Core Viewpoint - The Thai Finance Minister stated that the economy is expected to perform well if a trade agreement can be reached with the United States [1] Group 1 - The potential trade agreement with the United States is seen as a significant factor for improving Thailand's economic performance [1]

Fixed Income Research - The issuance scale of credit bonds has increased to a historical high, with most yields continuing to rise [2] - The net financing amount of credit bonds has increased, with medium-term notes and short-term financing bonds seeing positive net financing [2] - The overall market sentiment remains cautious, with a focus on the impact of growth policies on the bond market [2] Fund Research - The performance of the SME board index has been outstanding, while there has been significant outflow from broad-based indices [4] - The public fund market is facing pressure due to fee reforms and increased market volatility, leading to a noticeable trend of industry differentiation [5] - Equity funds have performed well, with mixed-asset funds showing positive returns, while bond funds have had average performance [5] Industry Research - The real estate market is stabilizing due to supportive policies, with improved transaction conditions and a positive outlook for housing demand [3] - The pet food market is experiencing a trend towards premiumization, with significant growth expected in the domestic pet market [9] - The home furnishing sector is showing signs of improvement, although some companies are still facing challenges [10] Company Research - The company reported a revenue of 1.592 billion yuan in 2024, with a net profit increase of 48.50%, but faced a decline in Q1 2025 revenue [12] - The outdoor and chip businesses have shown growth, with the chip business achieving a revenue increase of 66.56% in 2024 [15] - The company is focusing on enhancing its core brands and optimizing supply chain management to improve profitability [13][14]

Market Overview - The U.S. stock indices closed higher, with the Dow Jones up 0.75% at 40,527.62 points, the S&P 500 up 0.58% at 5,560.83 points, and the Nasdaq up 0.55% at 17,461.32 points [2] - International oil prices fell significantly, with Brent crude down 2.51% to $64.21 per barrel and WTI crude down 2.63% to $60.42 per barrel, marking the lowest closing prices in two weeks [11][10] Trade Negotiations and Economic Outlook - Market attention is focused on trade negotiations, with U.S. Treasury Secretary Becerra stating that no trade agreement will be reached before Trump's announcement [4] - Goldman Sachs has downgraded the U.S. Q1 GDP growth forecast to -0.8%, citing strong import growth and accelerated inventory accumulation [4] - A recent poll indicated that 59% of Americans believe the Trump administration has worsened the economic situation [8] Technology Sector Developments - Meta has launched a standalone AI application aimed at competing with ChatGPT, utilizing its Llama AI model and featuring a Discover feed for user interactions [7] - Major tech stocks saw mixed performance, with Tesla rising over 2% and Facebook increasing by 0.85% [5]

Industry Information - Reported industry: Soybean meal [1] - Report date: April 30, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - Not provided Core Viewpoints - The CBOT soybean has strong support at the bottom due to ongoing trade negotiations between various countries and the US, with many countries expected to purchase US agricultural products. The planting area of new-season US soybeans has decreased significantly, and weather conditions will have a greater impact on the market in the future. [6] - In the domestic soybean meal market, the spot and futures markets deviated last week. The shortage and price increase in North and Northeast China spread across the country, but the spot market has cooled down recently. The high basis indicates that the market expects the future spot shortage to ease significantly. After May, a large amount of soybeans will arrive at ports and clear customs, which is reflected in the supply increase on the futures market. [6] - Contracts 09, 11, and 01 have relatively more potential positive factors, including the increase in import costs after the Brazilian selling pressure eases, the US weather window, and tariff issues. However, investors may need to endure the greatest supply pressure in the second quarter. [6] Section Summaries 1. Market Review and Operation Suggestions - **Market review**: The prices of soybean meal contracts 2505, 2507, and 2509 all declined. The trading volume of contract 2509 was the largest, and its position decreased. The US soybean 05 contract on the external market fluctuated, with the main contract at 1055 cents. After the Tomb-Sweeping Festival, US soybeans rebounded and then entered a narrow range. [6] - **Operation suggestions**: Contracts 09 and subsequent ones have relatively more potential positive factors, but investors need to withstand the supply pressure in the second quarter. [6] 2. Industry News - As of the week ending April 27, 2025, the US soybean planting rate was 18%, higher than the market expectation of 17%, and higher than the previous week's 8%, last year's 17%, and the five-year average of 12%. [7] 3. Data Overview - As of April 26, the harvesting rate of Brazilian soybeans in the 2024/25 season was 94.8%, higher than last week's 92.5%, last year's 90.5%, and the five-year average of 93.5%. [18] - In the first four weeks of April, Brazil exported 12,954,887.78 tons of soybeans, with an average daily export volume of 762,052.22 tons, a 14% increase compared to the average daily export volume in April last year. The total export volume in April last year was 14,687,842.09 tons. [18]

韩国政府在一份联合声明中表示，韩国的立场保持不变，将继续"有条不紊"地根据程序与美国进行贸易 谈判。政府称，韩国和美国在此前的会议中达成共识，将准备"7月方案"；称没有传达或讨论韩国希望 在6月3日总统大选之前完成贸易协议框架的信息。韩国政府已向美国解释在未来的谈判中需要考虑国内 政治局势以及与国会的沟通。(新浪财经) ...

美国总统特朗普：如果贸易谈判延长，它只会让价格变得确定。 ...

金十数据4月30日讯，三位知情人士表示，特朗普政府正在努力改变拜登时代的一项规定，该规定限制 全球各国获得人工智能芯片，潜在改变包括取消将全球不同的国家划分为几个等级，以帮助确定一个国 家可以获得多少先进半导体。消息人士称，这些计划仍在讨论中，并警告称这可能会改变。但如果实 施，这可能会为在贸易谈判中将美国芯片作为更强大的谈判工具打开大门。此前的规定于今年1月发 布，旨在划分尖端人工智能芯片的使用权，并控制某些模型的权重，以使最先进的计算能力留在美国及 其盟国。目前，该规则将全球划分为三个等级。消息人士称，特朗普政府官员正在考虑放弃该规则中的 分层准入方式，代之以政府间协议的全球许可制度。 特朗普拟将AI芯片作为贸易谈判的新筹码 ...

当地时间4月29日，加拿大总理卡尼表示，加拿大值得美国尊重，并且只会"按照我们的条件"与美国总 统特朗普进行贸易和安全谈判。卡尼表示，只有在需要进行"严肃讨论"并尊重加拿大主权的情况下，他 才会访问华盛顿。(央视新闻) ...

Core Viewpoint - The decline in consumer and business confidence in the Eurozone is not surprising given the uncertainty surrounding trade conditions [1] Group 1 - The Eurozone consumer confidence has decreased again, reflecting ongoing concerns about trade negotiations and the overall trade environment [1]