[Weak Order Demand in Some Sectors, Zinc Oxide Operating Rates Declined] The industry's operating rates pulled back WoW this week. Dragged down by weak end-use demand, some enterprises slowed down their production pace, and capacity release contracted somewhat......

Overall, the aluminum processing industry achieved a slight edge up in operating rate this week, driven by the recovery of export orders, the surge in energy storage demand, and the recovery of infrastructure-related orders. The industry maintained relatively strong resilience, and going forward, attention should be focused on the sustainability of export orders and the boosting effect of aluminum price trends on demand.

According to the latest customs data, China imported 2,574 mt of die-cast zinc alloy in April 2026, down 20.79% month-on-month. From January to April 2026, China's cumulative imports of die-cast zinc alloy reached 10,636 mt, down 27.96% year-on-year.

[Will Refined Zinc Maintain Net Imports in April with Exports Increasing in May?] According to the latest customs data, refined zinc imports in April 2026 were 6,000 mt, down 8,400 mt or 58.27%% MoM, and down 78.62% YoY. Cumulative refined zinc imports from January to April were 49,000 mt, down 61.98% YoY cumulatively. Refined zinc exports in April were 3,900 mt, down 16.22% MoM and up 59.21% YoY.

The National Economy Maintained Steady Progress in January–April In January–April, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the construction of a new development pattern, effectively implemented more proactive and impactful macro policies, and focused on stabilizing employment, enterprises, markets, and expectations. Production and supply grew steadily, market sales continued to expand, foreign trade resilience was further demonstrated, employment and prices remained generally stable, new momentum grew stronger, and high-quality development advanced toward new and better directions. I. Industrial Production Grew Rapidly, with Equipment Manufacturing and High-tech Manufacturing Growing at a Faster Pace In January–April, the value added of industrial enterprises above designated size nationwide increased by 5.6% YoY. By three major categories, the value added of the mining industry grew 5.5% YoY, manufacturing grew 5.8%, and the production and supply of electricity, heat, gas, and water grew 4.5%. The value added of equipment manufacturing grew 8.7% YoY, and that of high-tech manufacturing grew 12.6%, which were 3.1 and 7 percentage points faster than the overall value added of industrial enterprises above designated size, respectively. By economic type, the value added of state-holding enterprises grew 4.4% YoY; joint-stock enterprises grew 6.0%, foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises grew 3.9%; and private enterprises grew 5.2%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots grew 50.9%, 36.0%, and 25.7% YoY, respectively. In April, the value added of industrial enterprises above designated size nationwide grew 4.1% YoY and 0.05% MoM. In April, the manufacturing PMI was 50.3%; the business activity expectations index of enterprises was 54.5%, up 1.1 percentage points from the previous month. In January–March, the total profits of industrial enterprises above designated size nationwide reached 1,696 billion yuan, up 15.5% YoY. II. The Service Sector Grew Steadily, with Modern Services Developing Well In January–April, the national service sector production index grew 4.9% YoY. By industry, the production indices of information transmission, software and information technology services, leasing and business services, and the financial industry grew 10.9%, 9.3%, and 6.7% YoY, respectively. In April, the national service sector production index grew 4.3% YoY. In January–March, the operating revenue of service enterprises above designated size grew 6.5% YoY. In April, the business activity index of the service sector was 49.6%; the business activity expectations index of the service sector was 55.4%, up 0.6 percentage points from the previous month. Among them, industries such as railway transport, postal services, and telecommunications, radio, television and satellite transmission services had business activity indices in the relatively high prosperity range of above 55.0%. III. Market Sales Scale Expanded, Service Retail Growth Accelerated From January to April, total retail sales of consumer goods reached 16,494.1 billion yuan, up 1.9% YoY. By location of business units, urban consumer goods retail sales were 14,292.1 billion yuan, up 1.8% YoY; rural consumer goods retail sales were 2,202 billion yuan, up 2.8%. By consumption type, commodity retail sales were 14,605.8 billion yuan, up 1.7%; catering revenue was 1,888.3 billion yuan, up 3.8%. Sales of basic living necessities and some upgraded goods grew relatively fast, with retail sales of grain, oil and food, clothing, footwear, hats, knitwear and textiles, and communication equipment by units above the designated size up 8.6%, 8.1%, and 17.7% YoY respectively. In April, total retail sales of consumer goods were up 0.2% YoY and down 0.48% MoM. From January to April, service retail sales were up 5.6% YoY, with the growth rate accelerating by 0.1 percentage point compared with January to March. Among them, retail sales of communication and information services, tourism, consulting and rental services, culture, sports and leisure services, and transportation services grew relatively fast. From January to April, national online retail sales of goods and services reached 6,530.8 billion yuan, up 6.6% YoY. Of this, online goods retail sales were 4,118.5 billion yuan, up 5.7%, accounting for 25.0% of total retail sales of consumer goods; online service retail sales were 2,412.3 billion yuan, up 8.3%. IV. Fixed Asset Investment Declined YoY, High-Tech Industry Investment Grew Relatively Fast From January to April, national fixed asset investment (excluding rural households) was 14,129.3 billion yuan, down 1.6% YoY; excluding real estate development investment, national fixed asset investment grew 1.3%. Of this, intellectual property product investment was up 8.9% YoY. By sector, infrastructure investment was up 4.3% YoY, manufacturing investment up 1.2%, and real estate development investment down 13.7%. The floor space of newly built commercial buildings sold nationwide was 252.58 million m², down 10.2% YoY; sales revenue of newly built commercial buildings was 2,300 billion yuan, down 14.6%. By industry, primary industry investment was up 10.1% YoY, secondary industry investment up 2.5%, and tertiary industry investment down 4.2%. Private investment was down 5.2% YoY; excluding real estate development investment, private investment was down 1.9%. High-tech industry investment was up 6.1% YoY, of which investment in aviation, spacecraft and equipment manufacturing, computer and office equipment manufacturing, and information services grew 17.9%, 13.9%, and 18.1% respectively. In April, fixed asset investment (excluding rural households) declined 2.36% MoM. V. Goods Imports and Exports Grew Rapidly, Trade Structure Continued to Optimize In January-April, total goods imports and exports reached 16,225.2 billion yuan, up 14.9% YoY. Of this, exports were 9,328 billion yuan, up 11.3%; imports were 6,897.2 billion yuan, up 20.0%. Ordinary Trade imports and exports grew 8.5% YoY. Imports and exports with Belt and Road partner countries grew 13.5%. Private enterprise imports and exports grew 15.9%. Exports of mechanical and electrical products grew 17.6%. In April, total goods imports and exports were 4,377.8 billion yuan, up 14.2% YoY. Of this, exports were 2,481.7 billion yuan, up 9.8%; imports were 1,896 billion yuan, up 20.6%. VI. Employment Situation Remained Generally Stable, Urban Surveyed Unemployment Rate Declined In January-April, the average national urban surveyed unemployment rate was 5.3%. In April, the national urban surveyed unemployment rate was 5.2%, down 0.2 percentage points from the previous month. The surveyed unemployment rate for local household registration labor force was 5.3%; the surveyed unemployment rate for migrant labor force was 5.0%, of which the surveyed unemployment rate for migrant labor force with agricultural household registration was 5.0%. The urban surveyed unemployment rate in 31 major cities was 5.2%, down 0.1 percentage points from the previous month. The average weekly working hours of employed persons in enterprises nationwide was 48 hours. VII. Consumer Prices Saw a Mild Rebound, Producer Prices Saw Expanded Gains In January-April, the national consumer price index (CPI) rose 0.9% YoY. By category, prices of food, tobacco, alcohol and dining out rose 0.2% YoY, clothing prices rose 1.7%, housing prices fell 0.2%, household goods and services prices rose 2.0%, transportation and communication prices rose 0.3%, education, culture and entertainment prices rose 1.1%, healthcare prices rose 1.9%, and other goods and services prices rose 13.3%. Among food, tobacco, alcohol and dining out prices, pork prices fell 12.2%, grain prices fell 0.3%, fresh fruit prices rose 3.0%, and fresh vegetable prices rose 5.7%. Core CPI, excluding food and energy prices, rose 1.2% YoY. In April, the national CPI rose 1.2% YoY, with the increase expanding 0.2 percentage points from the previous month; up 0.3% MoM. In January-April, the national ex-factory prices of industrial producers rose 0.2% YoY. Of this, in April, ex-factory prices rose 2.8% YoY, with the increase expanding 2.3 percentage points from the previous month; up 1.7% MoM. From January to April, the national industrial producer purchase price increased 0.5% YoY. Of which, April was up 3.5% YoY, with the increase expanding 2.7 percentage points from the previous month; up 2.1% MoM. Overall, from January to April, the national economy maintained a steady and progressive development trend, with high-quality development advancing solidly. However, it should be noted that the external environment remains complex and volatile, the domestic imbalance of strong supply and weak demand remains prominent, some enterprises face operational difficulties, and the foundation for steady and positive economic development still needs to be consolidated. In the next phase, it is necessary to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, maintain the general principle of seeking progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, precisely and effectively implement more proactive fiscal policies and moderately accommodative monetary policies, continuously expand domestic demand and optimize supply, enhance incremental growth and revitalize existing assets, strengthen the endogenous driving force of economic development, further strengthen the domestic circulation, optimize the domestic-international dual circulation, and promote sustained and healthy economic development. Recommended reading:

According to data from the National Bureau of Statistics (NBS), I. Real Estate Development Investment From January to April, national real estate development investment totaled 2,396.9 billion yuan, down 13.7% YoY (calculated on a comparable basis; see Note 5 for details), of which residential investment was 1,846.4 billion yuan, down 13.1%. From January to April, the floor space of buildings under construction by real estate development enterprises was 5.4512 billion m², down 12.1% YoY, of which residential construction floor space was 3.7801 billion m², down 12.5%. The floor space of buildings newly started was 139 million m², down 22.0%, of which residential newly started floor space was 100.57 million m², down 23.6%. The floor space of buildings completed was 118.86 million m², down 24.0%, of which residential completed floor space was 84.73 million m², down 25.8%. II. Sales and Pending Sale of Newly Built Commercial Buildings From January to April, the floor space of commercial buildings sold (newly built) was 252.58 million m², down 10.2% YoY, with the decline narrowing by 0.2 percentage points compared with January to March, of which residential sales floor space fell 12.2%. Sales revenue of newly built commercial buildings was 2,300 billion yuan, down 14.6%, with the decline narrowing by 2.1 percentage points, of which residential sales revenue fell 15.7%. At the end of April, the floor space of commercial buildings pending sale was 778.01 million m², down 0.5% YoY, of which the floor space pending sale for less than three years was 579.03 million m², down 2.6%. III. Funds Received by Real Estate Development Enterprises From January to April, funds received by real estate development enterprises totaled 2,669.7 billion yuan, down 18.4% YoY, including domestic loans (419.9 billion yuan, down 25.9%), self-raised funds (983.8 billion yuan, down 10.5%), deposits and advance receipts (797.5 billion yuan, down 17.6%), and individual mortgage loans (308.7 billion yuan, down 31.7%).