Domestic News - The China-US economic and trade high-level talks have made substantial progress, reaching important consensus, and both sides agreed to establish a China-US economic and trade consultation mechanism [2] - From January to April, the national railway completed fixed asset investment of 194.7 billion yuan [2] - In April, the retail market for new energy passenger vehicles grew by 33.9% year-on-year, while the overall retail market for passenger vehicles increased by 14.5% year-on-year [2] International News - Trump announced plans to sign an executive order that would immediately reduce drug prices by 30% to 80% [5] - OpenAI and Microsoft are in talks to unlock new funding and future IPO opportunities [5] - The fourth round of indirect talks between the US and Iran concluded, with Iran describing the latest nuclear discussions as "difficult but productive," and the US indicating that a new round of talks is expected to occur soon [5]

当天凌晨，俄罗斯总统普京在克里姆林宫举行新闻发布会。普京提议于5月15日在土耳其伊斯坦布尔 恢复俄乌直接谈判。普京说："我们已准备好与乌克兰开展严肃谈判。谈判的意图是消除冲突根源， 为达成具有历史意义的持久稳定和平奠定基础。" 普京再次强调， 俄罗斯愿意在不设置先决条件的情况下与乌克兰进行直接谈判。 他还表示，不排除 在谈判过程中可能达成新的停火协议。 泽连斯基认为，真正结束战争的第一步就是停火，乌克兰期待俄罗斯能够实施全面、持久且可靠的停 火， 乌方希望俄罗斯从12日开始实施停火，乌克兰愿意进行谈判。 普京：俄愿意在不设置先决条件的情况下与乌直接谈判 据央视新闻，乌克兰总统泽连斯基当地时间11日表示，俄罗斯方面关于恢复直接谈判的建议是个好 的迹象，全世界早已对此期待已久。 ...

Group 1 - Ukrainian President Zelensky expressed hope for a ceasefire to begin on May 12, viewing Russia's suggestion for direct negotiations as a positive sign for ending the war [2][4] - Russian President Putin proposed to resume direct negotiations in Istanbul on May 15, emphasizing Russia's willingness to negotiate without preconditions [3] - Ukrainian Foreign Minister Kuleba stated that Ukraine has consistently maintained its position and is awaiting confirmation from Russia regarding the ceasefire proposal [4]

特朗普在其"真实社交"平台上发文称："对俄罗斯和乌克兰来说，这将是个伟大的日子！想想看，将有 数十万人的生命得到拯救，因为这场无休止的'血腥屠杀'有望结束，这将是一个全新的、更加美好的世 界。我将继续与双方合作，以确保这一切成为现实。另一方面，美国也希望专注于复苏和贸易。重要的 一周即将到来！"(参考消息) ...

当地时间11日凌晨1时36分，俄罗斯总统普京在克里姆林宫举行新闻发布会。普京提议于5月15日在土耳 其伊斯坦布尔恢复俄乌直接谈判。普京称将与土耳其总统通话讨论举办俄乌谈判问题。普京再次强调， 俄罗斯愿意在不设置先决条件的情况下与乌克兰进行直接谈判。此前在伊斯坦布尔举行的俄乌谈判破裂 原因不在俄方，虽然战斗行动还在持续，但是俄方愿意与乌克兰恢复此前中断的谈判。(央视新闻) ...

Core Viewpoint - The spokesperson for the Russian President, Dmitry Peskov, stated that Ukraine has been avoiding negotiations and emphasized the need to address the ongoing military support from the US and European countries to Ukraine if discussions about a ceasefire are to take place [1] Group 1: Current Military Situation - Peskov indicated that the front-line situation is changing, with Russian forces making steady progress across various fronts [1] - He mentioned that if the West continues to supply weapons, Ukraine will initiate a new round of mobilization to reinforce its front lines and train new soldiers during any ceasefire period [1] Group 2: Diplomatic Efforts - Peskov highlighted that President Putin remains committed to resolving the conflict through diplomatic channels [1]

据俄罗斯外交部网站28日发布的消息，俄外长拉夫罗夫在接受媒体采访时表示，俄罗斯与乌克兰的谈判 在乌总统泽连斯基解除与俄谈判的禁令后才能恢复。 ...

Report Summary 1. Industry Investment Rating - The report suggests that oil prices will oscillate to form a bottom in the short term and recommends a short - position allocation in the medium term [3]. 2. Core View - Due to the stalemate in Russia - Ukraine negotiations and the delay in achieving a cease - fire, Trump's patience for ending the conflict is being consumed. Putin's recent statement about stopping the invasion on the current front represents a major concession, but the short - term outcome of a cease - fire agreement remains highly uncertain. If the US withdraws from mediating the conflict and stops military aid to Ukraine, the situation will favor Russia. The direction of the Russia - Ukraine negotiations may lead to two different results for oil prices: a cease - fire agreement may lead to relaxed US sanctions on Russia, which is bearish for oil prices; if no agreement is reached, the US may increase sanctions on Russia, which is bullish for oil prices [2]. 3. Summary by Related Parts Market News and Important Data - The price of light crude oil futures for June delivery on the New York Mercantile Exchange rose 52 cents to $62.79 per barrel, a 0.84% increase; the price of Brent crude oil futures for June delivery rose 43 cents to $66.55 per barrel, a 0.65% increase. The SC crude oil main contract closed up 1.00% at 495 yuan per barrel [1]. - The US White House is discussing whether to lift sanctions on the Nord Stream 2 gas pipeline and other potential Russian assets in Europe as part of the discussion to end the Russia - Ukraine conflict. Restarting Nord Stream 2 may bring windfall profits to Moscow, but it depends on the EU's agreement to buy Russian gas through the pipeline again, which seems unlikely. Lifting sanctions would be a "diplomatic coup" for Russia and a major concession from Trump [1]. - Four new Russian companies have sought approval from India to provide insurance for crude oil tankers docked at Indian ports. The Indian Shipping Ministry is considering applications from Sberbank Insurance, Balance Insurance, Ugoria Insurance, and ASTK Insurance. New companies joining the insurance list will further promote Russia's crude oil transportation to India. Since the outbreak of the Russia - Ukraine conflict, India has been a major buyer of discounted Russian crude oil [1]. - As of the week ending April 23, Singapore's fuel oil inventory rose by 1.239 million barrels to 24.126 million barrels, an 18 - week high; middle distillates inventory decreased by 1.138 million barrels to 8.576 million barrels, a 9 - month low; light distillates inventory rose by 1.128 million barrels to 15.62 million barrels, a two - week high [1]. - On the 24th, Trump made a series of remarks on the Russia - Ukraine conflict. He pointed out that both Ukraine and Russia are willing to achieve peace and must join the negotiations. He also set a deadline for the Russia - Ukraine issue. After the deadline, the US attitude will change. Trump expressed dissatisfaction with Russia's attack on Kiev and said he would answer the question of sanctions on Russia within a week. If no agreement is reached to end the conflict, "things will happen" and the US will cooperate with Ukraine to the best of its ability [1]. Risk - Downside risks include significant production increases by OPEC and macro black - swan events. Upside risks include tightened supply of sanctioned oil (from Russia, Iran, and Venezuela) and large - scale supply disruptions due to Middle East conflicts [3].