Report Industry Investment Rating No relevant content provided. Core Viewpoints - The production industry should focus on policies promoting the transformation of traditional manufacturing. The State-owned Assets Supervision and Administration Commission of the State Council emphasizes the transformation and upgrading of traditional industries, and the National Development and Reform Commission has raised domestic gasoline and diesel prices [1]. - The foreign exchange market in May 2025 was stable, with a net inflow of cross - border funds of 33 billion US dollars in the non - bank sector, including high - level net inflows from goods trade and increased foreign investment in domestic stocks [2]. - In the industry overview, international oil prices have rebounded significantly, PTA prices have continued to rise, and egg prices have continued to decline. The urea operating rate is at a high level. The sales of commercial housing in first - and second - tier cities are at a near - three - year low, and the number of domestic flights has decreased. The credit spreads of the pharmaceutical and biological, and agricultural industries have declined [3][4][5][6]. Summary by Related Catalogs 1. Meso - level Event Overview Production Industry - The State - owned Assets Supervision and Administration Commission of the State Council promotes the high - end, intelligent, and green transformation of traditional industries, and encourages the use of digital technologies and relevant policies [1]. - The National Development and Reform Commission raised domestic gasoline prices by 260 yuan/ton and diesel prices by 255 yuan/ton on June 17 [1]. Service Industry - In May 2025, the non - bank sector had a net cross - border capital inflow of 33 billion US dollars, with stable net outflows in service trade, etc. [2] 2. Industry Overview Upstream - Energy: International oil prices have rebounded significantly [3]. - Chemical: PTA prices have continued to rise [3]. - Agriculture: Egg prices have continued to decline [3]. Mid - stream - Chemical: The urea operating rate is at a high level [4]. Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities are the same as last year and at a near - three - year low [5]. - Service: The number of domestic flights has decreased [5]. 3. Market Pricing - The credit spreads of the pharmaceutical and biological, and agricultural industries have declined [6].

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, emphasized the importance of stability in the foreign exchange market, stating that it should reflect the fundamentals of the economy [1] Summary by Relevant Categories Economic Impact - The impact of exchange rates varies depending on the economic entity involved [1]

Core Viewpoint - The press conference during the 14th National People's Congress highlighted the government's commitment to enhancing long-term capital investment in the financial markets, with significant measures being taken to stabilize and grow the economy. Group 1: Long-term Capital Investment - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing stated that long-term capital is crucial for the healthy operation of capital markets, with over 1 trillion yuan in swap operations conducted by the People's Bank of China [2] - Insurance funds and various pension funds have net purchased approximately 290 billion yuan in the A-share market since September last year, significantly supporting market stabilization [2] - The second batch of insurance funds for long-term stock investment has been approved, with 520 billion yuan approved before the Spring Festival and an additional 600 billion yuan recently [2] Group 2: Fund Management and Performance - The development of equity funds has accelerated, with 459 equity funds registered since September, accounting for 70% of total fund registrations during the same period [5] - The scale of equity funds has increased from 6.3 trillion yuan to 7.7 trillion yuan, raising their proportion of total public fund assets from 20% to 24% [5] - The CSRC plans to enhance the long-term assessment system for public funds with a focus on three-year performance, promoting long-term value investment [4] Group 3: Market Stability and Economic Growth - The market capitalization of A-shares held by various long-term funds has grown from 14.6 trillion yuan to 17.8 trillion yuan, reflecting a 22% increase [6][7] - The People's Bank of China reported a significant reduction in the risk premium for financing platforms, with the average interest rate for newly issued bonds dropping to 2.67% [9] - The National Development and Reform Commission (NDRC) anticipates that the economic increment over the 14th Five-Year Plan period will exceed 30 trillion yuan, equivalent to recreating the Yangtze River Delta region [11]