Group 1 - The core viewpoint of the article highlights a period of tariff easing, leading to a rebound in exports while domestic demand shows increasing divergence [1] Group 2 - High-frequency data indicates a mixed performance in consumption, with strong automobile sales [1] - Investment in infrastructure is accelerating, while real estate sales show marginal improvement amidst a sluggish land market [1] - Exports are rebounding rapidly, supported by resilient overseas demand, with port data and export freight rates rising quickly due to concentrated shipments from previously accumulated inventories [1] Group 3 - Production is exhibiting a trend of industry divergence, with a rebound in the photovoltaic production index, while the operating rates in sectors like steel and petrochemicals are declining [1] - Coal inventories are decreasing from high levels, and there is an accelerated reduction in steel inventories [1] Group 4 - Price performance is generally subdued, with most high-frequency indicators related to CPI and PPI showing a downward trend [1] - In terms of liquidity, the US dollar index has significantly declined, while the Chinese yuan continues to appreciate [1]

Macro - Export has rebounded while domestic demand shows divergence, with strong automobile sales and accelerated infrastructure investment, but real estate sales are marginally improving amidst a sluggish land market [1] - High-frequency data indicates a rapid rebound in imports and exports, supported by resilient overseas demand and a recovery in port data and export freight rates due to concentrated shipments from previously accumulated inventories [1] - Production is exhibiting industry-specific trends, with a rebound in the photovoltaic production index, while the operating rates in sectors like steel and petrochemicals are declining [1] - Coal inventories are decreasing from high levels, and steel inventories are being reduced at an accelerated pace [1] - Price performance is generally moderate, with most high-frequency indicators for CPI and PPI trending downwards [1] - The liquidity environment is characterized by a significant drop in the US dollar index and a continuous appreciation of the Chinese yuan [1] Overseas Strategy - The article reviews the asset price movements during four periods of trade friction easing between the US and China from 2018 to 2019, highlighting the uncertainty surrounding trade negotiations [3][4] - Each easing period had varying durations and was often interrupted by unilateral actions from the US, indicating the unpredictable nature of trade negotiations [3] - The first easing period in May 2018 lasted only 10 days, with US stock performance showing volatility, while Chinese A-shares faced downward pressure due to dual challenges from tariffs and financial deleveraging [4] - The December 2018 easing lasted over four months, during which A-shares and Hong Kong stocks briefly rebounded before declining again, while US stocks benefited from rising expectations of Federal Reserve rate cuts [4] - The June 2019 easing lasted about one month, with A-shares initially rising but later experiencing declines due to renewed trade tensions [4] - The October 2019 easing saw a significant initial rise in both US and Chinese stock markets, but subsequent performance diverged [4] Industry - The article discusses the significance of tritium as a fuel for nuclear fusion, highlighting recent policy shifts in the US and Germany towards advanced nuclear technologies [8] - Tritium is described as a scarce resource necessary for nuclear fusion, contrasting with uranium, which is mined [8] - The fusion reaction involves deuterium and tritium, releasing energy and neutrons, with deuterium being abundant and sourced from seawater, while tritium must be artificially produced [8] - The process of generating tritium involves neutron multiplication using beryllium spheres and subsequent reactions with lithium, emphasizing the importance of tritium factories for recovery and purification [8]