Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-06 15:00Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - A-share major indices closed up collectively, with the Shanghai Composite Index rising 1.13% to 3316.11 points, the Shenzhen Component Index rising 1.84% to 10082.34 points, and the ChiNext Index rising 1.97% to 1986.41 points. The trading volume of the Shanghai and Shenzhen stock markets increased slightly, and over 4900 stocks in the entire market rose. Most industry sectors rose, with the computer sector leading the gains and only the banking sector falling [2]. - In the overseas market, the number of non-farm payrolls in the US in April exceeded expectations, and the market's expectation of a Fed rate cut in June decreased. The US GDP in Q1 contracted, and the US dollar index faces significant depreciation pressure. In the domestic market, China's official three major PMI indices in April declined compared to the previous month. The manufacturing PMI fell below the boom-bust line, but the non-manufacturing and composite PMI output indices remained in the expansion range, indicating that the overall domestic economic output continued to expand and the economic recovery trend remained unchanged [2]. - During the May Day holiday, tourism and travel demand was strong, supporting domestic demand. On the trade front, the US has repeatedly expressed its willingness to negotiate on tariff issues with China, and the easing of tariff issues has pushed the offshore RMB to rise significantly. Overall, during the holiday, driven by holiday demand, overseas economic data, and the easing of the tariff war, the RMB exchange rate strengthened, and the Hong Kong stock market also performed well, supporting the risk appetite of the A-share market. Strategically, it is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs Futures Disk - All major and secondary contracts of IF, IH, IC, and IM rose. For example, the IF main contract (2506) rose 42.2 to 3766.2, and the IH main contract (2506) rose 17.6 to 2629.6 [2]. - The spreads between different contracts also changed. For instance, the IF - IH current - month contract spread rose 27.0 to 1151.8, and the IC - IF current - month contract spread rose 69.8 to 1908.0 [2]. - The differences between the current - quarter and current - month contracts, and the next - quarter and current - month contracts also had various changes. For example, IF current - quarter - current - month was - 89.0, down 0.2 [2]. Futures Position - The net positions of the top 20 in IF and IM decreased, while those in IH and IC increased. For example, the IF top 20 net position decreased 3051.0 to - 32338.00, and the IH top 20 net position increased 632.0 to - 12254.00 [2]. Spot Price - The spot prices of the Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all rose. For example, the Shanghai and Shenzhen 300 rose 38.0 to 3808.54, and the Shanghai 50 rose 14.6 to 2647.72 [2]. - The basis of the main contracts of IF, IH, IC, and IM all decreased. For example, the IF main contract basis decreased 38.0 to - 92.3 [2]. Market Sentiment - A - share trading volume increased by 1713.54 billion yuan to 13644.47 billion yuan, and the margin trading balance decreased by 157.89 billion yuan to 17864.83 billion yuan. The north - bound trading volume increased by 144.02 billion yuan to 1506.75 billion yuan [2]. - The proportion of rising stocks increased by 25.97 percentage points to 91.70%, and the Shibor decreased by 0.058 percentage points to 1.702% [2]. - The closing price of the IO at - the - money call option (2505) rose 6.20 to 36.00, and its implied volatility decreased by 3.70 percentage points to 13.46%. The closing price of the IO at - the - money put option (2505) decreased 38.20 to 37.60, and its implied volatility decreased by 0.33 percentage points to 13.31% [2]. Industry News - During the May Day holiday, the national consumer market was prosperous. The sales of key retail and catering enterprises increased by 6.3% year - on - year. The sales of home appliances, automobiles, and communication equipment monitored by the Ministry of Commerce increased by 15.5%, 13.7%, and 10.5% respectively [2]. - The cross - regional personnel flow during the May Day holiday exceeded 1.465 billion person - times. The number of domestic tourist trips was 314 million, a year - on - year increase of 6.4%, and the total tourism expenditure was 180.269 billion yuan, a year - on - year increase of 8.0% [2]. - The US has repeatedly expressed its willingness to negotiate on tariff issues with China, and China is evaluating this. In April, China's manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, while the non - manufacturing business activity index and the composite PMI output index were 50.4% and 50.2% respectively, remaining in the expansion range [2].