Newsletter summary
The amount of new social finance turned negative in April, the stock market sentiment was biased towards defense, and the bond market was supported. The issuance of special treasury bonds and special bonds has accelerated, and social integration is expected to improve in May. It is suggested that we should pay attention to the opportunity of widening the basis and steepening the curve, the CSI 300 stock index strategy remains robust, and the option strategy is backed up and defended. Risk concerns: Sino-US relations and bond market supply accelerated faster than expected.
Text of news flash
[stock market sentiment tends to be defensive, bond market sentiment is supported, and the special treasury bond issuance plan stimulates social integration]
Trading in the stock and bond markets was affected by weekend data and policy changes on Monday. The new amount of social financing showed a negative growth in April, indicating that the financing needs of enterprises and residents are still weak. However, with the introduction of the special treasury bond issuance plan and the acceleration of special bond issuance, it is expected that the scale of social financing will improve in May, the stock market trend is expected to strengthen, while the bond market may have some fluctuations and long-end differences may intensify. In this context, investors should pay attention to the investment opportunities of broadening the basis and steepening the curve.
In addition, the stock market is also concerned aboutGoldencrownpokerThe restart of the IPO audit and the suspension of the real-time release of northbound capital data have led to the ebb of hot market speculation. Nevertheless, the PCR index of position decreased only slightly by 1. 5%.Goldencrownpoker.37%, indicating that the market's concern about the pullback is not excessive. For the stock index strategy, it is recommended to continue to hold the relatively sound CSI 300 index.GoldencrownpokerIn terms of option strategy, covered defense strategy may be a good choice.
In terms of risks, overseas markets need to pay close attention to the progress of Sino-US relations, while the domestic market needs to pay attention to the risk that monetary policy easing is less than expected and the possibility that bond market supply will accelerate faster than expected.