Core Viewpoint - Huatai United Securities has issued a verification opinion on the detailed equity change report of Yunnan Luoping Zinc & Electricity Co., Ltd, confirming the authenticity, accuracy, and completeness of the disclosed information regarding the equity transfer [2][7][8]. Summary by Sections Equity Change Overview - The equity change involves the transfer of 72,427,600 shares from Luoping Zinc & Electricity Co., Ltd to Qujing Development Investment Group Co., Ltd, representing 22.3960% of the total shares of the listed company [6][17]. Purpose of the Equity Change - The purpose of the equity change is for Qujing Development Investment Group to gain control of the listed company and improve its operational status by leveraging its advantages in industrial planning and investment management [8][9]. Financial Status of the Acquirer - Qujing Development Investment Group has total assets of approximately 4.26 billion yuan, total liabilities of about 1.73 billion yuan, and net profit of 11.07 million yuan for the most recent fiscal year [11][12]. Funding Sources - The funding for the acquisition will come from the acquirer's own and self-raised funds, with plans to apply for acquisition loans from banks [12][14]. Regulatory Compliance - The equity transfer has received necessary approvals from relevant regulatory bodies, including the State-owned Assets Supervision and Administration Commission and the Shenzhen Stock Exchange [18][28]. Impact on Company Control - Following the equity change, the controlling shareholder will shift from Luoping Zinc & Electricity Co., Ltd to Qujing Development Investment Group, with the actual controller being the Qujing State-owned Assets Supervision and Administration Commission [17][18]. Future Plans - The acquirer has no immediate plans to change the main business operations of the listed company or to make significant adjustments to its management structure within the next 12 months [19][20]. Commitments to Independence - The acquirer has committed to maintaining the independence of the listed company in terms of personnel, assets, finance, and operations, ensuring no conflicts of interest arise [22][23]. Agreement Details - The share transfer agreement stipulates that the acquirer will pay a total of approximately 468.68 million yuan for the shares, with a payment structure involving an initial deposit and subsequent payments upon meeting certain conditions [26][27].

Group 1: Copper - The LME cash - 3M spread widened due to the large - scale extraction of Russian copper from LME warehouses and its entry into the Chinese market, and high spot premiums in Southeast Asia. Domestic cross - month spreads and spot premiums remained stable, with weakening export demand and potential weakening downstream demand and orders. The supply disruption at Kamora Copper Mine may last until the fourth quarter, negatively affecting Ivanhoe's annual production guidance. The domestic refined copper balance may shift from tight to neutral, and rising inventory may suppress absolute prices [1]. Group 2: Aluminum - Supply increased slightly, with large imports of aluminum ingots from January to April. Demand from May to June is not expected to decline significantly, with stable aluminum product exports and a slight decline in photovoltaic demand. There is still a supply - demand gap. Inventory is expected to decline gradually from May to July. The fundamentals are acceptable, and attention should be paid to demand. Long - short spreads can be held if the absolute price drops [1]. Group 3: Zinc - Zinc prices fluctuated widely this week, briefly surging due to rumors of extended maintenance at a southern smelter. Domestic TC rose to 3,600 yuan/ton, and smelting output is expected to increase by 25,000 tons in June compared to May. Domestic demand has limited elasticity, with slow - falling spot premiums and weak orders in North China, while exports in East and South China are stable. Overseas spot premiums are recovering, and European demand is slightly improving. Domestic social inventory is accumulating slowly, and the inflection point of accelerated accumulation is expected to occur in early June. LME inventory is slightly declining. Attention should be paid to the transition from inventory drawdown to accumulation, and short positions are recommended to be held. Partial profit - taking can be considered for long - short spreads due to potential Trump tariff interference [2]. Group 4: Nickel - On the supply side, pure nickel production remains high, and Russian nickel imports increased in April. Demand is weak overall, and Jinchuan's premium strengthened slightly after the price decline. Overseas nickel plate inventory is slightly increasing, and domestic inventory is stable. The macro - impact is weakening, and the short - term fundamentals are average. Opportunities to narrow the nickel - stainless steel price ratio can continue to be monitored [3]. Group 5: Stainless Steel - In terms of supply, production increased seasonally in April, and some steel mills cut production passively in May. Demand is mainly for rigid needs. The prices of nickel and chrome iron are stable. Inventory in Xijiao and Foshan is slightly decreasing, and exchange warehouse receipts are partially expiring. The fundamentals are generally weak, and short - term fluctuations are expected [3]. Group 6: Lead - Lead prices oscillated downward this week. On the supply side, scrap volume is weak year - on - year, recyclers are panic - selling, and mid - stream secondary smelters have concentrated production capacity, but operate at half capacity due to tight scrap battery supply. Downstream demand is weak, with about 50% capacity utilization. Concentrate supply is abundant from April to May. On the demand side, battery inventory is high, and overall demand is weak, but there is a motivation for replenishment this week. The refined - scrap price difference is +75, and secondary lead prices are strongly supported. LME inventory has concentrated deliveries. The old - for - new policy continues, but overall consumption is weak in the off - season from April. The price is expected to oscillate between 16,400 - 16,700 next week, and supply is expected to decline in May [5]. Group 7: Tin - Tin prices declined this week due to weak commodity sentiment and energy prices. On the supply side, the short - term复产 in Myanmar's Wa State requires negotiation, processing fees are low, and smelting profits are inverted. Some smelters in Jiangxi have cut production, and those in Yunnan are struggling. Overseas supply disruptions have basically subsided. On the demand side, solder demand has limited elasticity, and the growth of terminal electronics and photovoltaics is expected to slow. Domestic downstream actively replenished inventory after the price drop, and overseas consumption continues to be strong with low - level inventory fluctuations. Small - brand tin ingots are still in short supply, and exchange inventory is mainly high - priced Yunzi brand, with weak downstream提货意愿. In the short term, supply disruptions and weakening demand coexist, and the first half of the year is expected to see weak supply and demand. June may be a key period to verify the transmission from tight ore to tight ingot supply. Short - term observation is recommended, and medium - term short - selling opportunities can be monitored [7]. Group 8: Industrial Silicon - Some northern large - scale plants resumed production this week, Sichuan Tongwei continued to increase production, and new production capacities of Yunnan Yongchang and Xin'an Silicon Materials are gradually coming online. Market overall operating rate increased slightly, and some small plants in Sichuan plan to resume production in June during the wet season. Organic silicon plants that previously cut production increased their operating rates, slightly boosting the demand for industrial silicon. Inventory is at a high level, with sufficient warehouse receipts and non - standard goods, and high spot pressure. In the short term, both supply and demand are decreasing, and the rigid demand from polysilicon and organic silicon is weak. Speculative demand in downstream and mid - stream sectors is limited. Currently, the overall supply and demand of industrial silicon reach a tight balance after upstream large - scale plants reduce their operating rates. However, with the commissioning of new production capacities and small - scale resumption of small plants in the wet season, future supply has significant potential pressure. In the long - term, industrial silicon prices are expected to bottom - out based on the cash - flow costs of leading large - scale plants [10]. Group 9: Lithium Carbonate - Lithium carbonate prices declined this week. Downstream buyers prefer new or discounted goods, and the basis of new goods is decreasing. Manufacturers are reluctant to sell and try to support prices, while traders have difficulty selling. Tianqi and Yahua resumed production, small recycling plants cut production more severely, some self - owned mines rely on hedging to maintain profits and production, and Jiangxi Chunpeng plans maintenance. The inventory accumulation speed slowed this week, and downstream only maintains a safety inventory. Low prices reduce the registration of new goods in warehouse receipts, and production in June is expected to decrease slightly. In the long - term, there are many lithium mine and lithium salt capacity expansion projects. If the operating rates of leading mine - smelting integrated enterprises do not significantly decline, lithium carbonate prices will continue to oscillate weakly. In the short term, downstream demand is weak, and policies to stimulate demand are less effective than expected. Lithium ore prices are declining, and lithium prices lack support. Downstream buyers replenish inventory cautiously at low prices. Smelters using externally - sourced ores are all in losses and cut production. The price has reached the cost line of some self - owned mines, which rely on hedging to maintain profits. Cathode production is less motivated due to losses, and high - cost production capacities may be cleared. Future supply has high elasticity, and there may be more news of production cuts and shutdowns next week, with prices expected to decline after oscillations [12].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年6月4日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒5月21日消息:世界金属统计局( WBMS )公布的最新数据报 告显示, 2025年3月，全球锌板产量为108.74万吨,消费量为113.35万吨， 供应短缺4.6万吨。1-3月,全球锌板产量为328.31万吨,消费量为338.48万 吨,供应短缺10.16万吨。3月,全球锌矿产量为100.78万吨。1-3月，全球锌 矿产量为296.11万吨；偏多。 2、基差：现货22890，基差+710；偏多。 3、库存：6月3日LME锌库存较上日减少800吨至137350吨，6月3日上期所锌 库存仓单较上日减少0吨至1675吨；偏多。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下,20日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic commodity atmosphere has improved, but the overseas trade situation is volatile. Different metals show different price trends and influencing factors. For example, copper prices may face resistance in rising, aluminum prices may fluctuate weakly in the short - term, zinc prices have a large downward risk, and tin prices may see a downward shift in the center of gravity [1][3][5][7]. 3. Summary According to Different Metals Copper - **Price Movement**: LME copper rose 0.24% to $9638/ton, and SHFE copper main contract closed at 78,180 yuan/ton. The expected operating range for SHFE copper main contract is 77,500 - 78,800 yuan/ton, and for LME copper 3M is $9500 - 9700/ton [1]. - **Industry Situation**: LME inventory decreased by 4600 tons to 143,850 tons, with the cancelled warrant ratio increasing to 51.7%. During the Dragon Boat Festival, domestic social inventory increased by over 10,000 tons. The SHFE copper warrant decreased by 0.3 to 31,000 tons. The spot premium in Shanghai increased, while in Guangdong, the spot changed from premium to discount. The import loss of domestic copper spot remained around 800 yuan/ton, and the Yangshan copper premium declined. The refined - scrap copper price difference was 1330 yuan/ton [1]. Aluminum - **Price Movement**: LME aluminum fell 0.1% to $2470/ton, and SHFE aluminum main contract closed at 19,990 yuan/ton. The expected operating range for SHFE aluminum main contract is 19,850 - 20,150 yuan/ton, and for LME aluminum 3M is $2440 - 2500/ton [3]. - **Industry Situation**: The SHFE aluminum weighted contract open interest increased by 0.8 to 523,000 lots, and the futures warrant slightly decreased to 51,000 tons. The social inventory of aluminum ingots increased by 0.8 to 519,000 tons, and the inventory of aluminum rods in the mainstream areas decreased slightly. The spot in East China remained at a premium of 110 yuan/ton. The LME aluminum inventory decreased by 0.2 to 368,000 tons, and the cancelled warrant ratio declined to 12.5% [3]. Lead - **Price Movement**: SHFE lead index rose 99.74% to 16,568 yuan/ton. LME lead 3S rose to $1969.5/ton [4]. - **Industry Situation**: The domestic social inventory increased to 44,900 tons. The demand for lead ingots is weak, the production of primary lead is increasing, while the production of recycled lead is decreasing due to factors such as limited raw material inventory and high finished - product inventory [4]. Zinc - **Price Movement**: SHFE zinc index fell 0.24% to 22,065 yuan/ton. LME zinc 3S rose to $2673/ton. Zinc prices still have a large downward risk [5]. - **Industry Situation**: The zinc concentrate processing fee increased again, and it is expected that the domestic refined zinc production in June 2025 will be 590,200 tons, a month - on - month increase of 40,800 tons or 7.43%, and a year - on - year increase of 8.13%. The terminal consumption is weak, and the social inventory of zinc ingots is accumulating [5]. Tin - **Price Movement**: Tin prices oscillated. The expected operating range for the domestic main contract this week is 230,000 - 260,000 yuan/ton, and for LME tin is $28,000 - 31,000/ton. The tin price center may shift downward [7]. - **Industry Situation**: The mine restart is progressing. The Bisie tin mine in Congo (Kinshasa) started phased restart in late April, and the first batch of tin concentrates has entered the logistics. The Wa State tin mine restart was approved in late April, and actual production is expected to resume from July to August. The smelting end has a low operating rate due to raw material shortage. The downstream demand has not increased significantly, but there is some demand for replenishment at low prices [6][7]. Nickel - **Price Movement**: Nickel prices oscillated weakly. The expected operating range for SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and for LME nickel 3M is $14,500 - 16,500/ton. It is recommended to short at high prices [8]. - **Industry Situation**: The refined nickel production is at a historical high. The stainless - steel market is mediocre, and the downstream acceptance of high - price nickel is limited. The price of Philippine laterite nickel ore is stable, the price of Indonesian pyrometallurgical ore is difficult to rise due to demand, and the price of hydrometallurgical ore is stable after a decline [8]. Carbonate Lithium - **Price Movement**: The MMLC spot index closed at 60,537 yuan, a decrease of 0.33%. The expected operating range for the Guangzhou Futures Exchange's carbonate lithium 2507 contract is 59,200 - 61,200 yuan/ton. Lithium prices are expected to fluctuate at the bottom [10]. Alumina - **Price Movement**: The alumina index rose 1.18% to 2992 yuan/ton. The expected operating range for the domestic main contract AO2509 is 2800 - 3300 yuan/ton. It is recommended to short lightly at high prices [11][12]. - **Industry Situation**: The spot prices in some regions increased. The import window is open. The futures inventory decreased. The price of bauxite in Guinea and Australia remained stable [11][12]. Stainless Steel - **Price Movement**: The stainless - steel main contract closed at 12,630 yuan/ton, a decrease of 0.43%. The cost support is high, but under the pattern of oversupply, the market is pessimistic [14]. - **Industry Situation**: The spot prices in some markets remained stable. The raw - material prices were mostly stable, and the social inventory decreased to 1.1177 million tons, with a 0.85% month - on - month increase. The 300 - series inventory decreased by 3.42% [14].

股票研究 /[Table_Date] 2025.06.03 关税博弈拉长，淡季压力渐显 [Table_Industry] 有色金属 ——有色及贵金属周报 [Table_Invest] 评级： 增持 | [table_Authors] 于嘉懿(分析师) | 兰洋(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880522080001 | S0880123070158 | 本报告导读： 特朗普关税政策遭遇美国司法挑战，后续关税以其他形式出台的不确定性增加，美 国国内外对关税的博弈时间将被拉长，或导致金价波动加剧。国内而言，下游淡季 需求压力逐步显现，工业品短期或有所承压。 投资要点： 行 业 跟 踪 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 报 告 [Table_subIndustry] 白银：金融与商品属性影响下，白银价格波动或更大。①价格：5 月 30 日当周 SHFE 白银跌 0.27%至 8218 元/千克，COMEX 银跌 1.59%至 33.08 美元/盎司， 伦敦银现跌 1.51%至 32 ...

| 产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | 2025年6月3日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | | | 前值 | 日 | 日涨跌幅 | 单位 | | SMM 1#电解销 | | 122325 | 121525 | 800 | 0.66% | 7C/HT | | 1#金川镇 | | 123525 | 122625 | 900 | 0.73% | 元/吨 | | 1#金川镇升贴水 | | 2600 | 2500 | 100 | 4.00% | 元/吨 | | 1#进口镇 | | 121175 | 120375 | 800 | 0.66% | 元/肥 | | 1#进口镇升贴水 | | 250 | 250 | O | | 元/吨 | | LME 0-3 | | -203 | -196 | -7 | 3.79% | 美元/吨 | | 期货进口盈亏 | | -3496 | -3085 | -411 ...

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, the macro level shows a weakening signal, the fundamental contradiction is weak, and the domestic refined copper balance may shift from tight to neutral. Attention should be paid to the possible slight increase in inventory, which may suppress the absolute price [1]. - For aluminum, supply increases slightly, demand in May - June is not expected to decline significantly, there is still a supply - demand gap, and inventory is expected to decline gently from May to July. The fundamentals are acceptable, and attention should be paid to demand. The monthly positive spread can be held if the absolute price falls [1]. - For zinc, the zinc price fluctuates widely this week. The domestic social inventory accumulates slowly, and the inflection point of accelerated accumulation is expected to appear in early June. Attention should be paid to the node of inventory change from decline to accumulation, and short positions are recommended to be held. The domestic - foreign positive spread can be partially closed at an appropriate time [2]. - For nickel, the supply is at a high level, the demand is weak, the overseas nickel plate inventory accumulates slightly, and the domestic inventory remains stable. The opportunity to shrink the nickel - stainless steel price ratio can be continuously monitored [3]. - For stainless steel, the supply rebounds seasonally in April and some steel mills cut production passively in May. The demand is mainly for rigid needs. The fundamentals remain weak, and it is expected to fluctuate in the short term [3]. - For lead, the price fluctuates and declines this week. The supply is expected to decrease in May. It is expected to fluctuate in the range of 16400 - 16700 next week [6]. - For tin, affected by the overall low commodity sentiment and weak energy varieties, the tin price center moves down. In the short term, it is recommended to wait and see, and in the medium term, pay attention to short - selling opportunities [9]. - For industrial silicon, the overall supply and demand are in a tight - balance state currently, but there is large potential supply pressure in the future. In the long - term, the price is expected to bottom - out based on the cash - flow cost of leading manufacturers [12]. - For lithium carbonate, the price falls this week. In the short term, the downstream demand is weak, and the price is expected to decline after fluctuations next week. In the medium - long term, if the operating rate of leading mining - smelting integrated enterprises does not decline significantly, the price will still fluctuate weakly [14]. Group 3: Summary by Metals Copper - **Market Data**: From May 26 to May 30, the Shanghai copper spot price increased by 30, the waste - refined copper price difference increased by 101, and the LME inventory decreased by 2500 [1]. - **Market Situation**: Overseas, a large amount of Russian copper is extracted from LME warehouses, and the LME cash - 3M spread widens. Domestically, the cross - month spread and spot premium remain stable, and the downstream demand may weaken. The supply is affected by the shutdown of Kamora Copper Mine, which is expected to resume in the fourth quarter [1]. Aluminum - **Market Data**: From May 26 to May 30, the Shanghai aluminum ingot price decreased by 90, the domestic alumina price increased by 1, and the domestic social inventory decreased by 16856 [1]. - **Market Situation**: Supply increases slightly, demand in May - June is not expected to decline significantly, and there is still a supply - demand gap. Inventory is expected to decline gently from May to July [1]. Zinc - **Market Data**: From May 26 to May 30, the Shanghai zinc ingot price decreased by 60, the domestic social inventory remained unchanged, and the LME inventory decreased by 2225 [2]. - **Market Situation**: The zinc price fluctuates widely this week. The domestic TC rises, and the smelting output in June is expected to increase by 25,000 tons compared with May. The domestic demand elasticity is limited, and the overseas demand recovers slightly. The domestic social inventory accumulates slowly, and the LME inventory declines slightly [2]. Nickel - **Market Data**: From May 26 to May 30, the Shanghai nickel spot price increased by 550, the spot import return decreased by 874.57, and the LME inventory decreased by 762 [3]. - **Market Situation**: The pure nickel supply is at a high level, the demand is weak, the overseas nickel plate inventory accumulates slightly, and the domestic inventory remains stable [3]. Stainless Steel - **Market Data**: From May 26 to May 30, the prices of 304 cold - rolled coil, 304 hot - rolled coil, 201 cold - rolled coil, 430 cold - rolled coil, and waste stainless steel remained unchanged [3]. - **Market Situation**: The supply rebounds seasonally in April and some steel mills cut production passively in May. The demand is mainly for rigid needs, and the fundamentals remain weak [3]. Lead - **Market Data**: From May 26 to May 30, the spot premium decreased by 10, the Shanghai - Henan price difference remained unchanged, and the LME inventory decreased by 2375 [4]. - **Market Situation**: The price fluctuates and declines this week. The supply side has problems such as raw material shortage and low profit, and the demand side has high battery inventory and weak overall demand [6]. Tin - **Market Data**: From May 26 to May 30, the spot import return decreased by 1720.64, the spot export return increased by 2414.63, and the LME inventory remained unchanged [9]. - **Market Situation**: Affected by the overall low commodity sentiment and weak energy varieties, the tin price center moves down. The supply is affected by the situation in Myanmar, and the demand is limited by the slowdown of the electronics and photovoltaic industries [9]. Industrial Silicon - **Market Data**: From May 26 to May 30, the 421 Yunnan basis increased by 55, the 421 Sichuan basis decreased by 45, and the warehouse receipt quantity decreased by 615 [12]. - **Market Situation**: The overall market start - up rate increases slightly. The demand from the organic silicon industry increases slightly, but the overall demand is weak. The inventory is at a high level, and there is large potential supply pressure in the future [12]. Lithium Carbonate - **Market Data**: From May 26 to May 30, the SMM electric - grade lithium carbonate price decreased by 200, the SMM industrial - grade lithium carbonate price decreased by 200, and the warehouse receipt quantity decreased by 427 [14]. - **Market Situation**: The price falls this week. The downstream demand is weak, the supply side has production resumption and reduction situations, and the inventory accumulation speed slows down. In the short term, the price is expected to decline after fluctuations [14].

铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-6-3 五矿期货早报 | 有色金属 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 上周铜价小幅冲高后回落，伦铜周跌 1.22%至 9497 美元/吨，沪铜主力合约收至 77600 元/吨，端午 假期间特朗普威胁提高钢铁和铝关税导致美铜走强，贵金属和原油价格亦上涨，伦铜上涨 1.24%。产 业层面，上周三大交易所库存环比减少 0.2 万吨，其中上期所库存增加 0.7 至 10.6 万吨，LME 库存 减少 1.5 至 15.0 万吨，COMEX 库存增加 0.5 至 16.4 万吨。上海保税区库 ...

Core Points - Shenzhen Zhongjin Lingnan Nonfemet Company Limited has successfully issued its first phase of technology innovation bonds for the year 2025, raising a total of 800 million RMB [1] - The bonds have a maturity period of 3 years, with an interest rate of 2.03% and a face value of 100 RMB per 100 RMB [1] - The issuance was approved during the annual shareholders' meeting held on May 8, 2023, where the company was authorized to register and issue medium-term notes up to 5 billion RMB [1] Summary by Sections Bond Issuance Details - Bond Name: Shenzhen Zhongjin Lingnan Nonfemet Company Limited 2025 First Phase Technology Innovation Bond [1] - Bond Code: 102582195.IB [1] - Total Issued Amount: 800 million RMB, matching the planned issuance [1] - Interest Rate: 2.03% [1] - Issuance Date: May 29, 2025 [1] - Maturity Date: May 29, 2028 [1] Approval and Registration - The company received approval from the China Interbank Market Dealers Association to register the medium-term notes with a total amount of 5 billion RMB [1] - The registration is valid for 2 years from the date of the notice [1] Underwriters - Bookrunner: Shanghai Bank Co., Ltd. [1] - Lead Underwriters: Shanghai Bank Co., Ltd., CITIC Bank Co., Ltd., Beijing Bank Co., Ltd., China Everbright Bank Co., Ltd., Ping An Bank Co., Ltd. [1]

Core Viewpoint - The national manufacturing PMI for May recorded at 49.5%, showing a 0.5 percentage point increase from the previous month, indicating a near median level for the same period over the past five years [1][3][4]. Demand and Supply - Both demand and supply sides have improved, with external demand rebounding more strongly than internal demand. The new order index rose to 49.8%, up 0.6 percentage points, while the new export order index increased by 2.8 percentage points to 47.5% [6][12]. - The production index rose by 0.9 percentage points to 50.7%, indicating a recovery in manufacturing production [6][10]. Industry Performance - The equipment manufacturing and high-tech manufacturing sectors showed significant growth in new orders, with indices above 52%. Consumer goods manufacturing also saw a stable increase, with new export orders rising over 6 percentage points into the expansion zone [1][8]. - However, some industries, such as textiles and non-ferrous metal processing, reported new order and production indices below the critical point, indicating insufficient release of production and demand [6][8]. Price Trends - The decline in price indices has narrowed significantly, with raw material prices and factory gate prices both decreasing by only 0.1 percentage points compared to the previous month. This indicates that the ability of companies to pass on costs has not yet recovered [10][12]. Non-Manufacturing Sector - The non-manufacturing business activity index recorded at 50.3%, slightly down by 0.1 percentage points but still above the critical point. The construction sector showed a business activity index of 51%, indicating ongoing expansion [12][13]. - The service sector's business activity index rose to 50.2%, reflecting a slight recovery driven by holiday consumption demand [13].