Group 1: Industrial Production - Industrial production has shown signs of recovery, with the blast furnace operating rate increasing by 1.1 percentage points year-on-year to 5.9% [2][5] - Midstream production shows a mixed outlook, with PTA and automotive production performing poorly, down 6.6% and 5.9% year-on-year respectively, while soda ash and polyester filament production improved, up 5.8% and 3.1% year-on-year [2][17] - Cement production continues to improve, with a slight decrease in grinding operating rate by 1.5 percentage points year-on-year to -5.6%, while cement shipment rates are still low, up 0.8% year-on-year to -2.9% [2][29] Group 2: Construction Industry - The construction industry is experiencing continued improvement, with asphalt operating rates rising by 0.5 percentage points year-on-year to 8.6% [2][41] - Cement inventory has slightly decreased, with the cement inventory ratio down by 2.0 percentage points year-on-year to -2.5% [2][37] Group 3: Downstream Demand - Passenger traffic remains high, with port cargo throughput showing resilience, increasing by 7.1% year-on-year to 9.7% [2][62] - Daily average transaction area of new homes is weak, up 2.9 percentage points year-on-year to -6.3%, with first-tier cities seeing a marginal recovery [2][53] Group 4: Price Trends - Agricultural product prices are mixed, with pork and fruit prices decreasing by 0.1% and 0.8% respectively, while egg and vegetable prices increased by 1.7% and 2.5% [3][102] - Industrial product prices have generally declined, with the Nanhua Industrial Price Index down 1.4% [3][114]

Core Viewpoint - The proportion of U.S. stocks held by institutional investors has dropped to its lowest level in nearly two years due to uncertainties surrounding tariff policies and economic concerns, leading many investors to shift their funds to Europe and other regions [1]. Group 1: Institutional Investor Survey Findings - The survey conducted by Bank of America (BofA) from May 2 to May 8 indicates that the net allocation of U.S. stocks has turned negative, with a difference of -38% between investors who are overweight (bullish) and those who are underweight (bearish) [1]. - Among various regions, only Europe saw an increase in asset allocation from institutional investors during this period [1]. Group 2: Market Sentiment and Strategy - BofA Securities' Chief Japan Equity Strategist, Masashi Sato, noted that the end of U.S. reciprocal tariffs is not yet in sight, and there is a perspective that funds previously concentrated in the U.S. may diversify, making European stocks a target for investors [1].