当地时间周三，美国财政部拍卖160亿美元的20年期国债，最终得标利率为5.047%。这是2023年11月以 来的最高水平。 很显然，这是金融机构对美国资产抱以谨慎态度。这个消息也导致美股盘中一度大幅跳水。 这件事发生的时间与资本市场的走势，两者结合起来看，是比较微妙的。 一是本周道指正处于3月份的高点附近，标普500指数正处于3月初的平台高点附近。 二是上证指数处于3月份的高点附近，恒生指数处于3月末的平台高点附近。 尽管A股市场最近几年的走势相对独立，但如果美股大幅调整或连续大跌，A股市场也会受到一定的影 响。 对于美债，中金公司认为，穆迪下调美国主权信用评级、日本国债标售遇冷、美债拍卖需求疲软等事件 引发市场担忧。从宏观背景看，关税降级和美债到期高峰期使美债利率走高符合预期。虽需防范波动风 险，但不必过度解读为危机。历史上，流动性冲击都是抄底良机。 我们回归到市场。 今天，A股三大指数集体回调。截至收盘，上证指数下跌0.22%，深证成指、创业板指数分别下跌 0.72%、0.96%。沪深两市成交额达到1.1万亿元，较昨日缩量逾700亿元。 整个市场共有887只个股上涨，4451只个股下跌，个股涨跌幅的中位数 ...

Report Industry Investment Rating - The report has a long - term bullish view on the four major stock indices and suggests investors to ignore short - term fluctuations [2] Core View - The A - share market has returned to the previous large consolidation platform, and theme trading is expected to remain active, which is in line with the Politburo's decision to continuously stabilize and activate the capital market. Long - term bullishness is maintained while short - term fluctuations are downplayed [2] Summary by Relevant Catalogs Market Review - On Friday, the main indices of the two markets showed divergent trends, with growth - style indices falling and high - dividend sectors strengthening. The total trading volume of the two markets was 1.19 trillion yuan. The CSI 1000 index closed at 6082 points, down 76 points or - 1.23%; the CSI 500 index closed at 5721 points, down 52 points or - 0.90%; the SSE 50 index closed at 2684 points, up 4 points or 0.17%; the SSE 300 index closed at 3846 points, down 6 points or - 0.17%. The top - rising industry and theme ETFs were bank ETFs, SSE 300 dividend ETFs, etc., while the top - falling ones were military - leading ETFs, etc. Among the sector indices, the top - rising ones were daily chemicals, small and medium - sized banks, etc., and the top - falling ones were storage chips, Sora concept, etc. The futures of the CSI 1000, CSI 500, SSE 50, and SSE 300 indices saw net outflows of 4, 7, 13, and 40 billion yuan respectively [1] Important Information - The central bank issued a notice to set up re - loans for service consumption and elderly care, with a quota of 500 billion yuan and an annual interest rate of 1.5%, to encourage financial institutions to support key service consumption areas and the elderly - care industry [1][2] - In April, the national CPI decreased by 0.1% year - on - year (urban remained flat, rural decreased by 0.3%) and increased by 0.1% month - on - month (urban increased by 0.2%, rural remained flat) [1] - In the industry - theme ETFs, 12 funds had net inflows of over 100 million yuan this week. The科创 chip ETF, semiconductor ETF, and artificial intelligence ETF added 609 million, 554 million, and 506 million units respectively, with net inflows of 961 million, 582 million, and 473 million yuan [1] - In the first four months of this year, China's high - tech product exports reached 1.52 trillion yuan, up 7.4%, accounting for 18.1% of the total export value. Ship and marine engineering equipment exports increased by 16.4%, industrial robot exports by 58.3%, and wind turbine generator exports by 45.5% [1] - In April, the production of new - energy passenger vehicles reached 1.151 million, up 40.3% year - on - year, and the retail sales in the new - energy passenger vehicle market were 905,000, up 33.9% year - on - year [1] - On May 8th, the Hongmeng computer with the Hongmeng operating system was officially launched in Shenzhen, marking an important breakthrough for domestic operating systems in the PC field [1] - As of May 8th, 36 enterprises announced the issuance of science and technology innovation bonds with a total issuance scale of 21 billion yuan, and 14 enterprises were applying for registration with a total registration scale of 18 billion yuan [2] - In the past four weeks, US - focused stock funds redeemed about $24.8 billion, the most in two years. In the money market, speculators pushed long - yen positions to a record high [2] - Nomura believes that Japanese investors' risk of reducing US Treasury holdings is significantly greater than that of stocks, with insurance companies being the key. The US - dollar proportion in the foreign securities investments of nine major Japanese life - insurance companies has reached a record high of 72% [2] - US listed companies' stock buy - backs will exceed $1 trillion for the first time this year. Apple bought back $25 billion and authorized an additional $100 billion in buy - backs [2] - Goldman Sachs warned that the US stock market faces a nearly 20% decline risk, and an economic recession poses a huge risk to the stock market [2] Market Logic - After the holiday, the main indices of the two markets generally moved up and entered the previous platform consolidation area. The central bank's new policy on re - loans is expected to boost relevant industries [2] Future Outlook - The high - dividend sectors strengthened on Friday, and the main indices showed divergent trends with growth - style indices adjusting. The central bank's monetary policy report shows that the price recovery rate is significantly lower than the financial aggregate growth rate. The government's price management should shift from encouraging "price - for - volume" to guiding "quality - for - profit". In April, passenger - car production and wholesale reached monthly records, and domestic retail sales had a 6% positive growth with a 14.5% growth rate and a net increase of 220,000 vehicles. China and the US held tariff negotiations in Switzerland [2] Trading Strategies - For stock index futures directional trading, the A - share market is expected to see continued active theme trading, and a long - term bullish view is taken on the four major stock indices while ignoring short - term fluctuations [2] - For stock index option trading, as the A - share market has returned to the previous large consolidation platform and short - term volatility has decreased, the recommendation of out - of - the - money long - term call options on the four major stock indices is suspended [2]

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.05% [1] - The total market turnover for the half-day was 657.5 billion yuan, a decrease of 71.1 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced an increase [1] Sector Performance - The PEEK materials, beauty care, chemical environmental protection, auto parts, and soybean sectors led the gains, while the electricity, insurance, liquor, precious metals, port shipping, and duty-free shop sectors saw declines [2] - PEEK materials stocks surged collectively, with companies like Juhua Long (301131), Xinhang New Materials (301076), and Zhongxin Fluorine Materials (002915) hitting the daily limit [2] - The chemical environmental protection sector also performed strongly, with United Chemical (301209) reaching a new historical high [2] - The electricity sector faced adjustments, with multiple stocks such as Shao Neng Co. (000601) and Leshan Electric Power (600644) hitting the daily limit down [2] Notable Stocks - Friend Group (601686) opened up 9.55% after reporting a 9680% year-on-year increase in net profit for the first quarter [20] - The stock of Step by Step High (002251) and others in the duty-free shop sector hit the daily limit down [2] Economic Indicators - In the first quarter of 2025, China's service trade totaled 19,741.8 billion yuan, reflecting a year-on-year growth of 8.7% [29] - The knowledge-intensive service trade maintained growth, with a total of 7,524.9 billion yuan, an increase of 2.6% [29] - Travel services showed the fastest growth, with imports and exports reaching 584.9 billion yuan, up 21.8% [29] Policy and Initiatives - The People's Bank of China conducted a 3,405 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system [29] - The National Development and Reform Commission allocated 810 billion yuan in special long-term bonds to support the consumption of old goods [31]

Group 1 - The stock of Puli Pharmaceutical (普利制药) entered the delisting preparation period, with its stock price plummeting by over 70% at one point, reaching a maximum drop of 77.51% during trading [4][5][7] - The company previously announced that its 2021 and 2022 annual reports contained false records, with a total false profit amounting to 669 million yuan, accounting for 73.83% of the total disclosed profits for those two years [7] - The delisting preparation period for the company's stock and convertible bonds started on April 28, 2025, lasting for fifteen trading days, with the expected last trading date on May 21, 2025 [7][8] Group 2 - During the delisting preparation period, the company's stock will trade on the Shenzhen Stock Exchange's risk warning board, with no price limits on the first day, followed by a daily limit of 20% thereafter [8] - The company has warned investors that its stock is classified as a special security under the Shenzhen Stock Connect, meaning investors can only sell and not buy, which may affect future trading [8] Group 3 - In the A-share market, other sectors such as steel, internet, banking, and electricity showed gains, while real estate, tourism, and home goods sectors experienced declines [2] - Goldwind Technology (金风科技) reported a significant increase in its first-quarter revenue for 2025, achieving 9.472 billion yuan, a year-on-year growth of 35.72%, and a net profit of 568 million yuan, up 70.84% [3]