HUALU-HENGSHENG(SH:600426) Donghai Securities·2025-06-13 05:04Group 1 - The report highlights that the tariff impact has not yet manifested, and demand-side expectations may become crucial, as indicated by the US May CPI data showing a year-on-year increase of 2.4% and a month-on-month increase of 0.1% [5][6] - The refrigerant industry continues to experience high prosperity, with prices for third-generation refrigerants R32, R125, and R134a increasing by 4.08%, 1.11%, and 2.11% respectively as of May 30, 2025 [10][11] - The short-term fundamentals for adipic acid are expected to improve, with market prices rising to 7233 yuan/ton, reflecting a 6.63% increase [13][14] Group 2 - The report discusses the financial support measures issued by the central bank and the State Administration of Foreign Exchange to explore cross-strait integration development in Fujian [19] - It notes that the Chinese government is willing to strengthen market connectivity and industrial collaboration with the European Central Bank [20] - The report mentions the key parts of a US-UK trade agreement that will lower tariffs on car exports from the UK to the US [20] Group 3 - The report provides an overview of the A-share market, indicating that the Shanghai Composite Index closed slightly higher at 3402 points, with mixed performance among major indices [21][22] - It highlights that the precious metals sector saw significant gains, while the white liquor sector experienced declines [23][25] - The report includes market data showing the closing prices and changes for various indices and commodities, such as the WTI crude oil price at $66.64 per barrel [27]