Group 1 - The offshore RMB to USD exchange rate has appreciated, breaking the 7.19 mark for the first time since November last year, driven by multiple factors including the US-China trade dialogue and strong consumption during the May Day holiday [1][2] - On May 2, the offshore RMB to USD exchange rate saw a significant increase, with a single-day rise exceeding 600 basis points, and on May 5, it continued to rise, touching 7.18940 with an intraday increase of over 130 basis points [2] - Analysts attribute the RMB appreciation to several factors, including positive signals from the US regarding tariff negotiations, strong domestic consumption during the holiday, and increased foreign investment in RMB-denominated bonds amid heightened global market volatility [2] Group 2 - Looking ahead, the RMB exchange rate is expected to remain stable with a solid foundation, fluctuating around a reasonable equilibrium level [3] - The domestic economic fundamentals have improved since late last year, with factors such as economic recovery, confidence boosting, risk mitigation, and technological empowerment contributing to the stability of the RMB [3] - The People's Bank of China emphasizes a managed floating exchange rate system based on market supply and demand, aiming to enhance market resilience and stabilize expectations while preventing excessive fluctuations in the exchange rate [3]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.16%, the Hang Seng China Enterprises Index down by 0.15%, and the Hang Seng Tech Index up by 0.62% [1] Education Sector - Education stocks led the gains, with China Oriental Education rising by 7.5%, Dazhong Education up by 5.19%, and New Oriental-S increasing by 3.16% [1] Healthcare Sector - The healthcare sector saw significant increases, particularly in internet healthcare, biopharmaceuticals, and AI medical concepts. Notable performers included Alibaba Health up by 7.16% and WuXi AppTec up by 4.21% [1] Consumer Sector - The consumer sector, including tobacco, cosmetics, and luxury goods, continued to rise. China Tobacco Hong Kong increased by 6.14%, and Meituan-W rose by 2.88% [2] - The upcoming May Day holiday is expected to boost consumer spending, with potential benefits for the food and beverage industry as well as travel and hospitality sectors [2] Automotive Sector - The automotive sector faced declines, particularly in lithium battery and smart driving concepts. Xpeng Motors fell by 4.48%, and BYD dropped by 2.57% [2] Power Sector - Power stocks, including nuclear and green energy, experienced pullbacks. Longyuan Power decreased by 4.09%, with a reported 21.82% drop in net profit year-on-year [3] Real Estate and Construction - Real estate and construction stocks were under pressure, with CIFI Holdings down by 1.72% and China Resources Cement falling by 2.37% [3] Beverage and Sportswear - Beer and sportswear stocks performed poorly, with Qingdao Beer down by 4.07% and Li Ning down by 2.53% [3] Notable Stocks - Leap Motor saw a significant increase of 8.08% following news of substantial share purchases by its chairman and shareholders [3] - Horizon Robotics rose by 13.71% after announcing a strategic partnership with Denso, a global automotive parts giant [4]

1. Report Industry Investment Rating No information provided. 2. Core Views - The overall supply of live pigs is increasing and shifting backward, causing downward pressure on prices. However, the futures market has already factored in the weak expectations, limiting the decline. Egg prices are expected to face a short - term supply - demand imbalance after the May Day holiday, and long - term supply is likely to increase. For oils, short - term prices have upward momentum, but long - term supply increases may lead to price fluctuations. The short - term price of soybean meal is expected to be weak, while the long - term is strong. Corn prices are expected to be stable with an upward trend, but the upside is limited [1][2][4]. 3. Summary by Related Catalogs Live Pigs - On April 29, the spot price of live pigs in Liaoning was 14.3 - 15 yuan/kg, up 0.1 yuan/kg from the previous day; in Henan, it was 14.6 - 15.2 yuan/kg, up 0.1 yuan/kg; in Sichuan, it was 14.2 - 14.5 yuan/kg, stable; in Guangdong, it was 15.4 - 16 yuan/kg, stable. In the short term, the supply - demand game intensifies, and prices fluctuate frequently. In the long term, from April to September 2024, supply increases, and the second quarter of 2025 still faces large supply pressure. The strategy is to sell out - of - the - money call options for contracts 07 and 09 at high prices [1]. Eggs - On April 29, the price in Shandong Dezhou was 3.1 yuan/jin, stable; in Beijing, it was 3.39 yuan/jin, down 0.18 yuan/jin. Short - term egg prices are affected by supply - demand factors, and there is a risk of decline after the May Day holiday. Long - term supply is expected to increase. The 06 contract is recommended to be held with a light position during the holiday, and contracts 08 and 09 are considered bearish [2]. Oils - On April 29, the US soybean oil main contract rose 1.53% to 50.46 cents/lb, and the Malaysian palm oil main contract rose 0.55% to 4058 ringgit/ton. Palm oil exports increased in April, but production also increased, and inventory is expected to rise. Domestic palm oil will face increased supply in the second quarter. Soybean oil has large supply pressure in the second quarter in China. Rapeseed oil has a tight supply in Canada, and domestic inventory is expected to decrease in the second quarter. Short - term prices are supported, but long - term supply increases may limit the upside [4][5][6]. Soybean Meal - On April 28, the US soybean 07 contract rose 3.25 cents to 1062.5 cents/bu. Short - term prices are expected to decline with increased supply, while long - term prices are expected to rise due to cost increases and weather factors. The 09 contract is recommended to be short - sold in the short term and long - bought in the long term [8]. Corn - On April 28, the purchase price of new corn at Jinzhou Port was 2230 yuan/ton, stable; the closing price was 2270 yuan/ton. The short - term spot price is supported, and the futures market fluctuates at a high level. In the long term, supply - demand tightness drives prices up, but the upside is limited. The strategy is to wait for a callback to buy [9]. Futures Market Overview - The report provides the prices, price changes, and other information of various futures and spot products on April 28 - 29, including CBOT soybeans, soybean meal, corn, etc [10].