Group 1 - The People's Bank of China emphasizes the importance of boosting consumption to stabilize growth and expand domestic demand, with financial institutions encouraged to meet diverse funding needs [1] - A new initiative has been launched to establish a 500 billion yuan service consumption and elderly care relending program, aimed at increasing financial support for key service sectors [2] - The report highlights the need for a comprehensive approach to reduce overall financing costs and enhance the supply capacity of consumer finance institutions [1][3] Group 2 - There is a growing focus on supporting improved and new types of consumption, as traditional consumption growth faces challenges due to market saturation [3] - The government aims to guide financial institutions in optimizing credit products and providing differentiated services to support service consumption and new consumption models [3][4] - A systemic approach to financial support for consumption is necessary to avoid fragmented policies, with a call for coordinated efforts from the central bank and fiscal departments [4][5]

Group 1 - The core viewpoint emphasizes the need for financial support to boost consumption, which is crucial for expanding domestic demand and stabilizing economic growth [1][2] - The People's Bank of China has proposed measures to lower the overall financing costs in society and enhance the funding capabilities of consumer finance institutions [1][3] - There is a notable increase in household savings, with new household deposits exceeding 3 trillion yuan in March, while new household loans decreased by 9.3% year-on-year in the first quarter [2] Group 2 - Financial support for consumption should focus on reducing the cost of consumer loans, with the interest rate for the newly established service consumption and pension relending set at 1.5% for 21 financial institutions [3] - The report highlights the need to strengthen support for improving consumption and new types of consumption, as traditional consumption growth is facing pressure [4] - The government aims to create a systematic approach to financial support for consumption to avoid fragmented policies, which may lead to short-term effects [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that zinc faces a situation of surplus in the long - term, which will put pressure on its price [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,190 yuan/ton, up 0.07%, and the closing price of LME zinc 3M electronic disk was 2,655.5 dollars/ton, up 0.74%. The trading volume of SHFE zinc main contract was 140,017 lots, a decrease of 82,058 lots, and the trading volume of LME zinc was 6,713 lots, an increase of 346 lots [1]. - **Position and Premium**: The open interest of SHFE zinc main contract was 119,170 lots, a decrease of 737 lots, and the open interest of LME zinc was 216,461 lots, an increase of 3,291 lots. The premium of Shanghai 0 zinc decreased by 20 yuan/ton to 480 yuan/ton, and the LME CASH - 3M premium increased by 6 dollars/ton to - 27 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 1,903 tons, a decrease of 150 tons, and LME zinc inventory was 170,325 tons, a decrease of 325 tons. The LME zinc cancelled warrants were 70,225 tons, an increase of 3,450 tons [1]. 3.2 News - The Q1 monetary policy report of the People's Bank of China states that it will give full play to the dual functions of the total amount and structure of monetary policy tools, and explore and expand the central bank's macro - prudential and financial stability functions. The price control idea should shift from preventing "price gouging" to preventing "low - price dumping". The expansion of Chinese government debt remains sustainable, and there is still room for financial support for consumption [2]. 3.3 Trend Intensity The trend intensity of zinc is - 1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [2].

服务消费需求持续升温 提振消费是当前扩内需、稳增长的关键点。专家表示，我国经济正加速向以内需为主导的增长模式转 型，消费对拉动国民经济增长具有重要作用。当前，金融支持消费已有较好基础，仍有进一步发力空 间。 ● 本报记者彭扬 专家表示，我国最终消费支出占GDP的比重相比美日等国家还较低，提升消费对经济增长的贡献度有较 大潜力。面对外需的不利冲击，有必要将提振内需特别是消费置于更加优先的地位。 中国人民银行日前发布的2025年第一季度中国货币政策执行报告以专栏形式对金融支持提振和扩大消费 作了详细阐述，表明宏观政策更加注重提振消费。 结构性货币政策工具将是货币政策支持消费的重要方式。中国银河（601881）证券首席宏观分析师张迪 表示，人民银行通过结构性货币政策工具，将引导信贷重点支持服务消费的供给端。可以使用的工具除 了新创设的服务消费与养老再贷款，未来还可能推出新型政策性金融工具，用于解决消费基础设施建设 和物流配送体系建设项目的资本金问题。 浙商证券（601878）首席经济学家李超认为，人民银行对消费领域的支持将重点聚焦加大和优化消费供 给，而非直接对需求端"输血"。从消费基础设施建设和商贸流通体系看，预 ...

Group 1: Monetary Policy Measures - The People's Bank of China announced a comprehensive monetary policy package consisting of ten measures to support market stability and expectations [4] - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [4] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar decline in the Loan Prime Rate (LPR) [4] Group 2: Consumer Finance Support - The People's Bank of China is set to issue guiding documents to enhance consumer finance services, with a focus on sectors like accommodation, dining, and entertainment [6] - A special action plan was released in Guangdong to promote consumption, including a 500 billion yuan re-loan for service consumption and elderly care [6][7] Group 3: Automotive Industry Regulations - The Ministry of Industry and Information Technology is working on mandatory safety standards for automotive door handles to enhance safety and standardization in vehicle design [5] Group 4: Electric Vehicle Industry Developments - Zeekr became one of the first companies to receive certification under the new national standard for electric vehicle batteries, indicating compliance with upcoming safety regulations [8] - Other companies like Lantu and Geely also announced they received similar certifications, highlighting a trend towards improved safety standards in the EV sector [8] Group 5: Corporate Actions in the Automotive Sector - Geely announced intentions to privatize Zeekr and delist it from the New York Stock Exchange, aiming to consolidate its automotive business and enhance innovation capabilities [9] Group 6: IPO Activity - CATL is on track for a significant IPO in Hong Kong, potentially raising between 4 billion to 5 billion USD, marking the largest IPO in the region in four years [10] Group 7: Real Estate Market Trends - Guangzhou's real estate market is experiencing a resurgence, with significant increases in visitor numbers and property transactions during the recent holiday period [11][12] Group 8: Financial Sector Reforms - Guangdong's rural credit system is undergoing reforms to establish a rural commercial bank, with a focus on improving management and governance [13] Group 9: Commodity Price Impact - Major chocolate brands like Mars and Ferrero are planning price increases due to rising cocoa prices, with Mars products seeing price hikes between 4.9% and 15% [14][15] Group 10: Corporate Acquisition - Skechers has accepted a buyout offer from 3G Capital, valuing the company at over 9 billion USD, amid pressures from trade tensions and performance challenges [16]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need to balance short-term and long-term goals, support for the real economy, and maintaining the health of the banking system in its monetary policy execution report for Q1 2025, while addressing external economic challenges and promoting high-quality development [2][3]. Group 1: Monetary Policy and Economic Support - The PBOC plans to implement a moderately loose monetary policy to create a favorable financial environment for expanding consumption, utilizing various policy tools to maintain liquidity [6]. - A comprehensive set of financial policies aimed at boosting consumption will be introduced, focusing on enhancing financial services in key sectors such as tourism, education, and healthcare [6][5]. - The report highlights the need for a more adaptable financial product and service system to meet consumer demands, aiming for a synergistic relationship between consumption and finance [5][6]. Group 2: Financing Costs and Transparency - The PBOC is conducting pilot programs to clarify the comprehensive financing costs for enterprises, addressing non-interest costs that contribute to high perceived financing costs [8][9]. - The initiative includes a "Loan Clarity Sheet" that details all costs associated with loans, enhancing transparency and enabling enterprises to better understand and negotiate their financing options [9][10]. - The goal is to lower overall financing costs for small and medium-sized enterprises by improving transparency and reducing non-interest fees [10]. Group 3: Bond Market Development - The PBOC identifies the need to enhance the efficiency and risk management capabilities of the bond market, noting that the current investor structure and tax policies impact bond pricing and trading [12][13]. - Recommendations include encouraging large banks to engage more in bond trading to stabilize market supply and demand, and improving the legal framework for corporate bonds [14]. - Future monetary policy will focus on strengthening the bond market's functionality and its ability to support the real economy, including the introduction of a "Technology Board" for innovative bonds [14][15].

央行：金融支持消费已有较好基础 仍有进一步发力空间 金十数据5月9日讯，央行发布2025年第一季度中国货币政策执行报告，其中提到，当前我国银行、消费 金融公司、汽车金融公司等多层次消费金融服务体系建设较为完善，为消费市场稳定发展提供了重要支 撑。金融机构围绕以旧换新、冰雪运动等消费场景，持续创新推出多元的消费信贷产品和服务模式，有 效激发了市场活力，全国社会消费品零售总额持续增长。下阶段，中国人民银行将实施好适度宽松的货 币政策，发挥结构性货币政策 工具作用，加大宏观信贷政策指导力度，引导金融机构积极满足各类主 体多样化 资金需求。 ...