1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Fed Chair Powell is re - evaluating the "key parts" of the 2020 monetary policy framework, and long - term interest rates may rise [7][18][24]. - The rebound in the crude oil market may not be over, but the expected US - Iran peace talks have weakened the upside space. It is recommended to hold long positions and positive spreads lightly [8]. - Soda ash is expected to be volatile and slightly stronger in the short term but still face pressure in the medium term [10]. 3. Summary by Related Catalogs 3.1 Gold and Silver - **Core View**: Gold has broken below the support level, and silver is oscillating downward [13][19]. - **Fundamentals**: Gold and silver prices showed different trends in the day and night sessions, with changes in trading volume, open interest, and inventory. The trend strength of both is - 1 [18][22]. - **News**: The Fed's adjustment of the monetary policy framework, US economic data such as PPI and retail sales, and international political and economic events [18][23]. 3.2 Copper - **Core View**: Copper lacks a clear driver and its price is oscillating [13][24]. - **Fundamentals**: Copper prices had fluctuations in the day and night sessions, with changes in trading volume, open interest, and inventory. The trend strength is 0 [24][26]. - **News**: The Fed's policy adjustment, US economic data, and news about copper imports and mining projects [24][26]. 3.3 Aluminum and Alumina - **Core View**: Aluminum is in a range - bound oscillation, and alumina continues to rebound [13][27]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of aluminum and alumina. The trend strength of both is 0 [27][29]. - **News**: Spot alumina transactions in Henan [27]. 3.4 Zinc - **Core View**: Zinc prices are adjusting downward [13][30]. - **Fundamentals**: Zinc prices declined, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [30][31]. - **News**: US economic data [31]. 3.5 Lead - **Core View**: Lead is in a range - bound adjustment [13][33]. - **Fundamentals**: Lead prices had slight changes, with changes in trading volume, open interest, and inventory. The trend strength is 0 [33][34]. - **News**: US economic data [34]. 3.6 Tin - **Core View**: Tin is oscillating in a narrow range [13][36]. - **Fundamentals**: Tin prices had minor fluctuations, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [37][41]. - **News**: The Fed's policy adjustment, US economic data, and international political and economic events [38]. 3.7 Nickel and Stainless Steel - **Core View**: News has affected market sentiment for nickel, but the fundamentals have changed little. For stainless steel, inventory has slightly decreased at a high level, and the short - term recovery may not be significant [13][42]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of nickel and stainless steel. The trend strength of both is 0 [42][46]. - **News**: Indonesia's adjustment of nickel product resource tax rates, Canada's potential nickel export policy change, and the progress of nickel - related projects [42][45]. 3.8 Lithium Carbonate - **Core View**: The pattern of inventory accumulation in the lithium carbonate market is difficult to reverse, and the weak trend may continue [13][47]. - **Fundamentals**: Lithium carbonate futures prices declined, with changes in trading volume, open interest, and inventory. The trend strength is 0 [47][49]. - **News**: The price increase of battery - grade lithium carbonate and the growth of the global electric vehicle market [48][49]. 3.9 Industrial Silicon and Polysilicon - **Core View**: Industrial silicon has a weak fundamental situation and the disk has a downward drive. Polysilicon's downstream prices continue to fall, and the disk is weak [13][50]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of industrial silicon and polysilicon. The trend strength of both is - 1 [50][52]. - **News**: Lian Sheng Technology's major asset restructuring [51]. 3.10 Iron Ore - **Core View**: Short - term positive factors for iron ore have been realized, and the upward drive has slowed down [13][53]. - **Fundamentals**: Iron ore prices declined slightly, with changes in trading volume, open interest, and inventory. The trend strength is - 1 [54]. - **News**: China's M2 data [54]. 3.11 Rebar and Hot - Rolled Coil - **Core View**: Both rebar and hot - rolled coil are in wide - range oscillations [13][56]. - **Fundamentals**: Rebar and hot - rolled coil prices had minor fluctuations, with changes in trading volume, open interest, and inventory. The trend strength of both is 0 [56][58]. - **News**: Steel production data from the China Iron and Steel Association, steel production, inventory, and demand data from Shanghai Steel Union, and China's loan and money supply data [56][58]. 3.12 Ferrosilicon and Silicomanganese - **Core View**: Ferrosilicon has concentrated production cuts in major producing areas and is in wide - range oscillations. Silicomanganese's raw material prices continue to rise, and it is also in wide - range oscillations [13][60][61]. - **Fundamentals**: There were changes in the prices, trading volumes, open interests, and inventory of ferrosilicon and silicomanganese. The trend strength of both is 0 [60][63]. - **News**: Price changes and production cuts in the ferrosilicon and silicomanganese markets [60]. 3.13 Coke and Coking Coal - **Core View**: Both coke and coking coal are in wide - range oscillations due to the decline in hot metal production [13][64][65]. - **Fundamentals**: Coke and coking coal prices declined, with changes in trading volume, open interest, and inventory. The trend strength of both is 0 [65][68]. - **News**: Price and inventory data of coke and coking coal [65]. 3.14 Steam Coal - **Core View**: Steam coal inventories in mines are increasing, and the price is oscillating weakly [13][69]. - **Fundamentals**: Steam coal had no trading on the previous day, with price and inventory information. The trend strength is 0 [69][71]. - **News**: Steam coal prices in domestic and foreign ports [70]. 3.15 Logs - **Core View**: Logs are oscillating repeatedly [13][72].

Core Viewpoint - The article discusses the implications of Trump's comments on U.S.-China trade relations and their potential impact on Taiwan, emphasizing that the U.S. policy towards Taiwan remains unchanged despite interpretations of Trump's remarks [2][3]. Group 1: U.S.-China Relations - Trump's statement regarding "unification and peace" is interpreted as a reference to the Taiwan issue, highlighting the sensitivity of Taiwan in U.S.-China relations [3]. - The article suggests that Trump's comments may indicate a willingness to resolve the Taiwan issue through peaceful negotiations, similar to trade discussions [3]. Group 2: Taiwan's Political Climate - There is growing concern among Taiwanese citizens about the possibility of Taiwan being "sold out" by the U.S. under Trump's administration, reflecting fears about Taiwan's sovereignty [3]. - The article mentions a discussion on a television program where a Taiwanese politician expressed similar concerns, indicating a broader anxiety within Taiwan regarding its future [3][4]. Group 3: Historical Context - The article posits that the inevitability of cross-strait unification is a historical direction, while the emergence of political figures like Lai Ching-te represents an accidental turning point that could escalate tensions [4]. - The discussion includes the notion that both Trump and Lai could be seen as coincidental factors influencing the trajectory of cross-strait relations [4].

A股突然大爆发！ A股于午后突然飙涨，三大指数全线翻红，上证50涨超1%。大金融、航运物流板块持续发力，红塔证券午后涨停， 中国人保、中国太保涨超7%，新华保险、中国人寿、中国平安、宁波银行跟涨。 从结构上看，大金融是市场上涨的主力，航运物流则因经贸利好继续上涨。那么，大金融上涨究竟是何缘故？与公 募新规可能存在一定关联。首先，华西证券认为，公募基金在银行板块的配置比例大约3.49%，相较于沪深300指数 权重低配9.99个百分点，相较于中证800指数权重低配6.99个百分点；其次，国金证券认为，公募基金新规也有望驱 动资金流向券商板块。 突然飙升 今日午后，A股市场突然大幅飙升，沪指很快上涨超过20个点，三大指数集体翻红。不过，从结构上看，大盘股显然 要比小盘股强，而其中金融板块又明显是拉升主力。 目前，A股银行板块在公募配置中的结构性矛盾。按照最新的数据（2025年一季度），公募在银行板块的配置比例大 约3.49%，相较于沪深300指数权重低配9.99个百分点，相较于中证800指数权重低配6.99个百分点。 另外，《保险资金运用管理办法》修订，进一步放宽权益类资产风险因子，引发新一轮配置潮，险资对高股息高 ...

Group 1 - The core viewpoint of the article emphasizes China's stance on the U.S. imposing a 20% special tariff on Chinese exports under the pretext of fentanyl issues, asserting that fentanyl is primarily a U.S. problem and not a Chinese one [1] - The Chinese government expresses that the U.S. has ignored China's goodwill and that the imposition of tariffs severely impacts the dialogue and cooperation between the two countries in drug control [1] - The spokesperson urges the U.S. to engage in dialogue with China in a manner that is equal, respectful, and mutually beneficial, rather than resorting to blame and smear tactics [1]

Monetary Policy and Economic Measures - The central bank announced a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [2] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar drop in the Loan Prime Rate (LPR) [2] - The measures aim to stabilize market expectations and support the development of the real economy, with the Shanghai Composite Index rising by 0.8% to 3342.67 points on the announcement day [2][3] Public Fund Industry Reform - The China Securities Regulatory Commission (CSRC) introduced an action plan to promote high-quality development in public funds, shifting focus from "scale" to "returns" [4] - Key changes include linking management fees to fund performance, with lower fees for underperforming funds and potential increases for those exceeding benchmarks [4][5] - As of the end of April, public funds managed 32.5 trillion yuan, with over 50% of pension assets under management [4][5] Trade and Export Performance - In April, China's exports grew by 9.3% year-on-year, while imports turned positive with a 0.8% increase [9] - The total value of goods trade for the first four months reached 14.14 trillion yuan, a 2.4% increase compared to the previous year [9] - Exports to the U.S. saw a significant decline of 21.0%, while exports to ASEAN countries increased by 20.8% [9] Automotive Industry Standards - The Ministry of Industry and Information Technology is seeking public input on new safety standards for automotive door handles, focusing on emergency access and safety in accidents [10] - The proposed standards aim to enhance the safety and visibility of hidden door handles, addressing concerns raised by recent traffic incidents [10][11] Private Sector Investment - The National Development and Reform Commission plans to launch approximately 3 trillion yuan in quality projects this year, encouraging private sector participation in major infrastructure projects [13] - The initiative aims to leverage the flexibility and innovation of private enterprises to enhance project execution and create jobs [13] Stock Market and Corporate Actions - Geely Automobile announced plans to acquire all shares of Zeekr Intelligent Technology, leading to its delisting from the NYSE and a focus on consolidating its automotive business [18] - This move reflects Geely's strategy to enhance its competitiveness in the smart electric vehicle sector amid increasing market pressures [18]

Report Investment Rating - Not provided in the documents Core Views - Analysts predict the 2025/2026 US soybean yield to be 4.338 billion bushels, with a range of 4.3 - 4.4 billion bushels, lower than the USDA's 4.37 billion bushels from the Agricultural Outlook Forum [2] - Anec expects Brazil's May 2025 soybean exports to be 12.6 million tons and soybean meal exports to be 1.87 million tons, both lower than last year [2] - Protein meal: Night - trading of soybean and rapeseed meal oscillated. The market is cautious about the Sino - US economic and trade talks. US soybean exports face pressure, and the abundant domestic supply in Q2 will pressure prices [2] - Oils: Night - trading of palm oil was weakly oscillating, while soybean and rapeseed oils rose. The short - term domestic soybean supply is tight, but will be sufficient in Q2. Palm oil fundamentals are weaker due to the production - increasing season [2] Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, etc. are given, with price changes and percentage changes. For example, soybean oil rose 26 points (0.34%), palm oil fell 60 points (-0.75%) [1] - **Spreads and Ratios**: Spreads and ratios such as Y9 - 1, P9 - 1, etc. are presented, showing current and previous values [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, etc. are provided, along with price changes and percentage changes. For example, BMD palm oil fell 94 points (-2.42%) [1] Domestic Spot Market - **Prices and Changes**: Spot prices of various oils and meals in different regions are given, with percentage changes. For example, Tianjin's first - grade soybean oil rose 0.12% [1] - **Basis and Spreads**: Spot basis and spreads are presented, showing current and previous values [1] Import and Crushing Profit - **Values and Changes**: Import and crushing profit values for different products are given, showing current and previous values. For example, the profit of near - month Malaysian palm oil improved from - 838 to - 769 [1] Warehouse Receipts - **Quantities and Changes**: Warehouse receipt quantities for different products are provided, showing current and previous values. For example, the soybean oil warehouse receipt quantity remained at 5,355 [1]

Domestic Market Overview - The A-share market opened positively in May, with the Shanghai Composite Index closing at 3316.11 points, up 1.13%, and the Shenzhen Component Index closing at 10082.34 points, up 1.84% [1][4] - A total of 29 out of 30 sectors in the CITIC first-level industry index saw gains, with comprehensive finance and computer & communication sectors leading the increase, while only the banking sector experienced a slight decline [1][4] - The total trading volume of the entire A-share market reached 13644 billion, showing an increase compared to the previous day [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.95%, the S&P 500 down 0.77%, and the Nasdaq down 0.87%. Merck led the decline, falling over 4% [2][4] - Chinese concept stocks mostly rose, with notable increases such as Brain Rebirth up over 62% and Pony.ai up over 47% [2][4] Key News Highlights - Chinese Vice Premier He Lifeng will visit Switzerland and France for high-level economic talks with the U.S. and the tenth Sino-French economic and financial dialogue [3][10] - The Chinese government plans to adopt more proactive macroeconomic policies to support growth, aiming for a GDP growth target of around 5% by 2025 [11] - The Ministry of Culture and Tourism estimates that 314 million domestic trips will be made during the "May Day" holiday in 2025, reflecting a year-on-year increase of 6.4% [14] - The UK and India have signed a free trade agreement, expected to increase bilateral trade by £25.5 billion (approximately 246.3 billion yuan) annually by 2040 [16][17]

Core Viewpoint - The upcoming high-level economic talks between China and the U.S. are being held at the request of the U.S. side, with China maintaining its firm stance against the imposition of tariffs by the U.S. [1] Group 1: Meeting Details - Vice Premier He Lifeng will visit Switzerland from May 9 to May 12 for discussions with the U.S. [1] - The Chinese government has expressed an open attitude towards dialogue, emphasizing that it must be based on equality, respect, and mutual benefit [1] Group 2: China's Position - China firmly opposes the U.S. practice of imposing tariffs and will continue to safeguard its legitimate interests [1] - Any form of pressure or coercion from the U.S. is deemed ineffective by China [1] - China aims to uphold international fairness and justice in its dealings [1]