1. Report Industry Investment Rating - The investment rating for the steel products in the black building materials sector is "Oscillating Weakly" [1] 2. Core View of the Report - The market logic has returned to the industry and expectations. With current weak expectations, the futures market is expected to continue oscillating weakly. It is advisable to wait for the direction to become clearer [1] 3. Summary by Relevant Catalog Market Quotes - On Thursday, the main contract of rebar 2510 closed at 3061, down 0.03%. The main contract of hot - rolled coil closed at 3210, up 0.09%. The main contract of stainless steel closed at 12830, up 0.04%. During the night session, rebar closed flat, hot - rolled coil declined slightly, and stainless steel rose slightly [1] Important Information - On the 21st, eight departments including the Financial Regulatory Administration jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing 23 work measures in 8 aspects to improve the financing situation of small and micro enterprises and individual industrial and commercial households [1] - Shanghai's special action plan to boost consumption aims to expand the implementation of consumer goods trade - in programs [1] - This week, the supply of five major steel products was 8724400 tons, a week - on - week increase of 40900 tons or 0.5%. The total inventory was 13985400 tons, a week - on - week decrease of 321200 tons or 2.2%. The weekly consumption was 9045600 tons, a week - on - week decrease of 1.0% [1] - According to the World Steel Association, global crude steel production in April 2025 decreased by 0.3% year - on - year to 155.7 million tons [1] Market Logic - On Thursday, the spot prices of rebar and hot - rolled coil continued to fall with poor trading volume. Steel mills such as Shagang and Zhongtian set the ex - factory prices for the second half of May mainly with a price - holding attitude. Most stainless steel spot prices remained flat, and a few declined. This week, rebar production and factory inventory increased, while social inventory and apparent demand decreased. Electric - arc furnace steel has fallen into losses again, and production cuts may occur [1] Trading Strategy - Wait for the direction to become clearer [1] Support and Pressure Levels - The pressure level for the main rebar contract is 3164, and the support level is 3000. The pressure level for hot - rolled coil is 3282, and the support level is 3100. The pressure level for stainless steel is 12900, and the support level is 13130 [1]

Economic Data - Global new energy vehicle sales exceeded 4 million units in Q1, marking a 39% year-on-year increase[3] - Japan's exports to the US declined for the first time in four months in April[3] Market Trends - 20-year US Treasury auction showed weakness, leading to declines in stocks, bonds, and currencies[3] - 2-year US Treasury yield rose by 4.90 basis points to 4.019%[4] - 10-year US Treasury yield increased by 11.56 basis points to 4.605%[4] Stock Market Performance - Nasdaq index closed at 18,872.64, down 1.41%[5] - Dow Jones Industrial Average closed at 41,860.44, down 1.91%[5] - Hang Seng Index closed at 23,827.78, up 0.62%[5] Corporate Earnings - XPeng Motors reported Q1 revenue exceeding expectations[2] - Baidu's Q1 revenue and adjusted operating profit also surpassed expectations[3]

Core Viewpoint - The incident involving a cat being dragged by a car in Haikou has sparked significant public attention and led to legal actions against individuals spreading false information about the event [2][3][5]. Summary by Sections Incident Overview - On May 19, a video surfaced showing a cat being dragged by a car, leading to widespread concern and reports to the police [7]. - The police confirmed that the incident occurred when the cat accidentally got caught in the vehicle's undercarriage, and there was no evidence of intentional harm by the driver [5][17]. Legal Actions - Three individuals were penalized for spreading false information and doxxing the driver involved in the incident, receiving administrative detention and fines [2][3]. - The police emphasized the importance of factual reporting and the legal consequences of spreading rumors that disrupt social order [3]. Investigation Findings - The investigation revealed that the cat was not owned by the driver, and the leash was accidentally caught, confirming it as an unfortunate accident rather than an act of cruelty [5][17]. - The police clarified that images circulating online suggesting multiple cats were actually of the same cat taken in different lighting conditions [5][17].

Report Industry Investment Rating - Not provided Core Viewpoints - The coking coal and coke market is under pressure due to weak fundamentals and is relatively weaker compared to other black - series varieties. The steel consumption is seasonally weakening, and the steel price is expected to fluctuate within a narrow range. The coking coal and coke futures prices are expected to run weakly with oscillations [7]. Summary According to Relevant Contents Futures and Spot Data - **Coke Futures**: On May 22, 2025, for example, J2601 was at 1444.5, up 7.0 from the previous day; J2605 was at 1474.0, up 10; J2609 was at 1417.5, up 10.0. The J01 - J05 spread was - 29.5, up 6.0 compared to the previous day [2]. - **Coking Coal Futures**: JM2601 was at 856.5, up 5.5; JM2605 was at 870.5, down 4.5; JM09 was at 842.0, up 3.5. The JM01 - JM05 spread was - 14.0, up 10.0 compared to the previous day [2]. - **Coke Spot**: On May 22, 2025, the Xingtai ex - factory price was 1480, unchanged; the Lvliang ex - factory price was 1150 (the previous day's data seems incorrect); the Heze ex - factory price was 1485, down 1 [2]. - **Coking Coal Spot**: The Australian low - volatile coal was 947, down 2; the Australian medium - volatile coal was 1701, down 1; the Shanxi optimal delivery warrant was 946, unchanged [2]. - **Night - trading Data**: JM2509 closed at 841.5 yuan/ton, J2509 closed at 1416 yuan/ton. The coking profit of the 2509 contract was 233.8 yuan/ton, up 6.2 yuan/ton from the previous day [3]. Fundamental Data - **Coke Fundamental**: The average daily hot - metal output of 247 steel enterprises was 245.6, down 0.87 from the previous period, a decrease of 0.35%. The average daily coke output of 247 steel enterprises was 47.3, unchanged. The total inventory of coke decreased in multiple sectors, such as the inventory of 247 steel enterprises decreased by 7.2 to 663.8, a decrease of 1.08% [2]. - **Coking Coal Fundamental**: The average daily output of 110 coal - washing plants was 53.1, down 0.3 from the previous period, a decrease of 0.56%. The inventory of 523 mines increased by 20.0 to 410.5, an increase of 5.13%. The inventory of 247 steel enterprises increased by 4.0 to 791.2, an increase of 0.51% [2]. Important Information - Financial regulatory authorities encourage banks to support the renewal of small - and micro - enterprise loans. In April 2025, key steel enterprises produced 7074 million tons of crude steel, a year - on - year increase of 0.8% [4]. - The first round of coke price cuts has been implemented, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton. The trading volume of iron ore and construction steel decreased on May 21 [7][5]. - The start - up rate of 110 coal - washing plants was 62.36%, up 0.27 percentage points from the previous period. The average daily output was 52.79 million tons, down 0.03 million tons [5]. Trading Strategy - Coke: The first - round price cut has been implemented. The supply is relatively loose, and the futures price is expected to oscillate weakly. - Coking Coal: The supply is sufficient, the market sentiment is pessimistic, and the futures market is expected to oscillate weakly [7].

Core Points - The article discusses the release of measures to support financing for small and micro enterprises in China, emphasizing the collaboration of eight government departments to improve their financing conditions [1][2] Group 1: Financing Supply - The measures aim to increase financing supply by enhancing coordination mechanisms for supporting small and micro enterprises, focusing on key sectors such as foreign trade, private enterprises, technology, and consumption [1] - There will be an increase in the issuance of first loans, credit loans, medium to long-term loans, corporate loans, and loans for private enterprises [1] - The implementation of policies such as no-repayment renewal loans for small enterprises and support for equity financing is highlighted [1] Group 2: Cost and Efficiency - The measures include guidance for banks to manage loan interest rate pricing effectively, aiming to lower overall financing costs for small and micro enterprises [1] - Large and medium-sized commercial banks will be encouraged to delegate credit approval authority to improve financing efficiency [1] - There will be an increase in financial support for small enterprises engaged in new foreign trade business models [1] Group 3: Risk Management - The article mentions the strengthening of risk management by revising the loan risk classification methods for small and micro enterprises, with differentiated standards and simplified classification methods [2] - A pilot program will be introduced to raise the credit loan write-off limit for small business owners and individual entrepreneurs, enhancing the efficiency of handling non-performing loans [2]

Group 1 - The core viewpoint of the article is the issuance of measures by the National Financial Supervision Administration and eight other departments to support financing for small and micro enterprises, specifically through the implementation of a no-repayment renewal loan policy [1] - The measures aim to guide banks in optimizing renewal loan products and improving the channels for processing these loans, thereby expanding the reach of the renewal loan policy [1] - Banks are encouraged to utilize various methods such as no-repayment renewal loans, extensions, and adjustments to repayment arrangements to provide continuous support for small and micro enterprises facing difficulties in cash flow [1]

Core Viewpoint - The Chinese government is accelerating the introduction of policies to support small and micro enterprises, particularly in financing, to stabilize the economy and enhance financial services for these businesses [1][2]. Group 1: Policy Measures - The Financial Regulatory Bureau has issued a notice outlining the goals for small and micro enterprise financial services by 2025, focusing on maintaining credit support, improving service quality, stabilizing loan pricing, and optimizing supply structure [1][4]. - The notice emphasizes the importance of a coordinated financing mechanism to ensure that credit funds reach small and micro enterprises quickly and effectively [2][3]. Group 2: Financial Support and Coordination - A financing coordination mechanism has been established to facilitate low-cost funds reaching small and micro enterprises, with over 67 million businesses visited and loans amounting to 12.6 trillion yuan issued, of which about one-third are credit loans [2]. - The notice calls for enhanced support for foreign trade enterprises, particularly small and micro businesses, to mitigate the impact of external shocks such as increased tariffs [2][3]. Group 3: Credit Supply and Pricing - As of the first quarter of this year, the balance of inclusive small and micro enterprise loans reached 35.3 trillion yuan, reflecting a year-on-year growth of 12.5%, with an average interest rate of 3.66% [4]. - The notice sets specific targets for maintaining stable credit growth and requires banks to focus on the genuine operational funding needs of small and micro enterprises [4][5]. Group 4: Service Quality Improvement - The notice mandates banks to enhance the quality of financial services for small and micro enterprises by optimizing internal resource allocation and establishing clear mechanisms for accountability [7][8]. - It also encourages banks to discover and nurture first-time borrowers and improve the implementation of renewal loan policies, while providing comprehensive services such as payment settlement and financial consulting [8].