Group 1 - The "2025 Tianzhu Town Quality Resource Promotion and Investment Attraction Conference" was held, where strategic cooperation agreements were signed with various industry associations, third-party service agencies, and key enterprises in fields such as healthcare, hotels, and sports [1] - The first "Enterprise Reception Room" in Shunyi District was unveiled, designed to provide a "quasi-overseas" business service space for key enterprises, offering free communication venues [1] - Tianzhu Town promoted nearly 3,520 acres of quality land resources, including 12 industrial and commercial buildings and 3 factories, with a focus on the 2801 block and Gangshan block for future development [1] Group 2 - The "Flying Garden Art Street" project in Loutai Village aims to create a multifunctional residential, tourism, and production complex, inviting investment and operational partners to develop a unique suburban lifestyle area [2] - Tianzhu Town is leveraging its proximity to Beijing Capital International Airport to establish a dual-core development path focused on air service and international consumption, aiming to build a modern industrial system [2] - The town is committed to creating an open economic ecosystem with a strategy based on commerce, business, and trade, striving for high-quality economic development [2]

Import and Export Overview - The import volume of the equipment manufacturing industry has increased, with the Guangdong-Hong Kong-Macao Greater Bay Area's import and export value reaching 2.85 trillion yuan, a growth of 5.4% in the first four months of the year, accounting for 96.4% of Guangdong's total import and export value[1] - Exports of "new three items" and motorcycles increased by over 40%, while imports of semiconductor manufacturing equipment, computers and components, and certain consumer goods grew rapidly[1] Monetary Policy and Financial Services - As of the end of April, the broad money supply (M2) stood at 325.17 trillion yuan, reflecting a year-on-year increase of 8%[1] - The balance of domestic and foreign currency loans reached 269.54 trillion yuan, with a year-on-year growth of 6.8%[1] - The balance of RMB loans was 265.7 trillion yuan, up 7.2% year-on-year, with an increase of 1.006 trillion yuan in RMB loans over the first four months[1] Industry Trends - In the upstream sector, international oil prices have continued to rise following the tariff war, while aluminum prices have recently rebounded[2] - The chemical industry is experiencing a seasonal decline in PX operating rates, while polyester operating rates remain high[3] - In the downstream sector, real estate sales in second and third-tier cities are declining, and domestic flight frequencies have decreased compared to the same period last year[4] Market Pricing and Risks - The credit spread across all industries has recently narrowed slightly[5] - Potential risks include unexpected economic policies and global geopolitical conflicts[5]

Core Viewpoint - The company plans to issue bonds through its subsidiary Magnetic MRO AS to diversify financing channels and support its engine leasing business and operational funding [1][2]. Group 1: Bond Issuance Details - The bond issuance will not exceed €12 million, with €4 million as private placement bonds and €8 million as public bonds, with an interest rate of 9%-10% over a 3-year term [1][2]. - The final interest rate and issuance terms will be determined by the supervisory board of MMRO within the specified range [1][2]. - Early redemption is allowed at the end of the first year to the end of the second year with a 0.5% compensation fee; no premium is required for redemptions beyond two years [1][2]. Group 2: Authorization and Approval Process - The board of directors has authorized MMRO's supervisory board to manage the bond issuance process, including determining specific issuance plans and terms [2]. - The bond issuance plan has been approved by the company's board and is subject to approval from relevant regulatory authorities before implementation [2].

近日，成都富凯飞机工程服务有限公司（以下简称"成都富凯"）携手深圳航空有限责任公司（以下简 称"深圳航空"），历时数月技术攻坚，成功研发出获得PMA（零部件制造人批准书）批准的国产旅客 服务组件（PSU）。该项目完成装机验证后顺利投入市场，以卓越性能和成本优势为航空产业链注入新 动能，向业界展示了成都富凯在客舱部件国产替代上的全产业链创新服务能力。 战略破局：锚定国产替代新目标 作为国航系兄弟单位，成都富凯与深圳航空始终践行"国家队"使命，直面民航产业链"卡脖子"难题。面 对PSU组件长期依赖进口导致的采购周期长、成本高、供应链风险突出等痛点，成都富凯依托国航系平 台，整合航空工业设计、产品生产及适航认证等资源，组建跨领域攻关团队。 团队从查阅手册资料、解读航空产品技术标准、研究产品与飞机系统通信关联到适航审定符合性分析， 历时数月突破多重技术壁垒，最终实现国产PSU组件功能性能全面对标国际一流产品，顺利通过适航审 查及中国民航局（CAAC）PMA认证，拿到了装机放行的"通行证"，为国产替代奠定了坚实基础。 成都富凯与深圳航空以"协同作战"为核心，打通国产替代全链条关键环节，形成覆盖"研发-制造-服 务"的完 ...

Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report focuses on the impact of trade - war uncertainties on upstream prices and provides an overview of the mid - view events and the industry situation. It also mentions that the credit spreads of the pharmaceutical and chemical industries have recently declined slightly [1][3]. 3. Summary by Directory Mid - view Events Overview - **Production Industry**: The National Energy Administration issued a notice to promote the development of private economy in the energy field, supporting private enterprises to invest in energy infrastructure projects such as nuclear power, hydropower, oil and gas storage facilities, and LNG receiving stations [1]. - **Service Industry**: As of April 27, the average pre - sale price of domestic civil aviation tickets for the "May Day" holiday dropped slightly to about 864 yuan, up 9.75% compared to 2019 and down 7.09% compared to 2024, showing a stable trend [1]. Industry Overview - **Upstream**: International oil prices are continuously fluctuating due to tariffs; prices of copper, zinc, and nickel are oscillating; cement and building material prices are continuously falling; egg prices are rising [2]. - **Midstream**: The PTA operating rate has rebounded, the PX operating rate has recently declined, and the operating rates of polyester and urea are at this year's high. The asphalt operating rate has reached a three - year low [2]. - **Downstream**: The sales of commercial housing in first - and second - tier cities are the same as last year and at a three - year low. The number of international flights has increased, while the number of domestic flights has decreased compared to the same period [2]. Market Pricing The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Data Charts The report includes various data charts on coal consumption, inventory, operating rates of different industries, traffic congestion indexes, movie box office, flight execution, and real - estate transaction data [4]. Industry Credit Spread Tracking It provides the credit spread data of multiple industries, including past data from last year, a quarter ago, a month ago, last week, and this week, as well as the quantile data [44]. Key Industry Price Index Tracking It shows the price indexes of multiple industries, including the frequency, unit, update time, current value, year - on - year change, and the trend in the past 5 days [45].

Group 1 - The company plans to use up to 400 million RMB of its own funds for cash management, ensuring it does not affect normal operations [1][4][14] - The investment aims to maximize shareholder value by improving fund efficiency and increasing investment returns [1][12] - The investment products will include low-risk financial products issued by banks, fund companies, and other financial institutions [2][8] Group 2 - The authorization period for the cash management is valid for one year from the date of the board's approval [3][4] - The funds can be used in a rolling manner within the approved limit [4][14] - The board has authorized the chairman to make investment decisions and sign relevant legal documents [4][9] Group 3 - The company has no related party relationships with the financial institutions from which it plans to purchase investment products [7] - The company will comply with relevant disclosure regulations to ensure transparency [6][11] Group 4 - The company believes that using part of its own funds for cash management will not impact its daily operations and can enhance overall performance [12][16] - The board and supervisory committee have approved the cash management proposal, confirming it aligns with the company's operational needs [13][14][16] Group 5 - The company has a history of purchasing low-risk financial products, with all principal and returns from previous investments being recovered as scheduled [20] - The company will continue to monitor the performance of its investments and take necessary measures to mitigate risks [19]

法国航空服务公司埃利奥尔落户香港 法国航空服务公司Elior Group SA(埃利奥尔集团股份有限公司)21日宣布有意拓展香港业务，并已与 香港机场管理局签署合作备忘录，作为该公司拓展亚洲业务的重要一步。 在香港特区政府财政司司长陈茂波见证下，香港机场管理局署理行政总裁张李佳蕙与埃利奥尔集团 主席兼行政总裁丹尼尔·德里舍堡(Daniel Derichebourg)于2月19日签署该合作备忘录。 陈茂波2月26日公布2025/2026财政年度特区政府财政预算案时曾提到，在特区政府投资推广署的协 调下，香港机场管理局已与一家领先的航空服务公司签署合作备忘录，探讨在港提供飞机拆解、部件回 收、人才培训等专业服务，推动香港发展成为亚洲首个飞机部件处理及交易中心。该公司即为埃利奥尔 集团。 特区政府商务及经济发展局局长丘应桦表示，香港一直是海外投资者和国际企业集团的首选之地。 香港会继续发挥内联外通的独特角色，吸引更多企业落户，巩固提升香港作为国际贸易中心和投资枢纽 的地位。 丹尼尔·德里舍堡说，公司在全球11个国家和地区经营广泛业务，涵盖航空、建筑、合约餐饮服务 等不同行业。未来将积极在香港寻找发展机会，进而拓展亚 ...

Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - Focus on the development of downstream applications in the digital industry [1] - The financial industry expands the scope of loan support and increases the credit limit [1] Summary by Directory Middle - view Event Overview Production Industry - The National Press and Publication Administration solicits opinions on the "Regulations on Promoting National Reading (Draft for Comment)", supporting the development of digital reading [1] Service Industry - The Ministry of Human Resources and Social Security expands the scope of the special loan for stabilizing and expanding employment to include individual business owners, and raises the maximum credit limit for small and micro - enterprises to 50 million yuan and 10 million yuan for individuals [1] Industry Overview Upstream - Energy: International oil prices fluctuate [1] - Chemical: Polyethylene prices continue to decline [1] - Building Materials: Cement and building material prices continue to decline [1] - Non - metal: Natural rubber prices decline slightly [1] - Black: Coke prices decline [1] Middle - stream - Chemical: PTA operating rate declines compared to the same period; the operating rates of urea, PX, and polyester increase compared to the same period [2] Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities are weaker than the same period [3] - Service: The number of international flights increases, while the number of domestic flights decreases compared to the same period [3] Market Pricing - Industry credit spreads fluctuate slightly [4] Industry Credit Spread Tracking | Industry | Year - to - date | One - quarter ago | One - month ago | Last week | This week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 77.60 | 92.21 | 79.41 | 87.29 | 84.25 | 15.60 | | Mining | 50.64 | 49.73 | 47.63 | 55.04 | 49.71 | 29.00 | | Chemical | 77.06 | 91.61 | 67.80 | 74.85 | 69.44 | 14.80 | | Steel | 57.83 | 60.30 | 57.20 | 64.78 | 58.69 | 19.50 | | Non - ferrous Metals | 63.81 | 57.44 | 56.18 | 65.10 | 59.26 | 28.40 | | Electronics | 71.75 | 75.15 | 80.49 | 87.83 | 79.59 | 53.20 | | Automobile | 85.62 | 80.96 | 65.90 | 72.33 | 52.70 | 0.00 | | Household Appliances | 61.09 | 56.22 | 53.92 | 58.28 | 50.56 | 12.70 | | Food and Beverage | 59.00 | 45.53 | 44.39 | 53.57 | 46.32 | 14.00 | | Textile and Apparel | 76.82 | 57.97 | 56.89 | 64.33 | 55.64 | 10.80 | | Light Industry Manufacturing | 252.03 | 202.77 | 197.14 | 205.58 | 201.09 | 14.70 | | Pharmaceutical Biology | 69.15 | 75.61 | 65.88 | 77.40 | 72.41 | 28.60 | | Public Utilities | 41.14 | 35.91 | 33.18 | 40.03 | 34.73 | 28.40 | | Transportation | 49.26 | 39.69 | 36.57 | 42.87 | 39.54 | 16.90 | | Real Estate | 328.68 | 193.60 | 152.71 | 151.38 | 139.80 | 13.70 | | Commercial Trade | 65.60 | 53.18 | 51.82 | 60.18 | 53.50 | 15.50 | | Leisure Services | 76.21 | 98.68 | 108.37 | 108.00 | 103.97 | 92.60 | | Bank | 34.48 | 27.28 | 30.86 | 31.64 | 29.38 | 55.20 | | Non - bank Finance | 42.22 | 38.93 | 35.55 | 41.14 | 36.49 | 18.50 | | Comprehensive | 77.36 | 54.33 | 50.67 | 56.24 | 51.27 | 5.20 | | Building Materials | 53.59 | 49.32 | 46.51 | 55.78 | 48.88 | 27.00 | | Building Decoration | 59.58 | 58.42 | 56.64 | 62.39 | 57.36 | 16.90 | | Electrical Equipment | 79.81 | 85.02 | 82.75 | 95.68 | 87.87 | 52.00 | | Machinery and Equipment | 51.08 | 45.71 | 44.36 | 52.15 | 46.52 | 29.80 | | Computer | 100.49 | 83.35 | 69.85 | 76.46 | 68.52 | 5.70 | | Media | 208.09 | 48.00 | 44.56 | 53.78 | 47.76 | 3.40 | | Communication | 52.39 | 39.68 | 37.28 | 43.96 | 35.53 | 9.20 | [42] Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current | YoY | 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 3/24 | 2210.0 | 0.26% | | | | Spot price of eggs | Daily | Yuan/kg | 3/24 | 6.8 | 0.75% | | | | Spot price of palm oil | Daily | Yuan/ton | 3/24 | 9704.0 | - 0.16% | | | | Spot price of cotton | Daily | Yuan/ton | 3/24 | 14928.7 | - 0.02% | | | | Average wholesale price of pork | Daily | Yuan/kg | 3/24 | 21.1 | 0.24% | | | Non - ferrous Metals | Spot price of copper | Daily | Yuan/ton | 3/24 | 81146.7 | 1.44% | | | | Spot price of zinc | Daily | Yuan/ton | 3/24 | 24148.0 | 0.20% | | | | Spot price of aluminum | Daily | Yuan/ton | 3/24 | 20823.3 | - 0.48% | | | | Spot price of nickel | Daily | Yuan/ton | 3/24 | 130300.0 | - 0.65% | | | | Spot price of aluminum | Daily | Yuan/ton | 3/24 | 17393.8 | - 0.07% | | | | Spot price of rebar | Daily | Yuan/ton | 3/24 | 3186.7 | - 0.95% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 3/24 | 790.8 | - 0.79% | | | | Spot price of wire rod | Daily | Yuan/ton | 3/24 | 3367.5 | - 1.46% | | | | Spot price of glass | Daily | Yuan/square meter | 3/24 | 15.2 | 1.00% | | | Non - metal | Spot price of natural rubber | Daily | Yuan/ton | 3/24 | 16636.0 | 0.46% | | | | China Plastic City Price Index | Daily | - | 3/24 | 856.5 | - 0.60% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 3/24 | 68.3 | 1.64% | | | Energy | Spot price of Brent crude oil | Daily | US dollars/barrel | 3/24 | 71.6 | 1.46% | | | | Spot price of liquefied natural gas | Daily | Yuan/ton | 3/24 | 4222.0 | 1.93% | | | | Coal price | Daily | Yuan/ton | 3/24 | 789.0 | - 2.23% | | | | Spot price of PTA | Daily | Yuan/ton | 3/24 | 4877.3 | 1.25% | | | | Spot price of polyethylene | Daily | Yuan/ton | 3/24 | 8033.3 | - 1.65% | | | Chemical | Spot price of urea | Daily | Yuan/ton | 3/24 | 1963.0 | 4.58% | | | | Spot price of soda ash | Daily | Yuan/ton | 3/24 | 1538.0 | - 1.28% | | | | National cement price index | Daily | - | 3/24 | 148.9 | - 1.10% | | | Real Estate | Comprehensive building material index | Daily | Points | 3/24 | 117.5 | - 0.76% | | | | National concrete price index | Daily | Points | 3/24 | 100.5 | 0.04% | | [43]