1. Report Industry Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - The central bank conducted a 500 billion yuan MLF operation on May 23, resulting in a net injection of 375 billion yuan, which will increase banks' credit - lending ability [8]. - The US soybean market is in a range - bound state, with factors on both the supply and demand sides that could break the current range [9]. - Manganese silicon showed a short - term upward trend driven by sentiment but is under long - term pressure from fundamentals [11]. - Asphalt is at a high cracking level, and it is advisable to wait and see for the moment [12]. 3. Summary by Related Catalogs 3.1 Monetary Policy - On May 23, the central bank carried out a 500 billion yuan MLF operation with a 1 - year term. After this operation, the MLF achieved a net injection of 375 billion yuan, as the maturity volume this month was 125 billion yuan. This is the third consecutive month of increased MLF roll - overs, with net injections of 63 billion yuan and 500 billion yuan in March and April respectively [8]. 3.2 Commodity Markets 3.2.1 US Soybeans - The US soybean market is in a range of 950 - 1150 cents per bushel. On the supply side, factors such as a reduction in planting area or a decline in yield could push prices above 1200 cents per bushel. On the demand side, a clear Sino - US trade outlook and a large - scale return of Chinese purchases could also lead to a significant price increase. If Chinese demand does not return and shifts entirely to South America, US soybean prices may fall to around 950 cents per bushel [9][10]. 3.2.2 Manganese Silicon - Manganese silicon rose by 3.84% to close at 5998 yuan per ton, driven by information from the South African ore end. However, the fundamentals are relatively weak. The manganese ore port inventory is gradually accumulating, and Australian ore is expected to resume shipments in June, which may squeeze the current manganese ore market. On the supply - demand side, the main production areas have no production - cut plans, and inventory and warehouse - receipt inventory are at relatively high levels. In the long - term, it may continue a weak trend [11]. 3.2.3 Asphalt - The release of asphalt demand is not ideal. Refineries' production control has kept northern inventories at a low level, while southern inventories are gradually increasing, with the greatest pressure in South China. In the short - term, low production may support northern inventories, but the rainy season may increase southern inventory pressure. It is advisable to pay attention to trade logistics changes in South China and regional price - difference rebalancing [12][13]. 3.2.4 Other Commodities - Gold is expected to oscillate and decline, while silver will follow gold's upward movement [16][19]. - Copper prices are supported by inventory reduction [25]. - Aluminum is in a range - bound state, and alumina is expected to decline slightly [28]. - Zinc is under pressure, and lead is in a supply - demand double - weak state with range adjustment [31][34]. - Tin is in a narrow - range oscillation [37]. - Stainless steel has a clear cost bottom but lacks upward - driving force [42]. - Lithium carbonate is affected by non - ore policy risks, and its fundamentals restrict upward movement [48]. - Industrial silicon shows a weak overall trend, while polysilicon's market sentiment is fermenting, and attention should be paid to its upward space [51][52]. - Iron ore's short - term upward drivers have slowed down [55]. - Rebar and hot - rolled coil are in wide - range oscillations [57][58]. - Coke and coking coal are in bottom - range oscillations [66]. - Steam coal is in a weak - oscillation state due to increased coal - mine inventory [69]. - Logs are in a weak - oscillation state [72].

微盘股能在今年再创新高，恐怕在很多人的意料之外。 参考中邮证券金工团队的统计，近一季万得微盘股指数上涨17.15%，在38个宽基指数当中排名第1；近一年万得微盘股指数上涨64.6%，在38个宽基 指数当中排名第2。不仅如此，万得微盘股指数还连续5个月出现月度级别的K线上涨。 那么，该如何理解当下再创新高的微盘股呢？ 有人觉得微盘股再创新高的背后，是 流动性充裕 的结构性行情。华创证券的报告中提到，小盘成长风格（科创50、北证50、国证2000、微盘股）有 望受益于更快落地的货币宽松。4月剩余流动性【M2同比-社融存量（剔除股权融资和政府债券）同比】从0.98%升至1.86%。叠加央行优化两项支持 资本市场的货币政策工具、支持中央汇金公司发挥好类"平准基金"两项政策支持股市流动性，当下的小盘成长行情得到进一步加强。 参与人多的地方，关注点就得聚焦到资金面上。事实上，这不是小编第一次涉足微盘股话题，在过去的内容中，我们曾和大家探讨过 （请戳这里） ，微盘股策略赚的不是基本面的钱，而是估值的提升。此前国海证券的报告中通过分解股票收益为PE（市盈率）乘以EPS（每股收益），发现小微 也有人将此归因为 资金属性 所致。 ...

Group 1 - The core viewpoint emphasizes that a moderately loose monetary policy includes low comprehensive financing costs for society and ample liquidity [1]

作 者丨唐婧 编 辑丨方海平 2 0 2 5年4月2 4日，央行发布中期借贷便利招标公告称，为保持银行体系流动性充裕，2 0 2 5年4 月2 5日（周五），将以固定数量、利率招标、多重价位中标方式开展6 0 0 0亿元MLF操作，期 限为1年期。 2 0 2 5年中央金融机构注资特别国债也于4月2 4日启动发行，发行金额为1 6 5 0亿元，发行期限 为5年期，加权中标利率1 . 4 5%。 来源：财政部网站 根据前期公布的发行安排，2 0 2 5年中央金融机构注资特别国债共4只，其中2只为5年期、2只 为7年期。据财政部此前介绍，2 0 2 5年，财政部将发行首批特别国债5 0 0 0亿元，积极支持中 国银行、中国建设银行、交通银行、中国邮政储蓄银行补充核心一级资本。此次资本补充工 作将按照市场化、法治化原则稳妥推进。 曾在央行货币政策司公开市场业务处任职的中信证券首席经济学家明明告诉记者，政府债供 给高峰临近，央行宽货币发力旨在维护流动性充裕。一方面，4月以来资金面相对宽松，但下 周劳动节假期将至，资金可能面临一定的跨节压力。 另一方面，第一批超长期特别国债和中 央金融机构注资特别国债的发行已于4月2 ...