Core Viewpoint - The article discusses the potential for the upward limit of equity assets to be opened further through three emerging clues: government investment acceleration, supply-demand relationship management, and improvements in US-China trade relations. Group 1: Government Investment - Government investment is expected to accelerate following the issuance of special bonds and project implementation, with significant activity anticipated in May. The issuance of special bonds began on April 24, and the acceleration of project implementation is expected to lead to increased construction activity, particularly in urban renewal projects [2][4]. - The economic data from April indicates that while equipment and appliance sales are strong, the real estate and narrow infrastructure sectors are lagging, with fixed asset investment showing a year-on-year increase of only 3.6% [2]. Group 2: Supply-Demand Relationship - New signals from policies indicate a shift towards managing low prices and addressing "involution" competition. The central bank's report emphasizes a transition from managing high prices to low prices, aiming for high-quality development and preventing disorderly competition [3]. - The past two years have seen nominal growth rates lag behind actual growth, leading to higher real interest rates, which in turn dampen investment and consumption. Improving the supply-demand balance is seen as a pathway to raise the price level and stimulate economic activity [3]. Group 3: US-China Trade Relations - Recent communications between US and Chinese officials following the Geneva talks are viewed as a positive signal for improving macroeconomic uncertainty. Enhanced relations could lead to simultaneous improvements in the economic fundamentals and risk appetite [4]. Group 4: Market Performance - The week of May 22 saw significant upward pressure on risk-free rates in the US, leading to a "risk-off" sentiment in global markets. The S&P 500, NASDAQ, and Dow Jones all recorded declines of approximately 2.5% [5]. - The Hong Kong Hang Seng Index outperformed global markets, rising by 1.1%, while A-shares showed mixed performance with a slight decline in technology stocks [5][6]. Group 5: Commodity Market Dynamics - The commodity market displayed divergence, with gold leading gains amid geopolitical risks and tightening liquidity. Gold prices rose by 5.0% for London gold and 5.6% for COMEX futures, while copper also saw a slight increase [6][7]. - Oil prices adjusted downwards, with Brent crude futures falling by 1.0% during the same period [6]. Group 6: Economic Indicators - Industrial production in May is expected to show resilience, with a year-on-year growth estimate of 5.99%, supported by export demand. The actual and nominal GDP growth rates for May are projected at 5.24% and 4.10%, respectively [14]. - Consumer price index (CPI) and producer price index (PPI) estimates indicate slight declines, with PPI expected to be -2.98% year-on-year, reflecting ongoing price pressures in the industrial sector [15][16]. Group 7: Policy Developments - The State Council approved the "Manufacturing Green Low-Carbon Development Action Plan (2025-2027)," emphasizing the need for green technology innovation and the transformation of traditional industries [24]. - The government is focusing on addressing "involution" competition to promote healthy industrial development and enhance market competition [25].

消息人士：俄罗斯梁赞炼油厂遭到无人机袭击，据悉在过去仅一个小时内就有5架无人机被击落。 ...

Group 1 - The core viewpoint of the articles highlights the deepening cooperation between China and Kazakhstan, particularly in transportation infrastructure, data exchange, and energy sectors, showcasing a significant increase in bilateral trade and investment [2][8][9] - Kazakhstan's automotive market is experiencing growth, with a projected 3.2% increase in vehicle sales in 2024, reaching over 205,000 units, and Chinese brands capturing 39% of the market share [3][4] - The establishment of strategic partnerships, such as the one between the Astana Data Exchange and Shanghai Data Exchange, aims to enhance cross-border data flow and collaboration [2][8] Group 2 - The successful launch of electric vehicle brands like BYD in Kazakhstan indicates a growing acceptance and demand for Chinese automobiles, attributed to their affordability and comfort [4][5] - The Kazakh government is actively promoting local production in the automotive industry, with new factories expected to enhance the supply chain and create 3,600 jobs [5][8] - The implementation of visa-free travel between China and Kazakhstan has significantly increased the flow of people and business activities, with a 30% rise in border crossings in the first quarter of 2023 [6][8] Group 3 - The energy sector remains a traditional area of cooperation, with successful projects like the Zhanatas Wind Power Plant and the modernization of the Shymkent Oil Refinery, which has improved local fuel production capabilities [9][10] - Future collaboration opportunities exist in agriculture and environmental protection, with initiatives like the establishment of agricultural technology exchange bases and the promotion of order agriculture to support local farmers [11][12] - The presence of over 5,000 Chinese enterprises registered in Kazakhstan reflects the expanding economic ties and investment opportunities between the two countries [8][9]

汽油收率于5月9日进入阶段性低点，5月16日当周反弹至20.63%，环比上涨0.29个百分点，同比下降 1.16个百分点。主营单位检修损失量在5月9日当周进入年内高点，主营单位整体汽油收率较独立炼厂 高，因此集中检修高峰期导致的汽油损失量变化趋势基本与检修损失量趋势一致。 新华财经北京5月20日电截至5月16日当周，国内成品油收率达到55.16%，自上期历史低点反弹。汽油 收率与主营检修呈现高度相关性，柴油收率变化则一定程度上收到独立炼厂检修所影响。预计随着检修 高峰期逐步"降温"，5月底国内成品油收率或将提升至56.6%左右。 国内成品油收率历史触底后反弹。根据卓创资讯最新监测数据，5月16日当周中国成品油（汽柴煤）总 收率报55.16%，环比前周（5月9日当周）微升0.17个百分点。值得注意的是，前周54.99%的收率水平创 下自2017年有统计以来的历史最低值，当前反弹力度虽有限，但已显现市场边际改善信号。同比来看， 收率仍较去年同期低2.9个百分点，显示行业整体生产效能尚未恢复至往常水平。 国内检修高峰期，对成品油产出造成的影响十分直观。截至5月16日，5月份国内装置停工导致的汽柴油 损失量达到约44 ...

Group 1: Implementation of Policies for Private Economy - The National Development and Reform Commission (NDRC) has officially implemented the Private Economy Promotion Law, marking a significant milestone in the development of the private economy in China [1] - NDRC has planned 53 policy measures across 7 areas to support the law's implementation, including actions to improve the social credit system and eliminate market access barriers [1] - NDRC aims to address concerns of private enterprises by utilizing new local government special bonds and enhancing transparency in enterprise-related fees [1] Group 2: Employment and Economic Stability - NDRC is accelerating the rollout of employment stabilization and economic growth policies, with most measures expected to be implemented by the end of June [2] - The commission emphasizes the need for ongoing policy research and reserves to ensure timely responses to economic needs [2] Group 3: Infrastructure and Urban Development - NDRC plans to finalize the list of this year's "two heavy" construction projects by the end of June, focusing on high standards for implementation [3] - A special central budget for urban renewal projects will be established, supporting various infrastructure improvements, including the renovation of old residential areas [8] Group 4: Foreign Investment Encouragement - The revised foreign investment encouragement directory will prominently feature high-end manufacturing and digital economy sectors, reflecting the government's focus on these areas [4] Group 5: Addressing Market Competition Issues - NDRC acknowledges that "involution" in competition distorts market mechanisms and disrupts fair competition, necessitating corrective measures [5] - The commission proposes targeted strategies to address structural contradictions in key industries, promoting innovation and optimizing industrial layouts [7] Group 6: Credit and Contract Enforcement - NDRC is working to enhance the government’s integrity in contract enforcement and improve standards for recognizing government debt and penalties for dishonesty [10][11] - The commission aims to streamline the credit repair process and ensure timely removal from dishonesty lists for compliant entities [11] Group 7: Low-altitude Economy Development - NDRC is focused on safely expanding low-altitude economic applications while addressing safety risks associated with low-altitude flying [12][13] - The commission emphasizes the importance of regulatory compliance and safety governance in the development of low-altitude tourism and related activities [12] Group 8: Equipment Renewal and Consumer Support - NDRC plans to expedite the funding for consumer goods replacement programs and implement loan interest subsidies for equipment updates to reduce financing costs for businesses [14][15]

路透社计算显示，俄罗斯5月份初级离线炼油产能较之前的计划上调29.5%，至341万吨。 ...

拟共建两大炼油项目拓展全球市场 近日，印度政府官员表示，印度与沙特阿拉伯已就合作推进印度境内两个新建炼油项目达成协议。 此举不仅将推动双方突破传统能源贸易关系，进一步拓展合作领域，还将对全球能源市场格局产生重要 影响。目前，印度正依托沙特油气资源加速发展炼油产业。 能源合作共识达成 莫迪指出："两国在供应链、循环经济、能源效率和绿氢等领域合作潜力巨大。作为国际太阳能联 盟成员，我们正研究印度与沙特及周边地区电网互联的可行性。"他强调，尽管全球能源市场面临挑 战，但印沙地理邻近的优势为双边贸易提供了坚实基础。 在印度总理莫迪访问沙特期间，双方就扩大能源合作达成一致。印度官员表示，随着能源需求持续 增长，沙特将继续作为印度推进能源安全进程中的重要合作伙伴。数据显示，2023至2024财年，两国能 源贸易额达257亿美元。沙特是印度第三大原油及石油产品供应国，占印度原油进口总量的14.3%，同 时也是印度第三大液化石油气（LPG）供应来源，占比约18%。 莫迪还表示："能源、农业和化肥仍是贸易合作重点，同时我们正推动多元化发展，印度企业与沙 特产业的联系正日益紧密。" 莫迪表示："能源始终是印沙经济合作的核心支柱。 ...

Core Insights - The article highlights the rapid growth and expansion of logistics and trade between Shaanxi province and Central Asian countries, driven by improved infrastructure and strategic initiatives [2][3][4]. Group 1: Logistics and Trade Development - The operation of the Xi'an West Port in Kazakhstan has significantly reduced cargo transfer time from several days to just 3 hours, with shipments to Central Asia and Central Europe increasing to approximately 4,000 containers, more than triple the amount in 2023 [2]. - The upcoming completion of the Almaty logistics hub in Kazakhstan will enable one-stop services for storage, distribution, and transportation, enhancing logistics efficiency and reducing costs [2]. - In the first quarter of this year, Shaanxi's import and export volume with Kazakhstan reached 710 million yuan, a year-on-year increase of 130% [4]. Group 2: Economic Cooperation and Investment - Shaanxi's trade with Central Asian countries continues to prosper, with the province's exports including over 200 million tons of refined oil to Kyrgyzstan, capturing one-third of the local market share [5]. - The market share of Shaanxi's heavy-duty trucks in Central Asia exceeds 40%, making it the leading Chinese brand in the region [5]. - The province's trade volume with Central Asian countries is projected to reach 8.575 billion yuan in 2024, reflecting a year-on-year growth of 48.1%, alongside new investments totaling 7.044 million USD [8]. Group 3: Cultural and Educational Exchange - Cultural exchanges between Shaanxi and Central Asian countries are flourishing, with various events showcasing traditional music and arts [10][11]. - Educational collaborations are expanding, with multiple universities establishing branches and programs in Central Asia, enhancing talent development [11]. - The establishment of the China-Central Asia Mechanism Secretariat is expected to facilitate broader and deeper cooperation between Shaanxi and Central Asian nations [12].

Group 1 - An explosion occurred at the Baiji oil refinery in Iraq on Sunday [1]

智通财经5月17日电，大阪的日石（ENEOS）堺市炼油厂发生气体泄漏，3人被送往医院，其中2人昏 迷。 ...