Market Overview - The market experienced fluctuations with a trading volume of 1.33 trillion, slightly down by approximately 100 billion from the previous trading day, with over half of the sectors showing gains, particularly in banking, pharmaceuticals, and transportation, while military, computing, machinery, and electronics sectors faced declines [1] - The positive developments in trade negotiations have been quickly reflected in the market, although the absolute tariff levels remain high, indicating ongoing uncertainties in future negotiations [1] - Despite the high opening and subsequent decline, the potential for continued upward movement in the market remains significant, as the trade war and its dynamics may be long-term, with the recent rebound reflecting the market's recognition of these factors [1] Sector Performance - The photovoltaic sector saw some gains but experienced a pullback, driven by rumors of production cuts and supply preservation in the silicon material industry, which have not been officially confirmed, suggesting that this sector may only offer short-term trading opportunities until a significant improvement in the industry fundamentals is observed [2] - The military sector's short-term adjustments have not altered its main position in the market, with the logic for mid-term valuation restructuring becoming stronger [3] Fund Flow - On May 13, the net outflow of funds from the Shanghai Stock Exchange was 6.58 billion, while the Shenzhen Stock Exchange saw a net outflow of 96.72 billion. The sectors with the highest inflows included large state-owned banks, photovoltaic equipment, and joint-stock banks, while the sectors with the largest outflows were military electronics, consumer electronics, and semiconductors [5] Industry Dynamics - The release of the "Precision Denitrification Technology for Magnesium Smelting Industry" marks a global innovation, filling a gap in China's magnesium smelting industry regarding flue gas denitrification technology, with the potential to reduce nitrogen oxide emissions by approximately 10,000 tons annually, achieving a 70% reduction in emissions [11] - The Civil Aviation Administration of China is focusing on optimizing domestic transfer services and enhancing the quality of international route operations, aiming to boost market consumption vitality in the civil aviation sector [12] - Sichuan Province has introduced policies to support the development of low-altitude economy, providing financial support of up to 30% for projects related to large drones, eVTOLs, and flying cars, with a maximum funding limit of 20 million [13] Fund Dynamics - The private equity market is showing signs of recovery, with the number of billion-level private equity firms reaching 87, an increase of 3 since the end of March, driven by a gradual recovery in the issuance market [14] - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund has been established with a total scale of 5 billion, primarily investing in key projects and leading enterprises in Shenzhen's semiconductor industry [15][16]

5月12日，民航局在京召开2025年航班正常和服务质量工作会暨雷雨季节保障部署会。民航局副局长马 兵强调，要观大势、识大局，深刻认识国际形势多变带来新挑战、提振消费政策带来新要求和综合交通 竞争带来新考验，切实增强航班正常和服务工作的责任感和使命感。要促改革、求实效，努力推动航班 正常和服务工作迈上新台阶。一是优化布局，打造便捷通畅的航空运输网络。做深做实"干支通、全网 联"，推动国内中转服务产品优化升级；提升国际航线运营品质，积极拓展新兴市场。二是聚焦需求， 提振民航运输市场消费活力。不断优化民航旅客特色需求服务供给，持续提升民航旅客出行的便利化水 平，切实增强民航服务治理能力。三是强化协同，狠抓雷雨季节航班运行保障。强化对航班运行的动态 管理，准确识变、科学应变、主动求变，全面、及时共享关键信息；真正把"五早"融入决策链条中，实 现快速响应；突出工作的前瞻性和预见性，高度重视复杂天气应对工作，确保运行安全、平稳有序。 ...

Core Viewpoint - The Civil Aviation Administration of China (CAAC) held a meeting to summarize the successful experiences of flight operations and service quality, and to deploy work for the upcoming thunderstorm season in 2025 [1][2]. Group 1: Meeting Overview - The meeting reviewed the operational support during the 2025 Spring Festival and interpreted the overall plan for civil aviation operation support during the thunderstorm season [1][2]. - Key representatives from ten units, including the Air Traffic Management Bureau and the North China Regional Administration, shared their experiences [1][3]. Group 2: Strategic Focus - The CAAC emphasized the importance of understanding the changing international landscape, consumer demand, and competition in the transportation sector, enhancing the sense of responsibility and mission in flight operations and service quality [2]. - The administration aims to optimize the aviation transport network, improve domestic transfer services, and enhance the quality of international flight operations while exploring emerging markets [2]. - There is a focus on boosting consumer activity in the civil aviation market by improving service offerings tailored to passenger needs and enhancing travel convenience [2]. - The CAAC plans to strengthen collaboration and dynamic management of flight operations during the thunderstorm season, ensuring timely sharing of critical information and proactive responses to complex weather conditions [2].