国内新闻： 1. 国家加大投入支持长远性数据基础设施建设。 2."五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局三度共注资1166.14亿港元。 昨日今晨重要新闻汇总（5月6日） ③白宫称尚未就电影关税做出最终决定 昨日今晨重要新闻汇总（5月6日） 国内新闻： 1. 国家加大投入支持长远性数据基础设施建设。 2."五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局三度共注资1166.14亿港元。 国际新闻： 1. 关税- ①据悉印度提议对一定数量的美国汽车零部件和钢铁实行对等零关税 ②知情人士：美国拒绝了日本提出的全面豁免10%的对等关税的要求 ④特朗普：将在未来两周内宣布对医药产品的关税措施。 2. OpenAI放弃转型为营利性公司。 3. 克宫：普京接受莫迪的访印邀请。 4. 刚果（金）政府与反政府武装开启新一轮对话。 5. 苹果准备分四部分发行公司美元债，规模未公布。 6. 美国 ...

1. 关税-①据悉印度提议对一定数量的美国汽车零部件和钢铁实行对等零关税 ②知情人士：美国拒绝了 日本提出的全面豁免10%的对等关税的要求 ③白宫称尚未就电影关税做出最终决定 ④特朗普：将在未 来两周内宣布对医药产品的关税措施。 14. 中东-①伊朗外长：如果目的是防止核武器，与美国的协议是可以达成的 ②以色列对也门进行空袭 ③以色列总理：新的加沙行动将会是一次密集的军事行动。将对加沙的人口进行迁移 ④伊朗否认指使 胡塞武装袭击以色列。 1. 国家加大投入支持长远性数据基础设施建设。 2. "五一"假期全国重点零售和餐饮企业销售额同比增长6.3%。 3. 央行行长潘功胜出席并主持东盟与中日韩财长和央行行长会。 4. 港元汇率再触强方兑换保证，香港金管局4日共注资1166.14亿港元。 2. OpenAI放弃转型为营利性公司。 3. 克宫：普京接受莫迪的访印邀请。 4. 刚果（金）政府与反政府武装开启新一轮对话。 5. 苹果准备分四部分发行公司美元债，规模未公布。 6. 美国提供1000美元津贴鼓励移民自愿离境 比强制驱逐"划算"。 7. 德国基民盟、基社盟和社民党签署联合协议，候任总理默茨誓言"改革德国"。 ...

秘鲁总统：将在矿工被杀区域设立军事基地。将在受暴力影响地区暂停30天采矿活动。 ...

美国关税传来最新消息。 刚刚，据日本共同社报道，美国拒绝对日本予以"对等关税"全面豁免。另据彭博社报道，在与美国的贸易谈判 中，印度提议在对等的基础上，对一定数量的钢铁、汽车零部件和药品实行零关税。 与此同时，美国宏观数据也持续扰动市场。今晚，美国供应管理协会（ISM）公布的数据显示，美国4月ISM 服务业PMI指数录得51.6，重回扩张区间，大幅高于预期的50.2。分析称，数据表明，在美国制造业受关税影 响持续收缩的背景下，服务业仍表现稳健。 受此影响，美股三大指数跌幅收窄，道指率先转涨，截至发稿，道指涨0.14%，纳指跌幅收窄至0.45%。美国 财政部长贝森特在最新的讲话中表示，美国股市具有"抗脆弱性"，美国将巩固"全球资本中心"的地位。 关税的变数 北京时间5日晚间，日本共同社援引知情人士的话报道，在最近的关税谈判中，美国拒绝对日本予以"对等 关税"全面豁免。 消息人士透露，上周华盛顿会晤期间，美国财政部长贝森特等美国官员告知日本首席谈判代表赤泽亮正，特朗 普政府只愿意考虑降低14%的特定关税，该关税已暂停实施至今年7月初。但日本一直主张彻底取消"对等关 税"，包括对汽车加征25%的关税以及对钢铁和铝加 ...

Core Viewpoint - The overall inventory cycle in the U.S. is likely transitioning towards an active destocking phase by 2025, with significant implications for various industries [1][2][3]. Overall Inventory Cycle - In February, U.S. total inventory increased by 2.45% year-on-year, compared to a previous value of 2.25%. Sales increased by 3.45% year-on-year, down from 3.69% [2][3]. - The inventory cycle remains in a passive restocking phase due to "import grabbing," with Q1 net imports increasing by $359.26 billion year-on-year, of which over one-third ($129.71 billion) converted into inventory [2][3]. Industry Inventory Cycle - Among 14 major industry categories, 8 are in a passive restocking phase, including upstream chemical products, building materials, midstream electrical equipment, and downstream durable consumer goods [4]. - Historical inventory percentiles show that total inventory is at a historical percentile of 30.5%, with building materials at 71.5%, automotive parts at 67.8%, and paper and forestry products at 53.8% [4]. Upstream Inventory Status - Half of the upstream industries are in passive restocking, while the other half are in active destocking [5][6][7][8]. - Specific sectors like oil, natural gas, and consumer fuels are in active destocking as of February 2025 [5]. Midstream Inventory Status - Inventory status is mixed, with paper and forestry products in active restocking, while electrical equipment and transportation are in passive restocking [9][10]. - Mechanical manufacturing is currently in passive destocking [9]. Downstream Inventory Status - The current passive restocking phase is prolonged, indicating potential "import grabbing" demand [11]. - Automotive parts are transitioning to active destocking as of February 2025, while other sectors like household durable goods and textiles remain in passive restocking [11].

Group 1 - The overall industrial economy in the province is showing a rapid recovery, with a total industrial added value growth rate of 5.3% in the first quarter, an increase of 7.1 percentage points compared to the previous year [1] - The growth rate of industrial added value for large-scale industries reached 6.1%, exceeding the initial target by 2.6 percentage points [1] - In March, the output value of key emerging industries grew by 10.3% year-on-year, surpassing the overall industrial growth rate of 8.1% [1] Group 2 - Industrial fixed asset investment growth reached 14.4%, 2.4 percentage points higher than the national average, with manufacturing investment growth at 17.5%, exceeding the national level by 8.4 percentage points [1] - Industrial technological transformation investment growth was notably high at 57.9%, ranking fifth in the country, while manufacturing technological transformation investment growth reached 61.9% [1] - The mining industry added value growth rate was 6.3%, slightly above the national average, while the manufacturing industry growth was 6.2%, and the electricity, heat, gas, and water supply industry growth was 5.4%, exceeding the national average by 3.5 percentage points [1] Group 3 - Among the top ten industries, the equipment industry led with an 18.9% growth rate, 8 percentage points higher than the national average, while the energy industry grew by 5.9% [2] - The coal mining and washing industry saw a significant increase in added value growth of 10.1%, while the food industry grew by 5.2%, the petrochemical industry by 2.2%, the metallurgy industry by 5.4%, and the building materials industry by a remarkable 31.5% [2] - The provincial government aims to focus on stabilizing industrial growth, transforming methods, adjusting structures, improving quality, and increasing efficiency to achieve effective qualitative and reasonable quantitative growth in the industrial economy [2]

Group 1 - Ghana announced a ban on foreign access to its gold market in April 2025, highlighting a severe water crisis despite its vast gold resources [1][3] - The country, which produces 130 tons of gold annually, faces a paradox of wealth and poverty, with a GDP per capita of only $2,500 and 40% of children suffering from chronic diarrhea due to contaminated water [3][8] - Illegal mining has led to a significant drop in groundwater levels, exacerbating the water crisis in a country with an annual rainfall of 2,000 mm [5][6] Group 2 - Chinese engineering teams have successfully drilled 1,000 wells in 832 villages, providing daily water supply of 200,000 cubic meters, benefiting approximately 500,000 people [6][8] - Chinese investments in infrastructure, such as the construction of a power plant supplying 15% of Ghana's electricity, have created 36,000 jobs and improved water access [8][9] - Ghana's external debt stands at $55 billion, accounting for 80% of its GDP, with a 60% currency depreciation and a 50% inflation rate in 2025 [8][9] Group 3 - Illegal mining has destroyed 4,726 hectares of land, leading to severe mercury pollution in local rivers, with projections indicating Ghana may need to import freshwater by 2030 [9][11] - In response to environmental challenges, Chinese companies are initiating green projects, including a 200 MW solar power plant expected to reduce CO2 emissions by 240,000 tons annually [11][13] - The Ghanaian government is shifting towards a "gold for technology" model, focusing on local capacity building and technology transfer, with over 400 local engineers trained [11][14] Group 4 - The mining sector is dominated by oligarchs who control 70% of gold revenues, complicating efforts to combat illegal mining and corruption [13][14] - The historical context of colonial exploitation continues to impact Ghana's economic structure, with a need for systemic change to ensure equitable resource distribution [3][14]

国家经济多元化部门表示，五个综合经济集群是"经济多元化"计划成果的一部分，旨在促进经济多 元化各支柱行业的发展，并在实施"阿曼2040愿景"框架下，在未来五年发展计划中增强阿曼的投资吸引 力。经研究，五个综合经济集群为企业提供500个投资机会，涉及粮食安全、运输、仓储、旅游、工业 和矿业等领域。 杜库姆经济特区综合冷链经济集群咨询服务招标是实施五个综合经济集群的第一步。杜库姆综合经 济集群拥有许多重要的投资机会，包括建立区域冷链综合体和综合体内的先进制造业、鱼类产品（增值 产品）制造业综合中心、红肉产品（增值产品）制造业综合中心、用于储存和分销药品的综合仓库，以 及专门从事分类、罐装和包装活动的鲜花进出口中心。经研究，已发现中小企业30个服务业领域投资机 会，17个生产业领域投资机会，20个粮食安全领域投资机会，12个交通物流领域投资机会，14个旅游领 域投资机会。佐法尔省纳季德农业经济集群旨在加强粮食安全，预计该集群的投资将达到2.3亿里亚 尔。佐法尔省沙利姆及哈拉尼亚特群岛综合矿业经济集群旨在创建一个集采矿和工业设施、渔业、旅游 业和物流业于一体的综合经济体系，该集群预计产生经济回报达 5.17 亿里亚尔 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 [Table_Title] Mt Marion 2025Q1 锂精矿产量同比减少 23%至 14 万吨，Mt Wodgina 2025Q1 锂精矿产量同比增加 29%至 12.6 万吨 2025Q1，公司权益锂精矿的加权平均实现价格为 844 美元 /吨 （折 SC6 锂精矿），环比上涨 2%。 2）MT MARION（100%基础） 2025Q1 锂精矿产量为 14 万吨，环比增长 21%，同比减少 23%。产量环比增长主要得益于当前矿井进料品质的提高，从 而显著提高了回收率。因此，Mt Marion 2025 财年的产量预期 已从 15 万-17 万吨 SC6 锂精矿上调至 18.5 -20 万吨 SC6 锂精 矿。 2025Q1 锂精矿发运量为 13.8 万吨，环比增长 25%，同比 减少 9%。发运锂精矿的平均品位为 4.4%，上一季度为 4.4%。 2025Q1 锂精矿发运量折 SC6 为 10.2 万吨，环比增长 24%，同 比减少 2%。 2025Q1 锂精矿销售量为 14 万吨，环比增长 25%。 [Tabl ...

Economic Overview - In the first quarter of 2025, Jiangmen's GDP reached 91.723 billion yuan, with a year-on-year growth of 2.8% [2][6] - Jiangmen's GDP growth rate is lower than the provincial average of 4.1% [2] Sector Performance - The primary industry added value was 5.238 billion yuan, growing by 0.1% [2] - The secondary industry added value was 37.980 billion yuan, with a growth of 2.7% [2] - The tertiary industry added value was 48.505 billion yuan, showing a growth of 3.3% [2] Trade Performance - Jiangmen's total import and export volume in the first quarter was 47.15 billion yuan, with a growth rate of 10.1% [4] - The export volume was 40.44 billion yuan, increasing by 13.2% [4] County-Level GDP - Xinhui led the city with a GDP of 22.834 billion yuan, while Heshan showed the highest growth rate at 4% [5][7] - Other counties ranked by GDP include Pengjiang (21.361 billion yuan), Taishan (11.815 billion yuan), and Kaiping (10.978 billion yuan) [5][7] Industrial Growth - The total output value of agriculture, forestry, animal husbandry, and fishery was 13.891 billion yuan, with a growth of 0.9% [8] - The industrial added value for large-scale enterprises grew by 3.4%, with manufacturing increasing by 4.7% [8] Investment Trends - Fixed asset investment in Jiangmen decreased by 21.7% year-on-year [9] - The decline in investment was observed across all sectors, with the primary industry down by 36% and the secondary industry down by 26.1% [9] Consumer Spending - The total retail sales of social consumer goods reached 30.796 billion yuan, growing by 1.8% [10] - Urban retail sales grew by 1.7%, while rural retail sales increased by 2.1% [10]