powerballjackpot| Everbright Futures: Financial Daily, May 9

Stock index:

YesterdayPowerballjackpotThe A-share market generally fell back, and Wind fell 1.Powerballjackpot.08%, with a turnover of 870 billion yuan. Among the corresponding indexes of stock index futures, the small-cap index fell even more, with the CSI 1000 down 1.Powerballjackpot.58%, CSI 500 down 1.24%, CSI 300 down 0.79%, SSE 50 down 0.55%. With the index before and after May DayPowerballjackpotThe current index has reached the upper edge of the shock of the rebound in March, and there will be selling pressure at the trading level in the process of continuing to break upward. Combined with the characteristics of today's obvious contraction, we believe that today's index correction is a technical adjustment and does not change the logic of continuing to rise in the medium term. Before the festival, the Politburo meeting announced that the third Plenary session of the 20th CPC Central Committee would be held in July this year, and the market had high expectations for the third Plenary session. Medium-and long-term solutions to many topics of market concern, including real estate and debt reduction, are expected to be discussed at the meeting, which is more important for raising the medium-and long-term valuation center of the A-share market. Combined with the fact that the central bank said that buying treasury bonds in the secondary market is one of the monetary policy options, market expectations for medium-and long-term inflation have risen. With the recent strong performance of China's equity assets under the policy support, we believe that this optimism will continue to be transmitted.

National debt:

Most treasury bond futures closed higher, with 30-year main contracts up 0.15% and 10-year contracts up 0.06%. 5-year contracts were the same as yesterday, while 2-year contracts fell 0.02%. In terms of the open market, the central bank carried out a seven-day reverse repurchase operation of 2 billion yuan, and the winning interest rate was 1.8%, the same as before. As there was no reverse repurchase due, the central bank made a net investment of 2 billion yuan that day. The interbank pledge repo rate rose collectively. The 1-day variety was 1.8389%, up 8.91 basis points, and the 7-day variety was 1.8706%, up 2.48 basis points. After a recent rapid correction, the yield on 30-year treasury bonds has returned to 2.55%, but the current ultra-long-term special treasury bonds have not yet landed, and the supply pressure has not yet appeared. Once 1 trillion yuan of ultra-long-term special treasury bonds are issued in the second quarter, 30-year treasury bond futures still have room to continue to decline. On the premise that the capital side is expected to be stable, the short-end 2-year treasury bond futures continue to adjust the pressure is limited. At present, under the circumstances of stable capital, weak economic repair and strong landing expectations of ultra-long-term special treasury bonds, short-term treasury bond futures will still be strong in the short end relative to the long end.

Precious metals:

Overnight outer disk gold concussion is weak, silver performance is slightly stronger. Last night, the US Treasury auctioned $42 billion of 10-year Treasurys. The overall auction result was breathtaking, and the auction volume also exceeded the peak of the epidemic. The former US Treasury Secretary said a strong dollar would help finance US debt, which could also show the willingness of US interest rates to remain high. In addition, the Bank of Japan said it would take more favorable measures against foreign exchange market volatility, and the market speculated that the Bank of Japan would raise interest rates again. However, the Riksbank cut interest rates for the first time since 2016, ahead of the eurozone to support the economy, making it the second developed country to cut interest rates after Switzerland. Geographically, some progress has been made in the negotiations between Kazakhstan and Israel. With the inconsistent path of interest rates in developed countries, the US dollar is expected to maintain a strong trend, which may also promote further adjustment of gold prices, but the extent of the pullback is limited, and the supporting force below is still strong.

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