Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Copper: Overnight LME copper weakened with a 1.2% decline to $9,406/ton, and SHFE copper dropped 0.74% to CNY 77,450/ton. The Fed paused rate - cuts, boosting the dollar and suppressing non - ferrous metals. However, with an improving macro - outlook and strong copper demand since April leading to rapid inventory drawdown, there is no strong reason to be bearish on copper. Copper prices are expected to reach CNY 78,000 - 80,000/ton. Attention should be paid to downstream acceptance at high prices and inventory performance in late May [1]. - Aluminum: Alumina and沪铝 (SHFE aluminum) both trended weakly. Alumina may rebound slightly after the holiday driven by electrolytic aluminum, but will continue to be in an oversupply situation. Aluminum ingot de - stocking is slowing, and demand is weakening. It is recommended to short at high prices and consider bottom - fishing in stages [1][2]. - Nickel: Overnight LME nickel fell 0.38% to $15,630/ton, and SHFE nickel dropped 0.35% to CNY 123,640/ton. Stainless steel prices will oscillate with cost support at the bottom and demand constraints at the top. Short - term nickel ore is relatively strong, but if primary nickel inventory continues to accumulate, it will put pressure on nickel prices [2]. Summary by Directory Research Views - **Copper**: LME copper prices fell, and SHFE copper also declined. The Fed's pause in rate - cuts affected the market, but strong demand and inventory drawdown supported prices. The expected price range is CNY 78,000 - 80,000/ton [1]. - **Aluminum**: Alumina and SHFE aluminum prices were weak. Alumina is in an oversupply situation, and aluminum ingot demand is waning [1][2]. - **Nickel**: Nickel prices declined. Stainless steel prices will oscillate, and primary nickel inventory accumulation may pressure nickel prices [2]. Daily Data Monitoring - **Copper**: Market prices showed some changes, with inventory adjustments in different exchanges. For example, LME inventory decreased by 1,650 tons, and SHFE copper warehouse receipts dropped by 3,381 tons [1][3]. - **Lead**: Most prices remained stable, with minor changes in some indicators like lead ingot discounts [3]. - **Aluminum**: Prices of aluminum products changed, and inventory also adjusted. Alumina inventory increased by 43,000 tons on a weekly basis [3][4]. - **Nickel**: Nickel - related prices and inventory had some fluctuations, such as a decrease in SHFE nickel warehouse receipts by 416 tons [2][4]. - **Zinc**: Prices declined slightly, and inventory increased in some areas. For example, social inventory increased by 0.34 million tons on a weekly basis [5]. - **Tin**: The main settlement price increased by 0.6%, and inventory decreased in some cases [5]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin [7][8][9]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin [12][16][18]. - **LME Inventory**: Charts present the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin [19][21][23]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin [24][26][29]. - **Social Inventory**: Charts display the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series [30][32][35]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin [37][39][42]. Non - Ferrous Metals Team Introduction - Zhan Dapeng: A senior researcher in non - ferrous metals and precious metals at Everbright Futures Research Institute, with over a decade of commodity research experience [44]. - Wang Heng: A non - ferrous metals researcher at Everbright Futures, mainly focusing on aluminum and silicon research [44]. - Zhu Xi: A non - ferrous metals researcher at Everbright Futures, mainly researching lithium and nickel [45].

Core Viewpoint - The article emphasizes the need for a combination of macroeconomic, industry, and reform policies to stabilize growth in the face of persistent downward pressure on China's economy [1][4][10]. Macroeconomic Policies - Macroeconomic policies, including monetary and fiscal measures, are essential for counter-cyclical adjustments during economic downturns. The focus should be on monetary easing and fiscal expansion to stimulate growth [4][10]. - Continuous reliance on macroeconomic policies over extended periods is unsustainable, highlighting the need for a balanced approach [4][10]. Industry Policies - Industry policies are crucial as certain sectors lose competitiveness due to rising costs and changing market conditions. This necessitates the entry of emerging industries to support economic growth [4][5]. - The real estate sector's ongoing decline poses significant challenges for overall economic stability, as it heavily influences both investment and consumption [5][7]. - There is a need to create a conducive environment for emerging industries while stabilizing critical sectors like real estate in the short term [7][8]. Reform Policies - Reform policies are vital for improving the business environment as China transitions from an input-driven growth model to an innovation-driven one. This includes enhancing resource allocation efficiency and boosting the confidence of private enterprises [8][10]. - Private enterprises play a significant role in driving innovation and economic growth, necessitating the effective implementation of policies that support them [8][10]. Current Policy Recommendations - The article suggests that the current policy response should be proactive, considering potential economic downturns. It highlights the importance of preparing for risks and adjusting policies based on economic performance [10][11]. - The recent increase in U.S. tariffs poses challenges for Chinese exports, necessitating decisive macroeconomic policies to stabilize growth and expand domestic demand [12][13]. - Targeted measures should be designed to assist industries and workers directly affected by external shocks, such as tariffs, to mitigate their impact on the economy [12][13].

Group 1 - The article emphasizes the need for a coordinated approach involving macroeconomic, industry, and reform policies to address economic downward pressure and achieve stable growth [3][9][10] - Macroeconomic policies are primarily suitable for short-term counter-cyclical adjustments, with a focus on monetary and fiscal easing to stimulate the economy [6][10] - Industry policies are crucial to address structural challenges during industrial upgrades, particularly in stabilizing key sectors like real estate while fostering emerging industries [7][8][9] Group 2 - The article highlights the importance of reform policies to improve the operating environment for private enterprises and enhance market resource allocation efficiency [8][9] - Recent U.S. tariff increases are expected to have a significant economic impact, necessitating targeted measures to support affected businesses and workers [11][12][13] - The government has already implemented various measures to support consumption, including policies aimed at urbanizing migrant workers, which can help expand domestic consumption [14]

Group 1 - The manufacturing PMI for April dropped to 49.0%, down 1.5 percentage points from the previous month, indicating a contraction after two months of expansion [1] - The production activity expectation index remains optimistic at 52.1%, with certain industries like food and beverage, automotive, and aerospace showing strong confidence, all above 58.0% [1] - The new orders index fell to 49.2%, down 2.6 percentage points, while the new export orders index decreased to 44.7%, down 4.3 percentage points, reflecting a contraction in demand [4] Group 2 - The production index for April was 49.8%, a decline of 2.8 percentage points from the previous month, with decreases noted across major manufacturing sectors [3] - The purchasing price index for raw materials dropped to 47%, down 2.8 percentage points, indicating weakened support for raw material prices [4] - The government plans to implement measures to stabilize employment and the economy, focusing on effective investment and consumption promotion [5]

Group 1: Macroeconomic Policy - Macroeconomic policy involves counter-cyclical adjustments through monetary and fiscal policies, focusing on easing policies to stimulate the economy during downturns [1][4] - Continuous reliance on policy easing over extended periods is unsustainable, highlighting the need for a balanced approach [1] Group 2: Industry Policy - The real estate sector's ongoing decline poses significant challenges for economic stability, as it heavily influences both investment and consumption [2] - Industry policy is crucial for creating a favorable environment for emerging industries while stabilizing key sectors like real estate that have substantial economic impacts [2][3] - Current emerging industries, such as electric vehicles, lithium batteries, and photovoltaic products, are not yet large enough to drive the next phase of economic growth [3] Group 3: Reform Policy - Transitioning from factor-driven growth to innovation-driven growth necessitates improvements in the business environment, particularly for private enterprises [3] - Recent policies aimed at enhancing the environment for private enterprises are essential for boosting innovation and supporting future economic growth [3] Group 4: Economic Indicators and Future Outlook - Following the implementation of a package of incremental policies, economic indicators showed significant improvement, indicating the effectiveness of macroeconomic policies [4] - The government is preparing for potential downward risks in the economy, emphasizing the need for proactive fiscal and monetary policies [4][5] - Targeted measures may be necessary to stabilize sectors directly impacted by external factors, such as increased tariffs from the U.S. [5]

周五，大家最关心的月底会议发布了会议纪要。 总结一句话，经济呈现向好趋势，社会信心持续提振。 大家最关心的三个方面的表述如下： 1、宏观经济政策方面：加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。 表述和之前基调一致。但由于本周川普撞了南墙，这两天多次提到已经开始和我们洽谈，我方连续回应没有收到美方要洽谈的消息。 至少，表面上来看不像月初那般"强硬"。既然你川普不打算硬钢（伤敌八百，自损三千）到底，那工具箱里面的政策，可以先按下不表。 所以，大家期待的降息降准没那么快，更别提其他方面的刺激政策。 于是，周五A股冲高回落。 2、会议开始之前，房地产明显是有异动的，据说相关小作文不少。 会议针对房地产的内容是：加力实施城市更新活动，有力有序推进城中村和危旧房改造。加快构建房地产发展新模式，加大高品质住房供给，优化存量商 品房收购政策，持续巩固房地产市场稳定态势。 注意，基调与之前发生了改变。巩固一词明确的表示出，认为房地产此时已经企稳，不需要再加大刺激，而是要继续保持"稳定"。 房地产板块直线跳水 3、针对内需消费方面的表述：大力发展服务消费，设立服务消费和仰赖再贷款，加大资金支 ...

Group 1 - The core viewpoint emphasizes the importance of regional integration and sound policies in the Asia-Pacific region to address global uncertainties [1][2] - The IMF suggests three main recommendations for regional cooperation: maintaining an open global trade system, promoting regional integration, and ensuring prudent macroeconomic policies [1][2] - The IMF highlights that the current level of intra-regional trade integration in Asia is relatively low compared to other regions, indicating significant potential for growth through trade agreements and standardization [1] Group 2 - The IMF stresses that maintaining a sound macroeconomic policy framework is crucial for enhancing regional stability and is considered a "regional public good" [2] - Recent financial market volatility has had a relatively mild impact on Asia, reflecting improvements in the region's monetary policy framework [2] - The IMF's President pointed out that significant changes in trade policies have led to increased uncertainty, alongside tightening financial conditions and market volatility [2][3] Group 3 - The IMF's global policy agenda includes three priority items: resolving trade disputes, maintaining economic and financial stability, and promoting growth-oriented reforms to enhance productivity [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on April 25, 2025, including股指期货,国债期货, and multiple commodity futures [2]. - It also provides an analysis of the performance of these futures on April 24, 2025, and offers expectations for their performance in April 2025 [17][38][43]. Summary by Directory 1. Futures Market Outlook - **Stock Index Futures**: Expected to be in a strong - side oscillation on April 25, 2025. For example, IF2506 has resistance levels at 3748 and 3768 points and support levels at 3720 and 3705 points [2]. - **Treasury Bond Futures**: The ten - year T2506 and thirty - year TL2506 are likely to have wide - range oscillations on April 25, 2025. T2506 has resistance at 108.89 and 109.00 yuan and support at 108.63 and 108.57 yuan; TL2506 has resistance at 119.7 and 120.1 yuan and support at 119.0 and 118.6 yuan [2]. - **Commodity Futures** - **Precious Metals**: Gold (AU2506) and silver (AG2506) are expected to have strong - side wide - range oscillations on April 25, 2025. Gold has resistance at 803.8 and 810.5 yuan/gram and support at 784.6 and 778.1 yuan/gram; silver will attack resistance levels at 8352 and 8380 yuan/kg and has support at 8247 and 8205 yuan/kg [2][3]. - **Base Metals**: Copper (CU2506), aluminum (AL2506) are expected to be in a strong - side oscillation, while alumina (AO2509) is likely to be in a weak - side oscillation on April 25, 2025 [3][4]. - **Black Metals**: Iron ore (I2509), glass (FG509), and soda ash (SA509) are expected to be in a weak - side oscillation, while coking coal (JM2509) is expected to be in a strong - side oscillation on April 25, 2025 [4][5]. - **Energy and Chemicals**: Crude oil (SC2506) and PTA (TA509) are expected to be in a strong - side oscillation, while fuel oil (FU2507) and PVC (V2509) are expected to be in a consolidation phase, and methanol (MA509) is expected to be in a weak - side oscillation on April 25, 2025 [5]. - **Agricultural Products**: Natural rubber (RU2509), soybean meal (M2509), and rapeseed meal (RM509) are expected to be in a weak - side oscillation on April 25, 2025 [7]. 2. Macro News and Trading Tips - The 2025 version of the Market Access Negative List reduces the number of items from 117 in 2022 to 106, further relaxing market access restrictions [8]. - The Chinese government clarifies that there are no ongoing Sino - US economic and trade negotiations [9]. - China's central bank conducts a 6000 - billion - yuan MLF operation on April 25, 2025, with a net injection of 5000 billion yuan [10]. - US tariff revenue in April surges by over 60% to at least 15 billion US dollars, setting a new monthly record [11]. 3. Commodity Futures - Related Information - Night trading of domestic commodity futures ends with mixed results. Energy and chemical products mostly decline, black metals generally fall, and agricultural products are mixed. Base metals mostly rise [12]. - Zhengzhou Commodity Exchange and Dalian Commodity Exchange adjust trading margins and price limits for some futures contracts starting from April 29, 2025 [13][14]. - Thailand's rice exports this year may be lower than the expected 7.5 million tons [14]. 4. Futures Market Analysis and Outlook - **Stock Index Futures**: On April 24, 2025, major stock index futures contracts show different trends. For example, IF2506 rebounds weakly, IH2506 stops falling and rebounds slightly, IC2506's upward momentum weakens, and IM2506 faces increased downward pressure [17][18][19]. - **Treasury Bond Futures**: On April 24, 2025, treasury bond futures close lower across the board. The ten - year T2506 and thirty - year TL2506 face slightly increased downward pressure [38][42]. - **Commodity Futures** - **Precious Metals**: Gold (AU2506) stops falling and rebounds slightly, and silver (AG2506) continues to rise on April 24, 2025 [43][49]. - **Base Metals**: Copper (CU2506) faces increased downward pressure, aluminum (AL2506) rises slightly, and alumina (AO2509) rebounds slightly on April 24, 2025 [55][60][67]. - **Black Metals**: Iron ore (I2509) and glass (FG509) face increased downward pressure, while coking coal (JM2509) and soda ash (SA509) rebound slightly on April 24, 2025 [80][87][89]. - **Energy and Chemicals**: Crude oil (SC2506) and fuel oil (FU2507) face significant downward pressure, while PTA (TA509) and PVC (V2509) face increased downward pressure on April 24, 2025 [91][95][96]. - **Agricultural Products**: Natural rubber (RU2509) rebounds weakly, soybean meal (M2509) stops falling and rebounds slightly, and rapeseed meal (RM509) continues to rebound on April 24, 2025 [104][107][109].

首先，贸易冲突的进展仍主导市场短期运行。上周贸易冲突虽然没有明显升级，但是当前高额的关 税，使得全球贸易面临重大挑战，投资者的关注重心逐渐转向其对实体经济的影响。当前国际环境下， 国内积极的宏观经济政策如何进一步推进，成为市场关注的焦点和投资线索。与此同时，国内一季度的 经济数据和上市公司的年报、季报正在进入密集披露期，投资者需要密切关注具体数据是否能够达到市 场的预期。此外，上周美国人工智能芯片的出口政策有进一步收紧的趋势，科技领域的竞争和突围势在 必行，国内科技行业的进展也将很大程度上影响市场的风险偏好。 上周，两市震荡分化，成交大幅萎缩。沪指延续了上周的反弹，总体呈现继续修复的特征。但深圳 市场表现偏弱，周一开盘几乎就是最高点，随后一路小幅回落。量能方面，上周未能延续上周的放量格 局，量能出现了明显萎缩。上周市场热点主要集中在银行地产等低估值行业以及大消费行业。投资风格 方面，大盘蓝筹明显强于中小盘和科技风格。 从市场运行节奏看，沪指在周线箱体中轨线找到支撑，正在展开超跌反弹。沪指于三月中下旬，在 去年四季度的密集成交区间遇到较强技术阻力，开始进入调整。最终在周线的箱体中轨线附近找到支撑 并展开反弹。目 ...

Core Viewpoint - The article forecasts that China's economy will face a dual contraction in supply and demand in 2025, with demand contraction expected to be greater than supply contraction, leading to overall economic performance remaining below potential levels [2][4][34]. Economic Review of 2024 - China's GDP growth for 2024 is projected at 5.0%, successfully meeting the annual target, but showing a decline from 2023 [5][4]. - The total GDP for 2024 is estimated at 13,490.84 billion RMB, with quarterly growth rates fluctuating throughout the year [5]. - Effective demand remains insufficient, significantly impacting GDP growth, with consumption and investment both showing signs of weakness [5][9]. Supply Side Analysis - Industrial output in 2024 is expected to grow by 5.8%, indicating a recovery in the industrial economy, with variations across different types of enterprises and regions [6][7]. - High-tech industries are identified as key growth points for future industrial development [7]. Demand Side Analysis - Social retail sales are projected to grow by 3.5% in 2024, reflecting a decline in consumer spending compared to previous years [8]. - Fixed asset investment is expected to increase by 3.2%, but with a downward trend throughout the year, particularly in real estate, which is projected to decline by 10.6% [9][10]. Price Trends - The inflation rate is expected to remain low, with CPI growth at 0.2% and PPI at -2.2%, indicating ongoing demand insufficiency [10][11]. Monetary and Financial Conditions - New RMB loans are projected to decrease significantly, with a total of 18.09 trillion RMB in new loans, reflecting a 20.46% decline from 2023 [12][13]. - M2 growth is expected at 7.3%, indicating a stable but low level of liquidity in the market [13]. Factors Influencing 2025 Economic Outlook - Population decline and aging are expected to exacerbate labor shortages and economic growth challenges [15]. - Weak market expectations and ongoing geopolitical risks, particularly in U.S.-China relations, are anticipated to hinder economic recovery [16][20][22]. Natural Economic Trends for 2025 - Consumption is expected to show a slight increase, driven by policy support and consumer demand for upgrades [23]. - Investment growth is projected to stabilize, influenced by prior policy effects and ongoing structural adjustments [25]. - Export and import totals are expected to rise, although geopolitical tensions may pose challenges [26]. Supply Side Trends - The potential growth rate is likely to decline due to demographic changes, technological restrictions, and fluctuating energy prices [27]. - Labor force participation is expected to decrease, further impacting economic output [28]. Summary of Economic Challenges - The economy is projected to face dual contractions in supply and demand, with GDP growth potentially declining compared to 2024 [34]. - Key risks include real estate market instability, local government debt issues, and international geopolitical tensions [35][36][40]. Policy Outlook for 2025 - The GDP growth target is set around 5.0%, with CPI growth aimed at approximately 3% [42][43]. - Employment pressures are expected to increase, with a target of over 12 million new urban jobs [44]. - A combination of demand and supply management policies will be implemented to stimulate economic growth [46].