Group 1 - Oil prices are attempting to rebound after experiencing a sell-off due to easing tensions in the Israel-Iran conflict [1] - The market focus has shifted back to fundamentals, with traders questioning whether oil prices can regain upward momentum from current levels [1] - Prior to the recent escalation in conflict, oil prices had already been on an upward trend since April [1]

Core Viewpoint - The rebound of U.S. soybeans and soybean meal may continue as the market returns to fundamentals, with Argentine weather being a current disruptive factor [1] Group 1: Market Dynamics - U.S. soybeans and soybean meal are showing a renewed correlation, indicating a potential for sustained rebound [1] - The market is currently awaiting clarity on production losses in Argentina, which will influence future price movements [1] Group 2: Weather Impact - The uncertainty regarding the timing of production loss assessments in Argentina could range from one week to a longer period [1] - There is a potential connection to previous weather-related themes in the U.S., as foreign climate models predict a hot summer ahead [1] Group 3: Trading Strategy - Current trading opportunities in soybean meal suggest a strategy of buying on dips, with an emphasis on timing and market rhythm [1]

Core Views - The recent collective rise of the A-share market indices is attributed to the temporary suspension of "reciprocal tariffs" by the Trump administration, which has improved global market sentiment [2][8] - The market has recovered above 3200 points, indicating a potential end to the recent downward trend driven by emotional short-term selling [2][9] - Despite the positive sentiment, concerns remain regarding the substantial impact of tariffs and the overall market fundamentals, as corporate earnings have not yet fully improved [2][9] Market Overview - On Thursday, the A-share market indices continued to rebound, supported by several favorable factors including state intervention, a wave of stock buybacks by listed companies, and expectations of interest rate cuts [4][5] - The trading volume reached 16,095 billion, with the Shanghai Composite Index closing at 3,223.64 points, up 1.16%, and the Shenzhen Component Index rising 2.25% [5] - The precious metals sector saw significant activity, driven by increased demand for safe-haven assets amid global tariff tensions [6] Sector Performance - The precious metals and consumer sectors, including dairy, food and beverage, and retail, showed strong performance, indicating a shift towards domestic consumption as a key driver for economic recovery in 2025 [7][8] - The recent announcement by the State Taxation Administration to promote "immediate refund" services for overseas travelers has boosted the performance of duty-free and tax refund concept stocks [6][7] Future Market Outlook - Continued attention is required on trade negotiations, as successful outcomes could lead to a rebound in industries with strong export recovery expectations [9] - The report anticipates increased fiscal and monetary policy support in response to the economic goals set during the Two Sessions, which is expected to bolster market sentiment in the medium term [3][9]