Economic Overview - In April 2025, Guangdong's economy showed overall stability despite increased external shocks, supported by effective macro policies [2] - The industrial production maintained steady growth with a 3.4% year-on-year increase in the first four months [2] Industrial Performance - The industrial added value for large-scale enterprises grew by 3.4% year-on-year from January to April, with manufacturing up by 4.1% [2] - Key sectors such as computer, communication, and electronic equipment manufacturing saw a 7.1% increase, while automotive manufacturing grew by 7.8% [2] - New energy vehicles, industrial robots, and civilian drones experienced significant production increases of 22.9%, 36.4%, and 48.6% respectively [2] Service Sector - The large-scale service industry reported a revenue of 1.39 trillion yuan in Q1, marking a 7.6% year-on-year growth [2] - The transportation, storage, and postal services sectors grew by 9.8%, contributing significantly to the service industry's revenue growth [2] Transportation Market - In April, freight volume and turnover increased by 2.8% and 4.4% year-on-year, with railway freight volume rising by 16.4% [3] - Passenger transport also saw growth, with civil aviation passenger volume increasing by 9.9% [3] Retail and Consumption - The total retail sales of consumer goods in Guangdong increased by 3.0% year-on-year in the first four months, with urban consumption growing by 3.4% [4] - The "old-for-new" consumption policy showed positive effects, with significant growth in categories like home appliances and communication equipment [4] Investment Trends - Fixed asset investment in Guangdong decreased by 8.4% in the first four months, but infrastructure investment rose by 4.5% [5] - Investment in the automotive manufacturing sector increased by 20.8%, indicating a strong focus on industrial technology upgrades [5] Price Stability - The Consumer Price Index (CPI) in April showed a year-on-year decrease of 0.4%, with food and non-food prices both declining [6] - The Producer Price Index (PPI) also fell by 1.4% year-on-year in April, reflecting broader price stability in the industrial sector [6]

Core Viewpoint - The Ministry of Commerce reports significant growth in inbound tourism and consumer spending in April 2025, indicating a positive trend in China's consumption market [1] Group 1: Consumer Market Performance - In April, the total retail sales of consumer goods reached 3.72 trillion yuan, reflecting a year-on-year increase of 5.1% [1] - From January to April, the total retail sales of consumer goods amounted to 16.18 trillion yuan, with a year-on-year growth of 4.7% [1] Group 2: Key Trends in Consumption - There is an acceleration in the growth rate of goods consumption, with strong sales in automobiles, home appliances, and mobile phones [1] - Service consumption continues to expand, with sustained interest in cultural, entertainment, and tourism activities [1] - New consumption trends are emerging, with rapid growth in sales of green, smart, and health-related products [1] - Online consumption is steadily increasing, while physical retail is showing signs of recovery [1]

1. Report Industry Investment Rating - The investment rating for the steel products in the black building materials sector is "Oscillating Weakly" [1] 2. Core View of the Report - The market logic has returned to the industry and expectations. With current weak expectations, the futures market is expected to continue oscillating weakly. It is advisable to wait for the direction to become clearer [1] 3. Summary by Relevant Catalog Market Quotes - On Thursday, the main contract of rebar 2510 closed at 3061, down 0.03%. The main contract of hot - rolled coil closed at 3210, up 0.09%. The main contract of stainless steel closed at 12830, up 0.04%. During the night session, rebar closed flat, hot - rolled coil declined slightly, and stainless steel rose slightly [1] Important Information - On the 21st, eight departments including the Financial Regulatory Administration jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing 23 work measures in 8 aspects to improve the financing situation of small and micro enterprises and individual industrial and commercial households [1] - Shanghai's special action plan to boost consumption aims to expand the implementation of consumer goods trade - in programs [1] - This week, the supply of five major steel products was 8724400 tons, a week - on - week increase of 40900 tons or 0.5%. The total inventory was 13985400 tons, a week - on - week decrease of 321200 tons or 2.2%. The weekly consumption was 9045600 tons, a week - on - week decrease of 1.0% [1] - According to the World Steel Association, global crude steel production in April 2025 decreased by 0.3% year - on - year to 155.7 million tons [1] Market Logic - On Thursday, the spot prices of rebar and hot - rolled coil continued to fall with poor trading volume. Steel mills such as Shagang and Zhongtian set the ex - factory prices for the second half of May mainly with a price - holding attitude. Most stainless steel spot prices remained flat, and a few declined. This week, rebar production and factory inventory increased, while social inventory and apparent demand decreased. Electric - arc furnace steel has fallen into losses again, and production cuts may occur [1] Trading Strategy - Wait for the direction to become clearer [1] Support and Pressure Levels - The pressure level for the main rebar contract is 3164, and the support level is 3000. The pressure level for hot - rolled coil is 3282, and the support level is 3100. The pressure level for stainless steel is 12900, and the support level is 13130 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices generally closed lower with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 4,400 stocks fell. Currently, the domestic economic fundamentals are slightly weak, which has a negative impact on market sentiment. Although domestic macro - support policies have been introduced, it is necessary to wait for the policy effects. In the short term, the market is expected to remain volatile, and it is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The latest price of the IF main contract (2506) is 3879.6, down 2.0; the IH main contract (2506) is 2715.4, up 2.6; the IC main contract (2506) is 5614.8, down 39.6; the IM main contract (2506) is 5950.0, down 48.6 [2]. - **Futures Spreads**: The IF - IH current - month contract spread is 1164.2, down 4.4; the IC - IF current - month contract spread is 1735.2, down 39.2; the IM - IC current - month contract spread is 335.2, down 9.8 [2]. - **Futures Term Spreads**: IF current - quarter minus current - month is - 72.0, up 0.2; IH current - quarter minus current - month is - 38.2, down 1.8; IC current - quarter minus current - month is - 188.6, up 6.2; IM current - quarter minus current - month is - 241.8, up 0.8 [2]. - **Futures Net Positions**: The net position of the top 20 in IF is - 30,286.00, up 141.0; the net position of the top 20 in IH is - 10,988.00, down 889.0; the net position of the top 20 in IC is - 14,118.00, up 274.0; the net position of the top 20 in IM is - 35,623.00, down 45.0 [2]. - **Futures Basis**: The basis of the IF main contract is - 34.3, up 0.9; the basis of the IH main contract is - 18.2, down 2.4; the basis of the IC main contract is - 88.5, up 13.8; the basis of the IM main contract is - 116.1, up 15.5 [2]. 3.2 Market Sentiment - The A - share trading volume is 11,397.05 billion yuan, down 746.67 billion yuan; the margin trading balance is 18,111.84 billion yuan, down 16.56 billion yuan; the north - bound trading volume is 1287.83 billion yuan, down 8.46 billion yuan [2]. - The proportion of rising stocks is 16.30%, down 13.55 percentage points; the Shibor is 1.465%, down 0.044 percentage points; the closing price of the IO at - the - money call option (2506) is 51.40, down 0.60; the implied volatility of the IO at - the - money call option is 13.67%, up 0.52 percentage points [2]. 3.3 Industry News - Eight departments including the National Administration of Financial Regulation jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing to increase the issuance of first - time loans, credit loans, medium - and long - term loans, corporate - type loans, and private - type loans. Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, meeting housing consumption needs, and increasing bond products for individual investors [2]. 3.4 Key Data to Watch - May 22, 21:45, US May SPGI Manufacturing PMI preliminary value; May 23, 7:01, Japan's April core CPI annual rate; May 23, 14:00, UK's April seasonally - adjusted retail sales monthly rate; May 23, 22:00, US April new home sales annualized total (in ten thousand households); May 26, 21:00, ECB President Lagarde's speech [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The alumina fundamentals may be in a stage of slightly converging supply and stable demand, and it is recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. - The electrolytic aluminum fundamentals may be in a situation of stable supply and slightly increasing demand, with the industry inventory steadily decreasing. It is also recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. Summary by Related Catalogs Futures Market - The closing price of the main Shanghai aluminum futures contract was 20,210 yuan/ton, up 20 yuan; the closing price of the main alumina futures contract was 3,216 yuan/ton, down 30 yuan [2]. - The spread between this month and next month's contracts for Shanghai aluminum was 55 yuan/ton, up 5 yuan; for alumina, it was - 9 yuan/ton, up 2 yuan [2]. - The position volume of the main Shanghai aluminum contract was 203,373 lots, up 3,149 lots; for alumina, it was 373,044 lots, up 16,037 lots [2]. - LME aluminum cancelled warrants were 66,175 tons, down 2,025 tons; the total alumina inventory was 251,154 tons, down 19,011 tons [2]. - The three - month LME electrolytic aluminum quotation was 2,475.50 US dollars/ton, down 5.50 US dollars; LME aluminum inventory was 388,900 tons, down 2,025 tons [2]. - The net position of the top 20 in Shanghai aluminum was - 9,333 lots, down 8,189 lots; the Shanghai - London ratio was 8.16, up 0.03 [2]. - Shanghai aluminum warrants in the SHFE were 58,422 tons, down 1,099 tons; Shanghai aluminum inventory in the SHFE was 156,080 tons, down 13,585 tons [2]. Spot Market - The price of A00 aluminum from Shanghai Nonferrous Metals Network was 20,360 yuan/ton, up 50 yuan; the spot price of alumina from Shanghai Nonferrous Metals was 3,100 yuan/ton, up 50 yuan [2]. - The aluminum premium/discount of Shanghai Material Trade was 80 yuan/ton, up 10 yuan; the price of AOO aluminum in the Yangtze River Nonferrous Metals Market was 20,330 yuan/ton, up 60 yuan [2]. - The LME aluminum premium/discount was 20,330 US dollars/ton, up 60 US dollars; the basis of electrolytic aluminum was 150 yuan/ton, up 30 yuan [2]. - The basis of alumina was - 116 yuan/ton, up 80 yuan [2]. Upstream Situation - The pre - baked anode price in the northwest region was 5,540 yuan/ton, unchanged; the national alumina operating rate was 78.87%, down 4.73% [2]. - The alumina output was 732.30 tons, down 15.22 tons; the alumina capacity utilization rate was 81.54%, down 6.74% [2]. - The demand for alumina (electrolytic aluminum part) was 693.70 tons, down 30.02 tons; the alumina supply - demand balance was - 9.93 tons, down 13.48 tons [2]. - The alumina export volume was 26.00 tons, down 4.00 tons; the alumina import volume was 1.07 tons, down 0.05 tons [2]. - The WBMS aluminum supply - demand balance was 29.51 tons, up 33.55 tons; the electrolytic aluminum social inventory was 55.50 tons, up 0.90 tons [2]. Industry Situation - The primary aluminum import volume was 250,476.81 tons, up 28,656.52 tons; the total electrolytic aluminum production capacity was 4,518.20 tons, up 1.00 tons [2]. - The primary aluminum export volume was 13,672.79 tons, up 4,972.94 tons; the electrolytic aluminum operating rate was 97.60%, up 0.10% [2]. - The aluminum product output was 576.40 tons, down 21.77 tons; the export volume of unwrought aluminum and aluminum products was 52.00 tons, up 1.00 tons [2]. Downstream and Application - The aluminum alloy output was 152.80 tons, down 12.70 tons; the aluminum alloy export volume was 1.66 tons, down 0.16 tons [2]. - The automobile output was 260.40 million vehicles, down 44.06 million vehicles; the national real estate climate index was 93.86, down 0.09 [2]. Option Situation - The 20 - day historical volatility of Shanghai aluminum was 11.42%, down 0.35%; the 40 - day historical volatility was 15.18%, down 0.15% [2]. - The implied volatility of the main at - the - money IV was 9.49%, down 0.0021; the option call - put ratio was 0.83, up 0.0246 [2]. Industry News - In April, the second - hand housing market in core cities maintained a certain level of activity, but "trading at a lower price" was still the mainstream. The average price of second - hand houses in 100 cities was 13,892 yuan/square meter, with a month - on - month decline [2]. - Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, promoting automobile consumption, and implementing home appliance replacement subsidies [2]. - In the first quarter, the total sales volume of new energy vehicles globally reached 4.02 million, a year - on - year increase of 39%, accounting for 18.4% of the global automobile sales in the first quarter [2]. - Two Fed officials emphasized that the Fed could be patient and evaluate upcoming data before adjusting policies [2]. - The European Central Bank warned that after Trump introduced tariff policies, investors were moving away from traditional safe - haven assets such as the US dollar and US Treasury bonds [2]. - China supported 33 least - developed African countries to make full use of the zero - tariff policy for 100% of tariff items. From December 1 last year to March this year, China's imports from the least - developed African countries reached 21.42 billion US dollars, a year - on - year increase of 15.2% [2]. Alumina Viewpoint Summary - The main alumina futures contract showed an oscillating trend, with increasing position volume, spot discount, and weakening basis. The supply - side situation improved as some domestic smelters carried out maintenance and production reduction operations, and traders had a sentiment of holding prices. The demand was relatively stable as the domestic electrolytic aluminum production capacity was approaching the upper limit [2]. Electrolytic Aluminum Viewpoint Summary - The main Shanghai aluminum futures contract showed an oscillating trend, with increasing position volume, spot premium, and strengthening basis. The domestic electrolytic aluminum supply was relatively stable as the new production capacity increment was small and the operating capacity was approaching the ceiling. The demand showed a slight increase overall, with domestic downstream processing shifting from peak to off - peak season and some export - related demand improvement due to the easing of Sino - US tariff attitudes [2].

Core Viewpoint - The city of Zhengzhou has achieved significant industrial growth in the first quarter of the year, with a year-on-year increase of 8.8% in industrial added value and a remarkable 32.3% growth in industrial investment, driven by the "Ten Thousand People Help Ten Thousand Enterprises" initiative [1] Group 1: Mechanism Building - Zhengzhou has expanded its service support system to include over 1,800 additional enterprises, focusing on "specialized, refined, distinctive, and innovative" small and medium-sized enterprises, as well as key industrial projects [2] - The city has implemented a problem-oriented approach to assist enterprises in resolving issues related to financing, labor, and approvals, achieving a 100% resolution rate for 24 specific issues faced by key companies [2] Group 2: Policy Delivery - The city has actively promoted economic policies through both online and offline channels, covering areas such as tax support, labor guarantees, equipment upgrades, and export tax rebates, to enhance enterprise stability and efficiency [3] - A total of 28 training sessions have engaged over 1,500 entrepreneurs, focusing on advanced manufacturing, digital economy, cross-border e-commerce, and AI technology applications, effectively increasing policy utilization and market expansion [3] Group 3: Platform Development - Zhengzhou has facilitated 82 government-bank-enterprise matchmaking events, involving 861 enterprises and resulting in loan disbursements totaling 7.348 billion [4] - The city has established strategic partnerships between educational institutions and industries to align talent development with industrial needs, exemplified by a cooperation agreement between the Erqi District government and Zhengzhou University of Science and Technology [4] Group 4: Service Optimization - Zhengzhou has enhanced its consumer goods replacement policy, leading to a consumption increase of 1.45 billion, with significant sales in digital and home appliance products, accounting for 30.08% of the provincial market share [5][6] - The city has initiated the "Beautiful Henan Famous Products" cultivation program, with 18 enterprises receiving authorization as the first batch of "Beautiful Henan Famous Products" enterprises [6]

Core Viewpoint - The Shanghai Municipal Government has issued a special action plan to boost consumption, focusing on the implementation of a trade-in program for consumer goods, particularly in the automotive and electronics sectors [1] Group 1: Consumer Goods Trade-in Program - The plan emphasizes the expansion of the trade-in program for consumer goods, specifically targeting the automotive sector [1] - It includes the implementation of national vehicle scrapping and replacement subsidies, along with local subsidies for vehicle trade-ins [1] - The initiative also extends to household appliances, with the introduction of new subsidies for digital products such as smartphones, tablets, and smartwatches [1] Group 2: Support for Green Consumption - The action plan aims to enhance support for green home appliances and home decoration consumption [1] - It aligns with national policies to promote sustainable consumption practices [1]

Core Viewpoint - The "old-for-new" consumption subsidy program in Jiangsu province is a significant initiative aimed at boosting consumer spending, with over 12 million applications and a funding scale exceeding 13.3 billion yuan as of May 18 this year [1][2]. Group 1: Program Overview - The "old-for-new" program has seen 12 million participants, with a total funding of over 13.3 billion yuan [1]. - The program has expanded its subsidy categories in home renovation and kitchen and bathroom upgrades while maintaining existing subsidy standards [1]. - Since the program's launch in February, it has benefited 9,907 households, distributing approximately 200 million yuan in subsidies [1]. Group 2: Consumer Concerns - Consumers have raised issues regarding delays in receiving subsidies, with one case highlighting a woman who did not receive her car replacement subsidy despite approval due to a lack of notification about her application's rejection [1]. - The provincial authorities acknowledged the need for better communication and have committed to improving notification processes for consumers whose applications are not approved [1][2]. Group 3: Policy Adjustments - The subsidy process for car replacements has been streamlined to reduce waiting times, moving from a cumbersome multi-agency review to a more efficient direct payment system [2]. - The housing department clarified that not all merchants participate in the subsidy program, which can lead to confusion for consumers who may not be aware of the approved vendors [3]. Group 4: Future Improvements - Authorities have pledged to enhance policy communication and consumer education to ensure better understanding and smoother implementation of the "old-for-new" program [4].

Core Insights - The "old-for-new" consumption policy has significantly boosted consumer engagement and sales, with over 1.2 billion people benefiting from subsidies, leading to sales exceeding 720 billion yuan [1][4]. Group 1: Policy Implementation and Impact - The "old-for-new" policy has expanded to include digital products, offering subsidies of up to 500 yuan for eligible purchases, which has driven significant consumer participation [2][4]. - In the first quarter, the policy contributed to a 1.6 percentage point increase in retail sales growth, with notable increases in categories such as communication equipment and home appliances [4][8]. - The automotive sector has seen a rise in sales, with 9.8 million old vehicles reported for replacement in Liaoning, generating over 135 billion yuan in sales [3][4]. Group 2: Consumer Experience and Accessibility - The process for consumers to claim subsidies has been streamlined, allowing for a one-stop service that reduces the time required for transactions [5][6]. - The number of participating businesses has increased significantly, providing consumers with more options and enhancing the overall shopping experience [6][7]. Group 3: Financial Support and Collaboration - Financial institutions are innovating products to support the "old-for-new" policy, with banks offering various incentives for consumers [7][8]. - The government has allocated additional funds to support the initiative, with a total of 300 billion yuan in special bonds for 2025, doubling the previous year's funding [8][9]. Group 4: Regulatory Measures and Environmental Impact - Authorities are actively combating fraudulent practices related to subsidies, ensuring transparency and fairness in the program [9]. - The initiative promotes resource recycling and green development, with significant economic and social benefits from the proper disposal and recycling of electronic products [9][10].

Brain-Computer Interface (BCI) - The Beijing Tiantan Hospital has established a clinical and translational ward for brain-computer interface technology, marking the first clinical application of BCI in China. The ward will conduct clinical trials and promote the transformation of scientific research into practical applications [1] - BCI technology is recognized as a key core technology for human-machine interaction and is being developed in various fields including bionics, medical diagnosis, and consumer electronics. The Ministry of Industry and Information Technology has outlined plans to advance BCI technology and products [1] - McKinsey predicts that the global BCI industry could generate up to $200 billion in economic value over the next 10-20 years [1] IPv6 - The Chinese government has set goals for IPv6 deployment by the end of 2025, aiming for 850 million active users and 1.1 billion IoT IPv6 connections. The share of IPv6 traffic in fixed networks is expected to reach 27%, while mobile networks will exceed 70% [2] - The IPv6 market is expected to grow rapidly, driven by policies, technology, and demand, with significant investment opportunities across the industry chain [3] - By 2025, the global number of IPv6 device connections is projected to exceed 7.5 billion, with China's IPv6+ IoT market expected to surpass 250 billion yuan [3] Genetically Modified Organisms (GMO) - The Beijing Tongzhou International Seed Industry Science and Technology Park will hold a launch event for the "Jingbanxin 1.0" project, focusing on tomato breeding using solid-phase gene chip technology, which has been dominated by foreign companies [3] - The project aims to enhance China's self-sufficiency in seed technology and reduce reliance on foreign technology, addressing high research costs and technological constraints [4] - The gene chip market is in a growth phase, with China expected to become the second-largest market globally by 2030, supported by technological breakthroughs and favorable policies [4] Macro and Industry News - China dominates the global shipping industry, with eight of the top ten ports for cargo and six for container throughput located in the country [5] - Government bond issuance is accelerating, with a 17.7% year-on-year increase in national government fund budget expenditures from January to April [6] - A new high-proportion renewable energy grid control system has been developed in China, addressing the challenge of integrating large-scale renewable energy into the grid [7] - The National Development and Reform Commission plans to enhance policies for consumer goods replacement and large-scale equipment updates, with a focus on fixed asset investment projects in energy and high-tech sectors [7]