Macro - The rebound in social financing growth is primarily driven by government bonds, with April's new social financing reaching 1.2 trillion yuan, a year-on-year increase of 1.2 trillion yuan, raising the stock growth rate to 8.7%, the highest since March 2024 [1] - New loans in April amounted to 280 billion yuan, a decrease of 450 billion yuan year-on-year, with corporate note financing being the main support for credit in April, contributing 834.1 billion yuan [1] - The financial data for April reflects continued policy efforts to stabilize growth, including accelerated issuance and utilization of government bonds, while internal demand, particularly from households, still requires further support [1][2] Retail - Substantial progress in US-China trade negotiations has led to a significant reduction in bilateral tariff levels, with the US committing to cancel 91% of tariffs imposed on Chinese goods and China reciprocating similarly [4] - The negotiations took place on May 10-11, with a joint statement released on May 12, indicating a temporary suspension of 24% of tariffs for 90 days while retaining 10% [4] Machinery - The Chinese gas turbine industry is expected to benefit from two main developments: improvements in domestic manufacturers' gas turbine technology and increased demand from data center construction, leading to a positive outlook for the global gas turbine market [7] - The domestic gas turbine market is seeing breakthroughs in self-developed technology, which is expected to enhance the localization rate of both complete machines and core components [7] - The global demand for gas turbines is anticipated to rise significantly due to new requirements from data centers, providing opportunities for domestic manufacturers with core component technology [7]