Core Viewpoint - The Chinese economy is navigating a complex internal and external environment, with the A-share market showing resilience, as evidenced by the Shanghai Composite Index surpassing 4000 points in Q4 2025, marking a nearly ten-year high and an annual increase of over 30% [2][10]. The outlook for 2026 remains positive, with expectations of continued upward movement in the A-share market driven by high-quality development and supportive policies [2][10]. Group 1: Global Liquidity and Currency Dynamics - The reopening of the Federal Reserve's interest rate cut cycle has led to a marginal improvement in the global liquidity environment, with the US dollar index weakening significantly throughout the year [4][12]. - The RMB has shown a phase of strengthening, with the USD/RMB exchange rate breaking the 7.0 mark by year-end, reflecting market recognition of China's economic resilience and enhancing the attractiveness of domestic assets in global investment portfolios [4][12]. - The A-share market, characterized by structural opportunities and relatively low valuations, is likely to attract overseas incremental capital, particularly in technology companies with long-term growth prospects [4][12]. Group 2: Domestic Demand and Inflation Trends - Domestic effective demand is gradually strengthening due to fiscal policies aimed at expanding effective investment, moderate monetary policy easing, and measures to promote large-scale and service consumption [5][13]. - The overall inflation level in 2025 is showing a low rebound, with core CPI growth maintaining above 1% since September 2025, and PPI growth stabilizing, indicating improvements in the domestic supply-demand structure [5][13]. - The moderate rise in prices is expected to enhance corporate pricing power and profitability, leading to a clearer recovery cycle for corporate profits in 2026, thus providing fundamental support for the A-share market [5][13]. Group 3: Capital Market Dynamics and Investor Behavior - As the real estate market adjusts and the risk-free interest rate center declines, household funds are shifting from real estate and low-yield financial products to equity assets with greater appreciation potential [6][14]. - Continuous deepening of capital market reforms and improvements in investor protection mechanisms are accelerating this transition, indicating a stable and sustained influx of new capital into the A-share market [6][14]. - Institutional investors, including insurance funds, pension funds, and public funds, are showing a stronger willingness to enter the market, enhancing market effectiveness and stability [6][14]. Group 4: Technological Innovation and Market Opportunities - The continuous improvement of domestic technological capabilities is expected to create new market drivers, with significant advancements in AI, semiconductors, high-end manufacturing, commercial aerospace, and national defense industries in 2025 [7][15]. - Technological innovation is becoming the core force driving the structural market trends in A-shares, with expectations that it will continue to dominate market styles and capital flows in 2026 [7][15]. - While the long-term outlook for A-shares remains positive, potential risks from international trade environments and geopolitical uncertainties must be acknowledged, as they could impact market sentiment and valuations [7][15].

Core Viewpoint - The domestic futures market shows mixed performance, with the European shipping index futures experiencing a volatile upward trend, indicating a potential for continued fluctuations in the near term [1][2]. Group 1: Market Performance - The European shipping index futures opened at 2195.0 points, reaching a high of 2419.7 points and a low of 2190.0 points, resulting in a 2.19% increase [1]. - The overall market sentiment has shifted, with previous macroeconomic influences largely exhausted, leading to expectations of a short-term consolidation in price movements [1]. Group 2: Price Forecasts and Influences - Multiple shipping companies have announced June pricing for the European line exceeding $3000 per FEU, with Maersk's pricing being a critical indicator for market stability [2]. - The estimated capacity for the European line in the second week of June is projected to drop to 265,000 TEU, although the average weekly capacity may still hold at 290,000 TEU when including pending vessels [2]. - A potential shortage of container equipment due to a surge in demand could become a new variable influencing price increases [2]. Group 3: Geopolitical and Trade Considerations - The geopolitical landscape remains volatile, with the trade war situation showing short-term improvement, which may positively affect demand for the European shipping index [2]. - Egypt's recent announcement of a 15% transit fee discount for large container ships aims to attract traffic back to the Red Sea route, although a return to normalcy for major shipping lines may take time [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The freight futures prices of the container shipping index (European line) mostly rose on Tuesday, with the main contract EC2506 up 5.79% and EC2508 up 12.38%. The improvement in the trade - war situation drove the futures prices up rapidly. The latest SCFIS European line settlement freight rate index dropped 76.45 points from last week, a 5.5% decline [1]. - The joint statement of the Sino - US high - level economic and trade talks led to a significant reduction in bilateral tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs. The US suspended the 24% "reciprocal tariff", and China also suspended the 24% counter - tariff. China also suspended or cancelled non - tariff counter - measures against the US [1]. - The Ministry of Commerce will help foreign trade enterprises, and the improvement in the trade - war situation, the warming expectation of the Red Sea re - navigation, and the recovery of the European manufacturing PMI support the European line freight rates. The demand expectation of the container shipping index (European line) is expected to improve [1]. - The European Central Bank should be cautious about the next interest - rate action due to the high uncertainty of Trump's economic policies. The trade tension usually has a negative impact on economic growth. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and closely monitor the US policies towards Europe and Sino - European foreign trade data [1]. Summary by Relevant Content Futures Market Data - EC2506 closing price: 1465.200, up 80.2; EC2508 closing price: 1896, up 208.8. The EC2506 - EC2508 spread was - 103.00 (down), and the EC2506 - EC2510 spread was - 430.80, with a change of + 70.30 [1]. - EC contract basis: + 1.00 (up). The main contract EC2506 open interest was 36838, unchanged [1]. Spot Market Data - SCFIS (European line) (weekly): 1302.62, down 76.45; SCFIS (US West Coast line) (weekly): 1455.31, up 134.62. SCFI (composite index) (weekly) dropped 4.24 [1]. - CCFI (composite index) (weekly) rose 14.70; CCFI (European line) (weekly): 1497.15, up 51.91 [1]. - Baltic Dry Index (daily): 1299.00, up 5.00; Panama Freight Index (daily): 1353.00, down 11.00 [1]. - Average charter price (Panamax ship): 9963.00, up 32.00; average charter price (Cape - size ship): 13668.00, down 228.00 [1]. Industry News - The Sino - US high - level economic and trade talks issued a joint statement on tariff reduction, and both sides will continue to negotiate on economic and trade relations [1]. - Xinhua News Agency commented on the Sino - US economic and trade talks, emphasizing the need for rational expectations and awareness of the long - term, complex and arduous process of eliminating differences [1]. - A Fed governor said Trump's tariff policy may push up inflation and drag down economic growth, and it's difficult for the Fed to predict future economic growth and inflation trends [1]. - Two members of the European Central Bank's Governing Council said the ECB should be cautious about the next interest - rate action due to the high uncertainty of Trump's economic policies [1]. Key Points to Follow - The German April CPI monthly rate final value at 14:00 on May 14 [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The freight futures price of the container shipping index (European line) rose significantly on Monday, with most contracts closing up 16.0%. The improvement in the trade war situation drove the futures price to rise rapidly. Although the trade war situation and geopolitical situation are fluctuating, they are gradually improving, and the expectation of the demand recovery of the container shipping index (European line) will also improve. If the US tariff increase on Europe is better than expected, the performance of the far - month futures price may be better than that of the near - month contracts. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and closely monitor the US policies towards Europe and China - EU foreign trade data [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 202.2 (up), EC sub - main contract closing price: 1466.200, with a increase of 247.40 [1] - EC2506 - EC2508 spread: - 48.80 (down), EC2506 - EC2510 spread: - 327.80, with a decrease of 4.40 [1] - EC contract basis: - 87.13, with a decrease of 216.40 [1] - EC main contract open interest: 37399, unchanged [1] Spot Market Data - SCFIS (European line) (weekly): 1302.62, down 76.45 points from last week, a 5.5% week - on - week decline; SCFIS (US West line) (weekly): 1455.31, up 134.62 [1] - SCFI (composite index) (weekly): 1340.93, down 4.24; container ship capacity: 1227.97 (ten thousand TEUs), up 0.13 [1] - CCFI (composite index) (weekly): 1121.08, up 14.70; CCFI (European line) (weekly): 1497.15, up 51.91 [1] - Baltic Dry Index (daily): 1299.00, up 17.00; Panamax Freight Index (daily): 1353.00, up 10.00 [1] - Average charter price (Panamax ship): 9963.00, down 99.00; average charter price (Capesize ship): 13668.00, down 691.00 [1] Industry News - The US will adjust the tariff rate on Chinese goods, suspending the collection of 24 percentage points for 90 days, and canceling the additional tariffs imposed on these goods according to relevant executive orders [1] - The China - US high - level economic and trade talks from May 10th to 11th in Geneva were candid, in - depth, and constructive, reaching important consensus and making substantial progress. The two sides agreed to establish a China - US economic and trade consultation mechanism [1] - Japanese Prime Minister Ishiba Shigeru plans to reach a trade agreement with the US around the July Senate election. He hopes to revoke the additional tariffs on Japanese cars rather than just reducing them [1] Key Data to Watch - UK unemployment rate in April on May 13th at 14:00 [1] - German ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - Eurozone ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - US unadjusted core CPI annual rate in April on May 13th at 20:30 [1] - US unadjusted CPI annual rate in April on May 13th at 20:30 [1]

Core Insights - Siemens Healthineers reported a strong financial performance in Q2 2025, with revenue reaching approximately €5.91 billion, reflecting a 6.8% increase compared to the same period in 2024 [4][5][34] - The company anticipates a comparable revenue growth of 5% to 6% for the entire fiscal year 2025, despite facing challenges from geopolitical tensions and trade barriers [10][12][34] Financial Highlights - Q2 2025 revenue was €5,909 million, up from €5,435 million in Q2 2024, marking an 8.7% increase [4] - Adjusted EBIT for Q2 2025 was €982 million, a 19% increase from €822 million in Q2 2024, with an EBIT margin of 16.6% [7][4] - Net income rose to €537 million, a 25% increase from €431 million in the previous year [5] - Free cash flow for Q2 was €197 million, significantly up from €120 million [8] Business Segment Performance - Imaging segment revenue reached €3,281 million, showing an 11% increase year-over-year, with a strong EBIT margin of 22.4% [14][15] - Diagnostics segment revenue was approximately €1,122 million, with a modest 1.7% growth and an EBIT margin of 6.3% [17][18] - Varian segment revenue increased by 14.5% to €1,041 million, although EBIT margin decreased to 13.2% [19][20] - Advanced Therapies segment reported revenue of €553 million, a 5.1% increase, with an EBIT margin of 18.5% [21] Regional Performance - Revenue from the Americas grew significantly to €4,995 million, a 15.5% increase, with the U.S. market contributing €4,310 million [23] - EMEA region revenue was €3,619 million, a slight increase of 0.4%, while Asia Pacific Japan region revenue rose by 8% to €1,544 million [23] - Revenue from China decreased by 1.5% to €1,233 million due to delayed customer orders [16][23] Strategic Developments - Siemens Healthineers signed a technology licensing agreement with Kromek Group Plc to enhance its capabilities in producing gamma-ray detectors for SPECT systems [24][26] - The company introduced new mobile solutions for stroke diagnosis, integrating CT technology into ambulances [28] - A partnership with the Alberta government aims to invest CAD 800 million (approximately USD 560 million) in cancer early detection and research [31]

Report Information - Report Title: Green Dahua Futures Breeding Industry Quarterly Report - Corn Mid - line Range Operation, Continuous Increase in Pig Supply, Egg Center of Gravity Moving Down, Near - term Weak and Long - term Strong [2] - Report Date: March 30, 2025 [1] - Analyst: Zhang Xiaojun [2] 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views - **Corn**: Mid - term, after the seasonal supply pressure is released, the domestic supply pattern may gradually tighten, and the price has partially reflected the upward expectation. Long - term, it maintains the pricing logic of import substitution + planting cost. The trading strategy is to maintain a range trading idea for the long - term, a low - buying idea for the mid - term, and the short - term price will run in the range of 2250 - 2300 [17][108][109]. - **Pigs**: In 2025, the pig supply enters an upward cycle, and the supply in the second quarter will continue to increase, which may put pressure on the spot price. The futures price will follow the spot price for basis repair trading, and attention can be paid to the band trading opportunities when the price rises and meets resistance [62][64][113]. - **Eggs**: Mid - term, the supply pressure in the second quarter is expected to increase, and the breeding profit may turn negative. Long - term, if the capacity reduction in the first half of the year is less than expected, the supply pressure may continue to the second half of the year. Before large - scale culling, maintain a short - selling idea [85][89][121]. 3. Summary According to the Directory 3.1上期回顾 - **Market Performance in the First Quarter**: Corn futures broke through and rose, with the 2505 contract rising 1.88% to 2271 yuan/ton; pig futures fluctuated strongly, with the 2505 contract rising 1.93% to 13450 yuan/ton; egg futures broke down, with the 2505 contract falling 7.62% to 3017 yuan/ton [9][13]. - **Strategy Review**: In early December 2024, it was suggested to pay attention to the opportunity of buying corn on dips. After the Spring Festival, it was continuously suggested to pay attention to the opportunity of short - selling pigs and eggs on rallies [13]. 3.2本期分析 3.2.1 Corn - **Macro Logic**: The domestic and foreign liquidity is looser than expected, and the geopolitical situation has improved, so the macro - driving force has weakened [16]. - **Industry Logic**: It may enter the passive inventory - building cycle, and attention should be paid to policies such as directional rice/imported corn auctions and grain import policies [17]. - **Supply - Demand Logic** - **Supply**: Globally, the corn production and inventory have been reduced, and the supply situation is gradually tightening. In the US, the supply - demand remains relatively loose. In China, in the long - term, there is still a gap between production and demand, and the pricing logic of substitutes remains unchanged. In the 24/25 year, the import volume is expected to decrease significantly, and the domestic supply - demand pattern may shift from loose to basically balanced. In the medium - term, after the seasonal supply pressure is released, the supply pattern may gradually tighten. In the second quarter, attention should be paid to the policy grain release rhythm, wheat substitution scale, etc. [17] - **Consumption**: In 2025, the pig production capacity increases, and the存栏 of egg - laying and meat - eating poultry remains high. The feed consumption maintains rigid demand, and the deep - processing consumption is stable with a slight increase, providing rigid support for the corn price. In the second quarter, attention should be paid to the inventory - building strength of downstream feed enterprises and the changes in the存栏 of pigs and poultry [17]. - **Trading Strategy**: Long - term, maintain a range trading idea; mid - term, maintain a low - buying idea with a neutral target of 2350; short - term, the price runs in the range of 2250 - 2300, with support at 2250 - 2260 and resistance at 2300 - 2310 [18][109]. 3.2.2 Pigs - **Macro Logic**: Domestically, focus on the interaction between China's CPI trend and pig prices. In February 2025, the CPI was - 0.7% year - on - year. After excluding the impact of the Spring Festival month shift, the CPI still increased year - on - year [60][111]. - **Industry Logic**: Under the background of the normalization of diseases after African swine fever, passive capacity reduction leads to significant periodic fluctuations in pig prices, with a shorter cycle and higher frequency. The process of large - scale concentration in the breeding end is not over, and enterprises with low costs and good financial conditions continue to increase capacity utilization and expand market share [61][112]. - **Supply - Demand Logic** - **Supply**: Excluding the impact of winter diseases, the pig supply in 2025 enters an upward cycle. The sow存栏 data and new - born piglet data indicate that the supply in the second quarter will continue to increase, especially the incremental pork from group weight - gain and second - fattening after the Spring Festival. The spot price may be under pressure, and the support level is 13 yuan/kg [62][64][113]. - **Consumption**: The pork consumption is relatively rigid, mainly following seasonal patterns in the short - term, and long - term attention should be paid to the transformation of the consumption structure [81]. - **Trading Strategy**: The futures price will follow the spot price for basis repair trading. Pay attention to the band trading opportunities when the price rises and meets resistance. The upper pressure levels for LH2505, LH2507, and LH2509 are 13700 - 14000, 13600 - 13700, and 14300 - 14500 respectively [64][115]. 3.2.3 Eggs - **Macro Logic**: The domestic and foreign liquidity release is less than expected. Domestically, focus on raw material prices and CPI changes [84][117]. - **Industry Logic**: The egg - laying chicken breeding industry has been profitable for 4 years, and the large - scale rate continues to increase, which will change the breeding subject structure and production efficiency [84][117]. - **Supply - Demand Logic** - **Supply**: The存栏 of grandparent - stock egg - laying chickens increases, and the import proportion rises significantly. The存栏 of laying hens is slowly increasing. The culling rhythm is slow due to breeding profits. In the second quarter, the supply is expected to increase, and the inventory level may be higher than the same period [85][87][118]. - **Consumption**: The downstream consumption improved in late February, and it is expected to increase in March, but the increase may be limited due to lower vegetable prices [85][118]. - **Trading Strategy**: Before large - scale culling, maintain a short - selling idea. If large - scale culling starts, close short positions on near - term contracts and consider long positions on far - term contracts [90][122].