Group 1 - The manufacturing Purchasing Managers' Index (PMI) for May recorded 49.5%, an increase of 0.5 percentage points from the previous month, indicating signs of improvement in manufacturing activity and positive changes in economic operations [1] - The production index reached 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities [1] - The new orders index was at 49.8%, rising 0.6 percentage points, suggesting a rebound in market demand [1] Group 2 - Large enterprises showed significant performance, with the PMI index rising to 50.7%, an increase of 1.5 percentage points, returning to the expansion zone [1] - The equipment manufacturing and consumer goods industries had PMIs of 51.2% and 50.2%, respectively, up 1.6 and 0.8 percentage points from the previous month [1] - High-tech manufacturing continued its positive development trend, with a PMI of 50.9%, remaining in the expansion zone for four consecutive months [1] Group 3 - Positive signals emerged in foreign trade, with the new export orders index and import index at 47.5% and 47.1%, respectively, increasing by 2.8 and 3.7 percentage points [1] - The export container freight index rose to 1117.61 points, up 0.9%, indicating a sustained positive market trend [1] - Port cargo throughput remained high, with a total of 27134.8 million tons, a month-on-month increase of 2.8% [1] Group 4 - The production and business activity expectation index was stable at 52.5%, up 0.4 percentage points, reflecting overall confidence among manufacturing enterprises [2] - Continuous implementation of growth-stabilizing policies, including interest rate cuts, has supported the rebound in manufacturing PMI [2] - Multiple leading indicators suggest that the economic operation in the second quarter is likely to maintain a stable trend, with improvements in manufacturing sentiment and export data providing strong support for economic stability [2]

Group 1: Manufacturing Sector - In May, China's Manufacturing Purchasing Managers' Index (PMI) rose by 0.5 percentage points to 49.5%, indicating an improvement in manufacturing sentiment [2][5] - The production index increased to 50.7%, up 0.9 percentage points from the previous month, signaling accelerated manufacturing activity [2] - The new orders index rose to 49.8%, reflecting a 0.6 percentage point increase, suggesting a positive trend in demand [2] Group 2: Export and Trade - The new export orders index and import index increased to 47.5% and 47.1%, respectively, with rises of 2.8 and 3.7 percentage points [4] - The export container freight index rose by 0.9% to 1117.61 points, indicating a recovery in shipping rates [4] - Port cargo throughput reached 27,134.8 million tons, a 2.8% increase, while container throughput rose to 656.4 thousand TEUs, up 3.63% [4] Group 3: Economic Policy and Outlook - Experts emphasize the need for continued and coordinated efforts in growth-stabilizing policies to solidify the economic recovery [5][6] - The government is expected to enhance public investment to boost market demand and corporate orders, aiming to activate the domestic market [6] - New incremental policies are anticipated to be introduced by the end of June to support employment and economic stability [6]

上证指数日K线图 郭晨凯 制图 ◎记者 汪友若 6月A股或延续震荡偏强走势 对于6月市场整体表现，多数机构认同，当前政策对于资本市场的重视程度较高，或对A股形成较强支 撑。 光大证券表示，当前A股市场的估值处于2010年以来的均值附近，随着政策的积极发力，中长期资金带 来的增量资金或将持续流入市场，对资本市场形成托底，A股市场有望震荡上行。 华金证券认为，当前政策基调仍然较积极，且基本面有望持续修复，6月A股可能延续震荡偏强趋势。 该机构分析称，首先，端午假期和"6·18"消费旺季可能使得6月消费维持高增速；其次，海外补库存可 能使得6月出口增速回升；最后，稳增长政策加速落地可能使得6月制造业、基建投资维持高增速。 中国银河证券称，短期内，市场或仍维持震荡格局，但在国内一系列稳增长政策支持下，市场调整空间 有限。长期来看，A股市场走势仍将体现"以我为主"的内涵。随着中央汇金公司发挥好类"平准基金"作 用，政策大力推动中长期资金入市，A股市场平稳运行将具备更为坚实的基础。 在申万宏源证券看来，现阶段是A股市场对宏观因素变化不敏感的窗口期，各项资本市场政策构建了A 股对宏观扰动的"隔离墙"。发展资本市场是当前政策 ...

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The report indicates that while the steel industry faces challenges such as supply-demand imbalances and declining overall profits, the implementation of various "stabilization growth" policies is expected to support steel demand. This includes stabilization in the real estate sector, steady infrastructure investment, and continued development in manufacturing [4][43] - The report highlights that the average iron water cost has decreased, and the profit margins for rebar steel have shown slight improvement, indicating potential for recovery in the industry [4][57] Summary by Sections 1. Market Performance - The steel sector experienced a decline of 0.73% this week, outperforming the broader market, with specific segments like special steel and long products also showing slight declines [3][11] - Iron ore prices increased by 0.30%, while steel consumption rose by 1.02% week-on-week [3][35] 2. Supply Data - As of May 30, the average daily iron water output was 2.4191 million tons, a decrease of 1.69 thousand tons week-on-week, but an increase of 5.11 thousand tons year-on-year [3][26] - The capacity utilization rates for blast furnaces and electric furnaces were 90.7% and 59.0%, respectively, both showing slight declines [3][26] 3. Demand Data - Total consumption of the five major steel products reached 9.138 million tons, with a week-on-week increase of 9.23 thousand tons [3][35] - The transaction volume of construction steel by mainstream traders was 102 thousand tons, reflecting a week-on-week increase of 6.71% [3][35] 4. Inventory Data - Social inventory of the five major steel products decreased to 9.325 million tons, down 2.92% week-on-week [3][43] - Factory inventory also saw a decline, totaling 4.331 million tons, a decrease of 1.12% week-on-week [3][43] 5. Price and Profit Data - The comprehensive index for ordinary steel was 3,386.7 yuan/ton, down 1.90% week-on-week, while the special steel index was 6,630.7 yuan/ton, down 0.33% [3][49] - The profit for rebar steel from blast furnaces was 90 yuan/ton, an increase of 2.27% week-on-week, while electric furnace profits were negative at -357.04 yuan/ton [3][57] 6. Raw Material Prices - The price of Australian iron ore at the port was 737 yuan/ton, down 2.25% week-on-week [4][71] - The price of coking coal was 1,290 yuan/ton, a decrease of 30 yuan/ton week-on-week [4][71] 7. Company Valuation - The report includes a valuation table for key listed companies, indicating projected earnings and price-to-earnings ratios for companies like Baosteel, Hualing Steel, and others [4][72]

宏观月报 / 2025.05.31 ——5 月 PMI 数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 马骏 SAC 证书编号：S0160523080004 majun@ctsec.com 相关报告 1. 《PMI 节前还比较弱——1 月 PMI 数 据解读》 2024-01-31 2. 《PMI 节后表现如何？——2 月 PMI 数据解读》 2024-03-01 3. 《出口带动需求回暖——3 月 PMI 数 据解读》 2024-03-31 4. 《生产高位扩张，价格持续上行—— 4 月 PMI 数据解读》 2024-04-31 5. 《成本压力上升——5 月 PMI 数据解 读》 2024-05-31 6. 《PMI 还是弱了些——6 月 PMI 数据 解读》 2024-06-30 7. 《出口订单创同期新高——7 月 PMI 数据解读》 2024-07-31 8. 《外需仍有回升——8 月 PMI 数据解 读》 2024-08-31 9. 《PMI 再现背离，经济景气如何？— —9 月 PMI 数据解读》 2024-09 ...

Core Viewpoint - Despite increased volatility in the international trade environment, China's industrial enterprises above a designated size reported a profit growth of 1.4% year-on-year from January to April, indicating a continued recovery trend [1][2]. Group 1: Economic Performance - From January to April, the profit of industrial enterprises above a designated size increased by 1.4% year-on-year, with April alone showing a 3.0% increase compared to the previous year [1]. - The industrial added value for the same period grew by 6.4% year-on-year, while the Producer Price Index (PPI) decreased by 2.4% [2]. - The revenue profit margin for these enterprises rose by 0.17 percentage points to 4.87%, indicating a narrowing year-on-year decline [2]. Group 2: Policy Support - A series of stable growth policies have been implemented to support industrial enterprises, particularly in response to external pressures [1][2]. - The State Council's meeting on April 18 emphasized measures to stabilize employment and foreign trade, as well as to promote consumption and domestic demand [1]. - Policies such as increased export tax rebates and financial support for foreign trade enterprises have created a favorable environment for trade development [1][2]. Group 3: Industry Insights - Among 41 major industrial sectors, 23 reported year-on-year profit growth, with equipment manufacturing and high-tech manufacturing leading the way [3]. - Equipment manufacturing profits grew by 11.2%, contributing 3.6 percentage points to the overall profit growth of industrial enterprises [3]. - High-tech manufacturing profits increased by 9.0%, surpassing the average growth rate of all industrial enterprises by 7.6 percentage points [3]. Group 4: Future Outlook - The current revenue growth rate for industrial enterprises remains low, indicating a need for continued monitoring of profit trends [4]. - Expectations suggest that adjustments in tariffs between China and the U.S. may lead to reduced export costs and improved external demand, further supporting profit growth [5].

Core Viewpoint - In April 2025, China's fiscal revenue showed positive growth driven by improved tax revenue and a low base effect, supporting increased expenditure [1][3] Revenue Summary - In April, the general public budget revenue increased by 1.9% year-on-year, a rise of 1.6 percentage points from March, primarily due to a recovery in tax revenue [1][3] - Tax revenue in April grew by 1.9%, a significant improvement from the previous month's decline of 2.2%, while non-tax revenue growth slowed to 1.7% [4][5] - Among the four major tax categories, corporate income tax, value-added tax, and consumption tax saw notable declines in growth rates compared to the previous month, while personal income tax surged by 9.0% due to a low base effect [4][5] Expenditure Summary - In April, general public budget expenditure increased by 5.8% year-on-year, slightly higher than March's growth rate, indicating a continued focus on stable growth [1][5] - Cumulative expenditure from January to April reached 31.5% of the annual budget, surpassing the average of the past five years [6] - Infrastructure-related expenditures grew by 2.2% in April, with significant increases in urban and rural community affairs and transportation spending [7] Government Fund Revenue and Expenditure - Government fund revenue in April rose by 8.1%, driven by positive growth in land transfer fees, which increased from a decline of 16.5% in March to 4.3% [8] - Government fund expenditure surged by 44.7% year-on-year in April, significantly higher than March's 27.9%, primarily due to the issuance of new special bonds and a low base effect [9]

研究所 宏观研究 5月经济高频数据环比回暖 投资要点 (1)5月经济景气度环比回升,稳增长政策效果仍需释放 从高频数据来看,5月经济景气度环比有所回暖,稳增长政策效 果显现,工业需求环比回升,消费具有季节性回升特点,面对外部高 不确定性,短期市场微观主体情绪趋于谨慎,生产表现为以订单驱动 的特点,生产表现相对平稳,但整体表现为供过于求的态势,有效需 求不足仍是制约经济的核心矛盾,带来要素市场景气度回落,PPI 同 比增速跌幅或进一步扩大,符合我们在报告《4月经济呈现供给驱动 特征,应超前关注科技产业对投资的补充》的基准假设。在此情境下, 基于避险和对政策不确定性的恐慌,在美国对我国加征关税的 90天 豁免期内,美国或加大进口,以避免未来不确定性影响,这或支撑短 期我国出口韧性,亦维持短期生产稳定。但因市场微观主体偏于谨慎, 企业生产或以订单驱动,投资扩产意愿下降:以内需为主的企业或担 忧外贸转内需的潜在影响,其投资扩产亦受一定冲击:市场微观个体 对就业和收入预期或有所下降,居民预算约束趋严,进而对消费形成 收缩压力。在此背景下,国内稳增长政策可对冲部分外部冲击影响, 但 PPI 同比增速跌幅进一步扩大,或指向 ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

Report Industry Investment Rating - Not provided Core Viewpoints - The copper market shows a mixed situation with positive macro - factors but weakening fundamentals, and the Shanghai copper may maintain a volatile pattern in the near term [1] - For aluminum, due to the complex situation of production and demand, it is recommended to wait and see [2] - Nickel is expected to fluctuate weakly in the medium - to - long term with a cost - supported downside limit and a supply surplus situation [3][5] - The price of tin is expected to have increased volatility, and it is necessary to focus on supply resumption and downstream demand [6] Summary by Related Catalogs Basic Metals Copper - As of May 21, the Shanghai copper main 06 contract rose 0.31% to 78,100 yuan/ton. Macro factors are positive, but the demand shows weakening signs, and the support of inventory for copper prices is weakening [1] Aluminum - As of May 21, the Shanghai aluminum main 07 contract rose 0.65% to 20,190 yuan/ton. The alumina price has rebounded, and the electrolytic aluminum production capacity is increasing. The downstream demand may weaken, and it is recommended to wait and see [2] Nickel - As of May 21, the Shanghai nickel main 06 contract fell 0.05% to 123,280 yuan/ton. The cost is firm, but there is a long - term supply surplus, and it is expected to fluctuate weakly [3][5] Tin - As of May 21, the Shanghai tin main 06 contract rose 1.11% to 267,730 yuan/ton. The tin ore supply is tight, and the production resumption expectation is strong. The price volatility is expected to increase [6] Spot Transaction Summary Copper - The domestic spot copper price rose, but the spot market trading was light, and the spot premium decline suppressed the price [7] Aluminum - The spot aluminum price rose, but the market transaction was mediocre, and the high - price supply demand was weak [8] Alumina - The alumina spot price in different regions rose, and the market trading was active with sufficient trading momentum [9] Zinc - The spot zinc price rose, but the downstream procurement was cautious, and the transaction was light [10] Lead - The spot lead price rose, and the market activity increased slightly with mainly rigid - demand procurement [11][12] Nickel - The spot nickel price rose, but the traders were cautious, and the transaction was light [13] Tin - The spot tin price rose, the traders' rigid - demand restocking willingness increased, and there was a phenomenon of reluctant selling [14] Warehouse Receipt and Inventory Report - For copper, SHFE copper futures warehouse receipts decreased by 4,520 tons to 41,218 tons, and LME copper inventory decreased by 1,925 tons to 168,825 tons [16] - For aluminum, SHFE aluminum futures warehouse receipts decreased by 1,625 tons to 59,521 tons, and LME aluminum inventory decreased by 2,025 tons to 388,900 tons [16] - For zinc, SHFE zinc futures warehouse receipts decreased by 126 tons to 1,400 tons, and LME zinc inventory increased by 1,150 tons to 157,875 tons [16] - For lead, SHFE lead futures warehouse receipts decreased by 3,884 tons to 41,096 tons, and LME lead inventory increased by 36,375 tons to 282,125 tons [16] - For nickel, SHFE nickel futures warehouse receipts decreased by 128 tons to 23,014 tons, and LME nickel inventory decreased by 312 tons to 201,786 tons [16] - For tin, SHFE tin futures warehouse receipts increased by 45 tons to 8,070 tons, and LME tin inventory increased by 15 tons to 2,670 tons [16]