Group 1 - The Ministry of Commerce issued guidelines for the filing of refined oil wholesale storage enterprises, which is significant for the industry's standardized development and compliance operations [1][40]. - In May, the demand for lubricating oil entered a sales off-season, with the domestic PMI index below the 50% threshold, leading to low operating rates across various industries and a decline in lubricating oil demand [1][27]. - The production of lubricating oil in May 2025 decreased by 2% month-on-month, amounting to approximately 65.2 million tons [1][27]. Group 2 - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI rose by 0.6% year-on-year, indicating a mixed economic environment [4][5]. - The PPI fell by 0.4% month-on-month and 3.3% year-on-year, with the decline attributed to international input factors and seasonal decreases in energy and raw material prices [5][6]. - The manufacturing PMI rose to 49.5%, indicating a slight improvement in manufacturing sentiment, driven by growth stabilization policies and a temporary easing of US-China trade tensions [8][9]. Group 3 - Fixed asset investment in May showed a cumulative year-on-year growth of 3.7%, with manufacturing investment growing by 8.5% [10][11]. - The retail sales of consumer goods reached 41.326 billion yuan in May, growing by 6.4% year-on-year, driven by policies promoting consumption [14][15]. - The total import and export value in May was 38.098 billion yuan, with exports growing by 6.3% year-on-year, reflecting improved trade conditions due to eased tariffs [17][20]. Group 4 - The crude oil production in May was 18.47 million tons, a year-on-year increase of 1.8%, while crude oil processing decreased by 1.8% [25][26]. - The lubricating oil market is characterized by "technological advancement" and "regional market restructuring," with significant breakthroughs in technology and product offerings [42][43]. - Domestic lubricating oil manufacturers are increasingly competitive, achieving localization in various sectors, including power generation and equipment manufacturing [47][48].