Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) emphasizes the importance of the technology service industry as a key emerging sector, aiming for high-quality development through various initiatives and support mechanisms [1][2]. Group 1: Development of Technology Service Industry - By the end of 2024, over 300,000 technology-based enterprises are expected to be incubated across various incubators in China, with significant hubs in Beijing and Shanghai [1]. - The national technical contract transaction volume is projected to reach 6.8 trillion yuan, marking an 11.2% year-on-year increase, maintaining double-digit growth for eight consecutive years [1]. - Ten key areas for development have been identified, including research and development, technology transfer, enterprise incubation, and technology consulting [1]. Group 2: Financial Support and Innovation - The MIIT plans to implement a "technology industry-finance integration" initiative to enhance financial support for technology innovation and industrial development [2][3]. - A national industrial-financial cooperation platform has been established, connecting 381,000 quality enterprises with 3,090 financial institutions, facilitating financing of 540 billion yuan for early-stage hard technology projects [2]. - Innovative financial products such as "pilot insurance + R&D loans" and specialized loans for technology achievements are being promoted to support enterprises [2][3]. Group 3: Incubation and Market Development - China has built 16,000 various types of technology enterprise incubators, covering 95% of counties and above, playing a crucial role in the commercialization of technology [4]. - Over 5,000 enterprises have been incubated to go public, with one-third of companies listed on the Science and Technology Innovation Board being incubated [5]. - The establishment of a unified national technology trading service platform and improved technical contract registration and management are planned to enhance the technology market [6].

新华社北京5月15日电 题：推进科技服务业高质量发展 如何发力？ 新华社记者周圆、张辛欣 科技服务业是连接科技创新与市场需求的重要桥梁。我国科技服务业发展情况如何？怎样进一步推进行 业高质量发展？工业和信息化部15日举行新闻发布会，回应社会关切。 经过多年发展，我国科技服务业在重点领域取得长足发展—— 去年全国技术合同成交额6.8万亿元，同比增长11.2%，连续8年保持两位数增长，全国技术出口额同比 增长8.8%；我国科技型企业孵化器在全球50多个国家和地区布局；2023年，全国科技服务法人单位 211.8万个，建设各类科技型企业孵化载体1.6万家，建成覆盖全国95%县级以上地区的孵化服务体…… 企业孵化服务作为科技服务业的重要内容，是科技创新链条中的重要一环。 我国孵化器自1987年发展至今，形成以孵化器为核心节点，各级政府、高校院所、投资机构、大企业等 协同推进，孵化器、加速器、产业园区等多元主体共同参与的发展格局，累计孵化上市（挂牌）企业超 过5000家，科创板上市企业中三分之一为孵化器培育企业。 工业和信息化部火炬高技术产业开发中心主任吕先志介绍，下一步将出台孵化器管理办法，做好税收政 策接续支持，聚 ...

Report Industry Investment Ratings The report does not provide an overall industry investment rating. However, it gives trend intensities for various commodities, which can be used as a reference for investment sentiment: - **Positive**: PX, PTA, MEG, synthetic rubber, asphalt, LLDPE, PP, paper pulp, styrene, short - fiber, bottle - chip, palm oil, soybean oil, corn, cotton (not strongly positive), peanut [69][77][88][93][97][106][124][163][172][179][183][203] - **Neutral**: copper, aluminum, alumina, zinc, lead, nickel, stainless steel, lithium carbonate, industrial silicon, polysilicon, iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, steam coal, log, glass, methanol, urea, soda ash, LPG, PVC, fuel oil, low - sulfur fuel oil, container shipping index (European line), egg, hog [11][14][17][20][29][34][38][39][42][44][48][52][53][57][60][110][114][120][127][130][131][142][147][149][198][200] - **Negative**: gold, silver, tin, double - offset paper [6][9][23][168] Core Viewpoints of the Report The report provides a comprehensive analysis of various commodity futures, including their price trends, fundamental data, and relevant news. It suggests that different commodities are affected by multiple factors such as macro - economic conditions, supply - demand relationships, and geopolitical events. For example, the macro - economic situation and trade policies have a significant impact on commodities like copper, iron ore, and polymers; while supply - demand dynamics play a crucial role in agricultural products and energy commodities [11][42][93]. Summary by Commodity Categories Precious Metals - **Gold**: Broke below the support level, with a trend intensity of - 1 [6][9] - **Silver**: Oscillated and declined, with a trend intensity of - 1 [6][9] Base Metals - **Copper**: The rebound of the US dollar after testing lower levels restricted price increases, with a trend intensity of 0 [11] - **Aluminum**: Traded strongly, with a trend intensity of 0 [14] - **Alumina**: Rebounded significantly, with a trend intensity of 0 [14] - **Zinc**: Had short - term support, with a trend intensity of 0 [17] - **Lead**: Traded within a range, with a trend intensity of 0 [20] - **Tin**: Traded in a narrow range, with a trend intensity of - 1 [23] - **Nickel**: Sentiment was disturbed by news, with limited fundamental changes, and a trend intensity of 0 [29] - **Stainless Steel**: Social inventory increased marginally, and the price was supported by cost expectations, with a trend intensity of 0 [29] Energy and Chemicals - **LPG**: With the easing of geopolitical conflicts, cost support weakened, with a trend intensity of 0 [130][131] - **PVC**: Strong in the short - term but facing pressure later, with a trend intensity of 0 [142] - **Fuel Oil**: Mainly traded in an oscillatory manner and may be weaker than low - sulfur fuel oil in the short - term, with a trend intensity of 0 [147] - **Low - Sulfur Fuel Oil**: Maintained its strength, with a trend intensity of 0 [147] - **PTA**: Long PX and short PTA strategy was recommended, with a trend intensity of 1 [64][69] - **MEG**: Continued to be strong, with a trend intensity of 1 [64][69] - **Rubber**: Traded in a wide range, with a trend intensity of 0 [70] - **Synthetic Rubber**: Traded strongly, with a trend intensity of 1 [75] - **Asphalt**: Rebounded with the rise of crude oil and traded strongly in an oscillatory manner, with a trend intensity of 1 [79] - **LLDPE**: Strong in the short - term and oscillatory in the medium - term, with a trend intensity of 1 [93] - **PP**: Prices increased slightly, but trading volume weakened, with a trend intensity of 1 [97] - **Caustic Soda**: Oscillated in the short - term and faced pressure later, with a trend intensity of 0 [100] - **Paper Pulp**: Traded strongly in an oscillatory manner, with a trend intensity of 1 [105] - **Glass**: The price of the original sheet was stable, with a trend intensity of 0 [110] - **Methanol**: Supported by the improvement of macro - sentiment, with a trend intensity of 0 [114] - **Urea**: Traded in an oscillatory manner, with a trend intensity of 0 [120] - **Styrene**: Oscillated in the short - term, with a trend intensity of 1 [124] - **Soda Ash**: There were few changes in the spot market, with a trend intensity of 0 [127] Agricultural Products - **Palm Oil**: Pressure was released periodically, with support at lower levels, with a trend intensity of 1 [171] - **Soybean Oil**: With intensive speculation on US biodiesel, it was prone to rise and difficult to fall in the short - term, with a trend intensity of 1 [171] - **Soybean Meal**: Traded in an oscillatory manner due to the easing of trade frictions and the rise of US soybeans, with a trend intensity of 0 [180] - **Soybean**: The futures price oscillated, with a trend intensity of 0 [180] - **Corn**: Traded strongly in an oscillatory manner, with a trend intensity of 0 [183] - **Sugar**: Domestic production continued to increase, with a trend intensity of 0 [188] - **Cotton**: The futures price rebounded driven by market optimism, with a trend intensity of - 1 [192] - **Egg**: Traded in an oscillatory adjustment, with a trend intensity of 0 [198] - **Hog**: There was short - term gaming, with early trading of destocking followed by restocking, with a trend intensity of 0 [200] - **Peanut**: Traded strongly in an oscillatory manner, with a trend intensity of 0 [203] Others - **Container Shipping Index (European Line)**: Strong in the short - term, and it was recommended to hold 6 - 8 and 10 - 12 reverse spreads, with a trend intensity of 1 [149]

Market Performance - The three major U.S. indices showed mixed results, with the Dow Jones Industrial Average declining for the second consecutive trading day, down 89.37 points or 0.21% to 42051.06 points [1] - The Nasdaq Composite rose by 136.73 points or 0.72% to 19146.81 points, while the S&P 500 increased by 6.03 points or 0.1% to 5892.58 points [1] - Notable stock movements included Tesla rising 4% for six consecutive trading days, Google A increasing by 3.6%, and Nvidia gaining 4% with a weekly increase of 16% [1] European Market - European indices experienced declines, with Germany's DAX30 down 100.14 points or 0.42% to 23519.45 points, and the UK's FTSE 100 down 21.07 points or 0.24% to 8581.85 points [1] - The French CAC40 index fell by 37.04 points or 0.47% to 7836.79 points, while the Spanish IBEX35 rose by 70.67 points or 0.51% to 13842.27 points [1] Asian Market - The Nikkei 225 index in Japan decreased by 0.14%, while the KOSPI index in South Korea rose over 1.2% and the Indonesian Composite Index increased by over 2% [2] Currency and Commodities - The U.S. dollar index rose by 0.03% to 101.037, with fluctuations against major currencies including the euro and the British pound [2] - Spot gold fell by 2.14% to $3180.90 per ounce, while COMEX gold futures dropped by 1.91% to $3185.70 per ounce [2][3] - WTI crude oil prices decreased by 0.8% to approximately $63 per barrel, ending a four-day increase [3] Cryptocurrency - Bitcoin declined by 0.59% to $103,561.4, while Ethereum dropped over 3% to $2,595.77 [3] Macro News - The U.S. and Qatar signed economic and military cooperation agreements valued at over $243.5 billion, including significant purchases from Boeing and defense contracts [4] - OPEC+ members increased oil production by only 25,000 barrels per day in April, significantly below the planned increase of 138,000 barrels per day [4] Company News - Apple is developing a groundbreaking eye-tracking feature for its Vision Pro headset, which will allow users to scroll through interfaces using eye movements [7] - Bridgewater Associates significantly increased its holdings in Alibaba by over 540,000 shares, marking a 21-fold increase, and also built positions in JD.com and gold ETFs [8]

Core Insights - The North Bund in Shanghai is positioned as a key area for urban development, integrating shipping and finance to create a new urban development benchmark [1][2] - The area has seen significant growth in financial services, with over 2,100 financial enterprises and an asset management scale exceeding 8 trillion yuan by 2024 [5][6] - The North Bund has transformed into a hub for global shipping rules and financial services, contributing over 45% to the regional economy [5][8] Financial Growth - The financial value added in Hongkou District has shown consistent growth from 198.60 billion yuan in 2020 to a projected 278.62 billion yuan in 2024, with a compound annual growth rate of 6.4% [3][5] - The establishment of various financial institutions and alliances, such as the Shanghai Financial Technology Industry Alliance and the North Bund International Chamber of Commerce, has attracted international financial players [2][5] Industry Integration - The integration of shipping and finance has led to the creation of specialized financial products and services tailored for the shipping industry, such as ship financing and freight insurance [6][8] - The North Bund has become a strategic center for both asset management and financial technology, enhancing its role within Shanghai's "Golden Triangle" [5][8] Infrastructure Development - Over the past five years, the North Bund has completed 46 major construction projects, significantly enhancing its urban landscape and functionality [16][20] - The area has transformed from a traditional shipping hub to a modern service-oriented economy, focusing on sectors like green finance, technology innovation, and international trade [12][13] International Engagement - The North Bund has hosted numerous international events and activities, attracting global attention and participation, which has contributed to a 35.8% increase in foreign investment in 2024 [16][20] - The establishment of the North Bund International Legal Service Port aims to facilitate outbound enterprises by providing comprehensive legal and financial services [12][20]

Group 1 - The report highlights a significant rally in the A-share market, particularly in the financial sector, with the Shanghai Composite Index returning to 3400 points, indicating a strong performance led by large financial institutions [5][16] - The report notes that the market sentiment remains cautious, with more stocks declining than rising, suggesting a rotation among sectors is expected, particularly in technology, dividends, and consumer sectors [5][16] - In the U.S. stock market, the S&P 500 has surpassed the previously mentioned resistance level of 5700 points, supported by changes in trade policy and substantial stock buybacks from major companies like Apple and Google [2][21] Group 2 - The report indicates that the bond market is experiencing a downward trend, with longer-term bonds declining more than short-term ones, and anticipates a potential rebound after a few days of volatility [13][16] - The report discusses the foreign exchange market, noting a significant appreciation of the onshore RMB against the USD, with expectations for the RMB to rise to around 7.1 [27][29] - In the commodities market, the report mentions a general increase in commodity prices, particularly in the petrochemical and coal sectors, while suggesting a cautious approach to buying due to the prevailing bearish trend [30][32]

那么往年的情况如何呢?众多学术论文和市场研究都探讨过"五月清仓"策略，并按股票类别和时间段进 行了细致分析。尽管季节性规律确实存在，股市在夏季可能面临更高风险，但从长期来看，即便伴随更 多波动，股价总体仍呈上涨趋势。 智通财经APP获悉，华尔街有句著名的谚语叫"五月清仓，暂离市场"。这种投资策略认为，在当年5月 至10月的六个月时间里，股票往往表现不佳。因此，投资者应在5月初将持仓转为现金，然后在秋季市 场回调时再逢低买入。但目前美股在五月走出的复苏行情却让这句古谚被新谚替代："五月买入，畅享 收益"。 "五月清仓，暂离市场"由来已久，关于其成因众说纷纭，有人认为与假期周期、奖金发放有关;也有人 指出，1929年的大崩盘和1987年的"黑色星期一"都发生在这一时期。 但今年的情况截然不同，美股正从关税引发的抛售潮中持续复苏，自4月底至5月上半月，涨幅格外显 著。标准普尔500指数在过去两周内甚至飙升了6%。贸易局势意外缓和，加之通胀数据低于预期，更是 为市场注入了强心剂。在当前新闻驱动的波动行情下，标普500指数周二收盘时，年内涨幅自2月以来首 次转正。 事实证明，在任何一年中，保持满仓投资或许比试图精准把握 ...

Core Insights - The development of North Bund in Shanghai has significantly enhanced its economic value, contributing over 3% to the city's economic output despite occupying only 0.3% of its area [1] - The area has attracted nearly 2000 foreign enterprises and is expected to drive a 35.8% increase in actual foreign investment in the Hongkou District by 2024 [1][5] - North Bund aims to become a core functional area for Shanghai's five centers: international economy, finance, trade, shipping, and technology innovation [1][8] Economic Development - North Bund has transformed from a cargo handling port to an international hub and cruise home port, focusing on the integration of shipping, finance, and green low-carbon industries [3][4] - The region has introduced 335 major investment projects with a total investment exceeding 300 billion yuan [1] - The area has gathered over 4700 shipping companies, accounting for nearly 70% of Shanghai's total shipping capacity [1] Industry Focus - North Bund is developing into a "Service Trade Port," emphasizing high-end shipping services, financial technology, and new trade models such as offshore trade and cross-border e-commerce [3][4] - The "Technology Innovation Port" initiative has led to the establishment of a complete innovation chain, with the technology service industry exceeding 70 billion yuan, representing 13% of the city's total [4] - The "Headquarters Economy Port" has attracted 104 headquarters, including 35 regional headquarters of multinational companies [5] Future Development Plans - The next five years are critical for North Bund as it transitions from construction to core functional development, enhancing its global resource allocation and cultural soft power [7][8] - Plans include accelerating the construction of landmark buildings, improving transportation networks, and enhancing public services to create a livable and business-friendly environment [7][8] - The area will continue to focus on high-end industries and technological innovation to solidify its position as a global waterfront area and meeting point [8]

Core Viewpoint - The transformation of Shanghai's North Bund from a cargo handling port to a strategic node for trade and international cruise tourism is highlighted, with a focus on enhancing port value and urban functionality through four key themes: service trade port, technology innovation port, headquarters economy port, and international vitality port [1]. Group 1: Service Trade Port - The initiative aims to upgrade shipping services by focusing on high-end shipping services such as shipping finance, ship management, and maritime arbitration, while promoting the digital, intelligent, and green transformation of shipping [3]. - Financial foundations will be strengthened by attracting licensed institutions and developing financial technology to support innovation and the real economy, particularly in green and low-carbon sectors [3]. - The strategy includes the development of new trade formats such as bulk commodity trade, cultural trade, digital trade, offshore trade, and cross-border e-commerce, enhancing the resilience of the urban economy [3]. Group 2: Technology Innovation Port - The district will leverage its concentration of institutions, talent, and funding to create a collaborative mechanism among industry, academia, government, and finance, facilitating the transformation of technological achievements and the development of technology service industries [5]. - The technology service industry in the district has exceeded 70 billion yuan, accounting for 13% of the city's total, with the addition of 3 unicorns and 24 "little giants" in the past five years [5]. Group 3: Headquarters Economy Port - The focus is on attracting leading and high-growth enterprises to enhance the regional resource allocation capability, with a current total of 104 headquarters established, including 35 regional headquarters of multinational companies [6]. - The initiative aims to strengthen the modern industrial system by targeting high-end segments of the industrial chain and high-value areas of the service chain [6]. Group 4: International Vitality Port - The district is implementing eight action plans to attract global service providers and enhance foreign investment headquarters, contributing nearly 25% to the district's economic total from around 2000 foreign enterprises [7]. - Recent efforts include the launch of the "North Bund International Legal Service Port" to create a comprehensive, one-stop legal service hub, alongside plans for an "International Talent Port" [7].

市场消息：软银集团的股票因买单大量涌入而暂停交易。 ...