Over the past year, international gold prices have repeatedly hit new highs. Despite some fluctuations, they have generally shown an upward trend. Since the beginning of this year, spot gold prices have surged by more than 20%, with most of the gains occurring in the first quarter. However, many Wall Street bigwigs remain optimistic about the outlook for gold prices. For example, David Einhorn, a Wall Street hedge fund titan and the founder and president of Greenlight Capital, said on Wednesday that he still believes there is more upside room for gold. He emphasized that his long-term view on gold remains correct, and gold prices may continue to rise. "Gold prices are related to people's confidence in fiscal and monetary policies. Since we bought gold around 2008, it has been clear to me that both US fiscal and monetary policies have been too aggressive, creating risks," he said. Einhorn pointed out that, relative to the size of the federal government's budget, the cost savings that the Musk-led "Department of Government Efficiency" (DOGE) has helped achieve so far are "a drop in the bucket," indicating that the fiscal situation is unlikely to change in the short term. "Both parties have agreed to take no action on the deficit until we really face the next crisis," he added. The hedge fund manager also said that gold and other defensive positions have helped Greenlight Capital start the year strongly. As previously reported, Greenlight Capital rose 8.2% in the first quarter of this year, while the S&P 500 index fell more than 4% over the same period. Einhorn is not the only bigwig who believes gold prices will continue to rise. Billionaire investor Jeffrey Gundlach, known as the "Bond King," also believes that gold's record-breaking rally is far from over. He predicts that gold prices could climb to $4,000 per ounce. He believes that due to concerns about various factors such as geopolitical instability and tariffs, as well as the existing scale of US debt, the market has already regarded gold as a real monetary asset. In addition, the team of commodity analysts at Bank of America also expects that the likelihood of gold prices reaching $4,000 per ounce in the second half of this year is increasing. As for other catalysts behind the rise in gold prices by the end of the year, Bank of America pointed out that geopolitical uncertainties triggered by global trade are the biggest driving force for gold price increases before the end of 2025, and concerns about the fiscal outlook of the US government may trigger the next wave of gold price increases. On the other hand, Einhorn also noted that he expects US inflation to continue to heat up. He disclosed that he holds long-term inflation swap contracts, betting that prices will rise faster than market expectations. "All these actions (by the US government) will ultimately lead to inflation, and at a higher rate," he said.

[Nissan: Will Lay Off 20,000 Employees and Reduce Number of Factories from 17 to 10 by FY2027] Nissan Motor stated that the company aims to achieve total cost savings of 500 billion yen and has set an aggressive cost-cutting target of 250 billion yen. By FY2027, it will lay off 20,000 employees and reduce the number of factories from 17 to 10.

The market opened lower and closed higher throughout the day, with the ChiNext Index leading the gains. The total trading volume on the Shanghai and Shenzhen stock exchanges reached RMB 1.29 trillion, a decrease of RMB 174.9 billion from the previous trading day. On the futures market, hot topics rotated rapidly, with more stocks rising than falling. Over 3,800 stocks across the market advanced. In terms of sectors, military stocks continued to surge, with over 20 stocks, including AVIC Chengfei, hitting the daily limit. AI hardware stocks rebounded, with Walvax Biotech hitting the daily limit. The ST sector was active, with nearly 40 stocks, including ST Ruihe, hitting the daily limit. On the downside, PEEK material concept stocks adjusted, with Xinhan New Materials falling over 10%. By the close, the Shanghai Composite Index rose 0.28%, the Shenzhen Component Index rose 0.93%, and the ChiNext Index rose 1.65%. Sector Analysis In the sector, military stocks remained strong, with stocks such as AVIC Chengfei, Huawu Corporation, Haoneng Corporation, Lijun Corporation, Chengfei Integration, and Tongda Cable hitting the daily limit. Huatai Securities believes that the fundamentals of the military industry in 25Q1 may already be in a recovery trend. On one hand, starting from 2025, multiple countries have increased their defense budgets, leading to a significant increase in global military spending and a more active global arms trade market. On the other hand, 2025 marks the final year of the "14th Five-Year Plan," and previously pent-up demand is expected to be released rapidly. Since February 2025, the fundamentals of some enterprises have shown significant improvement, particularly in the aerospace and missile segments. Some upstream enterprises have seen notable improvements in their order volumes both year-over-year (YoY) and month-over-month (MoM), reflecting an increase in downstream demand on the balance sheet. Additionally, order data disclosed by some enterprises also indicate that the downstream sector is gradually entering a high-growth phase. Therefore, from a medium and long-term perspective, military stocks still hold allocation value. However, it should be noted that the military sector has surged with increased trading volume for two consecutive days amid event-driven catalysts, and short-term sentiment may be approaching a peak. Internal disagreements among individual stocks within the sector may intensify going forward, so it is advisable to focus on core front-runner stocks. AI hardware sectors, including CPO and high-speed copper cable connections, rebounded. New Flyoff and InnoLight Technology both rose over 10%, while Walvax Biotech and Cambridge Industries Group hit the daily limit. Other stocks, such as TFC Communication, Linktel Technologies, Zhaolong Interconnection, and Tera Photonics, also led the gains. On the news front, a spokesperson for the US Department of Commerce stated on Wednesday that President Trump plans to lift restrictions imposed during the Biden administration on the export of advanced artificial intelligence (AI) chips. From a market perspective, the AI hardware sector, represented by CPO, includes some technology heavyweights with relatively high earnings certainty. The previous adjustments were more driven by sentiment expectations. Today, under the aforementioned event-driven catalysts, the traces of capital inflow and allocation are evident. Therefore, the subsequent trend is worth monitoring. If the rebound can continue, it will have a strong driving effect on both the index and short-term sentiment. The concept of magnetic levitation compressors is gradually gaining traction, with individual stocks such as Shandong Zhanggu, United Precision, Baida Seiko, Xinlei Co., Ltd., Hanbell Precise Machinery, Jintongling, and Moon Environment hitting the daily limit up. On the news front, recently, the President of Danfoss's magnetic levitation compressor business stated, "In the next three years, the demand for magnetic levitation compressors in China's data centers is expected to at least double." In 2024, Danfoss Turbocor's data center-related business in China tripled, and it is expected to grow by around 50% this year. As a relatively new topic concept in the current futures market, it is more likely to gain favour from short-term active funds. If it is further strengthened in the future, attention could also be paid to whether it extends and diffuses towards data centers and computing power directions. Individual Stocks At the individual stock level, although the number of stocks that fell sharply today was not large, most high-priced stocks fell into adjustment. The number of consecutive daily limit-up stocks in the market dropped to 4 today. Chongqing Three Gorges Paints Co., Ltd., which previously had 6 consecutive daily limit-ups, eventually fell by more than 4%, while Jingjin Electric, which previously had 4 consecutive 20CM daily limit-ups, fell by more than 10%. In addition, popular high-priced stocks such as QuanZhu Technology, Hongbo Co., Ltd., Hongbaoli, Zhongxin Fluorine Material, Xinhan Advanced Materials, and Hongbaoli also suffered heavy losses. It can be seen that in an environment with a lack of incremental funds, the market's willingness to chase high prices is low. On the other hand, nearly 100 stocks in the market still rose by more than 9% today, and the overall short-term heat was not low, but it was mainly centered around two lower-tier topics: military industry and compressors. Overall, compared to clustering in high-priced stocks, funds currently prefer to tap into potential in low-priced stocks. Therefore, it is still more appropriate to look for low-absorption opportunities amidst the rotation of hot topics in subsequent responses. Outlook Analysis Today's market opened low and closed high throughout the day, with all three major indices closing in the red, basically reversing the bearish candlesticks left yesterday. Most individual stocks rose, with fewer falling. However, it should be noted that trading volume contracted again today, and hot topics in the futures market remained relatively scattered, lacking an absolute core leading the gains. Therefore, for the future market outlook, if there is no continuous influx of incremental funds, it is still expected to maintain a structure of oscillating higher. CITIC Securities stated in a recent research report that with the end of the earnings reporting season and the release of favorable policies, there is still room for risk appetite to rebound in May. It is recommended to focus on two major directions: first, the AI technological revolution and China's self-reliance in technology (new quality productive forces, advanced manufacturing, national defense and military industry, etc.); second, high-quality domestic circulation consumer assets that benefit from policy support for expanding domestic demand, with expected fundamental improvements and cost-effective valuations. Market News Focus 1. CPCA: National passenger vehicle market retail sales reached 1.791 million units from April 1-30, up 17% YoY Caijing.com.cn, May 8 - According to data released by the China Passenger Car Association (CPCA), from April 1-30, retail sales in the national passenger vehicle market reached 1.791 million units, up 17% YoY and down 8% MoM. Cumulative retail sales since the beginning of the year reached 6.918 million units, up 9% YoY. From April 1-30, retail sales in the national new energy passenger vehicle market reached 922,000 units, up 37% YoY and down 7% MoM. The retail penetration rate of the new energy vehicle market was 52.3%. Cumulative retail sales since the beginning of the year reached 3.342 million units, up 37% YoY. 2. Ministry of Commerce: China is willing to strengthen cooperation with all countries to promote the healthy and sustainable development of cross-border e-commerce Cailian Press, May 8: Starting from May 2, the US officially canceled the tax exemption policy for small-value parcels from China, prompting some retailers in certain countries to adjust or even suspend their business operations in the US. In response, the spokesperson of the Ministry of Commerce stated that cross-border e-commerce directly meets the personalized needs of consumers in various countries, boasting unique advantages such as high efficiency, fast delivery, and cost savings. The recent cancellation of the tax exemption policy for small-value parcels from China by the US will harm the interests of enterprises and consumers in both countries, and we firmly oppose this move. I would like to emphasize that the cancellation of the tax exemption policy for small-value parcels from China by the US cannot change the momentum of the rapid development of cross-border e-commerce. We are willing to strengthen cooperation with all countries to jointly create a fair and predictable policy environment and promote the healthy and sustainable development of cross-border e-commerce.

On April 23, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo – Copper Industry Low-Carbon Energy Transition Forum, Li Meng, head of the Brand Marketing Department of Rostar Energy (Beijing) New Energy Technology Co., Ltd., shared "Building Power Stations in My Homeland - Integrated Investment, Construction, and Operation, Stable for 30 Years."

Dongxing Aluminum recently announced that its Q1 operating revenue increased by 2.8% YoY, and its total industrial output value rose by 8% YoY. This laid a solid foundation for the company's work throughout the year. Adhering to the management philosophy of "stable production equals efficiency improvement," the company scientifically coordinated resource allocation and optimized production organization, achieving stable and high output. The efficiency of aluminum capacity utilization significantly improved, with 1,399 out of 1,400 electrolytic cells operating efficiently, achieving a startup rate of over 99%. The company closely monitored market fluctuations, strengthened the strategy of "opportunistic procurement and price-quantity linkage," and saved 290 million yuan by procuring alumina in "small batches and multiple rounds." In the procurement of anode carbon blocks, the company reduced procurement costs by over 9 million yuan through price negotiations. The company continues to strive to maintain profitability.

I. Policy Release: Dual Drivers of Local Government and Multinational Cooperation 1. Changping District Hydrogen Policy: Strategic Pivot for Beijing-Tianjin-Hebei Coordinated Development On March 21, the "Detailed Rules for Supporting Measures to Promote the Innovative Development of the Hydrogen Energy Industry" released by Changping District, Beijing, was the most significant event in the policy field this week. The policy explicitly provides strong support for three core areas: key technology R&D, hydrogen refueling station construction, and vehicle promotion: R&D Subsidy : For hydrogen energy projects with annual R&D investment exceeding 10 million yuan, a subsidy of 20% of the previous year's investment will be provided, up to a maximum of 20 million yuan. Hydrogen Refueling Station Layout : Plans to build 10-15 hydrogen refueling stations in the demonstration area, with new stations receiving 20% of the municipal subsidy as matching support, and operational stations receiving a subsidy of 5 yuan/kg of hydrogen. Vehicle Promotion : For vehicles included in the fuel cell vehicle demonstration project, support will be provided at 40%-10% of the national reward standard over four years, with light/medium-heavy vehicles receiving rewards of 0.2/0.5 million yuan per 10,000 km. This policy is deeply coupled with the Beijing-Tianjin-Hebei coordinated strategy. As the core carrier of the hydrogen energy industry in the Beijing-Tianjin-Hebei region, Changping District's policy orientation will accelerate the coordination of regional hydrogen energy resources. For example, the annual supply of industrial by-product hydrogen at Shougang Qian'an Park reaches 120,000 mt, and the hydrogen refueling station network promoted by Changping's policy can become an outlet for these hydrogen sources, forming a "by-product hydrogen-transportation-refueling-application" closed loop. 2. Great Wall Motor's International Hydrogen Cooperation: A New Paradigm for Chinese Technology Going Global On March 21, Great Wall Motor signed a hydrogen energy strategic agreement with Saudi Aramco, planning: Construction of Hydrogen Refueling Network : To deploy hydrogen refueling stations in Saudi Arabia's Red Sea New City and along the highway, with the first station supplying 1 mt of hydrogen per day to be launched in Q3. R&D of High-Temperature Electrolyzer : To jointly develop high-durability electrolysis equipment adapted to the desert environment, aiming to cover the Red Sea region by the end of 2026 and serve 5,000 hydrogen vehicles. This cooperation has created a new model for Chinese hydrogen energy companies to export technology. As one of the regions with the richest PV resources globally, Saudi Arabia's "Vision 2030" resonates strategically with China's "Dual Carbon" goals. Great Wall Motor, leading with equipment supply and technical standard setting (holding 60% of the shares), not only exports hardware such as electrolyzers and hydrogen storage tanks but also exports the standard system of China's hydrogen energy industry. II. Corporate Dynamics: From Laboratory to Industrial Park 1. World's First Hydrogen Detonation Gas Turbine Put into Operation: A Breakthrough in Industrialization of Zero-Carbon Power Supply The GT200H pure hydrogen detonation gas turbine demonstration project, jointly built by Qinghang Aerospace and Shougang Electromechanical, was officially put into operation at Shougang Park in Qian'an on March 21, achieving three breakthroughs: Technological Breakthrough : Overcoming six "bottleneck" technologies such as 100% pure hydrogen stable combustion and precise control of detonation waves, with NOx emissions Efficiency Revolution : Comprehensive thermoelectric efficiency exceeds 90%, with annual power generation of 1.6 million kWh, heat supply of 24,000 GJ, and replacement of 750,000 m³ of natural gas. Economic Ledger : Reducing the carbon emission intensity of park products by 18%, with annual energy cost savings exceeding 3 million yuan. The technological innovation of this project is replicable. Its continuous rotating detonation combustion (RDC) technology, through millisecond-level sensors and intelligent algorithms to control detonation waves, keeps combustion chamber pressure fluctuations within ±2%. If promoted nationwide in the steel industry, covering 50% of by-product hydrogen resources (approximately 2 million mt/year), it could replace 6 billion m³ of natural gas and reduce CO₂ emissions by 160 million mt. 2. China Coal Green Energy Hydrogen Production and Ammonia Synthesis Project: A Benchmark for Green Transformation in Coal Chemical Industry The project in Siping, Jilin, filed on March 21, with a total investment of 2.92 billion yuan, plans: Hydrogen Production Scale : To deploy 73 alkaline electrolyzers of 1,000 Nm³/h + 11 PEM electrolyzers of 200 Nm³/h, with a total hydrogen production capacity of 75,200 Nm³/h. Ammonia Synthesis Capacity : To equip air separation and ammonia synthesis devices, producing 122,000 mt of green ammonia annually. Timetable : To start construction in December 2025 and complete in December 2027. This project is a typical case of green transformation in the coal chemical industry. Traditional coal-to-ammonia processes emit 2.5 mt of CO₂ per mt of ammonia, while green hydrogen substitution can reduce carbon emissions by 80%. China Coal Group, through large-scale electrolysis of water to produce hydrogen, not only absorbs the fluctuating power of local wind and PV but also promotes the implementation of ammonia energy economy. III. Technological Progress: From Laboratory to Application Scenarios 1. YF-75 Hydrogen-Oxygen Engine: Aerospace Technology Empowering Hydrogen Storage and Transportation On March 21, the 400th YF-75 hydrogen-oxygen engine test was completed by the Sixth Academy of China Aerospace Science and Technology Corporation. The engine: Application Scenarios : Used in the Long March 3A series, Long March 7A, and Long March 8 carrier rockets, supporting tasks such as Beidou network construction and Chang'e lunar exploration. Technological Extension : Its highly reliable liquid hydrogen storage and transportation technology has been applied to the "Feiyang" handheld torch for the Winter Olympics and is gradually penetrating the civilian hydrogen energy field. The application of aerospace technology in the hydrogen energy field has improved the safety and efficiency standards of equipment. For example, the liquid hydrogen cooling technology used in the YF-75 engine can be transferred to hydrogen storage tanks at hydrogen refueling stations, increasing hydrogen storage density by 30%; its quality management system with a failure rate of less than 0.01% provides a benchmark for civilian hydrogen energy equipment. 2. Jiteng Hydrogen Electrolyzer: Cost Revolution in Large-Scale Hydrogen Production The 1,200 standard cubic meter electrolyzer independently developed by Suzhou Jiteng Hydrogen was launched on March 21, with technical advantages including: Energy Consumption : 4.0-4.7 kWh/Nm³, 15% lower than the industry average. Flexibility : Load adjustment range of 20%-110%, adapting to renewable energy fluctuations. Volume : 50% smaller than traditional equipment, with a 30% reduction in weight. Cost calculations show that this electrolyzer can reduce the cost of green hydrogen to below 25 yuan/kg in large-scale applications. If combined with off-peak electricity prices (0.3 yuan/kWh), the cost of hydrogen production can be further compressed to 20 yuan/kg, forming competitiveness with gray hydrogen costs (15-18 yuan/kg). IV. Industrial Synergy: From Single Breakthrough to Ecosystem Construction 1. Beijing-Tianjin-Hebei Hydrogen Industry Synergy: Dual Helix of Policy and Market The release of the Changping policy, combined with the Beijing-Tianjin-Hebei hydrogen industry synergy, forms a policy synergy. Weishi Energy's hydrogen heavy-duty truck demonstration line in the Beijing-Tianjin-Hebei region has covered scenarios such as Xiong'an New Area and Great Wall Ant Logistics, driving the demand for hydrogen refueling station construction. The hydrogen detonation gas turbine project at Shougang Qian'an Park provides a nearby consumption path for regional industrial by-product hydrogen. 2. International Cooperation Ecosystem: Technology Export and Standard Co-Construction The cooperation between Great Wall and Saudi Aramco not only exports equipment but also promotes the internationalization of Chinese hydrogen standards. For example, the hydrogen storage bottle technical standard adopted by the project has passed EU CE certification and is expected to be promoted in Saudi Arabia and other Middle Eastern countries in the future, breaking the monopoly of Europe and the United States in the field of hydrogen standards.