石油沥青日报 | 2025-05-15 市场氛围提振，区域价格上涨 市场分析 1、5月14日沥青期货下午盘收盘行情：主力BU2506合约下午收盘价3521元/吨，较昨日结算价上涨43元/吨，涨幅 1.24%；持仓87087手，环比下降8330手，成交140150手，环比上涨8757手。 2、卓创资讯重交沥青现货结算价：东北，3700—4086元/吨；山东，3470—3750元/吨；华南，3380—3460元/吨； 华东，3500—3570元/吨。 昨日华北以及山东地区沥青现货价格出现上涨，其余地区沥青现货价格大体企稳。随着宏观情绪好转，原油以及 沥青期货持续上涨，沥青成本端支撑增强，现货市场氛围有所提振。就当前基本面而言，目前库存仍处于低位， 市场短期压力有限。但随着国内部分炼厂利润修复、提高开工率，国内沥青供应边际回升，此外在降水天气影响 下，国内终端需求表现乏力，现货价格推涨力度仍显不足。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - The supply side has increased pressure as refineries have recently increased production, but it is expected to decrease next week. The demand side is affected by the off - season, with overall demand falling short of expectations and remaining sluggish. The inventory shows continuous destocking in social inventory and continuous restocking in factory inventory. The cost is supported by the strengthening of crude oil in the short - term. It is expected that the futures price will fluctuate narrowly in the short - term, with the asphalt 2507 contract oscillating in the range of 3494 - 3548 [7][9] - The bullish factor is that the relatively high cost of crude oil provides some support. The bearish factors are the insufficient demand for high - priced goods and the overall downward demand with an increasing expectation of economic recession in Europe and the United States [13][14] 3. Summary According to the Directory 3.1 Daily Views - **Supply**: In May 2025, the total planned asphalt production in China is 2318,000 tons, a month - on - month increase of 1.3%. The sample capacity utilization rate this week is 29.2426%, a month - on - month increase of 0.419 percentage points. The sample enterprise output is 488,000 tons, a month - on - month increase of 1.46%. The estimated device maintenance volume is 727,000 tons, a month - on - month decrease of 4.21%. Refineries have increased production this week, increasing supply pressure, but it may decrease next week [7] - **Demand**: The heavy - traffic asphalt开工率 is 28.8%, a month - on - month increase of 0.02 percentage points, lower than the historical average; the construction asphalt开工率 is 18.2%, unchanged from the previous month, lower than the historical average; the modified asphalt开工率 is 8.6262%, a month - on - month increase of 0.48 percentage points, higher than the historical average; the road - modified asphalt开工率 is 27%, a month - on - month increase of 2.00 percentage points, lower than the historical average; the waterproofing membrane开工率 is 34%, a month - on - month decrease of 2.25 percentage points, lower than the historical average. Overall, the current demand is lower than the historical average [7] - **Cost**: The daily asphalt processing profit is - 447.43 yuan/ton, a month - on - month increase of 23.20%. The weekly Shandong refinery delayed coking profit is 701.2071 yuan/ton, a month - on - month decrease of 5.06%. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking decreases. The strengthening of crude oil is expected to support the price in the short - term [8] - **Expectation**: It is expected that the futures price will fluctuate narrowly in the short - term, with the asphalt 2507 contract oscillating in the range of 3494 - 3548 [9] - **Base - spread**: On May 14, the Shandong spot price was 3600 yuan/ton, and the 07 - contract base - spread was 101 yuan/ton, with the spot at a premium to the futures [11] - **Inventory**: Social inventory is 1,395,000 tons, a month - on - month decrease of 1.13%; factory inventory is 839,000 tons, a month - on - month increase of 1.70%; port diluted asphalt inventory is 110,000 tons, a month - on - month decrease of 21.42% [11] - **Market**: MA20 is upward, and the 07 - contract futures price closed above MA20 [11] - **Main Position**: The main position has a net long position, and the long position increases [11] 3.2 Asphalt Futures Market - **Base - spread Trend**: Charts show the historical trends of Shandong and East China asphalt base - spreads from 2020 to 2025 [20][21] - **Spread Analysis - Main Contract Spread**: Charts show the historical trends of 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [23][24] - **Spread Analysis - Asphalt and Crude Oil Price Trends**: Charts show the historical price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 [28] - **Spread Analysis - Crude Oil Crack Spread**: Charts show the historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent crack spreads from 2020 to 2025 [30][31] - **Spread Analysis - Asphalt, Crude Oil, and Fuel Oil Price Ratio Trends**: Charts show the historical trends of asphalt - SC and asphalt - fuel oil price ratios from 2020 to 2025 [34] 3.3 Asphalt Spot Market - **Market Price Trends in Different Regions**: Charts show the historical price trends of heavy - traffic asphalt in East China and Shandong from 2020 to 2025 [36][37] 3.4 Asphalt Fundamental Analysis - **Profit Analysis - Asphalt Profit**: A chart shows the historical trends of asphalt profit from 2019 to 2025 [40] - **Profit Analysis - Coking Asphalt Profit Spread Trend**: A chart shows the historical trends of the profit spread between coking and asphalt from 2020 to 2025 [43][44] - **Supply - side - Shipment Volume**: A chart shows the historical trends of weekly asphalt shipment volume from 2020 to 2025 [45][46] - **Supply - side - Diluted Asphalt Port Inventory**: A chart shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2025 [47][48] - **Supply - side - Output**: Charts show the historical trends of weekly and monthly asphalt output from 2019 to 2025 [51] - **Supply - side - Venezuelan Crude Oil Price and Production Trend**: A chart shows the historical trends of Venezuelan crude oil price and monthly production from 2018 to 2025 [54][56] - **Supply - side - Refinery Asphalt Output**: A chart shows the historical trends of refinery asphalt output from 2019 to 2025 [57][58] - **Supply - side - Capacity Utilization Rate**: A chart shows the historical trends of weekly asphalt capacity utilization rate from 2023 to 2025 [60][61] - **Supply - side - Maintenance Loss Estimation**: A chart shows the historical trends of estimated maintenance loss from 2018 to 2025 [63][64] - **Inventory - Exchange Warehouse Receipts**: Charts show the historical trends of exchange warehouse receipts from 2019 to 2025 [66][67][69] - **Inventory - Social and Factory Inventory**: Charts show the historical trends of social and factory asphalt inventory from 2022 to 2025 [70][71] - **Inventory - Factory Inventory Inventory Ratio**: A chart shows the historical trends of the factory inventory inventory ratio from 2018 to 2025 [73][74] - **Import and Export - Export and Import Trends**: Charts show the historical trends of asphalt export and import from 2019 to 2025 [76][77] - **Import and Export - Korean Asphalt Import Spread Trend**: A chart shows the historical trends of the import spread of Korean asphalt from 2020 to 2025 [80][81] - **Demand - side - Petroleum Coke Output**: A chart shows the historical trends of petroleum coke output from 2019 to 2025 [82][83] - **Demand - side - Apparent Consumption**: A chart shows the historical trends of asphalt apparent consumption from 2019 to 2025 [85][86] - **Demand - side - Downstream Demand**: Charts show the historical trends of highway construction fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year, asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and roller sales from 2019 to 2025 [88][89][91] - **Demand - side - Asphalt Capacity Utilization Rate**: Charts show the historical trends of heavy - traffic asphalt, construction asphalt, modified asphalt, road - modified asphalt, and waterproofing membrane modified asphalt capacity utilization rates from 2019 to 2025 [97][98][101] - **Demand - side - Downstream Capacity Utilization Status**: Charts show the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane modified asphalt capacity utilization rates from 2019 to 2025 [103][104][106] - **Supply - Demand Balance Sheet**: A table shows the monthly asphalt supply - demand balance sheet from January 2024 to May 2025, including output, import, export, social inventory, factory inventory, and diluted asphalt port inventory [108][109]

液化石油气日报 | 2025-05-15 氛围欠佳，成交平平 市场分析 1、\t5月14日地区价格：山东市场，4610—4850；东北市场，4480—4840；华北市场，4750—4855；华东市场， 4900—5080；沿江市场，4920—5200；西北市场，4600—4785；华南市场，4950—5080。数据来源：卓创资讯 2、\t2025年6月上半月中国华东冷冻货到岸价格丙烷620美元/吨，涨4美元/吨，丁烷570美元/吨，涨4美元/吨，折合 人民币价格丙烷4911元/吨，涨29元/吨，丁烷4515元/吨，涨29元/吨。（数据来源：卓创资讯） 3、\t2025年6月上半月中国华南冷冻货到岸价格丙烷616美元/吨，涨4美元/吨，丁烷566美元/吨，涨4美元/吨，折合 人民币价格丙烷4880元/吨，涨30元/吨，丁烷4484元/吨，涨30元/吨。数据来源：卓创资讯） 现货方面，山东、华北、沿江地区延续下跌，其余区域维稳，下游按需采购，力度欠佳，观望情绪较浓。供应方 面，到港量有所缩减；国内炼厂随检修结束后续供应有望提升，此外4、5月份到港较为集中，整体供应宽松。需 求方面，燃烧需求进入淡季，关税下调后丙烷 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.12% at 3,057 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 3.08% at 3,647 yuan/ton [1]. - After the first round of Sino-US trade negotiations and the improvement of macro sentiment, crude oil prices have shown a volatile and strong trend recently, boosting the overall energy sector. However, the medium-term oversupply expectation in the crude oil market has not reversed, and resistance may begin to appear after continuous rebounds [1]. - For fuel oil fundamentals, tariff cuts are beneficial to trade and shipping demand, and there is additional restocking demand within the 90-day suspension period, which is expected to drive the improvement of marine fuel oil consumption. Low-sulfur fuel oil demand is more concentrated in the marine fuel end and may be more sensitive. After the Mediterranean ECA came into effect in May, although the demand for low-sulfur fuel oil was partially replaced, refineries also reduced the supply of low-sulfur fuel oil through product adjustment. The European market performed stronger than expected, and the tightening of arbitrage cargo volume also supported the Asian market. For high-sulfur fuel oil, as summer approaches, the demand of power plants in the Middle East and other regions enters a seasonal growth stage. According to Platts data, the fuel oil inventory in Fujairah recorded 9.339 million barrels this week, a month-on-month decrease of 10.73%, which may be due to the increased procurement of nearby power plants [1]. - High-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists; Low-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists; Cross-variety: no strategy; Cross-period: pay attention to the opportunity of going long the spread of FU2507 - 2509 at low prices (positive spread); Spot-futures: no strategy; Options: no strategy [2]. 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.12% at 3,057 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 3.08% at 3,647 yuan/ton [1]. - Crude oil prices are volatile and strong recently, but the medium-term oversupply expectation has not reversed [1]. - Tariff cuts are beneficial to fuel oil consumption, and low-sulfur fuel oil may be more sensitive. The European market for low-sulfur fuel oil is stronger than expected, and the Asian market is supported. High-sulfur fuel oil demand in the Middle East enters a seasonal growth stage, and Fujairah fuel oil inventory has decreased [1]. Strategy - High-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists [2]. - Low-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists [2]. - Cross-variety: no strategy [2]. - Cross-period: pay attention to the opportunity of going long the spread of FU2507 - 2509 at low prices (positive spread) [2]. - Spot-futures: no strategy [2]. - Options: no strategy [2]. Charts - Multiple charts show the prices, spreads, closing prices, and trading volumes of Singapore high-sulfur and low-sulfur fuel oil, as well as fuel oil FU and low-sulfur fuel oil LU futures [3].

Important News - The US has adjusted tariffs on China as of May 14, 00:01 Eastern Time [1] - China Securities Depository and Clearing Corporation clarified that account verification is a routine operation, not a special arrangement for "off-market financing" [1] - The People's Bank of China reported that from January to April, the total social financing increased by 16.34 trillion yuan, with new loans amounting to 10.06 trillion yuan, and M2 growth year-on-year at 8% [1] Company News - Tencent (00700.HK) reported Q1 revenue of 180 billion yuan, a year-on-year increase of 13% [1] - China Petroleum & Chemical Corporation (00386.HK) received an increase of approximately 302 million H-shares from Sinopec Group [1] - Longfor Properties (06968.HK) reported contract sales of approximately 1.804 billion yuan in the first four months, a year-on-year decrease of 0.3% [1] - Oceanwide Holdings (03377.HK) reported cumulative contract sales of approximately 8.09 billion yuan in the first four months, a year-on-year increase of 13.62% [1] - New China Life Insurance (01336.HK) reported original insurance premium income of 85.3791 billion yuan in the first four months, a year-on-year increase of 27% [1] - China Pacific Insurance (02601.HK) reported original insurance premium income of 115.359 billion yuan from Pacific Life Insurance in the first four months, a year-on-year increase of 10.4% [1] - Heng Rui Medicine plans to issue 224.5 million shares in Hong Kong, with an issue price not exceeding 44.05 HKD [1] - Vanke Enterprises (02202.HK) announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan to the company not exceeding 1.552 billion yuan [1] - Greentown China Holdings (00095.HK) has postponed the hearing for its liquidation application to July 9 [1]

Core Viewpoint - The chemical industry is experiencing a low level of prosperity, with expectations for a cyclical recovery in the future. The performance of the petrochemical and basic chemical sectors has shown significant divergence, influenced by factors such as oil price fluctuations and market demand [2][3]. Group 1: Industry Performance - In Q1 2025, the petrochemical sector achieved revenue of 1,015.1 billion yuan, a year-on-year decrease of 7.1%, while the basic chemical sector reported revenue of 607.0 billion yuan, an increase of 6.4% [1][2]. - The net profit attributable to shareholders for the petrochemical sector was 17.0 billion yuan, down 23.5% year-on-year, whereas the basic chemical sector saw a net profit of 37.1 billion yuan, up 4.7% year-on-year [1][2]. - For the full year of 2024, the petrochemical sector is projected to generate revenue of 43,056 billion yuan, a decrease of 3.2%, while the basic chemical sector is expected to reach 24,970 billion yuan, with a slight increase of 0.3% [2]. Group 2: Cost and Demand Dynamics - The average Brent crude oil price in Q2 2025 is projected to be 65.3 USD/barrel, reflecting a decline of 12.9% from Q1 2025 and 23.2% from Q2 2024 [3]. - The petrochemical and basic chemical sectors experienced year-on-year capital expenditure growth rates of -24.5% and -5.3%, respectively, indicating a slowdown in investment [3]. - Despite challenges in international trade, the resilience of China's chemical exports is anticipated, particularly with the potential release of domestic demand driven by ongoing policy support [3]. Group 3: Investment Recommendations - The current price-to-earnings (PE) ratios for the petrochemical and basic chemical sectors are 18.2x and 23.7x, respectively, indicating a premium compared to historical averages [4]. - The basic chemical sector is viewed as undervalued, presenting medium to long-term investment opportunities [4]. - Key investment themes include expanding domestic demand, fostering new production capabilities, and capitalizing on high-performing resource sectors [5].

｜2025年5月15日 星期四｜ 点评：腾讯2025年第一季度业绩展现核心业务韧性，微信生态持续扩容，但QQ用户流失需警惕。 NO.2 宁德时代港股孖展总额已超2500亿港元 宁德时代（HK03750）自启动H股招股以来备受市场关注。捷利交易宝数据显示，截至5月14日22时10 分，宁德时代港股孖展（保证金交易）总额已达2564.14亿港元，孖展超购倍数为110.26倍。 NO.1 腾讯控股2025年第一季度收入同比增长13% 5月14日，腾讯控股（HK00700，股价521.00港元，市值4.79万亿港元）发布2025年一季报。腾讯控股 2025年第一季度收入1800.22亿元，同比增长13%。微信及WeChat的合并月活跃账户数为14.02亿，同比 增长3%。QQ移动终端月活跃账户数为5.34亿，同比减少3%。 NO.4"李宁"更换核数师 5月14日，李宁（HK02331，股价15.72港元，市值406.33亿港元）董事会宣布，公司之现任核数师罗兵 咸永道会计师事务所（即普华永道）将于其当前任期届满后，即公司将于2025年6月12日（星期四）召 开之应届股东周年大会结束时，退任且不会续聘。同时，公告表示， ...

Important Announcements - Sinopec's controlling shareholder has increased its stake by 302 million H-shares, accounting for 0.25% of the total issued shares, with an investment of HKD 1.232 billion [4] - Shenghe Resources plans to acquire Peak Rare Earths Limited for AUD 158 million (approximately RMB 74.26 million), focusing on the Ngualla rare earth project in Tanzania [5] - Qibin Group has terminated the acquisition of 28.78% equity in its subsidiary Qibin Solar Energy due to changes in market conditions and transaction cycles [8] - Baofeng Energy intends to repurchase shares worth between RMB 1 billion and 2 billion, with a repurchase price not exceeding RMB 22.8 per share [9] - Hongjing Technology has signed a service contract for a smart computing project worth RMB 563 million [13] Shareholder Actions - Huate Gas shareholders plan to reduce their holdings by up to 2% of the company's shares, totaling no more than 2.4 million shares [6] - Haizheng Materials' shareholder, Sinopec Group Capital, intends to reduce its stake by up to 1% of the total shares, approximately 202,680 shares [2] - New Times plans for its directors and deputy general manager to collectively reduce their holdings by up to 0.3% of the company's shares [10] - Jingquan Hua's actual controller and board members plan to reduce their holdings by up to 1.67% of the company's shares [11] Project Developments - China National Petroleum Engineering's subsidiary has won a contract for an overseas project worth RMB 11.538 billion, involving the construction of a gas processing facility in Iraq [3] - Hainan Haicong New Materials is set to establish a new company with a registered capital of RMB 25 million to develop an aluminum alloy door and window project with an investment of RMB 55 million [17] - Huakang Clean has signed a construction contract worth RMB 143 million for a hospital project [18]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - After the release of the China-US negotiation joint statement, short - term bullish factors have landed, and the market is still in an emotional state. Although 50% of the tariffs on China are still high, it has restarted a new trade situation. Most risk assets have basically returned to the level before April 2, 2025. Recently, there have been supply - side disturbances in many varieties, and bulls are likely to push up prices. After the emotional release, the fundamental logic should be re - examined [1]. - In the medium term, the rebound of crude oil is much weaker than other risk assets, mainly due to the increasing expectation of supply surplus under the continuous acceleration of OPEC+ production increase. Short - term non - supply - demand logics are regarded as phased rises rather than reversals. Pay attention to short - selling opportunities near the previous high (WTI main contract at $64). For oil - chemical varieties, wait for the right - side short - selling opportunities after short - term breakouts [1]. Summary by Relevant Catalogs Crude Oil - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It is testing the medium - term pressure level corresponding to $63 of WTI today. If it fails to break through the medium - term pressure, it will retest the support at 468 [2]. - **Strategy**: In the hourly cycle, after the previous short - position index, look for a new position - increasing and reverse - wrapping pattern, or wait for the price to break below the low on May 13 and then look for a right - side rebound short - selling opportunity. If the short - position is stopped out, wait for a new position - increasing and reverse - wrapping signal [2][3]. Styrene (EB) - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with a reduction in positions today, and the short - term trading volume is insufficient, so the upside space is limited. The short - term support is the low on May 13 [9]. - **Strategy**: Still on the sidelines [3][9]. PX - **Technical Analysis**: On the hourly level, it has a short - term upward structure. Some funds left the market with a reduction in positions at the end of the session today. The short - term support refers to the low on May 13 [10]. - **Strategy**: Wait for the price to break the support and then look for short - selling opportunities on rallies [3][10]. PTA - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with an increase in positions today. The short - term support refers to the low on May 13 [16]. - **Strategy**: Wait for the price to break the support and then look for short - selling opportunities on rallies. Currently on the sidelines [3][16]. PP - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It rose with a reduction in positions today. The new short - term support is at 7130 [18]. - **Strategy**: Temporarily on the sidelines, wait for short - term breakouts [3][18]. Urea - **Technical Analysis**: On the hourly level, it has a short - term upward structure. It oscillated within the day today, retested the short - term support at the low on May 8, but there was no trading volume to match the pattern [19][22]. - **Strategy**: Temporarily on the sidelines [3][22]. Methanol - **Technical Analysis**: On the hourly level, it has a short - term upward structure. After rising with an increase in positions today, it showed a short - term trend reversal, and the short - term slope is too large. The support is temporarily at 2330 [23]. - **Strategy**: On the sidelines in the hourly cycle [3][23]. Rubber - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term oscillating structure. It rose with an increase in positions today and reached the upper edge of the oscillation range again. The upper pressure still refers to the high on April 8. It is currently in a narrow - range oscillation for oversold repair [26]. - **Strategy**: Temporarily on the sidelines [3][26]. Caustic Soda - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. After oscillating within the day today, there was a large - scale reduction in positions and an upward movement at the end of the session, indicating that some short - sellers left the market [27]. - **Strategy**: Mainly on the sidelines [3][27]. Ethylene Glycol (EG) - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It rose with an increase in positions today. The short - term support is at 43150 [29]. - **Strategy**: On the sidelines due to the divergence between medium - and short - term trends [3][29]. Plastic - **Technical Analysis**: On the daily level, it has a medium - term downward structure, and on the hourly level, a short - term upward structure. It is regarded as a continued rebound today. The short - term support is at 7100 [30]. - **Strategy**: In the hourly cycle, on the sidelines [30]

Group 1 - JD.com experienced a temporary system failure due to a surge in orders during the 618 event, but has since fully recovered. To apologize, they are offering compensation to affected users and ensuring that riders and merchants are not financially impacted [2] - Microsoft announced a layoff of approximately 6,000 employees, representing about 3% of its workforce, as part of necessary organizational changes to succeed in a dynamic market [3] - NIO's internal sources clarified that the bankruptcy application was made by an advertising company against its parent company, and NIO itself has not filed for bankruptcy [4] Group 2 - Apple is entering the brain-computer interface (BCI) field, planning to launch new accessibility features later this year, including support for BCI input devices with its Vision Pro headset [5] - Tencent reported Q1 2025 revenue of 180 billion yuan, a 13% year-on-year increase, with operating profit of 69.32 billion yuan, up 18% year-on-year. The gross margin for the quarter was 56%, an increase of 3 percentage points [6][7] - Nvidia is set to build an AI factory in Saudi Arabia, contributing to a significant increase in its market value, which has surpassed $3 trillion, and CEO Jensen Huang's wealth has reached $120 billion [8] Group 3 - WeChat has established an e-commerce product department to explore transaction models within the platform, with a new head reporting directly to the president of WeChat [11] - BYD is planning to enter the electric bicycle battery market, with a product launch event scheduled and a focus on lithium batteries [13] - Baidu is exploring the expansion of its autonomous ride-hailing service "Luobo Kuaipao" to Switzerland and Turkey, with plans to establish a physical presence in Switzerland [14] Group 4 - Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide a loan of up to 1.552 billion yuan to repay bond principal and interest, with a term of 36 months at an annual interest rate of 2.34% [16] - Kweichow Moutai plans to change the venue for its 2024 annual shareholders' meeting due to an overflow of registered attendees [18] - China Eastern Airlines reported that its shareholder Junyao Group has completed a share reduction plan, selling 28.68 million shares, which is 0.13% of the total share capital [19] Group 5 - Sinopec's controlling shareholder is issuing HKD 7.75 billion in exchangeable bonds to refinance maturing offshore debt, with a coupon rate of 0.75% [20] - Jilin Chemical Fiber confirmed a price increase for its wet-laid 3k carbon fiber products due to high demand, with a price hike of 10,000 yuan per ton effective immediately [21] - Alibaba's entertainment division has welcomed animator Hao Shan, who will focus on developing original animated content through a newly established studio [22]