1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Oils and Fats - Palm oil futures may approach 4,000 ringgit. Domestic Dalian palm oil futures will likely range - bound with a chance of briefly rising to 8,200. [1] - CBOT soybean oil is boosted in the short - term but has limited upside. Domestic soybean oil fundamentals are deteriorating, and the spot basis will likely decline. [1] Meal - Due to the impact on Argentine soybeans and the rise of US soybeans, domestic meal prices follow. With sufficient supply expected, the basis of meal stabilizes, and the support for soybean meal at around 2,900 strengthens. [2] Livestock (Pigs) - Pig prices are expected to remain volatile. The 09 contract is below 14,000, with limited room for significant decline or sharp rise. [4][5] Corn - In the short - term, corn prices will fluctuate narrowly, while in the long - term, they are expected to rise. It is advisable to buy on dips. [8] Sugar - Brazilian sugar production in the early harvest is slow, but the 25/26 season is expected to be a bumper harvest. Domestic sugar supply is abundant, and prices are expected to remain volatile. [12] Cotton - Domestic cotton prices may range - bound after a short - term rise, and further increases depend on downstream improvement. [14] Eggs - National egg supply is sufficient, and prices may first fall and then rise slightly this week. [16] 3. Summary by Industry Oils and Fats - **Price Changes**: On May 21, compared with May 20, the spot price of palm oil in Guangdong decreased by 0.58%, and the spot price of soybean oil in Jiangsu decreased by 1.09%. [1] - **Spread Changes**: The soybean - palm oil spread in the spot market decreased by 4.65%, and the 09 - 01 soybean oil spread decreased by 42.86%. [1] Meal - **Price Changes**: The price of soybean meal futures (M2509) increased by 1.56%, and the price of rapeseed meal futures (RM2509) increased by 1.67%. [2] - **Spread Changes**: The 09 - 01 soybean meal spread increased by 3.03%, and the 09 - 01 rapeseed meal spread increased by 5.29%. [2] Livestock (Pigs) - **Price Changes**: The spot price of pigs in most regions decreased slightly, and the 09 contract price decreased by 0.29%. [4] - **Indicator Changes**: The daily slaughter volume decreased by 1.23%, and the self - breeding profit decreased by 4.35%. [4] Corn - **Price Changes**: Corn futures (2507) increased by 0.52%, and corn starch futures (2507) increased by 0.11%. [8] - **Indicator Changes**: The basis of corn decreased by 600.00%, and the north - south trade profit decreased by 166.67%. [8] Sugar - **Price Changes**: Sugar futures (2601) increased by 0.32%, and the spot price in Nanning increased by 0.08%. [12] - **Industry Data**: National sugar production increased by 11.63% year - on - year, and sales increased by 26.07%. [12] Cotton - **Price Changes**: Cotton futures (2509) increased by 0.34%, and the 3128B spot price in Xinjiang increased by 0.15%. [14] - **Industry Data**: Commercial inventory decreased by 8.0% month - on - month, and imports decreased by 14.3%. [14] Eggs - **Price Changes**: The 09 contract of eggs decreased by 0.32%, and the 06 contract decreased by 0.98%. [15] - **Indicator Changes**: The price of egg - laying chicks decreased by 1.19%, and the price of culled hens decreased by 0.57%. [15]

Key Points - The core viewpoint of the article highlights the impact of external shocks on the equity market, leading to increased risk aversion and an overall market pullback in April 2025 [2][8]. Group 1: Equity Market Performance - In April 2025, the CSI 300 index experienced a monthly decline of 3.00%, while the CSI 500 index fell by 3.86%, and the CSI 1000 index saw a decrease of 4.44% [2]. - Strictly constrained monthly excess returns for the CSI 300 were 0.21%, for the CSI 500 were -0.07%, and for the CSI 1000 were 1.12% [2]. - Smart Beta strategies yielded monthly excess returns of 0.09% for the CSI 300, 0.31% for the CSI 500, and 1.20% for the CSI 1000 [2]. - Rotation strategies provided monthly excess returns of 0.13% for the CSI 300, 0.29% for the CSI 500, and 1.59% for the CSI 1000 [2]. Group 2: Private Equity Strategies - In the private equity sector, long strategies showed the least decline with the CSI 300 index down by only 2.64%, while quantitative stock selection strategies had a return of -2.72% [3]. - Absolute return strategies performed well, with ETF arbitrage strategies achieving an annualized return of 14.46% and market-neutral strategies at 6.17% [3]. - Convertible bond strategies underperformed with a return of -0.95%, but had a smaller drawdown compared to other long strategies [3]. - In commodity and derivatives strategies, quantitative CTA strategies led with an annualized return of 10.49%, while futures arbitrage strategies followed at 6.07% [3]. Group 3: Private Fund Issuance and Registration - As of the end of March 2025, there were 19,951 active private fund managers managing 142,278 funds with a total scale of 19.97 trillion yuan [4]. - In March 2025, 1,423 new private funds were registered with a total scale of 631.3 billion yuan, including 1,072 private securities investment funds with a scale of 329.78 billion yuan [4]. - A total of 2,127 private securities investment funds were liquidated, while 85,614 private securities investment funds remained active with a total scale of 5.25 trillion yuan [4].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On Thursday, polyolefins traded in a consolidating manner. From a fundamental perspective, the consumption of polyolefins has temporarily peaked and declined. This week, they rebounded along with the rebound of crude oil. From a macro perspective, the previous China - US meeting reached a consensus, which is generally positive for the commodity market. However, the decline in crude oil prices today requires short - term attention to its subsequent impact on the cost support of chemicals. Overall, after a short - term phased rebound, polyolefins may experience high - level consolidation in the future [2] Group 3: Summary According to Relevant Catalogs Futures Market - **Prices**: For different contract months of LL and PP, there were both increases and decreases. For example, the 1 - month LL contract decreased by 42 yuan to 7217 yuan, a decline of 0.58%, while the 5 - month LL contract increased by 20 yuan to 7500 yuan, a rise of 0.27% [2] - **Volume and Open Interest**: The trading volume and open interest showed different trends. For instance, the trading volume of the 9 - month LL contract was 460827, and its open interest was 527579 with a decrease of 1551 [2] - **Spreads**: The spreads between different contract months also changed. For example, the 1 - month to 5 - month spread of LL changed from - 221 to - 283 [2] Spot Market - **Raw Materials and Semi - Finished Products**: The prices of raw materials such as methanol futures and (semi) - finished products like PP recycled materials showed different trends. For example, the price of methanol futures decreased from 2366 yuan/ton to 2322 yuan/ton [2] - **Mid - stream Products**: The price ranges of LL and PP in different markets remained relatively stable, with only minor adjustments in some regions [2] Information on Crude Oil - On Thursday (May 15), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $61.62 per barrel, down $1.53 or 2.42% from the previous trading day. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $64.53 per barrel, down $1.56 or 2.36% from the previous trading day [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - On Tuesday, the polyolefin market rebounded slightly. The consumption of polyolefins has temporarily peaked and declined, but due to cost fluctuations and low valuations, there was resistance to the downward trend last week. With the rebound of crude oil prices, polyolefins have also started to rebound. The previous Sino - US meeting consensus is generally positive for the commodity market, and the rebound of international crude oil prices strengthens the support for plastics. PE and PP are expected to continue to rebound in the short term to repair prices [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7125, 7337, and 7187 respectively, with price increases of 99, 55, and 97, and increases of 1.41%, 0.76%, and 1.37% respectively. The trading volumes were 53165, 808, and 455073, and the open interests were 76985, 2585, and 536999, with changes of 1499, - 670, and - 3834 respectively. The current spreads of January - May, May - September, and September - January were - 212, 150, and 62 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7023, 7139, and 7074 respectively, with price increases of 45, 39, and 44, and increases of 0.64%, 0.55%, and 0.63% respectively. The trading volumes were 33165, 1044, and 418406, and the open interests were 43994, 3373, and 446167, with changes of 673, - 234, and - 11519 respectively. The current spreads of January - May, May - September, and September - January were - 116, 65, and 51 respectively [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2450 yuan/ton, 6615 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6990 yuan/ton, and 8800 yuan/ton respectively [2]. - **Spot Market**: The current price ranges of LL in East China, North China, and South China markets were 7300 - 7700, 7250 - 7500, and 7450 - 7700 respectively. The current price ranges of PP in East China, North China, and South China markets were 7150 - 7300, 7050 - 7250, and 7150 - 7350 respectively [2]. Market News - On Tuesday (May 13), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $63.67 per barrel, up $1.72 or 2.78% from the previous trading day, with a trading range of $61.65 - $63.9. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $1.67 or 2.57% from the previous trading day, with a trading range of $64.63 - $66.81 [2].