Wind风控日报 | 特朗普签署行政命令要求药企降价

Macro Insights - China continues to impose export controls on rare earths, which raises concerns about supply shortages in the U.S. as over 90% of rare earths require processing in China [2][25] - The Chinese government has initiated a special action against the smuggling and export of strategic minerals, including heavy rare earths [25] Company Updates - Xiaomi faces a significant trust crisis following a fatal accident involving its vehicles and allegations of misleading marketing practices, with CEO Lei Jun acknowledging the company's most challenging period [13] - Zhang Haochuan resigned as Vice President of China Merchants Securities for personal reasons, effective May 12 [12] - CEG liquidators have requested the Hong Kong High Court to withdraw the transfer of shares, indicating ongoing legal complexities for China Evergrande [7] - Shanghai Shimao Construction reported significant litigation and overdue debt issues, with over 6.4 billion yuan in unpaid bond principal and interest [8] - Jin Hong Holdings announced a net loss of 210 million yuan for 2024, exceeding 10% of its net assets at the end of the previous year [9] - Qujiang Culture Holdings reported a net loss of 5.811 billion yuan for 2024, attributed to declining gross profit and increased interest expenses [10] Financial Sector Updates - Regulatory authorities have mandated improvements in the internal control systems of brokerage firms to enhance operational standards in investment banking [21] - Fitch Ratings maintained Shenzhen International's credit rating at BBB but downgraded its outlook to negative [5] - Moody's downgraded AVIC Capital's credit rating from A3 to Baa2 [6] International Developments - U.S. President Trump signed an executive order requiring pharmaceutical companies to lower drug prices, aiming for reductions between 59% and 90% [16] - Morgan Stanley's strategist warned that the U.S. stock market is not yet secure, citing the need for further economic indicators to support a sustained rebound [16] - Nissan plans to cut over 10,000 jobs globally as part of its restructuring efforts, adding to previously announced layoffs [18]