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]