今天上午10时，国务院新闻办公室举行新闻发布会。记者了解到，今年1—4月份，国家发展改革委共审 批核准固定资产投资项目27个，总投资5737亿元，主要集中在能源、农林水利、高技术等领域。其中4 月份，审批核准固定资产投资项目8个，总投资3771亿元。（央视新闻） ...

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints of the Report - The zinc market is under pressure at the upper level [1] - China's social retail sales growth slowed down in April, industrial added - value increased, fixed - asset investment had a low overall growth rate, and real estate showed a pull - back feature [2] - The zinc trend strength is - 1, indicating a relatively bearish view [2] Group 3: Summary Based on Relevant Catalogs 1. Fundamentals Tracking - **Futures Prices**: The closing price of SHFE zinc main contract was 22,455 yuan/ton, down 0.20% from the previous day; the closing price of LME zinc 3M electronic disk was 2,686 dollars/ton, down 1.47% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 126,096 lots, an increase of 7,907 lots; the trading volume of LME zinc was 5,141 lots, a decrease of 872 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 85,560 lots, a decrease of 8,786 lots; the open interest of LME zinc was 223,679 lots, a decrease of 4,336 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was 230 yuan/ton, up 5 yuan/ton; LME CASH - 3M premium was - 16.15 dollars/ton, up 10.85 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 1,701 tons, a decrease of 474 tons; LME zinc inventory was 160,800 tons, a decrease of 3,400 tons [1] - **Related Product Prices**: The price of 1.0mm hot - dipped galvanized coil was 4,240 yuan/ton, down 5 yuan/ton; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, down 100 yuan/ton [1] 2. News - China's social retail sales in April increased by 5.1% year - on - year, the added value of industrial enterprises above the designated size increased by 6.1%, the fixed - asset investment from January to April increased by 4%, and the national real estate development investment decreased by 10.3% year - on - year [2]

Report Summary 1. Report Industry Investment Rating - Macro and Financial - Treasury Bonds: Bullish (Slightly) [1] 2. Core View of the Report - On May 19th, the National Bureau of Statistics released April's major macro - economic data. Overall, April's economic growth was relatively stable, with fixed - asset investment and consumption slightly below expectations, while industrial production and exports were better than market expectations. After the Sino - US Geneva economic and trade talks on May 12th, there was a "rush to ship" in US - bound shipping. The 90 - day window period brought a short - term respite to the market, but long - term uncertainties remain. On Monday, treasury bond futures rose overall, and the news that state - owned banks will cut deposit rates is favorable for the bulls. Treasury bond futures may be bullish in the short term [2] 3. Summary by Related Catalogs 3.1 Market Review - On Monday, the main contracts of treasury bond futures opened higher across the board. By the close, the 30 - year treasury bond futures main contract TL2506 rose 0.37%, the 10 - year T2506 rose 0.13%, the 5 - year TF2506 rose 0.04%, and the 2 - year TS2509 rose 0.02% [1] 3.2 Important Information - **Open Market**: On Monday, the central bank conducted 135 billion yuan of 7 - day reverse repurchase operations at an operating rate of 1.40%. With 43 billion yuan of reverse repurchases maturing on the same day, the net investment was 92 billion yuan [1] - **Funds Market**: On Monday, short - term interest rates in the inter - bank funds market declined compared to the previous trading day. DR001's weighted average for the day was 1.54% (1.63% the previous day), and DR007's weighted average was 1.60% (1.64% the previous day) [1] - **Cash Bond Market**: On Monday, the closing yields of inter - bank treasury bonds mostly declined compared to the previous trading day. The 2 - year treasury bond yield fell 1.04 BP to 1.46%, the 5 - year fell 0.98 BP to 1.57%, the 10 - year rose 1.00 BP to 1.69%, and the 30 - year fell 1.70 BP to 1.86% [1] - **Housing Market**: In April, the month - on - month price of second - hand residential properties in first - tier cities decreased by 0.2% (from a 0.2% increase last month). Among them, Shanghai rose 0.1%, Guangzhou remained flat, and Beijing and Shenzhen decreased by 0.6% and 0.3% respectively. Second - and third - tier cities' second - hand residential property prices decreased by 0.4% month - on - month, with the decline widening by 0.2 and 0.1 percentage points respectively compared to last month [1] - **Investment Data**: From January to April, national fixed - asset investment increased by 4.0% year - on - year (market expectation: 4.26%, 4.2% from January to March). General infrastructure investment increased by 10.85% (market expectation: 10.0%, 11.5% from January to March, 9.19% in 2024). Narrow infrastructure investment increased by 5.8% (5.8% from January to March, 4.4% in 2024). Manufacturing investment increased by 8.8% (market expectation: 9.1%, 9.1% from January to March, 9.2% in 2024). Real estate development investment decreased by 10.3% (9.9% from January to March, 10.6% in 2024) [1] - **Sales Data**: From January to April, the sales area of newly built commercial housing decreased by 2.8% year - on - year (3.0% from January to March), and the sales volume decreased by 3.2% (2.1% from January to March) [2] - **Industrial Data**: In April, the added value of industrial enterprises above designated size increased by 6.1% year - on - year (market expectation: 5.2%, 6.5% in the first quarter, 5.8% in 2024). Manufacturing added value increased by 6.6% (7.1% in the first quarter, 6.1% in 2024). High - tech manufacturing increased by 10.0% (slightly lower than 10.7% in March, higher than 8.9% in 2024) [2] - **Consumption and Employment Data**: In April, the total retail sales of consumer goods increased by 5.1% year - on - year (market expectation: 5.5%, 5.9% in March). The national service production index increased by 6.0% (6.3% in March). The national urban survey unemployment rate was 5.1%, a 0.1 - percentage - point decrease from the previous month [2] - **Interest Rate Adjustment**: It is reported that many state - owned large - scale banks and some joint - stock banks will lower the listed RMB deposit interest rates again starting from May 20th [2] 3.3 Market Logic - Overall, April's economic growth was relatively stable. Fixed - asset investment and consumption were slightly below expectations, while industrial production and exports were better than market expectations. After the Sino - US Geneva economic and trade talks, the 90 - day window period brought short - term relief, but long - term uncertainties remain. The release of April's macro - economic data on Monday led to an overall rise in treasury bond futures, and the news of the deposit rate cut is favorable for the bulls, making treasury bond futures likely to be bullish in the short term [2] 3.4 Trading Strategy - Traders are advised to conduct band operations [2]

Group 1 - In April, China's national economy showed stable growth in production and demand, with a generally stable employment situation and the emergence of new growth drivers, indicating a resilient economic performance under pressure [1][2] - The industrial production saw a rapid increase, with the industrial added value of large-scale enterprises growing by 6.1% year-on-year in April. Notably, the equipment manufacturing sector and high-tech manufacturing sector grew by 9.8% and 10.0% respectively [1] - The production of specific products such as 3D printing equipment, industrial robots, and new energy vehicles increased significantly, with year-on-year growth rates of 60.7%, 51.5%, and 38.9% respectively [1] Group 2 - Market sales experienced stable growth, with the total retail sales of consumer goods reaching 37,174 billion yuan in April, reflecting a year-on-year increase of 5.1%. The policy of replacing old consumer goods with new ones has shown positive effects [1] - The retail sales of household appliances, audio-visual equipment, cultural and office supplies, and furniture increased significantly, with year-on-year growth rates of 38.8%, 33.5%, and 26.9% respectively [1] - Fixed asset investment continued to expand, with a total of 147,024 billion yuan in investment (excluding rural households) in the first four months, representing a year-on-year growth of 4.0%. Excluding real estate development investment, the growth rate was 8.0% [1] Group 3 - The total value of goods import and export reached 38,391 billion yuan in April, marking a year-on-year increase of 5.6%. Exports alone amounted to 22,645 billion yuan, growing by 9.3% [1] - In the first four months, the total value of goods import and export was 141,389 billion yuan, reflecting a year-on-year growth of 2.4% [1]

Report Overview - Report title: "Shanghai Tin Industry Daily Report 2025-05-19" [2] - Researcher: Wang Fuhui [3] - Futures qualification number: F03123381 [3] - Investment consulting certificate number: Z0019878 [3] Industry Investment Rating - Not provided Core View - Predicts the US economy to slow but avoid recession in 2025, with a possible single - rate cut; US economic growth may range from 0.5% to 1%. In China, consumption, investment, and industrial production show positive trends. Tin supply is expected to increase in mid - June as Myanmar's tin mine resumes production and Congo's Bisie mine plans phased restart. Refining tin smelters in Yunnan face raw material pressure and those in Jiangxi are restricted by scrap supply, with a combined operating rate of 57.16%. Tin demand from solder processing is stable but lacks growth, and tin - plated sheet enterprises' operating rates are stable with weak sales prices and cautious inventory demand. Spot premiums are down to 400 yuan/ton, with slow inventory reduction. Technically, tin prices are expected to fluctuate upward in a range, and short - term long - biased trading in the 261,000 - 270,000 yuan range is recommended [3] Summary by Directory 1. Futures Market - The closing price of the main Shanghai tin futures contract is 264,860 yuan/ton, up 100 yuan; the 6 - 7 - month contract price is down 20 yuan. LME 3 - month tin is at 32,816 dollars/ton, down 158 dollars. The main contract's open interest is 26,917 lots, down 1,742 lots. The net position of the top 20 futures is 68 lots, up 249 lots. LME tin total inventory is 2,735 tons, down 10 tons; Shanghai Futures Exchange tin inventory is 8,417 tons, down 302 tons; Shanghai Futures Exchange tin warrants are 8,119 tons, down 64 tons [3] 2. Spot Market - The SMM 1 tin spot price is 265,100 yuan/ton, down 400 yuan; the Yangtze River Non - ferrous market 1 tin spot price is 264,880 yuan/ton, down 560 yuan. The basis of the main Shanghai tin contract is 240 yuan/ton, down 500 yuan. LME tin's 0 - 3 spread is - 82 dollars/ton, up 45 dollars. The monthly import of tin ore and concentrates is 1.21 million tons, down 0.29 million tons. The average price of 40% tin concentrate is 246,300 yuan/ton, down 31,200 yuan [3] 3. Upstream Situation - The average processing fee for 40% tin concentrate by Antaike is 11,500 yuan/ton, unchanged; the average processing fee for 60% tin concentrate is 7,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 250,300 yuan/ton, down 31,200 yuan [3] 4. Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons. The monthly import of refined tin is 3,762.32 tons, up 143.24 tons [3] 5. Downstream Situation - The price of 60A solder bars in Gejiu is 172,200 yuan/ton, down 630 yuan. The cumulative output of tin - plated sheets is 160.14 million tons, up 14.45 million tons. The monthly export of tin - plated sheets is 14.07 million tons, down 3.39 million tons [3] 6. Industry News - From January to April, China's social retail sales increased 5.1% year - on - year, 0.5 percentage points faster than the previous month and 0.24% month - on - month. The "trade - in" policy boosted car and home - appliance sales. Retail sales of household appliances, cultural and office supplies, furniture, and communication equipment increased by 38.8%, 33.5%, 26.9%, and 19.9% respectively. National online retail sales grew 7.7% year - on - year. National fixed - asset investment (excluding rural households) was 1.47024 trillion yuan, up 4.0% year - on - year; excluding real - estate investment, it grew 8.0%. Infrastructure investment increased 5.8%, manufacturing investment 8.8%, and real - estate investment decreased 10.3% [3] 7. Key Points of Attention - No news on the day [3]

Economic Performance - In April, the industrial added value for large-scale industries grew by 6.1% year-on-year, down from 7.7% in March, with a cumulative year-on-year growth of 6.4%[3] - High-tech industries maintained a strong performance with a 10% year-on-year growth in April, although slightly down from 10.7% in March[3] - Fixed asset investment saw a cumulative year-on-year growth of 4% in April, a decrease of 0.2 percentage points from the first quarter[3] Consumer Trends - The total retail sales of consumer goods in April increased by 5.1% year-on-year, down from 5.9% in March, but still better than the previous year's performance[3] - Jewelry retail sales surged by 25.3% year-on-year in April, significantly higher than the previous month's 10.6% growth[3] - Home appliance and audio-visual equipment sales also showed strong growth at 38.8% year-on-year in April, up from 35.1% in March[3] Employment and External Factors - The urban surveyed unemployment rate in April was 5.1%, a slight decrease of 0.1 percentage points from the previous month, indicating stable employment conditions[3] - Despite external pressures, domestic demand indicators such as employment and retail sales did not show signs of a sharp decline, suggesting resilience in the economy[3] - The report highlights potential risks from export-driven growth strategies that may affect the second half of the year[3]

Core Viewpoint - The fixed asset investment in China for January to April 2025 shows a year-on-year growth of 4.0%, with private investment growing only 0.2%, indicating a mixed recovery in investment across different sectors and regions [1][2]. Investment Overview - Total fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, with a year-on-year increase of 4.0% [1][2]. - The industrial investment grew by 11.7%, with mining investment increasing by 6.3% and manufacturing investment by 8.8% [1][2]. - The service sector experienced a decline of 0.2% in investment, highlighting challenges in this area [1][2]. Sector Analysis - First industry investment was 297.1 billion yuan, up 13.2% year-on-year [1][2]. - Second industry investment totaled 51,778 billion yuan, with notable growth in electricity, heat, gas, and water production and supply at 25.5% [1][2]. - Third industry infrastructure investment (excluding power, heat, gas, and water) grew by 5.8%, with water management investment surging by 30.7% [1][2]. Regional Investment Trends - Eastern region investment grew by 1.3%, while the central region saw a 4.8% increase, and the western region grew by 5.3% [1][2]. - The northeastern region had the highest growth at 7.6%, indicating a regional disparity in investment performance [1][2]. Investment by Registration Type - Domestic enterprises' fixed asset investment increased by 3.9%, while investment from Hong Kong, Macau, and Taiwan enterprises rose by 9.2% [1][2]. - Foreign enterprises, however, saw a significant decline in investment by 11.4%, reflecting potential challenges in attracting foreign capital [1][2].

Economic Overview - In the first four months of 2023, multiple economic indicators showed a year-on-year growth acceleration compared to Q1, indicating stable growth in production and demand, overall stable employment, and the accumulation of new growth drivers [1][4] - The National Bureau of Statistics reported that the total value of goods imports and exports increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to Q1 [4] Industrial Growth - In April, the industrial added value of large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations by 0.9 percentage points [2] - Among 41 major industries, 36 experienced year-on-year growth, indicating a broad growth base [2] - High-tech manufacturing added value grew by 10% year-on-year, significantly outpacing overall industrial growth [2][3] New Growth Drivers - In April, production of new energy vehicles and lithium-ion batteries for vehicles surged by 38.9% and 61.8% respectively, showcasing rapid growth in smart products [3] - The manufacturing value added of smart drones and smart vehicle-mounted equipment increased by 74.2% and 29.3% respectively, far exceeding the overall industrial growth rate [3] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, marking two consecutive months of decline [7] - The average urban surveyed unemployment rate for January to April was 5.2%, consistent with the same period last year [7] Investment Trends - From January to April, fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a 0.10% month-on-month increase in April [5][6] - The focus on improving and safeguarding livelihoods, along with significant regional strategies, is expected to drive sustained investment growth [6]

Core Insights - In the first four months of 2025, China's fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, showing a year-on-year growth of 4.0% [2][4] - Private fixed asset investment grew by only 0.2% year-on-year, indicating a sluggish performance in this sector [2][4] Investment by Industry - Investment in the primary industry was 297.1 billion yuan, with a year-on-year increase of 13.2% [3][4] - The secondary industry saw an investment of 51,778 billion yuan, growing by 11.7% year-on-year, with notable growth in manufacturing and energy sectors [3][4] - The tertiary industry experienced a decline of 0.2% year-on-year, with infrastructure investment (excluding energy sectors) increasing by 5.8% [3][4] Investment by Region - Eastern regions reported a year-on-year investment growth of 1.3%, while central, western, and northeastern regions grew by 4.8%, 5.3%, and 7.6% respectively [3][4] Investment by Ownership Type - Domestic enterprises' fixed asset investment increased by 3.9%, while investment from Hong Kong, Macau, and Taiwan enterprises rose by 9.2%. In contrast, foreign enterprises saw a significant decline of 11.4% [3][4][5]

那么，西藏固定资产投资是如何在高基数的基础上保持持续增长的？其背后的"密钥"又有哪些？ 自治区发展改革委相关负责人表示，固定资产投资的增长与国家对西藏的重大战略定位、决策部署，以 及全区上下一心落实重大项目建设密不可分。全区牢固树立"抓项目就是抓发展、抓发展必须抓项目"的 理念，印发了《2025年全区重点建设项目计划》和一季度攻坚行动方案，每月进行分析调度，持续在项 目储备、抓前期、抓进度上下功夫，努力形成更多的实物工作量。 主要经济指标增速位居全国前列，八项经济指标增速位居全国第一。全区经济发展态势持续向好，这些 成绩的取得实属不易。 纵观"首季报"，2025年一季度西藏经济在全国舞台上表现亮眼，实现"开门红"： 地区生产总值同比增长7.9%，超出全国平均水平2.5个百分点；规模以上工业增加值增速较全国平均水 平高出11.4个百分点；固定资产投资增速更是较全国平均水平高出23.5个百分点。 这份优异答卷的背后，是我区坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，全区上下"拼 经济、抓发展"的不懈努力。 固投牵引，筑牢发展根基 西藏的发展离不开国家的大力支持。 2024年，西藏全社会固定资产投资增长19 ...