平准基金如何成为 全球金融稳定的"定海神针"？ Q 资产管理部权益团队： 平准基金是一种政府或特定机构设立的市场稳定基金，主要用于在市场剧烈波 动时提供流动性支持，稳定市场情绪。其基本作用机理类似于中央银行的公开市场操作，通过逆大盘 指数方向的操作来熨平证券市场的非理性波动。 平准基金在国际市场中被广泛使用，其主要作用包括提供流动性支持、维护市场秩序、提振市场信心 和防范系统性风险。18 世纪初英国设立国债平准基金（减债基金），通过复利机制偿还国债，虽因政 府挪用未达预期，但奠定了 "逆周期调节" 理念。美国于 1934 年依据《黄金储备法》设立的外汇平准 基金（Exchange Stabilization Fund, ESF），2008 年国际金融危机期间，美联储协同财政部等多渠道注 资问题资产救助计划（TARP），像是包含了一揽子救市手段的"类平准基金"。日本依托《金融再生法 案》《金融健全化法案》构建的法律框架形成分阶段的市场托底机制，2010 年日本央行启动ETF购买 计划以稳定股市，构建起制度化的股市稳定工具。在 2003 年信用卡危机中，韩国设立规模达 4000 亿 韩元的专项投资基金，用于收购不 ...

Group 1: Market Stability Measures - The central bank supports the Central Huijin Investment Ltd. to increase holdings in stock market index funds and will provide sufficient refinancing support if necessary[4] - The National Financial Regulatory Administration has raised the upper limit for insurance funds' equity asset allocation ratio[4] - The State-owned Assets Supervision and Administration Commission will support central enterprises and their listed companies to increase share buybacks[4] Group 2: Strategic Role of Central Huijin - Central Huijin is positioned as a "stabilizing force" in the capital market, akin to a sovereign wealth fund, marking a new phase in strategic reserve and stabilization mechanism construction[4] - Central Huijin has been actively increasing stock holdings during market volatility, similar to the U.S. 2008 Troubled Asset Relief Program which was aimed at stabilizing the market[4] - The central bank's refinancing support indicates an indirect involvement in maintaining market stability, as outlined in the draft of the Financial Stability Law[4] Group 3: Market Outlook and Risks - The statement from Central Huijin emphasizes confidence in the capital market's development, driven by a positive outlook on China's economic future[4] - The ongoing U.S.-China tensions may lead to increased market volatility, impacting investor sentiment[4] - Risks associated with tariff changes and global supply chain restructuring could affect corporate earnings and overall market growth[4]

Core Viewpoint - The article discusses the significant market turmoil caused by the "reciprocal tariffs" imposed by the Trump administration, emphasizing the need for investors to focus on building a resilient ecosystem amidst uncertainty [1][11][12]. Group 1: Market Environment - The current market is experiencing unprecedented volatility, with the environment being described as the most transformative seen in a career [3][4]. - Investors are advised to differentiate between market volatility and actual risk, as the predictability of future market conditions is at an all-time low [4][5]. Group 2: Investment Strategy - It is suggested that this is not a time for aggressive action but rather for observation and careful assessment of risk versus price [5]. - Investors should ensure that their liquidity assets provide a sufficient safety net while also evaluating the resilience of their offensive assets under pressure [5][6]. Group 3: Government Intervention - The article highlights the role of state-backed funds, such as the Central Huijin and social security funds, in stabilizing the market through stock purchases and ETF investments [6][8]. - The concept of a "stabilization fund" is introduced, which aims to prevent irrational market fluctuations through counter-cyclical investments [7][8]. Group 4: Long-term Outlook - Despite short-term pressures from tariffs, China's comprehensive industrial system and vast domestic market are expected to facilitate a restructuring of global economic growth patterns [13][14]. - The article posits that the key to policy effectiveness lies in providing predictable rules rather than large subsidies, which will encourage both domestic and foreign investment [14].

重磅政策出台、类"平准基金"发力、央企增持……在外部环境严峻复杂、市场情绪不稳的关键 时刻，"国家队"出手力挺资本市场，带来真金白银的支持，注入实实在在的信心与力量。 4月8日开盘前，一系列重磅发声释放维护资本市场平稳运行的积极信号。 中国人民银行表示，坚定支持中央汇金公司加大力度增持股票市场指数基金，并在必要时向中 央汇金公司提供充足的再贷款支持。 金融监管总局发布通知，上调权益类资产配置比例上限，将部分档位偿付能力充足率对应的权 益类资产比例上调5%，为实体经济提供更多股权性资本。 丨 来源：新华社 2025-04-08 新华社北京4月8日电 题：关键时刻"国家队"出手，坚定看好中国资本市场 中国诚通旗下诚通金控和诚旸投资增持交易型开放式指数基金（ETF）和中央企业股票。中国 诚通表示，将进一步发挥国有资本运营公司功能作用，持续大额增持央国企股票和科技创新类股 票，当好上市公司的长期投资者。 中国国新控股有限责任公司表示，坚定看好中国资本市场发展前景，坚决当好长期资本、耐心 资本、战略资本，旗下国新投资有限公司增持中央企业股票、科技创新类股票及ETF，积极支持关 键领域科技创新。 在央企宣布增持的同时，宁 ...

丨 来源：财联社 2025-04-09 ①中国版平准基金横空出世，先给市场吃下一粒定心丸； ②国家各部委联合行动，行业机构又坚定与国家站在一起； ③这是A股史上最强"稳市组合拳"，思路打法清晰体现。 财联社4月9日讯 特朗普关税导致全球风险资产剧烈波动，A股与港股同样受到波及，在关键时间节点， 稳市组合拳出场。 这次稳市的清晰脉络在于，国家各部委联合行动，各类行业机构又坚定与国家站在一起，相互配合，坚 定买入，坚定看好中国经济，中国资产，看好A股投资价值。 4月8日一整天，多部委、多层面、多主体参与的护盘政策密集袭来，政策、消息发布的颗粒度精确到以 小时计算。 从8日凌晨开始，中国国新公告称，中国国新控股有限责任公司旗下国新投资有限公司将以股票回购增 持专项再贷款方式增持中央企业股票、科技创新类股票及ETF等，首批金额为800亿元。早上6点半，中 国国新再次在其官方公号上发布上述消息。 毫无疑问，中国版平准基金横空出世，由中央汇金发挥"平准基金"作用，果断增持A股，给市场吃下一 粒定心丸。 央行、社保基金、国资委以及地方国资也纷纷表态将维护市场稳定，中国诚通、中国国新、中国电科、 中国石油等相继宣布增持计划。 ...

以下文章来源于智谷趋势Trend ，作者子期 智谷趋势Trend . 新中产的首席财富顾问 作者： 子期 来源：智谷趋势Trend（lD：yuanfangguanchaju） 我们刚刚见证了过去二十年里，中美之间交锋最为激烈的一周： 4月3日，特朗普在"解放日"宣布对华加征34%的"对等关税"； 两个超级大国之间的正面对轰，让全世界都看呆了。联合早报对此形容为： "刺刀见红" 。 为什么中方对懂王赤裸裸的威胁毫不退让，在全球做出了最快、最强、最坚决的回应？ 为什么美股崩盘、跌跌不休，大A却在短短一天稳住阵脚，迅速翻红收官？ 全球震惊的背后，为了今天的这场对决，中国已经准备了整整八年。 01 4月4日，中方" 十一 箭"连发，予以坚决反制 ，对原产于美国的所有进口商品加征34%关税； 4月5日， 美股 应声大跌，特朗普 扬言 进行报复； 4月7日深夜，特朗普威胁：如果中方不撤销加征关税，就额外 再 加征50%； 4月8日，中方明确回应： 想打，奉陪到底！ 大A，稳住了。 重压之下，收盘时上证指数涨1.58%，深证成指涨0.64%，创业板涨1.83%。 考虑到资本市场的一系列激烈多空博弈，能够稳住已经非常难得。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental and technical analysis, the report predicts the trend of various futures on April 9, 2025. Index futures are expected to have a weak and wide - range oscillation, while some commodity futures like those of gold, silver, copper, etc. are likely to have a weak oscillation or a weakening trend in oscillation [2][3][4]. Summary by Related Catalogs 1. Macro Information and Trading Tips - Chinese Premier Li Qiang talked with EU Commission President von der Leyen, indicating China's determination to expand opening - up and cooperate with the EU. The central government has sufficient policy tools to maintain economic stability [8]. - Multiple parties, including Central Huijin, the central bank, financial regulators, and state - owned assets supervision departments, have taken measures to support the capital market, which is expected to bring large - scale incremental funds into the market [8][18]. - The central bank conducted 1674 billion yuan of 7 - day reverse repurchase operations on April 8, with a net investment of 1025 billion yuan [8]. - The Chinese government has responded to the US tariff threat, stating that it will take counter - measures if necessary. At the same time, it has emphasized innovation in central enterprises, supported urban renewal, and promoted high - quality employment for college graduates [8][9]. - American economist Lawrence Summers believes that the US may be moving towards an economic recession due to tariff measures, which may lead to about 2 million people losing their jobs and each family facing an income loss of at least $5000. The US President is trying to revive the coal industry, and Canada will impose a 25% tariff on US cars [9][10]. - Morgan Stanley has lowered its forecast for US GDP growth in 2025 to 0.8% from 1.5% [10]. 2. Commodity Futures - Related Information - Most domestic commodity futures closed down at night. Energy and chemical products, black metals, and some agricultural products and basic metals declined, while some agricultural products such as soybean meal and soybean No. 2 rose [10]. - The Shanghai government has issued a three - year action plan for the transformation and upgrading of bulk commodity trade, aiming to break through 10 trillion yuan in trade volume by 2027 [11]. - High - end supermarkets in Japan have seen a continuous 13 - week increase in rice prices, and Goldman Sachs expects Brent and WTI crude oil prices to decline in 2025 and 2026 [11]. - Indonesia will adjust the export tax on crude palm oil, and the US API crude oil inventory decreased last week [11]. - The price of domestic battery - grade lithium carbonate has reached a new low in more than six months, and the Baltic Dry Index has declined for 11 consecutive days [11]. - International oil prices fell sharply on April 8, while international precious metal futures generally rose, and London basic metals closed down across the board. Chicago agricultural product futures rose, and European and US bond yields and the US dollar index also changed [12][13][14]. 3. Futures Market Analysis and Forecast Index Futures - On April 8, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 index futures showed different trends, with some showing signs of short - term stabilization and recovery. It is expected that on April 9, index futures will have a weak and wide - range oscillation, and in April 2025, they will generally have a weakening trend in oscillation [14][15][16][24]. Treasury Bond Futures - On April 8, the main contracts of 10 - year and 30 - year treasury bond futures closed down, with increased short - term downward pressure. It is expected that on April 9, they will have a strong - biased oscillation [38][43][40]. Precious Metal Futures - On April 8, the main contracts of gold and silver futures showed short - term stabilization and recovery. It is expected that in April 2025, the main continuous contract of gold futures will have a strong - biased wide - range oscillation and may reach a new high, while the silver futures will have a weakening trend in oscillation. On April 9, both are expected to have a weak oscillation [47][52]. Base Metal Futures - On April 8, the main contracts of copper, aluminum, nickel, and tin futures showed different trends, with varying degrees of downward pressure. It is expected that in April 2025, they will generally have a weakening trend in oscillation, and on April 9, they will have a weak oscillation or a weakening trend in oscillation [58][63][68][75]. Black Metal Futures - On April 8, the main contracts of rebar, hot - rolled coil, iron ore, and coking coal futures generally closed down, with increasing downward pressure. It is expected that in April 2025, they will have a weakening trend in oscillation, and on April 9, they will have a weak oscillation [79][84][86][92]. Energy and Chemical Futures - On April 8, the main contracts of glass, soda ash, crude oil, PTA, PVC, natural rubber, and 20 - number rubber futures showed different trends, with significant downward pressure on some. It is expected that in April 2025, they will generally have a weakening trend in oscillation, and on April 9, they will have a weak oscillation or a weakening trend in oscillation [93][96][98][102][104][105][109].

校对：王锦程 当地时间8日， 美国总统特朗普签署行政命令，指示联邦政府所有部门和机构终止所有针对煤炭行业的歧 视性政策 。这将解除在美联邦范围开展新煤炭项目的租赁禁令，加速所有新煤炭项目的许可和资助。 特朗普还指示司法部大力追查其认为非法或违宪的歧视煤炭、歧视安全能源的州政策和议程。 来源：央视新闻 责编： 王璐璐 百万用户都在看 重磅！李强同欧盟委员会主席通电话 紧急空运！苹果手机，刷屏！ 三大交易所，联合发布！ 载入史册！央行、平准基金、国家队、国资、险资……超级组合拳来了 千亿级别！大资金，疯狂买入！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

长按即可参与 A股 早盘行情还是很有韧劲的。三大 指数 低开高走，截至午盘， 沪指 涨0.24%，深成指涨0.56%，创业板指涨0.61%，北证50指数涨6.88%。全市场半日成 交额11217亿元，较上日放量786亿元。全市场超2600只个股上涨。 板块题材上，军工、农业、半导体板块涨幅居前；cro概念、旅游及酒店、电力板块跌幅居前。 01 央行！国家队！央国企！平准 基金！ 社保基金多方天量资金护盘 在A股市场面临异常波动的关键时刻，中国金融决策层以"史上最快速度、最大规模、最多部门联动"打出了一套史诗级救市组合拳： 1. 央行+汇金，无限子弹注入强信心 中国人民银行和中央汇金公司重磅发声。 中央汇金明确了自己是资本市场上的"国家队"，发挥着类"平准基金"作用。汇金公司有关负责人表示，将继续发挥好资本市场"稳定器"作用，有效 平抑市场异常波动，该出手时将果断出手；下一步，汇金公司将坚定增持各类市场风格的ETF，加大增持力度，均衡增持结构；汇金公司具有充分 信心、足够能力，坚决维护资本市场平稳运行 央行表示，必要时向中央汇金公司提供充足的再贷款支持。汇金负责投资，央行承诺给钱，中国版平准基金浮出水面，这有助 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Multiple departments have introduced a series of measures to support the capital market, including central Huijin increasing ETF purchases, the central bank providing funds, financial regulators raising insurance companies' equity investment ratios, and state - owned assets management departments promoting central enterprises' repurchases and share - increases. These measures send a strong signal to stabilize the stock market [2][11][26]. - Despite short - term market fluctuations caused by factors such as US tariff policies, there are still investment opportunities. In the short term, investors can switch to dividend assets, while in the long term, technology remains the main investment line [22]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q4 2024 was 5.4% year - on - year, up from 4.6% in the previous quarter [1]. - In March 2025, the manufacturing PMI was 50.5%, up from 50.2% in the previous month; the non - manufacturing PMI was 50.8%, up from 50.4% [1]. - In February 2025, CPI was - 0.7% year - on - year, down from 0.5% in the previous month; PPI was - 2.2% year - on - year, slightly up from - 2.3% [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - Multiple parties are supporting the capital market. Central Huijin will increase ETF purchases, and the central bank will provide funds. Financial regulators and state - owned assets management departments are also taking measures [2]. - The Baltic Dry Index fell 4.21% to 1342 points on Tuesday, down for eleven consecutive days [2]. 3.2.2 Metals - The average price of copper may exceed $4 per pound this year [3]. - As of the end of March, the gold held in London vaults was 8488 tons, a 0.14% month - on - month increase [3]. - On April 8, the price of domestic battery - grade lithium carbonate dropped to 72,300 yuan per ton, a new low in over 6 months [3]. 3.2.3 Energy and Chemicals - OPEC's oil production in March decreased by 110,000 barrels to 26.63 million barrels compared to February [6]. - Saudi Arabia set the official selling price of Arab Light crude oil for Asia in May at a premium of $1.20 over the Oman/Dubai average [6]. - Goldman Sachs predicts that Brent and WTI crude oil prices will fall to $62 and $58 respectively by December 2025, and to $55 and $51 by December 2026 [6]. 3.2.4 Agricultural Products - The June - delivery palm oil on the Malaysia Derivatives Exchange fell 3.4% to 4182 ringgit per ton, the lowest since October 3, 2023 [7]. - Indonesia will adjust the export tax on crude palm oil [7]. - Malaysia's palm oil production from March 1 - 31, 2024 increased by 17.66% [7]. 3.3 Financial News 3.3.1 Open Market - On April 8, the central bank conducted 167.4 billion yuan of 7 - day reverse repurchase operations, with a net investment of 102.5 billion yuan after deducting the maturity of 64.9 billion yuan [9]. 3.3.2 Key News - The Chinese government firmly opposes the US threat to increase tariffs on China and will take counter - measures if necessary [10]. - The central government and relevant departments have introduced measures to support the capital market, urban renewal, and the development of the private economy [11][12][13]. - Multiple cities are researching and preparing policies to stabilize the real estate market [14]. 3.3.3 Bond Market - Bond prices and yields fluctuated. Treasury bond futures closed down, and the yields of major interest - rate bonds in the inter - bank market generally rose [17]. - Some bonds will be fully redeemed, and the credit ratings of some companies have been adjusted [15]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.3368 on April 8, down 219 points from the previous trading day [21]. - The US dollar index fell 0.51% in New York trading, and most non - US currencies rose [21]. 3.3.5 Research Report Highlights - CICC believes that although there will be short - term fluctuations due to tariff policies, there will be re - entry opportunities after the fluctuations [22]. - CITIC Securities expects wider monetary policies in the future, and the bond market may be approaching a turning point [22]. - CICC Fixed Income believes that in April, the demand for credit bonds may increase, and there may be trading opportunities in long - term high - grade secondary perpetual bonds and ultra - long - term credit bonds [22]. 3.4 Stock Market - The Shanghai Stock Exchange held a symposium with securities institutions to promote the healthy development of the capital market [25]. - Insurance funds are expected to bring 1.66 trillion yuan of incremental funds into the market, and the second - batch private securities fund long - term stock investment pilot of insurance funds is accelerating [25][26]. - Shanghai and Zhejiang state - owned assets management departments have introduced measures to support the repurchase and share - increase of state - owned listed companies [26]. - A - share market has been volatile, and financial institutions and listed companies are taking actions to show confidence in the market [28].