4月30号以来由于信息不对称，加上业内对于出口就会拉动国内市场上涨的思维惯性，投机资本大幅拉 升期货价格，进而带动现货价格大幅上涨。这显然不利于化肥保供和支持我国农业生产的大局，也违背 了氮肥行业建立尿素出口自律机制的初衷。为稳定市场预期，促进国内化肥市场稳定运行，中国氮肥工 业协会向全行业企业发出如下倡议：1.氮肥骨干企业要主动让利于农，将尿素出厂价格3天内调回至不 高于5月6日前的水平(相对于4月底价格不高出每吨100元)。如果有个别企业不能遵守本行业自律倡议， 破坏来之不易的行业发展良好政策环境，将暂停会员服务并承担各项相应政策后果。2.要加强行业自 律，实现尿素有序健康出口，坚决杜绝"内卷"低价争抢国际市场份额，这类行为将不被协会认可。大家 共同努力，实现氮肥行业可持续健康发展。(中国氮肥工业协会) ...

Report Industry Investment Rating No relevant content provided. Core Views - The industrial silicon futures and spot prices are in a downward trend. The supply in the northwest region remains relatively high, and the demand is weak. The industry is expected to oscillate weakly in the short term [1][2][3]. - The polysilicon futures price hit a new low, while the spot price remained stable. There is a game between production cuts by polysilicon enterprises to support prices and weak demand. The 2506 contract may rebound due to delivery games [4][6][7]. Summary by Related Catalogs Industrial Silicon Market Analysis - On May 7, 2025, the industrial silicon futures price hit a new low. The main contract 2506 opened at 8420 yuan/ton and closed at 8290 yuan/ton, down 0.96% from the previous settlement. The open interest of the 2505 main contract was 182,782 lots, and the number of warehouse receipts on May 8 was 68,686 lots, a decrease of 244 lots from the previous day [1]. - The spot price of industrial silicon declined. The price of oxygenated 553 silicon in East China was 9100 - 9300 yuan/ton, down 100 yuan/ton; the price of 421 silicon was 9900 - 10300 yuan/ton, down 100 yuan/ton [1]. - The consumption of organic silicon DMC was stable, with a quotation of 11300 - 11800 yuan/ton. The overall operating capacity of domestic monomers decreased due to the resumption of some plants in East and North China and the maintenance of an 800,000 - ton plant in the northwest [1]. Strategy - The industry's total inventory pressure is relatively high, and the short - term oversupply situation is difficult to change. Industrial silicon is expected to oscillate weakly. For the unilateral strategy, it is advisable to operate within a range, and upstream enterprises can sell hedging at high prices [3]. Polysilicon Market Analysis - On May 7, 2025, the main contract 2506 of polysilicon futures continued to decline, opening at 36,670 yuan/ton and closing at 35,520 yuan/ton, a decrease of 3.14% from the previous trading day. The open interest of the main contract reached 63,290 lots, and the trading volume was 135,166 lots [4]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 35.00 - 36.00 yuan/kg; the price of dense polysilicon was 34.00 - 35.00 yuan/kg [4]. - Polysilicon factory inventory decreased, while silicon wafer inventory increased. The polysilicon inventory was 26.10 (with a month - on - month change of - 0.50%), and the silicon wafer inventory was 20.62GW (with a month - on - month change of 5.58%). The weekly polysilicon output was 22,400 tons, a month - on - month decrease of 1.75%, and the silicon wafer output was 13.29GW, a month - on - month decrease of 0.67% [5]. - The prices of silicon wafers, battery cells, and components remained stable [5]. - In May, the polysilicon output decreased by about 0.2 million tons month - on - month, and the silicon wafer output decreased by about 4GW month - on - month. Some enterprises have new production capacity investment expectations in May, and the registration of warehouse receipts has started [6]. Strategy - The 2506 contract may rebound due to delivery games. Investors can choose to build long positions opportunistically. If the rebound is significant, upstream enterprises can sell hedging [7].

低水平重复竞争和恶性价格战行为将被行业协会警示。 "为整治当前钢铁行业'内卷式'恶性竞争，中国钢铁工业协会（以下简称'中钢协'）将于近期对2024年全 年及2025年一季度钢铁主业现金流为负、但粗钢产量仍在增长的6家企业予以提醒。"近日，中钢协秘书 长姜维在中钢协一季度信息发布会上表示："防止恶性竞争应成为全体钢铁企业共同遵守的行业准则。" 加强行业自律 当前，中国钢铁行业正处于转型升级的攻坚期、绿色低碳发展的关键期，也是国际竞争格局重塑的重要 窗口期。 姜维呼吁："行业应保持定力、凝聚共识，积极应对风险挑战，集中力量办好自己的事，以经济效益增 长和高质量发展的确定性应对外部环境的不确定性，推动行业运行稳中有进、持续向好。" 据了解，4月2日，中共中央办公厅、国务院办公厅联合发布《关于完善价格机制改革的若干意见》，明 确提出整治"内卷式"恶性竞争的具体措施。 姜维指出："3月以来，钢铁供给增长较快而需求下降，打破了原本脆弱的供需动态平衡，导致钢材价格 持续下行，市场供大于求的态势未有改善，行业自律亟待加强。" 在钢材出口方面，受美国关税政策带来的贸易不确定性影响，国内企业出现明显的"抢出口"现象。3月 中国钢 ...

市领导邹特、肖正波、刘新良、郑平参加。 5月1日，省委常委、市委书记吴桂英在市应急指挥中心调度"五一"假期重点工作、检查值班值守情况，代表 市委、市政府向节日期间坚守一线的干部职工表示慰问。 5月1日，省委常委、市委书记吴桂英在市应急指挥中心调度"五一"假期重点工作、检查值班值守情况。 吴桂英通过视频察看景区商圈、城市交通等实时画面，与各区县（市）和相关部门进行视频连线。她强 调，"五一"假期人流物流车流集中，假日活动密集。各级各部门要深入贯彻落实习近平总书记重要指示精神，牢 固树立安全发展理念，高度警觉、举一反三，压紧压实安全生产责任，落细落小安全防范举措，确保城市平稳有 序运行、人民群众平安过节。要紧盯重点领域和薄弱环节，严查突出问题隐患，消除盲区、堵塞漏洞，坚决防范 遏制重大事故发生，以高水平安全服务保障高质量发展。要加强景点景区、大型群众性活动秩序维护和安全防 范，精准研判、精细管理，科学调控人流密度。要严格落实节假日领导带班和干部值班值守制度，前置工作力 量，完善应急预案，加强信息报送，确保政令畅通、运转高效。要丰富文旅产品供给，加强旅游市场监管，指导 重点单位通过增加门票弹性供给、延长景区开放时间 ...

扬子晚报网4月30日讯(通讯员袁卫家记者万凌云)4月29日，江苏大学生命科学学院党委与仪征市司法局党组联合开展了以"校地协同筑堡垒党建引领促发 展"为主题的联学共建活动。学院党委领导班子成员、党员及党外教师代表，仪征市司法局党组成员、党员代表共同参与。 此次校地党建共建活动，双方实现了资源共享、优势互补，不仅强化了党员的法治意识和廉洁自律观念，也为推动校地合作、促进党建与法治教育融合发 展提供了有力支撑。未来，双方将以此次共建活动为契机，进一步深化合作，不断创新党建工作形式，为推动校地高质量发展贡献力量。 当天上午，江苏大学生科院一行首先来到仪征市社区矫正中心、真州司法所和公证处，详细了解司法行政职能与党建工作成果，对司法工作的实际运行有 了更为直观的认识。参观结束后，双方进行了共建座谈会暨协议签订仪式。 会上，双方主要负责人分别介绍了各自单位的情况，并签署了《党建共建协议》，明确了资源共享、活动联办等合作机制，为进一步深化校地合作奠定了 坚实基础。 仪征市司法局派驻纪检组组长傅永红围绕学习教育作专题报告，详细解读中央八项规定精神内涵及新时代要求，通过剖析近期违反中央八项规定精神的典 型负面案例，为全体党员上 ...

Group 1 - The core theme of the activities in Lianhua Town is "Youth Empowerment," aimed at showcasing the positive spirit of youth and contributing to rural revitalization [1] - A youth-themed fun sports event titled "Youth May Fourth FUN" was held, with over 50 participants engaging in various competitive and entertaining activities, enhancing teamwork and camaraderie [1] - The "Lianxiaolove" volunteer service initiative was launched, with over 30 youth volunteers providing services such as haircuts, health check-ups, and anti-fraud education, benefiting more than 200 individuals [1] Group 2 - The "Qinglian Says" team, consisting of six youth speakers, conducted engaging presentations on the ecological and social improvements in Lianhua Town over the past 20 years, attracting attention from villagers and tourists [2] - A sharing session on integrity was organized for young officials, focusing on identifying and discussing integrity risks, thereby reinforcing legal awareness and ethical standards [2] - Future plans include a comprehensive training system for young officials, emphasizing continuous learning and practical experience in key areas such as rural revitalization and public stability [2]

Core Viewpoint - The release of the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" aims to enhance the professionalism, transparency, and competitiveness of bond valuation services in China’s interbank market [1][2][3]. Group 1: Regulatory Framework - The "Valuation Guidelines" are based on the "Management Measures for Bond Valuation Business in the Interbank Bond Market" issued by the People's Bank of China in 2023, which set basic conditions for valuation institutions and emphasized internal governance, data source selection, valuation methods, and information disclosure [1]. - The guidelines aim to improve the scientific nature of the entire valuation production process and address transparency issues in the market [1][2]. Group 2: Valuation Institution Requirements - Valuation institutions are required to adhere to principles of independence, objectivity, and prudence, ensuring the reliability of data and the scientific nature of valuation models [2]. - Institutions must maintain complete records of the valuation process for no less than 20 years and are encouraged to introduce independent auditing mechanisms for external supervision [2]. Group 3: Market Impact - The guidelines are expected to create a more favorable financing environment for private enterprises by ensuring fair valuation results that consider both secondary and primary market prices, potentially reducing the cost of bond issuance [3]. - The guidelines emphasize the importance of transparency in valuation processes, allowing for better communication with users and reducing the "black box" nature of bond valuations [3].

Core Viewpoint - The China Securities Association has drafted the "Guidelines for the Management of Investment Behavior of Directors, Supervisors, Senior Management, and Securities Practitioners (Trial) (Draft for Comments)" to strengthen self-regulation in the industry [1][2] Group 1: Management of Investment Behavior - The guidelines aim to establish comprehensive and systematic management of investment behavior for securities practitioners, prohibiting direct or indirect trading of stocks or securities using insider or undisclosed information [1] - The guidelines require that all personnel, including those in administrative roles, be subject to investment behavior management [1] Group 2: Monitoring and Enforcement - Securities firms must clearly define the scope and standards for monitoring, including tracking key information such as phone numbers and IP addresses to prevent violations through related parties [2] - The China Securities Association will impose strict penalties for violations, including recording infractions in the industry reputation database and referring serious cases to regulatory authorities [2] - The implementation of these guidelines is expected to create a long-term mechanism that discourages illegal trading practices among practitioners, promoting compliance and ethical behavior [2]

Group 1: Financial Performance - In 2024, TCL achieved a revenue of 164.8 billion yuan, with a net profit of 1.56 billion yuan, and a net operating cash flow of 29.5 billion yuan, representing a year-on-year growth of 16.6% [1] - In Q1 2025, TCL reported a revenue of 40.1 billion yuan, a 0.4% increase year-on-year, and a net profit of 1.01 billion yuan, showing a significant growth of 322% [4] - The operating cash flow for Q1 2025 reached 12.1 billion yuan, up 83% year-on-year [4] Group 2: Semiconductor Display Business - In 2024, the semiconductor display segment generated 104.3 billion yuan in revenue, a 25% increase, with a net profit of 6.23 billion yuan, improving by 62.4% [2] - In Q1 2025, the semiconductor display business achieved 27.5 billion yuan in revenue, an 18% increase, and a net profit of 2.33 billion yuan, reflecting a 329% growth [4] - The average size of televisions increased by approximately 1.5 inches in Q1 2025, driving demand for larger panels [4][6] Group 3: New Energy and Semiconductor Materials - In 2024, the global photovoltaic installation maintained growth, but prices continued to decline, leading to losses across the industry [2] - TCL Zhonghuan reported a revenue of 28.4 billion yuan, a 52% decrease, with a net profit of -9.82 billion yuan [3] - In Q1 2025, TCL Zhonghuan's revenue was 6.1 billion yuan, with a net profit of -1.906 billion yuan, showing a 49% improvement compared to the previous quarter [4] Group 4: Market Trends and Outlook - The display industry is expected to see a stable supply-demand relationship, with the global LCD production capacity in mainland China projected to reach 88% by 2025 [6] - The demand for large-size panels is driven by both terminal sales and average size increases, with significant growth potential in the global market [6] - The "trade-in" policy is expected to boost demand across various product categories, including televisions, enhancing the trend towards larger screens [8] Group 5: OLED Business Development - TCL is focusing on high-end and differentiated strategies in the OLED market, with significant improvements in market share for flexible OLED panels [10] - The T4 production line is expected to maintain high operational efficiency, contributing to the overall improvement of the OLED business [10] Group 6: Depreciation Trends - Most of the 8th generation production lines have completed depreciation, but a slight increase in depreciation is expected in 2025 due to new capacity coming online [11] - The depreciation-to-revenue ratio is anticipated to decrease as new high-value production lines drive rapid revenue growth [11]

Core Viewpoint - The domestic steel market in China is experiencing a downward trend in demand, with ongoing structural adjustments causing challenges for the industry. Despite some production control measures, the overall market remains oversupplied, leading to declining steel prices and a need for enhanced industry self-discipline [1][2]. Group 1: Demand Trends - In the first quarter, real estate investment and new construction area in China fell by 10.3% and 18.7% year-on-year, respectively, maintaining double-digit declines [1]. - The demand for steel in manufacturing and infrastructure construction saw slight growth, but the production of rebar decreased by 2.9%, indicating that the increase in demand was less than the decrease in other areas [1]. - The shipbuilding sector faced challenges, with completed shipbuilding volume down by 13.0% and new orders down by 16.5% year-on-year, impacting the demand for steel used in shipbuilding [1]. Group 2: Supply Trends - In the first quarter, production from 121 electric arc furnace enterprises increased by 2.0%, while 137 electric arc furnace enterprises reported a 16% increase in production [2]. - Rebar production grew by 5.6% and wire rod production increased by 8.5% in March, both exceeding the 4.6% year-on-year increase in crude steel production [2]. - Steel prices in Shanghai dropped from 3340 RMB/ton on March 13 to 3160 RMB/ton by April 22, a decline of 5.4%, reflecting the imbalance between supply and demand [2].