margin trading balance of A - shares decreased by 1.2 billion yuan in the past 5 trading days, and the net outflow of main funds of A - shares totaled 54.3 billion yuan in the past 5 trading days [13]. - **Valuation**: The overall index valuation is at a medium - low level. For example, the rolling price - to - earnings ratio of the CSI 300 index is 11.64, and the percentile is 36% [11][13]. 3.5. Stock Index Fundamental and Technical Analysis - **Technical Analysis**: The CSI 300 index is below the medium - to - long - term moving average, with declining trading volume and short - term fluctuations (neutral) [16]. - **Fundamental Analysis**: The medium - to - long - term monetary policy is loose, with low interest rates, and the domestic economy is weakly stabilizing (bullish); A - share earnings in the first three quarters increased year - on - year (bullish); margin trading funds decreased, and main funds had a short - term net outflow (bearish); the current valuation is still at a medium - low level, which supports the stock index in the medium - to - long - term (bullish) [17]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - In April, the market rebounded from the bottom. Wind All - A closed down 3.15% monthly, with different performance among various indices. The US tariff war, though temporarily halted, may recur due to its underlying financial issues. Attention should be paid to the growth indicators in the A - share annual and quarterly reports, and the long - term trend of A - shares is mainly affected by the de - leveraging process of various sectors under the debt cycle. Also, capital expenditure and profitability of domestic and foreign demand - related sectors need to be monitored [3][6]. - The equity risk premium is at a relatively high historical level. Short - term funds support the stock market, but market sentiment has cooled significantly, and the momentum of both fund inflows and market sentiment has weakened weekly [3][9][18]. - Sectors with high overseas revenue are more sensitive to tariff policies as most of them are in the development stage with high capital expenditure and low ROE, adopting a thin - profit - high - turnover model [3][20]. Summary by Relevant Catalogs 1. Market Overview - **Index Performance**: In April, Wind All - A closed down 3.15% monthly. Specifically, CSI 1000 fell 4.61%, CSI 500 fell 3.94%, SSE 50 fell 0.63%, and SSE 300 fell 2.58%. Weekly, small - cap indices rebounded more strongly, with CSI 1000 rising 1.85% and SSE 50 falling 0.33% [3][6]. - **Tariff Policy**: The US tariff war, which started on April 2nd, has temporarily ended. However, due to the US's insufficient financial account financing ability and the need to balance the current account deficit, tariff policies may change again in the future [3][6]. - **Financial Reports**: At the end of April, A - shares will fully disclose the 2024 annual reports and 2025 first - quarter reports. The market is more concerned about nominal growth data, and the year - on - year revenue growth rate in the financial reports can provide indirect verification. In the first three quarters of 2024, the cumulative year - on - year revenue growth rate of A - shares in Shanghai and Shenzhen stock markets, excluding the financial sector, was - 1.7% ( - 0.6% in the semi - annual report) [3][6]. 2. Market Indicators - **Interest Rate and Valuation**: At the end of April, the yield of the 10 - year active treasury bond was 1.67%. The dynamic P/E ratio of Wind All - A was 18.22 times, and the equity risk premium was still at a relatively high historical level. The PE_ttm of CSI 1000 was 37.23, and that of SSE 300 was 12.26, with both valuation levels slightly lower than last month [9]. - **Fund Flow**: From April 1st to April 24th, the net subscription of the four major broad - based index ETFs reached 193.6 billion yuan, with a single - day net subscription of 100.3 billion yuan on April 7th, a record high. However, the margin trading balance decreased by 110.5 billion yuan during the same period, indicating a significant cooling of market sentiment. Weekly, both showed weakening momentum [18]. 3. Overseas Revenue Sectors - **Industry Concentration**: Sectors with high overseas revenue are mainly concentrated in three industrial chains: high - end technology manufacturing, new energy vehicle industry chain, and energy and chemical products [20]. - **Sensitivity to Tariffs**: Most sectors with high overseas revenue are in the development and expansion stage, with high capital expenditure ratios (8% - 18% of revenue). Their ROE is lower than the A - share average (around 7.8%), adopting a thin - profit - high - turnover model, making them more sensitive to tariff policies [20]. 4. Policy and Data - **Domestic Policies**: Multiple policies have been introduced, including a 12 - trillion - yuan debt - resolution plan, a mention of "moderately loose monetary policy", a 2025 GDP growth target of 5%, a fiscal deficit rate of 4%, and a fertility reward policy in Hohhot [21]. - **US Tariff Policy**: The US "reciprocal tariff" plan was implemented on April 3rd. As of April 12, 2025, the US tariff rate on Chinese imports increased by 125%. The US also issued a tariff exemption list and a tariff suspension policy for some countries, while China issued a white paper on Sino - US economic and trade relations [21]. - **Economic Data**: In March, China's exports increased by 12.4% year - on - year (in US dollars), and imports decreased by 4.3% year - on - year (in US dollars). In the first quarter of 2025, China's GDP increased by 5.4% year - on - year, and the year - on - year growth rate of social retail sales in March was 5.9%, exceeding the average level of the demand side [21]. 5. Index and Option Performance - **Index Performance**: CSI 1000 fell 4.15% monthly, CSI 500 rose 3.94% monthly, SSE 300 fell 2.58% monthly, and SSE 50 fell 0.63% monthly, with the basis discount annualization showing a widening divergence for all [29][33][36][38]. - **Option Indicators**: Charts of historical volatility, volatility cones,持仓PCR, and 交易PCR for CSI 1000, SSE 300, and SSE 50 options are provided, but no specific analysis of these indicators is given in the text [42][51][58]. - **Trading Slippage**: Charts of IM long - and short - position trading slippage are provided, but no specific analysis is given [66]. 6. Corporate Profitability - **Low - level Profitability**: The profitability of listed companies remains at a relatively low level. In the third quarter of 2024, the revenue and net profit growth rates of the entire market, excluding the financial sector, showed different degrees of decline [77]. - **Financial Indicators of Indices**: The 2024 semi - annual report shows various financial indicators of different indices, including ROE, operating net profit margin, asset turnover, etc., with differences in growth and profitability among different indices [79].

Report Summary 1. Report Industry Investment Rating - The report maintains a cautiously optimistic view and recommends cautious long - positions [6][7] 2. Core View - The attitude of US tariff policy is inconsistent, but the sensitivity of the A - share market to tariff policy has weakened. Without a substantial policy shift, it is difficult to have a significant impact on domestic stock indices. The core of market trading focuses more on domestic policy expectations [6] - Positive policy expectations support the index under the guidance of domestic policies. Attention should be paid to the Politburo meeting at the end of April. If substantial favorable policies are released, the index is expected to rise [6] - Market sentiment is not overly optimistic. The historical quantile of the volume - weighted average basis of stock index futures, except for IH, is below 5%. The trading volume of the two markets has declined again, and market sentiment is cautious. Before the implementation of policy benefits, a cautiously optimistic view is maintained [6] 3. Summary by Related Catalogs Market Review - Today, stock indices showed mixed performance. Except for the Shanghai 50 Index, all other indices closed down. The trading volume of the two markets decreased by 1206.95 billion yuan. In the futures index market, IF and IH rose with reduced volume, while IC and IM fell with reduced volume [4] Important Information - Trump said he might "significantly reduce" tariffs on China, and the Chinese Foreign Ministry stated that China will fight if provoked and is open to talks. The US Treasury Secretary caused fluctuations in the US stock market, mentioning "significant" trade agreement opportunities and also stating that the US has not proposed tariff reduction [5] Strategy Recommendation - Recommend cautious long - positions [7] Futures Market Observation | Index | Main Contract Intraday Change | Volume | Volume MoM | Open Interest | Open Interest MoM | | --- | --- | --- | --- | --- | --- | | IF | 0.07% | 8.3579 | - 0.055 | 246,898 | - 890 | | IH | 0.32% | 4.1283 | 0.0782 | 80,085 | - 610 | | IC | - 0.31% | 7.5303 | - 1.1813 | 203,548 | - 4,910 | | IM | - 0.90% | 20.9041 | - 1.6265 | 316,470 | - 2,832 | [8] Spot Market Observation | Indicator | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.03 | | Shenzhen Component Index Change (%) | - 0.58 | | Ratio of Rising to Falling Stocks | 0.42 | | Trading Volume of the Two Markets (billion yuan) | 11,090.19 | | Trading Volume MoM (billion yuan) | - 1206.95 | [9]

股指期货午盘收盘 沪深300股指期货（IF）主力合约涨0.05%，上证50股指期货（IH）主力合约涨0.30%，中证500股指期 货（IC）主力合约跌0.32%，中证1000股指期货（IM）主力合约跌0.94%。 ...

沪深300股指期货（IF）主力合约跌0.07%，上证50股指期货（IH）主力合约涨0.25%，中证500股指期 货（IC）主力合约跌0.80%，中证1000股指期货（IM）主力合约跌1.39%。 股指期货早盘收盘 ...

一 、成分股分红进度 截至2025年4月23日： 上证50指数中，有32家公司处于预案阶段，2家公司处于决案阶段，2家公司进入 实施阶段，1家公司已分红，4家公司不分红； 沪深300指数中，有161家公司处于预案阶段，23家公司处于决案阶段，7家公司 进入实施阶段，8家公司已分红，28家公司不分红； 中证500指数中，有188家公司处于预案阶段，46家公司处于决案阶段，2家公司 进入实施阶段，3家公司已分红，90家公司不分红； 中证1000指数中，有378家公司处于预案阶段，87家公司处于决案阶段，14家公 司进入实施阶段，7家公司已分红，217家公司不分红。 二、行业成分股股息率比较 我们对当前已披露分红预案的个股股息率进行了统计，其中，煤炭、银行和钢铁行业的股 息率排名前三。 三、已实现及剩余股息率 截至2025年4月16日： 上证50指数已实现股息率为0.06%，剩余股息率2.41%； 沪深300指数已实现股息率为0.11%，剩余股息率2.03%； 中证500指数已实现股息率为0.01%，剩余股息率1.42%； 中证1000指数已实现股息率为0.01%，剩余股息率1.10%。 四、股指期货升贴水情况跟踪 ...