Group 1 - Ukrainian President Zelensky stated that Russia will submit a memorandum regarding its views on a ceasefire and the conditions for a leaders' meeting [1] - Zelensky expressed willingness to meet with Russian President Putin for bilateral talks or a trilateral meeting with US President Trump to discuss immediate ceasefire [1] - Ukraine is in discussions with the US and EU regarding new sanctions against Russia, with details of the 18th round of sanctions already discussed with the EU [1] Group 2 - Russian Presidential Press Secretary Peskov reiterated that the Russian position on a direct meeting between Presidents Putin and Zelensky remains unchanged, emphasizing that any meeting should be based on specific agreements reached by the Russian and Ukrainian delegations [2] - Peskov indicated that the content of the memorandums drafted by both sides regarding conflict resolution will be revealed soon, which will lead to discussions on the next phase of negotiations [2] - Reports suggest that Russia's conditions for halting the conflict include a written guarantee from NATO not to expand eastward and to exclude Ukraine, Georgia, Moldova, and other former Soviet states from NATO membership [2]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Crude Oil - Overnight international oil prices rose slightly, but the market lacks strong drivers. The main logic is the dynamic game between OPEC+ production - increase expectations and Russia - sanction risks. - In the short - term, observe opportunities to short on rebounds. WTI is expected to fluctuate in the range of [59, 69], Brent in [61, 71], and SC in [440, 500]. In the medium - to - long - term, adopt a band - trading strategy. [2] Methanol - The inland methanol market has downward valuation pressure. After the spring maintenance, production has recovered, and downstream profits are divided. The port has entered a inventory - accumulation period. - Suggest to short MA09 contract on rallies. [5] LLDPE and PP - Spot prices continue to fall, and overall trading is weak. LLDPE has inventory - reduction expectations before early June, while PP will face increasing supply pressure after late May. - Short PP on rallies; the LP spread is expected to widen. [9] Urea - The urea market is expected to fluctuate between 1800 - 1900 yuan/ton around the Dragon Boat Festival. Pay attention to signals such as wheat - harvest progress in northern Anhui, port pre - collection scale, and the operating rate of Shanxi's fixed - bed plants. [19] Styrene - The pure benzene market price is weak, but there is an expected turnaround as styrene plants resume operation. - The styrene port inventory has started to accumulate, and the 3S products have limited driving force. Adopt a short - selling strategy for near - month contracts. [30] Polyester Industry - **PX**: Supply is increasing, but short - term support is strong. Consider a long - position around 6600 and a short - spread between PX9 - 1. - **PTA**: Supply - demand is weakening, but support is strong at low processing fees. Pay attention to polyester production cuts. Consider a long - position around 4600 and a short - spread between TA9 - 1. - **Ethylene Glycol**: Supply is expected to contract, and inventory is decreasing. Adopt a wait - and - see strategy for single - side trading and a long - spread strategy for EG9 - 1. - **Short - fiber**: Processing fees may recover. Follow PTA's single - side strategy and expand the processing - fee spread. - **Bottle - chip**: Supply and demand are both increasing. Follow PTA's single - side strategy and expand the processing - fee spread in the 350 - 550 yuan/ton range. [34] Chlor - alkali Industry - **Caustic Soda**: Short - term supply pressure is limited, and demand from the alumina industry is expected to increase. However, there are risks from non - aluminum demand and high valuations. Adopt a wait - and - see strategy for single - side trading and a long - spread strategy for 6 - 9 contracts. - **PVC**: The market is weak due to poor sentiment. Long - term contradictions are prominent, but short - term supply pressure is limited. Adopt a wait - and - see strategy for single - side trading and a short - selling strategy for the 09 contract above 5100. [39][40] 3. Summary by Catalog Crude Oil - **Prices and Spreads**: Brent decreased by 0.65 to 64.09 dollars/barrel (-1.00%); WTI increased by 0.35 to 61.24 dollars/barrel (0.57%); SC decreased by 3.90 to 453.50 yuan/barrel (-0.85%). [2] - **Product Prices and Spreads**: NYM RBOB increased by 0.40 to 207.55 cents/gallon (0.19%); NYM ULSD increased by 0.50 to 208.44 cents/gallon (0.24%); ICE Gasoil decreased by 3.75 to 606.00 dollars/ton (-0.62%). [2] - **Product Crack Spreads**: Most crack spreads showed small changes, with some increasing and some decreasing. [2] Methanol - **Prices and Spreads**: MA2505 decreased by 64 to 2229 yuan/ton (-2.79%); the MA2505 - 2509 spread decreased by 48 to 21 yuan/ton (-69.57%). - **Inventory**: Methanol enterprise inventory decreased by 0.2 to 33.401% (-0.52%); port inventory increased by 0.6 to 49.0 million tons (1.34%). - **Operating Rates**: The upstream domestic enterprise operating rate decreased by 1.0 to 74.51% (-1.31%); the downstream external - procurement MTO device operating rate increased by 7.9 to 83.54% (10.39%). [5] LLDPE and PP - **Prices and Spreads**: L2505 decreased by 73 to 6986 yuan/ton (-1.03%); PP2509 decreased by 33 to 6896 yuan/ton (-0.48%). - **Operating Rates**: PE device operating rate decreased by 1.43 to 78.0% (-1.80%); PP device operating rate increased by 0.28 to 76.8% (0.4%). - **Inventory**: PE enterprise inventory decreased by 2.94 to 49.8 million tons (-5.57%); PP enterprise inventory decreased by 1.12 to 59.3 million tons (-1.85%). [9] Urea - **Futures Prices**: 01, 05, and 09 contracts all showed slight decreases. - **Raw Material and Production Costs**: Most raw material prices were stable, with synthetic ammonia decreasing by 50 to 2120 yuan/ton (-2.30%). - **Supply and Demand**: Domestic urea daily production increased by 0.30 to 20.48 million tons (1.49%); factory inventory increased by 10.02 to 91.74 million tons (12.26%). [14][17][19] Styrene - **Upstream Prices**: Brent crude oil (July) decreased by 0.6 to 64.1 dollars/barrel (-1.0%); CFR Japan naphtha increased by 1.0 to 567.0 dollars/ton (0.2%). - **Spot and Futures Prices**: Styrene's East - China spot price increased by 75 to 7900 yuan/ton (1.0%); EB2506 decreased by 28 to 7313 yuan/ton (-0.4%). - **Inventory and Operating Rates**: Pure benzene port inventory increased by 0.5 to 12.8 million tons (4.1%); styrene port inventory decreased by 1.8 to 7.5 million tons (-19.0%). [27][28][30] Polyester Industry - **Raw Material Prices**: Brent crude oil (July) decreased by 0.65 to 64.09 dollars/barrel (-1.0%); CFR Japan naphtha increased by 1.0 to 567.0 dollars/ton (0.2%). - **Product Prices and Cash Flows**: POY150/48 price remained at 6990 yuan/ton; polyester bottle - chip price decreased by 81 to 5941 yuan/ton (-1.3%). - **Operating Rates**: Asian PX operating rate increased by 1.9 to 69.4% (2.8%); polyester comprehensive operating rate increased by 1.1 to 95.0% (1.2%). [34] Chlor - alkali Industry - **Spot and Futures Prices**: Shandong 32% liquid caustic soda (converted to 100%) increased by 62.5 to 2750 yuan/ton (2.3%); East - China calcium - carbide - based PVC market price decreased by 60 to 4700 yuan/ton (-1.3%). - **Supply and Demand**: Caustic soda industry operating rate increased by 1.1 to 86.9% (1.3%); PVC total operating rate decreased by 0.9 to 73.1% (-1.2%). - **Inventory**: Liquid caustic soda East - China factory inventory decreased by 0.4 to 19.1 million tons (-1.9%); PVC total social inventory decreased by 2.0 to 37.8 million tons (-4.9%). [39][40]

Group 1 - German Chancellor Merz announced that Germany and its allies will no longer restrict the range of weapons provided to Ukraine, allowing Ukraine to strike military targets within Russia [1][3] - Merz's statement may pave the way for Ukraine to receive Germany's Taurus cruise missiles, contrasting with former Chancellor Scholz's refusal to supply such weapons [3][4] - The announcement has sparked controversy within Germany, with some officials warning it could lead to war, while others support the provision of advanced weaponry to Ukraine [3][4] Group 2 - U.S. President Trump is reportedly considering new sanctions against Russia due to frustrations over slow peace negotiations, although he has not shown a strong desire to pressure Putin [5][6] - Trump's potential sanctions may not include new measures against the Russian banking sector but could involve other options to compel Russia to negotiate [5][6] - The failure of EU and U.S. negotiations to coordinate actions against Russia's sanctions evasion has been reported, indicating a lack of unified strategy [7] Group 3 - European leaders are planning to increase pressure on Moscow, with discussions on military and financial support for Ukraine ongoing [8] - Ukraine's President Zelensky reported significant drone attacks from Russia, indicating a continued escalation in military actions [8][9] - Russian Defense Ministry reported intercepting numerous Ukrainian drones, highlighting ongoing military confrontations [9]

据知情人士透露，美国总统特朗普考虑本周对俄实施制裁，因其对俄罗斯总统普京持续攻击乌克兰及和 平谈判进展缓慢感到不满。 其中一名人士称，新的银行业制裁可能不在考虑范围内，但其他选项正在讨论中，以迫使俄罗斯领导人 在谈判桌上做出让步，包括乌克兰支持的30天停火——俄罗斯长期拒绝该提议。特朗普也可能决定不实 施新制裁。 特朗普上周日谈及对俄新制裁的可能性时表示，他"绝对"在考虑这些措施。特朗普在谈到普京时 称，"他在屠杀很多人......我不知道他怎么了。" 知情人士称，特朗普也对俄乌和平谈判感到厌倦，正考虑如果最后努力失败就彻底放弃谈判。这对一位 以"上任首日终结俄乌冲突"为竞选口号的领导人来说是显著转变。目前尚不清楚若美国退出调解将发生 什么，以及特朗普是否会继续向乌克兰提供军事支持。 白宫新闻秘书卡罗琳·莱维特（Karoline Leavitt）在给《华尔街日报》的声明中称："特朗普总统已明确 表示希望看到通过谈判达成和平协议。他也明智地保留了所有选项。" 在过去几个月里，美俄关系已经经历了起伏，但上述动态标志着两国关系的进一步恶化 。特朗普上任 时认为，凭借他所认为的与普京的牢固私人关系，自己处于改善两国关 ...

金十数据整理：俄乌冲突最新24小时局势跟踪（5月27日） 冲突情况： 5. 俄罗斯国防部：俄罗斯军队使用高精度武器对斯塔罗康斯坦丁诺夫机场的目标发动了大规模打击，目 的已达成。 1. 特朗普批俄乌领导人：普京疯狂，泽连斯基火上浇油。克宫回应：情绪超载。 2. 消息人士：对俄制裁在某一阶段或成为谈判议题。 3. 消据德国《明镜周刊》：乌克兰总统泽连斯基预计将于周三访问柏林。 4. 消息人士：土耳其外长菲丹与普京讨论结束乌克兰冲突的努力。 5. 普京要求堵住那些导致绕过俄罗斯生产商的采购制度漏洞。 6. 普京：外国企业重返俄罗斯市场得符合俄罗斯的利益。 7. 普京：确保俄罗斯国家安全取决于国产软件的使用。 8. 乌克兰总统泽连斯基：俄罗斯对乌克兰的大规模袭击是俄罗斯总统普京的"政治选择"。 6. 乌克兰空军：俄罗斯在夜间对乌克兰发动了攻击，发射了355架无人机和九枚导弹。俄罗斯的夜间袭 击是迄今为止的冲突中最大规模的无人机攻击。 其他情况： 9. 法国总统马克龙：希望特朗普对普京的愤怒能够促使其采取新的制裁措施，从而遏制普京的行动。 跟踪俄乌冲突局势 +订阅 1. 俄方披露：上周普京专机遭大规模无人机袭击。 2. ...

Group 1 - Zhongke Shuguang and Haiguang Information are planning a stock swap merger, with trading suspension starting on May 26, 2025, for up to 10 trading days [3][4] - Xianggang Technology's controlling shareholder plans to reduce holdings by up to 648,420 shares, representing 3% of the total share capital, due to personal financial needs [5] - Keyuan Pharmaceutical's shareholder Wenze Hong intends to reduce holdings by up to 324,870 shares, also representing 3% of the total share capital [6] Group 2 - The U.S. government plans to impose a 50% tariff on EU imports to encourage European manufacturers to relocate production to the U.S. [8] - The German Economic Affairs Institute estimates that the U.S. tariffs could lead to a loss of approximately €200 billion for Germany by the end of 2028 [9] - German logistics operators express difficulties in adapting to the fluctuating U.S. tariff policies, which create confusion and damage to the logistics industry [10] Group 3 - The National Internet Information Office is intensifying efforts to rectify online financial information chaos, targeting accounts spreading false capital market information and illegal stock recommendations [14] - Deposit rates have fallen below 1%, prompting savers to seek alternative investments, with a new popular configuration being "money market funds + bond funds + gold" [14] Group 4 - The childcare industry in China faces a talent gap of nearly one million, with only about 500,000 certified caregivers available, while the market size is projected to reach ¥162.13 billion by 2025 [16]

金十数据整理：俄乌冲突最新24小时局势跟踪（5月25日） 冲突情况： 2. 俄库尔斯克州代理州长：将为从乌克兰获释的居民提供所有必要保障。 3. 白俄罗斯表示将继续保障俄乌战俘交换。 4. 据俄新社：俄罗斯与乌克兰各交换了307名战俘。 5. 土耳其外长计划于5月26日至27日访问俄罗斯并期待与普京会面。 5. 乌克兰空军：俄罗斯在夜间向乌克兰发射了14枚弹道导弹及250架远程无人机，主要袭击目标是基 辅。 6. 俄罗斯国防部：俄军已占领乌克兰东部斯托普奇、奥特拉德内和洛克尼亚地区。 其他情况： 1. 俄官员：和平备忘录草案将于未来几天提交。 6. 欧盟考虑在对俄制裁中将20家银行从SWIFT中除名并降低俄油价格上限。 1. 俄罗斯国防部：俄军导弹部队攻击向敖德萨港口运送军用物资的集装箱船。 2. 乌克兰武装部队总参谋部：在过去的一天里，俄罗斯士兵伤亡人数达1130名，损失了11辆坦克和47辆 装甲战斗车辆。 3. 乌克兰基辅市军事管理局：昨夜俄罗斯无人机和导弹对基辅的袭击是迄今为止对基辅最大规模的联合 攻击之一。 4. 基辅市军事管理局局长特卡琴科表示，俄罗斯袭击已造成15人受伤。 ...

Domestic News - The National Internet Information Office continues to deepen the rectification of online financial information chaos [1] - Four departments jointly issued guidance to promote efficient handling of enterprise migration registration as a single matter [1] International News - Japan plans to introduce low-priced reserve rice to alleviate inflation pressure, potentially launching at 400 yen per kilogram starting in June [1] - Japan intends to reach a tariff agreement with the United States before the G7 summit in June [1] - Russian officials stated that a draft peace memorandum will be submitted in the coming days [1] - Power outages in southern France affected 160,000 households, causing disruptions to the Cannes Film Festival screenings [1] - The European Union is considering removing 20 Russian banks from SWIFT and lowering the price cap on Russian oil as part of sanctions [1]

乌克兰总统泽连斯基：只有对俄罗斯实施新的制裁，才能迫使莫斯科同意停火。 ...

德国外长：欧盟正在讨论对俄实施新一轮制裁 智通财经5月24日电，据塔斯社23日报道，德国外交部长约翰·瓦德富尔当天表示，欧盟正在讨论对俄罗 斯实施新一轮制裁，特别是针对俄能源领域。欧盟5月20日正式通过针对俄罗斯的第17轮制裁措施。报 道称，第18轮制裁包括针对俄石油的相关措施、降低俄石油和石油产品价格上限以及针对俄罗斯"影子 舰队"船只的新限制措施。西方国家指责俄罗斯利用油轮等商用船只逃避西方制裁，将这些商用船只称 为"影子舰队"。 ...