Group 1 - The JOLTS job openings in the US for March fell significantly to 7.192 million, below the expected 7.5 million, marking the lowest level since September of the previous year [5][16] - The job openings to unemployment ratio decreased to 1.0, the lowest since September, indicating a softening labor demand amid economic uncertainty [3][10] - Most industries saw a decline in job openings, particularly in construction, transportation, private education, and real estate, while the financial and insurance sectors experienced growth [8] Group 2 - Layoff numbers decreased, with March layoffs reaching the lowest level since June of the previous year, while hiring remained stable [8] - The number of voluntary resignations rose to 3.332 million in March, the highest since July of the previous year, suggesting increased confidence among workers in finding new opportunities [8][10] - The JOLTS report is a key labor market indicator closely monitored by the Federal Reserve, reflecting the ongoing assessment of labor market conditions [14]

Core Insights - In the first quarter of this year, Guangxi's social financing scale increased by 236.51 billion yuan, a year-on-year increase of 8.3 billion yuan [1] - The financing structure in Guangxi continues to optimize, with real estate loans maintaining positive growth [1] Financing Growth - As of the end of March, Guangxi's total deposits and loans reached 4.85 trillion yuan and 5.57 trillion yuan, respectively, with year-on-year growth of 5.7% and 8.0%, where the loan growth rate is 1.1% higher than the national average [1] - Key sectors and weak links in Guangxi saw rapid loan growth, with direct financing increasing in both volume and proportion [2] Manufacturing and Small Business Support - The balance of medium to long-term loans in the manufacturing sector grew by 16.3% year-on-year, outpacing the overall loan growth rate by 8.3% [2] - Inclusive and small business loans increased by 11.9% and 12.4% year-on-year, respectively, exceeding the overall loan growth rate by 3.9% and 4.4% [2] Real Estate Financing - As of the end of March, the balance of real estate loans in Guangxi reached 1.17 trillion yuan, maintaining positive growth for nine consecutive months [2] Interest Rate and Cost Reduction - The weighted average interest rate for newly issued loans in Guangxi was 3.26% in the first quarter, a decrease of 54 basis points year-on-year [2] - The average interest rate for corporate loans was 3.34%, down 36 basis points year-on-year, resulting in over 3.7 billion yuan in savings for enterprises and residents [2] Support for Private Enterprises - From January to March, Guangxi's central bank system secured 20.78 billion yuan in funds for the private economy, facilitating nearly 44 billion yuan in new loans for the private sector [3] - As of the end of March, the loan balance for Guangxi's private economy reached 1.22 trillion yuan, with steady growth in credit volume [3]

Economic Performance - Singapore's GDP grew by 3.8% year-on-year in Q1, down from 5.0% in the previous quarter [1] - The Ministry of Trade and Industry (MTI) revised the GDP growth forecast for the year from 1.0%-3.0% to 0.0%-2.0% due to uncertainties such as the US's "reciprocal tariffs" [1][3] Sector Performance - Manufacturing output grew by 5.0% year-on-year in Q1, a decrease from 7.4% in the previous quarter, with a seasonally adjusted quarter-on-quarter decline of 4.9% [1] - Construction output increased by 4.6% year-on-year, maintaining the previous quarter's growth rate of 4.4%, but saw a seasonally adjusted quarter-on-quarter decline of 2.3% [1] - Wholesale and retail trade, transportation, and warehousing sectors grew by 4.2% year-on-year, down from 5.6% in the previous quarter [2] External Factors - MTI highlighted that the US's imposition of a 10% "baseline tariff" and increased tariffs on countries with significant trade surpluses will negatively impact global trade and economic growth [3] - The decline in external demand is expected to adversely affect Singapore's economy and the ASEAN region, leading to reduced consumer confidence and domestic investment [3][4] Financial Sector Impact - The financial and insurance sectors are anticipated to experience reduced trading activity due to risk-averse sentiment, negatively impacting net fees and commissions from banking and financial services [5] - The uncertain economic environment may suppress corporate capital investment and limit credit intermediation activities [5] Overall Economic Outlook - MTI expects external demand to weaken significantly by the end of the year, particularly affecting export-oriented sectors like manufacturing and wholesale trade [4] - The economic growth forecast for Singapore is expected to slow from 4.4% last year to between 0.0% and 2.0% this year [5]

1. Report Industry Investment Rating - Short - term maintain A - share four major stock index futures (IH/IF/IC/IM) as short - term cautious long; commodities as cautious wait - and - see; treasury bonds as cautious wait - and - see; ranking: stock index > treasury bonds > commodities [2] - Commodity strategy ranking: precious metals > non - ferrous metals > energy > black metals [2] 2. Core Viewpoints - Domestically, in Q1 2025, the economy grew strongly and exceeded market expectations. The US's signal of trade relaxation and the Politburo meeting's indication of new incremental policies supported the domestic market sentiment. Internationally, the US economy slowed due to the decline in service - sector prosperity, but the US released positive signals on tariffs, which affected the dollar and global risk appetite. Overall, the domestic market rebounded in the short term, with the stock index maintained for cautious long, the bond market in high - level short - term oscillation, and the commodity market showing different trends [2] 3. Summary by Directory 3.1 Last Week's Important News and Events - The IMF significantly lowered the global economic growth forecast in its April report, with the US economic growth forecast cut by 0.9 percentage points in 2025 [3] - The US President called for the Fed to cut interest rates, mentioned cryptocurrency regulation, and said the US - China trade tension would ease and might "significantly reduce" tariffs on China [3][4] - The Fed's Beige Book showed that international trade policy uncertainty led to a slowdown in the US economic outlook [4] - US economic data such as PMI, initial jobless claims, durable goods orders, consumer confidence index, and inflation expectations were released, showing a mixed economic situation [4][5] - The European Central Bank's president mentioned the negative impact of tariffs on economic growth, and the ECB's survey adjusted the euro - zone economic growth and inflation forecasts [5][9] - China's 4 - month LPR remained unchanged, and the central bank increased liquidity support through MLF operations. The Politburo meeting proposed a series of economic stimulus policies [7][8][9] 3.2 This Week's Important Events and Economic Data Reminders - From April 28 to May 2, various industrial data, economic sentiment indices, consumer confidence indices, and housing price indices in different regions will be released [10] 3.3 Global Asset Price Movements - Stock markets: Different stock indices showed different daily, weekly, monthly, and year - to - date changes, with some rising and some falling [11] - Bond markets: Yields of 10 - year bonds in different countries changed, with some rising and some falling [11] - Commodity markets: Prices of various commodities such as steel, iron ore, copper, aluminum, oil, and precious metals had different price changes [11] - Exchange rates: The dollar index, exchange rates between major currencies also had corresponding fluctuations [11] 3.4 Domestic High - Frequency Macroeconomic Data - Upstream: Data on commodity price indices, energy prices, coal consumption and inventory, and iron ore prices and inventory were presented through various charts [13][16][23] - Midstream: Information on steel prices, production, and inventory, non - ferrous metal prices and inventory, building material prices and capacity utilization, and chemical product prices and inventory were shown [41][51][57] - Downstream: Data on real estate transaction area, automobile sales and tire production, and agricultural product prices were provided [70][72][79] 3.5 Domestic and Foreign Liquidity - Global liquidity: The US Treasury yield curve and its weekly changes were presented [81] - Domestic liquidity: Central bank's open - market operations, reverse - repurchase maturities, and domestic interest rates such as inter - bank lending rates and bond yields were shown [83][90][94] 3.6 Global Financial Calendar - From April 27 to May 2, important economic indicators such as industrial enterprise profits, economic sentiment indices, consumer confidence indices, housing price indices, GDP, inflation rates, employment data, and central bank policy announcements in different countries and regions will be released [102]

西安市市长叶牛平，省直有关部门负责同志参加调研。（记者：孙鹏） 4月23日，省长赵刚在西安调研房地产业发展工作。他强调，要深入学习贯彻习近平总书记重要指 示精神，按照省委、省政府工作要求，深刻认识房地产工作的人民性、政治性，主动适应当前房地产市 场供求关系出现的新形势新变化，坚定信心、精准施策，持续推动房地产市场平稳健康发展。 赵刚来到位于西安市长安区和雁塔区的几处在建在售商品房项目和回迁安置房项目，实地察看普通 商品住房规划建设和销售情况，了解保交房、保回迁工作进展。他强调，房地产事关人民群众切身利 益，事关经济社会发展大局，各地各相关部门要切实提高站位，抢抓国家一系列政策机遇，创新工作举 措，压实地方政府、房地产企业、金融机构责任，多措并举消化存量、优化增量，充分释放刚性和改善 性住房需求潜力，持续巩固我省房地产市场回稳态势。要把保交房放在突出位置，用好城市房地产融资 协调机制，推动"白名单"项目扩围增效，力促在建已售商品房如期保质交付，切实维护购房人合法权 益。要加快回迁安置房项目建设进度，做好项目规划设计和建设管理，健全快速、高效的推进机制，发 挥专班作用及时解决推进中的各类问题，切实保障征迁群众如期 ...

Core Viewpoint - The article discusses the recent economic outlook in China, highlighting the effectiveness of domestic policies in stabilizing the stock market and the overall economy amidst external pressures [4][7]. Economic Performance - In the first quarter, China's GDP reached 31.88 trillion yuan, growing by 5.4% year-on-year, exceeding market expectations [4][9]. - The retail sales growth rate increased from 3.7% to 4.6% year-on-year in the same period, indicating a positive trend in consumer spending [4][9]. Market Stabilization - The Chinese government has implemented measures to stabilize the stock market, foreign exchange market, and real estate market, with the central bank providing re-loans to support the "national team" in stabilizing the stock market [4][6][7]. - The offshore RMB exchange rate fluctuated but recovered to around 7.3 against the USD, demonstrating resilience in the currency market [7]. Consumer Stimulus - The "old-for-new" consumption policy has effectively boosted sales in various sectors, particularly in electronics, with the inclusion of mobile phones and computers in the program [9][10]. - Future consumption stimulus should focus on service sectors such as tourism, hotels, and dining, as these areas show potential for growth [6][10]. Real Estate Market - The real estate market is under pressure, with both exports and real estate facing simultaneous declines for the first time [7][8]. - While some regions show signs of recovery, a nationwide stabilization in the real estate market has not yet occurred, necessitating continued support for developers [8].

2024年度，本人严格遵守相关法律法规及公司章程对独立董事履职的要求，累计现场工作时间达到15.5 个工作日。本人通过参加公司2023年年度及2024年一季度业绩说明会、公司与机构的接待交流会、股东 大会等方式与中小股东进行沟通交流。本人充分利用参加专委会、董事会、股东大会等会议及实地考察 的机会，通过多种方式与公司内部董事、高级管理人员、董事会秘书及相关工作人员进行深度沟通交 流，时刻关注外部环境及市场变化对公司的影响，深入了解公司的经营管理情况和财务状况，就公司所 面临的经济环境、主业所涉及行业的发展趋势、战略规划实施等情况与公司充分交换意见，提出有益的 意见和建议。同时，利用现场工作机会，对公司ERQ门店进行了走访调研，了解公司牛仔品牌的设计理 念、面料开发运用及销售情况等；对公司部分房地产项目进行了现场考察，了解了目前楼盘的销售情 况、存在的困难等，针对目前的房地产市场行情给公司提出了自己的观点和建议。积极对公司发行的公 司债券材料进行审阅。 登录新浪财经APP 搜索【信披】查看更多考评等级 （三）与内部审计机构及会计师事务所的沟通情况 2024年度，本人仔细审阅了公司4份定期报告；针对公司2023年 ...

Mergers and Acquisitions - Fosun Pharma's subsidiary plans to acquire 21,034,300 non-listed shares of Fuhong Hanlin at HKD 24.60 per share, totaling HKD 517 million, increasing its stake to 63.43% [1] - Xinle Energy's wholly-owned subsidiary intends to purchase a 3% stake in Beijing Zhouyuan for CNY 2.4 million, aimed at expanding its data center power market [2] - Zhejiang Yongqiang approved the acquisition of stakes in two companies from its subsidiary, involving CNY 19.41 million for a 2.718% stake in Yishang Travel and CNY 97.33 million for 25.0028% of Tengxuan Tourism Group [3] Performance Disclosure - Anji Food reported a revenue of CNY 607 million for 2024, a decrease of 4.06%, while net profit increased by 23.29% to CNY 38.33 million, attributed to slower recovery in the catering industry [4] - Yanjing Beer achieved a revenue of CNY 14.667 billion for 2024, a growth of 3.20%, with net profit rising 63.74% to CNY 1.056 billion, driven by increased sales of its flagship product [5] Share Buybacks - China Communications Construction Company plans to repurchase A-shares worth CNY 500 million to 1 billion, while its controlling shareholder intends to increase H-shares by CNY 250 million to 500 million [6] - Aohai Technology announced a share buyback plan of CNY 40 million to 80 million, targeting a price of up to CNY 59 per share [7] - Vanadium Titanium Co. plans to repurchase shares worth CNY 100 million to 200 million, with a maximum price of CNY 4.30 per share, while its controlling shareholder plans to increase holdings by CNY 50 million to 100 million [9] Stock Risk Warnings - Rock Shares will face delisting risk warnings due to negative net profit and insufficient revenue, with stock trading suspended for one day [11] - Greenland Holdings received an administrative penalty for failing to disclose litigation matters, leading to corrective measures from the Shanghai Securities Regulatory Bureau [12] - Shandong Huapeng reported a negative retained earnings of CNY 900 million and a debt ratio of 97.47%, indicating potential risks to its ongoing operations [13] - Aowei Communication anticipates a net loss of CNY 60 million to 90 million for 2024, which may trigger delisting risk warnings [14]

点击图片▲立即试听 " 我们手中的牌并不多，楼市是其中必须打好的、最重要的一张。 " 文 / 巴九灵（微信公众号：吴晓波频道） 所有宏大的叙事，最终都会落到一个家庭的起居之间。 2025 年春天，中美贸易摩擦不断加码，中国出口压力与日俱增，从沿海工厂到内陆中小企业，不少人开始重新计算接下来的账本：订单缩水、利 润承压，甚至员工的稳定性也打起了问号。 然而，亮眼成绩单的第二页，一个熟悉的身影却明显掉队了 —— 一季度，我国房地产开发投资同比下降 9.9% 。 这个曾经以一己之力拉动中国经济的 " 大主角 " ，如今似乎正在逐渐淡出聚光灯：不仅在新闻稿标题中失去了位置，甚至在分析师讨论时也被匆 匆带过。 宏观经济的温度计，正在测量每一个家庭最重要的决策之一 —— 买不买房，换不换房？ —— 吴晓波 楼市退场？没那么简单 近日，国家统计局公布了 2025 年第一季度宏观经济的 " 成绩单 " 。在中美贸易摩擦愈演愈烈、全球供应链重新洗牌的紧张氛围下，市场的目光 集中投向了 " 出口 " 和 " 消费 " 这两大被寄予厚望的动能引擎，而它们也的确未让人失望： 一季度，中国出口同比增长 6.9% ，社会消费品零售总额同 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall economic performance of Heilongjiang Province in 2024 shows a GDP of 16476.9 billion yuan, with a growth rate of 3.2% compared to the previous year [8] - The three major industries' contributions to GDP are as follows: primary industry at 3203.3 billion yuan (2.9% growth), secondary industry at 4147.3 billion yuan (-0.2% decline), and tertiary industry at 9126.2 billion yuan (4.7% growth) [8] - The province's population at the end of 2024 is 30.29 million, with an urbanization rate of 68.05%, reflecting a 0.94 percentage point increase from the previous year [14] - The agricultural sector shows a total output value of 5904.1 billion yuan, with a growth of 3.1%, and a grain production of 8001.7 million tons, maintaining the top position among provinces [20] - Industrial production has seen a decline of 3.1% in the added value of large-scale industries, with notable growth in the petrochemical industry at 7.9% [24][25] - Fixed asset investment increased by 6.0%, with significant growth in infrastructure investment at 11.0% [32][33] - The retail market shows a total social retail sales of 5738.9 billion yuan, growing by 1.9%, with a notable increase in online retail sales by 9.2% [34][35] - The province's foreign trade reached a total value of 3122.8 billion yuan, with exports growing by 14.4% [36] Summary by Sections Economic Overview - Heilongjiang's GDP reached 16476.9 billion yuan, with a growth of 3.2% [8] - The three industries' contributions are 19.4% for primary, 25.2% for secondary, and 55.4% for tertiary [8] Population and Employment - The total population is 30.29 million, with an urbanization rate of 68.05% [14] - Urban employment increased by 37.7 million, exceeding the annual target by 125.5% [17] Agriculture - Total agricultural output value is 5904.1 billion yuan, with a growth of 3.1% [20] - Grain production is 8001.7 million tons, maintaining the top position nationally [20] Industry - Industrial added value decreased by 3.1%, with the petrochemical sector growing by 7.9% [24][25] - High-tech manufacturing increased by 4.1% [25] Investment - Fixed asset investment grew by 6.0%, with infrastructure investment up by 11.0% [32][33] Trade - Total foreign trade value reached 3122.8 billion yuan, with exports increasing by 14.4% [36] Consumer Market - Social retail sales totaled 5738.9 billion yuan, growing by 1.9% [34] - Online retail sales increased by 9.2% [35]