Group 1: Company Developments - Nayuki Tea is reportedly changing its logo and name, possibly related to its expansion into the European and American markets [3] - Dingdong Maicai has entered the Hong Kong market through a strategic partnership with DFI Retail Group, aiming for a sales target of 100 million HKD in the first year [3] - WeRide and Uber are expanding their strategic cooperation to deploy autonomous Robotaxi services in 15 new international cities over the next five years [6] - Ant Group plans to separately list its overseas unit Ant International in Hong Kong, with no current policy obstacles reported [6] - CATL is seeking a loan of approximately 1 billion USD for its business expansion in Indonesia [7] Group 2: Industry Trends - The European market is becoming a new battleground for cross-border e-commerce platforms, with SHEIN and Temu increasing their advertising spending significantly [4] - The global retail e-commerce market in Europe reached 631.9 billion USD in 2023, indicating substantial growth potential [4] - The Chinese B2B foreign trade financial platform XTransfer has obtained an electronic money institution license from the Netherlands, enabling it to provide local accounts and cross-border settlement services [12] - China's goods trade import and export value for the first four months of the year was 14.14 trillion CNY, showing a year-on-year growth of 2.4% [13] - The automotive goods import and export total for March was 23.82 billion USD, with a month-on-month increase of 32.1% [14]

1. Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to move in a volatile range, while treasury bonds are expected to rise steadily [1][5]. - **Black Building Materials**: Rebar is recommended for temporary observation, iron ore is expected to be weakly volatile, and coking coal and coke are expected to move in a volatile range [1][7][9]. - **Non - ferrous Metals**: Copper is recommended for cautious trading within a range, aluminum is not recommended for short - chasing, nickel is recommended for observation or short - selling on rallies, tin is recommended for range trading, gold is recommended for building positions on dips after a full price correction, and silver is recommended for range trading [1][11][17]. - **Energy and Chemicals**: PVC, caustic soda, rubber, urea, methanol, and plastic are all expected to move in a volatile range, while soda ash is recommended for observation [1][19][25]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to be weakly volatile, apples are expected to move in a volatile range, and PTA is expected to be weakly volatile [1][27][28]. - **Agricultural and Livestock**: Pigs are expected to be weakly volatile, eggs are expected to be weakly trending, corn is expected to be strongly volatile, soybean meal is expected to decline in a volatile manner, and oils are expected to be weakly volatile [1][29][35]. 2. Core Views of the Report The report provides investment strategies and market outlooks for various futures products in different industries. It takes into account factors such as supply and demand, policy changes, and macro - economic conditions. For example, in the black building materials industry, the supply and demand situation of iron ore and the impact of policies on steel production are considered; in the non - ferrous metals industry, factors like global economic conditions, supply and demand fundamentals, and trade policies are analyzed. 3. Summaries by Relevant Catalogs Macro Finance - **Index Futures**: Affected by factors such as the Fed's monetary policy, geopolitical events, and domestic policies, the index futures are expected to move in a volatile range. If there is a downward trend to fill the gap, it may rebound after filling the gap; if the overall situation is stable and positive, it may be strongly volatile [5]. - **Treasury Bonds**: Although the "double - cut" policy has been implemented, the bond market investors are not fully satisfied. The short - end bonds are stronger, while the long - end bonds have a profit - taking market. The bond market is still in a situation with a relatively high winning rate but limited odds [5][6]. Black Building Materials - **Rebar**: The price is expected to move in a volatile range. The static valuation is low, but the policy and market expectations are weak. Attention should be paid to the implementation of production - restriction policies [7]. - **Iron Ore**: The supply is seasonally increasing, and the demand is also increasing, but there is an expectation of a peak and decline. Considering the high iron - water output and international trade frictions, the 09 contract is expected to be weakly volatile [7][8]. - **Coking Coal and Coke**: The coking coal market is expected to continue to be volatile in the short term, and attention should be paid to the resumption of downstream iron - water production, changes in imported coal prices, and policy expectations. The coke market is expected to maintain a volatile pattern, and attention should be paid to the recovery of finished - product demand, the balance of coking - steel profits, and policy - related production - restriction disturbances [9][10]. Non - ferrous Metals - **Copper**: The supply - side pressure is increasing, and the demand may be restricted by price increases and trade policies. The price is expected to maintain a volatile pattern after the holiday, and cautious trading within a range is recommended [11]. - **Aluminum**: The supply is increasing, and the demand is weakening. The price is expected to be weakly volatile, but the current decline is too fast, so short - chasing is not recommended [12]. - **Nickel**: The supply is in an oversupply situation, and it is expected to be weakly volatile under the influence of cost and demand factors [13][14]. - **Tin**: The supply of raw materials is tight, and the downstream semiconductor industry is expected to recover. The price is expected to be volatile, and range trading is recommended [15]. - **Gold and Silver**: Affected by factors such as the Fed's monetary policy, economic data, and trade policies, the prices are expected to be in an adjustment state, and range trading is recommended [17]. Energy and Chemicals - **PVC**: The demand is weak, and the supply is excessive. The price is expected to be weakly volatile, and attention should be paid to tariff negotiations and domestic stimulus policies [19]. - **Caustic Soda**: The supply is sufficient, and the demand increment is limited. It is expected to be weakly volatile, and attention should be paid to delivery volume, inventory, and export [20]. - **Rubber**: The demand is weak, and the supply is sufficient. It is expected to be weakly volatile in the medium term, and attention should be paid to policies, tariffs, and weather [21][22]. - **Urea**: The supply is high, and the demand is gradually released. It is expected to be strongly volatile in the short term, and range operation is recommended [22]. - **Methanol**: The supply is reduced, and the demand is stable. It is expected to be volatile in the short term, and range operation is recommended [24]. - **Plastic**: The supply pressure is large, and the demand is in the off - season. It is expected to be weakly volatile in the short term, and attention should be paid to demand, policies, and tariffs [25]. - **Soda Ash**: The supply is still high, and the downstream is not optimistic. It is expected to be weakly volatile, and short - term observation is recommended [25]. Cotton Textile Industry Chain - **Cotton**: The global supply and demand are loose, and the downstream consumption is weak. The price is expected to be weakly volatile [27]. - **Apples**: The current inventory is low, and the price is expected to be volatile at a high level, but attention should be paid to macro - risks [27]. - **PTA**: The cost is collapsing, and the terminal export orders are poor. The price is expected to be weakly volatile, and attention should be paid to the 4200 support level [28]. Agricultural and Livestock - **Pigs**: The supply is increasing and postponed, and the price is under pressure. It is expected to be weakly volatile, and short - selling on rallies is recommended after taking profits [29][30]. - **Eggs**: The demand is falling after the holiday, and the supply is accumulating. The 06 contract is expected to be volatile at a low level, and the 08 and 09 contracts are considered bearish [31][32]. - **Corn**: The short - term supply is tight, and the long - term supply and demand are tightening. It is recommended to go long on dips, and attention should be paid to substitutes [32]. - **Soybean Meal**: The short - term supply is increasing, and the price is expected to decline. The long - term cost is increasing, and the price is expected to be strong. Short - selling on rallies in the short term and long - buying on dips in the long term are recommended [33][34]. - **Oils**: The short - term is expected to be weakly volatile, and attention should be paid to support levels. Bean and rapeseed oils are expected to be stronger, and attention should be paid to the spread expansion of bean - palm and rapeseed - palm oil contracts [35][40].

Core Viewpoint - The Trump administration plans to rescind Biden-era AI chip restrictions, aiming to revise semiconductor trade policies, which could significantly impact companies like Nvidia and the semiconductor industry as a whole [2][4]. Group 1: Policy Changes - The repeal seeks to reshape a policy from the Biden administration that established three tiers of countries for regulating chip exports from companies like Nvidia [2][4]. - The Trump administration will not enforce the AI diffusion rule starting May 15 and is working on a new rule to strengthen overseas chip controls [4]. Group 2: Market Implications - The changes are a clear positive for Nvidia and similar companies, as the adjustment in export restrictions could lead to significant revenue changes, particularly in the Middle East [4][5]. - Singapore is identified as a key player in this dynamic, with Nvidia's revenue from Southeast Asia heavily reliant on Singapore, which serves as a billing center for products that may be shipped elsewhere [5][6]. Group 3: Domestic Impact - For domestic clients, the policy changes could alleviate issues related to AI training resource consumption and supply instability, although large companies may find it challenging to procure chips through unconventional channels [6]. - The overall relaxation of restrictions is expected to increase chip availability in the market, benefiting AI training resource needs and providing time for the development of domestic AI chips [6]. Group 4: Long-term Trends - The sentiment towards domestic chips may experience slight fluctuations, but the demand for domestic AI chips is expected to grow steadily, regardless of external changes [6]. - Nvidia's role in the ongoing trade dynamics suggests it may not merely be a pawn but could be influencing the broader strategic landscape [5][7].

Report Industry Investment Ratings There is no information about the overall industry investment rating in the provided content. Core Views - Gold: Slight progress in China-US negotiations [2] - Silver: Oscillate and decline [2] - Copper: Continuous decline in inventory limits price decline [2] - Aluminum: Price under pressure [2] - Alumina: Continue to bottom out [2] - Zinc: Operate under pressure [2] - Lead: Weak supply and demand, range-bound oscillation [2] - Nickel: The upside and downside space converges, and nickel prices return to narrow-range oscillation [2] - Stainless steel: Spot prices decline to repair the basis, and there is still support below the futures price [2] - Tin: Prices weakened during the holiday [2] - Industrial silicon: Weak demand, weak futures price [2] - Polysilicon: Futures price hits a new low since listing [2] - Lithium carbonate: The cost center continues to move down, and the inventory accumulation pattern restricts the rebound [2] Summary by Commodity Precious Metals - **Gold**: Shanghai Gold 2506 closed at 801.04 with a daily increase of 0.79%, and the night - session closed at 802.68 with a 0.07% increase. Comex Gold 2506 closed at 3400.32 with a 2.46% increase. The trend strength is 0. China's central bank has been increasing gold holdings for six consecutive months [5][8][9]. - **Silver**: Shanghai Silver 2506 closed at 8252 with a 0.21% increase, and the night - session closed at 8146 with a - 1.15% decrease. Comex Silver 2506 closed at 32.610 with a - 2.47% decrease. The trend strength is - 1 [5][8]. Base Metals - **Copper**: Shanghai Copper's main contract closed at 77,790 with a 0.24% increase, and the night - session closed at 77450 with a - 0.44% decrease. LME Copper 3M closed at 9,406 with a 1.74% increase. The inventory continued to decline, and the trend strength is 0. The global refined copper market is expected to have a supply surplus in 2025 and 2026 [10][12]. - **Aluminum**: Shanghai Aluminum's main contract closed at 19465, down 320 from the previous day. LME Aluminum 3M closed at 2381, down 47 from the previous day. The price is under pressure, and the trend strength is - 1. Some alumina enterprises plan to cut production, and the trend strength of alumina is 0 [13][15]. - **Zinc**: Shanghai Zinc's main contract closed at 22210 with a - 0.65% decrease. LME Zinc 3M closed at 2625.5 with a 0.40% increase. The trend strength is - 1 [16][17]. - **Lead**: Shanghai Lead's main contract closed at 16700 with a 0.00% change. LME Lead 3M closed at 1917.5 with a - 0.72% decrease. The supply and demand are weak, and the trend strength is 0 [19][20]. - **Nickel**: Shanghai Nickel's main contract closed at 124,450, down 180 from the previous day. The upside and downside space converges, and the trend strength is 0. Some Indonesian nickel - iron projects are resuming production, and the resource tax on nickel products has been adjusted [22][23]. - **Stainless steel**: The main contract closed at 12,710, down 25 from the previous day. Spot prices decline to repair the basis, and the trend strength is 0 [22]. - **Tin**: Shanghai Tin's main contract closed at 261,230 with a 0.10% increase, and the night - session closed at 259,430 with a - 0.94% decrease. LME Tin 3M closed at 31,645 with a - 1.10% decrease. Prices weakened during the holiday, and the trend strength is - 1 [25][26]. Other Metals - **Industrial silicon**: The Si2506 contract closed at 8,290, down 35 from the previous day. The demand is weak, and the trend strength is - 1 [30]. - **Polysilicon**: The PS2506 contract closed at 35,520, down 890 from the previous day. The futures price hits a new low since listing, and the trend strength is - 1 [30]. - **Lithium carbonate**: The 2507 contract closed at 64,160, down 1,100 from the previous day. The cost center continues to move down, and the inventory accumulation pattern restricts the rebound. The trend strength is 0 [33].