Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The stock market opened high and closed low today, with weak upward momentum. The short - term market is not overly optimistic about the tariff reduction. Reasons include: the stock market had recovered some losses under the support of the national team, and the overall sentiment was that the domestic side had a better chance, so the previous pessimism was limited; although the reciprocal tariffs since April have been significantly reduced, the overall tariff is still 10% higher, which has a negative impact; and there is uncertainty in the future development of geopolitical relations as subsequent negotiations continue. [4] - Market funds flowed back into high - dividend industries such as banks today, partly for risk - avoidance and partly because long - term funds prefer high - dividend industries. After the interest rate cut, the returns of high - dividend industries are more attractive. [4] - The short - term market is expected to return to a volatile state with weak upward momentum. Continued attention should be paid to market sentiment changes and volume fluctuations caused by internal and external factors. [4] 3. Summary by Relevant Catalogs Market Review - The stock index oscillated today, with different index trends. The CSI 300 index closed up 0.15%. The trading volume of the two markets decreased by 16.885 billion yuan. In the futures index market, IF and IH rose with shrinking volume, while IC and IM fell with shrinking volume, and the overall market volume narrowed. [2] Important Information - On May 13th, Foreign Ministry Spokesperson Lin Jian stated that regarding the Sino - US economic and trade high - level talks, the Chinese competent department has released relevant information. Regarding the fentanyl issue, the responsibility lies with the US. The US's unreasonable imposition of fentanyl tariffs on China has seriously impacted Sino - US cooperation in the anti - drug field and damaged China's interests. The US should stop smearing and shifting blame and conduct dialogues with China on an equal, respectful, and mutually beneficial basis. [3] Strategy Recommendation - Recommend selling out - of - the - money call options. [5] Futures Market Observation | Index |主力日内涨跌幅（%）|成交量（万手）|成交量环比（万手）|持仓量（万手）|持仓量环比（万手）| | --- | --- | --- | --- | --- | --- | | IF | 0.14 | 8.324 | - 2.6847 | 24.8604 | - 1.8822 | | IH | 0.10 | 3.7087 | - 1.5403 | 8.2471 | - 0.701 | | IC | - 0.33 | 9.298 | - 0.3341 | 20.6696 | - 0.4733 | | IM | - 0.43 | 21.1048 | - 0.1345 | 32.2033 | - 0.2778 | [5] Spot Market Observation | Name | Value | | --- | --- | | 上证涨跌幅（%） | 0.17 | | 深证涨跌幅（%） | - 0.13 | | 个股涨跌数比 | 0.60 | | 两市成交额（亿元） | 12915.25 | | 成交额环比（亿元） | - 168.85 | [6]