Core Viewpoint - The article discusses the recent surge in group buying of real estate in China, led by economist Lang Xianping, highlighting the strategies and market conditions that are driving this trend [4][12][16]. Group 1: Market Activity - Lang Xianping's group successfully purchased over 150 new homes in a recent buying spree, exceeding initial expectations of 50-60 units [4]. - The property "Hongrongyuan Jiayu Jiu Xi" has seen increased demand post-group purchase, leading to a stock shortage and plans for new product launches [6][21]. Group 2: Economic Context - The current economic climate is at a critical juncture, with expectations of imminent interest rate cuts by the Federal Reserve, which could stimulate economic recovery [12][13]. - The stock market has already begun to reflect these expectations, with A-shares returning to 3500 points and significant gains in U.S. stocks, particularly Nvidia reaching a market cap of $4 trillion [14][15]. Group 3: Investment Strategy - Lang Xianping's investment strategy emphasizes three key principles: timing, product selection, and the importance of "good housing" [12][19]. - The focus on "good housing" reflects a shift in the market towards properties that offer livability and long-term value, as seen in the success of the Jiayu project [20][23].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US court's ruling that the Trump administration overstepped its authority in imposing tariffs may boost macro - sentiment, but the spot market remains weak in price support. Attention should be paid to the 90 - day spot freight rate range, the feedback of terminal demand under the easing of tariff policies, and the final result of the ruling [4]. - The spot freight rate shows a slight shock without an obvious peak - season trend, and the futures market fluctuates downward. Future attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. 3. Summary of Related Content 3.1 Freight Rate Indexes - On May 26, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1247.05 points, down 1.4% from the previous period; the SCFIS for the US - West route was 1719.79 points, up 18.9% from the previous period [3]. - On May 23, the Ningbo Export Container Freight Index (NCFI) composite index was 1106.08 points, up 9.02% from the previous period; the NCFI for the European route was 783.58 points, up 4.35% from the previous period; the NCFI for the US - West route was 1894.63 points, up 4.50% from the previous period [3]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1586.12 points on May 23, up 106.73 points from the previous period. The SCFI price for the European route was 1317 USD/TEU, up 14.12% from the previous period; the SCFI price for the US - West route was 3275 USD/FEU, up 5.95% from the previous period [3]. - On May 23, the China Export Container Freight Index (CCFI) composite index was 1107.40 points, up 0.2% from the previous period; the CCFI for the European route was 1392.61 points, down 2.6% from the previous period; the CCFI for the US - West route was 908.14 points, up 3.6% from the previous period [3]. 3.2 PMI Data - The eurozone's May manufacturing PMI preliminary value was 49.4, the highest in 33 months; the April services PMI preliminary value was 49.7 (expected 50.5). The April composite PMI preliminary value was 50.1 (expected 50.3, previous value 50.9). The April Sentix investor confidence index was - 19.5 (expected - 10, previous value - 2.9) [3]. - China's March manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month. The March Caixin China manufacturing PMI was 51.2, up 0.4 percentage points from the previous month, reaching a four - month high [3]. - The US April S&P Global manufacturing PMI preliminary value was 50.7 (expected 49.1, March final value 50.2); the services PMI preliminary value was 51.4 (expected 52.8, March final value 54.4); the composite PMI preliminary value was 51.2 (expected 52.2, March final value 53.5) [4]. 3.3 Futures Market - On May 28, the main contract 2508 closed at 1949.5, down 4.08%, with a trading volume of 77,000 lots and an open interest of 43,800 lots, an increase of 594 lots from the previous day [4]. 3.4 Trading Strategies - Short - term strategy: The 2506 contract is based on the logic of basis convergence. For the 2508 contract, it is recommended to lightly test short positions when it rebounds above 2250 and set stop - losses [5]. - Arbitrage strategy: Under the background of tariff easing, the 90 - day exemption will lead to a near - strong and far - weak freight rate trend. Attention should be paid to the result of the court ruling, and for now, it is mainly in a positive - spread structure [5]. - Long - term strategy: It is recommended to take profit when each contract rallies and wait for the callback to stabilize before judging the subsequent direction [5]. 3.5 Contract Rules - The daily price limit for contracts 2506 - 2604 is 16% [5]. - The company's margin for contracts 2506 - 2604 is 26% [5]. - The daily opening limit for all contracts 2506 - 2604 is 100 lots [5].

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - MSK slightly increased the spot rate at the beginning of June, and the futures market opened low and closed high, meeting the daily report's expectations. It is recommended to take profits when the price rises and wait for a callback opportunity [1]. - There are differences in the future freight rate trends and the implementation of price increases, resulting in intense long - short competition in the futures market. The slight increase in MSK's price at the beginning of June drove the market to rise slightly [3]. - The tariff has become a means of trade negotiation, adding significant uncertainties to future shipping trends. Although the easing of the Sino - US trade war may boost the digestion of US - bound shipping capacity, price wars among shipping alliances cannot be avoided [3]. 3. Summaries by Related Catalogs 3.1 Freight Rate Indexes - On May 12, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1265.30 points, down 2.9% from the previous period; the SCFIS for the US - West route was 1446.36 points, down 0.6% from the previous period. On May 16, the Shanghai Export Container Freight Index (SCFI) was 1479.39 points, down 134.22 points from the previous period, with the European route price at 1154 USD/TEU, down 0.60%, and the US - West route at 3091 USD/FEU, up 31.70% [2]. - On May 16, the Ningbo Export Container Freight Index (NCFI) composite index was 1014.55 points, up 6.53% from the previous period; the NCFI for the European route was 750.91 points, down 0.78% from the previous period; the NCFI for the US - West route was 1813.08 points, up 23.18% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1104.88 points, down 0.1% from the previous period; the CCFI for the European route was 1430.35 points, down 1.0%; the CCFI for the US - West route was 876.92 points, up 2.2% [2]. 3.2 PMI Data - The preliminary value of the Eurozone's manufacturing PMI in May was 49.4, the highest in 33 months; the preliminary value of the service PMI in April was 49.7 (expected 50.5). The preliminary value of the Eurozone's composite PMI in April was 50.1 (expected 50.3, previous value 50.9). The Eurozone's Sentix investor confidence index in April was - 19.5 (expected - 10, previous value - 2.9) [2]. - In March, China's manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month, and the Caixin China manufacturing PMI was 51.2, up 0.4 percentage points from the previous month, reaching a four - month high [2]. - The preliminary value of the US S&P Global manufacturing PMI in April was 50.7 (expected 49.1, final value in March 50.2); the preliminary value of the service PMI was 51.4 (expected 52.8, final value in March 54.4); the preliminary value of the composite PMI was 51.2 (expected 52.2, final value in March 53.5) [3]. 3.3 Futures Market - On May 22, the main contract 2508 closed at 2206.0, down 0.95%, with a trading volume of 91,300 lots and an open interest of 51,600 lots, a decrease of 1405 lots from the previous day [3]. 3.4 Trading Strategies - Short - term strategy: Due to the volatile external policies in the short term, the operation is difficult. If participating in each contract, it is recommended to focus on the medium - to - long - term [4]. - Arbitrage strategy: Against the backdrop of tariff easing, the 90 - day exemption will lead to a situation where the near - term freight rate is stronger than the long - term, but the window period is short and the fluctuations are large. Currently, it is mainly in a positive arbitrage structure [4]. - Long - term strategy: It is recommended to take profits when the price of each contract rises, and then wait for the price to stabilize after a callback and continue to try to go long on the freight rate rebound [4]. 3.5 Other Information - The US is negotiating with Hamas through intermediaries in Doha to promote a cease - fire agreement between Palestine and Israel [5]. - The European Commission plans to levy a 2 - euro tax on small packages entering the EU, most of which come from China [5]. - Geopolitical conflicts, extreme weather, and sharp fluctuations in the external crude oil market are factors affecting the shipping market [6].

Group 1 - Goldman Sachs raised the 12-month target for the Tokyo Stock Price Index (Topix) from 2775 to 2900 and adjusted the 2025 annual earnings growth forecast from -1% to 2% [1] - The adjustment by Goldman Sachs follows a strong upward trend in the Topix index, which has risen for 13 consecutive trading days as of May 13, after the US and China announced a temporary reduction in tariffs [1] - Foreign investors have increased their holdings in Japanese stocks for six consecutive weeks, marking the longest streak since February 16, 2024 [1] Group 2 - Major contributors to the rise in the Topix index include Japanese exporters like Toyota and Nintendo, with strong performance from bank stocks [2] - The easing of trade tensions between the US and China is expected to positively impact Japan's export economy, which has a significant reliance on these two countries [2] - There is a growing possibility of a trade agreement between Japan and the US due to the positive trade consensus between China and the US [2] Group 3 - Concerns have been raised about overly optimistic sentiment in the Japanese market, suggesting that market expectations may be ahead of actual developments [3]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.24%, S&P 500 futures up by 0.27%, and Nasdaq futures also increasing by 0.27% [1] - European indices are also showing positive movements, with Germany's DAX up by 0.66%, UK's FTSE 100 up by 0.44%, France's CAC 40 up by 0.57%, and the Euro Stoxx 50 up by 0.48% [2][3] - WTI crude oil has increased by 0.19% to $61.74 per barrel, while Brent crude oil is up by 0.31% to $64.73 per barrel [3][4] Economic Outlook - Barclays has revised its US economic growth forecast for this year to 0.5%, up from a previous estimate of -0.3%, and for next year to 1.6%, up from 1.5% [4] - Goldman Sachs has also adjusted its forecast, now predicting a 1% growth for the US economy in 2025, an increase of 0.5 percentage points from earlier estimates, and has reduced the probability of a recession in the next 12 months from 45% to 35% [4] Company News - Applied Materials (AMAT.US) reported Q2 revenue of $7.1 billion, a 7% year-over-year increase, but slightly below analyst expectations of $7.13 billion. The semiconductor systems segment contributed $5.26 billion, also below expectations [8] - RLX Technology (RLX.US) reported Q1 revenue of 808 million RMB, a 46.5% year-over-year increase, and a Non-GAAP net profit of 251 million RMB, up 21% [9] - General Electric (GE.US) and Boeing (BA.US) secured a $14.5 billion order from the UAE, part of a larger $200 billion deal announced by Trump [9] - Meta (META.US) has delayed the release of its flagship AI model "Behemoth" due to technical challenges, raising concerns about its AI strategy [10] Upcoming Economic Data - Key economic data releases include US April building permits, import price index, new housing starts, and the Michigan consumer sentiment index [11]

Investment Ratings - Not provided in the report Core Views - The report provides a comprehensive analysis of various financial and commodity markets, offering specific comments and operation suggestions for different varieties based on their current market conditions, supply - demand relationships, and macro - economic factors [2]. Summary by Categories Financial - **Stock Index Futures**: For IF2506, the lower support of the index is stable, one can sell out - of - the - money put options to earn premiums; for IH2506, the index opens high and closes low with sectoral rotation. One can also buy September IM contracts on dips and sell September out - of - the - money call options with a strike price of 6400 for a covered strategy [2]. - **Treasury Bond Futures**: T2506 may fluctuate in the short term, with a wait - and - see approach. Focus on the capital market and economic data. Curve strategy suggests a steepening trade. The 10 - year and 30 - year treasury bond rates are around 1.66% and 1.92%, respectively, and are expected to fluctuate in the short term waiting for a driving force [2]. - **Precious Metals**: Gold is under short - term pressure with support around $3200 (¥745), and the sold out - of - the - money call options with a strike price above 800 can be held. Silver prices range between $32 - 33.5 (¥8000 - 8350), and an option straddle strategy can be tried [2]. Commodities - **Shipping**: With the easing of the Sino - US trade war, the spot price of the container shipping index (EC2506 for the European line) may rise. One can consider going long on the August contract or 8 - 10, 6 - 10 calendar spreads [2]. - **Steel**: The steel spot market is stabilizing with macro - level benefits. For RB2510, unilateral operations are on hold, and focus on the long - hot - rolled - coil short - raw - material arbitrage [2]. - **Iron Ore**: The increase in blast furnace maintenance may lead to a peak and decline in hot metal production. It is expected to trade in a range of 700 - 745 [2]. - **Coke and Coking Coal**: Coke prices are in a new round of price cuts, and coking coal is weak. One can go long on hot - rolled coil and short on coke or coking coal. The coal mine inventory is high, and there is still a possibility of price decline, with high hedging pressure in the futures market [2]. - **Energy and Chemicals**: - **Crude Oil**: The short - term oil price is likely to oscillate at a high level. The main contract of SC2507 has a range of [450, 510], and for options, one can buy volatility within the range [2][3]. - **Urea**: The inventory may be depleted faster, and the short - term futures price will oscillate at a high level in the range of [1850, 1950]. One can buy options to expand volatility [2]. - **PX and PTA**: Both are driven by strong supply - demand and tariff benefits, showing a strong trend. PX9 - 1 short - term calendar spreads and PX - SC spread expansion are recommended; for PTA, short - term 9 - 1 calendar spreads are considered, and a mid - term reverse view is taken [2]. - **Agricultural Products**: - **Palm Oil**: After a post - noon decline due to a negative MPOB report, it is expected to rebound above 8000 [2]. - **Sugar**: Based on the positive data from Brazil in late April, one can either stay on the sidelines or trade short on rebounds [2]. - **Cotton**: With the easing of the Sino - US trade war, attention should be paid to the resistance at 13500 [2]. - **Special Commodities**: - **Glass**: The market sentiment is pessimistic, and the 09 contract should be observed for a breakthrough at the 1000 - point level [2]. - **Rubber**: With the easing of Sino - US tariff conflicts, the price is expected to trade in the range of 14500 - 15500, and one can try shorting at the upper end of the range [2]. - **Industrial Silicon**: The spot price is stable, but the futures price is under pressure. A wait - and - see approach is recommended [2]. - **New Energy Commodities**: - **Polysilicon**: The industry fundamentals are expected to improve, and long positions or calendar spreads can be held [2]. - **Lithium Carbonate**: The trading is intense, and the price is expected to range between 62,000 - 66,000 [2].

Group 1 - The U.S. and China have agreed to suspend most tariffs for 90 days, positively impacting Apple and its investors, leading to a 6% increase in Apple stock [1] - President Trump mentioned a conversation with Apple CEO Tim Cook, indicating that Apple plans to invest $500 billion in building new plants in the U.S. [2] - Any easing of the U.S.-China trade tensions is expected to benefit Apple, which relies heavily on production in China and considers it its third-largest market by sales [3] Group 2 - Apple previously announced plans to spend $500 billion to expand operations in the U.S., including the assembly of AI servers in Houston [2]