Core Viewpoint - The Thai Finance Minister anticipates that trade negotiations will continue after the tariff suspension period ends [1] Group 1 - The Thai government is actively engaged in trade discussions, indicating a proactive approach to international trade relations [1] - The expectation of continued negotiations suggests potential for future trade agreements that could impact various sectors [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The black metal market is currently in a state of weak price drive, with a strong expectation of oversupply. The core logic of the black metal sector this year is the further relaxation of furnace material supply and the upstream's concession to the downstream, leading to a downward shift in the valuation center. Different sub - sectors have different trends and investment suggestions [4][5][7] Summary by Related Sections Steel - On May 27, the prices of both far - month and near - month steel futures contracts were down. The spot trade volume of building materials increased slightly, but the market was still weak. The static supply - demand structure is healthy, but there is a strong oversupply expectation. The price drive is weak, and the time for production reduction may be postponed. The idea of rolling selling hedging or spot pre - sale to realize production profit is still necessary [2][4] Coking Coal and Coke - In the spot market, the second round of price cuts for coking coal and coke is expected to land soon. The port metallurgical coke trade price and coking coal prices are falling. In the futures market, the black chain index continues to decline. The trading logic is that the upstream concedes to the downstream due to loose furnace material supply. A short - selling strategy is maintained, but attention should be paid to the cost and price relationship at the current position [5] Ferroalloys - There have been many production cut news for ferrosilicon and silicomanganese this week, with a significant decline in production. Ferrosilicon is in short supply and the rebound may continue, while silicomanganese is expected to fluctuate. The cost is expected to decline slightly. The pattern of overseas and domestic export rush will continue to drive actual demand. Previous long positions in ferrosilicon and long - short spreads of double - silicon can be held [7] Iron Ore - The market is less sensitive to the news of production restrictions. Iron ore shipments are gradually increasing, and port inventories may shift from de - stocking to stocking. The iron ore market is expected to fluctuate slightly in May. After May, if the steel fundamentals weaken, the steel mills' spontaneous production reduction may occur, and it is more likely that steel is weaker than iron ore [8] Futures and Spot Market Data - **Futures Market**: On May 27, the far - month contracts of RB2601, HC2601, I2601, J2601, JM2601 all declined, with the decline rates ranging from - 0.31% to - 1.70%. The near - month contracts also declined, with the decline rates ranging from - 0.12% to - 1.76%. The cross - month spreads and various spreads/price ratios/profits also changed [2] - **Spot Market**: The spot prices of various steel products, iron ore, coking coal, and coke all declined on May 27. The basis of different varieties also changed, with some increasing and some decreasing [2]

Core Insights - JD's Q1 2025 revenue reached 301.1 billion yuan, a year-on-year increase of 15.8%, marking the highest quarterly growth rate in three years, with service revenue at 58.8 billion yuan, up 14.0% year-on-year [2][10] - Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion yuan, exceeding expectations by 43.4% [2][10] - The retail revenue of JD grew by 16.3% year-on-year to 263.8 billion yuan, driven by strong user growth and supply chain optimization [2][10] Revenue and Profitability - The group achieved a gross margin of 15.9%, an increase of 0.6 percentage points year-on-year, and a fulfillment gross margin of 9.3%, up 0.5 percentage points year-on-year [3][10] - JD's retail operating profit margin improved by 0.8 percentage points to 4.9% [3][10] - The company continues to enhance its operational efficiency through its supply chain infrastructure and smart integration of business ecosystems [3][10] Business Development - JD's food delivery service surpassed 10 million daily orders as of April 22, 2025, indicating significant progress in this segment [3][10] - The company has repurchased 1.5 billion USD worth of shares, amounting to approximately 2.8% of its outstanding shares as of December 31, 2024 [3][10] - The expansion of the platform into new markets, including Hong Kong and international regions, is ongoing, with a focus on maintaining high growth rates in various product categories [10] Policy and Market Environment - The April Politburo meeting emphasized stabilizing employment and the economy, with a focus on expanding domestic demand and promoting consumption [4][11] - The government is expected to introduce flexible policies to address uncertainties in tariffs and enhance financial support for various sectors [11] - The focus on long-term structural reforms and support for consumer spending is anticipated to drive economic growth in the coming quarters [11]