每日报告精选-20250430

Macroeconomic Insights - Recent concerns over U.S. Treasury bond sell-offs have raised worries about future supply pressures and fiscal sustainability, but overall supply levels remain manageable[7] - The proportion of short-term bonds has increased, nearing levels seen during past crises, with financing rates at a 20-year high, indicating market apprehension about long-term fiscal sustainability[7] Market Performance - Developed markets outperformed emerging markets last week, with MSCI Global up 4.1%, MSCI Developed up 4.2%, and MSCI Emerging up 2.7%[10] - The S&P 500's 2025 EPS forecast was revised down from 266 to 265, while the Eurozone STOXX50's forecast decreased from 350 to 348[11] Steel Industry Trends - Last week, Shanghai rebar prices rose by 70 CNY/ton to 3200 CNY/ton, a 2.23% increase, while hot-rolled coil prices increased by 20 CNY/ton to 3260 CNY/ton, a 0.62% rise[13] - The average gross profit for rebar increased to 183.48 CNY/ton, up 9.16 CNY/ton from the previous week, indicating a recovery in industry profitability[15] Nuclear Power Developments - Ten new nuclear power units have been approved in China, with an estimated total investment exceeding 200 billion CNY, indicating a strong commitment to nuclear energy expansion[19] - China's nuclear power capacity is projected to become the largest in the world by 2030, with 102 units currently in operation or under construction[21] Agricultural Sector Performance - Leading pet food companies reported significant profit growth, with Guobao Pet's net profit increasing by 45.68% year-on-year in 2024[22] - The domestic pet food market is expected to grow, with retail sales projected to reach approximately 55 billion CNY in 2024[23]