Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The report comprehensively analyzes the changes in global financial markets, industrial supply - demand, and macroeconomic news during the 2025 May Day holiday, covering commodities, currencies, and key economic indicators in both international and domestic markets. 3. Summary by Directory 2025 May Day Foreign Market Changes - **Commodity Prices**: During the May Day holiday, there were fluctuations in various commodity prices. For example, BMD palm oil fell 2.12%, NYMEX crude oil dropped 4.74%, and COMEX gold rose 1.77%. The dollar index rose 0.34%, the Dow Jones Industrial Index increased 1.71%, and the Nasdaq Index rose 2.95% [2]. - **Currency Exchange Rates**: The Argentine peso against the US dollar had a 2.33% decline, while other major currencies like the Chinese yuan, Malaysian ringgit, and Indonesian rupiah remained stable against the US dollar [2]. 2025 May Day Industrial Supply - Demand - **International Supply - Demand** - **Palm Oil**: Malaysia's April palm oil production is expected to increase, with different institutions' data showing growth ranging from 14.74% to 24.62%. Export data from different institutions vary, with some showing an increase and others a decrease. Indonesia lowered the reference price of crude palm oil in May, and India's palm oil imports in April decreased by 24% [3][4][5]. - **Soybeans**: As of April 29, about 15% of US soybean - growing areas were affected by drought, a 6% reduction from the previous week. As of May 4, the US soybean planting rate was 30%, lower than expected. US soybean export sales increased, and Brazil's 2024/25 soybean production is expected to be 1.684 billion tons [6][7][10]. - **Other Crops**: Canada's rapeseed exports increased by 21.6% in the week ending April 27, and Australia's 2025/26 rapeseed production is expected to be 620,000 tons [13]. - **Domestic Supply - Demand** - **Agricultural Products**: On April 30, the total trading volume of soybean oil and palm oil decreased by 85% compared to the previous trading day. The opening rate of domestic oil mills decreased by 0.49%, and the "Agricultural Product Wholesale Price 200 Index" dropped 0.27 points [15]. 2025 May Day Macroeconomic News - **International News** - **US Economy**: The probability of the Fed maintaining interest rates in May is 97.3%. The US Q1 core PCE price index annualized quarterly rate was 3.5%, and the Q1 real GDP annualized quarterly rate was - 0.3%. The April non - farm payrolls were 177,000, and the unemployment rate was 4.2% [16][17]. - **OPEC**: OPEC's April oil production decreased by 200,000 barrels per day to 2.724 million barrels per day. OPEC + plans to increase production in June and possibly again in July [19]. - **Eurozone**: The Eurozone's Q1 GDP annual rate was 1.2%, the April CPI annual rate was 2.2%, and the May Sentix investor confidence index was - 8.1 [19][20]. - **Domestic News** - **Exchange Rate and Monetary Policy**: On April 30, the US dollar/Chinese yuan exchange rate was 7.2014, down 15 points. The central bank conducted 530.8 billion yuan of 7 - day reverse repurchase operations, with a net investment of 422.8 billion yuan [22]. - **Economic Indicators**: China's April manufacturing PMI was 49.0%, a 1.5 - percentage - point decline from the previous month [22].