今日，红利风格走弱，现金流ETF（159399） 超1%，资金逢低买入，根据wind数据，盘中资金持 续申购中。 12月以来，市场震荡波动，资金持续流入红利中避险，现金流ETF近10日吸金超46亿元，当前规模 超45亿元。 每日经济新闻 根据历史数据测算，红利风格在 12、1、4 月份有较为显著的超额收益。这可能是因为在年关之前 的 12、1月份，红利股是资金避险的重要选择，而A股素有"5月决断'的说法，在5月之前的4月业绩发布 期，资金往往到红利股里进行避险。 （责任编辑：张晓波 ） 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由 现金流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 值得关 ...

本周，A股市场走出修复行情，各大指数的周度表现均收涨，其中，小盘股、微盘股表现较好，创 业板指数、国证2000指数周涨幅均超过4%。 那么，本轮修复行情能走多远？下周哪些板块存在机会呢？今天，达哥和牛博士就大家关心的话题 进行讨论。 牛博士：达哥，你好，又到周末我们聊市场的时间。近期你对市场的看法令人印象深刻，11月16日 你提示要控制仓位，然后市场就迎来了大幅调整；经过11月21日的大幅调整之后，本周你提到市场反弹 时间不足，结果真的反弹到了周五。那么，你对接下来的行情是如何看待的？ 道达：我认为，有两点是我们要认识到的。 首先，年末是业绩真空期、政策真空期，宏观事件驱动少了，市场会缺乏上冲动力。 其次，年末交易一贯比较清淡。自11月14日以来，A股市场的成交额已经连续11个交易日跌破2万 亿元大关，市场观望情绪较浓。 宏观层面，12月有三大事件。 一是中共中央政治局会议。最近10年，分析研究下一年经济工作的政治局会议都在12月中上旬召 开。 二是中央经济工作会议。最近10年里，有9年都是在12月中旬召开。 三是北京时间12月11日凌晨美联储公布利率决策。 因此，从宏观的角度来看，市场震荡大概率要维持到12 ...

相关机构表示，在全球流动性整体宽裕、A股相对估值具有吸引力的背景下，市场后续仍可能走出上行 趋势。展望后市，三季报发布后，现在进入一段较长的业绩真空期，投资者可一方面继续关注高景气/ 有政策支持的板块，另一方面密切跟踪主要指数是否开启新的趋势行情。中证A500ETF（159338）一键 打包行业龙头，把握中国经济中长期企稳回升的战略性机会。 从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 （文章来源：每日经济新闻） 根据wind数据，中证A500ETF（159338）盘中净流入1.74万份，资金抢筹更均衡的大宽基。 ...

Group 1 - The external and internal environment has improved, leading to a market rebound as international trade conflicts have not escalated and negotiations with the US have begun [1] - The central bank announced a reserve requirement ratio and interest rate cut to support the real economy, encouraging market sentiment and slightly shifting the focus upward [1] - The market has entered an earnings vacuum period after the annual and quarterly reports have been disclosed, with thematic investments becoming more active [1] Group 2 - The two markets experienced a volatile rebound with increased trading volume, as the Shanghai Composite Index has continuously risen and filled the gap from April 7 [1] - The Shenzhen Component Index showed a catch-up characteristic but has not yet filled the upper gap, indicating a mixed performance [1] - Market hotspots last week were mainly concentrated in the military and high-end manufacturing sectors, with a general upward trend across various investment styles [1]

Report Overview - The report is a macro financial data daily report released by the Guomao Futures Research Institute's Macro Financial Research Center on May 7, 2025 [2][3] Central Bank Operations and Monetary Policy - The central bank conducted 405 billion yuan of reverse repurchase operations yesterday, with 1087 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 682 billion yuan [3] - This week, 1617.8 billion yuan of reverse repurchases in the central bank's open market will mature, with 1087 billion yuan and 530.8 billion yuan maturing on Tuesday and Wednesday respectively [4] - The Politburo meeting stated the need to "timely cut reserve - requirement ratios and interest rates", "create new structural monetary policy tools, and establish new policy - based financial tools to support technological innovation, expand consumption, and stabilize foreign trade" [4] Interest Rate Market | Variety | Closing Price | Change from Previous Day (bp) | | --- | --- | --- | | DRO01 | 1.71 | -7.58 | | DR007 | 1.73 | -7.14 | | GC001 | 1.71 | 17.00 | | GC007 | 1.74 | 1.50 | | SHBOR 3M | 1.75 | -0.20 | | LPR 5 - year | 3.60 | 0.00 | | 1 - year Treasury Bond | 1.46 | 0.25 | | 5 - year Treasury Bond | 1.51 | 0.75 | | 10 - year Treasury Bond | 1.63 | 0.50 | | 10 - year US Treasury Bond | 4.36 | 3.00 | [3] Stock Index and Futures Market Index Performance - The CSI 300 rose 1.01% to 3808.5, the SSE 50 rose 0.55% to 2647.7, the CSI 500 rose 1.93% to 5740.3, and the CSI 1000 rose 2.57% to 6102.9 [6] - The trading volume of the Shanghai and Shenzhen stock markets reached 1336.2 billion yuan, an increase of 166.8 billion yuan from the previous trading day [6] - Most industry sectors rose, with small metals, power equipment, consumer electronics, precious metals, general equipment, communication equipment, computer equipment, diversified finance, and motor sectors leading the gains, while only the banking sector declined [6] Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | IF Current Month | 3798 | 1.2 | 22.8 | 0.9 | | IH Current Month | 2646 | 0.7 | -0.6 | 0.0 | | IC Current Month | 5706 | 2.1 | 19.0 | 3.3 | | IM Current Month | 6060 | 2.6 | 1.6 | 2.9 | [5] Market Outlook and Strategy - On the first trading day after the holiday, the A - share market showed a gap - up and high - going trend driven by the collective recovery of overseas markets, with IM leading the gains in index futures [7] - Two repair drivers are worthy of attention: the expectation of Sino - US tariff relaxation and the verification of overseas AI industry prosperity are beneficial to improving market liquidity and boosting the technology sector; after the earnings disclosure window in late April, the performance uncertainty of small - and medium - cap companies has significantly decreased [7] - The CSI 1000's repair strength has significantly lagged behind large - cap indexes such as the CSI 300. If the market continues to recover, its technical catch - up potential is worthy of attention. Historically, the average excess return of CSI 1000 index constituents during the earnings vacuum period (May - July) is 2.3% [7] - It is expected that the significant differentiation between large - and small - cap styles may converge. The strategy is to focus on the elasticity release opportunities of small - and medium - cap stocks after the market stabilizes, with IM as the main long - position variety [7] Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | 10.49% | 9.02% | 7.04% | 5.35% | | IH Premium/Discount | 2.64% | 5.55% | 5.00% | 3.24% | | IC Premium/Discount | 22.09% | 16.72% | 11.98% | 9.90% | | IM Premium/Discount | 25.91% | 19.90% | 14.46% | 12.20% | [8]

本周是五一长假前的最后一个交易周，上市公司年报和一季报也将披露完毕，泓德基金表示，市场未来 三个月将进入业绩的真空期，外部环境的变化可能的对国内资本市场产生一定程度的扰动，但我们相 信，按照政治局会议的部署，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩 大高水平对外开放，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧 变化的不确定性，中国经济这艘巨轮可以行稳致远。 MACD金叉信号形成，这些股涨势不错！ 整体来看，泓德基金分析，当前政策仍处于以"筹备"和"积蓄弹性"为主的阶段，结构性调控和局部支持 依然是主旋律，这使得市场将更多将目光聚焦于中美谈判进展以及潜在的降关税交易预期上。 从债券市场看，泓德基金表示，上周利率债收益率普遍上行。信用债收益率也多数上行。MLF超额续 作短暂提振但未能扭转观望情绪，超长端波动收窄显示市场分歧仍在，市场仍在等待央行降准降息。 上周国内权益市场延续小幅反弹走势，日均成交量相较上上周变化不大，维持在1.1万亿元附近，万得 全A周涨幅为1.15%。具体来看，国内主要股指中，小型股股指涨幅较大，中证1000（+1.8%）和中证 2000（ ...