Group 1 - Aladdin's wholly-owned subsidiary has had bank accounts frozen amounting to 25.49 million yuan [1] - Jiuzhou's convertible bonds are not subject to strong redemption [1] - Zhongce Rubber is involved in the new stock subscription on the Shanghai and Shenzhen exchanges [1]

中策橡胶（603049）公告，首次公开发行人民币普通股(A股)并在主板上市的申请已经上海证券交易所 上市审核委员会审议通过，并已经中国证券监督管理委员会同意注册。本次发行股份数量8744.86万 股，发行价格为46.5元/股。此价格对应的市盈率为9.66倍、11.02倍、10.74倍、12.24倍。网上发行与网 下发行将于2025年5月23日(T日)分别通过上交所交易系统和互联网交易平台实施。投资者需按此价格在 T日进行网上和网下申购，申购时无需缴付申购资金。 ...

Summary of Key Points Group 1: Company Listings - Company 001390 Guqi Fur Materials is set to announce its online subscription rate on May 20, 2025 [1] - Company 301590 Youyou Green Energy will begin its preliminary inquiry on May 20, 2025, with the inquiry period ending on the same day [1] - Company 603049 Zhongce Rubber will also start its preliminary inquiry on May 20, 2025, concluding on the same day [1] Group 2: Trading Suspension Announcements - The Invesco Great Wall S&P Consumer Select ETF (QDII) will be suspended from trading on May 20, 2025, until 10:30 AM to protect investor interests [2] - The Guotai S&P 500 ETF will also be suspended on May 20, 2025, until 10:30 AM for the same reason [2] - Company 000151 Zhongcheng Co., Ltd. is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [2] - Company 000584 *ST Gongzhi is suspended due to a risk warning regarding potential delisting, effective from April 28, 2025 [2] - Company 000622 *ST Hengli is suspended for failing to disclose periodic reports within the statutory deadline, effective from May 6, 2025 [2] - Company 000627 Tianmao Group is suspended for the same reason as *ST Hengli, effective from May 6, 2025 [2] - Company 000878 Yunnan Copper is suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 13, 2025 [2] - Company 002336 *ST Renle is suspended due to a risk warning regarding potential delisting, effective from April 30, 2025 [2] - Company 002708 Guangyang Co., Ltd. is suspended due to plans for issuing shares and cash to acquire assets and raise matching funds, effective from May 19, 2025 [2] - Company 002750 *ST Longjin is suspended due to a risk warning regarding potential delisting, effective from April 25, 2025 [2]

Report Industry Investment Ratings No relevant content provided. Core Views - The geopolitical situation causes repeated disturbances to oil prices, and the macro - economic uncertainty limits the upside space of oil prices, with short - term shocks expected [1][2]. - The asphalt market has a relatively good fundamental situation, with low - inventory levels before the peak season, and prices are expected to have upward elasticity [3][5]. - The liquefied gas market is under pressure during the summer off - season, with a weak fundamental situation [5][8]. - The high - sulfur fuel oil has seasonal demand growth, while the low - sulfur fuel oil has a supply increase and weak demand [9][11]. - The natural gas price in the US is expected to be weak in shock, while in Europe it is expected to be strong in shock [11][12]. - The PX and PTA markets are expected to be stable and slightly strong in the third quarter due to future supply and demand patterns [14][16]. - The ethylene glycol supply is expected to increase, and the supply - demand gap is expected to narrow [17][18]. - The short - fiber price follows the raw material trend, and the market is currently weak [19][20]. - The bottle - chip market is weak, and the processing fee may be suppressed [21]. - The styrene price is expected to be easy to rise and difficult to fall, with a short - term upward trend [23]. - The PVC is in a long - term oversupply situation, and the caustic soda demand has uncertainty [26][27]. - The polyolefin market is expected to be short - term volatile and medium - term bearish [30]. - The soda ash price is expected to decline, and the glass price is expected to be weak in shock [32][37]. - The urea price is expected to be volatile in the short term, and attention should be paid to policy changes [38][39]. - The methanol market is still mainly for rebound short - selling [40][42]. - The log market is expected to be stable in the short term but faces challenges in the long term [43][46]. - The double - offset paper market continues to be weak, and the corrugated paper market is expected to rebound [46][48]. - The paper pulp market has both positive and negative factors, and the natural rubber market has different trends in different regions [49][53]. - The butadiene rubber market should be observed, and attention should be paid to support and resistance levels [54][56]. Summary by Related Catalogs Crude Oil - **Market Review**: WTI2506 contract settled at $62.69, up $0.20/barrel, + 0.32%; Brent2507 contract settled at $65.54, up $0.13/barrel, + 0.20%; SC main contract 2507 rose to 461.4 yuan/barrel, and night - session rose to 465.4 yuan/barrel. Brent main - secondary spread was $0.72/barrel [1]. - **Related News**: There are developments in the Russia - Ukraine cease - fire negotiation and the US - Iran nuclear negotiation, and the EU plans to lower the price cap on Russian seaborne oil [1]. - **Logic Analysis**: Geopolitical factors cause repeated disturbances, and macro - economic uncertainty limits the upside space of oil prices. Short - term shocks are expected, and the medium - term range of Brent is expected to be $60 - 70/barrel [2]. - **Trading Strategy**: Short - term shocks, medium - term weakness; gasoline and diesel cracking spreads are stable; options are on hold [2]. Asphalt - **Market Review**: BU2506 night - session closed at 3543 points (+ 1.17%), BU2509 night - session closed at 3470 points (+ 1.17%). Spot prices vary by region [3]. - **Related News**: The mainstream transaction prices in different regions have different trends, affected by factors such as refinery production and terminal demand [3][4]. - **Logic Analysis**: The start - up rate and inventory rate are low, and the price is expected to be weakly stable. The current fundamental situation is good, and the price has upward elasticity [3][5]. - **Trading Strategy**: High - level shocks; asphalt - crude oil spread is expected to be strong in shock; options are on hold [5]. Liquefied Gas - **Market Review**: PG2506 night - session closed at 4255 (- 0.21%), PG2507 night - session closed at 4193 (- 0.26%). Spot prices vary by region [5]. - **Related News**: The market in different regions has different trends, with supply and demand imbalances [6][7]. - **Logic Analysis**: The cost side is affected by oil prices, the supply is increasing, and the demand is weak during the summer off - season. The fundamental situation is weak [8]. - **Trading Strategy**: Not clearly stated, but the overall situation is bearish [8]. Fuel Oil - **Market Review**: FU07 contract night - session closed at 3034 (+ 0.60%), LU07 night - session closed at 3566 (- 0.28%). Singapore paper - cargo spreads have declined [9]. - **Related News**: Russian refinery maintenance and Thai fuel oil sales information [9]. - **Logic Analysis**: High - sulfur fuel oil has seasonal demand growth, and low - sulfur fuel oil has a supply increase and weak demand [10][11]. - **Trading Strategy**: On hold for single - side trading; FU 9 - 1 positive spread takes profit, LU7 - 8 reverse spread enters at high levels [11]. Natural Gas - **Market Review**: HH contract closed at 3.133 (- 6.63%), TTF closed at 35.225 (+ 0.2%), JKM closed at 11.985 (+ 0.55%) [11]. - **Logic Analysis**: US natural gas inventory is accumulating, and the price is expected to be weak in shock. European gas prices are affected by cold weather and geopolitics, and are expected to be strong in shock [11][12]. - **Trading Strategy**: HH is weak in shock, TTF is strong in shock [14]. PX - **Market Review**: PX2509 main contract closed at 6752 (+ 8/+ 0.12%), night - session closed at 6702 (- 50/- 0.74%). Spot prices have increased [14]. - **Related News**: The production status of PX devices and the sales situation of downstream products [14][15]. - **Logic Analysis**: The supply shortage is slightly alleviated, and the price is expected to be stable and slightly strong in the third quarter [15]. - **Trading Strategy**: High - level shocks; long PX and short PTA; double - selling options [15]. PTA - **Market Review**: TA509 main contract closed at 4776 (+ 2/+ 0.04%), night - session closed at 4746 (- 30/- 0.63%). Spot prices and basis have changes [16]. - **Related News**: The sales situation of downstream polyester products [16]. - **Logic Analysis**: The supply is expected to increase, and the price is expected to be stable and slightly strong in the third quarter, maintaining a tight - balance situation [16]. - **Trading Strategy**: High - level shocks; long PX and short PTA; double - selling options [17]. Ethylene Glycol - **Market Review**: EG2509 main contract closed at 4475 (+ 15/+ 0.34%), night - session closed at 4440 (- 35/- 0.78%). Spot basis and transaction prices are provided [17][18]. - **Related News**: The inventory situation of ports and the production status of devices [18]. - **Logic Analysis**: The port inventory has declined slightly, the supply is expected to increase, and the supply - demand gap is expected to narrow [18]. - **Trading Strategy**: Shock consolidation; on hold for arbitrage; sell call options [19]. Short - Fiber - **Market Review**: PF2507 main contract closed at 6544 (- 6/- 0.09%), night - session closed at 6528 (- 16/- 0.24%). Spot prices are stable [19]. - **Related News**: The sales situation of downstream polyester products [19][20]. - **Logic Analysis**: The price follows the raw material trend, and the current market is weak [20]. - **Trading Strategy**: High - level shocks; on hold for arbitrage and options [21]. Bottle - Chip - **Market Review**: PR2507 main contract closed at 6088 (+ 6/+ 0.10%), night - session closed at 6066 (- 22/- 0.36%). Spot market transactions are light [21]. - **Related News**: The export quotation situation of bottle - chip factories [21]. - **Logic Analysis**: The market is weak, and the processing fee may be suppressed [21]. - **Trading Strategy**: Shock consolidation; on hold for arbitrage; sell call options [22]. Styrene - **Market Review**: EB2506 main contract closed at 7779 (+ 118/+ 1.54%), night - session closed at 7704 (- 75/- 0.96%). Spot prices and basis are provided [23]. - **Related News**: The inventory situation of ports and the production status of devices [23]. - **Logic Analysis**: The supply is decreasing and the demand is increasing, the port inventory is expected to decline slightly, and the price is expected to be easy to rise and difficult to fall [23]. - **Trading Strategy**: Shock - upward trend; on hold for arbitrage and options [24]. PVC and Caustic Soda - **Market Review**: SH509 and V2509 have different closing prices in the day - session and night - session. PVC and caustic soda spot prices have changes [24][26]. - **Related News**: The price change of Shandong Xinfag liquid chlorine [27]. - **Logic Analysis**: PVC is in a long - term oversupply situation, and caustic soda demand has uncertainty [27]. - **Trading Strategy**: PVC is short - term volatile and long - term bearish; caustic soda is on hold in the short term and bearish in the medium term; on hold for arbitrage and options [29]. Polyolefin - **Market Review**: L2509 and PP2509 have different closing prices in the day - session and night - session. Spot prices in different regions have declined [29][30]. - **Logic Analysis**: The new capacity is being realized, the demand is weak, and it is expected to be short - term volatile and medium - term bearish [30]. - **Trading Strategy**: Short - term shocks, medium - term bearish; on hold for arbitrage and options [31]. Soda Ash - **Market Review**: The main 09 contract of soda ash futures has a certain closing price and spread. Spot prices vary by region [32]. - **Related News**: The inventory situation, market adjustment, and device maintenance information [33]. - **Logic Analysis**: The supply is expected to increase, the demand is stable, and the price is expected to decline [33]. - **Trading Strategy**: Cost decline, price decline; short soda ash and long glass; on hold for options [34][35]. Glass - **Market Review**: The main 09 contract of glass futures has a certain closing price and spread. Spot prices vary by region [35]. - **Related News**: The price change situation in different regions and the real - estate data [35][36]. - **Logic Analysis**: The production is expected to decline, the inventory pressure is large, and the price is expected to be weak in shock [36][37]. - **Trading Strategy**: Price is weak in shock; long glass and short soda ash; on hold for options [38]. Urea - **Market Review**: Urea futures have declined, and spot prices are stable [38]. - **Related News**: The daily production and export - related information of urea [38][39]. - **Logic Analysis**: The production is at a high level, the demand is weak, and the price is expected to be volatile in the short term. Attention should be paid to policy changes [38][39]. - **Trading Strategy**: Short - term callback long, not chasing; 91 positive spread enters at low levels, not chasing; sell put options [40]. Methanol - **Market Review**: Methanol futures have declined, and spot prices vary by region [40]. - **Related News**: The production status of international methanol devices [40]. - **Logic Analysis**: The international supply is high, the import is expected to increase, the domestic supply is loose, and it is mainly for rebound short - selling [41][42]. - **Trading Strategy**: Rebound short - selling; on hold for arbitrage; sell call options [43]. Log - **Market Review**: The main contract is in low - level shocks, and spot prices are stable [43][45]. - **Related News**: The pre - arrival ship and inventory information of ports [44]. - **Logic Analysis**: The downstream demand is weak, and the market is expected to be stable in the short term but face challenges in the long term [45][46]. - **Trading Strategy**: Spot is stable and slightly weak, on hold; for aggressive investors, long at the previous low; pay attention to 9 - 11 reverse spread; on hold for options [47]. Double - Offset Paper - **Market Review**: The market is slightly declining, with different trends for high - white and natural - white paper [46]. - **Related News**: The supply and demand situation of the market [46]. - **Logic Analysis**: The market is weak, the cost support is stable, and the demand is weak [46]. Corrugated Paper - **Market Review**: The market prices of corrugated and box - board paper have increased [48]. - **Related News**: The price increase plan of scale paper mills and the demand situation of downstream [48]. - **Logic Analysis**: The tariff adjustment is expected to drive the demand rebound, but attention should be paid to relevant factors [48][49]. Paper Pulp - **Market Review**: The futures market is strong, and spot prices of different types of pulp have different trends [49]. - **Related News**: The production and sales data of the paper - making industry in 2024 [50]. - **Logic Analysis**: There are both positive and negative factors, and different data have different impacts on the single - side trading of SP [51]. - **Trading Strategy**: On hold for the main 07 contract of SP, pay attention to the pressure at the Monday high; on hold for arbitrage [51]. Natural Rubber and 20 - Number Rubber - **Market Review**: The prices of RU, JRU, NR, and TF have different changes, and spot prices are provided [51][52]. - **Related News**: The export data of Indonesian natural rubber [52]. - **Logic Analysis**: The import volume of domestic smoked - sheet rubber has increased, and the inventory situation in Qingdao Free Trade Zone is provided [53]. - **Trading Strategy**: Hold short positions for the main 09 contract of RU, try short for the main 07 contract of NR; on hold for arbitrage and options [53]. Butadiene Rubber - **Market Review**: The price of the main 07 contract of BR has declined, and spot prices are provided [54]. - **Related News**: The IPO information of Zhongce Rubber [55]. - **Logic Analysis**: The inventory situation of domestic butadiene rubber and butadiene is provided [56]. - **Trading Strategy**: On hold for the main 07 contract of BR, pay attention to the support at the previous Friday low; hold the spread of BR2507 - NR2507, set the stop - loss at the previous Friday low; sell and hold the BR2507 put 11200 contract, set the stop - loss at the previous Friday high [56].

- The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [1][11] - Since 2025 until 2025/5/16, the IPO yield for a Class A 2 billion account is 1.32%, and for a Class B 2 billion account is 1.15%; for a Class A 10 billion account, the IPO yield is 0.30%, and for a Class B 10 billion account, the IPO yield is 0.27% [1][11] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with the number of valid quotation accounts for Class A STAR Market new stocks around 3051, and for Class B around 1784; for Class A ChiNext new stocks around 3414, and for Class B around 2056; for Class A Main Board stocks around 3493, and for Class B around 2376 [2][23] - The average first-day increase for STAR Market stocks is 198.41%, and for ChiNext stocks is 227.46% [1][16] - The report measures the theoretical IPO yield for different scale accounts, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [1][11] - The report lists the IPO results for recent new stocks, including the issuance price, issuance P/E ratio, industry P/E ratio, number of new shares issued, and the actual fundraising amount [25][26] - The report provides a calendar of recent IPOs, including the status of stocks waiting for inquiry, waiting for issuance price announcement, waiting for subscription, and waiting for listing [27][28][29] - The report calculates the full subscription yield for each stock, using the average winning rate of Class A institutions to estimate the yield when fully subscribed [35][37] - The report lists the monthly IPO yield and IPO yield rate for different scale Class A accounts, assuming all stock quotations are included, with a 90% fund utilization efficiency [42][43][44][45][46] - The report lists the monthly IPO yield and IPO yield rate for different scale Class B accounts, assuming all stock quotations are included, with a 90% fund utilization efficiency [47][48][49][50][51]

IPO Review and Registration Progress - Jiangsu Youli Intelligent Equipment Co., Ltd. has passed the IPO review, focusing on the sustainability of its performance and R&D capabilities, with projected revenues of 433 million yuan, 658 million yuan, and 729 million yuan from 2022 to 2024, and net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan respectively [2] - Mingguang Rier Jinda Technology Co., Ltd. has had its IPO application accepted, aiming to raise approximately 335 million yuan, with projected revenues of 467 million yuan in 2024, reflecting a 1.9% increase, while net profit is expected to decline by 8.04% to 85 million yuan [3] - Huadian New Energy Group Co., Ltd. has received approval for its IPO registration, planning to raise 18 billion yuan for renewable energy projects, with total assets exceeding 365 billion yuan [4] New Stock Subscription and Listing Dynamics - Two new stocks, Weigao Blood Purification and Taili Technology, are set to be listed, with Weigao's initial price at 26.5 yuan per share and a market performance increase of 56.25% on the first day, while Taili's price is 17.05 yuan per share with a remarkable 218.48% increase on its debut [6][7] - Upcoming subscriptions include Guxi Down Material and Zhongce Rubber, with a total expected fundraising of 5.564 billion yuan, and Zhongce Rubber aiming to raise 4.85 billion yuan for production base expansions [8][9] Policy and Regulatory Developments - Guangzhou has introduced measures to support the elderly care industry in expanding direct financing channels through listings and bond issuance [10][11] - The China Securities Regulatory Commission has announced new fundraising regulations effective June 15, 2025, aimed at enhancing the safety and efficiency of fundraising activities [12] - The CSRC plans to intensify enforcement against fraudulent issuance cases in 2024, with significant penalties imposed on companies for providing false financial data [13]

Group 1: New Stock Performance - In the second week of May, the average first-day increase of newly listed stocks converged to around 100%, with two new stocks contributing to A/B class investors' single account profits of 96,000 / 95,700 CNY[39] - The new stock index and the near-term new stock index rose by 1.63% and 3.87% respectively, leading the market[6] - The new stock index's deviation from the Shanghai Composite Index decreased to 143.63%[8] Group 2: Market Trends and Trading Activity - The trading activity in the new stock sector continued to rise, with turnover rates for the new stock index and near-term new stock index increasing by 1.75 percentage points and 1.60 percentage points respectively[18] - The total market capitalization of newly released stocks in the second week of May was 14.09 billion CNY, with a significant drop in the expected new stock unlock market value to only 1.90 billion CNY in the third week[35] - The overall average increase of 46 newly listed stocks in the past six months was 3.04%, indicating a sustained upward trend in the new stock sector[44] Group 3: Valuation Metrics - As of May 16, the price-to-earnings (PE) ratio for the new stock index was 51.3X, while the near-term new stock index was 34.9X, reflecting a divergence in valuation changes[13] - The price-to-book (PB) ratio for the new stock index was 4.1X, corresponding to a historical percentile of 70.3%[16] - The net active selling in the new stock sector was 1.84 billion CNY, with institutional investors net buying 185 million CNY during the same period[24]

A股 - The China Securities Regulatory Commission has released revised regulations to enhance the supervision of fundraising by listed companies, aiming to improve the efficiency and safety of fund usage [1] - As of May 15, six *ST companies in A-shares have received pre-notices of termination of listing from the exchange, with half facing delisting due to internal control audit report issues [1] - The Supreme People's Court and the China Securities Regulatory Commission jointly issued guidelines to support the high-quality development of the capital market [1] - In Q1, 21 listed automotive companies in A-shares reported a total operating revenue of 507.469 billion yuan and a net profit attributable to shareholders of 16.324 billion yuan, with leading companies like BYD, SAIC Motor, Great Wall Motors, and Changan Automobile accounting for over 70% of total revenue and over 90% of total net profit [1] - Over 300 listed companies have announced share repurchase plans since April, with a total amount exceeding 100 billion yuan, including both private enterprises and state-owned enterprises [1] - From May 19 to May 23, 40 companies will have their restricted shares unlocked, with eight companies having a market value of over 1 billion yuan [1] New Stock Issuance - Two new stocks are set to be issued this week: Guqi Wool Materials on May 19 and Zhongce Rubber on May 23 [2] Financial Sector - The Wind Bank Index reached a historical high of 7072.61 points as of May 15, with the banking, insurance, and brokerage sectors driving the Shanghai Composite Index above 3400 points [3] - As of the end of April, the social financing scale stock increased by 8.7% year-on-year, and the broad money supply (M2) grew by 8.0%, both showing a significant acceleration compared to the previous month [3] - The cumulative increase in social financing for the first four months of 2025 reached 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year [3] - The People's Bank of China has implemented a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, effective May 15, as part of a moderately loose monetary policy [3] Bond Market - Following the announcement of a new round of reserve requirement ratio cuts, there has been a noticeable divergence in government bond yields, with the 1-year yield decreasing by 4.93 basis points to 1.4131% and the 10-year and 30-year yields increasing by 5.06 and 5.2 basis points, respectively [4] Private Equity - The private equity fund industry is undergoing a new round of reshuffling, with the number of private securities investment fund managers with over 10 billion yuan in assets increasing to 87 as of May 12 [4] Automotive Industry - In the first four months of 2025, China's automobile production and sales reached 10.175 million and 10.06 million units, respectively, representing year-on-year growth of 12.9% and 10.8% [6] - As of May 11, the number of applications for the automobile trade-in subsidy reached 3.225 million, with 1.035 million for scrapping and 2.19 million for replacement [6]

Group 1 - The Chinese government emphasizes the centralized procurement of domestic vehicles for official use, prioritizing new energy vehicles [2] - The government mandates that official vehicles must adhere to specified service years and cannot be replaced prematurely due to personnel changes [2] - The centralized procurement approach aims to reduce operational costs related to insurance, maintenance, and fuel for official vehicles [2] Group 2 - Iran's foreign minister states that uranium enrichment activities will continue regardless of whether an agreement is reached with the U.S. [3] - The Indian Earth observation satellite "EOS-09" mission has been declared a failure after losing contact shortly after launch [5] - China's satellite navigation and positioning industry is projected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [7] Group 3 - The AG600 "Kunlong" aircraft has successfully completed its production test flight, indicating it meets design requirements and is ready for delivery [8] - Hong Kong's new stock fundraising has exceeded 60 billion HKD this year, making it the largest globally [12] - The number of new stock issuances is set to increase, with two new stocks expected to be issued this week [26]

Group 1 - The Chinese government emphasizes the procurement of domestic and new energy vehicles for official use, aiming to reduce operational costs and promote local industries [2] - The satellite navigation and positioning service industry in China is projected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [7] - Hong Kong's new stock fundraising has exceeded 60 billion HKD this year, making it the largest globally, driven by a strong performance in the stock market [13] Group 2 - The Indian Earth observation satellite "EOS-09" mission has failed after losing contact shortly after launch, indicating challenges in the country's space program [5] - Multiple securities firms, including CITIC Securities and Guotai Junan, have received regulatory warnings for violations in investment banking practices, highlighting ongoing scrutiny in the financial sector [21] - This week, there will be two new stock issuances, indicating continued activity in the capital markets despite recent challenges [25]