Group 1: Report Information - Report date: May 07, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Researchers: Li Jie, CFA (Crude Oil and Fuel Oil); Ren Junchi (PTA/MEG); Peng Haozhou (Industrial Silicon/Polycrystalline Silicon); Peng Jinglin (Polyolefins); Liu Youran (Pulp) [3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures: The main contract Si2506 closed at 8,325 yuan/ton, down 2.57%. Trading volume was 269,472 lots, and open interest was 179,536 lots, a net increase of 13,001 lots [4] - Spot prices: Sichuan 553 grade was 9,100 yuan/ton, Yunnan 553 grade was 9,150 yuan/ton; Sichuan 421 was 10,350 yuan/ton, Yunnan 421 was 9,600 yuan/ton, Inner Mongolia 421 was 9,600 yuan/ton, and Xinjiang 421 was 9,800 yuan/ton [4] Outlook - Spot prices are still falling rapidly, and there are no significant signs of improvement in the fundamentals. Weekly production is 73,100 tons, and there is no expectation of production cuts in May. Demand from polysilicon is 108,000 tons, and silicone enterprises are cutting production to support prices. Other demand is stable, and the oversupply situation persists. Inventories are increasing. The loss has not had a significant negative impact on the supply side, and the fundamental drivers are weak. The market is expected to continue to fluctuate weakly, and attention should be paid to the potential pressure of increased production during the wet season [4] Group 3: Market News - On May 06, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 68,930 lots, a net decrease of 306 lots from the previous trading day [5] - The Caixin China Manufacturing Purchasing Managers' Index (PMI) in April was 50.4, down 0.8 percentage points from the previous month, the lowest in three months; the Caixin China Services PMI also dropped 1.2 percentage points to 50.7, the lowest since Q4 2024 [5]

日本4月服务业PMI终值 52.4，前值52.2。 ...

金十数据5月6日讯，由于对关税的担忧导致商业活动下降，德国服务业在经历了四个月的增长后，4月 份重新陷入收缩。4月服务业PMI终值从3月的50.9降至49.0，跌破50的增长门槛。终值略高于初值 48.8。由于需求疲软和客户支出减少，活动下降速度是自2024年2月以来最快的。德国服务公司收到的 新工作数量连续第八个月下降，尽管速度比三月份慢。受访者认为，普遍疲软的经济状况，以及与关税 相关的担忧和不确定性，是造成这种局面的因素。商业信心明显减弱，只有25%的公司对前景持乐观态 度，略高于22%的悲观态度。尽管经济低迷，但服务业就业仍以近一年来最快的速度增长，突显出当前 状况与劳动力扩张之间存在分歧。 PMI显示，德国服务业4月重新陷入收缩 ...

智通财经5月6日电，法国4月服务业PMI终值为47.3，预期46.8；4月综合PMI终值为47.8，预期47.3。 ...

法国4月服务业PMI终值 47.3，预期46.8，前值46.8。 ...

责任编辑：彭紫晨 A股市场后续机会预计显著好于4月份。1季报落地后，投资者对业绩的担忧大为缓解，风险偏好有望提 升，一旦行业发生积极变化，投资者将会积极参与，从而提高市场活跃度，科技成长、高端制造、新消 费等领域尤为值得重视。 MACD金叉信号形成，这些股涨势不错！ 截至上周，A股1季报披露完毕，整体表现好于预期。2025年1季度，全A上市公司营收同比-0.37%，归 母净利润实现近1.49万亿元，同比+3.47%，较去年4季度大幅改善；全A非金融归母净利润实现7797亿 元，同比+4.17%，而去年4个季度净利润均为负增长。上市公司1季度实现了良好的开局，但由于关税 影响，宏观基本面短期承压，根据统计局披露的制造业PMI数据看，4月份制造业PMI回落至49%，低于 预期，受外需影响，企业生产指数、在手订单、价格指数等均有显著下滑，这意味着1季度上市公司的 业绩改善较难线性外推至2季度，不过我们认为今年上半年A股上市公司业绩增速将好于年初悲观预 期。 4月份市场整体回落，主要跌幅发生在4月7日，其他交易日表现平稳。从指数表现看，科创50、上证 50、上证指数等跌幅相对较小，创业板指、中证500等跌幅较大，价值 ...

法国、德国及欧元区4月服务业PMI终值将于十分钟后陆续公布。 ...

西班牙4月服务业PMI为53.4，预期54，前值54.7。 ...

印度4月服务业PMI终值 58.7，预期58.5，前值59.1。 ...

印度4月服务业PMI终值 58.7，初值 59.1。 ...