Group 1 - The State Council, led by Li Qiang, is focusing on constructing a new model for real estate development and promoting the construction of quality housing [1] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation with a six-month term, indicating ongoing liquidity support in the market [2] - As of the end of May, the broad money supply (M2) reached 325.78 trillion yuan, growing by 7.9% year-on-year, with significant increases in loans and social financing [3] Group 2 - Jiangsu Yancheng plans to establish a comprehensive football competition system by 2027, including the construction of 100 standardized football fields and the organization of 100 brand events [4] - Huayang New Materials, which has seen a three-day stock surge, clarified that it does not possess rare earth permanent magnet attributes [5] - Beikong Technology, experiencing a five-day stock surge, stated that its rare earth permanent magnet material business currently only has small-scale production capabilities [5] - Hars, which has seen an eight-day stock surge, announced the termination of its collaboration with Pop Mart [5]

Group 1 - The People's Bank of China reported an increase in social financing scale growth under proactive fiscal policy, with a total social financing scale of 426.16 trillion yuan as of May 2025, reflecting a year-on-year growth of 8.7% [4] - The total amount of RMB loans to the real economy reached 262.86 trillion yuan, with a year-on-year increase of 7% [4] - The total RMB deposits increased by 14.73 trillion yuan in the first five months, with household deposits rising by 8.3 trillion yuan [2] Group 2 - The broad money supply (M2) stood at 325.78 trillion yuan at the end of May, showing a year-on-year growth of 7.9% [1] - The narrow money supply (M1) was recorded at 108.91 trillion yuan, with a year-on-year increase of 2.3% [1] - In the first five months, RMB loans increased by 10.68 trillion yuan, with household loans rising by 572.4 billion yuan and corporate loans increasing by 9.8 trillion yuan [1]

Core Insights - The financial aggregate indicators have exceeded the nominal economic growth rate by a historically high margin and have sustained this for a considerable duration [1] Financial Data Summary - In May, the new social financing increased by 2.29 trillion yuan, which is 224.7 billion yuan more than the same month last year [1] - The new RMB loans amounted to nearly 620 billion yuan in May [1] - By the end of May, the broad money supply (M2) grew by 7.9% year-on-year, a slight decrease of 0.1 percentage points from the previous month, but 0.9 percentage points higher than the same period last year [1] Economic Growth Context - In previous years, China's nominal economic growth rate was close to 10%, with social financing and loan growth also maintaining slightly above 10%, indicating a basic match between the two [1] - Recently, the macroeconomic environment has shifted to a medium-to-high growth phase, with financial aggregates continuing to grow at over 8%, exceeding the nominal economic growth rate by approximately 4 percentage points [1]

Group 1 - The central bank's report indicates a significant rebound in M2 growth and a high level of social financing, suggesting that market liquidity is reasonably ample and funds are actively flowing into the real economy [1][2] - As of the end of April, M2 balance reached approximately 325 trillion yuan, with a year-on-year growth of 8.0%, while the social financing scale stood at about 424 trillion yuan, growing by 8.7% year-on-year [2] - The increase in M2 is primarily attributed to non-bank deposits, which are linked to a recovering stock market, supported by policies aimed at stabilizing the market [2] Group 2 - The growth rate of credit remains robust, with a total increase of 1.006 trillion yuan in RMB loans in the first four months of 2025, and a year-on-year growth of 7.2% as of the end of April [3] - In April, new loans amounted to 280 billion yuan, which is a decrease of 450 billion yuan compared to the same period last year, largely due to the high volume of loans in March [5] - The decline in corporate loans is noted, with a 250 billion yuan year-on-year decrease, while the residential loans saw a slight reduction of 50 billion yuan [5][6] Group 3 - The social financing scale added 1.16 trillion yuan in April, which is approximately 1.22 trillion yuan more than the same month last year, with an increase in growth rate compared to the previous month [7] - The strong fiscal support and rapid bond issuance this year have significantly bolstered social financing, contributing to a favorable economic outlook [7] - Analysts predict that the central bank will continue to implement interest rate cuts and reserve requirement ratio reductions in the second half of the year, which may lead to a recovery in new credit and social financing [8]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The short - term positive factors for iron ore have been realized, and the upward driving force has slowed down [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Information**: The closing price of iron ore futures was 736.5 yuan/ton, down 0.5 yuan or - 0.07%. The previous day's position was 757,976 lots, with an increase of 13,617 lots [4]. - **Spot Price**: Imported ore prices decreased, with the price of 65% Carajás fines dropping 3 yuan to 863 yuan/ton, 61.5% PB fines down 5 yuan to 773 yuan/ton, 61% Jimbobara fines down 2 yuan to 738 yuan/ton, and 56.5% Super Special fines down 4 yuan to 642 yuan/ton. Domestic ore prices remained unchanged [4]. - **Spread**: The basis of 12505 contract against Super Special fines decreased by 10.4 yuan to 48 yuan/ton, and against Jimbobara fines decreased by 8.2 yuan to 17.3 yuan/ton. The spread between 12509 - 12601 increased by 1 yuan to 38.5 yuan/ton, and 12505 - 12509 increased by 6.5 yuan to 65 yuan/ton. The difference between Carajás fines and PB fines increased by 2 yuan to 90 yuan/ton, PB - Jimbobara decreased by 3 yuan to 35 yuan/ton, and PB - Super Special decreased by 1 yuan to 131 yuan/ton [4]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, a year - on - year increase of 8% [4]. 3.3 Trend Intensity - The trend intensity of iron ore is - 1, indicating a relatively bearish outlook [4].

60阻力，预计锡价区间震荡偏强。操作上，建议短线区间偏多思路，关注26.1-26.8。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | | | 沪锡产业日报 2025-05-15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 265210 | -560 6月-7月合约收盘价:沪锡(日,元/吨) | 10 | -150 | | | LME3个月锡(日,美元/吨) | 32814 | 93 主力合约持仓量:沪锡(日,手) | 30513 | -997 | | | 期货前20名净持仓:沪锡(日,手) | 729 | -1070 LME锡:总库存(日,吨) | 2775 | -15 | | | 上期所库存:锡(周,吨) | 8719 | -190 LME锡:注销仓 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report suggests that iron ore prices will experience wide - range fluctuations due to the boost of macro - expectations [1]. 3. Summary by Directory 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures was 737.0 yuan/ton, with a rise of 22.5 yuan/ton and a growth rate of 3.15%. The previous day's position was 744,359 hands, with an increase of 30,334 hands [1]. - **Spot Price**: Imported ore prices such as Carajas fines (65%), PB fines (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased, while domestic ore prices of Langna (66%) and Laiwu (65%) remained unchanged [1]. - **Basis and Spread**: The basis of 12505 against Super Special changed by 0.1 yuan/ton, and the basis of 12505 against Jinbuba decreased by 1.4 yuan/ton. Various spreads such as 12509 - 12601, 12505 - 12509, Carajas fines - PB fines, PB fines - Jinbuba, and PB fines - Super Special also had corresponding changes [1]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, with a year - on - year increase of 8% according to central bank data [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral stance. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].

金十数据5月15日讯，"长期来看，M2增速宜作为观测性指标。"业内人士表示，从长期来看，我国M2 增速总体保持在7%以上，持续高于名义经济增速；从短期来看，M2增速也会受市场运行、经济主体行 为等因素影响，出现一定的暂时性波动。业内专家表示，将M2增速作为货币政策的观测性指标，有其 内在合理性，随着金融深化和经济结构转型，市场研究表明，货币总量与经济增长的相关性在减弱，主 要发达经济体也都经历过逐步淡化并放弃盯住总量指标的过程。 （金融时报） 业内人士：宜将广义货币作为观测性指标 ...

中国人民银行14日发布的金融统计数据显示，前4个月我国人民币贷款增加10.06万亿元，其中企（事） 业单位贷款增加9.27万亿元。 数据显示，4月末，我国人民币贷款余额265.7万亿元，同比增长7.2%。分部门来看，前4个月，住户贷 款增加5184亿元；企（事）业单位贷款增加9.27万亿元，其中中长期贷款增加5.83万亿元。 从货币供应看，4月末，广义货币（M2）余额325.17万亿元，同比增长8%。狭义货币（M1）余额 109.14万亿元，同比增长1.5%。 另外，前4个月我国人民币存款增加12.55万亿元，其中住户存款增加7.83万亿元。 此外，同日发布的社会融资数据显示，4月末，我国社会融资规模存量为424万亿元，同比增长8.7%； 前4个月社会融资规模增量累计为16.34万亿元，比上年同期多3.61万亿元。 社融方面，王青分析，4月用于化债的地方政府债券大规模发行，成为带动新增社融同比增加的主因， 表明政府债券融资正在成为稳增长、控风险的主要抓手，这也是一揽子增量政策持续发力的具体体现。 除政府债券融资外，4月表外票据融资和企业债券融资也对社融起到了拉动作用。 "去年同期，政府专项债券和新增未贴现银行 ...

Group 1 - The People's Bank of China reported that as of the end of April 2025, the RMB loan balance reached 265.7 trillion yuan, with a year-on-year growth of 7.2% [1] - The broad money supply (M2) stood at 325.17 trillion yuan, showing an 8% year-on-year increase [1] - The total social financing stock was 424.0 trillion yuan at the end of April, reflecting an 8.7% year-on-year growth [1] Group 2 - In the first four months of 2025, RMB loans increased by 1.006 trillion yuan, with April alone contributing an additional 280 billion yuan [2] - The credit data for April was influenced by multiple factors, including a traditional low month for credit and rising uncertainties affecting market expectations and export growth [2] - The issuance of special refinancing bonds for local government debt has impacted the credit growth statistics, but the actual support for the economy remains strong [3] Group 3 - The acceleration of government bond issuance has significantly supported the social financing scale, with net financing exceeding 500 billion yuan in the first four months of 2025 [4] - In April, the net financing from government bonds was approximately 970 billion yuan, contributing to a 0.3 percentage point increase in social financing growth [4] Group 4 - The M2 growth rate increased due to a low base effect from the previous year, rising by 1 percentage point compared to the end of March [5] - The reduction in deposits in April was about 870 billion yuan, which had a positive impact on M2 growth by approximately 1 percentage point [5] - The narrow money supply (M1) balance was 109.14 trillion yuan, with a year-on-year growth of 1.5%, showing a slight decline from the previous month [5][6]