Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints of the Report - In May, the bond market should focus on the funding situation. The central bank's operations are uncertain, and the level of funding rates is the core variable for whether bond market interest rates can continue to break downward [4]. - The credit bond market sentiment is stable, and the allocation rhythm should be maintained. The new issuance volume decreased significantly in the week of April 28 - May 4, with a large net outflow. Yields generally declined, and spreads showed different trends [4]. - For convertible bonds, operations can gradually become more active. The convertible bond market is stabilizing and showing signs of a rebound. If the equity market sentiment improves, the demand for convertible bond allocation will continue to be released [4]. Group 3: Summary According to Relevant Catalogs 1 Fixed Income Market Observation and Thinking 1.1 Interest - rate Bonds - In May, the bond market should focus on the funding situation. The 10 - year Treasury bond has moved from the right to the left of the [1.6% - 1.9%] range. The net supply of government bonds in May may reach about 1.7 trillion, bringing uncertainty to the funding situation. The Fed's interest - rate cut expectation cooled during the May Day holiday, adding uncertainty to the central bank's monetary policy [4][9]. 1.2 Credit Bonds - From April 28 to May 4, the primary issuance of credit bonds was 112 billion yuan, a 79% decrease compared to the previous period due to the May Day holiday. The total repayment was 197.3 billion yuan, also a significant decrease, resulting in a net outflow of 85.3 billion yuan. Yields generally declined, and spreads showed different trends. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][11]. 1.3 Convertible Bonds - Last week, the equity market showed mixed performance. The convertible bond market declined slightly, with the CSI Convertible Bond Index falling 0.07%. The convertible bond valuation is stabilizing and showing signs of a rebound. Operations can be more active [4][13]. 1.4 This Week's Attention and Important Data Release - This week, important data to be released include China's April Caixin Services PMI, April CPI, the US May interest - rate decision, and the Eurozone's April Services PMI [14]. 1.5 This Week's Estimated Supply of Interest - rate Bonds - This week, the estimated issuance of interest - rate bonds is 565.1 billion yuan, which is relatively high compared to the same period. Treasury bonds are expected to be 391 billion yuan, local bonds 74.1 billion yuan, and policy - bank bonds about 100 billion yuan [14][16]. 2 Interest - rate Bonds Review and Outlook 2.1 Central Bank's Operations and Funding Situation - During the month - end, the central bank increased reverse repurchase operations, with a total net injection of 735.8 billion yuan in the open - market operations for the week [19]. 2.2 Strong Willingness to Hold Bonds for the Holiday - Before the holiday, the PMI data and the funding situation were generally stable, and the enthusiasm for holding bonds for the holiday was high, which contributed to the decline in interest rates, especially for longer - term and high - duration bonds [34]. 3 High - frequency Data - Commodity prices mostly declined. On the production side, the operating rates were divided. On the demand side, the year - on - year growth rates of passenger - car wholesale and retail sales remained positive, while land transactions decreased. Export indices declined. In terms of prices, crude oil prices decreased, copper and aluminum prices increased, and coal prices were divided [45]. 4 Credit Bonds Review 4.1 Negative Information Monitoring - There were no bond defaults, downgrades of bond or issuer ratings in the domestic market from April 28 - May 4, but there were overseas rating downgrades of some companies [64][65]. 4.2 Primary Issuance - The primary issuance volume of credit bonds decreased significantly, with a large net outflow. The cost of issuing high - grade bonds increased slightly, and the frequency of issuing new AA/AA - grade bonds remained low [4][68]. 4.3 Secondary Trading - Credit bond valuations declined slightly. Short - term spreads narrowed, while medium - and long - term spreads widened passively. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][73].

Core Viewpoint - The article emphasizes the importance of a more proactive fiscal policy in stabilizing the economy and enhancing social welfare, guided by Xi Jinping's economic thought [2][3]. Group 1: Fiscal Policy Effectiveness - In 2024, a series of incremental fiscal policies were implemented, leading to a noticeable economic rebound and increased social confidence, particularly during the second and third quarters [3][4]. - A one-time increase of 6 trillion yuan in local special bond limits was executed to replace hidden debts, with the 2024 replacement quota fully issued and over 70% of the 2025 quota completed, resulting in an average interest rate reduction of over 2.5% [4]. - The introduction of special government bonds to support state-owned banks in enhancing their core capital is aimed at improving their ability to serve the real economy [4]. Group 2: Support for Key Sectors - The government has intensified support for the real estate market through tax incentives and special bonds, leading to signs of stabilization in the housing sector [5]. - A significant adjustment in student aid policies has been made, benefiting over 34 million students, alongside direct financial assistance to over 11 million vulnerable individuals [6]. - The GDP growth rate for the last quarter of the previous year was 5.4%, with a total GDP of 134.9 trillion yuan, contributing approximately 30% to global economic growth [6]. Group 3: Strategic Fiscal Management - The design and implementation of fiscal policies reflect the central government's strategic thinking, emphasizing a systematic approach to balancing multiple objectives such as growth, structural adjustment, and risk prevention [7][8]. - The government is focusing on precise measures to address key economic challenges, particularly in local government debt management, to foster new growth points [8]. - The fiscal policy aims to enhance macroeconomic control by increasing the deficit ratio to 4% and raising the fiscal budget to 5.66 trillion yuan, the highest in recent years [11][12]. Group 4: Investment and Consumption Promotion - The government is committed to boosting consumption through substantial fiscal measures, including a 300 billion yuan allocation for consumer subsidies [14]. - Effective investment strategies are being employed, with a focus on both physical and human capital, including the issuance of long-term special bonds to support infrastructure and equipment upgrades [15]. - Increased funding for scientific research and technology is prioritized, with a 10% rise in central government technology spending compared to the previous year [15]. Group 5: Social Welfare and Regional Development - The fiscal strategy includes enhancing social welfare by increasing funding for education, healthcare, and social security, with a focus on improving living standards [17]. - Support for rural development and agricultural policies is being strengthened to ensure food security and promote rural revitalization [18]. - The government is actively working to mitigate risks in key sectors, particularly in local government debt management and the real estate market [18].

Core Viewpoint - The article discusses the applicability of the R&D expense super deduction policy, outlining which activities and industries are eligible or ineligible for this policy [5][10]. Group 1: Applicable R&D Activities - R&D activities eligible for the super deduction policy are defined as systematic activities aimed at acquiring new scientific and technological knowledge, creatively applying this knowledge, or significantly improving technology, products (services), or processes [5]. Group 2: Ineligible Activities - The following activities are not eligible for the super deduction policy: - Routine upgrades of products (services) [8] - Direct application of existing research results, such as using publicly available new processes, materials, or products [8] - Technical support activities provided to customers after commercialization [8] - Repetitive or simple changes to existing products, services, technologies, materials, or processes [8] - Market research, efficiency studies, or management research [8] - Routine quality control, testing, analysis, or maintenance as part of industrial (service) processes [8] - Research in social sciences, arts, or humanities [8] Group 3: Ineligible Industries - Industries that do not qualify for the R&D expense super deduction policy include: - Tobacco manufacturing - Accommodation and catering - Wholesale and retail - Real estate - Leasing and business services - Entertainment - Other industries as specified by the Ministry of Finance and the State Administration of Taxation [10]

股市，并不是经济的晴雨表，反而是流动性的晴雨表。如果现实里面投资太难挣到利润的情况下，释放流动性，只会让资金流入股市、楼市。 一般而言，央行放水的流动性都是在资本市场流通几轮，这些挣到利润的人，会选择买房买车等消费，之后才有实业的复苏。 央行：投放1.2万亿元！ 央行4月30日发布，开展1.2万亿元买断式逆回购操作，目的是释放流动性，虽然没有降息降准，也相当于同样的目的了。 A股，目前不缺流动性，几根大阳线就可以激活了。去年9月份之前，大家都不看好A股，日内成交量只有5000多亿了，不影响短短几个交易日就放量到3.5 万亿，交易所都罢工了。 节后，A股重启牛市了 4月份的回调很充分，大家各取所需，924行情之后，汇金、社保等也高抛了筹码，需要3000点附近接回来，所以借利空砸盘了。 从去年10月开始，权重股就是盘整行情，散户不会喜欢这种，只会眼红炒小炒差，市场用中小盘股票的筹码换他们的核心资产。 上半年也是盘整，5月份大概率有一波小幅拉升，真正的主升浪还是下半年。不过如果提前上涨，就是超预期。 牛市肯定会重启！924行情只是开始，而不是结束。这个市场里面，大多数人都很迷茫，当我们没有方向的时候，情绪悲观的时候 ...

天眼查工商信息显示，近日，浙商中拓集团股份有限公司出资20000万元成立浙商中拓（浙江自贸区） 资源有限公司，持股100%，所属行业为房地产业。 资料显示，浙商中拓（浙江自贸区）资源有限公司成立于2025年4月25日，法定代表人为杨威，注册资 本20000万人民币，公司位于舟山市，金属材料销售、金属矿石销售、非金属矿及制品销售、建筑材料 销售、煤炭及制品销售、化工产品销售（不含许可类化工产品）、专用化学产品销售（不含危险化学 品）、供应链管理服务、光伏设备及元器件销售、光伏发电设备租赁、光伏设备及元器件制造、电子元 器件与机电组件设备销售、建筑用钢筋产品销售、高品质特种钢铁材料销售、高品质合成橡胶销售、新 材料技术研发、建筑装饰材料销售、有色金属合金制造、有色金属合金销售、铁合金冶炼、有色金属压 延加工、金属制品销售、金属链条及其他金属制品销售、金属链条及其他金属制品制造、建筑用金属配 件销售、机械零件、零部件销售、机械零件、零部件加工、电子产品销售、软件销售、软件外包服务、 计算机软硬件及辅助设备批发、计算机软硬件及辅助设备零售、基础化学原料制造（不含危险化学品等 许可类化学品的制造）、日用玻璃制品制造、日 ...

Group 1 - The core viewpoint presented by Fuyao Glass founder Cao Dewang is that the value of real estate is significantly overestimated, with construction costs being only 2,000 to 3,000 yuan per square meter, while prices exceed 10,000 to 20,000 yuan [1] - Cao Dewang argues that high housing prices attract excessive social capital into the real estate sector, hindering the development of the real economy due to a lack of capital inflow [1] - Independent economist Ma Guangyuan counters that dismissing real estate as merely "bricks and cement" overlooks its substantial contributions to GDP and employment, with the sector's contribution to GDP declining from nearly 30% to 22% [3][5] Group 2 - Ma Guangyuan emphasizes that the real estate sector supports over 56 related industries, providing employment for more than 50 million people, and a downturn in the market could lead to increased unemployment [3][5] - He warns that portraying housing as worthless could mislead the public, as housing demand remains rigid, and even renting incurs living costs [5] - The discussion highlights the need for a balanced approach to real estate, avoiding excessive financialization while recognizing its short-term economic contributions [9] Group 3 - Cao Dewang's perspective aligns with the idea that housing prices should reflect true value to avoid economic bubbles, citing that in cities like Shanghai and Shenzhen, the price-to-income ratio is as high as 40 [7] - Ma Guangyuan argues for the importance of maintaining a prosperous real estate market for GDP growth and employment, suggesting that the economy is overly reliant on real estate [7] - The urgent need is to stabilize the real estate market to allow for a gradual transition towards high-end manufacturing and high-tech industries, reducing dependency on real estate investment [9]

4月28日，记者从人民银行广西区分行获悉，广西精准有效落实适度宽松的货币政策，引导金融机 构提升服务实体经济质效，金融总量保持合理增长。一季度，广西社会融资规模增量为2365.08亿元， 同比多增83.46亿元，贷款增速持续高于全国平均水平。 广西引导金融机构加大对房地产企业合理融资和城中村改造等"三大工程"的金融支持力度，3月 末，广西房地产贷款余额1.17万亿元，连续9个月保持正增长。 在降低社会综合融资成本方面，广西引导金融机构强化风险定价理念，健全科学定价机制，畅通利 率传导渠道，推动企业和个人融资成本稳中有降。 一季度，广西新发放各项贷款加权平均利率3.26%，同比下降54个基点。其中，企业贷款加权平均 利率3.34%，同比下降36个基点。贷款利率下行叠加住房贷款利率调整、货币政策工具支持，广西企业 融资和居民信贷成本累计降低超37亿元。（谭卓雯 农宇） 在全区新增社会融资规模中，贷款保持主要支柱地位。一季度，全区金融机构向实体经济发放的本 外币贷款增加1600.97亿元，占社会融资规模增量的67.7%，比全国高4.5个百分点。3月末，广西各项存 款、贷款余额分别为4.85万亿元、5.57万亿元，同 ...

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]