Macro market:
[central bank] on April 18, the central bank conducted a 7-day reverse repurchase operation of 10 billion yuan, and the bid winning interest rate was 2.10%, the same as before. As 10 billion yuan of reverse repo expired today, zero delivery and zero return were realized on the same day. On Friday, the central bank decided to cut the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25.
[finance] on April 18, treasury bond futures fell across the board, with 10-year main contract falling 0.43%, 5-year main contract falling 0.28% and 2-year main contract falling 0.10%. The yields of major inter-bank interest rate bonds generally rose. The yield of 10-year Guokai active bond 220205 rose 2.50bp to 3.03%, the yield of 10-year Treasury bond 220003 rose 2.25bp to 2.807%, and the yield of 5-year treasury bond 220002 rose 3.25bp to 2.552%.
[finance] on April 18, most money market interest rates rose slightly, and inter-bank funds showed a loose trend. The one-day interbank borrowing between banks and depositors was reported at 1.403%, up 6.4 basis points; The 7-day report was 1.876%, up 5.4 basis points; The 14 day report was 1.904%, up 2.0 basis points; The one-month report was 2.245%, down 0.8 basis points. The one-day varieties of inter bank pledged repo were reported at 1.3818%, up 3.74 basis points; The 7-day report was 1.7921%, up 6.26 basis points; The 14 day report was 1.9225%, up 5.94 basis points; The one-month report was 2.1344%, down 1.0 basis points.
[enterprise] during April 18, the trend of credit bonds and interest rate bonds rose, most of the yield of credit bonds of various maturities rose, and the credit interest margin narrowed significantly. A total of 1398 inter-bank and exchange credit bonds (corporate bonds, corporate bonds, medium notes, short-term financing and directional instruments) were traded, with a total turnover of 155.95 billion yuan. Among them, 880 credit bonds rose, 70 were flat and 379 fell.
[residents] on April 17, the number of commercial housing transactions in 30 large and medium-sized cities and first tier cities was - 82% compared with the previous day, and the transaction area of commercial housing was - 82% compared with the previous day; The number of commercial housing transactions in second tier cities was - 58% compared with the previous day, and the transaction area of commercial housing was - 56% compared with the previous day; The number of commercial housing transactions in third tier cities was - 19% compared with the previous day, and the transaction area of commercial housing was - 40% compared with the previous day.
[Economy] in the first quarter, the national economy continued to recover its development trend, and the economic operation was generally stable. GDP in the first quarter was + 4.8% year-on-year, expected to be + 4.8% and + 1.3% month on month. In March, the added value of industries above designated size was actually + 5.0% and expected + 5.1% year-on-year; Investment in fixed assets (excluding farmers) in the first quarter was + 9.3% year-on-year and + 8.6% expected; In the first quarter, the total retail sales of social consumer goods increased by + 3.3% year-on-year, of which the retail sales of consumer goods other than automobiles increased by + 3.6%; In the first quarter, 2.85 million new urban jobs were created, and the average unemployment rate in the national urban survey was 5.5%.
Recent focus: the pre force of fiscal policy
