The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.

Forward Technology disclosed its preliminary financial results for 2025, reporting revenue of RMB 112 million, a year-on-year decrease of 18.27%; and net profit attributable to shareholders of the parent company of RMB 19.4612 million, a year-on-year decrease of 15.88%. During the reporting period, the company faced multiple adverse factors, including an unstable global economic situation, continued international tensions, the energy crisis and weak market demand and investment, which weakened the momentum of European economic growth. The company's revenue in 2025 decreased by 18.27% year-on-year, while net profit attributable to shareholders of the listed company decreased by 15.88% year-on-year due to factors such as rising aluminum prices and declining production.

"Through the 'China's Premium Foreign Trade Products Nationwide Tour,' we discovered that the domestic market potential is greater than expected," said a staff member from the marketing department of Tianjin Hanjiang Technology Co., Ltd. to a Cailian Press reporter. Recently, the 4th China-CEEC Expo & International Consumer Goods Fair (hereinafter referred to as the CEEC Expo) was held in Ningbo, Zhejiang. Cailian Press noted that this year's CEEC Expo featured a dedicated zone for the "China's Premium Foreign Trade Products Nationwide Tour," showcasing over 100 high-quality foreign trade products such as smart home appliances, helping export enterprises expand into the domestic market. Currently, nearly a month has passed since China and the U.S. issued the Geneva Joint Statement and agreed to a 90-day tariff window period. Beyond accelerating export shipments, foreign trade companies remain enthusiastic about expanding domestic sales. Recently, the Ministry of Commerce held a regular press conference, where spokesperson He Yongqian stated that efforts will be made to successfully organize the "China's Premium Foreign Trade Products Nationwide Tour," facilitating procurement collaborations between associations, supermarkets, e-commerce platforms, and export enterprises, and encouraging more companies in sectors like automobiles, home appliances, and home furnishings to join the "trade-in" policy. He Yongqian emphasized deepening the pilot program for integrated domestic and foreign trade to enhance companies' capabilities in operating across both markets and better address external risks and challenges. Faced with an external environment marked by increasing complexity, severity, and uncertainty, China's vast domestic market serves as a strong backing for export enterprises. The commerce authorities are taking multi-faceted measures to support companies in exploring diversified international markets while helping them better leverage the domestic market to effectively cope with external shocks and challenges. Industry experts believe that more companies are realizing that integrated domestic and foreign trade operations are not merely about clearing inventory but represent a crucial means to expand development space, reshape market competitiveness, and meet the inevitable requirements for building a new development paradigm and promoting high-quality growth. Leveraging the "China's Premium Foreign Trade Products Nationwide Tour," Export Enterprises Maintain Strong Interest in Expanding Domestic Sales Recently, the "2025 Shandong Foreign Trade Premium Products Shopping Season" and the "China's Premium Foreign Trade Products Nationwide Tour" Shandong Station event kicked off at the Shandong International Convention and Exhibition Center, where over 400 export enterprises participated in exhibitions and sales, sparking a consumption boom. To further assist export enterprises in tapping into the vast domestic market, the Shandong Department of Commerce unveiled the "Five Empowerment Actions" plan, covering policy, mechanism, channel, financial, and brand support, to smoothen domestic sales channels for export enterprises and stabilize foreign trade while boosting consumption. Wang Lei, Director of the Shandong Department of Commerce, stated during the event that efforts will focus on key industries such as electronics, home appliances, and home furnishings, guiding retailers participating in the consumer goods trade-in policy to actively engage with export enterprises and include eligible products in the policy support scope. A reporter from Cailian Press learned from the Department of Commerce of Shandong Province that, in order to effectively respond to changes in the international trade environment and accelerate the integration of domestic and foreign trade, the Department of Commerce, in collaboration with relevant departments, will fully organize and implement the "Five Major Initiatives" to empower foreign trade enterprises to expand domestic sales. Among these initiatives is the guidance for merchants involved in the trade-in of consumer goods, focusing on key industries such as electronics, appliances, home furnishings, and interior decoration, to actively connect with export enterprises and include products that meet standard requirements within the scope of policy support. Tianjin Hanjiang Technology Co., Ltd. has long been engaged in toll processing of small home appliances such as blenders and air fryers for European and American markets. Affected by fluctuations in overseas orders, the company is currently actively exploring the domestic market through the "China Tour for High-Quality Foreign Trade Products" campaign, and has seen a significant increase in orders in the first quarter of this year. A person in charge of the company's marketing department told a reporter from Cailian Press that through the "China Tour for High-Quality Foreign Trade Products" campaign, they have discovered that the domestic market has greater potential than expected. With the government providing the platform and enterprises taking the lead, the team now studies live-streaming e-commerce and community marketing every day, indicating that the path of transitioning from foreign trade to domestic sales is the right one. The Anhui leg of the "China Tour for High-Quality Foreign Trade Products" campaign was also recently launched. The event unveiled 100 new consumption scenarios, Anhui Province's boutique tourism routes, the economic situation of Anhui's first stores, and measures to assist foreign trade enterprises in expanding domestic sales. There were also 75 featured booths set up on-site, with simultaneous sales promotions organized for Anhui's high-quality foreign trade products, time-honored brands, popular online goods, and high-quality products from the Yangtze River Delta region, fostering a consumer-friendly atmosphere. The Hunan leg of the "China Tour for High-Quality Foreign Trade Products" campaign attracted over 600 exhibitors from more than 20 provinces and 15 countries, as well as over 2,000 domestic and foreign buyers. It is reported that in order to further stimulate the development momentum of the integration of domestic and foreign trade, Hunan Province will focus on cultivating 50 "Three Same" brand enterprises and 100 "Three Same" brand products this year. Shifting Focus: Foreign Trade Enterprises' Marketing Strategies Begin to Change Against the backdrop of increasing uncertainties in the external environment, China has taken the "China Tour for High-Quality Foreign Trade Products" campaign as a breakthrough point to accelerate the integrated development of domestic and foreign trade and assist foreign trade enterprises in exploring the domestic market. However, multiple challenges still need to be overcome during the promotion process. One of these challenges is the change in business strategies. China Pet Products Co., Ltd., located in Shandong, is a well-established pet food export enterprise. In recent years, with changes in the external environment and the rapid growth of the domestic pet market, China Pet Products has also shifted its focus to the domestic market, launching brands such as WANPY, LEADING TREATS, and ZEAL. "Our current marketing focus is definitely on the domestic market," a new media marketing staff member from the WANPY brand told a reporter from Cailian Press. "In the past, we mainly engaged in toll processing for pet food exports, which was primarily B2B business. Compared to the past, the biggest characteristic of the domestic market is the shift from B2B to B2C. For us, this change is significant. The company used to be very low-key in the domestic market, but now it recruits many liberal arts graduates like me. Xiaohongshu (Little Red Book) is our battlefield." Benefiting from the growth of its domestic business, China Pet Products Co., Ltd. achieved revenue of 4.465 billion yuan in 2024, up 19.15% YoY, and net profit attributable to shareholders of the parent company of 394 million yuan, up 68.89% YoY. A reporter from Cailian Press learned that the commerce department is introducing multiple measures to help foreign trade enterprises overcome challenges in expanding domestic sales. For example, in Shandong, a reporter from Cailian Press learned from the Shandong Provincial Department of Commerce that it is implementing a channel empowerment initiative, guiding large commercial chain enterprises to leverage their channel advantages, connecting with foreign trade enterprises, opening rapid response channels for qualified products, establishing dedicated "Premium Foreign Trade Products" sections and counters to enable rapid product listing and sales. In terms of online channels, a series of activities such as the "Premium Foreign Trade Products Cloud Shopping in Qilu" e-commerce promotion, national key e-commerce platforms entering foreign trade industrial belts, and "Premium Foreign Trade Products" selection and matching events have been launched. The "Shandong Premium Foreign Trade Products Pavilion" has been established to deliver more high-quality foreign trade products to the domestic market at e-commerce speed. Zhi Peiyuan, Vice President of the Investment Committee for Publicly Listed Firms of the Investment Association of China, suggested that in terms of digital tool application, foreign trade enterprises can leverage big data analysis on e-commerce platforms to understand consumer demand and purchasing behavior, enabling precise product selection and marketing. They can also optimize internal management processes and improve operational efficiency by utilizing Enterprise Resource Planning (ERP) systems. Zhan Junhao, a renowned strategic positioning expert and founder of Fujian Huace Brand Positioning Consulting, said in an interview with a reporter from Cailian Press that e-commerce platforms broaden sales channels for premium foreign trade products through traffic support and the establishment of dedicated sections, while offline exhibitions provide platforms for product display and exchange. In the future, an integrated online-offline model could be explored, such as combining 3D virtual exhibition halls with local sample rooms, or inviting internet celebrities to live-stream production processes while simultaneously launching promotional sections on platforms. Relevant Departments Promote Standard Alignment to Facilitate Export-to-Domestic Sales Transition Compared to changes in business strategies, standard discrepancies pose another challenge. There are certain differences between domestic and overseas standards, ranging from technical and quality standards for export products to inspection, quarantine, certification, and accreditation. When export products are redirected to the domestic market, how to comply with domestic market standards and obtain domestic certifications remains a challenge for many foreign trade enterprises. Shenzhen Xinshui Technology Co., Ltd., which has long exported Bluetooth headsets to European and US markets, decided to expand into the domestic market this year due to tariff fluctuations. "In the past, our products were mainly targeted at the European and US markets, meeting international certification standards such as CE and FCC. However, after shifting to the domestic market, we found significant differences in technical standards and certification processes between domestic and overseas markets. For example, domestic requirements for radio model approval (SRRC) and 3C certification (CCC) for Bluetooth headsets are not fully compatible with EU standards, which posed some compliance challenges for us in the initial stages," said Li Bing, the marketing manager of the company, to reporters. Li Bing told reporters that in order to quickly adapt to the domestic market demand, the company actively collaborated with domestic testing institutions to localize its products, including optimizing RF parameters and adjusting battery safety designs, to ensure compliance with GB national standards. Meanwhile, the company is also exploring the "same production line, same standards, same quality" model, enabling products for both domestic sales and exports to be produced under the same quality system, ensuring compliance and enhancing consumer trust. Cailian Press reporters learned that relevant departments are conducting surveys on the alignment of standards and certifications for foreign trade products, organizing comparisons between domestic and international standards to enhance consistency, removing bottlenecks for the domestic sales of export products, and creating a softer environment that better promotes the integration of domestic and foreign trade. For instance, in Shandong, Cailian Press reporters learned that the Shandong Provincial Department of Commerce has improved and refined the three-level (provincial, municipal, and county) collaborative linkage mechanism, dynamically investigating the situation of products facing export barriers. For key export enterprises, it has adopted a "one enterprise, one policy" approach, developing targeted support plans categorized by issue, and strengthening policy support and service guarantees to address difficulties and bottlenecks in market access, standard alignment, brand certification, and channel development. Zhu Keli, Executive Director of the China Information Industry Association and Founding Dean of the Guoyan New Economy Research Institute, said in an interview with Cailian Press reporters that resolving the deep-seated contradictions in transitioning from foreign trade to domestic sales requires the construction of a dual-circulation operating system. For example, the industrial product cross-border e-commerce platform being piloted in Suzhou is worth learning from. It disassembles the surplus capacity of export enterprises into customizable modules, allowing domestic buyers to combine their needs like assembling Lego blocks. This not only digests surplus capacity but also stimulates innovation among small and medium-sized enterprises. More importantly, it bridges the standard systems for domestic and foreign trade. The "same production line, same standards, same quality" certification promoted by Qingdao Customs enables products from a single production line to freely switch between international market access and domestic quality inspection labels. In the future, the cross-border industrial enclave model could be explored, encouraging platforms to establish demonstration bases for transitioning from foreign trade to domestic sales in bonded zones, leveraging cross-border e-commerce data chains to achieve global inventory sharing. This is the fundamental solution to addressing trade barriers.

[SMM Aluminum Morning Meeting Summary: Signals of Easing Trade Frictions Transmitted, Aluminum Prices May Remain in the Doldrums in the Short Term] On the macro front, the phone call between Chinese and U.S. leaders conveyed positive signals of easing trade frictions. If this can prompt the U.S. to revoke unfavorable measures, it will further improve the external environment for the aluminum market. Coupled with the European Central Bank's interest rate cut, which provides a relatively direct and clear positive stimulus for aluminum prices and offers additional support. Fundamentals side, the operating capacity of domestic electrolytic aluminum remains stable, with a slight expected decrease in subsequent casting ingot volumes. Domestic aluminum ingot inventory temporarily maintains a destocking trend. Cost side, the impact of the Guinea mine incident on alumina prices has eased somewhat, and the real-time cost of electrolytic aluminum has declined slightly MoM. On the demand side, there is dual pressure from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of domestic aluminum processing enterprises will be under pressure, with the off-season atmosphere becoming more pronounced. New orders in sectors such as building materials, PV, and automobiles are all showing signs of weakness. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the overall bearish macro environment during the week has caused aluminum prices to face downward pressure at high levels, and the off-season pressure on the demand side limits upside room. Spot aluminum in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices likely to remain in the doldrums and consolidate in the short term.

SMM May 27 News: Metal Market: As of the midday close, domestic market base metals were mostly down, with SHFE copper seeing a slight decline. SHFE lead fell by 0.36%, SHFE tin by 0.38%, SHFE zinc by 0.31%, SHFE aluminum rose by 0.35%, and SHFE nickel by 0.37%. In addition, alumina rose by 0.1%. Lithium carbonate fell by 1.55%, silicon metal by 3.59%, and polysilicon rose by 0.39%. The ferrous metals series all fell, with iron ore down by 0.29%, rebar by 1.1%, HRC by 0.9%, and stainless steel by 0.78%. In the coking coal and coke sector, coking coal fell by 1.57%, and coke by 1.58%. In the overseas metal market, as of 11:46 a.m., most LME metals fell, with LME copper down by 0.13%, LME aluminum by 0.32%, LME lead by 0.33%, LME zinc by 0.35%, LME tin up by 0.13%, and LME nickel by 0.73%. In the precious metals sector, as of 11:46 a.m., COMEX gold fell by 0.26%, and COMEX silver rose by 0.07%. Domestically, SHFE gold fell by 0.99%, and SHFE silver by 0.18%. Data from Swiss Customs on Tuesday showed that after precious metals were excluded from US import tariffs, Switzerland's gold imports from the US in April surged to the highest monthly level since at least 2012. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose by 0.11%, closing at 2034.6 points. As of 11:46 a.m. on May 27, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 27 Spot and Fundamentals Zinc: The transaction price for mainstream brand 0# zinc in the Ningbo market was around 22,875-22,980 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 270 yuan/mt against the 2506 contract and at a premium of 90 yuan/mt against Shanghai spot. Mainstream quotes in the Ningbo region were against the 2506 contract... 》Click for details Macro Front Domestic: [China-EU Semiconductor Industry Symposium: Firmly Opposing Unilateralism and Bullying, Striving to Maintain Global Semiconductor Supply Chain Security and Stability] According to the Ministry of Commerce website, the China-EU Semiconductor Industry Symposium was held in Beijing on May 27. Relevant departments of the Ministry of Commerce, the China Semiconductor Industry Association, the European Union Chamber of Commerce in China, and representatives from over 40 Chinese and European semiconductor industry enterprises attended the meeting. The meeting focused on deepening economic and trade cooperation in the semiconductor sector between China and the EU. It was emphasized that both China and the EU hold significant positions in the global semiconductor supply chain, and strengthening cooperation aligns with the interests of both sides. Given the complex and severe international situation, with increasing uncertainties, China will continue to expand high-level opening-up, providing enterprises with a fair, stable, transparent, and predictable policy environment. It supports Chinese and European semiconductor enterprises in fully leveraging their complementary advantages, deepening economic and trade cooperation in compliance with laws and regulations, firmly opposing unilateralism and bullying, and striving to maintain the security and stability of the global semiconductor supply chain. Participants at the meeting unanimously agreed that currently, the security and stability of the global semiconductor production and supply chain are facing severe challenges. This symposium has provided a good platform for Chinese and European semiconductor upstream and downstream enterprises to enhance mutual understanding, boost trade confidence, and deepen exchanges and cooperation. Strengthening exchanges and cooperation in the semiconductor field between China and Europe will help inject new impetus into the global economic recovery and growth. (Caijing) [The Ministry of Finance will issue RMB 68 billion in government bonds in Hong Kong this year] With the approval of the State Council, the Ministry of Finance will issue RMB 68 billion in government bonds in the Hong Kong Special Administrative Region in six tranches in 2025. Among them, the first two tranches, totaling RMB 25 billion, have already been issued in February and April, respectively. The third tranche of RMB 12.5 billion in government bonds will be issued through tender on June 4, and the specific issuance arrangements will be announced on the Central Moneymarkets Unit (CMU) system of the Hong Kong Monetary Authority. [Jiangsu: Greater efforts to promote consumption upgrading, expand service consumption in key areas, and accelerate the development of new-type consumption] The Ninth Plenary Session of the 14th Jiangsu Provincial Committee of the Communist Party of China was held in Nanjing on May 27. The plenary session emphasized the need to strive for leadership in advancing deep-level reforms and high-level opening-up, accumulating greater impetus for forward development. Deepen the reform of market-oriented allocation of production factors and serve the construction of a unified national market. Further promote the construction of the "1+3" key functional areas and continuously optimize the provincial productivity layout. Make greater efforts to promote consumption upgrading, expand service consumption in key areas, explore new consumption scenarios, and accelerate the development of new-type consumption. Strengthen the protection of the legitimate rights and interests of various business entities, promote whole-chain approval optimization, whole-process fair supervision, and whole-cycle service optimization, and create a first-class business environment that is market-oriented, rule-of-law-based, and internationalized. Thoroughly implement the strategy of upgrading free trade pilot zones, promote the facilitation of cross-border trade, and steadily expand institutional opening-up. Continuously consolidate traditional markets, tap the potential of emerging markets, develop new forms and models of foreign trade, and actively expand international cooperation space. The People's Bank of China conducted RMB 215.5 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As RMB 157 billion in 7-day reverse repos matured today, a net injection of RMB 58.5 billion was achieved. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 28 was 7.1894 RMB per US dollar. US dollar: As of 11:46, the US dollar index rose by 0.12% to 99.73. Data released on Tuesday showed that US consumer confidence ended a five-month losing streak, with consumer confidence improving in May. Minneapolis Fed President Neel Kashkari called for maintaining interest rates unchanged on Tuesday until the impact of tariff hikes on inflation becomes clearer. Markets await the US core personal consumption expenditures (PCE) price index due later this week for interest rate clues. However, a May 27 opinion poll released by the Detroit Regional Chamber in Michigan showed about 54% of respondents believe the Trump administration's tariff policies will negatively impact the state's economy. Regarding economic expectations, 62% consider the US economy currently weak or heading toward recession. Chamber officials stated these figures indicate widespread pessimism among state residents about the current US economic situation. Additionally, 79% believe tariffs will directly cause US goods prices to rise, increasing living costs. Other currencies: The Reserve Bank of New Zealand cut its official cash rate by 25 basis points to 3.25% on Wednesday (May 28), marking the sixth consecutive interest rate cut, aligning with 23 out of 24 economists' expectations. The decision passed with a 5:1 vote, reflecting committee concerns about economic prospects. (FX678) Data watch: Today's releases include the Eurozone's April ECB 1-year CPI expectations, 3-year CPI expectations, Germany's May seasonally adjusted unemployment rate and unemployment change, Australia's April Bureau of Statistics CPI (seasonally adjusted), New Zealand's May 28 official cash rate decision, France's Q1 GDP (final), and Switzerland's May Credit Suisse/CFA economic expectations index. Additionally, FOMC permanent voter and New York Fed President Williams will participate in a Bank of Japan Institute panel discussion, while the RBNZ will release its rate decision and monetary policy statement, followed by Governor Orr's press conference. Crude oil: As of 11:46, oil futures rose slightly, with WTI up 0.41% and Brent up 0.41%. The US ban on Chevron's Venezuelan crude exports raised supply tightness concerns, supporting prices. Tuesday reports indicated the US government authorized Chevron to retain Venezuelan assets but prohibited oil exports or expanded operations. In recent years, Chevron and other foreign firms received production/export authorizations, helping Venezuela's output rebound to about 1 million barrels/day. The API will release weekly crude inventory data at 04:30 Beijing time Thursday, followed by the EIA's report at 00:00 Friday. The release of both reports was postponed due to the US Memorial Day holiday on Monday. OPEC is scheduled to hold a plenary session on Wednesday. Three OPEC delegates stated that in the latest phase of meeting growing demand and plans to increase market share, OPEC may agree to further accelerate the pace of oil production increases. (Webstock Inc.) Spot Market Overview: ► As month-end approaches, suppliers are proactively reducing prices to sell off inventory, and spot premiums have dropped significantly. [SMM South China Spot Copper] ► Spot premiums and discounts continue to decline, with sluggish market transactions. [SMM North China Spot Copper] ► Ningbo Zinc: Traders continue to refuse to budge on prices, with premiums holding steady. [SMM Midday Review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

This week, Hong Kong stocks generally maintained their strong momentum, with the weekly performances of the three major indices varying. By the close of trading, the Hang Seng Index (HSI) had risen by 1.10% week-on-week to close at 23,601.26 points; the Hang Seng Tech Index had fallen by 0.65% week-on-week to close at 5,246.87 points; and the Hang Seng China Enterprises Index (HSCEI) had risen by 1.36% week-on-week to close at 8,583.86 points. Note: Weekly performance of the HSI since the beginning of the year Notably, the HSI has achieved seven consecutive weeks of gains. Medium and long-term optimism becomes consensus among institutions Huatai Securities pointed out that despite uncertainties surrounding tariff issues and potential short-term disruptions due to high US Treasury yields, the risk premium of Hong Kong stocks has significantly pulled back, and the easing of tail risks in the economy will drive up the market's center of gravity. Morgan Stanley recently raised its target for the HSI to 24,500 points by 2026, emphasizing the valuation reshaping opportunities brought about by structural improvements in the Chinese stock market. However, CICC cautioned about short-term risks, believing that current market sentiment has recovered to a cyclical high, and the marginal effect of policy efforts may weaken. 3SBIO leads the market gains this week In the list of weekly gainers, 3SBIO (01530.HK) led the market with a weekly gain of 57.38%. The pharmaceutical company's collaboration agreement with Pfizer on a PD-1/VEGF bispecific antibody drug set a new industry record, with an upfront payment plus milestone payments totaling up to $6 billion, creating a new benchmark for out-licensing of domestically developed innovative drugs. Another pharmaceutical stock that performed well was ImmuneOnco Biopharmaceuticals (01541.HK), which rose by over 36% week-on-week. The company recently announced clinical progress, including the successful enrollment of three patients in the Phase Ib clinical trial of its first dual-target large molecule drug for autoimmune diseases, Amurevup alpha (CD47xCD20, IMM0306), targeting neuromyelitis optica spectrum disorder (NMOSD), with all patients receiving the drug smoothly. In addition, Alibaba Pictures surged by over 50% this week. The company recently announced its renaming to "Damai Entertainment Holdings Limited," focusing on the layout of the offline entertainment ecosystem and enhancing its brand recognition in the overall entertainment market. Subsequently, Huatai Securities and Citi raised their target prices to HK$0.75 and HK$0.92, respectively. Both Datang Gold and Lingbao Gold benefited from the trend of international gold prices, rising by 28.13% and 27.44%, respectively. In terms of news, COMEX gold continued to strengthen after breaking through $3,300 this week and is currently trading near $3,353. Technical pullback and signs of capital rotation emerge in the market on Friday Despite maintaining the recent upward trend overall this week, today's performance was not ideal. By the close of trading on Friday, the HSI had risen by 0.24%, the Hang Seng Tech Index had fallen by 0.09%, and the HSCEI had risen by 0.31%. The futures market showed significant divergence, with the pharmaceutical and gold sectors bucking the trend to strengthen, while the real estate sector was weighed down by development and investment data, and tea beverage stocks saw a correction as investors took profits. Pharmaceutical stocks were boosted by multiple positive factors. By the close of trading, Hengrui Medicine (01276.HK), Luye Pharma (02186.HK), and Innovent Biologics (01801.HK) had risen by 25.20%, 5.74%, and 4.18%, respectively. Note: Performance of pharmaceutical stocks In terms of news, pharmaceutical stocks have recently been receiving a series of positive developments, including the aforementioned agreement between Pfizer and 3SBio, as well as the strong debut performance of Hengrui Medicine on its first day of trading in Hong Kong. Zhongtai Securities stated that since 2024, despite monthly fluctuations in overseas CPI data, there is an expectation of a gradual shift towards interest rate cuts, with an anticipated improvement in investment and financing conditions. It is expected that integrated CRO/CDMO companies primarily reliant on overseas revenue, as well as domestic preclinical CRO companies, will see opportunities for valuation recovery. The first-day performance of Hengrui Medicine's H shares attracted significant market attention, with the stock surging over 30% during intraday trading. The company received over 450 times oversubscription during its IPO phase, highlighting the global competitiveness of Chinese innovative pharmaceutical companies as international institutions scrambled to acquire shares. The safe-haven attribute of the gold sector became prominent. By the close of trading, Lingbao Gold (03330.HK), Chifeng Jilong Gold Mining (06693.HK), and Zijin Mining (01815.HK) had risen by 9.16%, 3.28%, and 2.63%, respectively. Note: Performance of gold stocks On the news front, spot gold prices continued to rise, currently standing above $3,350 per ounce. CITIC Futures pointed out that the passage of Trump's "Tax Cuts and Jobs Act" through the House of Representatives has increased the likelihood of large-scale tax cuts being implemented, with expectations rising for a continued climb in the US deficit rate. This aligns with Moody's downgrade of the US credit rating, as the disorderly expansion of debt leads to a gradual contraction in the US dollar's creditworthiness, providing solid support for the medium and long-term bullish outlook on gold. Louise Street, Senior Market Analyst at the World Gold Council, stated that the macroeconomic situation remains difficult to predict, and this uncertainty may bring further upside potential to gold prices. As the turbulent situation persists, the demand for gold as a safe-haven asset from institutional, individual, and official sectors may further increase in the coming months. Real estate stocks were weighed down by development and investment data. By the close of trading, Yuexiu Property (00123.HK), Ronshine China (03301.HK), and China Vanke (02202.HK) had fallen by 2.68%, 1.44%, and 0.79%, respectively. Note: Performance of real estate stocks In terms of news, data from the National Bureau of Statistics (NBS) showed that from January to April, national real estate development investment reached 2,773 billion yuan, a year-on-year decrease of 10.3%. Among this, residential investment was 2,117.9 billion yuan, down 9.6%. From January to April, the sales area of newly-built commercial housing reached 282.62 million m², down 2.8% YoY, with the decline narrowing by 0.2 percentage points compared to the January-March period. Tea beverage stocks weakened slightly By the close, Cha Panda (02555.HK), Tenfu (06868.HK), and Mixue Group (02097.HK) fell by 4.19%, 4.09%, and 1.40%, respectively. Note: Performance of tea beverage stocks In terms of news, most tea beverage stocks, including Cha Panda, weakened, which was related to profit-taking by some investors. Taking Mixue Group as an example, since its listing, the company's shares have risen by over 150% in total. Stocks with abnormal movements NetEase Cloud Music rises over 5%, with Q1 gross profit up nearly 14% QoQ NetEase Cloud Music (09899.HK) rose by 5.32% to close at HKD 217.60. In terms of news, NetEase Cloud Music's net revenue for the first quarter of this year was RMB 1.858 billion, with a gross profit of RMB 683 million, corresponding to a gross profit margin of 36.7%. Bilibili rises over 4%, with Q1 results exceeding expectations Bilibili-W (09626.HK) rose by 4.35% to close at HKD 146.40. CMB International released a research report stating that Bilibili announced its financial results for the first quarter of 2025, with total revenue increasing by 24% YoY to RMB 7 billion, in line with market consensus expectations. Adjusted net profit reached RMB 362 million, turning around from a net loss of RMB 456 million in the first quarter of 2024 and exceeding market expectations of RMB 248 million. For the second quarter of this year, CMB International expects Bilibili to maintain a 20% YoY revenue growth rate. Meanwhile, benefiting from the strong momentum of its advertising and mobile gaming businesses, its profit margin will further expand.