央行降息：一年期、五年期LPR均下调10个基点

Economic Indicators - The People's Bank of China lowered the one-year and five-year LPR by 10 basis points, bringing the new rates to 3.0% and 3.5% respectively[1] - From January to April 2025, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%[9] - The securities transaction stamp duty reached 535 billion yuan, showing a year-on-year increase of 57.8%[9] Market Performance - The North Exchange 50 Index rose by 1.22%, while the Shanghai Composite Index increased by 0.38%[16] - As of May 20, 2025, the total market capitalization of North Exchange A-shares was 848.347 billion yuan, with an average market value of 3.189 billion yuan per company[16] - The trading volume for the North Exchange reached 41.693 billion yuan, up 27.99% from the previous trading day[16] Industry Developments - Multiple low-altitude economic projects are accelerating across various regions, with 8 projects approved in Zhejiang and 9 in Henan as of May 2025[13][14] - The low-altitude economy is experiencing significant growth, with increased market participants and government-backed initiatives to enhance infrastructure and technology integration[15] Risk Factors - Risks include individual stock performance volatility, intensified industry competition, and uncertainties in policy implementation and external environments[26]