Market Overview - The Hang Seng Index showed stability, closing up 0.40%, supported by sectors like banking and electricity [1] - The US and UK reached a trade agreement, reducing tariffs on UK car imports from 25% to a maximum of 10%, with a cap of 100,000 cars per year [1] - The agreement requires the UK to purchase an additional $5 billion in US agricultural products and a $10 billion Boeing procurement deal [1] US-China Trade Negotiations - Substantial trade negotiations between the US and China are set to take place, with expectations of a significant reduction in tariffs from 145% to 50% [2] - The negotiations are seen as exploratory, aimed at understanding each side's demands and limits [2] Economic Data - China's April exports in USD rose by 8.1% year-on-year, while imports fell by 0.2%, resulting in a trade surplus of $96.18 billion [4] - The data indicates a strong performance in trade despite the ongoing tariff conflicts, with April's figures being the second highest for the month historically [4] Sector Focus - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, which is crucial for national security and economic stability [7] - The crackdown on smuggling is expected to tighten supply and support prices, potentially enhancing company performance in the sector [7] Company Highlights - China Resources Beverage reported a revenue of 13.521 billion yuan and a net profit of 1.661 billion yuan for 2024, marking a 24.7% increase [9] - The company plans to distribute a total dividend of 0.483 yuan per share, reflecting a payout ratio of 70.8% [9] - The beverage segment is experiencing significant growth, with a 30.8% increase in revenue, contributing to 10.3% of total revenue [10] - The company is increasing its self-production capacity, aiming for over 60% by 2025, which will reduce reliance on outsourcing and lower manufacturing costs [10]

国家出口管制工作协调机制办公室部署开展打击战略矿产走私出口专项行动。 据商务部网站消息，为深入贯彻党中央、国务院决策部署，2025年5月9日，国家出口管制工作协调机制办 公室组织商务部、公安部、国家安全部、海关总署、最高人民法院、最高人民检察院、国家邮政局等部门 在广东省深圳市召开打击战略矿产走私出口专项行动现场会，部署各项具体工作。 会议指出，加强战略矿产资源出口管制事关国家安全和发展利益。国家对镓、锗、锑、钨、中重稀土等战 略矿产实施出口管制以来，部分境外实体与境内不法人员相互勾结，不断翻新走私出口手法，试图逃避打 击。为避免战略矿产非法外流、遏制走私势头、切实维护国家安全，同时促进合规贸易、保障产供链稳 定，打击战略矿产走私出口成为当前迫切且重要的工作任务。 会议强调，各部门要聚焦战略矿产领域，加强源头管控，形成打击合力，针对伪报瞒报、夹藏走私、"第 三国"转口等典型规避手法，重点打击战略矿产走私出口。要坚持法治思维，完善行刑衔接，依法加快办 理并公布一批违法出口案件，深挖幕后非法实体和走私网络，坚决打深打透，对不法分子形成有力震慑。 会议要求，各部门要加强执法司法力量配备和能力建设，切实提升办案水平和 ...

本期南非锰矿全球发运总量45.86万吨，较上周环比下降31.47%；澳大利亚锰矿发运总量10.52万吨，较 上周环比上升13689.65%；加蓬锰矿发运总15.14万吨，较上周环比上升26.78%。到港量方面，中国到货 来自南非锰矿54.28万吨，较上周环比上升62%；澳大利亚锰矿0万吨，较上周环比持平；加蓬锰矿21.25 万吨，较上周环比下降19.44%。至4月24日，全球主要国家发往中国锰矿的海漂量为131.81万吨南非到 中国的海漂量为31.76万吨；澳大利亚到中国的海漂量为7.85万吨；加蓬到中国的海漂量为12.12万吨。 【成本】 内蒙成本5750（-11.1）元/吨，广西生产成本6368（-）元/吨，内蒙生产利润-200（-89）元/吨。 【锰矿】 NMT公布2025年5月对华锰矿装船报价：Mn35.5%南非半碳酸块为3.75美元/吨度，4月Mn36.5%半碳酸 块报价为4.3美元/吨度。港口锰矿震荡运行，伴随贸易商亏损加剧，低价出货意愿下滑。天津港 （600717）半碳酸成交围绕32.5-33元/吨度，南非高铁30.5-31元/吨度，加蓬36.5元/吨度左右，澳块38- 39元/吨度。钦州港半碳 ...

Group 1: Rare Earth Elements - Rare earth elements are highly valued non-renewable mineral resources in China, crucial for various industrial applications, especially in metallurgy and manufacturing [1] - China remains the largest country in terms of rare earth reserves and also leads the world in export volume [1] - Due to decades of continuous exports, China's rare earth reserves are depleting, prompting the government to implement policies to strengthen management and monitoring of rare earth exports [1] Group 2: Antimony Mining - Antimony is a hard metal with a high luster, historically used since ancient Egypt, and recognized for its strong corrosion and oxidation resistance [4] - The unique properties of antimony, such as thermal expansion and hardness adjustment, have led to its widespread application in military and industrial developments, including rockets and alloys [6] - Global consumption of antimony ore is approximately 130,000 tons annually, while current global reserves are just over 1 million tons, indicating a potential depletion risk in the coming years [6] Group 3: China's Antimony Resource Management - China is the country with the largest antimony reserves and export volume, and has begun to restrict antimony ore exports to protect this valuable resource [6][8] - The reduction in exports is not aimed at any specific country but is a necessary measure for resource protection, with significant cuts initiated in 2020 [8] - The U.S. has historically relied on imports for antimony, having ceased domestic mining two decades ago, and is now facing challenges due to China's export restrictions [8]

上海国际问题研究院地区合作室主任祝鸣向第一财经记者表示，刚果（金）虽然自然资源丰富，但有很 多资源在实际上难以开采或不由中央政府控制，如今打"资源牌"，引外部力量介入，希望以此打开僵 局。不过，开发这些矿产的客观障碍依然存在，依然具有较高的政治和经济风险。 矿产协议 刚果（金）拥有世界上约70%的钴储量。 美国和乌克兰的矿产协议终于签署，而另外一个资源大国也有意效仿。 据新华社报道，刚果（金）外交部4月25日发表声明说，刚果（金）和卢旺达当天在美国华盛顿签署原 则宣言，以推动实现刚果（金）东部和非洲大湖区和平。 特朗普政府非洲事务高级顾问布洛斯（Massad Boulos）5月1日还透露，美国正推动刚果（金）和卢旺 达在两个月内签署和平协议，与此同时，美国还将与刚果（金）达成双边矿产合作协议。 此前，刚果（金）政府主动向美国提出希望进行矿产合作，以换取美国对刚果（金）政府的安全支持。 刚果（金）拥有世界上约70%的钴储量，还有大量的铜矿和锂矿处于未开发的原始状态。 据新华社报道，近期，刚果（金）东部地区紧张局势急剧升级，反政府武装"M23运动"在北基伍省和南 基伍省等地不断发起攻势。冲突造成大量平民伤亡和流离 ...

继2月白宫争吵、4月罗马促膝短谈后，特朗普与泽连斯基终于达成一致： 美乌矿产协议签署，美国获特权。 此前该协议曾因美国"要价太高"，泽连斯基愤然拒绝。 不过在特朗普不断威胁施压下，一波三折后的泽连斯基还是不得不妥协了。 据悉，该协议将使美国享有新投资项目的特权，以开发乌克兰的自然资源，包括铝、石墨、石油和天然气等。 来源：美财政部X平台账号 美国 "让步 "？ 乌克兰当地时间5月1日，乌第一副总理兼经济部长斯维里坚科表示，乌克兰和美国签署了《美乌重建投资基金成立协议》。 即，"美乌矿产协议"。 依据乌方5月1日公布的协议内容，美乌共同创建乌克兰重建投资基金，并采取乌美各占一半的股权结构，由乌克兰和美国共同管理。 乌方预计在最初的10年里，基金的利润和收入不会进行分配，而是全部投资于乌克兰的新项目或用于重建，具体条件将进一步商讨。 同时，乌克兰方面强调，协议明确规定乌克兰拥有对乌境内矿产资源的所有权和控制权。 另外，协议未提及乌克兰对美国的债务义务。 此前这部分内容是美乌之间达成协议的主要分歧之一，特朗普曾一度要求协议设立的基金收入优先偿还此前美对乌援助的债务，然后再用于乌克兰重建。 美国财政部稍早前也表示，这 ...

美乌矿产协议草案：乌克兰同意给予美国或其指定方自然资源新投资机会的优先权，以及颁发自然资源 许可证和执照的优先权。 ...

Core Viewpoint - The Hubei Xianning government is focusing on enhancing its fiscal capacity to support the development of the Wuhan metropolitan area as a key growth engine for green development [1][3]. Fiscal Performance - In 2024, Xianning's general public budget revenue reached 11.568 billion yuan, with a year-on-year growth of 12.1%, outperforming the provincial average by 6.7 percentage points [3]. - The city maintained a strong focus on social welfare, with over 78% of expenditures allocated to people's livelihood [3]. Revenue Generation Strategies - The fiscal department aims for a 7% growth in general public budget revenue, employing various strategies to expand revenue sources [4]. - Initiatives include establishing incentive mechanisms, promoting tax policies to support key industries, and enhancing investment attraction [4]. - The department is also focusing on revitalizing idle assets, including 46,000 acres of undeveloped land and old factories [4]. Policy Support for Development - The fiscal department is leveraging long-term special bonds and local government bonds to support five major initiatives [5]. - A total of 3.633 billion yuan is allocated for industrial chain investment, while 2.285 billion yuan is designated for technological innovation and industry integration [5]. - Government investment of 5.783 billion yuan is directed towards key projects, aiming to stimulate social capital participation [5]. Social Welfare and Expenditure Structure - The fiscal department is optimizing its expenditure structure to enhance public satisfaction, implementing policies for direct fund allocation [7]. - The department plans to reduce general expenditures by 10% and redirect those funds to education, healthcare, and elderly care [7]. Reform and Mechanism Enhancement - Xianning is advancing fiscal reforms to create a comprehensive fiscal system, targeting over 1 trillion yuan in total assets by 2025 [8]. - The establishment of a 3 billion yuan regional mother fund aims to attract projects in various sectors, including culture and tourism [8]. - The city is also reforming its fiscal system at the district level and incentivizing green industry development in rural areas [8].

万斯首次出访印度，释放何种信号？ 美国副总统万斯周一抵达印度，开启为期四天的国事访问。今日，万斯就美国新政府时期的印美关系框架 发表讲话。他表示，印度与美国政府正全力推进贸易协定谈判，印度与美国已达成贸易协议的合作框架。 美国希望印度增加军事装备的采购。 印度媒体评论称，此访是印美关系的初步考验。美国总统特朗普此前称印度为"关税滥用者"和"关税之 王"，但又想确保美国在亚洲的经济和战略影响力。就在万斯抵印当天，全印度农民协会呼吁全国抗议， 反对印美间的一项贸易协议。 另据最新消息，有行业高管、游说人士和美国政府官员透露，白宫正在要求印度允许亚马逊和沃尔玛等零 售巨头全面进入印度的电子商务市场。 据《环球时报》报道，当地时间21日晚间，印度总理莫迪在首都新德里与到访的万斯就敲定双边贸易协 定、深化战略和经济关系举行会谈。 《今日印度》报道称，万斯一行21日上午抵达新德里，开启对印度为期4天的首次官方访问。22日，万斯 访问拉贾斯坦邦首府斋浦尔，并就美国新政府时期的印美关系框架发表讲话。 万斯表示，印度与美国政府正全力推进贸易协定谈判，印度与美国已达成贸易协议的合作框架。印度与美 国将共同研发多种军事装备。 万斯 ...

Group 1: Industry Insights - The organic silicon sector is experiencing continuous improvement in profitability, with an optimizing industry structure [3] - The agricultural sector is focusing on new breeding directions and industry transformations following the recent seed industry conference [4] Group 2: Company Performance - Zijin Mining (601899.SH) reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.5%, and a net profit of 32.1 billion yuan, up 51.8% year-on-year [5] - Jianghai Co., Ltd. (002484.SZ) achieved a revenue of 3.539 billion yuan in the first three quarters of 2024, a decrease of 6.33% year-on-year, with a net profit of 494 million yuan, down 9.71% [7] - Horizon Robotics (9660.HK) saw a decline in non-vehicle solution revenue to 72 million yuan in 2024, compared to 81 million yuan in 2023, but improved gross margin by 10.4 percentage points [8] - Furuida (600223.SH) reported a revenue of 3.98 billion yuan and a net profit of 240 million yuan for 2024, with a proposed dividend of 0.06 yuan per share [9] - Pinduoduo (PDD.O) achieved a revenue of 393.84 billion yuan in 2024, a 59% year-on-year growth, and a GAAP net profit of 112.43 billion yuan, up 87.3% year-on-year [10]