Macroeconomic Overview - The May PMI indicates persistent weakness in domestic demand, with the manufacturing PMI at 49.5%, up 0.5 percentage points from the previous month, while the non-manufacturing PMI decreased to 50.3%, down 0.1 percentage points[22] - April industrial profits showed a year-on-year increase of 1.4%, with a 3.0% growth in April alone, reflecting some structural highlights despite overall economic challenges[11] Market Dynamics - The stock market experienced a slight decline with a weekly average trading volume of 1,093.9 billion CNY, down 79.4 billion CNY from the previous week, and the Shanghai Composite Index fell by 0.03%[10] - The bond market showed slight fluctuations, with the 10-year government bond yield rising by 0.85 basis points, indicating ongoing pressure on long-term funding despite a stable short-term liquidity outlook[10] Trade and Policy Impacts - Recent U.S. trade policies, including new restrictions on AI chip exports to China, have limited market optimism, with expectations for further negotiations diminishing[1] - The U.S. International Trade Court's ruling on Trump's tariffs initially boosted market sentiment, but subsequent court actions led to renewed market weakness, highlighting the volatility in trade relations[1] Profitability Insights - April's profit growth of 2.6% compared to March reflects a 0.4 percentage point rebound, primarily driven by the "two new" policies benefiting the midstream equipment manufacturing sector[11] - The Producer Price Index (PPI) is expected to continue its downward trend, with May's decline potentially widening, indicating ongoing pressure on profit margins[13] Risk Factors - Key risks include potential further deterioration in U.S.-China trade relations and weaker-than-expected economic fundamentals, which could exacerbate existing market vulnerabilities[1]

记者从默克中国（ Merck China）获悉，基于中美暂停加征关税90天的联合声明，默克生命科学业务即 日起取消在中国市场的临时附加费，公司已于今日向客户发出正式通知函件，公司会持续关注关税动 态。这也意味着该新通知取代此前刚执行两天的收取附加费文件。近日一则默克生命科学的文件在业内 引起广泛关注，这份5月11日的文件称，自5月12日起，所有发往中国的产品订单将开始收取临时附加 费，采用附加费形式为公司在未来几周或几个月内根据政策变化灵活调整或取消附加费提供了可能。 （记者 王俊仙 何凡） ...