Report Industry Investment Rating The document does not provide the industry investment rating. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points in September, in line with market expectations, and the dot - plot shows two more rate cuts this year. The market has different reactions to various asset classes due to this rate cut and other factors such as supply - demand fundamentals and policy expectations [1][12][16]. - The prices of most commodities and financial products are in an oscillatory state, and the future trends are affected by multiple factors including macro - economic policies, supply - demand relationships, and geopolitical situations [3][4][23]. Summary by Relevant Catalogs 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The Fed cut interest rates by 25bp, and the gold price fell from its high. The short - term upside momentum of gold is lacking, and there is a risk of callback [12][13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Fed's September rate cut of 25bp was in line with expectations, and the dollar index oscillated. It is expected to continue oscillating in the short term [14][16][17]. 1.3 Macro Strategy (US Stock Index Futures) - The Fed's rate cut of 25bp supported market risk appetite. It is recommended to take a bullish approach, but be aware of market fluctuations caused by economic data changes [18]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations. The bond market is affected by multiple factors, and it is recommended to be cautious and not chase the market [19][20]. 2. Commodity News and Comments 2.1 Black Metal (Steam Coal) - International coal prices followed the upward trend. The coal price is expected to continue oscillating in the short term, with limited space for movement [21][22]. 2.2 Black Metal (Iron Ore) - The iron ore price continued to oscillate. The fundamentals are supportive, but the upside is restricted by finished products. Be vigilant about the demand decline after October [23]. 2.3 Agricultural Products (Soybean Meal) - Ukraine imposed a 10% export tariff on soybeans. The soybean meal price was affected by Sino - US negotiations. If an agreement is reached, the short - term price may be weak [24][25]. 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The palm oil production decreased in September, but the price increase was limited. The soybean oil price was affected by Sino - US relations. It is recommended to wait and see for unilateral trading and pay attention to positive spreads for some varieties [26][27]. 2.5 Agricultural Products (Red Dates) - The red date price was stable. The consumption was weak during the pre - holiday season. It is recommended to wait and see or conduct short - term operations [28][29]. 2.6 Black Metal (Rebar/Hot - Rolled Coil) - The steel price continued to oscillate. The demand was weak, but the cost support and anti - involution policy expectations provided support. It is recommended to use an oscillatory trading strategy [30][33][34]. 2.7 Black Metal (Coking Coal/Coke) - The coking coal auction prices in Lvliang fluctuated. The supply increased, and the price is expected to continue oscillating in the short term [35][36]. 2.8 Agricultural Products (Pigs) - The pig production capacity control meeting was held. It is recommended to short near - month contracts and pay attention to the reverse spread [37][38]. 2.9 Non - ferrous Metals (Copper) - The Fed's rate cut had a neutral impact on copper. The macro factors' support for copper weakened, and the price is expected to oscillate at a high level [40][41][42]. 2.10 Non - ferrous Metals (Polysilicon) - The polysilicon price may rise slightly. The futures price is expected to oscillate between 50,000 - 60,000 yuan/ton, and pay attention to the anti - spread opportunity [44][45][46]. 2.11 Non - ferrous Metals (Industrial Silicon) - Sichuan silicon plants plan to cut production. The price is expected to oscillate between 8,200 - 9,200 yuan/ton. Pay attention to interval trading opportunities [47]. 2.12 Non - ferrous Metals (Lead) - The demand for lead improved marginally. It is recommended to wait and see for the short term and consider buying on dips for the medium term [48][49]. 2.13 Non - ferrous Metals (Zinc) - The zinc price had a large uncertainty in the short term. It is recommended to wait and see for the short term, pay attention to the positive spread opportunity, and maintain the positive spread idea for internal and external trading [50][51][52]. 2.14 Non - ferrous Metals (Lithium Carbonate) - The lithium carbonate price may decline after the demand peak. It is recommended to take a bearish approach, be cautious in the short term, and pay attention to the anti - spread opportunity [55][56]. 2.15 Energy and Chemicals (Liquefied Petroleum Gas) - The LPG price is expected to oscillate in the short term [57][59]. 2.16 Energy and Chemicals (Crude Oil) - The crude oil price oscillated and declined. Pay attention to the impact of geopolitical conflicts on the price in the short term [60][61]. 2.17 Energy and Chemicals (PX) - The PX price oscillated. It is recommended to try positive spreads between November and January [62][63]. 2.18 Energy and Chemicals (PTA) - The PTA price oscillated in the short term [65][66]. 2.19 Energy and Chemicals (Styrene) - The styrene port inventory pressure eased marginally. The price is expected to oscillate in the short term, and pay attention to the post - peak season inventory problem and oil price fluctuations [68][69]. 2.20 Energy and Chemicals (Caustic Soda) - The caustic soda price may decline, but the downward space is limited [70][72]. 2.21 Energy and Chemicals (Pulp) - The pulp market oscillated weakly [73][74]. 2.22 Energy and Chemicals (PVC) - The PVC price had a limited rebound. The fundamentals are weak, and the future may continue to be weak [75]. 2.23 Energy and Chemicals (Bottle Chips) - The bottle chip demand is entering the off - season. The price is under pressure, and further production cuts may not improve the processing fee [76][77]. 2.24 Energy and Chemicals (Soda Ash) - The soda ash price oscillated. It is recommended to short on rallies and pay attention to supply - side disturbances [78][79]. 2.25 Energy and Chemicals (Float Glass) - The float glass price increased slightly. It is recommended to pay attention to the spread trading opportunity of going long on glass 2601 and short on soda ash 2601 [80][81]. 2.26 Shipping Index (Container Freight Rate) - The container freight rate may continue to decline. It is recommended to hold short positions [83].

Core Viewpoint - The Tokyo stock market experienced a rebound on September 4, with the Nikkei 225 index rising by 1.53% and the Tokyo Stock Exchange Price Index increasing by 1.03% [1] Market Performance - The Nikkei index closed up by 641.38 points at 42580.27 points, while the Tokyo Stock Exchange index rose by 31.28 points to close at 3080.17 points [1] - The market showed a volatile upward trend during the day, influenced by the previous day's decline and the rise of the Nasdaq index in New York [1] Sector Analysis - Most of the 33 industry sectors on the Tokyo Stock Exchange saw gains, with banking, non-ferrous metals, and insurance sectors leading the increases [1] - Conversely, sectors such as mining, rubber products, and chemicals experienced slight declines [1] Investor Sentiment - Market participants noted a shift in investor focus from growth stocks to value stocks, reflecting changing market dynamics [1]

Economic Overview - Shanxi Province's major economic indicators showed stable growth from January to July, with industrial production remaining generally stable and new growth drivers being cultivated [1] - The province's economy is exhibiting a positive trend, supported by steady investment and consumption expansion [1] Industrial Production - From January to July, the added value of industrial enterprises above designated size in Shanxi increased by 5.6% [1] - The coal industry, a key sector in Shanxi, grew by 6.2%, contributing 68.6% to overall industrial growth, highlighting its crucial role in stabilizing the industrial base [1] - Non-coal industries also saw growth, with sectors such as coking (11.3%), non-ferrous metals (15.2%), and equipment manufacturing (8.4%) performing well [1] - Out of 40 major industry categories, 29 reported an increase in added value, resulting in a growth coverage of 72.5% [1] New Growth Drivers - The added value of the equipment manufacturing industry above designated size grew by 8.4%, with the new energy equipment manufacturing sector experiencing a twofold increase [1] - In high-tech manufacturing, the computer and office equipment manufacturing sector surged by 81.4% [1] - Strategic emerging industries in the industrial sector, particularly the new energy industry, grew by 46.3% [1] Investment and Consumption - Fixed asset investment in Shanxi increased by 1.5% from January to July, with private investment rising by 3.9%, indicating a recovery in market confidence and an improved business environment [2] - The total retail sales of consumer goods grew by 6.2%, accelerating by 0.1 percentage points compared to the first half of the year and surpassing the national average by 1.4 percentage points [2] - Retail sales in large-scale enterprises increased by 8.2%, exceeding the national growth rate by 2.6%, reflecting the strengthening vitality of the consumption market [2]

Core Viewpoint - The Guangxi government has officially issued the "Action Plan for Strengthening and Extending Key Advantage Industries in Manufacturing," aiming to enhance the quality of industrial clusters through innovation, technology empowerment, and open integration [1] Group 1: Key Industries and Goals - Guangxi will focus on strengthening and extending industrial chains in key sectors such as machinery equipment, automotive and new energy vehicles, high-end green home furnishings, light industry textiles, and resource recycling [1] - The plan aims to add one industry worth 500 billion and one worth 400 billion by the end of 2027, while cultivating leading enterprises and enhancing the resilience and safety of industrial chains [1] Group 2: Action Plans - Six major actions will be implemented: industry extension, chain strengthening, technology enhancement, scenario exploration, market connection, and platform construction [2] - The plan includes developing a roadmap for traditional industries like sugar, aluminum, steel, and petrochemicals, emphasizing AI empowerment and green low-carbon development [2] Group 3: Organizational Support - Guangxi will establish a "chain leader + chain master" working mechanism, appointing a responsible leader for key industrial chains and forming specialized working groups [3]

Domestic Policy News - The State Council held a meeting on July 16 to discuss strengthening the domestic circulation, emphasizing the need for optimized policy design and collaboration among departments to promote economic stability and growth [9][10][11] - The National Committee of the Chinese People's Political Consultative Conference convened a meeting on July 18 to analyze the macroeconomic situation for the first half of 2025, highlighting the importance of maintaining employment, enterprises, and market stability amid a complex international environment [11][12] Overseas Policy News - On July 17, the U.S. House of Representatives passed the "Genius Act," establishing a regulatory framework for digital stablecoins, marking a significant legislative reform in cryptocurrency regulation [2][14] - Data from the U.S. Treasury revealed that in May 2025, Japan and the UK increased their holdings of U.S. Treasury bonds, while China continued to reduce its holdings for the third consecutive month [16][20] Equity Market Analysis - A-shares experienced a slight increase in mid-July, driven by better-than-expected economic growth in the first half and policies encouraging long-term capital inflow [22][23] - The MSCI China A-share index rose by 1.2% in the third week of July, while the Southbound capital maintained a net inflow of nearly 20 billion yuan [22][23] Fixed Income Market Analysis - The People's Bank of China indicated a commitment to increasing monetary easing, with a net injection of 9.749 billion yuan into the market through open market operations [3][21] - The central bank's policies have shown a positive impact on supporting the real economy, with a notable increase in the effectiveness of monetary policy [3][21] Commodity Market Analysis - The prices of non-ferrous metals showed a slight rebound, while crude oil prices experienced a minor decline [3][21] - The Ministry of Industry and Information Technology announced the implementation of a work plan to stabilize growth in ten key industries, including steel and non-ferrous metals [3][21] Foreign Exchange Market Analysis - The U.S. dollar index strengthened slightly, closing at 98.46 on July 18, while the renminbi faced depreciation pressure, trading at 7.18 [4][20] - A joint announcement from seven departments encouraged foreign investment in domestic reinvestment, aiming to enhance the investment environment [4][20] Major Asset Rotation Outlook - The report anticipates further fiscal expansion and moderate monetary easing in the second half of the year, with a focus on structural adjustments to address uncertainties from U.S. trade policies and geopolitical risks [4][20]

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant divergence in market performance among sectors, with non-ferrous metals seeing the highest inflow and electronics experiencing the largest outflow [1][2]. Industry Summary Net Inflow Industries - Non-ferrous metals led with a net inflow of 3.794 billion yuan, a price increase of 2.10%, and a trading volume increase of 50.61% compared to the previous trading day [1]. - Other industries with positive net inflows include: - Non-bank financials: 0.897 billion yuan, price increase of 0.33%, trading volume increase of 15.80% [1]. - Food and beverage: 0.605 billion yuan, price increase of 0.73%, trading volume increase of 8.18% [1]. - Transportation: 0.422 billion yuan, price increase of 0.90%, trading volume decrease of 0.19% [1]. - Real estate: 0.248 billion yuan, price increase of 0.48%, trading volume decrease of 9.60% [1]. Net Outflow Industries - The electronics industry faced the largest net outflow of 8.341 billion yuan, with a price decrease of 0.49% and a trading volume decrease of 13.21% [2]. - Other industries with significant net outflows include: - Computer: 4.375 billion yuan, price decrease of 43.75%, trading volume increase of 2.01% [2]. - Communication: 2.701 billion yuan, price decrease of 0.31%, trading volume decrease of 4.02% [2]. - Machinery: 2.451 billion yuan, price decrease of 24.51%, trading volume decrease of 4.02% [2]. - Automotive: 2.389 billion yuan, price decrease of 0.17%, trading volume decrease of 17.13% [2].

Group 1 - A-shares have shown a structural market characteristic, with strong performance in consumer sectors such as food and beverage, and retail, as well as certain technology sectors like AI applications and innovative pharmaceuticals [2][4] - The top five performing industries in A-shares include agriculture, media, food and beverage, electrical equipment, and retail, indicating a growing interest in agricultural assets and a recovery in consumer spending [2] - The bottom five performing industries in A-shares are electronics, steel, basic chemicals, non-ferrous metals, and storage chips, with the decline in non-ferrous metals linked to proposed US tariffs on copper [2] Group 2 - In the Hong Kong market, the healthcare sector has seen a rise due to active innovative drug concepts, despite potential US tariffs on pharmaceuticals [3] - The top three performing industries in Hong Kong include healthcare, industrial, and energy, while the bottom three are materials, information technology, and real estate, reflecting external pressures from US tariff policies and global tech supply-demand imbalances [3] - The current market characteristics indicate that A-shares are driven by policy and sectoral improvements, while Hong Kong stocks are more influenced by external factors such as US tariffs and global technology cycles [4] Group 3 - Short-term market hotspots are concentrated around policy-driven sectors and improving industry conditions, with a focus on performance in the upcoming earnings reports [4] - The breakthrough of the Shanghai Composite Index above 3500 points is expected to further boost market confidence, with potential policy signals from the July Politburo meeting influencing capital flows [4]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - Multiple international investment banks have raised their economic growth forecasts for China in 2025, expecting trade competitiveness to support the long - term strength of the RMB. The Chinese market and assets are more attractive to global investors due to positive economic growth expectations, improved corporate profit prospects, and relatively low valuations [3][16]. - In the commodity market, some varieties have shown significant price movements. For example, domestic silver futures have reached a record high, and international oil prices have risen due to multiple factors. There are also changes in the supply and demand of various commodities and policies related to their trade [6][11]. - In the bond market, the central bank's actions have stabilized market expectations, with yields of major interest - rate bonds in the inter - bank market declining, and there are expectations for future market trends such as potential secondary buy - back operations and possible reserve requirement ratio and interest rate cuts in the third quarter [24]. - In the stock market, A - shares are recommended to focus on corporate fundamentals from June to August, and allocate in specific sectors. The Hong Kong stock market is expected to have repair momentum in the long - term. The IPO market in A - shares and the performance of new stocks have shown certain trends, and the market is paying attention to the value re - evaluation of central state - owned enterprises [33]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q1 2025 grew at a constant - price quarterly year - on - year rate of 5.4%, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in May 2025 was 49.5%, up from the previous month but the same as the same period last year. Other economic indicators such as inflation, investment, and trade also showed various trends [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Cast aluminum alloy futures and options will be listed on June 10, 2025. From January to April, the added value of small and medium - sized industrial enterprises above designated size increased by 8.2% year - on - year, with significant growth in equipment and raw material manufacturing. China's foreign exchange reserves reached $3285.3 billion at the end of May, rising for five consecutive months [2]. - Multiple well - known foreign institutions have raised their forecasts for China's economic growth rate and stock index target points. On June 6, 2025, global central banks initiated an interest - rate cut wave, including the European Central Bank, the Reserve Bank of India, and the Central Bank of Russia [3][4][5]. 3.2.2 Metals - Since June, domestic silver futures prices have continued to rise, with the main July contract hitting a record high. China increased its gold reserves in May, with the gold reserve reaching 73.83 million ounces at the end of May, rising for seven consecutive months [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Coking enterprises plan to increase production cuts to 30% to stabilize coke prices. Fitch believes that producers with many facilities in Canada, Mexico, and Europe will be most affected by the tariff increase on steel and aluminum [9]. 3.2.4 Energy and Chemicals - The development project of the Kenli 10 - 2 oilfield group in the Bohai Sea is progressing. International oil prices have risen due to multiple factors. South Korea is considering participating in an LNG project in Alaska, USA [11]. 3.2.5 Agricultural Products - China has allowed the import of Uruguayan soybean meal, rapeseed meal, and Danish barley. Japan is considering releasing reserve rice to deal with high rice prices and shortages. Malaysia's palm oil production in May is estimated to increase by 3.07% [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On June 6, the central bank conducted 135 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 156.1 billion yuan on that day. A total of 930.9 billion yuan of reverse repurchases will mature this week [15]. 3.3.2 Key News - Multiple international investment banks have raised their forecasts for China's economic growth rate in 2025. China's foreign exchange reserves and gold reserves increased in May. Infrastructure investment has been positive this year, but the momentum for expanding effective investment needs to be fully released [16][17]. - Many policies and regulations are being promoted, such as the review of rare - earth export control applications, the legislative work plan of the Ministry of Finance, and the public consultation on the management of seriously untrustworthy subject lists [18][19]. 3.3.3 Bond Market Summary - Yields of major interest - rate bonds in the inter - bank market declined, and treasury bond futures rose. The bond ETF market has reached a new high, and the issuance of public funds last week was mainly bond - type funds [24][20]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1847 on June 9, down 9 points from the previous trading day. The US dollar index rose 0.47% [29]. 3.3.5 Research Report Highlights - Yangtze River Fixed Income suggests a defensive coupon strategy for credit bonds in mid - and early June. CICC Fixed Income expects the primary supply of asset - backed securities to continue to grow. Guosheng Fixed Income believes that the repurchase operation can stabilize market expectations [30]. 3.4 Stock Market Key News - In the first trading week of June, A - share indexes fluctuated upward. It is recommended to focus on corporate fundamentals from June to August and allocate in specific sectors. The Hong Kong stock market is expected to have repair momentum in the long - term [33]. - Many mainland enterprises have gone public in Hong Kong this year, and the number of new - share subscribers and the success rate in new - share subscriptions have increased. The A - share IPO market showed signs of warming in May [33][34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economic operation in Q2 is expected to continue in a stable manner with the continuous implementation of growth - stabilizing policies, but the foundation for economic recovery needs to be consolidated, and policies need further strengthening [2][16] - The US fiscal deficit in the 2026 fiscal year may reach $2.2 trillion, and the deficit rate may rise to 7%, which will increase the supply pressure of US Treasury bonds and may cause continuous fluctuations in US dollar assets [29] - It is expected that the monetary policy will be further relaxed in the second and third quarters, and investors are advised to actively allocate Chinese bonds [29] 3. Summary by Directory 3.1 Macro Data Overview - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter [1] - In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month [1][2][16] - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 1.5%, and 8.0% respectively [1] - In April 2025, the new RMB loans of financial institutions were 280 billion yuan, a significant decrease from the previous month [1] - In April 2025, CPI was - 0.1% year - on - year, and PPI was - 2.7% year - on - year [1] - In April 2025, the cumulative year - on - year growth rates of fixed - asset investment (excluding rural households) and total retail sales of consumer goods were 4.0% and 4.7% respectively [1] - In April 2025, the year - on - year growth rates of export and import values were 8.1% and - 0.2% respectively [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's manufacturing PMI improved in May, and the export container freight rate index rebounded, indicating an improvement in the manufacturing boom level [2][16] - The US core PCE price index in April increased by 2.5% year - on - year, and the "super core inflation indicator" dropped to the lowest in four years, leading traders to bet on a Fed rate cut in September [2] - US officials defended tariffs, stating that they would not disappear [3] - Fed's Daly is confident in the Fed's prediction of two rate cuts by the end of the year [3] 3.2.2 Metals - Platinum has seen a significant increase this year, with a maximum cumulative increase of 25%. JP Morgan predicts that the platinum price will reach $1200 per ounce in Q4 2025 and $1300 per ounce in Q2 2026 [5] - Chile expects its copper production to reach 5.67 million tons in 2025 [6] - Goldman Sachs predicts an increased possibility of US copper import tariffs, and has adjusted its aluminum price forecast [6] 3.2.3 Coal, Coke, Steel, and Minerals - Multiple regions in China are strengthening the management of strategic minerals to prevent illegal exports [8] - The US will raise the steel import tariff from 25% to 50% on June 4, and the EU is considering counter - measures [8][9][19] - The price of coking coal dropped by 1.17% in mid - May, reaching a record low [10] 3.2.4 Energy and Chemicals - OPEC+ agreed to increase oil production by 411,000 barrels per day in July [11] - Goldman Sachs expects OPEC+ to increase production by 410,000 barrels per day in August and maintains its oil price forecast [11] - The Russian central bank believes that the risk of financial instability is limited due to low debt levels and accumulated reserves [11] - India has lowered the natural gas price by 5% in June [12] 3.2.5 Agricultural Products - Malaysia's palm oil exports in May increased by 17.9% compared to the same period last month [13] - The price of soybeans increased by 1.18% in mid - May, reaching a new high since late September 2024 [14] 3.3 Financial News Compilation 3.3.1 Open Market - On May 30, the central bank conducted 291.1 billion yuan of 7 - day reverse repurchase operations, with a net investment of 148.6 billion yuan [15] - A total of 1.6026 trillion yuan of reverse repurchases will mature in the central bank's open market this week [15] - The central bank conducted 700 billion yuan of outright reverse repurchase operations in May, with a net withdrawal of 200 billion yuan [17] 3.3.2 Key News - China's economic data in May showed that the manufacturing PMI improved, and the import and export situation improved [2][16] - The 2025 Lujiazui Forum will be held from June 18 - 19, and several major financial policies will be announced [16] - It is expected that the central bank may resume buying government bonds in July or August [17] - The US has extended the exemption period for the 301 investigation against China [18] - Multiple cities' new home prices showed different trends in May, with first - and second - tier cities rising and third - and fourth - tier cities falling [21] - As of May 28, 119 market entities issued science and technology innovation bonds with a total issuance of 339.1 billion yuan [21] 3.3.3 Bond Market Summary - The domestic bond market rebounded, with the 30 - year Treasury bond futures rising by 0.56%, and major interest - rate bond yields falling [25] - The exchange bond market showed mixed performance, with some bonds rising and some falling [25] - The CSI Convertible Bond Index rose by 0.06%, and the trading volume was 58.988 billion yuan [25] - Most money market interest rates and bond yields in the US and Europe increased [26][27] 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1953, down 37 basis points from the previous trading day [28] - The US dollar index fell by 0.75%, and most non - US currencies rose [28] 3.3.5 Research Report Highlights - Huatai Securities predicts that the US fiscal deficit in the 2026 fiscal year may reach $2.2 trillion, and the deficit rate may rise to 7% [29] - CICC Fixed Income expects the monetary policy to be relaxed in the second and third quarters, and suggests investors to allocate Chinese bonds [29] - Huatai Securities believes that fiscal policies may be further strengthened to support economic growth [30] 3.4 Stock Market Key News - The Hang Seng Index fell by 0.57%, and pharmaceutical and real - estate stocks led the decline [32] - As of June 3, 28 listed companies have "removed stars and caps" this year, more than the same period last year [32] - As of May 31, private equity funds showed strong interest in ETFs, especially science - innovation and free - cash - flow themed ETFs [33] - *ST Hengli is under investigation by the CSRC for suspected false disclosure of financial data [33]

Group 1: Economic Performance - In Q1 2025, Jiangxi Province's operating entities reported a 3.4% year-on-year increase in invoiced sales revenue, indicating a stable and improving economic performance [1] - The manufacturing sector showed robust growth, with a 9.3% year-on-year increase in sales revenue, supported by strong performance in the non-ferrous metal industry, which grew by 20.3% [1] - The sales revenue from copper processing increased by 19.6%, driven by strong demand from new energy and power grid investments, while non-ferrous metal alloy manufacturing related to copper-based new materials surged by 80.3% [1] Group 2: Manufacturing Sector Insights - The equipment manufacturing sector experienced a 16.6% year-on-year increase in sales revenue, with specific segments such as general equipment, specialized equipment, computer communication equipment, and automotive manufacturing growing by 21.7%, 16%, 13.4%, and 13.3% respectively [1] Group 3: Service Sector Growth - The service sector is accelerating, with modern services such as information transmission, software, and IT services, as well as leasing and business services, showing significant growth, with sales revenues increasing by 34.8%, 14.6%, and 20.4% year-on-year respectively [2] - The digital economy is rapidly integrating with modern services, as evidenced by the sales revenue growth of digital technology applications, digital product services, and digital factor-driven industries, which reached 31.6%, 29.7%, and 20.5% year-on-year [2] - The life services sector also demonstrated strong vitality, with a 15.2% year-on-year increase in sales revenue, reflecting a 16.2 percentage point improvement compared to the previous year [2]