1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the production industry, attention should be paid to investment in the export of manufacturing equipment. In the service industry, attention should be given to the technological improvement of the service industry [1]. - The overall credit spread of the entire industry has recently declined slightly [5]. 3. Summary by Related Catalogs 3.1. Meso - level Event Overview 3.1.1. Production Industry - Since May 19, 2024, domestic gasoline and diesel prices have been lowered by 230 yuan/ton and 220 yuan/ton respectively. Filling up a 50 - liter tank of 92 - octane gasoline will save 9 yuan [1]. - From January to April, the China Export - Import Bank disbursed over 180 billion yuan in medium - and long - term loans to the manufacturing industry. By the end of April, the balance of medium - and long - term loans to the manufacturing industry reached 1.8 trillion yuan, supporting the export of manufacturing products such as ships and construction machinery [1]. 3.1.2. Service Industry - In 2024, the total output value of China's satellite navigation and location - based services industry centered around Beidou reached 575.8 billion yuan, a year - on - year increase of 7.39%. The industry scale continued to expand [1]. - In 2024, the total sales volume of domestic satellite navigation and positioning terminal products exceeded 410 million units, among which the shipment volume of smartphones with satellite navigation and positioning functions reached 294 million units [1]. 3.2. Industry Overview 3.2.1. Upstream - Energy: International crude oil prices rebounded slightly yesterday [2]. - Non - ferrous metals: Aluminum prices have been rising recently [2]. - Ferrous metals: Glass prices have declined in the short term [2]. 3.2.2. Midstream - Chemical industry: The operating rate of PTA has rebounded, while that of PX has declined recently [3]. - Infrastructure: The operating rate of asphalt has been rising recently [3]. 3.2.3. Downstream - Real estate: The sales of commercial housing in second - and third - tier cities are the same as the same period last year, at a near - three - year low [4]. - Services: The number of domestic flights has decreased cyclically [4]. 3.3. Market Pricing - The overall industry credit spread has recently declined slightly [5]. 3.4. Industry Credit Spread Tracking - The credit spreads of industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry have declined to varying degrees [47]. 3.5. Key Industry Price Index Tracking - The prices of various products in different industries have shown different trends, such as the price of corn increasing by 0.81%, and the price of glass decreasing by 2.50% [48].