Hua Er Jie Jian Wen·2025-05-22 23:25Market Overview - The U.S. House of Representatives narrowly passed Trump's tax bill with a vote of 215 to 214, highlighting internal party challenges and potential risks for Republican members in upcoming midterm elections [9] - The Federal Reserve's Waller indicated that the tax bill has triggered a sell-off in U.S. Treasuries, and if tariffs stabilize around 10%, the Fed may consider rate cuts in the second half of 2025 [9] - Bitcoin reached an all-time high, approaching $112,000, while gold prices fluctuated, hitting a two-week high before declining [2][9] - In Asia, the ChiNext Index fell nearly 1%, and the North Stock 50 dropped over 6%, with banking stocks performing well [2] Key Developments - The U.S. manufacturing and services PMIs for May exceeded expectations, with manufacturing at 52.3 and services also at 52.3, indicating expansion [10] - The Eurozone's May PMI unexpectedly contracted to 49.5, marking the worst performance in 16 months for the services sector [11] - OPEC+ is discussing a significant production increase of 410,000 barrels per day in July, aiming to pressure member countries that exceed their quotas [13] Company News - Xiaomi launched its self-developed O1 chip, aiming to compete with Apple, and announced the Yu7 luxury SUV, which will be priced higher than initially expected [13] - BYD's sales in Europe surpassed Tesla for the first time, with a 169% increase in April sales, while Tesla's sales dropped by 49% [14] - Anthropic released Claude 4, touted as the world's strongest programming model, capable of maintaining stable performance over extended tasks [5] - OpenAI announced plans to build the largest AI data center in Abu Dhabi, with a total capacity of 5GW [5] Industry Insights - The nuclear power sector is expected to enter a golden decade, with a structural shortage in the uranium market anticipated due to old mines depleting and new ones being delayed [20] - The beer industry is entering its peak season, with expectations for positive growth driven by improved consumer confidence and favorable weather conditions [20] - The coal market is projected to see an upward trend as summer approaches, with current price accelerations viewed as the last dip before peak demand [20]