Core Viewpoint - In the first five months of 2025, China's total goods trade value increased by 2.5% year-on-year, reaching 17.94 trillion yuan, with exports growing by 7.2% and imports declining by 3.8% [7][9]. Group 1: Trade Performance - Total goods trade value in May 2025 was 3.81 trillion yuan, an increase of 2.7% year-on-year, with exports at 2.28 trillion yuan (up 6.3%) and imports at 1.53 trillion yuan (down 2.1%) [8]. - General trade and processing trade saw growth, with general trade imports and exports totaling 11.51 trillion yuan (up 0.8%), accounting for 64.2% of total foreign trade [10]. - Processing trade reached 3.21 trillion yuan (up 6.2%), representing 17.9% of total trade [10]. Group 2: Trade Partners - ASEAN became China's largest trading partner, with trade totaling 3.02 trillion yuan (up 9.1%), accounting for 16.8% of total foreign trade [11]. - Trade with the EU reached 2.3 trillion yuan (up 2.9%), while trade with the US decreased by 8.1% to 1.72 trillion yuan [11]. Group 3: Enterprise Types - Private enterprises accounted for 57.1% of total foreign trade, with imports and exports totaling 10.25 trillion yuan (up 7%) [13]. - Foreign-invested enterprises had a trade value of 5.21 trillion yuan (up 2.3%), while state-owned enterprises saw a decline of 12.7% to 2.44 trillion yuan [13]. Group 4: Export Composition - Mechanical and electrical products constituted 60% of total exports, with significant growth in integrated circuits (up 18.9%) and automobiles (up 6.6%) [14]. - Labor-intensive products saw a decline in exports, while agricultural product exports increased by 4.7% [14]. Group 5: Import Trends - Major bulk commodity prices fell, with iron ore imports down 5.2% and crude oil imports up slightly by 0.3% [15]. - The import value of mechanical and electrical products grew by 6% [15].

Report Summary 1. Hot News - Citi postponed the expected time of the Fed's next interest rate cut from July to September, and now expects the Fed to cut rates by 75 basis points this year, with 25 basis - point cuts in September, October, and December, while the market expects only about 46 basis - point cuts by the end of the year [1] - In the first five months, China's imports of iron ore were 486 million tons, a decrease of 5.2%, with an average import price of 707.2 yuan per ton, a drop of 16.4%; crude oil imports were 230 million tons, an increase of 0.3%, at 3864.3 yuan per ton, a drop of 10.6%; coal imports were 189 million tons, a decrease of 7.9%, at 559 yuan per ton, a drop of 22.5%; natural gas imports were 49.053 million tons, a decrease of 9.5%, at 3274 yuan per ton, a drop of 6.8%; soybean imports were 37.108 million tons, a decrease of 0.7%, at 3233.9 yuan per ton, a drop of 13.9%; refined oil imports were 15.98 million tons, a decrease of 26.8%, at 4323.2 yuan per ton, a drop of 0.1% [1] - In May 2025, China's consumer price index (CPI) decreased by 0.1% year - on - year. The average CPI from January to May decreased by 0.1% compared with the same period last year. In May, the CPI decreased by 0.2% month - on - month [1] - On June 9 local time, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, started the first meeting of the China - US economic and trade consultation mechanism with the US side in London, UK [1] - California Governor Gavin Newsom said on social media that Trump incited trouble and illegally federalized the National Guard, and he would sue the Trump administration over the National Guard deployment issue [1] 2. Key Focus - Key commodities to focus on include styrene, corn, soda ash, urea, and coking coal [1] 3. Night - session Performance - The performance of commodity futures main contracts in the night session is presented in a chart, but specific data for each commodity is not detailed in text [1] 4. Sector Performance - Non - metallic building materials rose 2.62%, precious metals rose 30.32%, oilseeds and oils rose 11.58%, soft commodities rose 2.63%, non - ferrous metals rose 19.87%, coal, coke, steel, and minerals rose 13.43%, energy rose 2.41%, chemicals rose 12.98%, grains rose 1.46%, and agricultural and sideline products rose 2.70% [2] 5. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, but specific data for each sector is not detailed in text [4] 6. Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.43% daily, 1.56% monthly, and 1.43% year - to - date; the Hang Seng Index rose 1.63% daily, 3.83% monthly, and 20.55% year - to - date [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.09% daily, 0.25% monthly, and 0.07% year - to - date [5] - In the commodity category, the CRB Commodity Index rose 0.21% daily, 3.82% monthly, and 1.61% year - to - date; London spot gold rose 0.47% daily, 1.11% monthly, and 26.71% year - to - date [5] - In other categories, the US Dollar Index fell 0.19% daily, 0.42% monthly, and 8.72% year - to - date; the CBOE Volatility Index remained unchanged daily, fell 9.69% monthly, and fell 3.34% year - to - date [5]

Group 1 - In the first five months of this year, China's total goods trade import and export value reached 17.94 trillion yuan, an increase of 2.5% year-on-year [1] - In May, the import and export value was 3.81 trillion yuan, growing by 2.7% [1] - In May, China's exports amounted to 2.28 trillion yuan, reflecting a growth of 6.3% [1] Group 2 - In May, the national consumer price index (CPI) decreased by 0.1% year-on-year and fell by 0.2% month-on-month [2] - The Producer Price Index (PPI) in May dropped by 3.3% year-on-year and decreased by 0.4% month-on-month [2] Group 3 - The Hong Kong Legislative Council's Committee on Home Affairs and Culture is set to hold a meeting to discuss proposals for regulating basketball betting [3] Group 4 - As of the midday close, the Shanghai Composite Index rose by 0.23%, briefly returning to 3,400 points [4] - The Shenzhen Component Index increased by 0.62%, while the ChiNext Index grew by 1.22% [4] - The Hang Seng Index climbed by 1.01%, and the Hang Seng Tech Index surged by 2.30% [4]

校对：陶谦 百万用户都在看 关税，突传重磅！日本、韩国、欧盟，发声！ 大转向！外资，爆买！ 突然！特朗普，发出威胁！马斯克，紧急行动！ 重磅！中美经贸磋商机制首次会议，将举行！ 全面暂停！特朗普签了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 来源： 国家统计局网站 责编：罗晓霞 2025年5月份，全国居民消费价格同比下降0.1%。其中，城市持平，农村下降0.4%；食品价格下降 0.4%，非食品价格持平；消费品价格下降0.5%，服务价格上涨0.5%。1—5月平均，全国居民消费价格 比上年同期下降0.1%。 5月份，全国居民消费价格环比下降0.2%。其中，城市下降0.2%，农村下降0.2%；食品价格下降 0.2%，非食品价格下降0.2%；消费品价格下降0.3%，服务价格持平。 ...

智通财经6月9日电，国家统计局数据，5月份，全国居民消费价格同比下降0.1%。其中，城市持平，农 村下降0.4%；食品价格下降0.4%，非食品价格持平；消费品价格下降0.5%，服务价格上涨0.5%。1—5月 平均，全国居民消费价格比上年同期下降0.1%。5月份，全国居民消费价格环比下降0.2%。 国家统计局：5月全国居民消费价格同比下降0.1% ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given report. 2. Core Viewpoints - Markit data shows that the May Caixin Manufacturing PMI fell to 48.3, indicating weak manufacturing demand, while the PMI rose slightly to 51.1, with new orders increasing and the employment index reaching a six - month high, but corporate profits are still affected by cost pressures [78]. - On the supply side, blast furnace hot metal production declined, and the weakening demand impacted steel mill profits. The supply of five major steel products decreased by 0.1% week - on - week, and the weekly output of rebar decreased by 70,000 tons [78]. - In terms of demand, the weekly apparent consumption of five major steel products decreased by 3.5% week - on - week, with building materials consumption down 5.9% and plate consumption down 2.0%. The inventory depletion speed has slowed down, and there may be inventory accumulation pressure in the future [78]. - Due to market information disturbances in the raw material market and the profit - taking of short - position funds, the coal - coke futures prices rebounded significantly, driving up the center of gravity of finished product prices. Short - term operations are recommended [78]. 3. Summary by Relevant Catalogs 3.1 Part 1: Review of Rebar Futures Market 3.1.1 Recent Important Information Overview - Economic data: From January to April 2025, national real estate development investment decreased by 10.3% year - on - year, and related indicators such as construction area, new construction area, and completion area also declined. The sales area and sales volume of new commercial housing decreased, and the funds in place for real estate development enterprises decreased by 4.1% year - on - year [7]. - In April 2025, the total retail sales of consumer goods increased by 5.1% year - on - year, and from January to April, it increased by 4.7%. The national fixed - asset investment (excluding rural households) increased by 4.0% year - on - year, and infrastructure investment increased by 5.8% [7]. - In April 2025, the national consumer price index decreased by 0.1% year - on - year, and the producer price index decreased by 2.7% year - on - year [7]. - The China - US Geneva Economic and Trade Talks reached a substantial agreement, with both sides reducing tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs. Both sides suspended the implementation of 24% of the "reciprocal tariffs" [8]. 3.1.2 Rebar Main Contract Trend The SHIBOR rate decreased from 1.7450 on April 29, 2025, to 1.6200 on June 5, 2025, with a bullish outlook [20]. 3.2 Part 2: Futures Market Environment: Macro, Comparison, and Basis 3.2.1 Macro - Money Quantity The SHIBOR rate decreased month - on - month, indicating a bullish trend [20]. 3.2.2 Macro - Money Price No specific content provided. 3.2.3 Comparison - Domestic and Foreign No specific content provided. 3.2.4 Comparison - Other Commodities in the Industry Chain - The prices of rebar, hot - rolled coils, PB powder, metallurgical coke, and main coking coal in Shanghai and Qingdao were 3,120 yuan/ton, 3,210 yuan/ton, 734 yuan/ton, 1,340 yuan/ton, and 1,270 yuan/ton respectively. Their one - week, one - month, and one - year price changes varied [28]. 3.2.5 Rebar Main Contract Basis The basis (spot - futures) of rebar on June 5, 2025, was 131 yuan/ton, showing certain fluctuations in the recent period [31]. 3.3 Part 3: Overview of Rebar Spot Supply and Demand 3.3.1 Steel Mill Raw Material Inventory No specific content provided. 3.3.2 Blast Furnace Profits (for Various Steel Products) No specific content provided. 3.3.3 Blast Furnace Profits (Futures - Spot) No specific content provided. 3.3.4 Blast Furnace Operation The blast furnace operating rate of 247 steel enterprises in China was 83.56% on June 6, 2025, slightly lower than 83.87% on May 30, 2025 [43]. 3.3.5 Electric Furnace Profits No specific content provided. 3.3.6 Electric Furnace Operation No specific content provided. 3.3.7 Daily Average Hot Metal Output No specific content provided. 3.3.8 Weekly Steel Output The total output of steel (including rebar, hot - rolled coils, wire rods, and medium - thick plates) on June 6, 2025, was 7.9162 million tons, with a year - on - year decrease of 0.024485822 and a week - on - week decrease of 0.001551365 [53]. 3.3.9 Weekly Rebar Output The weekly output of rebar on June 6, 2025, was 218,460 tons, with a week - on - week decrease of 70,000 tons [78]. 3.3.10 Steel Mill Steel Inventory The steel mill steel inventory on June 6, 2025, was 5.1777 million tons, with a year - on - year decrease of 0.10339752 and a week - on - week increase of 0.009376949 [60]. 3.3.11 Steel Social Inventory No specific content provided. 3.3.13 Rebar Social Inventory No specific content provided. 3.3.14 Building Materials Transactions No specific content provided. 3.3.15 Consumption Indicator - Cement Price No specific content provided. 3.3.16 Downstream High - Frequency Data - Land Transaction Area No specific content provided. 3.3.17 Downstream High - Frequency Data - Real Estate Transactions No specific content provided. 3.4 Part 4: Future Outlook - The manufacturing demand is weak, and the supply of steel products has decreased slightly. The demand for steel products has declined, and the inventory depletion speed has slowed down. - Due to the rebound of coal - coke futures prices, the center of gravity of finished product prices has moved up. Short - term operations are recommended.

八大类商品及服务价格同比涨跌互现。4月份，所调查的八大类商品及服务项目价格同比呈"五涨一平两 降"态势。受黄金价格持续上涨影响，其他用品及服务类价格涨势突出，上涨7%；受成本拉动和需求增 长影响，衣着类价格上涨2.9%；教育服务价格上涨拉动下，教育文化娱乐类价格上涨1%；生活用品及 服务类、居住类价格分别上涨0.9%、0.3%；医疗保健类价格持平；食品烟酒类价格下降0.7%；受汽柴 油价格大幅下降影响，交通通信类价格下降3.9%。 八大类商品及服务价格环比以涨为主。八大类商品及服务项目价格环比亦呈"五涨一平两降"态势，涨势 更为明显。在上涨的大类中，涨幅最高的是其他用品及服务类价格，上涨2%。其他依次为：衣着类价 格上涨0.9%、教育文化娱乐类价格上涨0.3%、食品烟酒类价格上涨0.2%、生活用品及服务类价格上涨 0.1%。居住类价格与上月持平。医疗保健类价格下降0.1%、交通通信类价格下降0.3%。(记者杜清玉) 近日，记者从国家统计局黑龙江调查总队获悉，2025年4月份，黑龙江省消费市场运行总体平稳，消费 需求进一步恢复，居民消费价格总水平同比由上月下降0.4%转为持平，环比由上月下降0.8%转为上涨 0 ...

Core Viewpoint - In the first four months of 2025, China's total goods trade value increased by 2.4% year-on-year, with exports growing by 7.5% and imports declining by 4.2% [6][8]. Trade Performance - The total value of goods trade in April 2025 reached 3.84 trillion yuan, marking a 5.6% increase. Exports were 2.27 trillion yuan, up 9.3%, while imports were 1.57 trillion yuan, up 0.8% [7]. - In the first four months, general trade and processing trade saw growth, with general trade imports and exports totaling 9.05 trillion yuan, a 0.6% increase, and processing trade totaling 2.54 trillion yuan, a 6.6% increase [8]. Trade Partners - ASEAN emerged as China's largest trading partner, with a total trade value of 2.38 trillion yuan, up 9.2%. The EU followed as the second-largest partner with 1.78 trillion yuan, a 1.1% increase, while trade with the US decreased by 2.1% to 1.44 trillion yuan [9][10]. Enterprise Contributions - Private enterprises contributed significantly to trade, with a total of 8.05 trillion yuan, a 6.8% increase, accounting for 56.9% of total trade. Foreign-invested enterprises contributed 4.1 trillion yuan, a 1.9% increase, while state-owned enterprises saw a decline of 11.3% to 1.96 trillion yuan [11]. Export Composition - Mechanical and electrical products accounted for over 60% of exports, totaling 5.04 trillion yuan, a 9.5% increase. Key growth areas included integrated circuits and automobiles [12]. Import Trends - Major commodity import prices fell, with iron ore down 17.8% and crude oil down 8%. However, imports of mechanical and electrical products increased by 5.7% to 2.23 trillion yuan [13]. Price Trends - In April 2025, the industrial producer price index fell by 2.7% year-on-year, with production material prices down 3.1%. The consumer price index saw a slight decline of 0.1% year-on-year, with food prices down 0.2% [16][20].

据北京市统计局网站消息，2023年4月份，北京居民消费价格环比下降0.1%。其中，食品价格下降 2.0%，非食品价格上涨0.2%；消费品价格下降0.5%，服务价格上涨0.3%。4月份，北京居民消费价格同 比上涨0.3%。其中，食品价格下降0.5%，非食品价格上涨0.4%；消费品价格下降0.4%，服务价格上涨 1.0%。 ...

金十数据5月10日讯，2025年4月份，全国居民消费价格同比下降0.1%。其中，城市持平，农村下降 0.3%；食品价格下降0.2%，非食品价格持平；消费品价格下降0.3%，服务价格上涨0.3%。1—4月平 均，全国居民消费价格比上年同期下降0.1%。 国家统计局：2025年4月份居民消费价格同比下降0.1% ...