Core Viewpoint - Jiangsu's service industry has shown a strong start in the first quarter, with significant growth in both high-tech and traditional service sectors, contributing to the province's economic development [1][2][3]. Group 1: Service Industry Performance - In the first quarter, Jiangsu's service industry added value reached 18,831 billion yuan, a year-on-year increase of 5.9%, accounting for 56.9% of the regional GDP, an increase of 1.3 percentage points from the previous year [1]. - The accommodation and catering industry saw a value-added growth of 7.5%, while wholesale and retail grew by 7.7%, and profit-oriented services increased by 8.9% [1]. - The contribution rate of the service industry to economic growth was 56.5%, driving a 3.3 percentage point increase in regional GDP [1]. Group 2: Production Service Sector - The revenue of large-scale service enterprises in Jiangsu grew by 8% year-on-year in the first quarter, surpassing the national average by 1 percentage point [2]. - The productive service sector accounted for 68.7% of the revenue from large-scale service enterprises, with a year-on-year growth of 9.9%, contributing 83.6% to the overall growth of the service sector [2]. - Business service revenue increased by 12.5%, contributing 33% to the growth of large-scale service enterprises [2]. Group 3: High-Tech Service Sector - High-tech services have shown strong growth, with e-commerce services leading at a year-on-year increase of 39.8% [3]. - Internet and related services saw a revenue growth of 17.1%, with internet information services and platforms growing by 14.9% and 30.8%, respectively [3]. - The revenue from technology transfer services grew by 27.8%, while research and design services increased by 10.5% [3]. Group 4: Transportation and Financial Services - The transportation network in Jiangsu operated efficiently, with railway passenger volume reaching 74.4 million, a growth of 5.1% [4]. - The total revenue of financial institutions reached 26.7 trillion yuan, with a loan balance of 27.4 trillion yuan, growing at a rate of 10.7% [5]. - The postal network's business volume reached 38.4 billion yuan, with express delivery volume exceeding 3.63 billion pieces, reflecting a growth of 21.1% [5]. Group 5: Telecommunications and Digital Economy - The telecommunications sector reported a total business volume of 34.95 billion yuan, with a steady growth of 5.1% [6]. - By the end of March, the number of internet broadband users reached 49.43 million, growing by 2.6% [6]. - The data indicates a robust integration of the digital economy with the real economy, showcasing the vitality of the service industry in Jiangsu [6].

热门景区仿佛"有一亿人"，道路上比比皆是的"车贴车"……有人用"流动的中国"来形容今年的五一出行盛 况。 是的，交通运输部数据显示，5月1日至5日，预计全社会跨区域人员流动量累计14.67亿人次，日均2.93亿 人次，同比增长8.0%。 其实节假日出行数据一直被认为是观察经济活力以及消费意愿的重要窗口。此番新鲜出炉的五一数据，又 有哪些值得关注的新亮点？ 一是 长途出行意愿的高涨 。 "长线爆发"是携程发布的《五一旅游出行预测报告》中总结的一大特征。另据中青旅遨游的预订数据，游 客"五一"境内游的平均出行天数为5.2天，同比延长约15%。 而参考招商证券报告的统计数据，4月30日至5月3日，铁路、公路、水路、航运日均客运量分别为 1978.05、25843.50、168.75、222.5万人次，分别较2019（疫情前一年）年同期增长39.01%、37.00%、 10.87%、28.58%，而较2024年同期增长10.71%、4.62%、37.43%、13.60%。换句话说，今年五一假期的铁 路、公路、水路、民航客运量相较于2019年和2024年"全线升温"。 民生证券的报告中提到，此次客运量、人均消费等数据与 ...

智通财经5月6日电，交通运输部5月6日发布数据，今年"五一"假期，全社会跨区域人员流动量为146594 万人次，持续保持高位运行。 ...

金十数据5月6日讯，交通运输部5月6日发布数据显示，今年"五一"假期，全社会跨区域人员流动量超 14.65亿人次，具体为146594万人次，全社会跨区域人员流动量持续保持高位运行。 （新华社） 超14.65亿人次 2025年"五一"假期交通出行火热 ...

Core Viewpoint - The "May Day" holiday has seen a significant increase in foreign tourist arrivals in China, with border inspection ports continuously optimizing services for a smoother cross-border experience [1][2]. Group 1: Tourist Influx and Services - From April 30 to May 3, the number of foreign visitors entering Beijing reached 69,000, a 52.1% increase compared to the same period in 2024, primarily for tourism, family visits, and business [2]. - Guangzhou's border inspection stations reported a total of 154,000 inbound and outbound passengers from May 1 to 3, marking a 23% year-on-year growth, with a peak daily flow of 56,000 passengers [3]. - Chengdu's Tianfu International Airport has seen 160,000 foreign visitors entering under visa exemption policies by May 3, with over 23,000 people utilizing 24/240-hour transit visa exemptions [3]. Group 2: Enhanced Border Inspection Experience - The implementation of specialized channels for elderly and special needs travelers at major airports has improved the entry experience, with travelers expressing satisfaction with the expedited processes [2][3]. - The "Spring Language" multilingual service team has provided over 100 consultations per shift, enhancing communication and assistance for foreign tourists [2]. - The introduction of AI-driven immigration consultation platforms at border checkpoints has further streamlined the process for travelers attending events like the Canton Fair [3]. Group 3: Impact of Visa Policies - The relaxation of visa policies, particularly the visa exemption for South Korean travelers, has led to over 120,000 South Koreans entering Shandong province in the first four months of the year, with a notable increase during the "May Day" holiday [4]. - The ease of entry has encouraged business collaborations, as seen with South Korean travelers exploring opportunities in Shandong [4].

Core Viewpoint - The offshore RMB exchange rate has strengthened significantly, reaching its highest level since April 4, indicating a potential easing of trade tensions and positive consumer sentiment during the May Day holiday [1][2]. Group 1: Offshore RMB Exchange Rate - The offshore RMB against the USD rose by over 370 points, peaking at 7.24, the highest since April 4 [2]. - Analysts suggest that signs of easing trade tensions have led to a release of bullish market sentiment, contributing to a collective rebound in global markets [2]. Group 2: May Day Holiday Consumption - Consumption during the May Day holiday exceeded market expectations, with historical highs in transportation data. The national railway is expected to send 144 million passengers, a 4.9% increase year-on-year [3]. - The aviation sector anticipates a total of 10.75 million passengers over the five-day holiday, averaging 2.15 million per day, marking an 8% year-on-year increase [3]. - The influx of foreign tourists to China has surged, with inbound travel orders increasing by 173% during the holiday, driven by favorable policies and tax refund services [3][4]. Group 3: U.S. Federal Reserve Rate Cut Expectations - U.S. Treasury Secretary Scott Bessenet indicated that the bond market signals a need for the Federal Reserve to lower interest rates, with traders expecting a total cut of 100 basis points by the end of the year [5][6]. - The current two-year U.S. Treasury yield is 3.717%, below the federal funds rate of 4.33%, suggesting market pressure for a rate cut [5]. - The upcoming U.S. non-farm payroll report is anticipated to influence market expectations regarding the Fed's rate decisions, with economists predicting a lower job growth figure compared to March [7].

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]

Economic Overview - The Yangtze River Delta (YRD) region achieved a GDP of 80,388.66 billion yuan in Q1, accounting for 25.22% of the national GDP, with an increase of 6,839.2 billion yuan compared to the same period last year [1] - By province, Jiangsu's GDP was 33,088.6 billion yuan (5.9% growth), Zhejiang's was 22,300 billion yuan (6.0% growth), Shanghai's was 12,735.06 billion yuan (5.1% growth), and Anhui's was 12,265 billion yuan (6.2% growth) [1] Industrial Growth - High-tech manufacturing is a key driver of economic growth in the YRD, with Anhui leading in industrial value-added growth at 9.2%, followed by Zhejiang (8.9%), Jiangsu (8.2%), and Shanghai (3.7%) [5] - In Q1, the high-tech manufacturing sector in Jiangsu saw a significant increase, with high-tech industries accounting for 51.4% of the province's industrial output [6] - Anhui's high-tech manufacturing value-added grew by 20.1%, with notable growth in the automotive sector, particularly in new energy vehicles [8] Foreign Trade Performance - The YRD's total import and export volume reached 38.7 trillion yuan in Q1, representing 37.6% of the national total, with Zhejiang contributing 12.9 trillion yuan and a growth rate of 7.3% [4] - Export growth rates for Anhui, Shanghai, Zhejiang, and Jiangsu were 17.3%, 12.6%, 11.1%, and 9.6%, respectively [4] Consumption Trends - Consumption growth varied across provinces, with Anhui (5.8%) and Jiangsu (5.6%) showing positive growth, while Shanghai experienced a decline of 1.1% in retail sales [10] - The YRD is focusing on boosting consumption in Q2, with various provinces implementing specific measures to stimulate consumer spending [12][13] Strategic Development - Experts suggest that the YRD should leverage its integrated development strategy to enhance regional cooperation and optimize the industrial structure, particularly in high-tech sectors [3][7] - There is a call for strengthening links with RCEP countries and enhancing the domestic unified market to drive further economic growth [3]

Group 1 - The transportation industry in China has shown a stable start in the first quarter, achieving a total freight volume of 13.06 billion tons, a year-on-year increase of 4.9%, which is 1 percentage point faster than the growth rate for the entire previous year [1] - Port production also saw growth, with a total cargo throughput of 4.22 billion tons, reflecting a year-on-year increase of 3.2% [1] - Significant progress has been made in building a unified and open market, which is crucial for promoting high-quality development in the transportation sector [1] Group 2 - There are still issues such as regional and urban-rural development imbalances, local protectionism, and administrative monopolies that need to be addressed [2] - A comprehensive transportation system innovation and collaborative development approach is necessary, including the establishment of urban transportation planning and efficient resource allocation [2] - Enhancing the connectivity of different transportation modes and improving the logistics efficiency across various sectors is essential for economic operation [2] Group 3 - Breaking down market segmentation is vital for efficient resource allocation, which includes eliminating institutional barriers and ensuring fair competition among various operators [3] - Encouraging technological innovation in transportation and addressing technical standards and compatibility issues are necessary for seamless operations [3] - A new regulatory mechanism should be established to enhance service innovation and ensure compliance among transportation operators [3]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - The A-share market shows increasing resilience. Future focus should be on China's policies to boost the domestic economy. It is recommended to take a cautious long - position approach in operations. The impact of tariffs on the market has decreased, but the outcome of the Sino - US tariff dispute remains uncertain [2]. Group 3: Summary by Directory 1. Stock Index Futures Market - **IF Futures**: The closing prices of IF contracts for different periods increased, with the increase ranging from 1.60 to 6.00. The trading volume of IF next month was 48,747.00, the highest among IF contracts. The open interest of most contracts decreased, except for the IF far - season contract which increased by 149.00 [1]. - **IH Futures**: The closing prices of IH contracts for different periods all increased, with an increase of about 8.00 - 8.80. The trading volume of IH next month was 24,156.00. The open interest of some contracts decreased, while the current - month and far - season contracts increased [1]. - **IC Futures**: The closing prices of IC contracts for different periods decreased, with a decrease of about 15.80 - 18.80. The trading volume of IC next month was 39,686.00. The open interest of most contracts decreased, except for the far - season contract which increased by 385.00 [1]. - **IM Futures**: The closing prices of IM contracts for different periods decreased significantly, with a decrease of about 52.20 - 55.60. The trading volume of IM next month was 135,094.00. The open interest of some contracts decreased, while the far - season and next - season contracts increased [1]. - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM decreased compared to the previous values [1]. 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by 0.07%, the SSE 50 index increased by 0.25%, the CSI 500 index decreased by 0.52%, and the CSI 1000 index decreased by 1.07%. Different industries in the CSI 300 index showed different trends, with industries such as energy rising and industries such as telecommunications business falling [1]. 3. Futures - Spot Basis - The basis of different futures contracts relative to the corresponding spot indexes changed compared to the previous two - day values [1]. 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.03%, the Shenzhen Component Index decreased by 0.58%, the Small and Medium - sized Board Index decreased by 0.42%, and the ChiNext Index decreased by 0.68% [1]. - **Overseas Indexes**: The Hang Seng Index decreased by 0.74%, the Nikkei 225 increased by 0.49%, the S&P 500 increased by 2.03%, and the DAX index increased by 0.47% [1]. 5. Macroeconomic Information - The 2025 version of the Market Access Negative List reduced the number of items from 117 in the 2022 version to 106, further relaxing market access restrictions. New business forms such as unmanned aerial vehicle operations and new - type tobacco products were included in the negative list [2]. - The Chinese Ministry of Commerce and the Ministry of Foreign Affairs clarified that there were no ongoing Sino - US economic and trade negotiations [2]. - Chinese Vice - Premier He Lifeng emphasized promoting cross - border trade facilitation [2]. - The central bank governor stated China's stance on opening - up, free trade, and maintaining global economic and financial stability [2]. - The Ministry of Commerce said China will continue to expand high - level opening - up and support foreign - invested enterprises [2]. 6. Industry Information - Seven ministries including the Ministry of Industry and Information Technology issued an implementation plan for the digital and intelligent transformation of the pharmaceutical industry from 2025 - 2030 [2]. - In the first quarter, the cumulative telecom business revenue was 446.9 billion yuan, a year - on - year increase of 0.7%, and the telecom business volume increased by 7.7% at constant prices of the previous year [2]. - China is willing to resolve Sino - EU electric vehicle trade frictions through dialogue [2]. - In the first quarter, China's freight volume increased by 4.9% year - on - year, and transportation fixed - asset investment reached 675.2 billion yuan [2]. - Shanghai issued measures to cultivate the commercial space advanced manufacturing cluster, aiming for an industrial scale of 100 billion yuan by 2027 [2]. 7. Stock Index Views - The three major US indexes rose. In the previous trading session, the stock indexes were divided, with the beauty care sector leading the gain and the computer sector leading the decline. The total trading volume was 1.14 trillion yuan. The financing balance on April 23 increased by 2.026 billion yuan to 1.799789 trillion yuan [2].