Domestic News - The State Administration for Market Regulation will conduct national supervision and sampling inspections on 164 products, with a total of over 16,000 batches to be sampled, focusing on children's products, power banks, electric bicycles, and gas appliances, among others [2] - The Shanghai Shipping Exchange reported a continued adjustment in the export container transportation market, with the comprehensive index dropping by 10.5% to 1869.59 points [3] - The China-Europe Railway Express has surpassed 1,000 trips since its first launch on October 26, 2022, with an average cargo value per container being 41% higher than other trains, primarily transporting high-value products like solar panels and marine engine parts [3] - In Xi'an, from January to May, the industrial added value increased by 13.0% year-on-year, while fixed asset investment grew by 0.6% [3] - The 9th South China Expo signed 21 projects with an investment amount exceeding 22 billion yuan, focusing on renewable energy and digital technology [4] International News - The Chinese Embassy in New Zealand announced new visa policies for Chinese citizens, allowing easier entry into New Zealand starting November 2025, which will enhance travel and trade relations [5] - President Putin emphasized the need for a new global development model that considers the interests of all countries to ensure sustainable development for the global south [6]

华泰保险集团小股东接连离场。 小股东接连"下车" 公开资料显示，红河物流成立于2001年6月，是中国铁路昆明局集团有限公司全资控股的国有独资企业，总部位于云南省昆明市，主要从事多式联运和 运输代理业，业务涵盖国内贸易、物流服务、货运代理等。 目前，红河物流分别持有华泰保险集团0.3282%股权和华泰人寿0.0585%股权，与此次挂牌转让的股权比例一致。也就是说，如果此次股权转让顺利完 成，红河物流将彻底退出华泰保险集团和华泰人寿的股东行列。 6月10日，云南红河物流有限责任公司（下称"红河物流"）在北京产权交易所挂牌转让所持华泰保险集团1320万股股份，持股比例为0.3282%。每股评估 价格为5.66元，合计评估价值为7471.4万元。 | 同日，红河物流一并转让所持华泰人寿252.3191万股股份，持股比例为0.0585%。每股评估价格为1.16元，合计评估价值为292.01万元。 | | --- | | 标的名称 | 华泰人寿保险股份有限公司252.3191万股股份 | 项目编号 | TJ2025BJ1013353 | | --- | --- | --- | --- | | 招商主体 | 云南红河物流有 ...

Core Insights - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for May is 50.6%, indicating continued expansion in the sector [1] - There is a notable increase in consumer logistics demand driven by various factors such as trade-in programs, holiday consumption, and inter-regional travel [1][2] - The logistics sector is experiencing a recovery in business activity, with significant growth in specific regions and industries [1][2] Regional Performance - The central and western regions have business volume indices above the national average, with strong demand in equipment manufacturing, automotive parts, coal logistics, and chemical products logistics [1] - E-commerce platforms reported a year-on-year increase of 10%-15% in logistics order volume for home appliances and communication products in May [1] Industry Activity - The postal and express delivery industry business volume index reached 69.4%, showing a month-on-month increase of 0.8 percentage points [1] - The road transport industry maintained an expansion trend with a business volume index of 51.3%, while the railway transport industry index was at 54.2%, indicating stable demand for bulk transportation [1] Business Operations - The operating vitality of logistics companies is improving, with the enterprise fund turnover rate index remaining above 50% for nine consecutive months [2] - In May, the fund turnover rate index increased by 0.3 percentage points, and the inventory turnover index rose by 0.2 percentage points [2] - Small and micro enterprises showed better improvement in main business profit indices compared to larger enterprises [2] Investment Trends - Fixed asset investment in the logistics sector continues to recover, with indices for road transport, postal and express delivery, air transport, and water transport all showing month-on-month increases [2] - The logistics industry is expected to maintain a positive outlook due to accelerated infrastructure development and investment progress, with business activity expectation indices remaining above 55% for three consecutive months [2]

Core Viewpoint - The logistics industry in China shows signs of continued expansion, with the logistics prosperity index for May 2025 at 50.6%, indicating stable demand in both consumer and industrial logistics sectors [1] Group 1: Logistics Prosperity Index - The logistics prosperity index for May 2025 is 50.6%, a decrease of 0.5 percentage points from April [1] - The total business volume index remains in the expansion range at 50.6%, with all three major regions showing expansion [1] - The central region's business volume index is 51.1%, and the western region's is 52.8%, both above the national level [1] Group 2: Sector Performance - The postal and express delivery industry has a business volume index of 69.4%, up 0.8 percentage points month-on-month [2] - Road transportation maintains an expansion trend with a business volume index of 51.3%, while inventory turnover for road transport is at 43.6%, up 0.2 percentage points [2] - The railway transportation index is at 54.2%, indicating stable demand for bulk energy transport [2] Group 3: Microeconomic Indicators - The enterprise fund turnover rate index has remained above 50% for nine consecutive months, averaging 50.7% in the first five months of the year, which is 0.5 percentage points higher than the same period last year [3] - In May, the fund turnover rate index increased by 0.3 percentage points, with small and micro enterprises seeing a 0.4 percentage point rise [3] Group 4: Investment and Market Outlook - Fixed asset investment completion index rose by over 0.5 percentage points in May, with specific increases in road transport, postal delivery, aviation, and water transport sectors [4] - The business activity expectation index has remained above 55% for three consecutive months, indicating a generally optimistic market outlook [4] - Companies are optimistic about future logistics infrastructure investments and key sectors such as intermodal transport and high-end manufacturing logistics services [4]

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the temporary easing of China-US trade negotiations led to the release of previously postponed production demand, driving the PMI to rise. However, there is still uncertainty about the tariff outlook, and the recovery of new orders is relatively slow. The domestic off - season effect is becoming more prominent, and the contribution of domestic demand to new order growth has decreased compared to April [3][9]. - For the bond market, the fundamental conditions still provide support. Considering the historical experience of trade frictions from 2018 - 2019, there may be fluctuations in subsequent tariff policy negotiations. The uncertainty of external conditions may affect expectations, production, and inventory - stocking intentions and rhythms. The "rush - to - export" elasticity in May is not significantly higher than that in April, and the year - on - year increase in May's exports may be lower than expected. In the traditional off - season, the potential for unexpected growth in domestic demand in May is limited, so the bond market is still supported. Attention should be paid to the data verification in June and potential "expectation gaps" [3][41]. 3. Summary by Directory 3.1 Manufacturing PMI: External Disturbances Ease, PMI Moderately Recovers 3.1.1 Supply and Demand: Tariff Disturbances Ease, Production Accelerates Recovery - In May, production increased by 0.9 pct month - on - month to 50.7%, returning to the expansion range. The easing of Sino - US economic and trade negotiations in mid - May slowed the decline in exports, and the demand for existing foreign trade orders was released in an orderly manner, accelerating the production and procurement rhythms compared to April. The procurement volume index increased by 1.3 pct month - on - month to 47.6%, and imports increased by 3.7 pct month - on - month to 47.1%, with the decline significantly narrowing [16]. - Demand stabilized in May, and new orders improved moderately. New orders increased by 0.6 pct month - on - month to 49.8% but remained in the contraction range. After the easing of trade negotiations, export orders recovered marginally, reducing the contraction of new orders. However, the difference between "new orders - new export orders" narrowed, and domestic demand orders decreased due to the off - season, which may limit the recovery of new orders [19]. 3.1.2 Foreign Trade: Negotiations Ease, New Export Orders are Concentratedly Released - In May, the easing of tariff negotiations led to the release of overseas order increments. New export orders and imports increased by 2.8 pct and 3.7 pct month - on - month to 47.5% and 47.1% respectively, with their elasticity restored. Combining the month - on - month changes in April and May, both were better than the same period in previous years, indicating a wider improvement in the foreign trade prosperity of manufacturing enterprises in May [26]. 3.1.3 Price: External Disturbances Narrow, Price Decline Slows - In May, the impact of the traditional off - season became more evident, and the prices of upstream bulk commodities remained weak, causing prices to decline slightly. The purchase price of raw materials and the ex - factory price both decreased by 0.1 pct month - on - month to 46.9% and 44.7% respectively. Although the price continued to weaken marginally, the narrowing of external disturbances slowed the price decline [31]. 3.1.4 Inventory: Increased Procurement Boosts Raw Material Replenishment, and Products are Rapidly De - stocked - In May, with the acceleration of procurement, raw material inventories increased, and downstream de - stocking accelerated. The easing of the negotiation situation accelerated the shipment of downstream exports, and finished product inventories decreased by 0.8 pct month - on - month to 46.5%. As the production rhythm recovered, the material procurement volume increased month - on - month, and raw material inventories increased by 0.4 pct month - on - month to 47.4% [35]. 3.2 Non - manufacturing PMI: The Drag of Real Estate Construction May Continue to Expand, and the Service Industry during the Holiday Season Shows Many Highlights - In May, the non - manufacturing PMI was 50.3%, a month - on - month decrease of 0.1 pct. Among them, the service industry PMI increased by 0.1 pct month - on - month to 50.2%, and the construction industry PMI decreased by 0.9 pct month - on - month to 51.0%, with the expansion continuing to slow due to the drag of real estate construction demand [36]. 3.2.1 Construction Industry - In May, the construction industry PMI continued to decline, while infrastructure demand further strengthened. The new export orders of civil engineering construction rose above 60%, significantly driving the industry PMI to climb for two consecutive months and reach above 62%. The easing of trade negotiations boosted the acceleration of overseas infrastructure investment to some extent. However, the overall construction industry PMI continued to decline, indicating that the activity rhythm of the housing construction industry may have further contracted in May [2][36]. 3.2.2 Service Industry - Holiday consumption boosted the improvement of the service industry PMI. In May, the expansion of the service industry PMI accelerated slightly. The production and new order indices of the information service industry maintained strong expansion. The release of consumption demand during the May Day holiday significantly increased the month - on - month PMI of railway, air, and water transportation industries. The accommodation and catering industries rose above the boom - bust line, ending three consecutive months of contraction [2][36].

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]

（一） 作为我国第一部专门关于民营经济发展的基础性法律，民营经济促进法5月20日起施行。这在我国民营 经济发展史上具有里程碑意义。 法治具有固根本、稳预期、利长远的保障作用。民营经济促进法既是民营经济的基本法，也是民营经济 的发展促进法和平等保护法。 为民营经济持续、健康、高质量发展提供坚实法治保障，正是把依法治国作为党领导人民治理国家基本 方略、把法治作为党治国理政基本方式的生动注脚。 中国民营经济是伴随改革开放伟大历程、在党和国家方针政策指引下蓬勃发展起来的。 "地瓜的藤蔓向四面八方延伸，为的是汲取更多的阳光、雨露和养分，但它的块茎始终是在根基部，藤 蔓的延伸扩张最终为的是块茎能长得更加粗壮硕大。" 20多年前，时任浙江省委书记的习近平同志科学阐释"地瓜经济"理论，深刻指出"必须跳出浙江发展浙 江，在大力引进各种要素的同时打到省外去、国外去，利用外部资源、外部市场实现更大的发展"。 这一创新理论，不仅指引浙江不断突破瓶颈，实现"省域的浙江""中国的浙江""全球的浙江"持续壮大， 更在新时代实践中升华为新发展理念的重要内容，引领中国在开放发展中解决内外联动问题，塑造更高 水平开放型经济新优势。 从习近平经济 ...

Group 1 - The "May Day" holiday has seen significant cross-industry marketing effects, particularly in "transportation + cultural tourism," driving the holiday economy's growth [1] - The "ticket exchange" initiative allows tourists to exchange high-speed train tickets for free scenic area tickets, leading to a surge in visitors to ancient towns like Lili [2][4] - In Changzhou, music festival ticket stubs serve as a "universal key" for discounts on accommodation and dining, promoting the integration of culture, commerce, and tourism [4] Group 2 - Various regions are actively promoting cultural tourism integration, with initiatives like discounts for train ticket holders attending local performances and staying in accommodations [5] - The "stamp collection" activity in Lushan integrates cultural elements into modern travel, allowing tourists to receive commemorative items after their visit [5] - Free tourist shuttle lines have been established in Jiaozuo, providing convenient access to popular local attractions for travelers [5]

经营范围含许可项目：公共铁路运输；建设工程施工（除核电站建设经营、民用机场建设）；铁路机车 车辆维修；水路普通货物运输；建设工程监理（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以审批结果为准）以自有资金从事投资活动；自有资金投资的资产管理服务；工程 管理服务；铁路运输辅助活动；旅客票务代理；铁路运输设备销售；铁路机车车辆配件销售；租赁服务 （不含许可类租赁服务）；电力电子元器件销售；电池销售；照明器具销售；对外承包工程；国内集装 箱货物运输代理；铁路专用测量或检验仪器销售；铁路运输基础设备销售；建筑材料销售；装卸搬运； 金属链条及其他金属制品销售；再生资源回收（除生产性废旧金属）；国内货物运输代理；特种设备销 售；融资咨询服务；电气信号设备装置销售；高品质特种钢铁材料销售；信息咨询服务（不含许可类信 息咨询服务）；外卖递送服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，如东锦恒铁路投资有限公司成立，法定代表人为李同顺，注册资本2000万人民 币，由如东县金鑫交通工程建设投资有限公司全资持股。 序号股东名称持股比例1如东县金鑫交通工程建设投资有限 ...