1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The central bank carried out 354 billion yuan of 7 - day reverse repurchase operations, with a net investment of 143.8 billion yuan on the day, and 1.181 trillion yuan of reverse repurchases will mature in the central bank's open - market this week, along with 200 billion yuan of MLF maturing on Monday [3][4] - The central bank emphasized expanding the scope of macro - prudential policies and maintaining financial stability [4] - The stock index trends were divided, with the Shanghai Composite Index fluctuating, and the market showed a rotation between sectors. The market's trading volume remained high, and it is expected that the short - term shock adjustment space of the stock index is limited, and it will mainly show a relatively strong shock before the Spring Festival [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.36% with a - 0.39bp change, DR007 at 1.59% with a 4.28bp change, GC001 at 1.60% with a 12.50bp change, etc [3] - **Bond Yields**: The 1 - year treasury bond yield was 1.29% with a - 0.50bp change, the 5 - year treasury bond yield was 1.58% with a 0.50bp change, and the 10 - year US treasury bond yield was 4.26% with a 2.00bp change [3] 3.2 Stock Index Futures and Stock Market Data - **Stock Index Futures**: IF当月 rose 1.0% to 4775, IH当月 rose 1.9% to 3124, IC当月 fell 1.1% to 8531, and IM当月 fell 0.7% to 8351 [5] - **Stock Indexes**: The Shanghai - Shenzhen 300 rose 0.76% to 4753.9, the Shanghai 50 rose 1.65% to 3110.9, the CSI 500 fell 0.97% to 8517.8, and the CSI 1000 fell 0.8% to 8332.2 [6] - **Trading Volume and Open Interest**: The trading volume and open interest of IF, IH, IC, and IM had different changes, such as IF trading volume increasing by 11.8% to 159,804 and IF open interest decreasing by 0.7% to 323,557 [5] - **Sector Performance**: In the stock market, precious metals, mining, and brewing industries performed strongly, while electronic chemicals, semiconductors, etc. declined [6] 3.3 Stock Index Futures Premium and Discount - **IF**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 7.23%, - 4.63%, - 0.97%, and 0.89% respectively [7] - **IH**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 7.09%, - 4.57%, - 1.80%, and 0.12% respectively [7] - **IC**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 2.60%, 0.02%, 1.67%, and 2.66% respectively [7] - **IM**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 3.82%, 0.28%, 4.12%, and 5.37% respectively [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank's rate cuts and policy adjustments aim to support economic structural transformation and optimization [4] - In 2025, the domestic economy showed a "high - front, low - back" trend, and in 2026, the economic growth pressure in the first half of the year is relatively large, so there is a need for policies to be implemented earlier [6] - The upward trend of stock indices is expected to continue as the current capital - driven force is strong and the domestic fundamentals are in the bottom - building stage, and long - term bulls can choose the right time to enter the market [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.32 with a - 0.17bp change, DR007 at 1.48 with a 3.42bp change, etc. The 10 - year US Treasury yield rose 7.00bp to 4.24 [3] - **Central Bank Operations**: The central bank conducted 1793 billion yuan of 7 - day reverse repurchase operations, with 99 billion yuan of reverse repurchases maturing, resulting in a net injection of 1694 billion yuan [3] - **Stock Index Futures**: IF当月 closed at 4733 with a 0.1% change, IH当月 at 3076 with a - 0.1% change, etc. Trading volumes of IF, IH, IC, and IM decreased by 22.2, 28.5, 11.3, and 14.8 respectively, while IC and IM's open interest increased by 2.0% and 0.3% respectively [5] - **Stock Indices**: The Shanghai - Shenzhen 300 rose 0.05% to 4734.5, the Shanghai 50 fell 0.12% to 3075.9, etc. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 27325 billion yuan, a significant decrease of 3243 billion yuan from the previous trading day [5] - **GDP Data**: The annual GDP in 2025 was 1401879 billion yuan, a 5.0% increase year - on - year. The Q4 GDP increased 4.5% year - on - year, 0.3 percentage points slower than Q3 [6] 3.2 Policy Hot - Comments - The central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points, adjusted the re - loan interest rates, and increased the quota of agricultural and small - business re - loans by 5000 billion yuan, with a 10000 - billion - yuan special quota for private enterprises [4] 3.3 Stock Index Futures Basis - The basis rates of IF, IH, IC, and IM for different contracts are presented, such as IF's basis rate for the current - month contract is 0.40%, etc. [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The central bank's adjustment of structural monetary policy tools, including interest rate cuts and increased support for agriculture, small businesses, and private enterprises, aims to optimize the economic structure [5]. - The stock index market is currently experiencing short - term adjustments due to policy regulations, but the upward trend is expected to continue as the current strong capital - driven force and the domestic fundamentals in the bottom - building stage suggest that the upward pattern of the stock index has not ended. Long - term investors can consider long - term bullish positions [6]. 3. Summary by Relevant Catalogs 3.1. Money Market - DRO01 closed at 1.32 with a - 4.73bp change, DR007 at 1.44 with a - 5.94bp change, GC001 at 1.22 with a - 14.50bp change, and GC007 at 1.53 with a 0.50bp change. SHBOR 3M was 1.60 with no change, and LPR 5 - year was 3.50 with no change. 1 - year, 5 - year, and 10 - year treasury bonds had respective changes of - 1.66bp, - 0.98bp, and - 0.34bp, while 10 - year US bonds rose 7.00bp [4]. - Last week, the central bank conducted 9515 billion yuan of reverse repurchase operations, with 1387 billion yuan of reverse repurchase maturing, resulting in a net injection of 8128 billion yuan. Also, 6000 billion yuan of outright reverse repurchase matured, and the central bank carried out 9000 billion yuan of outright reverse repurchase operations [4]. 3.2. Structural Monetary Policy Adjustments - On January 15, 2026, the central bank announced a 0.25 - percentage - point cut in the interest rates of various structural monetary policy tools. The one - year interest rate of various re - loans dropped to 1.25%, and other term - based interest rates were adjusted accordingly. The central bank also increased the amount of re - loans for agriculture and small businesses by 5000 billion yuan, and set up a 1 - trillion - yuan special re - loan for private enterprises, mainly supporting small and medium - sized private enterprises [5]. 3.3. Stock Index Market - The closing prices of major indices on a certain day: the CSI 300 was 4732 with a - 0.41% change, the SSE 50 was 3080 with a - 0.83% change, the CSI 500 was 8233 with a 0.11% change, and the CSI 1000 was 8233 with a - 0.10% change. The corresponding index futures also had different changes [5]. - Last week, the CSI 300 fell 0.57% to 4731.9, the SSE 50 fell 1.74% to 3079.8, the CSI 500 rose 2.18% to 8232.7, and the CSI 1000 rose 1.27% to 8232.7. The market liquidity remained abundant, with the average daily trading volume increasing by 6131.1 billion yuan compared to the previous week, and the margin trading balance hitting a new high [5]. - Policy regulations led to short - term adjustments in the stock index market. The increase in the margin ratio for margin trading by exchanges and the large - scale selling of broad - based index ETFs by Central Huijin affected the market. However, considering the strong capital - driven force and the domestic fundamentals in the bottom - building stage, the upward trend of the stock index is expected to continue [6]. 3.4. Index Futures Basis - For the IF contract, the basis for the next - month contract was 1.42%, the current - quarter contract was 1.10%, and the next - quarter contract was 2.63%. For the IH contract, it was - 0.44%, - 0.90%, and 0.08% respectively. For the IC contract, it was 0.76%, 1.62%, and 4.79%, and for the IM contract, it was 1.04%, 3.89%, and 7.40% [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The capital market tightened slightly this week, with the weighted average interest rate of DR001 rising to around 1.39%. The central bank's open - market operations had a total of 13,236 billion yuan in reverse repurchase maturities this week. [4] - The three - market trading volume in Shanghai, Shenzhen, and Beijing reached 39,872 billion yuan, a significant increase of 2,881 billion yuan from the previous day, hitting a new record high. Industry sectors showed more gains than losses. [6] - On January 19, the Shanghai, Shenzhen, and Beijing stock exchanges will increase the margin ratio for margin trading to curb excessive speculation. In the short term, the stock index is expected to continue rising after shock adjustment. In 2026, multiple positive factors such as macro - policy support, inflation recovery, low - interest environment, technological progress, and capital - market reform are expected to support the A - share market. It is recommended that investors hold long positions for the long - term. [7] 3. Summary by Relevant Content 3.1 Money Market - **Interest Rate Changes**: DRO01 closed at 1.39% with a 0.07bp increase; DR007 at 1.57% with a 1.94bp increase; GC001 at 1.52% with a 5.00bp increase; GC007 at 1.58% with a 1.50bp increase; SHBOR 3M at 1.60% with no change; LPR 5 - year at 3.50% with no change; 1 - year treasury bond at 1.27% with a 0.77bp increase; 5 - year treasury bond at 1.63% with a - 0.75bp decrease; 10 - year treasury bond at 1.85% with a - 0.74bp decrease; 10 - year US treasury bond at 4.18% with a - 1.00bp decrease. [4] - **Central Bank Operations**: The central bank conducted 240.8 billion yuan of 7 - day reverse repurchase operations on the previous day, with the same bid, winning, and operation rate of 1.40%, achieving a net injection of 212.2 billion yuan. [4] 3.2 Stock Market - **Stock Index Performance**: The CSI 300 fell 0.4% to 4741.9; the SSE 50 fell 0.67% to 3112.1; the CSI 500 rose 1.04% to 8227.7; the CSI 1000 rose 0.66% to 8257.2. [6] - **Futures Contracts**: For futures contracts like IF, IH, IC, and IM, there were changes in both prices and trading volumes. For example, IF's trading volume increased by 20.6%, and its holding volume increased by 4.0%. [6] - **Industry Performance**: Internet services, software development, cultural media, communication equipment, mining, and precious metals sectors led the gains, while energy metals, insurance, banking, and airport sectors led the losses. [6] 3.3 Futures Market - **Futures Ascending/Descending Water Situation**: The ascending/descending water rates of IF, IH, IC, and IM contracts in different periods (current month, next month, current quarter, and next quarter) are presented, such as IF's current - month contract with an ascending water rate of 16.67%. [8]

Report Industry Investment Rating - Not provided Core View of the Report - The short - term upward trend of stock indices is expected to continue, and the bullish view on stock indices in 2026 persists. Investors are advised to mainly go long and prioritize far - month contracts due to their higher discount advantages [8] Summary According to Related Content Money Market - DRO01 closed at 1.33 with a 5.43bp increase, DR007 at 1.49 with a 1.75bp increase, GC001 at 1.58 with a 23.50bp increase, GC007 at 1.59 with a 6.00bp increase, SHBOR 3M at 1.60 with a 0.30bp increase, and LPR 5 - year at 3.50 with no change. The 1 - year, 5 - year, and 10 - year treasury bonds closed at 1.30, 1.64, and 1.87 respectively, with decreases of 4.63bp, 1.12bp, and 1.38bp. The 10 - year US Treasury bond closed at 4.18 with a 1.00bp decrease [4] - The central bank conducted 86.1 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. With 50 billion yuan of repurchase maturities, the net injection was 36.1 billion yuan [4] - This week, there are 1323.6 billion yuan of reverse repurchase maturities in the central bank's open market, and there will also be 110 billion yuan of outright reverse repurchase maturities on Thursday and 6 billion yuan of treasury cash fixed - deposit maturities on Friday. After the holiday, the inter - bank market funds remained loose, and the weighted average interest rate of DR001 slightly increased and hovered around 1.3% [5] Stock Index Market - The CSI 300 closed at 4790 with a 0.65% increase, the SSE 50 at 3144 with a 0.30% increase, the CSI 500 at 8249 with a 2.39% increase, and the CSI 1000 at 8357 with a 2.80% increase. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 3645 billion yuan, a significant increase of nearly 500 billion yuan from the previous trading day, setting a record high for A - share trading volume [7] - The trading volume of IF, IH, IC, and IM contracts increased by 5.2%, 0.6%, 7.7%, and 20.5% respectively, while the positions of IF, IH, IC, and IM contracts changed by 0.9%, - 1.2%, - 2.4%, and 2.5% respectively [7] - The IF, IH, IC, and IM contracts showed different levels of premium and discount rates in different periods. For example, the IF current - month contract had a premium rate of 0.98%, and the IC current - month contract had a discount rate of - 27.29% [9]

1. Report Industry Investment Rating - No relevant information provided 2. Core View - Short - term attention should be paid to the impact of overseas events on the risk appetite of domestic equity assets. In the medium and long term, stock indices in 2026 are expected to continue rising on the basis of 2025. Macro - policies continue to exert force, and a moderate rebound in inflation may help improve corporate profit expectations. Capital market reform policies are expected to bring incremental funds to A - shares. The role of Central Huijin as a "quasi - stabilization fund" will also support the market. Investors can wait for the geopolitical situation to become clear and market risk appetite to recover before opportunistically building long positions [6] 3. Summary of Related Catalog 3.1 Money Market - DRO01 closed at 1.33 with a 9.30bp increase, DR007 at 1.98 with a 29.47bp increase, GC001 at 1.86 with a 17.50bp decrease, GC007 at 1.74 with a 31.00bp decrease, SHBOR 3M at 1.60 with a 0.20bp decrease, LPR 5 - year at 3.50 with no change, 1 - year treasury bond at 1.34 with a 0.18bp increase, 5 - year treasury bond at 1.63 with a 1.33bp increase, 10 - year treasury bond at 1.85 with a 0.29bp decrease, and 10 - year US treasury bond at 4.19 with a 1.00bp increase. On the last trading day of 2025, the central bank's open - market operations continued to significantly increase volume and maintain net investment. The money market on Wednesday remained generally loose, but due to the New Year's Day holiday, the main repurchase rates of deposit - taking institutions generally rose, with the weighted average rate of the seven - day repurchase across the holiday rising nearly 30bp to around the 2% mark [4] 3.2 Stock Index Market - The CSI 300 closed at 4630 with a 0.46% decrease, the SSE 50 at 3031 with a 0.18% decrease, the CSI 500 at 7466 with a 0.09% increase, the CSI 1000 at 7595 with a 0.03% decrease. The IF current - month contract closed at 4622 with a 0.5% decrease, the IH current - month contract at 3026 with a 0.3% decrease, the IC current - month contract at 7456 with no change, the IM current - month contract at 7581 with a 0.2% decrease. The IF trading volume was 103038 with a 9.1% increase and the holding volume was 276001 with a 1.8% decrease. The IH trading volume was 49681 with a 20.7% increase and the holding volume was 88647 with a 0.3% increase. The IC trading volume was 110981 with a 5.5% decrease and the holding volume was 274174 with a 5.1% decrease. The IM trading volume was 157425 with a 3.6% decrease and the holding volume was 360137 with a 3.4% decrease. During the holiday, the overseas markets performed strongly. On January 2nd, the Hong Kong stock market had a good start, with the Hang Seng Index closing up 2.76% and the Hang Seng Technology Index up 4%. The semiconductor sector led the rise. The FTSE China A50 index futures rose nearly 1%, and the RMB - US dollar exchange rate once broke through the 6.97 mark [5] 3.3 Stock Index Futures Premium and Discount - The IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 5.08%, 3.41%, 3.17%, and 3.56% respectively. The IH premium/discount rates were 5.14%, 1.52%, 0.98%, and 1.07% respectively. The IC premium/discount rates were 4.06%, 6.01%, 6.70%, and 8.55% respectively. The IM premium/discount rates were 5.56%, 9.29%, 10.19%, and 11.50% respectively [8]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The central bank will have 11220 billion yuan of reverse repurchase operations due this week, and there will be 120 billion yuan of treasury cash fixed deposits due on Thursday. The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - Yesterday, the macro news was calm, and the stock index showed a differentiated trend. Small and medium - cap stocks were relatively weak, while large - cap stocks were more resilient. The market is in a state of long - short interweaving, lacking a core driving force. The stock index is expected to continue the volatile pattern with support at the bottom and pressure upwards. Short - term market differences will be digested during the volatility, waiting for a new driving force to push the index up [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Market - DRO01 closed at 1.42%, down 10.66bp; DR007 closed at 1.51%, down 1.08bp; GC001 closed at 1.63%, down 6.50bp; GC007 closed at 1.51%, down 5.00bp; SHBOR 3M closed at 1.58%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year treasury bond yield was 1.40%, down 0.30bp; 10 - year treasury bond yield was 1.81%, up 0.40bp; 10 - year US treasury bond yield was 4.12%, down 1.00bp [3]. - Last week, the central bank conducted 11220 billion yuan of reverse repurchase operations, with 4958 billion yuan of reverse repurchase due, resulting in a net investment of 6262 billion yuan [3]. 3.2 Stock Index Market - Yesterday, the CSI 300 rose 0.44% to 4588.3; the SSE 50 rose 0.58% to 3020.3; the CSI 500 fell 0.4% to 7122.7; the CSI 1000 fell 0.82% to 7387.2. The trading volume of the two markets was 17259 billion yuan, a decrease of 2002 billion yuan from the previous day. The industry sectors had more decliners than gainers [5]. - The IF contract had a trading volume of 122613, up 0.6%, and an open interest of 272167, down 2.3%; the IH contract had a trading volume of 53539, down 2.2%, and an open interest of 95237, down 2.5%; the IC contract had a trading volume of 132592, down 1.4%, and an open interest of 248512, down 2.2%; the IM contract had a trading volume of 227467, up 4.5%, and an open interest of 364139, up 0.6% [5]. 3.3 Futures Premium and Discount Situation - The IF premium rates for the current - month, next - month, current - quarter, and next - quarter contracts were 19.46%, 6.12%, 3.69%, and 3.73% respectively; the IH premium rates were 14.19%, 3.77%, 1.39%, and 1.38% respectively; the IC premium rates were 15.75%, 11.61%, 10.48%, and 11.09% respectively; the IM premium rates were - 7.88%, 14.66%, 13.00%, and 12.79% respectively [7].

Market Data Summary - DRO01 closed at 1.51 with a 2.52 bp increase, DR007 at 1.51 with a 1.33 bp increase, GC001 at 1.64 with a 43.50 bp increase, and GC007 at 1.53 with a 5.00 bp increase [4] - SHBOR 3M remained at 1.58, LPR 5 - year at 3.50, 1 - year treasury at 1.40 with a 0.56 bp increase, 5 - year treasury at 1.57 with a - 0.88 bp change, 10 - year treasury at 1.81 with a - 0.05 bp change, and 10 - year US treasury at 4.13 with a 2.00 bp increase [4] - The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations, with 1175 billion yuan of reverse repurchases maturing, resulting in a net injection of 2863 billion yuan [4] - This week, 4958 billion yuan of reverse repurchases will mature, with 783 billion, 1175 billion, 655 billion, 928 billion, and 1417 billion maturing from Monday to Friday respectively [4] - The central bank will maintain a moderately loose monetary policy, aiming to promote a reasonable recovery of prices and keep social financing conditions relatively loose [4] Stock Index Market - CSI 300 closed at 4652, down 0.91%; SSE 50 at 3035, down 0.63%; CSI 500 at 7292, down 0.71%; and CSI 1000 at 7541, down 0.30% [6] - IF volume was 110400 with a 3.4% increase, IH volume 50142 with a 9.2% increase, IC volume 112484 with an 8.4% decrease, and IM volume 186082 with a 4.3% decrease [6] - IF open interest was 263184 with a 1.9% decrease, IH open interest 94744 with a 2.0% decrease, IC open interest 241256 with a 3.2% decrease, and IM open interest 354095 with a 0.2% decrease [6] - The trading volume of the Shanghai and Shenzhen stock markets was 19936 billion yuan, a decrease of 1809 billion yuan from the previous day [6] - Photovoltaic equipment, chemical raw materials, non - metallic materials, food and beverage, and pharmaceutical commerce sectors led the gains, while insurance, energy metals, aerospace, electronic components, and software development sectors led the losses [6] Market Outlook - The stock index closed down in a volatile manner. The current macro - level is a mix of bullish and bearish factors, lacking a core driving force [7] - Market differences are expected to be gradually digested during the stock index's volatile adjustment. New driving factors such as overseas liquidity release or domestic fundamental improvement will be key for the market to rise [7] Stock Index Futures Basis - IF basis was 9.39% for the current - month contract, 5.24% for the next - month contract, 3.15% for the current - quarter contract, and 3.32% for the next - quarter contract [8] - IH basis was 1.24% for the current - month contract, 0.52% for the next - month contract, 0.47% for the current - quarter contract, and 0.66% for the next - quarter contract [8] - IC basis was 24.73% for the current - month contract, 15.62% for the next - month contract, 11.17% for the current - quarter contract, and 10.87% for the next - quarter contract [8] - IM basis was 31.07% for the current - month contract, 19.16% for the next - month contract, 14.03% for the current - quarter contract, and 13.00% for the next - quarter contract [8]

Report Summary 1. Market Data and Central Bank Operations - DRO01 closed at 1.31 with a -0.03 bp change, DR007 at 1.42 with a -1.44 bp change, GC001 at 1.54 with a 19.00 bp change, and GC007 at 1.50 with a 1.00 bp change [3]. - SHBOR 3M was at 1.58 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.40 with a 0.75 bp change, 5 - year treasury at 1.58 with a 0.50 bp change, 10 - year treasury at 1.76 with a 0.60 bp change, and 10 - year US treasury at 4.02 with a - 0.50 bp change [3]. - The central bank conducted 43.5 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% with a net injection of 43.5 billion yuan as there were no reverse repurchase maturities [3]. - This week, 1021 billion yuan of reverse repurchases will mature in the central bank's open market, with 612 billion yuan and 409 billion yuan maturing on Thursday and Friday respectively [4]. 2. Stock Index Performance - The CSI 300 rose 1.48% to 4606.3, SSE 50 rose 1.36% to 3001.3, CSI 500 rose 1.38% to 7294, and CSI 1000 rose 1.5% to 7483.4 [5]. - Industry sectors generally rose, with automotive, aviation, power grid equipment, and pharmaceutical sectors leading the gains, while shipping and small - metal sectors declined [5]. - The trading volume of the Shanghai and Shenzhen stock markets was 2.0729 trillion yuan, a significant decrease of 503.4 billion yuan or 17% from the previous day [5]. 3. Futures Contracts and Market Outlook - In the futures market, IF, IH, IC, and IM contracts all showed price increases, but their trading volumes and open interests decreased to varying degrees [5]. - In the short term, the stock index is expected to fluctuate, and attention should be paid to the impact of tariff policies and the Sino - US leaders' meeting at the APEC in South Korea at the end of this month [5]. - Small - and medium - cap stocks with high technology weights may face greater shocks, and risk - hedging tools such as CSI 1000 put options can be considered [5]. - The CSI 300 and SSE 50 indexes are expected to show stronger resilience, and in the long term, the upward trend of the stock index is expected to continue [5]. 4. Futures Contract Premium and Discount - IF's premium/discount rates for different contracts were 0.00%, 4.22%, 3.64%, and 2.61% respectively [5]. - IH's were 1.03%, 11.85%, 0.74%, and 0.23% [5]. - IC's were 13.23%, 39.54%, 11.84%, and 10.17% [5]. - IM's were 67.43%, 15.93%, 15.63%, and 13.23% [5].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - With the market's volatility from tariff impacts and policy support waning, and the current rebound reaching the upper limit of the range, in the absence of incremental catalysts, the stock index may enter a short - term shock consolidation phase. It is advisable to cautiously observe the stock index and pay attention to macro incremental signals [6] 3. Summary by Relevant Content Interest Rate and Central Bank Operations - Interest rate data: DRO01 closed at 1.57 with a 8.84bp increase; DR007 at 1.59 with a 2.00bp increase; GC001 at 1.70 with a 21.50bp increase; GC007 at 1.73 with a 11.50bp increase; SHBOR 3M at 1.64 with a 0.20bp increase; LPR 5 - year at 3.60 with no change; 1 - year treasury at 1.45 with a - 0.29bp change; 5 - year treasury at 1.53 with a - 1.00bp change; 10 - year treasury at 1.72 with a 0.01bp change; 10 - year US treasury at 4.54 with a - 4.00bp change [4] - Last week, the central bank conducted 9460 billion yuan of reverse repurchase operations, 5000 billion yuan of MLF operations, and 2400 billion yuan of treasury cash fixed - deposit operations. There were 4860 billion yuan of reverse repurchases due, resulting in a net injection of 1.2 trillion yuan in the central bank's open - market operations [4] - This week, 9460 billion yuan of reverse repurchases will mature, with 1350 billion, 3570 billion, 1570 billion, 1545 billion, and 1425 billion yuan maturing from next Monday to next Friday respectively [5] - On May 20, the 1 - year LPR was 3.0% (previously 3.1%), and the 5 - year LPR was 3.5% (previously 3.6%). State - owned large - scale banks and some joint - stock banks lowered their deposit listing rates, with the current deposit rate of state - owned large - scale banks falling below 0.1% and the 1 - year fixed - deposit rate falling below 1% [5] Stock Index Market - Last week, the CSI 300 fell 0.18% to 3882.3; the SSE 50 fell 0.18% to 2711.9; the CSI 500 fell 1.1% to 5653; the CSI 1000 fell 1.29% to 5989.7. The average daily trading volume decreased by 836.9 billion yuan compared to the previous week [6] - As of May 22, the margin trading balance of A - shares was 18034.6 billion yuan, an increase of 23.8 billion yuan from the previous week [6] - Among the Shenwan primary industry indices, last week, the pharmaceutical biology (1.8%), comprehensive (1.4%), non - ferrous metals (1.3%), automobile (1.2%), and household appliances (1.2%) sectors led the gains, while the computer (-3%), machinery and equipment (-2.5%), communication (-2.3%), electronics (-2.2%), and non - bank finance (-1.7%) sectors led the losses [6] - On May 23, Trump proposed a 50% tariff on the EU starting from June 1, which may be to pressure the EU and push it to increase trade pressure on China and address US concerns in trade negotiations [6]