Group 1 - The market experienced a net inflow of funds, but trading activity decreased, with total A-share trading volume at 4.84 trillion yuan, down from the previous week, and turnover rate at 5.58%, also a decline from the prior week. The total net inflow of funds was 156.42 billion yuan, indicating stronger liquidity [7][8][19] - The domestic liquidity situation showed a net withdrawal of 671.7 billion yuan in open market operations, with DR007 and R007 rates declining, and the spread between R007 and DR007 narrowing. The yield on 10-year government bonds decreased by 2 basis points, while the yield on 1-year bonds fell by 4 basis points, leading to an expansion of the yield curve spread [10][11][18] Group 2 - The issuance scale of equity funds increased to 13.75 billion yuan, up from the previous week. The top three sectors for fund accumulation were electronics, communications, and computers, while the sectors with the largest reductions were food and beverage, household appliances, and transportation [21][24][28] - The net inflow of margin financing was 7.649 billion yuan, with margin trading accounting for 8.4% of total A-share trading volume. The total number of ETF shares decreased by 750 million, with the largest inflow seen in the broad index of the CSI 300 ETF [28][29][32] Group 3 - In the primary market, there were two IPOs raising 5.007 billion yuan, while no refinancing occurred. The total amount of restricted shares that became tradable was 28.758 billion yuan, with the electronics, biomedicine, and automotive sectors having the highest amounts of unlocked shares [37][41][42] - The report highlighted that industrial capital reduced holdings by 3.18 billion yuan, with non-bank financials, coal, and household appliances being the top sectors for increased holdings, while electronics, biomedicine, and machinery equipment saw the largest reductions [38][39]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 5 月 20 日） 说明： ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2508 | 下跌 | 震荡 | 震荡 偏弱 | 观望 | 中美关系趋于缓和，利空金价 | | 镍 | 2506 | 下跌 | 震荡 | 震荡 偏弱 | 观望 | 上游强势，下游弱势，镍趋于震荡 | 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 观点参考 观点参考 品种：镍（N ...