Group 1: Manufacturing Sector - The manufacturing production index increased by over 4 percentage points, reaching above 54%, maintaining above 50% for 10 consecutive months [1] - The manufacturing PMI for May was reported at 49.5%, up 0.5 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new export orders index rose to 47.5%, an increase of 2.8 percentage points, suggesting a slowdown in the decline of manufacturing exports [4] - The production index for manufacturing returned to the expansion zone at 50.7%, up 0.9 percentage points from the previous month [5] - Large enterprises reported a PMI of 50.7%, with a production index increase of 1.7 percentage points, indicating a strong recovery in supply and demand [5] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, a slight decrease of 0.1 percentage points, but still indicating expansion [10] - The civil engineering construction industry saw a significant increase in new export orders, with the business activity index rising to over 60% [10] - The telecommunications services business activity index rose to over 60%, reflecting strong demand in the sector [10][11] - The information services sector continues to show growth potential, supported by policy measures and sustained market demand [11]

会议研究了全市新高考首考准备工作，要求加强组织领导，建立健全多部门信息共享、协同作战机 制，细化各项服务保障措施，想全、想细、想万一，完善应急预案、科学防范风险、有力应急处突，做 到人员到位、组织到位、措施落实到位，确保新高考首考顺利、平稳、安全，实现家长放心、考生满 意、社会稳定。 会议传达了习近平总书记对精神文明建设工作作出的重要指示，向中国少年先锋队第九次全国代表 大会和第二十届中国西部国际博览会发出的重要贺信，以及在第三十五个全国助残日到来之际作出的重 要指示。会议指出，要统筹推动文明培育、文明实践、文明创建，推进城乡精神文明建设融合发展，积 极践行社会主义核心价值观，进一步形成向上向善的社会风尚，为郑州国家中心城市现代化建设提供强 大精神支撑和精神动力。要全面加强党对少先队工作的领导，坚持党建带团建、队建，教育引导少年儿 童"扣好人生第一粒扣子"，加快成长为中国式现代化的栋梁之材。要加强与西部地区的协同联动，积极 服务和融入全国统一大市场建设，充分发挥郑州内陆对外开放高地的比较优势，以高水平开放推动高质 量发展。要推动郑州残疾人权益保障工作不断取得新进展，促进残疾人平等参与社会生活、共享社会发 展成 ...

Group 1 - The central political bureau meeting on April 25 emphasized the importance of stabilizing employment, enterprises, markets, and expectations, with "stabilizing markets" and "stabilizing expectations" being key focuses [1] - On May 7, a press conference announced a comprehensive financial policy package aimed at supporting market stability and expectations, including a reduction in policy interest rates and structural monetary policy tool rates [3][4] - The People's Bank of China implemented a reserve requirement ratio (RRR) cut of 0.5 percentage points for financial institutions, effective May 15, to further support economic stability [3][4] Group 2 - The recent interest rate and RRR cuts reflect a moderately accommodative monetary policy stance, aimed at stimulating financing demand from businesses and households, thereby boosting investment and consumption [4] - A joint initiative by multiple departments aims to provide comprehensive financial services for technological innovation, indicating a shift towards supporting tech financing through both credit and equity investments [6][7] Group 3 - The National Financial Supervision Administration announced measures to support small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [10] - Since the launch of the financing coordination mechanism, over 67 million businesses have been visited, resulting in loans totaling 12.6 trillion yuan [10] Group 4 - The central government is accelerating the construction of a unified national market to enhance domestic circulation and promote high-quality economic development [14] - A special action to standardize administrative law enforcement related to enterprises has been initiated, addressing prominent issues raised by businesses and ensuring their legal rights [16] Group 5 - Recent reforms have streamlined market access by reducing the number of items on the market access negative list to 106, facilitating easier entry for private enterprises [18][21] - The implementation of the Private Economy Promotion Law aims to create a fairer and more predictable environment for business development [21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint On Wednesday, the RB2510 contract continued to decline with increasing positions. Macroscopically, the State Council emphasized key tasks. In terms of supply and demand, the weekly output of rebar increased by 4.95 tons, and the capacity utilization rate was around 50%. The total rebar inventory decreased by 15.65 tons. With the approaching of the flood season in southern China and the college entrance examination, the apparent demand may continue to decline. Technically, the 1-hour MACD indicator of the RB2510 contract shows that DIFF and DEA are running below the 0-axis. It is recommended to conduct short-side trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs a. Futures Market - RB main contract closing price: 2,964.00 yuan/ton, down 16 yuan [2]. - RB main contract position: 2,441,388 lots, up 41,409 lots [2]. - RB contract top 20 net positions: -130,400 lots, up 8,421 lots [2]. - RB10 - 1 contract spread: -14 yuan/ton, up 4 yuan [2]. - RB Shanghai Futures Exchange warehouse receipt: 41,975 tons, unchanged [2]. - HC2510 - RB2510 contract spread: 136 yuan/ton, up 5 yuan [2]. b. Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,110.00 yuan/ton, down 10 yuan [2]. - Hangzhou HRB400E 20MM (actual weight): 3,190 yuan/ton, down 10 yuan [2]. - Guangzhou HRB400E 20MM (theoretical weight): 3,270.00 yuan/ton, unchanged [2]. - Tianjin HRB400E 20MM (theoretical weight): 3,180.00 yuan/ton, unchanged [2]. - RB main contract basis: 146.00 yuan/ton, up 6 yuan [2]. - Hangzhou hot-rolled coil - rebar spot spread: 80.00 yuan/ton, up 10 yuan [2]. c. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 732.00 yuan/wet ton, down 4 yuan [2]. - Hebei quasi-primary metallurgical coke: 1,450.00 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,220.00 yuan/ton, unchanged [2]. - Hebei Q235 billet: 2,900.00 yuan/ton, unchanged [2]. - Domestic iron ore port inventory: 139.8783 million tons, down 1.7826 million tons [2]. - Sample coking plant coke inventory: 733,000 tons, up 80,500 tons [2]. - Sample steel mill coke inventory: 6.609 million tons, down 26,200 tons [2]. - Tangshan billet inventory: 693,000 tons, down 52,100 tons [2]. - 247 steel mills blast furnace operating rate: 83.67%, down 0.46% [2]. - 247 steel mills blast furnace capacity utilization rate: 91.30%, down 0.44% [2]. d. Industry Situation - Sample steel mill rebar output: 2.3148 million tons, up 49,500 tons [2]. - Sample steel mill rebar capacity utilization rate: 50.74%, up 1.08% [2]. - Sample steel mill rebar inventory: 1.8776 million tons, up 27,700 tons [2]. - 35 - city rebar social inventory: 4.1646 million tons, down 184,200 tons [2]. - Independent electric arc furnace steel mill operating rate: 75.00%, up 2.08% [2]. - Domestic crude steel output: 86.02 million tons, down 6.82 million tons [2]. - China rebar monthly output: 1.861 million tons, up 131,000 tons [2]. - Steel net export volume: 994,000 tons, down 2,000 tons [2]. e. Downstream Situation - National Real Estate Climate Index: 93.86, down 0.09 [2]. - Cumulative year - on - year growth rate of fixed asset investment: 4.00%, down 0.20% [2]. - Cumulative year - on - year growth rate of real estate development investment: -10.30%, down 0.40% [2]. - Cumulative year - on - year growth rate of infrastructure investment (excluding electricity): 5.80%, unchanged [2]. - Cumulative value of housing construction area: 6.20315 billion square meters, down 66.1 million square meters [2]. - Cumulative value of new housing construction area: 178.36 million square meters, down 48.39 million square meters [2]. - Commodity housing unsold area: 417.03 million square meters, up 4.55 million square meters [2]. f. Industry News - As the 2025 college and high school entrance examinations approach, 27 cities have issued policies to strengthen noise supervision of surrounding construction operations [2]. - In April 2025, the national issuance of new bonds was 253.4 billion yuan, and refinancing bonds was 439.9 billion yuan, with a total of 693.3 billion yuan in local government bond issuance [2]. g. Key Focus - Thursday's rebar weekly output, in - plant inventory, and social inventory [2]

Core Viewpoint - Jiangsu Province is emphasizing the need for greater efforts to promote consumption upgrades, expand key service consumption areas, and accelerate the development of new consumption models [1] Group 1: Economic Reforms - The meeting highlighted the importance of deepening market-oriented reforms and high-level openness to drive forward development [1] - There is a focus on optimizing the layout of provincial productivity through the implementation of the "1+3" key functional area construction [1] Group 2: Consumer Market Development - The province aims to enhance consumption upgrades and expand service consumption in key areas [1] - New consumption scenarios are to be explored, and the development of new consumption types is to be accelerated [1] Group 3: Business Environment - Strengthening the protection of legal rights for various business entities is a priority [1] - The government plans to optimize the approval process, ensure fair regulation throughout, and improve services across the entire business cycle to create a top-tier market-oriented, legal, and international business environment [1] Group 4: Trade and International Cooperation - The strategy includes the implementation of a free trade pilot zone enhancement strategy to facilitate cross-border trade [1] - There is a commitment to steadily expand institutional openness and explore new market potentials while consolidating traditional markets [1] - The development of new foreign trade formats and models is encouraged, along with active expansion of international cooperation [1]

Core Viewpoint - The construction of a unified national market is essential for strengthening domestic circulation and better integrating international circulation, with significant progress made at both national and local levels through policy improvements and practical measures [4][5][6]. Group 1: Achievements in Building a Unified National Market - A series of detailed policies have been introduced to provide actionable measures for the construction of a unified national market, including the issuance of the "Opinions on Accelerating the Construction of a Unified National Market" in March 2022 and the "Guidelines for the Construction of a Unified National Market (Trial)" set to be released by the end of 2024 [5]. - Key areas such as market access, fair competition, and investment promotion have seen continuous policy enhancements, including a reduction in the number of items in the "Negative List for Market Access (2025 Edition)" from 117 to 106, indicating a further relaxation of market access restrictions [5][6]. - Actions have been taken to eliminate market access barriers, with the establishment of a complete work loop for collecting, verifying, rectifying, and reporting issues related to improper interventions in the construction of a unified national market [6]. Group 2: Local Level Implementation - Local governments have improved regulations and foundational systems, such as the implementation of the "Zhejiang Province Fair Competition Review Measures" in April 2024, which is the first provincial-level regulation of its kind in the country [7]. - Regions have actively cleaned up policies that contradict the spirit of unified market construction, leading to the repeal and revision of several measures that hinder fair competition [7]. - Efforts to create a favorable business environment have been exemplified by Zhejiang's introduction of a monitoring index system for the business environment, which includes 300 specific indicators to reduce administrative intervention [7]. Group 3: Future Directions and Reforms - To address the complexities of economic circulation and local protectionism, reforms are needed to dismantle systemic barriers and enhance cooperation between central and local governments [9][10]. - Key reforms include optimizing the fiscal and tax system to reduce local protectionism, improving statistical accounting systems, and enhancing the evaluation and assessment of government performance [10]. - Local mechanisms should be innovated to facilitate regional economic integration, including the establishment of unified management mechanisms for land use and shared human resources [12].

我国拥有14亿多人口、全球最大的中等收入群体、超1.8亿户民营经营主体，是极具增长潜力的超大规 模市场。今年以来，全国统一大市场建设向纵深推进，各地加快打破小循环、畅通大循环，为释放内需 潜力、巩固经济回升向好奠定坚实基础。 今年以来，全国统一大市场建设向纵深推进。各地加快打破小循环、畅通大循环，为释放内需潜力、巩 固经济回升向好奠定坚实基础。专家认为，在央地联动中，我国正在加快推动全国统一大市场建设走深 走实，让物流、数据流、资金流等各类要素高效配置，不断巩固和增强超大规模市场优势，为构建新发 展格局提供坚强支撑，推动经济高质量发展。 国家税务总局最新数据显示，今年前4个月，全国省际贸易销售额占全部销售收入比重为40.4%，较上 年同期提高0.6个百分点，这表明全国统一大市场建设促进了区域间的贸易往来，畅通了国内大循环。 多点开花 在当今中国的庞大市场中，每一秒钟发生的变化都令人惊叹：在实现互联互通后，电商平台的服务效率 在不断提升，每秒钟会有5000多个快递进入寄递渠道；24家数据交易机构开启互认互通，数据流通成本 大幅降低，每秒钟会有超过143万 GB的数据在云端传输…… 我国，拥有14亿多人口、全球最 ...

Macro Trends - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee held a meeting emphasizing the need to accelerate the construction of a unified national market and strengthen competition regulation [1] - The Shanghai Stock Exchange and the Brazilian Securities and Futures Exchange successfully launched the first ETF product under their mutual recognition scheme, allowing South American investors to invest in Chinese assets more easily [1] Industry Developments - The Ministry of Industry and Information Technology, along with other departments, issued a plan to accelerate the digital transformation of the electronic information manufacturing industry, focusing on the application of advanced computing and intelligent control technologies in AI terminal products [2] - The State Administration for Market Regulation is reinforcing anti-monopoly and anti-unfair competition measures to promote the construction of a unified national market [3] - The Financial Regulatory Bureau is advancing the application of artificial intelligence in the financial sector while effectively managing associated risks [3] Company News - Xiaomi Group reported a global smartphone shipment of 41.8 million units in Q1 2025, marking a 3% year-on-year increase [6] - Zhongke Haixun signed a contract for an information processing subsystem procurement project worth 163 million yuan, representing 68% of its audited revenue for 2024 [6] - China Railway Construction won a bid for a green smart supercharging station project with an estimated total investment of 2.54 billion yuan [6] - Nanjing Chemical Fiber received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for a major asset swap and fundraising plan [7] - Hailanxin plans to invest 28.5 million yuan in a private equity fund with a target scale of 300 million yuan [8] - Kaipu Testing's major shareholder plans to reduce their stake by up to 1% [9] - Zhongyin Fashion's controlling shareholder intends to transfer 5.01% of the company's shares for 144 million yuan [10] - *ST Dongyuan will remove its delisting risk warning starting May 29, with a name change to "Dongfang Garden" [11] - Yingfang Micro's shareholder, Dongfang Securities, plans to reduce its stake by up to 3% [12] - Qihua Data intends to procure servers worth up to 4 billion yuan for providing computing power leasing services [12]

Group 1 - The Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the Ministry of Finance issued a plan to enhance the digital transformation of the electronic information manufacturing industry, focusing on the construction of new information infrastructure and the large-scale application of advanced computing, 5G-A, and artificial intelligence [1] - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee held a meeting to discuss key tasks such as accelerating the establishment of a unified national market, addressing "involution" competition, and strengthening competition regulatory enforcement [1] - Several companies in the automotive industry received notifications to participate in a seminar aimed at promoting high-quality development of the used car market, focusing on "zero-kilometer" used cars and further stimulating used car circulation consumption [1] Group 2 - Xiaomi Group reported a 47.4% year-on-year increase in revenue for Q1 2025, with adjusted net profit rising by 64.5%; the company delivered 75,869 units of the SU7 series electric vehicles, generating 18.1 billion yuan in revenue from smart electric vehicles [1]

资料图。本文来源：市场监管总局 会议强调，要紧紧围绕委员会工作部署，紧扣加快构建全国统一大市场、综合整治"内卷式"竞争、 加强竞争监管执法等重点任务，主动担当、积极作为，更好履行专家咨询组职责，为提升公平竞争 治理能力、维护公平竞争市场秩序贡献智慧力量。 总局反垄断总监王铁汉主持会议。专家咨询组组长王利明和4位专家代表发言。专家咨询组成员， 市场监管总局有关司局和单位负责同志参加会议。 ■ 5月21日，国务院反垄断反不正当竞争委员会（以下简称委员会）专家咨询组全体会议在京召开。 市场监管总局党组成员、副局长孟扬出席会议并讲话。 市场监管总局党组书记、局长，委员会副主任罗文要求，专家咨询组要牢牢把握正确政治方向，聚 焦公平竞争治理领域新问题新挑战，开展前瞻性针对性研究，为委员会科学决策提供有力支撑，为 构建全国统一大市场、推动高质量发展作出新贡献。 国务院反垄断反不正当竞争委员会专家咨询组召开 2025年全体会议 ...