Economic Overview - The economic performance of Jiangmen City from January to May 2025 is characterized as "generally stable," despite a continuous decline in fixed asset investment [2] - Key economic indicators such as industrial added value and retail sales continue to show positive growth [2] Industrial Performance - The industrial added value of Jiangmen's scale above designated size increased by 2.6% year-on-year, with a slight deceleration of 0.1 percentage points compared to the previous month [3] - The manufacturing sector saw a growth of 3.6%, while the electricity, heat, gas, and water production and supply sector declined by 3.4%, and the mining sector experienced a significant drop of 36.9% [3] - Among 21 major industrial products, 16 categories maintained positive growth, with notable increases in stainless steel daily products (62,400 tons), furniture (3.8795 million pieces), and motorcycles (2.0451 million units), all exceeding 20% growth [3] Fixed Asset Investment - Fixed asset investment in Jiangmen decreased by 26.5% year-on-year, with the decline rate widening by 1.9 percentage points compared to the previous month [4] - State-owned investment fell by 26.9%, while private investment decreased by 23.0% [4] - Investment in the real estate sector also saw a decline of 26.1%, with a 14.9% drop in sales area and a 10.2% decrease in sales revenue [4] Foreign Trade - Jiangmen's foreign trade value increased by 6.7% year-on-year, reaching 80.08 billion yuan, which is higher than the national and provincial average growth rates [5] - Exports amounted to 68.65 billion yuan, growing by 9.9%, ranking fourth in the province, while imports fell by 9.3% to 11.43 billion yuan [6] - Private enterprises showed a rapid growth in imports and exports, totaling 46.25 billion yuan, a 12.4% increase, accounting for 57.8% of the total [6] Export Performance - The top five export products included household appliances (9.92 billion yuan, 6.3% growth), motorcycles (7.15 billion yuan, 55.9% growth), and general machinery (4.59 billion yuan, 19% growth), collectively representing 42.1% of total exports [7] - Exports of ships and paper products also saw significant growth, with increases of 32.3% and 19.9%, respectively [7] Retail and Fiscal Revenue - The total retail sales of social consumer goods reached 52.369 billion yuan, with a year-on-year growth of 2.8%, accelerating by 0.4 percentage points compared to the previous month [8] - Local general public budget revenue increased by 2.6% year-on-year, although the growth rate slowed by 0.6 percentage points compared to the previous month [8]

Economic Performance - Chengdu's industrial added value for the first five months of the year increased by 8.0% year-on-year, with a product sales rate of 96.8% among large-scale industrial enterprises [1] - Among different economic types, state-owned enterprises saw a 5.3% increase, foreign and Hong Kong, Macao, and Taiwan-invested enterprises grew by 20.9%, and private enterprises increased by 10.7% [1] - Out of 37 major industries, 24 experienced growth in added value, with notable increases in the automotive manufacturing sector (26.2%), computer, communication, and other electronic equipment manufacturing (18.2%), and electrical machinery and equipment manufacturing (12.9%) [1] Fixed Asset Investment - Fixed asset investment in Chengdu (excluding rural households) grew by 7.0% year-on-year, with private investment increasing by 9.7% [1] - Investment in the primary industry rose by 12.5%, while the secondary industry saw a significant increase of 72.4%, with industrial investment specifically growing by 73.7% [1] Consumer Market - The total retail sales of consumer goods in Chengdu reached 465.0 billion yuan, marking a year-on-year growth of 6.5% [2] - Key product categories showed substantial growth, including telecommunications equipment (92.2%), household appliances and audio-visual equipment (31.3%), and gold and silver jewelry (27.0%) [2] Foreign Trade - Chengdu's total foreign trade import and export volume for the first five months was 351.5 billion yuan, reflecting a year-on-year increase of 10.4% [2] - Exports totaled 205.8 billion yuan, up by 13.7%, while imports reached 145.7 billion yuan, growing by 6.1% [2] Financial Sector - As of the end of May, the balance of deposits in Chengdu's financial institutions was 65.739 billion yuan, an increase of 7.5% year-on-year [2] - The balance of loans in financial institutions was 70.729 billion yuan, reflecting a growth of 10.6% [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In May, the month - on - month decline in second - hand housing prices in all tiers of cities widened, while the year - on - year decline continued to narrow. New housing prices in first - and second - tier cities turned down month - on - month [6]. - The year - on - year decline in the sales price of newly built commercial residential buildings in first - tier cities was 1.7%, narrowing by 0.4 percentage points from the previous month. The prices in second - and third - tier cities decreased by 3.5% and 4.9% year - on - year respectively, with the decline narrowing by 0.4 and 0.5 percentage points [6]. - The year - on - year decline in the sales price of second - hand residential buildings in first - tier cities was 2.7%, narrowing by 0.5 percentage points. The prices in second - and third - tier cities decreased by 6.1% and 6.9% year - on - year respectively, with the decline narrowing [6]. - In May, the added value of industrial enterprises above designated size increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [6]. - In May, the total retail sales of consumer goods were 4,132.6 billion yuan, a year - on - year increase of 6.4%. From January to May, the total retail sales of consumer goods were 20,317.1 billion yuan, a year - on - year increase of 5.0% [7]. - From January to May 2025, the national fixed - asset investment (excluding rural households) was 19,194.7 billion yuan, a year - on - year increase of 3.7% [7]. - From January to May 2025, the national real estate development investment was 3,623.4 billion yuan, a year - on - year decrease of 10.7% [7]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year - on - year growth rates from 2022 Q4 to 2025 Q1 were 3%, 4.7%, 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4% respectively [9]. - The contributions of different industries to GDP growth and their year - on - year growth rates in different quarters from 2022 to 2025 are presented in the figures [9][15]. Industry Industrial Growth Rate - The year - on - year growth rates of the added value of major industries in May 2025 are as follows: coal mining and washing increased by 5.5%, oil and gas extraction increased by 5.3%, and the automobile manufacturing industry increased by 11.6% [6]. Major Output of Industrial Enterprises above Designated Size - The output of major industrial products such as crude oil, coal, and steel from May 2024 to May 2025 is presented in the figure [26]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption in major industries from December 2023 to April 2025 are presented in the figure [34]. Industrial Enterprise Profits - From January to April 2025, the total profits of industrial enterprises above designated size were 2,117.02 billion yuan, a year - on - year increase of 1.4% [37]. - The profits of different industries showed different trends. For example, the profit of the non - ferrous metal smelting and rolling processing industry increased by 24.5%, while the profit of the coal mining and washing industry decreased by 48.9% [37]. Industrial Enterprise Inventory - As of the end of April 2025, the finished - product inventory of industrial enterprises above designated size was 6.61 trillion yuan, a year - on - year increase of 3.9%, and the inventory growth rate decreased slightly [48]. Price Index CPI - In May 2025, the national consumer price index (CPI) decreased by 0.1% year - on - year. Food prices decreased by 0.4%, and non - food prices remained flat [53]. PPI - In May 2025, the national industrial producer price index (PPI) decreased by 3.3% year - on - year and 0.4% month - on - month. The industrial producer purchase price index decreased by 3.6% year - on - year and 0.6% month - on - month [60].

Economic Growth - Liaoning Province's industrial added value increased by 3.4% year-on-year from January to May 2023 [1] - Mining industry added value grew by 13.2%, manufacturing by 1.6%, and electricity, heat, gas, and water production and supply by 4.4% [1] Industry Performance - Among 40 major industries, 27 reported year-on-year growth, resulting in a growth rate of 67.5% [1] - Notable growth sectors include railway, shipbuilding, aerospace, and other transportation equipment manufacturing at 37.3%, and electrical machinery and equipment manufacturing at 12.9% [1] - Chemical raw materials and products manufacturing saw a decline of 5.0%, while automotive manufacturing decreased by 0.7% [1] Product Output - Out of 68 key products, 64 were produced, with 25 showing year-on-year growth, a growth rate of 39.1% [2] - Significant increases were seen in transformers (110.0% growth) and primary plastic forms (7.6% growth), while aluminum production fell sharply by 68.5% [2] Investment Trends - Fixed asset investment in Liaoning Province grew by 0.1% year-on-year, with first industry investment up by 16.3% and second industry investment by 1.7% [2] - Infrastructure investment increased by 1.5%, while manufacturing investment rose by 12.8% [2] - The number of construction projects decreased by 9.3%, with a total of 8,593 projects [2] Consumer Market - Social retail sales in Liaoning reached 419.1 billion yuan, a year-on-year increase of 6.4% [3] - Retail categories with significant growth included home appliances (91.2%) and furniture (77.0%), while petroleum products saw a decline of 1.9% [3] Trade Performance - Total import and export value for Liaoning was 304.8 billion yuan, a decrease of 1.8% year-on-year [3] - Exports increased by 12.1% to 161.55 billion yuan, while imports fell by 13.9% to 143.25 billion yuan [3]

Core Viewpoint - The consumer market in China is showing stable growth, with significant increases in retail sales and specific categories driven by policies and consumer behavior [1] Group 1: Overall Retail Performance - From January to May, the total retail sales of consumer goods reached 20.32 trillion yuan, with a year-on-year growth of 5.0% [1] - In May, the total retail sales amounted to 4.13 trillion yuan, marking a year-on-year increase of 6.4%, the fastest monthly growth rate in 2024 [1] Group 2: Category-Specific Growth - Retail sales of household appliances and mobile phones have surged, with retail sales of major categories such as home appliances, communication equipment, cultural and office supplies, and furniture increasing by 53.0%, 33.0%, 30.5%, and 25.6% respectively [1] - The retail volume of passenger cars in May saw a year-on-year increase of 13.3% [1] - Sales of upgraded products are also on the rise, with retail sales of sports and entertainment goods and gold and silver jewelry increasing by 28.3% and 21.8% respectively [1]

Core Viewpoint - Sichuan province's industrial value added for the first five months of 2023 increased by 7.1% year-on-year, outpacing the national growth rate by 0.8 percentage points [1] Economic Indicators - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, reflecting a year-on-year growth of 5.6%, which is 0.6 percentage points higher than the national average [1] Industry Performance - Out of 41 major industry categories, 35 reported an increase in value added during the first five months [1] - The automotive manufacturing industry saw a significant increase in value added, growing by 22.2% year-on-year [1] - The chemical raw materials and chemical products manufacturing industry experienced a growth of 18.8% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing industry grew by 14.9% year-on-year [1] - The black metal smelting and rolling processing industry also increased by 14.9% year-on-year [1] - The electrical machinery and equipment manufacturing industry reported a growth of 10.3% year-on-year [1]

本周公布的5月宏观经济数据显示出经济运行韧性足、结构持续改善，特别是当月社会消费品零售总额同比增 长6.4%，达到2024年初以来的最高水平，增速比上月加快1.3个百分点，远超市场预期。 强劲的消费增速反映出消费品以旧换新补贴和自5月中旬以来的"618"预热对消费的拉动效能显著。但与当月 社零高增速形成反差的是，近日公布的5月居民部门短期贷款却延续了4月的减少态势。其中，消费贷款余额5 月环比仅微增不到10亿元，同比减少近390亿元。 实际上，今年以来，社零增速的向上修复与同期消费贷余额就呈现出分化走势。一方面，社零的改善"国补"政 策功不可没，与"国补"政策相关的家电、通讯器材等零售额领跑其他品类；有机构测算，5月家电、汽车和通 讯器材类合计拉动社零增长超2个百分点。 另一方面，补贴政策在释放潜在消费需求的同时，消费者的消费观念也悄然生变。一些现象级的潮玩、演唱 会、体育赛事消费被人津津乐道。只不过，消费的回暖与消费贷余额的攀升不再同步发生，2024年1月金融机 构消费贷余额接近10.4万亿元高点后，就震荡下行。这也说明依靠金融杠杆提振消费更多是"锦上添花"，借贷 消费本质上是以未来收入作为担保的超前消费行 ...

Economic Overview - Sichuan province achieved a total retail sales of social consumer goods of 11,734.5 billion yuan, with a year-on-year growth of 5.6%, outpacing the national growth rate by 0.6 percentage points [1] - Among 41 major industries, 35 reported an increase in value added [1] - The industrial product sales rate for large-scale industrial enterprises was 94.5% [3] Industrial Growth - In the first five months, the value added of large-scale industrial enterprises grew by 7.1%, exceeding the national growth rate by 0.8 percentage points [1] - Key industries with significant growth included: - Automotive manufacturing: 22.2% year-on-year growth - Chemical raw materials and products manufacturing: 18.8% growth - Computer, communication, and other electronic equipment manufacturing: 14.9% growth - Black metal smelting and rolling processing: 14.9% growth - Electrical machinery and equipment manufacturing: 10.3% growth [1] Major Industrial Products - Natural gas production increased by 11.2% - Power generation rose by 2.8% - Smart watches saw a remarkable growth of 95.2% - Generator sets (power generation equipment) increased by 60.8% - Lithium-ion batteries grew by 49.0% - Automotive production increased by 36.4% - Industrial boilers rose by 33.1% - LCD screens grew by 28.6% - Integrated circuits increased by 14.6% - Smartphones saw a growth of 14.2% [2] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 3.0% year-on-year [3] - Investment in the primary industry increased by 17.8% - Investment in the secondary industry rose by 14.1%, with industrial investment growing by 14.3% - Investment in the tertiary industry decreased by 2.1% [3] Real Estate Development - Real estate development investment decreased by 6.7% - The construction area of commercial housing fell by 12.3% - The sales area of newly built commercial housing declined by 7.4% [3] Consumer Market - In terms of consumption patterns, restaurant income reached 1,611.8 billion yuan, growing by 4.5% - Retail sales of goods amounted to 10,122.8 billion yuan, with a year-on-year growth of 5.8% - Among retail sales, enterprises above the designated size achieved online retail sales of 863.4 billion yuan [3] Hot Products - Retail sales of communication equipment by enterprises above the designated size grew by 65.9% - Retail sales of household appliances and audio-visual equipment increased by 20.2% - Retail sales of grain, oil, and food grew by 13.2% - Retail sales of cultural and office supplies increased by 11.9% - Retail sales of gold, silver, and jewelry grew by 11.3% - Retail sales of beverages increased by 10.7% [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides a comprehensive overview of the overnight and spot market conditions of various commodities, including palm oil, soybeans, and crude oil. It also presents important fundamental information, international and domestic supply - demand situations, macro - economic news, and details on fund flows and arbitrage tracking. Summary by Directory 01 Overnight行情 - Overnight, the closing prices and price changes of various commodities were reported. For example, the closing price of BMD's August palm oil was 4086.00, with a previous day's decline of 4.48% and an overnight decline of - 0.41%. Brent's August crude oil on ICE closed at 72.50, with a previous day's decline of - 3.56% and an overnight increase of 1.47% [1]. - The latest prices and price changes of several currency exchange rates were also given, such as the US dollar index at 98.12 with a change of 0.01% [1]. 02 现货行情 - Spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions were presented. For instance, the spot price of DCE palm oil 2509 in North China was 8840, with a basis of 400 and a basis change of - 90 [2]. - CNF quotes and CNF premium changes of imported soybeans from different regions were also provided, like the CNF premium of Brazilian soybeans at 172 cents per bushel and a CNF quote of 456 dollars per ton [2]. 03 重要基本面信息 - The future weather outlook for US soybean - producing states from June 21 - 25 shows that temperatures will be higher than normal, and precipitation will be normal to above the median [3]. - In the US Midwest, there will be scattered showers, which are not conducive to field operations. The overall weather pattern may be similar to last week, increasing soil moisture in the west but hindering field work [5]. - International supply - demand information includes a 4% decrease in Malaysian palm oil production from June 1 - 15, an increase in palm oil exports, potential cost increases in Malaysia's oleochemical industry due to tax changes, and details on US soybean growth, export, and crushing data [7][8]. - Domestic supply - demand information shows an increase in the total trading volume of soybean oil and palm oil on June 16, changes in the trading volume and开机 rate of soybean meal, and changes in the commercial inventories of palm oil, soybean oil, and imported soybeans [13][14]. 04 宏观要闻 - International news includes the probability of the Fed maintaining or cutting interest rates in June and July, the US June New York Fed manufacturing index, and OPEC's monthly report on global crude oil demand and production [17]. - Domestic news includes the exchange rate of the US dollar against the RMB, the central bank's reverse - repurchase operation, unemployment rates, industrial added - value, social consumer goods retail sales, and real - estate development data [19]. 05 资金流向 On June 16, 2025, the futures market had a net capital outflow of 5.11 billion yuan. Commodity futures had a net capital inflow of 2.867 billion yuan, while stock - index futures had a net capital outflow of 7.977 billion yuan [22]. 06 套利跟踪 No relevant content provided.

Economic Growth - Sichuan Province's industrial added value increased by 7.1% year-on-year from January to May [1] - State-owned enterprises' added value grew by 7.4%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a significant increase of 17.5% [1] Industry Performance - Out of 41 major industries, 35 experienced growth in added value, with notable increases in automotive manufacturing (22.2%), chemical raw materials and products (18.8%), and computer and electronic equipment manufacturing (14.9%) [1] - The black metal smelting and rolling processing industry also grew by 14.9%, while electrical machinery and equipment manufacturing increased by 10.3% [1] Production Output - Key industrial product outputs included natural gas (up 11.2%), electricity generation (up 2.8%), and significant growth in smartwatches (95.2%), generators (60.8%), and lithium-ion batteries (49.0%) [1] - Other notable increases were seen in automotive production (36.4%), industrial boilers (33.1%), LCD screens (28.6%), integrated circuits (14.6%), and smartphones (14.2%) [1] Fixed Asset Investment - Fixed asset investment (excluding rural households) in Sichuan Province grew by 3.0% year-on-year, with the primary industry seeing a 17.8% increase and the secondary industry growing by 14.1% [1] - Industrial investment specifically rose by 14.3% [1] Retail Sales - The total retail sales of consumer goods in Sichuan reached 1,173.45 billion yuan, marking a 5.6% year-on-year increase [2] - Urban retail sales accounted for 950.47 billion yuan (up 5.5%), while rural retail sales reached 222.99 billion yuan (up 6.1%) [2] Consumer Trends - Restaurant income grew by 4.5%, with significant growth in household appliances and audio-visual equipment (20.2%), food and oil products (13.2%), and cultural office supplies (11.9%) [2] - Jewelry sales increased by 11.3%, and beverage sales rose by 10.7% [2]