1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The overall view is that due to a bumper harvest in South America, there is no basis for a bull market. However, cost support reduces the probability of a significant decline. The market is expected to remain in a volatile range between 950 - 1150 cents per bushel [4]. 3. Summary by Related Catalogs 3.1 Market Price - This week, US soybean prices fluctuated within a narrow range [9]. - US soybean meal prices oscillated slightly higher [13]. - US soybean oil prices oscillated slightly lower, with the exemption of small - scale refineries from biodiesel blending obligations continuing to exert negative pressure [14]. - The spot price of soybeans at US Gulf ports declined slightly [16]. - The procurement price at farms in Iowa remained basically stable [18]. - The spot price of soybeans in south - western Iowa increased slightly [20]. - The spot price of soybeans in Mato Grosso, Brazil, strengthened slightly [22]. - The spot price of soybeans in Brazil was stable with a slight increase [24]. - The ratio of US soybeans to corn rose and then fell, and its current seasonal trend is similar to that in 2023 [26]. 3.2 Supply Factors - The drought rate in US soybean - producing areas is 47%, down from 51% last week [29]. - The temperature in central US is relatively low, while that in the west is relatively warm [31]. - Precipitation in the south - central region is abundant, while that in the mid - west and northern regions is slightly scarce [33]. - Brazil has entered the dry season, with most regions experiencing scarce precipitation [36]. - Precipitation in Buenos Aires, Argentina, remains abundant, which is unfavorable for the harvesting work [38]. - The US soybean planting progress is 66%, up from 48% last week, higher than expected, and higher than the same period last year and the five - year average [41]. - The US corn planting progress is 78%, up from 62% last week, faster than last year and the five - year average [43]. 3.3 Demand Factors - The US soybean crushing profit is $1.94 per bushel, up from $1.78 per bushel last week [46]. - The weekly export volume of US soybeans is 250,000 tons, down from 429,900 tons last week [48]. - The weekly export inspection and quarantine volume is 217,800 tons, down from 439,500 tons last week [50]. - The weekly net sales volume is 307,900 tons, up from 282,400 tons last week [52]. - The sales volume of US soybeans for the next year is 15,000 tons, down from 490,000 tons last week [54]. - The quantity of soybeans shipped to China last week is 0 tons (0 ships), the same as last week [56]. 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 0.378, indicating a basically neutral state [59]. - The soybean planting costs in Brazil and the US have decreased [61][63]. - In terms of CFTC positions, the net long position of soybeans is 43,000 lots, down from 66,000 lots last week [68]. - The net long position of soybean oil is 64,000 lots, down from 70,000 lots last week [70]. - The net short position of soybean meal is 91,000 lots, up from 84,000 lots last week [72].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report predicts that stock index futures will show an overall trend of range - bound fluctuations in the short - and medium - term, with an intraday view of being slightly stronger. Policy - side benefits provide strong support, and the stock index is expected to operate slightly stronger in the short term under the impetus of positive policy expectations [1][5]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2506 variety, the short - term view is sideways, the medium - term view is sideways, the intraday view is slightly stronger, and the overall view is range - bound. The core logic is that policy - side benefits form strong support [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Market Performance**: Yesterday, each stock index fluctuated and sorted within a narrow range. The total trading volume of the stock market was 132.6 billion yuan, a decrease of 1.49 billion yuan from the previous day, indicating that market sentiment is cautiously optimistic [5]. - **Core Logic**: First, the policy side will introduce policies to stabilize macro - economic demand, which is beneficial to stabilizing the performance expectations of listed companies. The weakening of the manufacturing PMI data in April and the continued decline of inflation indicators show the necessity of policy - driven stable growth. Second, the policy side emphasizes stabilizing stock market expectations, and the bottom support of the stock market is strong. Relevant departments have actively introduced policies to stabilize stock market expectations, promote the improvement of the quality and income of listed companies, improve the assessment systems of public funds and insurance, promote incremental funds to continuously allocate to the stock market, and give play to the role of Huijin Company as a quasi - stabilization fund. Third, a joint statement was issued in Sino - US economic and trade relations, marking a substantial easing of the short - term Sino - US tariff war, reducing external negative factors, and the recent restart of Sino - US orders is conducive to macro - economic repair [5].

Group 1: Semiconductor Industry - Samsung has finalized new pricing with major clients, planning to increase DDR4 prices by approximately 20% and DDR5 prices by about 5% [3] - In April, the price of PC DDR4 8Gb increased by 22.22% month-on-month in the international market [3] - Domestic storage module companies are expected to see performance improvements similar to the first half of 2024 due to the price hikes from original manufacturers [3] Group 2: Electric Vehicle Battery Industry - In April, China's total exports of power and other batteries reached 22.3 GWh, a month-on-month decrease of 2.9% but a year-on-year increase of 64.2% [3] - From January to April, cumulative exports reached 83.9 GWh, with a year-on-year growth of 83.2%, accounting for 20.8% of cumulative sales in the first four months [3] - The demand for lithium batteries is expected to improve due to sustained high growth in domestic new energy vehicle sales and increasing overseas demand [3] Group 3: Coffee Industry - Luckin Coffee reported Q1 2025 revenue of 8.87 billion yuan, a year-on-year increase of 41.2%, with operating profit reaching 740 million yuan and an operating margin of 8.3% [6] - The number of monthly active customers reached 74.27 million, a year-on-year increase of 24%, indicating improved customer engagement [6] - The rising cost of coffee beans, currently at historical highs, may pressure future gross margins as the company begins to implement inventory replenishment plans [6]