Report Industry Investment Rating No relevant content provided. Core View of the Report - The global financial and commodity markets show complex trends. Stock indices such as the Dow Jones Industrial Index, Nasdaq Index, and S&P 500 in the US have risen, while some commodity prices like COMEX gold and silver have fallen. In the domestic market, various commodities also present different price changes. Macroeconomic events, including international trade negotiations and domestic economic data releases, have an impact on market sentiment and price trends. Different sectors, such as agriculture, energy - chemical, and industrial metals, have their own supply - demand characteristics and price outlooks [2][6][7][11]. Summary by Relevant Catalogs 1. Market Data Tracking - **Stock Indices**: On May 28, 2025, the Dow Jones Industrial Index rose by 740.58 points (1.78%) to 42343.65, the Nasdaq Index rose by 461.95 points (2.465%) to 19199.16, the S&P 500 rose by 118.72 points (2.046%) to 5921.54, and the Hang Seng Index rose by 99.66 points (0.428%) to 23381.99 [2]. - **Commodity Futures**: In the international market, COMEX gold fell by 1.727% to 3299.70 dollars/ounce, and COMEX silver fell by 0.758% to 33.39 dollars/ounce. In the domestic market, for example, the price of gold fell by 0.117% to 770.70, and the price of silver rose by 0.389% to 8249.00 [2]. - **Currency and Interest Rates**: The SHIBOR overnight rate fell by 3.586% to 1.45, the dollar index fell by 0.085% to 99.53, and the dollar - to - RMB (CFETS) exchange rate remained unchanged at 7.19 [2]. 2. Macroeconomic News - **International Trade**: Premier Li Qiang attended the ASEAN - China - GCC Summit, emphasizing cooperation in multiple fields. The EU is seeking to accelerate trade negotiations with the US, and the US may lower tariffs on some countries. There are also expectations for the completion of trade agreements such as the China - GCC Free Trade Agreement [6]. - **Domestic Economy**: In April, the profits of China's large - scale industrial enterprises increased by 3% year - on - year, with new - kinetic - energy industries showing rapid profit growth. In May, the second - hand housing market in Guangzhou showed year - on - year growth [7]. - **Consumer Confidence**: In May, the US consumer confidence index rose significantly from 85.7 in April to 98, exceeding all economists' expectations [7]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Peanuts**: Affected by factors such as the busy farming season, the supply of peanut spot goods is low, and the price is stable with a slight upward trend. However, the market lacks upward momentum, and it is not recommended to chase the high in the futures market [11]. - **Oils and Fats**: The US soybean planting rate is lower than expected, and the commodity market atmosphere is weak. The oil and fat market is expected to fluctuate weakly [11]. - **Sugar**: The price of sugar futures is in the range of 5800 - 5850 yuan. It is recommended to wait and see. If it breaks through the 5850 - yuan pressure level, a small - position long position can be tried [11]. - **Corn**: The corn market shows a pattern of weak supply and demand. The price is expected to fluctuate in the range of 2300 - 2340 yuan. It is recommended to wait and see [11]. - **Pigs**: The pig market shows a pattern of strong supply and weak demand, and the futures contract is oscillating around 13500, waiting for a direction [13]. - **Eggs**: The spot price of eggs is stable in the short term, but there is still pressure in the medium - term due to factors such as high - age laying hens and weather [13]. 3.2 Energy and Chemical Products - **Caustic Soda**: The price of liquid caustic soda in Shandong is expected to run steadily in the short term, and the 2509 contract continues to run at a low level [13]. - **Urea**: The domestic urea market price is stable. The UR2509 contract is expected to run in the range of 1800 - 1900 yuan/ton [13]. 3.3 Industrial Metals - **Copper and Aluminum**: Overseas tariff risks still exist, and the prices of copper and aluminum continue to oscillate and consolidate [13]. - **Alumina**: Affected by factors such as production capacity changes and supply disturbances, the 2509 contract of alumina rebounds from a low level, and attention should be paid to the pressure range of 3200 - 3300 yuan/ton [15]. - **Black Series**: Black series products such as steel and iron alloys are generally in a downward trend. It is not recommended to chase short positions in the short term [15]. - **Coking Coal and Coke**: The coking coal market is weak, and the second - round price cut of coke has been implemented. The prices of both continue to run weakly [15]. - **Lithium Carbonate**: The lithium carbonate market shows a pattern of weak supply and demand. It is recommended to wait and see. If it breaks through the 61500 - yuan pressure level, a small - position long position can be tried [15][16]. 3.4 Options and Finance - **Stock Index**: The A - share market shows weak upward momentum, and it is expected to continue to oscillate. Attention should be paid to structural opportunities [18][19]. - **Options**: On May 28, it is the last trading day of the May contracts of ETF options on the Shanghai and Shenzhen Stock Exchanges. Trend investors should focus on defense, and volatility investors can buy wide - straddle positions to bet on increased volatility after the decline in volatility [20].

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Report - The market risk appetite has rebounded, with the gold price dropping by over 1% and briefly falling below the $3000 mark. The US and EU are in trade negotiations, and although the risk of high - tariff imposition remains, the market is expecting a deal. The short - term trend of gold is volatile, and a new upward trend awaits a catalyst [11]. - The US consumer confidence index has risen, and the stock market has responded positively. However, concerns about the US government's debt sustainability and tariff risks persist, and the US stock market remains in a volatile state [20]. - For commodities, different products have different outlooks. For example, copper is expected to trade in a high - level range in the short term, while crude oil prices are affected by the OPEC+ meeting and are trending downward [4][5]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Florida has recognized gold and silver as legal tender. The EU and the US are in trade negotiations, and the gold price has dropped by over 1% and briefly fallen below $3000 due to the progress of the negotiations. The short - term gold price is volatile, and there is a risk of further decline [11]. - Investment advice: Be aware of the short - term decline risk and increased market volatility [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Japan's Ministry of Finance is considering reducing the issuance of ultra - long - term bonds, causing the yen to rebound and the US dollar index to rise in the short term [15]. - Investment advice: The US dollar index is expected to rebound in the short term [16]. 3.1.3 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation of 448 billion yuan, with a net injection of 91 billion yuan. The decline in the bond market may be due to institutional behavior. The long - term view on the bond market remains positive, and a strategy of buying on dips and holding is recommended [17]. - Investment advice: Be bullish in the medium - term, and buy at appropriate times to accumulate low - cost positions [18]. 3.1.4 Macro Strategy (US Stock Index Futures) - The US consumer confidence index in May rose to 98.0, but the durable goods orders in April decreased by 6.3% month - on - month. The market risk appetite has improved, and the three major stock indexes have risen significantly. However, concerns about the US government's debt sustainability and tariff risks remain, and the US stock market remains volatile [19][20]. - Investment advice: The US stock market is expected to remain volatile in the short term [20]. 3.1.5 Macro Strategy (Stock Index Futures) - The 2025 Lujiazui Forum will be held in Shanghai from June 18th to 19th. The profit of industrial enterprises above a designated size from January to April increased by 1.4% year - on - year, and the single - month growth rate in April rebounded to 3%. However, the revenue growth rate has declined, indicating that the boost from export rush to demand is less than expected [21][22]. - Investment advice: Adopt a balanced allocation strategy [23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - The estimated arrival of imported soybeans at domestic oil mills in June is about 10.5625 million tons, and the expected arrivals in July and August are 11 million tons and 9 million tons respectively. The US soybean planting rate is 76%, and the export inspection volume is at the lower end of the market expectation. The Brazilian soybean production is expected to increase, and the domestic soybean meal spot price is mixed [24][25]. - Investment advice: Treat the market with a volatile mindset and pay attention to the weather in the US soybean - producing areas and Sino - US relations [25]. 3.2.2 Black Metals (Steam Coal) - The steam coal market in Ordos is stable. Towards the end of the month, some coal mines have reduced or stopped production, and the supply has tightened slightly. The power plant's daily coal consumption has increased slightly year - on - year, and the port coal price has stabilized at a low level. However, considering the high - level supply and the impact of new energy on summer consumption, the coal price is expected to decline in the future [26][27]. - Investment advice: Expect the coal price to decline in the future [27]. 3.2.3 Black Metals (Iron Ore) - The iron and steel industry's profit from January to April was 1.692 billion yuan. The iron ore price is in a weak and volatile state. The terminal steel product price has broken through the key support level, and the market sentiment is poor. The iron ore price is expected to remain in a weak and volatile pattern [28]. - Investment advice: The iron ore price is expected to remain in a weak and volatile pattern [28]. 3.2.4 Black Metals (Rebar/HRC) - Australia has launched an anti - dumping review of Chinese rebar. The steel price has continued to decline due to the expected weakening of demand and the collapse of the cost side. The market is in a negative feedback state, and the unilateral operation should be cautious [30]. - Investment advice: Be cautious in short - term unilateral operations and consider hedging on spot price rebounds [31]. 3.2.5 Agricultural Products (Corn Starch) - The domestic corn starch spot price is stable at a high level, and the market trading is flexible. The starch inventory has not changed much, and the downstream starch sugar demand is expected to increase seasonally. The regional price difference between North China and Northeast China is high but may decline slightly [32]. - Investment advice: The CS07 - C07 spread is expected to remain in a low - level volatile state [33]. 3.2.6 Agricultural Products (Corn) - The corn spot price is stable. The inventory of corn in Northeast China is low, and the trading is light. However, feed mills are expected to start restocking in June, which may drive up the price of corn and wheat. The corn price is expected to rise in the future [34]. - Investment advice: Both the corn spot and futures prices are expected to rise, and pay attention to the restocking of feed mills and wheat procurement policies in June [35]. 3.2.7 Non - Ferrous Metals (Alumina) - A medium - sized alumina enterprise in Guizhou has partially resumed production. The alumina price has shown some changes in different regions, and the mineral price is firm [36][37]. - Investment advice: Adopt a wait - and - see approach [38]. 3.2.8 Non - Ferrous Metals (Copper) - The IEA warns that the global demand for refined copper will increase significantly before 2050, while the supply will decline. Some copper mines have production issues. The short - term copper price is affected by the strengthening US dollar index and is expected to trade in a high - level range [39][40][42]. - Investment advice: Adopt a wait - and - see approach for both unilateral and arbitrage operations [43]. 3.2.9 Non - Ferrous Metals (Polysilicon) - The polysilicon spot price has slightly declined, and there are many market rumors. The production schedule for May and June is known, and the inventory situation varies among downstream enterprises. The decision of leading enterprises on production cuts will affect the market trend [45]. - Investment advice: Unilateral operations are risky. Consider taking profits on the PS2506 - PS2507/PS2507 - PS2508 positive spreads [46]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - Some enterprises are building new industrial silicon furnaces, and some organic silicon plants are in the maintenance period. The supply pressure is increasing, and the demand is weak. The industrial silicon price lacks the impetus to rebound [47][49]. - Investment advice: Partially take profits on previous short positions and be aware of the cash - flow risks of large enterprises [49]. 3.2.11 Non - Ferrous Metals (Nickel) - Indonesia's nickel sulfide exports in March have increased. The LME has increased inventory, and the SHFE has decreased inventory. The supply of nickel ore is expected to be sufficient this year, but the price is supported by factors such as the rainy season. The nickel market is currently calm, and some enterprises have a willingness to cut production [50]. - Investment advice: Adopt a range - trading strategy in the short term and look for opportunities to short on rebounds in the medium term [51]. 3.2.12 Non - Ferrous Metals (Lithium Carbonate) - A lithium project in Chile is expected to start production in 2032. A domestic company plans to conduct futures hedging. The current market is dominated by the downward spiral of salt and ore prices, but the approaching delivery of the main contract and salt - factory maintenance may provide short - term support [52][55]. - Investment advice: Partially take profits on previous short positions or roll over contracts and be aware of price fluctuations during the contract roll - over [55]. 3.2.13 Non - Ferrous Metals (Lead) - The refined - scrap lead price difference has narrowed. The primary lead production is stable, while the secondary lead production is affected by high costs and raw material shortages. The demand from battery factories is weak, but the lead inventory has decreased. The lead price may have a low - level buying opportunity in the medium term [56][57]. - Investment advice: Adopt a wait - and - see approach in the short term and start looking for medium - term low - level buying opportunities [57]. 3.2.14 Non - Ferrous Metals (Zinc) - A company's zinc concentrate production in the first quarter has decreased. The supply of zinc is expected to be loose in the future, while the demand is weak. The zinc price is recommended to be shorted [58]. - Investment advice: Look for opportunities to short on price increases and consider selling options. Adopt a wait - and - see approach for spreads and a long - short arbitrage strategy for the domestic - foreign market [59]. 3.2.15 Energy and Chemicals (Crude Oil) - OPEC+ is trying to balance the market. The oil price has declined, and the market is waiting for the OPEC+ meeting results. An oversupply risk may suppress the oil price [5][60]. - Investment advice: The oil price is expected to be weak and volatile in the short term [60]. 3.2.16 Energy and Chemicals (Carbon Emissions) - The CEA price has declined slightly and is in a narrow - range trading phase. The overall supply - demand relationship of carbon emissions in 2025 is expected to be loose, and the price may be under pressure [61][62]. - Investment advice: The CEA price is expected to trade in a narrow range in the short term [63]. 3.2.17 Energy and Chemicals (PTA) - The PTA spot basis has strengthened. The demand is at a high level, and the supply is below 80%, with inventory being depleted. The cost side is also favorable. The PTA price is expected to be stronger than the oil price [64]. - Investment advice: The PTA price and spreads are expected to remain strong in the short term [65]. 3.2.18 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong has increased. The supply is stable, and the demand from the alum - industry is good. However, the impact of the alum market on caustic soda is waning, and the caustic soda price may trade in a range [66]. - Investment advice: The caustic soda price is expected to trade in a range, and the alum market's impact has diminished [66]. 3.2.19 Energy and Chemicals (Pulp) - The import pulp price has declined. The market is in a weak state, and the price is expected to trade in a range [67]. - Investment advice: The pulp price is expected to trade in a range due to limited fundamental changes [68]. 3.2.20 Energy and Chemicals (PVC) - The PVC spot price has declined, and the futures price is volatile. The downstream procurement has increased, and the market has improved slightly. The PVC price is expected to trade in a range [69]. - Investment advice: The PVC price is expected to trade in a range due to limited fundamental changes [69]. 3.2.21 Energy and Chemicals (Bottle Chips) - The export price of bottle chips has decreased, and the market trading is light. The industry is operating at a high level, and the processing margin is expected to fluctuate at a low level [70][73]. - Investment advice: The bottle - chip processing margin is expected to remain low, and pay attention to supply - side changes [73]. 3.2.22 Energy and Chemicals (Soda Ash) - The soda ash market is in a low - level range, and the futures price has declined due to new capacity. The spot market is weak, and the demand is sluggish [73]. - Investment advice: Short - term maintenance may support the price, but maintain a short - selling view in the medium term [74]. 3.2.23 Energy and Chemicals (Float Glass) - The glass futures price has risen due to rumors of production line shutdowns. The spot market is generally stable, with different regions showing different trends. The glass price is expected to remain in a low - level range [75]. - Investment advice: The glass price is expected to remain low, and pay attention to real - estate policy changes [75]. 3.2.24 Shipping Index (Container Freight Rates) - A shipping line's express service has resumed. The European container freight rate is in a price - holding period, and there may be a second price increase in mid - to - late June. The US line's rush - shipping expectation has subsided [76][77]. - Investment advice: Consider buying on price dips due to market sentiment fluctuations [77].

Core Viewpoint - Uniper and Thyssenkrupp's subsidiary Thyssenkrupp Wood are collaborating to build a demonstration plant in Germany that will convert ammonia into hydrogen, with a production capacity of 28 tons per day [1] Group 1 - The demonstration plant will serve as a foundation for a planned hydrogen import terminal in Wilhelmshaven, located in northwestern Germany [1]

Report Industry Investment Ratings No specific industry investment ratings were provided in the report. Core Views of the Report - The short - term gold price lacks direct upward momentum and is expected to be weakly volatile in the short term, while the mid - and long - term logic needs more catalysts [10]. - The US may increase sanctions on Russia, and the Russia - Ukraine conflict is unlikely to end in the short term, causing the US dollar index to fluctuate in the short term [13]. - The A - share market continues to shrink in volume, with a seesaw effect between small - cap and large - cap styles, and the gap between high risk appetite and a fragile structure is widening [3]. - The risk of repeated changes in US tariff policies remains, and the US stock market is expected to be weakly volatile [20]. - The inventory of agricultural products such as soybean meal is expected to continue to increase, and the oil market is expected to remain volatile [22][26]. - The prices of black metals are affected by factors such as policy and demand, showing different trends, and caution is needed in short - term operations [29][31]. - The prices of non - ferrous metals are supported by a weak US dollar, but the upward space is limited, and different investment strategies are recommended for different varieties [37]. - The prices of energy and chemical products are affected by factors such as supply and demand and policies, with different trends and corresponding investment suggestions [55][70]. - The container shipping index is affected by port congestion and other factors, and there are opportunities for callback buying [79]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - EU - US negotiations continue. Due to the US Memorial Day holiday, trading was light. Trump postponed the tariff threat, and market risk - aversion eased. Gold continued to fluctuate. In the short term, the gold price lacks upward momentum, and in the medium and long term, more catalysts are needed [10]. - Investment advice: The short - term gold price is volatile, and attention should be paid to the risk of correction [11]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Lagarde said the euro could replace the US dollar. The EU plans to accelerate trade negotiations with the US. Trump considers additional sanctions on Russia, and the Russia - Ukraine conflict is unlikely to end soon. The US dollar index will fluctuate in the short term [13]. - Investment advice: The US dollar index will fluctuate in the short term [14]. 1.3 Macro Strategy (Stock Index Futures) - Central Huijin emphasizes its role in maintaining financial stability. Moody's maintains China's sovereign credit rating. The A - share market continues to shrink in volume, with a seesaw effect between small - cap and large - cap styles [15][17][18]. - Investment advice: It is recommended to make a balanced allocation [19]. 1.4 Macro Strategy (US Stock Index Futures) - The EU plans to accelerate trade negotiations with the US. The US stock market is affected by tariff and government debt issues and is expected to be weakly volatile [20]. - Investment advice: The US stock market is expected to be weakly volatile in the short term due to concerns about government debt and tariff disturbances [20]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The inventory of soybean meal continues to rise. As the arrival of imported soybeans increases, the supply pressure dominates, and the inventory is expected to continue to accumulate [21][22]. - Investment advice: The futures price will temporarily remain volatile, and the spot basis will be under pressure [23]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From May 1 - 25, Malaysia's palm oil exports increased by 7.34% month - on - month, and production increased by 0.73%. The domestic palm oil inventory decreased. The oil market is expected to continue to fluctuate [24][25][26]. - Investment advice: The oil market will continue to fluctuate. Rapeseed oil is suitable for long - term allocation, soybean oil for short - term allocation, and palm oil for medium - term allocation [26]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - The proposed use of special land - reserve bonds exceeds 350 billion yuan. The new contracts signed by the top five construction central enterprises in the first four months totaled about 2.4 trillion yuan. Steel prices have fallen significantly, and short - term unilateral operations require caution [27][28][29]. - Investment advice: Be cautious in short - term unilateral operations and consider hedging on rallies for spot [30]. 2.4 Black Metals (Steam Coal) - The price of steam coal in the northern port was weakly stable. Coal prices are expected to stop falling in the short term but will continue to decline later due to high supply and low expected summer consumption growth [31]. - Investment advice: Coal prices may stop falling in the short term but will continue to decline later [31]. 2.5 Black Metals (Iron Ore) - The full - production time of the Iron Bridge project is postponed. Iron ore prices are following the weak trend of the overall black market, and the overall price is expected to remain weak [32]. - Investment advice: The overall price of iron ore is expected to remain weak [34]. 2.6 Non - Ferrous Metals (Copper) - The spot trading volume of electrolytic copper decreased, and the social inventory continued to decline. The COMEX copper net long position continued to decline. The copper price is expected to fluctuate at a high level in the short term [35][36][37]. - Investment advice: In the short term, the copper price is likely to continue to fluctuate at a high level. It is recommended to wait and see for unilateral and arbitrage operations [38]. 2.7 Non - Ferrous Metals (Polysilicon) - GCL Integrated is a candidate for a 22MW photovoltaic cell component procurement project. The spot price of polysilicon has fallen slightly. Whether leading enterprises can jointly cut production will have a significant impact on the fundamentals [40]. - Investment advice: For ordinary investors, unilateral operations are risky. Consider gradually taking profits on PS2506 - PS2507/PS2507 - PS2508 long spreads [41]. 2.8 Non - Ferrous Metals (Industrial Silicon) - The price of silicone raw rubber has declined. Supply pressure is increasing, and demand is weak. The spot price may bottom out, but futures are more affected by sentiment [42]. - Investment advice: Partially take profits on previous short positions, and pay attention to the cash - flow risk of large enterprises [42]. 2.9 Non - Ferrous Metals (Lithium Carbonate) - BYD signed a 3.5GWh energy - storage order. The current market is dominated by the downward spiral of salt and ore prices. In the short term, the decline space is limited [44]. - Investment advice: The long - term bearish pattern remains unchanged, but in the short term, consider partial profit - taking or contract - rolling for previous short positions [44]. 2.10 Non - Ferrous Metals (Lead) - Anhui Lukong and Zhejiang Tianneng signed a strategic cooperation agreement. The social inventory of lead ingots decreased significantly. The supply is not expected to be loose in the short term, and the mid - term low - buying idea is emerging [47]. - Investment advice: Wait and see in the short term and gradually pay attention to mid - term low - buying opportunities [48]. 2.11 Non - Ferrous Metals (Nickel) - The nickel warehouse receipt in the Shanghai Futures Exchange decreased. The quota issuance of Indonesian RKAB exceeded expectations. The price of nickel ore is supported, but the upward space of nickel - iron is limited [49]. - Investment advice: Pay attention to interval trading opportunities in the short term and mid - term short - selling opportunities [50]. 2.12 Non - Ferrous Metals (Zinc) - The 0 - 3 spread of LME zinc was at a discount. Peru's zinc concentrate production increased year - on - year. The domestic zinc supply is expected to be loose, and the social inventory may turn upward. The zinc price is recommended to be shorted [52]. - Investment advice: Look for short - selling opportunities on rallies, and consider long - term spreads and long - short positions between domestic and foreign markets [53]. 2.13 Energy and Chemicals (Liquefied Petroleum Gas) - Haikorelin plans to shut down for maintenance, affecting product supply. The Shandong spot price has signs of stabilization, and the propane price may回调. The spot price is expected to stabilize at a low level in the short term [53]. - Investment advice: The price is expected to fluctuate at a low level in the short term [54]. 2.14 Energy and Chemicals (Crude Oil) - The OPEC+ meeting will be advanced by one day. The market expects OPEC+ to increase production in July, and the supply growth potential continues to pressure oil prices [55]. - Investment advice: The short - term upward momentum is weak [56]. 2.15 Energy and Chemicals (PTA) - The PTA spot price increased, and the basis strengthened. The demand is at a high level, and the supply is below 80% with inventory reduction, so the basis has rebounded [58]. - Investment advice: The short - term PTA performance may be stronger than the cost - end oil price, and the price and spreads are expected to be strong [59]. 2.16 Energy and Chemicals (Asphalt) - The inventory of asphalt refineries decreased, and the social inventory increased slightly. The demand is recovering, and the asphalt price is expected to fluctuate upward [60]. - Investment advice: The asphalt futures price is expected to fluctuate upward [61]. 2.17 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong was stable with a slight increase. The supply is sufficient, and the demand is divided. The current spot is strong, but the upward momentum is weakening, and the futures may fluctuate [63]. - Investment advice: The alumina market has little impact on caustic soda. The current spot is strong, but the futures may fluctuate [63]. 2.18 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market was slightly weak. The fundamentals of pulp have limited changes, and the market is expected to fluctuate [64]. - Investment advice: The pulp market is expected to fluctuate [65]. 2.19 Energy and Chemicals (PVC) - The spot price of PVC powder was narrowly sorted, and the futures were weakly volatile. The downstream purchasing enthusiasm was not high, and the market is expected to fluctuate [66]. - Investment advice: The PVC market is expected to fluctuate [66]. 2.20 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories were mostly stable with some slight increases. The industry is operating at a high level, and the supply pressure is increasing. The processing fee is expected to fluctuate at a low level [70]. - Investment advice: The processing fee of bottle chips is expected to remain low, and attention should be paid to supply - side changes [70]. 2.21 Energy and Chemicals (Urea) - The central government allocated 1.4 billion yuan for agricultural disaster prevention and pest control. The urea market was weak, and attention should be paid to factors such as demand, policy, and supply - side changes [71]. - Investment advice: Pay attention to aspects such as agricultural demand, policy changes, and supply - side switching after the peak season [72]. 2.22 Energy and Chemicals (Styrene) - The inventory of styrene in Jiangsu ports increased significantly. The styrene market was weakly volatile. The supply is expected to improve, and the market may adjust. Pay attention to the paper - cargo delivery game at the end of the month [74]. - Investment advice: The far - month styrene has limited driving force, and the market is expected to adjust. Pay attention to the paper - cargo delivery game at the end of the month [75]. 2.23 Energy and Chemicals (Soda Ash) - The inventory of domestic soda - ash manufacturers decreased. The futures price of soda ash fell, affected by new production capacity. The short - term maintenance of production facilities may support the price, but a short - selling strategy is recommended in the medium term [76]. - Investment advice: Short - term production - facility maintenance may support the price, but short - sell on rallies in the medium term [76]. 2.24 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market changed slightly. The futures price rose slightly, and the spot market was still weak. The price is expected to remain low, and attention should be paid to real - estate policy changes [78]. - Investment advice: The glass futures price is expected to remain low, and attention should be paid to real - estate policy changes [78]. 2.25 Shipping Index (Container Freight Rate) - European ports are congested, and the container shipping index is affected. The US - line rush - shipping expectation has ebbed, and there are opportunities for callback buying [79]. - Investment advice: There are opportunities for callback buying [80].

Group 1 - Yulin City is actively promoting environmental protection initiatives, including the "Blue Sky, Clear Water, and Clean Land" campaign, to improve environmental quality [1][2] - Shenmu City plans to add 1,709 new centralized heating users by 2024, achieving 100% coverage for clean heating in urban areas [1] - An investment of 1 billion yuan will be made in 2024 for comprehensive road dust and environmental management across Shenmu City [1] Group 2 - The ecological environment along the Wuding River has significantly improved, becoming a habitat for wildlife, including the successful breeding of six young crested ibises [2] - Yulin City recorded 312 "good weather" days in 2024, an increase of 15 days year-on-year, with air quality indicators meeting standards for five consecutive years [2] - The city is focusing on key areas and industries to combat pollution, implementing measures for dust control, ozone reduction, and fine particulate matter management [2] Group 3 - By 2025, Yulin City aims to steadily increase the proportion of days with good air quality, and by 2030, establish a green low-carbon industrial system [3]

Summary of Key Points Core Viewpoint The announcement from Guanghui Energy Co., Ltd. details the progress of guarantees implemented in April 2025, highlighting the company's efforts to support its subsidiaries and joint ventures through financial guarantees while maintaining risk control. Group 1: Guarantee Amounts and Balances - In April 2025, the company increased the guarantee amount by 36,665.00 million yuan and decreased it by 114,024.91 million yuan, resulting in a total guarantee balance of 1,380,443.02 million yuan as of April 30, 2025 [1][5]. - The total estimated guarantee amount for 2025 is capped at 20 billion yuan, with a net increase of up to 6 billion yuan, including 5.71 billion yuan for subsidiaries and 3.3 billion yuan for joint ventures with an asset-liability ratio above 70% [1][5]. Group 2: Implementation and Oversight - The company has established a monthly disclosure system for guarantee implementation to ensure investors are well-informed about the company's guarantee activities [2]. - The guarantees are executed within the approved limits set by the board and shareholders, allowing for internal adjustments among subsidiaries and joint ventures [1][2]. Group 3: Financial Health of Guaranteed Entities - The guaranteed companies are reported to have stable operations and good creditworthiness, indicating that the risks associated with these guarantees are manageable and will not adversely affect the company's operations or the interests of minority shareholders [5]. - As of April 30, 2025, the total guarantee balance represents 51.14% of the company's latest audited equity attributable to shareholders [5].

Report Industry Investment Ratings - **Bullish**: None - **Bearish**: Copper, Polycrystalline Silicon, Pure Lithium, Jiao Coal, Coke, BR Rubber, Pure Benzene, LPG - **Neutral (Oscillating)**: Stock Index, Treasury Bonds, Gold, Japanese Yen, Aluminum, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Ferrosilicon, Glass, Soda Ash, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Soybeans, Pulp, Logs, Crude Oil, Fuel Oil, Asphalt, Shanghai Rubber, PTA, Ethylene Glycol, Short Fiber, Urea, Methanol, PE, PP, PVC, Caustic Soda [1] Core Viewpoints - The market's reaction to tariff impacts and policy support is waning, and in the absence of new catalysts, there are short - term risks of market fluctuations and adjustments [1]. - Asset shortages and a weak economy are favorable for bond futures, but the central bank's warning on interest rate risks restricts upward movement [1]. - The risk of US Treasury bonds has eased, and gold prices may enter a period of oscillation, but the long - term upward trend remains [1]. - Various factors such as weak macro data, changes in supply and demand, and policy uncertainties are affecting the prices of different commodities, with most commodities expected to oscillate in the short - term [1]. Summary by Category Macro - financial - **Stock Index**: With the fading impact of tariffs and policy support, and the current rebound reaching the upper limit of the range, there is a short - term risk of oscillating adjustment in the absence of new catalysts [1]. - **Treasury Bonds**: Asset shortages and a weak economy are favorable, but the central bank's warning on interest rate risks restricts upward movement [1]. - **Gold**: The risk of US Treasury bonds has eased, and gold prices may enter a period of oscillation, but the long - term upward trend remains [1]. - **Japanese Yen**: It will oscillate in the short - term high - level range, but the medium - term upward space is limited [1]. Non - ferrous Metals - **Copper**: Weak macro data and reduced downstream demand limit the upward space of copper prices, with a short - term risk of decline [1]. - **Aluminum and Alumina**: Low aluminum inventories support prices, but the upward space is limited as prices rise. For alumina, although the price is rising due to mine disturbances, the improvement in production profits may lead to复产, restricting the upward space [1]. - **Nickel and Stainless Steel**: Global trade frictions and policy uncertainties cause prices to oscillate in the short - term. Long - term, the supply of primary nickel is excessive, and stainless steel has supply pressure [1]. - **Tin**: Before the resumption of production at low - grade mines, the fundamentals of tin prices are strongly supported [1]. - **Industrial Silicon**: Supply remains high, it has entered a low - valuation range, and demand remains low [1]. - **Polycrystalline Silicon**: Downstream production schedules are rapidly decreasing, futures premiums over spot prices, and warehouse receipts are increasing [1]. - **Pure Lithium**: Mine prices are continuously falling without signs of production cuts, and downstream buyers are not active [1]. Ferrous Metals - **Rebar and Hot Rolled Coil**: The market is in a transition period from peak to off - peak season, with loose cost and supply - demand patterns, and no clear upward price drivers [1]. - **Iron Ore**: There is an expectation that iron - water production has reached its peak, but there are no new supply - side developments, and attention should be paid to steel pressure [1]. - **Manganese Silicon and Ferrosilicon**: Manganese silicon has short - term supply - demand balance with high warehouse - receipt pressure; ferrosilicon's cost is affected by thermal coal, but production cuts in the production area have tightened supply - demand [1]. Building Materials - **Glass and Soda Ash**: Glass has a pattern of weak supply and demand, and with the arrival of the rainy season, there are concerns about declining demand. Soda ash has good immediate demand due to many maintenance activities in May, but faces medium - term supply overcapacity and price pressure [1]. Agricultural Products - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Palm oil is affected by factors such as Indonesian weather and US biodiesel proposals; soybean oil is affected by Argentine weather with limited impact; rapeseed oil is affected by potential tariff increases, but the impact has been mostly priced in [1]. - **Cotton**: There are short - term disturbances such as trade negotiations and weather premiums, and long - term macro uncertainties. The domestic cotton - spinning industry is in the off - season, and cotton prices are expected to oscillate weakly [1]. - **Sugar**: Brazil's sugar production is expected to increase in the 2025/26 season, and if crude oil prices continue to be weak, it may affect the sugar - cane ratio and sugar production [1]. - **Corn and Soybeans**: Corn is expected to have a tight supply - demand situation in the medium - term, with short - term factors limiting the upward space of the futures price. Soybeans face pressure from concentrated arrivals and fast sowing progress, and low - valuation buying is recommended [1]. - **Pulp and Logs**: Pulp port inventories are rising, with some improvement in white - cardboard demand. Logs have a pattern of loose supply and weak demand, and both are expected to oscillate [1]. - **Hogs**: With the continuous restoration of hog inventories and increasing slaughter weights, the futures market has a clear expectation of sufficient supply, and the futures price is expected to remain stable [1]. Energy and Chemicals - **Crude Oil, Fuel Oil, and Asphalt**: Crude oil and fuel oil are affected by factors such as the US - Iran nuclear agreement negotiation and OPEC+ production - increase news. Asphalt is affected by cost drag, inventory changes, and slow demand recovery [1]. - **Shanghai Rubber and BR Rubber**: Shanghai rubber is affected by factors such as rainfall and storage - purchase rumors. BR rubber's short - term upward sentiment has slowed, and there is a risk of long - term decline [1]. - **PTA, Ethylene Glycol, and Short Fiber**: PTA's supply - demand situation has improved, ethylene glycol is in a de - stocking phase, and short - fiber costs are closely related to PTA [1]. - **Pure Benzene and Styrene**: The speculative demand for pure benzene has weakened, and styrene plants have increased production and are actively selling [1]. - **Urea and Methanol**: Urea demand is weak, and methanol is expected to oscillate at a low level, with attention to factors such as plant maintenance and imports [1]. - **PE, PP, and PVC**: PE's seasonal demand is weakening, PP's production has recovered, and PVC has a weak fundamental situation but is supported by macro factors [1]. - **Caustic Soda and LPG**: Caustic soda is affected by the alumina market, and LPG is expected to decline due to factors such as tariff relaxation and the off - season [1]. Others - The market has a situation of strong expectations and weak reality. For futures, it is recommended to try long - positions in the peak - season contracts with light positions and pay attention to arbitrage opportunities [1]

Group 1: Commodity Market Overview - Commodity prices showed mixed trends during the week from May 19 to May 23, with gold prices experiencing a significant rebound [1] - In the energy and chemical sector, coking coal fell by 1.59%, while crude oil rose by 0.46% [1] - The black metal sector saw iron ore and rebar prices decline by 0.76% and 0.65%, respectively [1] Group 2: Gold Market Insights - Gold prices surged, with London gold increasing by 4.86% to $3,357.2 per ounce, and COMEX gold rising by 5.65% to $3,386.5 per ounce [1] - The World Gold Council reported an average daily trading volume of $441 billion in April, a 48% month-over-month increase, indicating strong structural demand for gold [2] - Geopolitical risks, particularly related to U.S. tariffs proposed by President Trump, have heightened market sensitivity, contributing to gold's price support [2] Group 3: Trade Tensions and Agricultural Commodities - Soybean meal prices saw a slight increase after five weeks of decline, with the main contract rising by 1.83% to 2,952 yuan/ton [4] - Concerns over potential impacts of U.S. tariffs on soybean meal exports to the EU have intensified market apprehension [4] - The market sentiment for soybean meal remains bearish due to supply surplus and export uncertainties, with a notable increase in net short positions [4][5] Group 4: Economic Data and Implications - China's economic indicators for January to April showed a retail sales growth of 4.7% and fixed asset investment growth of 4.0%, indicating stable growth despite external pressures [7] - The chief economist at GF Securities noted that economic data reflects resilience, but investment growth remains a concern [7] - The ongoing trade tensions and tariff discussions are expected to require more macroeconomic policy support for sustained growth [9] Group 5: U.S. Treasury Market Developments - The recent auction of 20-year U.S. Treasury bonds faced weak demand, with yields surpassing 5% for the second time, reflecting market concerns over U.S. fiscal health [10] - Moody's downgraded the U.S. sovereign credit rating, which has contributed to rising yields and declining bond prices [10] - The passage of the "One Big Beautiful Bill" in the U.S. House of Representatives is expected to further exacerbate fiscal challenges, potentially increasing upward pressure on bond yields [11]

签约仪式上，杨红梅代表定边县与陕西双越新材料科技有限公司、四川蓉锦农林科技有限公司、中钠储 能技术有限公司、信发集团等30家企业负责人进行了现场签约。本次共签约30个项目，总投资307.55亿 元，其中合同项目14个、协议项目16个，涵盖装备制造、能源化工、节能环保、新材料产业及现代农业 产业等领域。 来源：环球网 会上，杨红梅作重点产业推介；县产业园区管委会、县文旅局、定边县航空产业发展有限责任公司主要 负责人分别作园区载体与政策红利、"定边文旅"特色品牌、航空产业发展定边模式推介；深能南京能源 控股有限公司、中阳能（陕西）储能技术有限公司、中钠储能技术有限公司、陕西佰达农商科技有限责 任公司、信发集团有限公司5家企业相关负责人代表作了发言。 5月22日，第九届丝博会定边县招商引资推介会在西安召开。陕西省商务厅一级调研员蔡玉琼，榆林市 外事外经局副局长李浩，定边县委书记姬世平，县人大常委会主任马俊飞，县长李胜元，县政协主席苗 云，县委副书记常彦林，县委常委、副县长杨红梅参加会议。常彦林主持会议。 李胜元在致辞中说 定边县位于陕甘宁蒙四省区地理中心，县域面积广阔，耕地、油气、风光等资源得天独厚，区域特色文 化 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Gold prices fell below $3300 due to factors such as the easing of geopolitical tensions, the alleviation of panic in the US and Japanese bond markets, and better - than - expected US economic data. Short - term market volatility is high, and there is a risk of correction, but the long - term view is bullish [1][13]. - For treasury bond futures, in the short - term, there is no prominent contradiction, and they are in a narrow - range oscillation. In the medium - to - long - term, the yield curve is expected to steepen, but now may not be the best time to directly implement this strategy. It is advisable to go long in the medium - term but choose the right time [2][15]. - The US dollar index may rebound in the short - term as US business confidence improved in May, but caution is still needed as the US economic trend remains unchanged [20]. - US stock index futures are expected to oscillate weakly in the short - term due to concerns about the US government's debt sustainability and the pressure from long - term interest rates [27]. - For various commodities, different trends are expected. For example, steel prices are expected to oscillate in the short - term; corn prices are expected to rise; copper prices are expected to oscillate weakly in the short - term; etc. [4][43][49] 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Japan's core CPI in April rose 3.5% year - on - year, and the national CPI rose 3.6% year - on - year. The US 5 - month manufacturing and service PMI rebounded more than expected. Gold prices fell below $3300 due to multiple factors. Short - term attention should be paid to the risk of correction, while the long - term view is bullish [12][13]. 3.1.2 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 500 billion yuan MLF operation and a 154.5 billion yuan 7 - day reverse repurchase operation. In the short - term, treasury bond futures are in a narrow - range oscillation. In the medium - to - long - term, the yield curve is expected to steepen, but now may not be the best time to go long [14][15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - US business confidence improved in May, and the Fed may cut interest rates in the second half of 2025 if tariffs stabilize. The US dollar index may rebound in the short - term [18][20]. 3.1.4 Macro Strategy (Stock Index Futures) - As of the end of March, loans to high - tech SMEs have grown at a rate of over 20% for three consecutive years. The North - Star 50 index's decline may signal a return to value for high - dividend and blue - chip assets. It is recommended to allocate assets evenly [22][24]. 3.1.5 Macro Strategy (US Stock Index Futures) - The US 5 - month service and manufacturing PMI were better than expected. If tariffs decline, the Fed may cut interest rates in the second half of 2025. US stock index futures are expected to oscillate weakly in the short - term due to concerns about the US government's debt [26][27]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - US soybean exports were in line with expectations. Rain may slow down the sowing progress but benefit the sown soybeans. The price of domestic imported soybeans remained stable, and the spot price of soybean meal was stable with a slight increase. Short - term prices are expected to oscillate [28][30]. 3.2.2 Agricultural Products (Cotton) - Domestic cotton yarn prices rose, but demand followed up slowly. China's textile and clothing exports in April increased year - on - year. Cotton commercial inventory decreased rapidly, and there may be a supply shortage in the later stage. It is recommended to be cautiously optimistic about Zhengzhou cotton futures and pay attention to inventory and trade negotiations [31][34]. 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - Colombia imposed anti - dumping measures on Chinese welded pipes. Global crude steel production in April decreased year - on - year. The inventory of five major steel products decreased, but the decline rate slowed down. Steel prices are expected to oscillate in the short - term. It is recommended to hold a light - position and wait and use a hedging strategy for spot [36][38]. 3.2.4 Agricultural Products (Corn Starch) - The starch production rate decreased, and inventory changed little. The starch sugar production rate increased. It is expected that the CS07 - C07 spread will remain in a low - level oscillation [40][41]. 3.2.5 Agricultural Products (Corn) - Heavy rain warnings were issued in some areas. North port corn inventory decreased significantly. Some hedging positions left the market, and the supply in the spot market is expected to increase. Corn prices are expected to rise [42][43]. 3.2.6 Agricultural Products (Pigs) - Wens Co., Ltd. will continue its share - repurchase plan. The pig futures market is mainly trading based on long - term production capacity and short - term de - stocking speed. It is recommended to take profit on short positions [44][45]. 3.2.7 Non - Ferrous Metals (Copper) - Peru plans to set up a mining fund, and a new copper - gold porphyry system was discovered in Argentina. China's copper industry index decreased slightly. Copper prices are expected to oscillate weakly in the short - term, and it is recommended to conduct band trading [46][48]. 3.2.8 Non - Ferrous Metals (Lead) - The LME lead spread was at a discount, and domestic lead inventory decreased. The price of scrap batteries decreased, and the lead market is in a situation of weak supply and demand. It is recommended to wait and look for low - buying opportunities in the medium - term [51][52]. 3.2.9 Non - Ferrous Metals (Zinc) - Domestic zinc inventory decreased, and the LME zinc spread was at a discount. Zinc prices are expected to oscillate, and the medium - term view is to go short on rallies. It is recommended to pay attention to positive - spread arbitrage opportunities [53][55]. 3.2.10 Non - Ferrous Metals (Polysilicon) - China's new photovoltaic and wind power installations increased in April. The average spot price of polysilicon decreased. It is recommended to focus on positive - spread arbitrage opportunities [56][58]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - A new industrial silicon project is about to be put into operation. The price of industrial silicon is expected to remain weak. It is not recommended to go long on the left side, and short positions can be held [59][60]. 3.2.12 Non - Ferrous Metals (Nickel) - In March 2025, the global refined nickel supply was in surplus. The price of nickel ore was stable, and the price of high - nickel iron was active. It is expected that the main operating range of Shanghai nickel futures will be between 122,000 - 128,000 yuan/ton. Short - term band trading and medium - term long - buying opportunities can be considered [61][62]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - Zimbabwean lithium exporters are seeking to postpone the export tax. The supply of lithium carbonate is in surplus, and the cost support is weakening. The market is expected to remain unstable until the spot and downstream orders improve [63][65]. 3.2.14 Energy and Chemicals (Liquefied Petroleum Gas) - China's LPG production increased week - on - week, and port inventory decreased. The domestic LPG price is expected to continue to oscillate weakly [66][68]. 3.2.15 Energy and Chemicals (Carbon Emissions) - The CEA price is oscillating in a narrow range. In 2025, the overall supply - demand relationship of carbon emission allowances is relatively loose, and the price is likely to be under pressure [69][70]. 3.2.16 Energy and Chemicals (Natural Gas) - US natural gas inventory increased week - on - week. European natural gas inventory is rising rapidly. The price of US natural gas is expected to oscillate upwards [71][73]. 3.2.17 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong rose steadily. The supply of caustic soda is sufficient, and the demand is stable. The impact of alumina price increase on caustic soda is indirect, and it is difficult to drive a significant increase in the caustic soda market [75][76]. 3.2.18 Energy and Chemicals (Pulp) - The spot price of imported wood pulp decreased slightly. The pulp market is expected to oscillate [77][78]. 3.2.19 Energy and Chemicals (PVC) - The spot price of PVC powder decreased slightly. The PVC market is expected to oscillate [79]. 3.2.20 Energy and Chemicals (Urea) - The urea production rate increased week - on - week. The urea market is in a weak state. Urea prices are expected to oscillate, and the 9/1 spread is expected to remain high [80][82]. 3.2.21 Energy and Chemicals (Bottle Chips) - The export price of bottle chips decreased slightly. The processing fee of bottle chips is expected to fluctuate at a low level following the cost [83][85]. 3.2.22 Energy and Chemicals (Soda Ash) - The inventory of soda ash decreased slightly. The soda ash market is stable with slight oscillations. In the short - term, plant maintenance may support the price, while in the medium - term, it is advisable to go short on rallies [86]. 3.2.23 Energy and Chemicals (Float Glass) - The price of float glass in Hubei remained unchanged. The glass futures price is weak, and it is expected to remain in a low - level range. Attention should be paid to real - estate policy changes [87][88]. 3.2.24 Shipping Index (Container Freight Rates) - Maersk adjusted its shipping route. The container freight rate on the European line rebounded. The short - term view is that the market will oscillate, and it is recommended to look for low - buying opportunities on pullbacks [89].