Core Viewpoint - Lishang Guochao reported a stable financial performance for 2024 and Q1 2025, with a focus on enhancing operational management and strategic adjustments in response to government initiatives aimed at boosting consumption [1][2]. Financial Performance - In 2024, the company achieved total revenue of 666 million yuan and a net profit of 72.55 million yuan, with basic earnings per share of 0.10 yuan [1]. - For Q1 2025, total revenue was 177 million yuan, with a net profit of 58.84 million yuan and basic earnings per share of 0.08 yuan [1]. Business Segments - The professional market management segment generated 419 million yuan in revenue for 2024, with a gross margin of 76.10%, highlighting its critical role in supporting the company's overall performance [2]. - The rental rates for key markets were high, with the Hangzhou market at approximately 96.5% and the Nanjing market at about 95.6% [2]. - In the retail sector, the company reported 123 million yuan in revenue from its retail business, focusing on enhancing operational capabilities and optimizing customer experience through digital means [2]. - The new retail business segment generated revenue of 26.39 million yuan, reflecting the company's efforts to develop a comprehensive supply chain and expand its advertising media business [2]. Industry Context - The Chinese government is promoting consumption through various initiatives, including the "Buy in China" campaign, which aims to enhance domestic demand amid external economic pressures [3]. - Analysts suggest that expanding domestic demand will be a key focus for the market, especially with the implementation of policies aimed at stimulating consumption [3].

Core Viewpoint - The government is promoting 2024 as the "Year of Consumption" to stimulate consumer potential and enhance service consumption quality, while Lishang Guochao (600738) is adapting its strategies to navigate the complex market environment and explore new business values and directions [1] Financial Performance - In 2024, Lishang Guochao achieved a revenue of 666.02 million yuan and a net profit attributable to shareholders of 72.55 million yuan, with basic earnings per share of 0.10 yuan, demonstrating business stability amid market fluctuations [1] - The first quarter of 2025 showed continued steady performance with a revenue of 177.43 million yuan and a net profit of 58.85 million yuan, with basic earnings per share of 0.08 yuan [1] Business Segments - The professional market management business, a core segment, showed resilience with a revenue of 419.23 million yuan and a gross margin of 76.10%, supported by high occupancy rates of 96.5% in Hangzhou and 95.6% in Nanjing [2] - In the retail sector, the Lanzhou Euro-Asian Shopping Center generated a revenue of 122.81 million yuan in 2024, leveraging digital strategies and local culture to enhance consumer engagement [3] - The new retail business segment reported a revenue of 26.39 million yuan in 2024, indicating strong growth potential through improved supply chain systems and digital investments [3] Policy Environment - Recent government initiatives, including the "Buy in China" campaign and the "Special Action Plan to Boost Consumption," aim to enhance domestic demand and stabilize the economy, creating opportunities for the consumption sector [4] - Analysts suggest that with external demand under pressure, expanding domestic demand will be crucial, and the consumption sector is expected to benefit from supportive fiscal policies and a rebound in consumer confidence [4] Future Outlook - Lishang Guochao is positioned to deepen its operations in commercial asset management and expand its market share, making it an attractive investment opportunity for those seeking stable returns [5]

Core Viewpoint - The Chinese government is focusing on boosting domestic consumption and investment to stabilize economic growth amid global uncertainties and internal demand-supply imbalances [1][3][15]. Group 1: Consumption Incentives - Various regions, including Beijing, Hebei, and Zhejiang, are implementing special action plans to stimulate and expand consumption, addressing income growth and reducing burdens on residents [3][4][10]. - In the first quarter of this year, China's retail sales of consumer goods reached 12.5 trillion yuan, showing a year-on-year growth of 4.6%, indicating a recovery in consumer confidence [6][12]. - The government is promoting policies to enhance consumer confidence and purchasing power, including increasing minimum wage standards and improving social security systems [16]. Group 2: Supply-Side Innovations - There is a shift in consumer demand from basic needs to higher-quality, experience-oriented products, driven by technological advancements and changing consumer preferences [7][8]. - The government is supporting the replacement of old consumer goods with new, energy-efficient products, which has led to significant sales increases in categories like electric bicycles and smartphones [9][12]. - Local governments are focusing on enhancing service quality in sectors such as tourism, dining, and elder care to meet the evolving demands of consumers [10][11]. Group 3: Optimizing the Consumption Environment - The Chinese government is committed to improving the overall consumption environment by enhancing market regulation and consumer protection measures [12][13]. - Initiatives are being launched to strengthen the credit system in the consumption sector and promote trustworthy businesses, aiming to create a safer shopping experience for consumers [14]. - Beijing has initiated a "Iron Fist" action to combat consumer rights violations, focusing on various sectors to ensure product safety and quality [14]. Group 4: Expert Insights - Experts highlight the importance of increasing residents' income and improving the social security system to boost consumption capacity, particularly in service sectors like health, education, and tourism [15][16]. - The ongoing economic policies are expected to gradually enhance consumer confidence and stimulate demand, contributing to a more vibrant market [16].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - In the context of generally positive macro - conditions this year, the fundamentals of Shanghai copper may enter a stage where the supply growth rate slows slightly, demand is steadily boosted, and consumption expectations are positive. It is recommended to conduct short - term long trades at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 77,600 yuan/ton, up 20 yuan; the price of LME 3 - month copper is 9,438 dollars/ton, up 60 dollars. The main contract's inter - month spread is 250 yuan/ton, up 20 yuan. The main contract's open interest of Shanghai copper is 164,818 lots, down 249 lots. The net position of the top 20 futures holders of Shanghai copper is - 5,315 lots, up 5,841 lots [2]. 3.2 Spot Market - The price of SMM 1 copper spot is 78,035 yuan/ton, up 470 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 78,125 yuan/ton, up 615 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 113 dollars/ton, unchanged; the average premium of Yangshan copper is 96 dollars/ton, up 0.5 dollars. The basis of the CU main contract is 435 yuan/ton, up 450 yuan; the LME copper cash - to - 3 - month spread is 28.6 dollars/ton, up 12.19 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 239.39 million tons, up 21.1 million tons. The TC of domestic copper smelters is - 42.52 dollars/thousand tons, down 7.81 dollars. The price of copper concentrates in Jiangxi is 67,760 yuan/metal ton, down 680 yuan; the price in Yunnan is 68,460 yuan/metal ton, down 680 yuan. The processing fee for crude copper in the South is 1,100 yuan/ton, unchanged; in the North is 800 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper is 124.8 million tons, up 0.6 million tons. The import volume of unwrought copper and copper products is 470,000 tons, up 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 54,690 yuan/ton, down 400 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 66,200 yuan/ton, down 450 yuan. The output of copper products is 212.52 million tons, down 14.76 million tons [2]. 3.5 Downstream and Application - The cumulative completed investment in power grid infrastructure is 956 billion yuan, up 519.8 billion yuan. The cumulative completed investment in real estate development is 19,904.17 billion yuan, up 9,184.43 billion yuan. The monthly output of integrated circuits is 4,197,199,900 pieces, down 80,202,900 pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 32.16%, down 0.04%; the 40 - day historical volatility is 24.57%, down 0.01%. The implied volatility of the current - month at - the - money IV is 17.64%, up 0.0034%. The put - call ratio of at - the - money options is 0.84, down 0.0236 [2]. 3.7 Industry News - The National Development and Reform Commission will step up efforts to implement established policies, including boosting consumption and utilizing 5 trillion yuan of national - level investment funds this year. The central bank will prevent exchange - rate overshooting risks and may cut reserve requirements and interest rates. China will introduce measures to stabilize employment, the economy and promote high - quality development, covering employment support, foreign trade stability, consumption promotion, investment expansion and environment improvement [2]. 3.8 Supply and Demand Analysis - Supply: Due to raw material supply shortages and smelter maintenance plans, the growth of domestic smelter production capacity may slow slightly, and the increase in domestic refined copper supply may also slow due to high tariffs. Demand: Affected by domestic demand expansion policies, the downstream copper product production is expected to remain at a relatively high level [2]. 3.9 Inventory Situation - The inflection point of domestic refined copper social inventory has been confirmed, and with the steady increase in downstream production, rapid inventory reduction has occurred [2].

华夏时报记者刘诗萌北京报道 近日，美国向全球多国推出一系列规模大、范围广、破坏性强的关税政策，对全球经济秩序稳定造成严 重冲击。面对不确定性加剧的外部环境，中国在一季度经济开门红的基础上，将采取哪些措施继续保持 经济平稳运行、实现今年5%的发展目标，更是全世界关注的焦点。 4月25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议要求统筹国内经济工作 和国际经贸斗争，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变 化的不确定性。不断完善稳就业稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出 增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的基本面。 28日，国新办举行新闻发布会，发改委、商务部、央行、人力资源部等部门在会上发布了稳就业稳经济 推动高质量发展的若干举措，主要包括支持就业、稳定外贸发展、促进消费、积极扩大有效投资和营造 稳定发展的良好环境五个方面。其中明确提出，将陆续下达1400亿元左右消费品以旧换新资金、实施育 儿补贴制度、定向增发购车指标、支持城区常住人口300万以上的城市特别是超大特大城市建设停车位 等等。 另外，在扩大投 ...

齐鲁晚报·齐鲁壹点 张雪 4月28日，国家发展改革委副主任赵辰昕在国新办新闻发布会上表示，国家发展改革委将指导限购城市 针对长期摇号家庭和无车家庭等重点群体定向增发购车指标。这一政策旨在解决部分家庭长期摇号未中 以及无车家庭的用车需求，通过精准施策，提高政策的针对性和有效性。 一、回应民生需求，提振消费信心 当前，部分城市仍存在汽车限购、限行政策，这在一定程度上抑制了消费者的购车意愿。此次政策调 整，鼓励相关地区优化汽车限购限行措施，降低消费门槛，调整限行时间和区域，从而更好地满足居民 的汽车购买需求。这一举措不仅有助于释放消费潜力，还能提升汽车使用的便利性。 政策落地效果显著。北京2024年曾定向增发2万个新能源指标，中签家庭购车周期平均缩短3年以上；天 津2024年针对无车家庭定向配置3万个普通车指标，带动当月新车销量环比增长18%。更值得关注的 是，广州、杭州等城市通过"阶梯摇号""久摇不中直接申领"等机制，使累计摇号72次以上的个人中签率 提升至80%以上，真正实现了"久摇必中"。 二、从"总量控制"到"动态调节" 政策调整的另一大突破在于优化限行限购措施，推动汽车消费管理从"购买限制"向"使用管理" ...

Core Viewpoint - The Chinese government is implementing a series of measures to stabilize employment and the economy while promoting high-quality development, focusing on targeted and actionable policies to enhance the sense of gain for enterprises and the public [1][2]. Group 1: Employment Support - Measures include encouraging enterprises to stabilize employment, increasing vocational training, expanding support through labor substitution programs, and enhancing public employment services [2][6]. - A large-scale vocational skills training initiative will be launched, targeting sectors with high recruitment demand and focusing on key groups such as rural laborers and unemployed graduates [6]. Group 2: Foreign Trade Stability - The government plans to enhance support for foreign trade through tailored policies for individual industries and enterprises, helping exporters mitigate risks and encouraging foreign investment [2][3]. - Financial support will be increased, including government funding, credit support from financial institutions, and insurance for domestic trade [3]. Group 3: Domestic Demand Expansion - The potential for expanding domestic demand is significant, with an estimated annual investment demand exceeding 5 trillion yuan for equipment upgrades as the country advances in high-quality development [4]. - A new childcare subsidy system and targeted measures for car purchase quotas in cities with restrictions will be implemented to boost consumption [4]. Group 4: Investment and Infrastructure - The government aims to improve consumption infrastructure and stimulate private investment through new policy financial tools [2][4]. - An estimated 4 trillion yuan investment demand will arise from the need to update and renovate various pipelines over the next five years [4]. Group 5: Skill-Based Compensation - A skill-oriented salary distribution system will be established, guiding enterprises to consider skill levels in wage distribution, thereby incentivizing skilled labor [6]. - The government will implement differentiated subsidy support to better link training with employment and income growth [6].

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of cultivating new productive forces and developing emerging pillar industries to enhance economic stability and growth [1] Economic Performance Highlights - In Q1 2025, China's GDP grew by 5.4% year-on-year, with industrial added value increasing by 6.5% and high-tech manufacturing added value rising by 9.7% [1] - The digital economy and productive service industries are accelerating growth, indicating a shift towards high-tech and high-value exports, with a 6.9% increase in exports and a 4.6% rise in retail sales [2] Policy Support for New Productive Forces - Central government fiscal allocations for manufacturing reached 11.878 billion yuan, a 14.5% increase, with expanded loan scales for technological innovation [2] - The development of new productive forces is supported by policies that encourage digital transformation, green upgrades, and service extensions in traditional industries [3] Empowering Traditional Industries - The manufacturing sector remains a core engine of economic growth, with digital transformation and green modifications being key areas of focus [3] - The industrial internet platform's penetration is expected to reach 45% by 2025, with significant advancements in digital tools and automation in traditional manufacturing [3] Resilience Against External Pressures - Breakthroughs in key technologies in sectors like renewable energy enhance the resilience of supply chains against external shocks [4] - The development of new productive forces is crucial for maintaining economic stability amid increasing geopolitical risks [4] Role of Securities Companies - Securities companies play a vital role in financing, mergers and acquisitions, and research services to support the development of new productive forces and the transformation of traditional industries [5] - Future strategies include establishing industry funds, exploring intellectual property securitization, and enhancing cross-border services for Chinese tech firms [6] Supporting Traditional Industry Upgrades - Securities companies can promote green finance, innovate supply chain finance, and enhance digital services to facilitate the transition of traditional industries [6] - Effective market management and compliance in mergers and acquisitions are essential for achieving high-quality development in traditional sectors [6]

Group 1 - The provincial government emphasizes the need to align thoughts and actions with the central government's scientific judgment on the current economic situation and decision-making on economic work, maintaining strategic determination and confidence in development [2] - The meeting highlights the importance of stabilizing employment, enterprises, markets, and expectations, aiming for high-quality development to respond to the uncertainties of external environmental changes [2][3] - There is a focus on expanding domestic demand as a main driver for economic growth, with initiatives to enhance consumer willingness and optimize the development environment and policy supply [2][3] Group 2 - The meeting calls for the implementation of the "Consumption Promotion Special Action" to boost employment, increase income, and strengthen guarantees, with more consumer-friendly measures to enhance consumption capacity and willingness [3] - The government aims to develop new business models such as virtual live streaming, instant retail, and digital life services, while also promoting emerging leisure consumption sectors [3] - There is an emphasis on improving the business environment by aligning with World Bank standards, focusing on regulatory systems, public services, and efficiency to create a first-class market-oriented, law-based, and international business environment [3]

● 本报记者 欧阳剑环 彭扬 "以上政策都注重突出针对性和可操作性，注重增强企业和群众的获得感，将成熟一项出台一项。"赵辰 昕说，下一步，国家发展改革委将积极会同各有关方面抓好若干举措落实，同时将常态化、敞口式做好 政策预研储备，充分备足预案，不断完善稳就业稳经济的政策工具箱，根据形势变化及时出台增量储备 政策。 赵辰昕表示，将加力推动既定政策落地见效，包括提振消费专项行动、用好今年国家层面5万亿元投资 资金、加快设立国家创业投资引导基金等，这些政策大部分将在二季度落地，并不断强化政策取向一致 性。 "不管国际局势如何变化，我们将锚定发展目标，保持战略定力，集中精力办好自己的事，我们对实现 今年经济社会发展目标任务充满信心。"他说。 更好发挥内需主动力作用 "面对当前复杂严峻的国际环境，大力提振消费，全方位扩大国内需求，具有特殊的重要意义。"商务部 副部长盛秋平表示，下一步，将坚定不移办好自己的事，围绕"两稳"政策措施，推出细化举措，进一步 增强消费对经济增长的拉动作用，以强大国内市场更好应对外部风险挑战。 国家发展改革委等四部门有关负责人4月28日在国新办新闻发布会上表示，我国将出台实施稳就业稳经 济推动高 ...