1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - In the second week of May, the substantial progress in China-US economic and trade negotiations significantly boosted macro confidence. Under the positive influence, the container shipping prices on North American routes soared, and the speculative trading volume of domestic industrial products increased, driving price recovery. Attention should be paid to the implementation and effects of domestic policies [3][36]. - In terms of inflation, the decline in food prices continued to narrow. In terms of exports, the easing of China-US economic and trade negotiations was beneficial, the transportation demand on North American routes recovered significantly, and the freight rates of most routes increased, driving the SCFI index higher. In the industrial sector, the growth rates of the operating rates of asphalt and tires expanded this week, while the operating rates of upstream chemical products continued to decline. The easing of China-US economic and trade negotiations boosted macro confidence, driving the prices of most mid - stream investment products to strengthen, and the CRB spot index stopped falling and rebounded [3][36]. - In terms of investment, continuous precipitation in the South affected the release of infrastructure demand, and the price of cement continued to fall. The trading volume of rebar increased, but part of it was due to the speculative demand brought about by the improvement of macro confidence. The improvement of terminal demand was still limited, and the sustainability of the increase in steel prices needed to be observed. In the real estate sector, after the holiday, the housing purchase demand was relatively released, and the transactions of new and second - hand houses increased seasonally month - on - month. New houses were still weaker than the same period; the transaction volume of second - hand houses returned to slightly lower than the level of the same period in 2024, and the month - on - month rebound slope was higher than the seasonal level, indicating that the trading volume remained resilient [3][36]. - For the bond market, under the easing of China-US economic and trade negotiations, it may promote the resurgence of short - term "rush to export" and the improvement of macro readings from May to June. However, from the high - frequency data, the progress of the restoration of the endogenous driving force of the domestic economy still needs to be verified, and the short - term fundamentals are still in the policy observation period [3][39]. 3. Summary According to Relevant Catalogs 3.1 Inflation - related - The decline in food prices continued to narrow. The average wholesale price of pork in the country remained flat week - on - week. The prices of vegetables decreased by 2.0% week - on - week, with the decline narrowing. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.8% and 0.9% respectively week - on - week, with the decline continuing to narrow compared with the previous week [8]. 3.2 Import and Export - related - Affected by the easing of China-US economic and trade negotiations, the transportation demand on North American routes recovered significantly, and the freight rates of most routes increased, driving the SCFI higher. This week, the CCFI index decreased by 0.1% week - on - week, and the SCFI increased by about 10% week - on - week. The BDI continued to decline, with the BDI index decreasing by 3.0% week - on - week on average, and the CDFI index decreasing by 2.2% week - on - week [11]. 3.3 Industry - related - The decline in the price of thermal coal widened. The price of thermal coal (Q5500) at Qinhuangdao Port decreased by 3.1% week - on - week [17]. - The price of rebar increased. The spot price of rebar (HRB400 20mm) increased by 0.4% week - on - week. The improvement of the steel market fundamentals supported the rebound of steel prices, but the driving force for the steel price to continue to rise was limited [17]. - The increase in copper prices narrowed, and the supply - demand fundamentals were weak. The average prices of Yangtze River Non - ferrous copper and LME copper increased by 0.3% and 1.2% respectively week - on - week, with the increase narrowing compared with the previous week [21]. - The procurement demand for glass weakened, and the spot price decreased. There was still room for the short - term spot price of glass to decline [21]. 3.4 Investment - related - The price of cement continued to fall. The weekly average of the cement price index decreased by 1.5% week - on - week, falling for six consecutive weeks [23]. - After the holiday, the transaction volume of new houses in 30 cities increased month - on - month but was still weaker year - on - year. From May 9th to May 15th, the transaction area of new houses in 30 cities was 1.909 million square meters, an increase of 69% month - on - month and a decrease of 10% year - on - year [24]. - The transaction volume of second - hand houses rebounded seasonally, and the slope was higher than that of the same period from 2023 to 2024. From May 9th to May 15th, the transaction area of second - hand houses in 17 cities was 2.138 million square meters, an increase of 78% month - on - month and a decrease of 0.5% year - on - year, about 10% higher than the same period in 2023 [26]. 3.5 Consumption - related - From May 1st to 11th, the retail sales of passenger cars increased by 12% year - on - year. The growth rate in the early part of May was lower than that of the whole month of April, and the growth was due to the boost of the May Day holiday [32]. - The price of crude oil continued to rise. By Friday, the prices of Brent crude oil and WTI crude oil both increased by about 2.4% compared with last Friday, supported by factors such as the progress of China-US tariff negotiations, US sanctions on Iran, and the lower - than - expected production increase of OPEC+ in April [32].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The iron ore market is expected to be broadly volatile, boosted by macro - expectations [2][4]. - The trends of rebar and hot - rolled coil are generally rising, driven by macro sentiment [2][6]. - The ferrosilicon and silicomanganese markets are in wide - range fluctuations due to steel tender inquiries and price tests [2][10]. - The coke market is in wide - range fluctuations with the initiation of the first round of price cuts, and the coking coal market is also in wide - range fluctuations [2][13]. - The thermal coal market is expected to be weakly volatile due to the increase in coal mine inventory [2][17]. - The log market is expected to fluctuate repeatedly, boosted by macro expectations [2][20]. Summary by Related Catalogs Iron Ore - **Fundamentals**: The previous day's futures closing price was 737.0 yuan/ton, up 22.5 yuan/ton or 3.15%. The previous day's positions increased by 30,334 hands. Among spot prices, the price of Karara fines (65%) rose 16.0 yuan/ton, and the price of PB fines (61.5%) rose 13.0 yuan/ton. Some basis and spread values changed slightly [4]. - **Macro and Industry News**: As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, a year - on - year increase of 8% [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: For rebar RB2510, the previous day's closing price was 3,127 yuan/ton, up 38 yuan/ton or 1.23%, and positions decreased by 39,651 hands. For hot - rolled coil HC2510, the previous day's closing price was 3,267 yuan/ton, up 41 yuan/ton or 1.27%, and positions decreased by 2,694 hands. Spot prices in various regions generally increased [6]. - **Macro and Industry News**: From January to April, new RMB loans were 10.06 trillion yuan. The increase in social financing scale from January to April was 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year. In April, the money supply M2 increased by 8% year - on - year, higher than market expectations [6][8]. - **Trend Intensity**: 1 for both rebar and hot - rolled coil, indicating a relatively strong trend [8]. Ferrosilicon and Silicomanganese - **Fundamentals**: For ferrosilicon 2507, the closing price was 5678 yuan/ton, up 66 yuan. For silicomanganese 2509, the closing price was 5864 yuan/ton, up 54 yuan. Spot prices of some products changed, and some basis and spread values also changed [10]. - **Macro and Industry News**: On May 14, the prices of ferrosilicon and silicomanganese in different regions and specifications changed. The procurement volume and price of a large steel group in Hebei for silicomanganese in May changed compared with April [10][12]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [12]. Coke and Coking Coal - **Fundamentals**: For coking coal JM2509, the previous day's closing price was 894.5 yuan/ton, up 24 yuan or 2.76%. For coke J2509, the previous day's closing price was 1482 yuan/ton, up 35 yuan or 2.42%. Spot prices of some coking coal and coke products changed slightly, and basis and spread values also changed [13]. - **Price and Position Information**: The prices of coking coal in northern ports were reported. The positions of coking coal JM2509 and coke J2509 contracts of the top 20 members of the DCE decreased on May 14 [13][14][15]. - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [16]. Thermal Coal - **Previous Day's Domestic Market**: The ZC2506 contract had no trading the previous day, with an opening price of 931.6000 yuan/ton, a high of 931.6000 yuan/ton, a low of 840.0000 yuan/ton, and a closing price of 840.0000 yuan/ton, down 51.4 yuan/ton from the previous settlement price [17]. - **Fundamentals**: The prices of thermal coal in southern ports and domestic production areas were reported. The positions of the top 20 members of the ZCE for the ZC2506 contract did not change on May 14 [18]. - **Trend Intensity**: 0, indicating a neutral trend [19]. Log - **Fundamentals**: The prices, trading volumes, and positions of log's 2507, 2509, and 2511 contracts changed. Spot prices of various log products in Shandong and Jiangsu markets remained mostly stable [21]. - **Macro and Industry News**: According to the joint statement of the China - US Geneva economic and trade talks, both sides promised to take a series of measures before May 14, 2025, including modifying and canceling tariffs on each other's goods and suspending or canceling non - tariff counter - measures [23]. - **Trend Intensity**: 0, indicating a neutral trend [23].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report suggests that iron ore prices will experience wide - range fluctuations due to the boost of macro - expectations [1]. 3. Summary by Directory 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures was 737.0 yuan/ton, with a rise of 22.5 yuan/ton and a growth rate of 3.15%. The previous day's position was 744,359 hands, with an increase of 30,334 hands [1]. - **Spot Price**: Imported ore prices such as Carajas fines (65%), PB fines (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased, while domestic ore prices of Langna (66%) and Laiwu (65%) remained unchanged [1]. - **Basis and Spread**: The basis of 12505 against Super Special changed by 0.1 yuan/ton, and the basis of 12505 against Jinbuba decreased by 1.4 yuan/ton. Various spreads such as 12509 - 12601, 12505 - 12509, Carajas fines - PB fines, PB fines - Jinbuba, and PB fines - Super Special also had corresponding changes [1]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, with a year - on - year increase of 8% according to central bank data [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral stance. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Steel - Spot prices continued to decline, and the market was weak. Supply showed high blast - furnace production and continuous reduction in electric - furnace output. Inventories of building materials and plates were both accumulating. Demand for building materials had a slower growth rate, and plate demand was weak domestically but strong externally. Profits of blast - furnaces expanded, while losses of electric - furnaces increased. The basis widened slightly. Overall, the supply - demand structure of building materials and plates weakened last week, and there was a risk of early inventory accumulation for building materials. The strategy was to maintain a bearish view and look for opportunities to add positions on rebounds [7]. Iron Ore - Ore prices rose slightly, but the market was still weak. Supply from Australia and Brazil declined, and arrivals also decreased. Demand exceeded expectations due to increased blast - furnace production. Port inventories decreased slightly, and downstream inventories also declined. Shipping prices dropped. The overall supply - demand situation in the industry remained weak, and the market was dragged down by the falling prices of steel products. The strategy was to continuously monitor the opportunity for a supplementary decline when hot - metal production peaked, and in the short - term, a small number of short positions could be established, adding positions on rebounds and holding them in the medium - term [7]. 3. Summary by Relevant Catalogs Steel Weekly Market Tracking 1.1 Price - Last week, rebar prices continued to fall. The 10 - contract dropped 74 to 3022, and spot prices also weakened. The rebar in East China was reported at 3170 yuan/ton, a weekly decline of 30 yuan. The overall trading volume was light [14]. 1.2 Supply - The blast - furnace operating rate and iron - making capacity utilization rate of 247 steel mills increased slightly. The average daily hot - metal output was 245.64 tons, a weekly increase of 0.22 tons. The average operating rate of 90 independent electric - arc furnaces decreased by 0.20 percentage points. Rebar production decreased by 9.85 tons, and hot - rolled production increased by 1.08 tons [17][24][27]. 1.3 Demand - For building materials, from May 1st to May 7th, the national cement delivery volume decreased by 6.0% week - on - week and 22.5% year - on - year. The actual steel procurement volume in April was 566 tons, 4.1% less than the expected volume. The planned steel procurement volume in May was 605 tons, and the actual volume was expected to increase by about 4% month - on - month. For plates, domestic manufacturing demand declined significantly, while exports in April reached a new high [30][33]. 1.4 Profit - The profitability rate of blast - furnace steel mills was 58.87%, an increase of 2.59 percentage points week - on - week. The average profit of independent electric - arc furnace building material steel mills was - 91 yuan/ton, and the valley - electricity profit decreased by 13 yuan/ton week - on - week [38]. 1.5 Inventory - For rebar, factory inventories increased by 15.11 tons, and social inventories in most regions except East and South China decreased. For hot - rolled coils, factory inventories decreased, and social inventories increased in most regions [41][44]. 1.6 Basis - The current basis of rebar 10 was 128, 24 wider than last week. It was recommended to take profit on the previous long - basis positions around 100 and exit all positions before the holiday [50]. 1.7 Inter - delivery - The 10 - 1 spread was - 15, 11 less inverted than last week. The current inversion situation was difficult to reverse completely, so no action was recommended [54]. 1.8 Inter - variety - The current futures spread between hot - rolled coils and rebar was 135, 27 wider than last week. The spot spread was 50, 10 wider than last week. There was no obvious driving force for the spread to continue narrowing, so no action was recommended [57]. Iron Ore Weekly Market Tracking 2.1 Price - Last week, iron ore prices continued to fall. The 09 - contract dropped 7.5 to 696, and the spot price of PB powder at Rizhao Port dropped 3 to 758 yuan/ton. The market sentiment was weak, and port trading was poor [62]. 2.2 Supply - The total iron ore shipments from Australia and Brazil were 2540.4 tons, a decrease of 217.9 tons week - on - week. The arrivals at 47 ports in China decreased by 45.2 tons week - on - week [65][71]. 2.3 Demand - The average daily hot - metal output of 247 sample steel mills increased to 245.64 tons per day. After the May Day restocking ended, the market purchasing sentiment weakened, but the actual restocking situation was still good due to high hot - metal production and low steel mill inventories [74][78]. 2.4 Inventory - The inventory at 47 ports decreased by 84 tons week - on - week. The total inventory of imported sintered powder of 114 steel mills decreased by 91.43 tons [81][84]. 2.5 Shipping - The shipping price from Western Australia to China was 7.55 dollars/ton, a decrease of 0.45 dollars/ton week - on - week. The shipping price from Brazil to China was 18.43 dollars/ton, a decrease of 1.33 dollars/ton week - on - week [87]. 2.6 Spread - The 9 - 1 spread of iron ore was 26, 1.5 higher than last week, and the overall spread structure was flat. The 09 - contract discount was 78, at a relatively high level. The coking - ore ratio dropped significantly, and the rebar - ore ratio changed little. There was no obvious direction for spread trading [89][92].

Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core View of the Report - The methanol market was affected by macro - expectations. The night session of commodities rose due to the expected "package of financial policies to support market stability and expectations" and the rebound of oil prices, giving methanol some upward momentum. However, from a fundamental perspective, there are still few bullish factors for methanol in May as Iranian imports are expected to continue to increase. The strategy recommendation is short - term observation (View Score: 0) [1] 3) Summary by Related Catalogs a) Price and Basis - **Methanol Futures Prices**: MA01 in Taicang decreased from 2316.00 yuan/ton on April 30, 2025, to 2288.00 yuan/ton on May 6, 2025, a decrease of 1.21%. MA05 decreased by 0.48% and MA09 decreased by 1.42% [1] - **Methanol Spot Prices**: Spot prices in Shandong, Guangdong, Shaanxi, and Inner Mongolia decreased, with Inner Mongolia having the largest decline of 2.09%. Prices in Sichuan - Chongqing and Hubei remained unchanged [1] - **Basis**: The basis of Taicang spot - MA increased by 5.50 yuan/ton [1] b) Raw Material Prices - **Coal Spot Prices**: The prices of Ordos Q5500, Datong Q5500, and Yulin Q6000 decreased, with Datong Q5500 and Yulin Q6000 both down 1.42 - 1.43% [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged [1] c) Profit Situation - **Methanol Production Profit**: Coal - based methanol profit decreased by 13.90%, while natural - gas - based methanol profit remained unchanged [1] - **MTO Profit**: Northwest MTO profit increased by 47.08%, and East China MTO profit increased by 6.15% [1] - **Methanol Downstream Profits**: Profits of acetic acid, MTBE, and formaldehyde changed. MTBE had a significant decline of 177.35%, while formaldehyde increased by 15.36% [1] d) Important Information - **Domestic Futures Prices**: Methanol's main contract MA2509 weakened, opening at 2243 yuan/ton, closing at 2219 yuan/ton, down 48 yuan/ton, with trading volume of 511,233 lots and open interest of 693,078, showing increased volume and open interest [1] - **Foreign Information**: A 1.8 - million - ton methanol plant in the US restarted on May 1, and a 1.7 - million - ton methanol plant in Southeast Asia is under maintenance [1]

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [1] Core Viewpoints - The macroeconomic expectations are fluctuating, leading to a rebound in the prices of non-ferrous metals, with copper and aluminum continuing to deplete inventories [4][11] - Gold prices have reached historical highs due to increased safe-haven demand, although recent political developments have caused volatility [5][19] - The market sentiment for tin has improved due to easing trade tensions between the US and China, with prices showing a strong upward trend [39] Summary by Sections 1. Base Metals & Precious Metals - Copper: Prices have continued to rise, with the Shanghai copper closing at 77,480 CNY/ton, supported by inventory depletion and stable demand [4][11] - Aluminum: Prices have increased, with the Shanghai aluminum closing at 19,970 CNY/ton, driven by improved market confidence and reduced inventories [15][18] - Precious Metals: As of April 24, the average price of gold was 801.08 CNY/gram, up 4.12% from the previous week, while silver averaged 8,198 CNY/kg, up 1.43% [5][19] 2. Minor Metals - Tin: The price closed at 31,500 USD/ton, up 540 USD/ton (1.74%) from the previous week, with improved macro sentiment and easing supply concerns [39] - Lithium: Prices remain under pressure due to weak demand, with industrial-grade lithium averaging 570,000 CNY/ton [31] - Cobalt: Prices for cobalt concentrate remain stable, while electrolytic cobalt prices have seen slight adjustments [34][35] 3. Rare Earths - Prices for light rare earths have decreased, with neodymium-praseodymium oxide down 2.5% to 406,000 CNY/ton, but long-term demand remains strong [6] 4. Tungsten - Prices for tungsten have increased due to tightening supply, with black tungsten concentrate averaging 147,000 CNY/ton [45][46] 5. Molybdenum - The molybdenum market has shown signs of recovery, with prices for molybdenum concentrate rising to 3,355 CNY/ton [53][54]