Core Viewpoint - The article highlights the stable growth of China's economy in May, driven by industrial production, service sector expansion, and consumer spending, while emphasizing the need for continued efforts to enhance domestic demand and economic resilience [1][10]. Industrial Production - In May, the industrial added value of large-scale enterprises increased by 5.8% year-on-year and 0.61% month-on-month [2] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 9.0% and 8.6% respectively, outpacing overall industrial growth [2] - The profit of large-scale industrial enterprises reached 21,170 billion yuan from January to April, showing a year-on-year increase of 1.4% [2] Service Sector - The service sector production index rose by 6.2% year-on-year in May, with significant growth in information transmission, software, and IT services [3] - The business activity index for the service sector was at 50.2%, indicating expansion, while the business activity expectation index was at 56.5% [3] Consumer Spending - Retail sales of consumer goods totaled 41,326 billion yuan in May, marking a year-on-year increase of 6.4% [4] - Online retail sales reached 60,402 billion yuan, growing by 8.5% year-on-year, with physical goods online retail accounting for 24.5% of total retail sales [4] Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) was 191,947 billion yuan, up 3.7% year-on-year, with manufacturing investment growing by 8.5% [5] - Infrastructure investment increased by 5.6%, while real estate development investment saw a decline of 10.7% [5] Trade Performance - In May, the total value of goods imports and exports was 38,098 billion yuan, with exports growing by 6.3% and imports declining by 2.1% [6][7] - From January to May, the total trade value was 179,449 billion yuan, with a year-on-year growth of 2.5% [6] Employment Situation - The urban survey unemployment rate was 5.0% in May, showing a slight decrease from the previous month [8] - The average weekly working hours for employees were reported at 48.5 hours [8] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, with core CPI rising by 0.6% [9] - The Producer Price Index (PPI) decreased by 3.3% year-on-year in May [10]

Core Insights - In May, industrial investment in China increased by 11.6% year-on-year, indicating a robust growth trend in the industrial sector [1] - Investment in the manufacturing sector grew by 8.5%, reflecting ongoing expansion in manufacturing activities [1] - The investment in the electricity, heat, gas, and water production and supply industry surged by 25.4%, highlighting significant growth in energy-related investments [1] Investment Breakdown - First industry investment reached 384.7 billion yuan, with a year-on-year growth of 8.4% [1] - Second industry investment totaled 6,799.6 billion yuan, showing an increase of 11.4% [1] - Third industry investment was 12,010.4 billion yuan, experiencing a slight decline of 0.4% [1] Sector-Specific Insights - Mining industry investment rose by 5.8%, indicating steady growth in resource extraction [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 5.6%, demonstrating continued commitment to infrastructure development [1] - Notable growth in specific infrastructure sectors included water transportation investment increasing by 27.2%, and water conservancy management investment rising by 26.6% [1]

分经济类型看，5月份，国有控股企业增加值同比增长3.8%；股份制企业增长6.3%，外商及港澳台投资企业增长3.9%；私营企业增长5.9%。 分行业看，5月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.5%，石油和天然气开采业增长5.3%，农副食品加工业 增长7.6%，酒、饮料和精制茶制造业增长4.1%，纺织业增长0.6%，化学原料和化学制品制造业增长5.9%，非金属矿物制品业下降0.6%，黑色金属冶炼和压 延加工业增长4.8%，有色金属冶炼和压延加工业增长8.1%，通用设备制造业增长6.3%，专用设备制造业增长2.3%，汽车制造业增长11.6%，铁路、船舶、航 空航天和其他运输设备制造业增长14.6%，电气机械和器材制造业增长11.0%，计算机、通信和其他电子设备制造业增长10.2%，电力、热力生产和供应业增 长2.0%。 分产品看，5月份，规模以上工业623种产品中有326种产品产量同比增长。其中，钢材12743万吨，同比增长3.4%；水泥16500万吨，下降8.1%；十种有色金 属683万吨，增长2.9%；乙烯303万吨，增长14.4%；汽车264.2万辆，增长11.3 ...

Core Insights - The fixed asset investment (excluding rural households) in China for the first five months of 2025 reached 191,947 billion yuan, showing a year-on-year growth of 3.7% [5] - The investment growth varied across different industries, with the primary industry growing by 8.4%, the secondary industry by 11.4%, and the tertiary industry declining by 0.4% [2][5] Investment by Industry - In the secondary industry, industrial investment increased by 11.6%, with mining investment up by 5.8%, manufacturing investment up by 8.5%, and investment in electricity, heat, gas, and water production and supply rising by 25.4% [3][5] - The tertiary industry saw infrastructure investment (excluding electricity, heat, gas, and water production and supply) grow by 5.6%, with significant increases in water transport (27.2%), water management (26.6%), and air transport (4.7%) [3] Regional Investment Trends - Investment growth varied by region, with the eastern region growing by 0.5%, the central region by 4.5%, the western region by 4.9%, and the northeastern region by 2.1% [3] Investment by Ownership Type - Domestic enterprises saw a fixed asset investment growth of 3.7%, while investment from Hong Kong, Macau, and Taiwan enterprises grew by 6.5%. In contrast, foreign enterprises experienced a decline of 13.4% [4][6]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report indicates a decrease in PGM production by 12.5% quarter-on-quarter to 448,114 ounces (13.94 tons) and a decrease in gold production by 22.0% to 141,110 ounces (4.39 tons) in Q1 2025 [1][3] - The average basket price for PGM increased by 4% quarter-on-quarter to $1,362 per ounce, while the average gold price received was $2,832 per ounce, reflecting a 7.0% increase quarter-on-quarter [1][3] - The adjusted EBITDA for the group grew by 89% year-on-year to 4.1 billion Rand ($222 million), indicating significant financial improvement [6] - The report highlights operational challenges in the South African gold mining business, which are expected to improve in Q2 2025 [7] Production and Financial Performance - PGM sales decreased by 15.2% quarter-on-quarter to 473,028 ounces (14.71 tons), with a year-on-year decrease of 26.2% [1] - The operational cost for PGM was $1,393 per ounce, reflecting a 4% increase quarter-on-quarter and a 6.7% increase year-on-year [1] - The total cost for gold was $2,522 per ounce, with a quarter-on-quarter increase of 10.6% and a year-on-year increase of 14.3% [3] - The adjusted EBITDA for South African gold operations increased by 178% year-on-year to 1.8 billion Rand ($98 million) [7] Future Guidance - The operational guidance for 2025 remains unchanged, with expected PGM production in the U.S. between 255,000 ounces and 270,000 ounces [11] - The anticipated capital expenditure for the U.S. PGM business is projected to be between $100 million and $110 million [11] - The report forecasts a decrease in gold production in South Africa to between 16,000 kg (514,000 ounces) and 17,000 kg (546,000 ounces) [12]

Group 1 - The US dollar has depreciated nearly 9% this year, influenced by the uncertainty of the Trump administration's tariff policies and a global trend towards reducing reliance on the dollar post-pandemic [1] - Central banks worldwide have significantly increased their gold reserves over the past three years to mitigate dollar risk, suggesting a potential long-term weakening of the dollar [1] - The Tanzanian shilling has appreciated significantly, becoming one of the best-performing currencies this year, with a 7% increase against the dollar, primarily due to strong growth in agriculture, mining, tourism, and transportation sectors [1] Group 2 - African countries are experiencing high inflation and debt levels, exacerbated by the dollar's appreciation and the impact of the Russia-Ukraine conflict, leading to a wave of de-dollarization in 2023 [2] - Some African nations are establishing local currency settlement mechanisms and using the Chinese yuan for transactions as part of the de-dollarization trend [2] - The United Nations Economic Commission for Africa has indicated that de-dollarization can benefit African nations' development and help mitigate risks [3] Group 3 - The International Monetary Fund (IMF) forecasts a 6% economic growth for Tanzania this year, amidst a global shift away from dollar dependency that has persisted for over half a century [4] - Deutsche Bank reported a decline in the dollar's safe-haven status and a crisis of confidence, predicting a gradual depreciation of the dollar, although its dominance will not be overturned quickly [4]

Group 1: US Labor Market and Economic Indicators - The US non-farm payroll report for May showed resilience in the labor market, with 139,000 new jobs added, exceeding the expected 126,000 [2] - The unemployment rate remained at 4.2%, aligning with expectations, but there was notable internal structural divergence, with the U1 unemployment rate decreasing and the U4 rate increasing [2] - Job growth in the service sector was strong, with an increase of 145,000 jobs, particularly in leisure and hospitality, as well as transportation and warehousing, while the goods-producing sector saw a decline of 13,000 jobs [2] Group 2: Wage Growth and Inflation Concerns - Private sector hourly wages increased by 0.4% month-over-month, surpassing the expected 0.3%, with a year-over-year growth rate steady at 3.9% [2] - The broad increase in wages across various sectors has intensified inflation concerns, providing the Federal Reserve with more reasons to maintain a cautious stance [2] Group 3: China's Foreign Trade Performance - China's foreign trade maintained a steady growth trajectory, with total goods trade value reaching 17.94 trillion yuan, a year-on-year increase of 2.5% [3] - Exports amounted to 10.67 trillion yuan, growing by 7.2%, while imports fell by 3.8% to 7.27 trillion yuan [3] - The central region of China led the growth in foreign trade, significantly outpacing the national average, supported by the "Central China Rising" strategy [3] Group 4: US-China Economic Negotiations - Following internal conflicts within the US administration, there is potential for a shift in the US's hardline stance during US-China economic negotiations, with initial meetings expected to yield positive outcomes [4] - US Treasury Secretary and Commerce Secretary reported productive discussions, indicating a possible easing of external pressures on China's economy [4]

Economic Growth - Morocco's economy is projected to grow by 3.8% in 2024, slightly higher than the 3.7% growth in 2023, driven mainly by domestic demand while facing inflation and increased financing needs [1] - The GDP growth at current prices is expected to be 7.9% in 2024, down from 11% in 2023, indicating a reduction in inflationary pressures [1] Sector Performance - The primary sector is underperforming, with an overall value added decline of 4.5%, agricultural output shrinking by 4.8%, and fisheries growth slowing from 6.9% in 2023 to 2.6% in 2024 [1] - The secondary sector shows strong growth, with value added increasing by 4.2% in 2024 compared to only 0.8% in 2023, driven by mining (+13%), construction (+5%), manufacturing (+3.3%), and utilities (+2.6%) [1] - The tertiary sector remains active but experiences a slight slowdown, with growth rates decreasing from 5% in 2023 to 4.6% in 2024, although sectors like transportation and storage (+7.4%) and financial services (+7.3%) are accelerating [1] Income and Savings - National disposable income is expected to grow by 7.7% in 2024, down from 10.2% in 2023, while the national savings rate rises to 28.9% of GDP, compared to 28% in 2023 [2] - The investment rate is projected to be 30.1% of GDP in 2024, up from 29% in 2023, leading to an increase in the financing gap from 1% of GDP to 1.2% [2]

来源：内容编译自 valuethemarkets 。 随着芯片需求的增长，高纯度铜面临供应压力。了解这一隐性制约因素将如何颠覆半导体行业并创 造新的投资角度。 随着半导体行业不断向更小、更强大的芯片迈进，压力不仅仅来自设计或光刻技术，也来自材料，尤 其是铜。铜互连线，即在数十亿个晶体管之间传输电信号的导线，正在接近其物理极限。随着晶体管 尺寸缩小和芯片密度爆炸式增长，这些互连线必须更小、更快、更高效地散热。 半导体中的铜在日益紧凑的芯片架构中实现高速、低电阻信号传输方面发挥着至关重要的作用。由于 其优异的导电性和抗电迁移性能，这种工业金属一直是芯片互连的首选金属，但即使是这种主力材料 也开始面临压力。 公众号记得加星标⭐️，第一时间看推送不会错过。 诸如阻挡层减薄（可减少铜线周围的保护涂层）和低 k 电介质（可减少电气干扰的专用材料）等技术 有助于管理热量和信号问题，但它们也使芯片制造变得更加复杂和昂贵。 最终，如今芯片性能的提高不再取决于可以安装多少个晶体管，而是取决于如何更好地连接它们，或 者电子如何有效地通过微观铜通路，而铜成为了关键的限制因素。 这使得曾经被忽视的铜成为该行业下一轮飞跃的核心。芯片中铜 ...

也门哈杰省一非法金矿发生山体滑坡 造成6人死亡 智通财经6月10日电，记者当地时间9日获悉，据胡塞武装消息，也门哈杰省一处非法开采的金矿发生山 体滑坡，造成6人死亡，1人受伤。 (央视新闻) ...