Group 1 - The core viewpoint of the reports emphasizes the effectiveness of counter-cyclical monetary policy adjustments, with notable growth in financial totals and a stable RMB exchange rate [1][2] - As of June, the social financing scale and broad money supply (M2) increased by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [1] - New corporate loans and personal housing loan rates decreased by approximately 45 basis points and 60 basis points year-on-year in the first half of the year, indicating an optimization in credit structure [1] Group 2 - The next steps involve implementing a moderately loose monetary policy, ensuring liquidity remains ample, and aligning social financing scale and money supply growth with economic growth and price level expectations [2] - The report highlights the importance of maintaining reasonable price levels and improving the interest rate adjustment framework to lower overall financing costs [2] - The central bank aims to enhance the dual functions of monetary policy tools, supporting sectors like technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [2] Group 3 - The exploration of expanding the central bank's macro-prudential and financial stability functions is crucial for maintaining market stability and preventing systemic financial risks [3]

Core Viewpoint - The People's Bank of China (PBOC) has released the "2025 Q2 China Monetary Policy Implementation Report," indicating a 5.3% year-on-year GDP growth in the first half of the year, with a focus on maintaining a suitable monetary environment for high-quality economic development [1] Group 1: Monetary Policy Measures - The PBOC has implemented a moderately loose monetary policy, including a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [2] - The central bank has lowered policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, aiming to reduce overall financing costs [2] - A total of 500 billion yuan has been allocated for consumption and elderly care re-loans, with an additional 300 billion yuan for technology innovation and transformation loans [2] Group 2: Financial Stability and Risk Management - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [3] - The PBOC emphasizes the importance of maintaining basic stability in the exchange rate and has implemented measures to prevent excessive fluctuations [4] - The central bank aims to enhance the financial risk monitoring and assessment system to mitigate risks in key areas [2][4] Group 3: Future Outlook and Strategic Goals - The PBOC plans to adhere to the principles of stability and progress, focusing on the new development philosophy and promoting high-quality financial development [4] - The central bank will balance short-term and long-term goals, ensuring macroeconomic stability while supporting the real economy [4][5] - The PBOC aims to maintain a reasonable level of inflation and ensure that monetary policy aligns with economic growth and price level expectations [5]

Core Viewpoint - The report highlights the implementation of proactive macroeconomic policies under the leadership of the central government, resulting in a stable economic performance with a GDP growth of 5.3% year-on-year in the first half of the year, reflecting strong vitality and resilience in the economy [2]. Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a moderately loose monetary policy, utilizing various tools to support high-quality economic development and create a favorable monetary environment for sustained economic recovery [2][3]. - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity to the market [3]. Financing and Interest Rates - The PBOC aims to maintain reasonable growth in money and credit, with efforts to lower the overall financing costs in society. In May, the policy interest rate was reduced by 0.1 percentage points, and the rates for structural monetary policy tools and personal housing provident fund loans were lowered by 0.25 percentage points [3]. - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the balance of RMB loans reaching 268.6 trillion yuan [4]. Credit Structure and Risk Management - The PBOC is focusing on optimizing the credit structure by establishing a 500 billion yuan re-loan for consumption and elderly care, and increasing the re-loan quota for technological innovation and transformation by 300 billion yuan [3]. - The report emphasizes the importance of risk prevention and resolution, with ongoing improvements to the financial risk monitoring and assessment systems [3][5]. External Environment and Future Outlook - The external economic environment is becoming increasingly complex, with weakening global growth and rising trade barriers. However, China's economic fundamentals remain strong, and the PBOC is committed to maintaining strategic focus and advancing key strategic tasks related to modernization [5]. - The PBOC plans to enhance the monetary policy framework, balancing short-term and long-term goals, and ensuring the stability and continuity of policies to support employment, businesses, and market expectations [5][6].

Report Industry Investment Ratings - Not provided in the given content. Core Views - Gold: Progress in Sino-US trade [2][4] - Silver: Oscillate and decline [2][4] - Copper: Reduced inventory supports prices [2][10] - Aluminum: Marginal weakening [2][13] - Alumina: Supply-demand pattern remains unchanged [2][13] - Zinc: Excess in the long - term, price under pressure [2][16] - Lead: Weak supply and demand, range - bound oscillation [2][19] - Tin: Narrow - range oscillation [2][22] Summary by Commodity Gold - **Fundamentals**: Yesterday, the closing price of Shanghai Gold 2506 was 786.32 with a daily decline of 0.36%, and the night - session closing price was 790.74 with a night - session increase of 0.33%. The SPDR Gold ETF holdings decreased by 2 to 937.94. The inventory of Shanghai Gold increased by 1,590 to 17,238 kilograms [5]. - **News**: Sino - US economic and trade leaders reached an important consensus, and the talks made substantial progress. China's April CPI was down 0.1% year - on - year, the same as last month, and the PPI's year - on - year decline widened to 2.7% [5][7][9]. - **Trend Intensity**: 0 [8] Silver - **Fundamentals**: The closing price of Shanghai Silver 2506 was 8168 with a daily increase of 0.90%, and the night - session closing price was 8221.00 with a night - session increase of 0.88%. The SLV Silver ETF holdings (the day before yesterday) increased by 62 to 14,020.96 [5]. - **Trend Intensity**: - 1 [8] Copper - **Fundamentals**: The closing price of the Shanghai Copper main contract was 77,450 with a daily increase of 0.16%, and the night - session closing price was 77780 with a night - session increase of 0.43%. The inventory of Shanghai Copper decreased by 375 to 19,165, and the inventory of LME Copper decreased by 2,500 to 191,775 [10]. - **News**: China's central bank's Q1 monetary policy report emphasized dual - function of monetary policy tools. Chile's April copper exports were worth $4.52 billion, up 8.2% year - on - year. In April 2025, China's imports of unwrought copper and copper products were 438,000 tons, the same as last year [10][12]. - **Trend Intensity**: 0 [12] Aluminum and Alumina - **Aluminum Fundamentals**: The closing price of the Shanghai Aluminum main contract was 19585, and the LME Aluminum 3M closing price was 2418. The domestic aluminum ingot social inventory was 629,000 tons, unchanged from the previous day [13]. - **Alumina Fundamentals**: The closing price of the Shanghai Alumina main contract was 2827. The average domestic alumina price was 2907 [13]. - **News**: Sino - US economic and trade high - level talks reached an important consensus and made substantial progress [13][15]. - **Trend Intensity**: Both aluminum and alumina are 0 [15] Zinc - **Fundamentals**: The closing price of the Shanghai Zinc main contract was 22190 with a daily increase of 0.07%. The LME Zinc 3M electronic - disk closing price was 2655.5 with a daily increase of 0.74%. The inventory of Shanghai Zinc decreased by 150 to 1903 tons, and the LME Zinc inventory decreased by 325 to 170325 tons [16]. - **News**: China's central bank's Q1 monetary policy report focused on monetary policy functions [17]. - **Trend Intensity**: - 1 [17] Lead - **Fundamentals**: The closing price of the Shanghai Lead main contract was 16805 with a daily increase of 0.18%. The LME Lead 3M electronic - disk closing price was 1985.5 with a daily increase of 1.69%. The inventory of Shanghai Lead decreased by 965 to 38966 tons, and the LME Lead inventory decreased by 1725 to 253425 tons [19]. - **News**: China's central bank's Q1 monetary policy report focused on monetary policy functions [20]. - **Trend Intensity**: 0 [20] Tin - **Fundamentals**: The closing price of the Shanghai Tin main contract was 259,540 with a daily decline of 0.74%, and the night - session closing price was 261,650 with a night - session increase of 0.30%. The inventory of Shanghai Tin increased by 68 to 8402 [23]. - **News**: Sino - US economic and trade leaders reached an important consensus, and the talks made substantial progress. China's April CPI was down 0.1% year - on - year, the same as last month, and the PPI's year - on - year decline widened to 2.7% [24]. - **Trend Intensity**: - 1 [26]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that zinc faces a situation of surplus in the long - term, which will put pressure on its price [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,190 yuan/ton, up 0.07%, and the closing price of LME zinc 3M electronic disk was 2,655.5 dollars/ton, up 0.74%. The trading volume of SHFE zinc main contract was 140,017 lots, a decrease of 82,058 lots, and the trading volume of LME zinc was 6,713 lots, an increase of 346 lots [1]. - **Position and Premium**: The open interest of SHFE zinc main contract was 119,170 lots, a decrease of 737 lots, and the open interest of LME zinc was 216,461 lots, an increase of 3,291 lots. The premium of Shanghai 0 zinc decreased by 20 yuan/ton to 480 yuan/ton, and the LME CASH - 3M premium increased by 6 dollars/ton to - 27 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 1,903 tons, a decrease of 150 tons, and LME zinc inventory was 170,325 tons, a decrease of 325 tons. The LME zinc cancelled warrants were 70,225 tons, an increase of 3,450 tons [1]. 3.2 News - The Q1 monetary policy report of the People's Bank of China states that it will give full play to the dual functions of the total amount and structure of monetary policy tools, and explore and expand the central bank's macro - prudential and financial stability functions. The price control idea should shift from preventing "price gouging" to preventing "low - price dumping". The expansion of Chinese government debt remains sustainable, and there is still room for financial support for consumption [2]. 3.3 Trend Intensity The trend intensity of zinc is - 1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [2].

Domestic News - The People's Bank of China (PBOC) released its Q1 monetary policy report, emphasizing the dual functions of monetary policy tools in terms of both quantity and structure, and exploring the expansion of the central bank's macro-prudential and financial stability functions [2] - The China Securities Regulatory Commission (CSRC) issued a legislative work plan for 2025 aimed at maintaining stable and healthy market development while effectively protecting the legitimate rights and interests of small and medium investors [2] - The Dalian Commodity Exchange (DCE) modified trading rules and published settlement rules for the first time [2] - The China Futures Association (CFA) is enhancing the management of futures intermediaries and standardizing their behavior [2] - The General Administration of Customs and six other departments adjusted management measures related to special customs supervision areas, bonded supervision sites, and processing trade outside the zones [2] International News - The fourth round of Iran-U.S. nuclear negotiations is scheduled to take place in Oman on May 11 [3] - The U.S. government is reportedly planning to incorporate Greenland into its sphere of influence through the Pacific model agreement [4] - In the India-Pakistan conflict, Pakistan claims to have successfully intercepted Indian missiles, and has initiated military actions in response to ongoing provocations from India, leading to the closure of all airspace in Pakistan [4] - India has requested the U.S. to exempt all current and future tariffs, proposing to reduce the tariff gap with the U.S. from nearly 13% to below 4% under a potential trade agreement [4] - The Federal Reserve officials expressed concerns about the challenges posed by simultaneous increases in inflation and unemployment, with various officials discussing the implications of tariff policies on inflation and productivity [4]