Data from the Ministry of Finance showed that in January-July, the national general public budget revenue was 13,583.9 billion yuan, up 0.1% YoY. Among this, the national tax revenue was 11,093.3 billion yuan, down 0.3% YoY; non-tax revenue was 2,490.6 billion yuan, up 2% YoY. In January-July, stamp duty was 255.9 billion yuan, up 20.7% YoY. Of which, securities transaction stamp duty was 93.6 billion yuan, up 62.5% YoY.

Macro News 1. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, recently emphasized during a field trip in Henan that, in the new era and on the new journey, Henan should earnestly implement the strategic plans of the CPC Central Committee on accelerating the rise of the central region, ecological protection and high-quality development of the Yellow River Basin, adhere to the general principle of pursuing progress while ensuring stability, comprehensively deepen reform and opening up, focus on building a modern industrial system and a strong agricultural province, improve people's livelihoods and strengthen social governance, enhance ecological and environmental protection, and promote cultural prosperity, striving to write a new chapter in advancing Chinese-style modernization in central China with high-quality development and efficient governance. 2. On the 19th (local time), US President Trump held separate phone calls with Russian President Putin and Ukrainian President Zelenskyy to discuss issues such as the ceasefire negotiations between Russia and Ukraine. Foreign Ministry spokesperson Mao Ning stated that, on the issue of the Ukraine crisis, China supports all efforts conducive to peace. We support direct dialogue and negotiations between Russia and Ukraine, and support a political solution to the crisis. We hope that all parties can reach a fair, lasting, and binding peace agreement acceptable to all parties involved through dialogue and negotiations. 3. On May 19th, Pan Gongsheng, Governor of the People's Bank of China, chaired and spoke at a symposium on financial support for the real economy. The meeting emphasized the need to intensify support for key areas such as scientific and technological innovation, boosting consumption, private and micro enterprises, and stabilizing foreign trade. It called for making full use of existing and incremental policies to improve the quality and efficiency of financial support for the real economy, and to support economic restructuring, transformation, upgrading, and the replacement of old growth drivers with new ones. 4. According to data from the Ministry of Finance, from January to April, the national general public budget revenue was 8,061.6 billion yuan, down 0.4% YoY. Among this, national tax revenue was 6,555.6 billion yuan, down 2.1% YoY; non-tax revenue was 1,506 billion yuan, up 7.7% YoY. From January to April, stamp duty revenue was 161.4 billion yuan, up 18.9% YoY. Among this, stamp duty on securities transactions was 53.5 billion yuan, up 57.8% YoY. 5. The National Health Commission held a press conference yesterday. An Zhijie, a researcher from the Chinese Center for Disease Control and Prevention, introduced that currently, the pertussis epidemic situation nationwide is stable, with the number of reported cases down by more than 80% YoY. An Zhijie also stated that recently, the COVID-19 epidemic has shown a slight upward trend in some countries and regions, but there has been no significant change in the clinical severity of the disease. Industry News 1. The State Council Information Office will hold a press conference at 3 p.m. on May 22, 2025. Qiu Yong, Vice Minister of the Ministry of Science and Technology, Zhu Hexin, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission will introduce the relevant situation of science and technology finance policies and answer questions from reporters. 2. The Cyberspace Administration of China (CAC) and two other departments jointly issued the Key Points for Further Promoting the Large-Scale Deployment and Application of IPv6 in 2025. The Key Points specify that by the end of 2025, China will have fully established a globally leading IPv6 technology, industry, infrastructure, application, and security system. The number of active IPv6 users will reach 850 million, the number of IPv6 connections in the Internet of Things (IoT) will reach 1.1 billion, the proportion of IPv6 traffic in fixed networks will reach 27%, and the proportion of IPv6 traffic in mobile networks will reach 70%. 3. The National Energy Administration (NEA) released data on electricity consumption across society in April. In April, electricity consumption across society was 772.1 billion kWh, up 4.7% YoY. Electricity consumption for urban and rural residents' daily lives was 93.6 billion kWh, up 7.0% YoY. From January to April, cumulative electricity consumption across society was 3,156.6 billion kWh, up 3.1% YoY, with power generation from industrial enterprises above designated size reaching 2,984 billion kWh. 4. Regulatory authorities have recently initiated a new round of surveys on some leading quantitative private equity firms. This survey focuses on two aspects: one is the overall operational status of quantitative trading under the current market environment; the other is the application of AI models in quantitative strategies. 5. It has been learned from the State Grid Corporation of China that China has independently developed a high-proportion new energy large power grid operation and control system, marking that China has taken the lead in solving the world-class challenge of integrating ultra-large-scale new energy into large power grids. It is understood that currently, the proportion of installed new energy capacity in China has exceeded 40%. To ensure the safe and stable integration of large-scale new energy into large power grids, China has independently developed a new energy large power grid operation and control system. 6. A new round of interest rate cuts on deposits is on the horizon, with multiple banks, including the Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and China Construction Bank (CCB), lowering interest rates on various products such as demand deposits, time deposits, and notice deposits. As the "interest rate cut trend" in bank deposits continues, certificate of deposit (CD) products, once regarded as "powerful tools for attracting deposits," are gradually falling out of favor. Recently, several banks have simultaneously lowered interest rates on time deposits and CD products. Currently, CD products are on the verge of fully entering the "1% era." Corporate News 1. GigaDevice announced its plan to issue and list H shares. 2. TINAVI Medical Technologies announced that Advanced Manufacturing Fund and its concerted actors intend to reduce their combined shareholding in the company by no more than 3%. 3. Huili B announced that its shares may be delisted. 4. NovaSense announced that its shareholders intend to transfer a combined 3.4% of the company's shares. 5. *ST Yushun announced a trading halt for verification due to abnormal stock price fluctuations. 6. National Silicon Industry Group released a draft report on major asset restructuring, proposing to acquire a 46.7354% stake in Xinsheng Jingtou, among others. The second phase of the National Integrated Circuit Industry Investment Fund will become a shareholder holding more than 5% of the company's shares. 7. ST Huaxi announced that its controlling shareholder and actual controller, Li Renchao, had been detained and a case had been filed against him. 8. Jiuding Investment announced that management remuneration is typically realized gradually over several years after investment, leading to significant volatility in the company's performance. 9. Xichang Electric Power announced that due to adjustments in the time-of-use electricity prices mechanism, it is expected to reduce the company's net profit for 2025 by approximately 5.4 million yuan. 10. Ancai Hi-Tech announced that the selling price of its PV glass products in Q1 2025 decreased by approximately 30% compared to the same period last year. 11. Yulong Co., Ltd. announced that its shares will be delisted and removed from trading on May 27. 12. Huamao Technology announced that it is planning to acquire equity in Fuchuang Youyue, and its shares have been suspended from trading starting from the 21st. 13. Hongjing Technology announced that it has signed a service contract for an intelligent computing project worth 597 million yuan. 14. Chaohongji announced that it is planning to issue H shares for listing on the Hong Kong Stock Exchange. 15. Demai Shi announced that its controlling shareholder is planning changes to the company's control, and its shares have been suspended from trading. 16. Suzhou Longjie stated on an interactive platform that the prices of some of its new and hot-selling products have increased. 17. Rockchip announced that its shareholder, Runkexin, plans to reduce its stake in the company by no more than 2%. Global Markets 1. The three major US stock indices closed lower collectively, with the Dow Jones falling 0.27%, the Nasdaq dropping 0.38%, and the S&P 500 declining 0.39%. Most popular Chinese ADRs fell, with the Nasdaq Golden Dragon China Index closing down 0.65%. 2. WTI crude oil futures rose by 2.5% to $63.60 per barrel. News emerged that US intelligence had discovered that Israel was planning to attack Iranian nuclear facilities. 3. COMEX gold futures closed up 1.83% at $3,292.6 per ounce, while COMEX silver futures closed up 2.32% at $33.26 per ounce. Investment Opportunities Reference 1. The "Healthcare Robotics" Collaborative Development Conference is set to convene, with Huawei and Zhiyuan Robotics to collaborate The Embodied Intelligent Healthcare Robotics Collaborative Development Conference, themed "Reshaping the Future of Healthcare with Intelligent Technology," will be held on May 21. Meanwhile, the Science and Technology Innovation Board Daily learned that Huawei, Zhiyuan Robotics, and Zhongjian Technology will collaborate on healthcare humanoid robots, with cooperation in areas such as computing power, large model platforms, data collection, solutions, and application scenarios. Against the backdrop of an accelerating aging population, the embodied intelligent healthcare robotics industry is becoming an important force in promoting the implementation of the Healthy China strategy, ushering in unprecedented opportunities. Founder Securities believes that the elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. The R&D, application promotion, and ecosystem co-construction of elderly care robots provide more intelligent, efficient, and humanized elderly care solutions for groups such as the elderly, opening up a new future for "AI + elderly care." 2. Microsoft Plans to Establish an "Agent Factory," with Institutions Projecting the Global AI Agent Market to Reach $47.1 Billion by 2030 According to media reports, based on an internal Microsoft memo, the company is developing a new "Tenant Copilot" service. This new service aims to assist tenants in establishing a Copilot that can "converse, think, and work like the tenant themselves," and is expected to be announced at Microsoft's developer conference next week. Additionally, Microsoft also plans to establish an "Agent Factory" to help enterprise customers develop methods for managing AI Agents alongside human employees. According to MarketsandMarkets' forecast, the global AI Agent market is expected to grow from $5.1 billion in 2024 to $47.1 billion in 2030, with a compound annual growth rate (CAGR) of 44.8%. Shanghai Securities stated that the commercialization of AI Agents is continuously evolving both domestically and overseas, with a vast market potential. On the B-side, companies such as Microsoft, Google, Salesforce, Zoom, Baidu, Alibaba, Tencent, and ByteDance are continuously increasing their investments to drive the commercialization of AI Agents. On the C-side, remarkable AI Agents are emerging both domestically and overseas. 3. Shanghai's First Urban Low-Altitude Sightseeing Route Takes Off, with Institutions Reporting Gradual Implementation of Low-Altitude Economy Market Applications According to media reports, Shanghai's first customized urban low-altitude sightseeing route took off from the outdoor platform on the fifth floor of Global Harbor, passing by iconic Shanghai landmarks such as Shanghai Stadium, Lupu Bridge, Nanpu Bridge, Lujiazui, and Yangpu Bridge (on the Pudong side) before returning along the same route, with a total flight time of approximately 15 minutes. Guoyuan Securities stated that the current low-altitude economy sector is characterized by deepening policies and accelerating scenario implementation. On the policy side, the state has incorporated the low-altitude economy into its top-level design for the first time, including it in the preparation of the national "15th Five-Year Plan." Multiple regions, including Shenzhen and Hefei, are promoting industrialization through substantial subsidies and pilot expansions. Meanwhile, financial support is also increasing, with special bonds for the low-altitude economy providing strong support, the establishment of multiple low-altitude industry investment funds, and a gradual rise in investment preferences for low-altitude industry enterprises in the primary market. On the technology side, the airworthiness certification process for eVTOLs is accelerating, with AI drones achieving breakthrough applications in agriculture, logistics, tourism, and other scenarios. The low-altitude infrastructure network is being densely laid out to support large-scale operations of the low-altitude economy. On the market side, the low-altitude zone at the China International Consumer Products Expo has seen a surge in popularity, with multiple eVTOL producers delivering products or securing large orders, indicating the gradual implementation of low-altitude economy market applications. 4. As a typical example of "self-indulgent consumption," this type of economy is now entering a stage of high-quality development. As people's living standards improve, the demand for emotional consumption continues to grow. As a typical example of "self-indulgent consumption," the pet economy has seen consumption demand extend from basic food to high-end and service-oriented products. According to the "2025 China Pet Industry White Paper" by Petu, it is projected that by 2027, the consumer market size for pets (dogs and cats) in urban areas will surpass the 400 billion yuan mark, reaching 404.2 billion yuan, with a compound annual growth rate (CAGR) of 12.6% from 2015 to 2027. With the development of the social economy and changes in people's lifestyles, pets have transitioned from their traditional role as guardians of the home to becoming members of the family, giving rise to and fueling the growth of the pet economy. From pet food and supplies to medical care and services, the consumer market surrounding the entire life cycle of pets continues to expand, becoming a significant growth point in the global consumer sector. In recent years, China's pet industry has gone through stages of enlightenment, growth, and rapid development, and is now entering a stage of high-quality development. The market size continues to expand, domestic brands are emerging, new retail models are rising, and the concept of scientific pet care is deeply rooted in people's minds. Huaan Securities points out that, overall, China's pet industry is developing in a professional and diversified direction, with immense market potential, a continuously improving industry chain, and broad prospects for the future.

Macro News 1. On April 18, Premier Li Qiang of the State Council presided over an executive meeting of the State Council, studying several measures to stabilize employment, stabilize the economy, and promote high-quality development. The meeting pointed out that it is necessary to stabilize the development of foreign trade and investment, increase support with tailored policies for each industry and enterprise, and support the reinvestment of foreign enterprises in China. It is also essential to promote service consumption in areas such as elderly care, childbirth, culture, and tourism, expand effective investment, and vigorously boost the enthusiasm of private investment. The meeting emphasized the need to continuously stabilize the stock market and promote the steady and healthy development of the real estate market. 2. On April 18, Foreign Ministry spokesperson Lin Jian held a regular press conference. A reporter asked about the Trump administration's announcement of imposing "port fees" on Chinese-built ships. In response, Lin Jian stated that imposing "port fees" and additional tariffs on cargo handling equipment harms both sides. China urges the US to respect facts and multilateral rules and immediately cease its erroneous practices. 3. On April 17, the Office of the US Trade Representative announced final measures in the Section 301 investigation into China's maritime, logistics, and shipbuilding sectors. The Ministry of Commerce responded by urging the US to respect facts and multilateral trade rules, adhere to the principles of market economy and fair competition, stop "shifting blame," and correct its wrong practices as soon as possible. China will closely monitor the US's actions and resolutely take necessary measures to safeguard its rights and interests. 4. Recently, the Ministry of Finance released the fiscal revenue and expenditure data for Q1 2025. In Q1, China's general public budget expenditure reached 7,281.5 billion yuan, up 4.2% YoY. Stamp duty revenue was 107.5 billion yuan, up 21.1% YoY, of which securities transaction stamp duty was 41.1 billion yuan, up 60.6% YoY. 5. At a recent special press conference held by the Ministry of Commerce, officials stated that the Ministry will strengthen classified guidance for pilot free trade zones, expand reform task authorizations for free trade zones in Guangdong, Tianjin, and Fujian, and assign them new pilot reform tasks. 6. The 2025 China Internet Entrepreneurs Symposium was held in Beijing. The meeting emphasized the need to carry forward the spirit of self-reliance and pioneering, demonstrate courage in leading technological competition, and strive for more breakthroughs in original, cutting-edge, and disruptive technologies. Industry News 1. On April 19, the world's first humanoid robot half marathon kicked off in Beijing's Yizhuang. "Tiangong Ultra," organized by the Beijing Humanoid Robot Innovation Center, won the championship in the humanoid robot track, while "Songyan Power N2" secured second place, and "Xingzhe No.2" from Shanghai Zhuoyide Robot Co., Ltd. took third place. 2. Recently, the Ministry of Commerce issued the "Work Plan for Accelerating the Comprehensive Pilot of Expanding the Opening of the Service Industry," which mentioned launching the "vehicle-road-cloud integration" application pilot, promoting the large-scale construction of related infrastructure, and the industrial development of intelligent connected vehicles. It also proposed expanding the opening of value-added telecommunications services and increasing the openness of the software and information service industry. 3. Recently, Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), chaired a special meeting on promoting the development of the low-altitude economy. The meeting emphasized the need to adopt a "national chessboard" approach, balance development and safety, government and market, and short-term and long-term considerations, plan and compile the "15th Five-Year Plan" for the low-altitude economy, comprehensively strengthen the safety bottom line, create a favorable development environment, and promote the safe and healthy development of the low-altitude economy according to local conditions. 4. Affected by US tariff policies, two well-known e-commerce platforms are expected to adjust prices in the US region. Recently, fashion e-commerce platform Shein and cross-border e-commerce platform Temu, owned by Pinduoduo, announced on their official websites that due to recent changes in global trade rules and tariffs, operating costs have increased. To maintain quality, price adjustments will be implemented starting April 25, 2025. 5. Recently, the Beijing Securities Regulatory Bureau held the 2025 regulatory work meeting for listed companies in its jurisdiction. The meeting required listed companies to actively take responsibility for stabilizing market value, the market, and confidence, treat market value management as a long-term strategic management behavior, and effectively enhance the company's investment value and development quality. 6. With the popularity of the B2B cross-border e-commerce platform DHgate overseas, the platform has seen significant growth in transaction volume across multiple countries and categories, with transaction volume growth exceeding 100% in 97 countries. The top five countries contributing to transaction volume are the US, the UK, Canada, France, and Australia. 7. Recently, the Shanghai Stock Exchange held a symposium with leading companies in the commercial aerospace industry, engaging in in-depth exchanges with 10 companies in the commercial rocket and satellite sectors, fully listening to their opinions and suggestions, and jointly exploring how the capital market can serve the high-quality development of commercial aerospace. 8. Huawei will hold the 2025 Huawei Smart Electric & Smart Charging Network Strategy and New Product Launch on April 22. It is reported that Huawei will release a megawatt-level ultra-fast charging product at the event. According to Huawei's previous preview, this megawatt-level charging product has a maximum charging current of 2,400 amperes, a maximum power of 1.5 megawatts, can supply 20 kWh of electricity per minute, and can fully charge an electric heavy-duty truck (with a battery capacity of about 300 kWh) in 15 minutes. 9. The International Agency for Research on Cancer (IARC) has clearly stated that obesity is associated with at least 13 types of cancer risks. Some experts believe that obesity may replace smoking as the largest modifiable risk factor for cancer. 10. According to the latest data released by Statista, Tesla's sales in Europe plummeted across the board in Q1. Among them, Germany, Denmark, and Sweden saw declines of over 50%, while the Netherlands also experienced a near halving of sales. Company News 1. The first humanoid robot half marathon kicked off in Beijing on April 19. Multiple online videos showed that the G1 humanoid robot from Unitree Technology fell during the race but stood up and continued. Unitree Technology issued a statement clarifying that it has not participated in any recent competitions and is mainly focused on preparing for a live-streamed humanoid robot combat event. 2. It is reported that the Tiangong 2.0 robot is about to be launched, achieving small-batch mass production and application. On April 19, Tang Jian, CTO of the Tiangong team and the Beijing Humanoid Robot Innovation Center, stated in an interview with China News Service that as humanoid robots are widely adopted in the future, their prices will be comparable to an entry-level car. 3. Cambricon announced a Q1 net profit of 355 million yuan, turning a profit YoY. 4. Zhengdan Co., Ltd. announced a Q1 net profit of 389 million yuan, up 558.59% YoY. 5. Zhongji Innolight announced a Q1 net profit of 1.583 billion yuan, up 56.83% YoY. 6. Shijia Photonics announced a Q1 net profit of 93.19 million yuan, up 1,004% YoY. 7. Shuangyi Technology announced a Q1 net profit of 30.275 million yuan, up 902.12% YoY. 8. GDS Holdings announced plans to invest 3.537 billion yuan in the third phase of the Tianjin Baodi Cloud Computing Base project. 9. Silan Microelectronics announced a 2024 net profit of 220 million yuan, turning a profit YoY. 10. Robot announced a 2024 net loss of 194 million yuan, turning a profit into a loss YoY. 11. Shenghe Resources announced that MP Company's suspension of rare earth concentrate exports to China will not have a significant impact on the company's production and operations. 12. Meiya announced that the company and its actual controller and chairman, Zheng Jiping, have been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure regulations. 13. AVIC Electromechanical Systems announced plans to repurchase shares worth 300 million to 500 million yuan. 14. Shandong Huapeng announced that the company's stock may be subject to other risk warnings. 15. Wanfang Development announced that the company's stock trading may be subject to delisting risk warnings. 16. Changyao Holdings announced that starting April 22, the company will be subject to delisting risk warnings and other risk warnings. 17. *ST Rendong announced that the company's stock trading may be subject to additional delisting risk warnings. 18. Hongda New Materials announced that the company's stock may be subject to other risk warnings. 19. Weston announced that its actual controller, Mao Yuzhong, divided 20 million shares due to divorce, but the control rights remain unchanged. Global Markets 1. US President Trump stated on April 17 that he is confident in reaching an agreement with China within a month. It is reported that the White House has been studying supply chain issues for some time and has discussed forming a working group to address them. The working group includes Vice President Vance, Treasury Secretary Besant, Commerce Secretary Lutnick, National Economic Council Director Hassett, Council of Economic Advisers Chairman Milan, and US Trade Representative Greer. 2. According to CNBC, the latest CNBC All-America Economic Survey shows that due to widespread dissatisfaction with President Trump's handling of tariffs, inflation, and government spending, his approval rating on economic issues has hit a new low in his presidency. 3. Sources revealed that the US is prepared to recognize Russia's control over Crimea as part of a broader peace agreement between Russia and Ukraine. The report stated that this potential concession is the latest signal of President Trump's eagerness to reach a ceasefire agreement between Russia and Ukraine. Investment Opportunities Reference 1. Byte's Seed intelligent agent model UI-TARS-1.5 is open-sourced, and institutions believe that computing power infrastructure will continue to benefit. According to information from the Doubao large model team's WeChat account, on April 17, ByteDance's Doubao large model team (Seed) released and open-sourced UI-TARS-1.5. This is an open-source multimodal intelligent agent based on a vision-language model, capable of efficiently executing various tasks in virtual worlds. Currently, UI-TARS-1.5 has achieved SOTA performance in seven typical GUI evaluation benchmarks and has demonstrated its long-term reasoning ability in games and interaction ability in open spaces for the first time. The release of o3 & o4-mini, Doubao's 1.5·Deep Thinking multimodal model, the launch of Yuanbao on WeChat, the arrival of the AI reasoning era, the rise of AI applications, and the AIDC industry chain! Guojin Securities pointed out that in the current context, DeepSeek is catalyzing the accelerated iteration of global large models, and AI application scenarios such as edge devices, intelligent driving, and robots are expected to achieve higher growth rates. Meanwhile, computing power infrastructure will continue to benefit, especially the domestic computing power industry chain. 2. The Ministry of Commerce stated that the innovation momentum in the consumer market continued to be released in Q1, and the first-mover economy is full of vitality. According to media reports, the Ministry of Commerce reported on China's consumer market in Q1. In Q1, the total retail sales of consumer goods reached 12.5 trillion yuan, up 4.6% YoY, with the growth rate accelerating by 1.1 percentage points compared to the previous year. The innovation momentum continued to be released. Digital consumption developed rapidly, with online retail sales up 7.9% YoY, of which physical goods online retail sales grew 5.7%. Green consumption is highly favored, and the first-mover economy is full of vitality. Shenwan Hongyuan stated that frequent pro-consumption policies and the first-mover economy are leading offline retail opportunities. From the home appliance trade-in policy, service consumption promotion policies, to the current series of first-mover economy and wholesale retail policies, the country's efforts to expand consumption are gaining momentum, and the coordinated implementation of various policies is expected to further stimulate consumer market vitality and increase residents' willingness to consume. At the same time, to further boost consumption vitality and promote the coordinated development of the industry chain, the first-mover economy, as an important strategic measure driven by policy, has received high attention. 3. The pilot work plan for the service industry has sparked positive market expectations, with both the volume and price of air ticket bookings rising during the Labour Day holiday. According to the State Council Information Office website, a press conference will be held on April 21 by Ling Ji, Vice Minister of Commerce and Deputy International Trade Representative, along with officials from the Ministry of Industry and Information Technology, the National Health Commission, and the People's Bank of China, to introduce the "Comprehensive Pilot Work Plan for Accelerating the Opening Up of the Service Industry." Additionally, the latest big data from TravelSky shows that as of April 17, domestic flight bookings for the Labour Day holiday exceeded 3.33 million, up 36% YoY, while international flight bookings surpassed 890,000, up 25% YoY. Data from VariFlight indicates that the average price of domestic air tickets (economy class, including taxes) during the Labour Day holiday was approximately 885.7 yuan, an 8.6% increase compared to 2019 and a 4.4% rise compared to 2024. Following the expansion of the pilot program, the total number of cities participating in the comprehensive pilot for opening up the service industry will increase to 20, optimizing the related industries in the travel and tourism chain. The social services team at Founder Securities believes that the consumption in the travel chain is highly resilient and elastic, serving as a crucial driver for promoting domestic demand. With the Labour Day holiday approaching, it is expected to be a key window for policy announcements. 4. Industry Summit Held, Institutions Claim the Technology Could Become the Next Competition Point After Artificial Intelligence The 2025 Fusion Reactor Vacuum Equipment and Device Industry Development Conference was held on April 18 in Hefei, Anhui. This is China's first conference centered on the entire industry chain of fusion vacuum systems. Recently, progress in controlled nuclear fusion projects has accelerated. The domestic Spark-1 hybrid reactor project passed its environmental assessment, and first-tier projects are speeding up financing. The China National Nuclear Corporation announced that the new-generation artificial sun, "China's HL-3," achieved "double 100 million degrees." Internationally, the ITER organization signed a tritium plant procurement agreement with a South Korean domestic institution. Huayuan Securities stated that nuclear fusion is a critical battleground for the next energy revolution, and its approaching commercialization will likely intensify competition between China and the U.S., potentially accelerating capital expenditures in the industry chain. There are three approaches to achieving controlled fusion confinement: gravitational (gravity) confinement, inertial confinement, and magnetic confinement. Currently, as the rivalry between China and the U.S. heats up, nuclear fusion is expected to become the next competition point after artificial intelligence.

Overnight, LME copper opened at $9,833/mt, reaching a high of $9,872/mt and a low of $9,808/mt, closing at $9,846.5/mt.

SMM Aluminum Morning Meeting Summary: Strong Macro Risk Aversion Sentiment, SHFE Aluminum Pulls Back in Night Session Macro side, due to the uncertainty brought by Trump's tariff policy to the US economy, the US dollar index maintained a downward trend throughout the day, eventually closing down 0.37%. Although the US economic growth in Q4 last year was faster than previously expected, investors were more concerned about the new auto tariffs announced by Trump, and market risk aversion sentiment dominated, leading to a pullback in SHFE aluminum in the night session. The domestic macro favorable tone remains unchanged. Finance Minister Lan Fo'an stated that fiscal policy in 2025 will be more proactive, with continuous and stronger efforts. Deputy Governor of the Central Bank Xuan Changneng mentioned that RRR cuts and interest rate cuts will be implemented based on domestic and overseas economic and financial conditions.

【SMM Zinc Morning Comment】US initial jobless claims were lower than expected. The Premier of Ontario, Canada, stated that the US will grant full or partial tariff exemptions for Canadian automobiles. The EU plans to target US service exports, including major tech companies. The South Korean government will announce emergency measures for automakers in April. Brazilian President Lula announced that retaliatory tariffs will be imposed on US products. Two departments: The offshore trade stamp duty preferential policy will continue. The Deputy Governor of the Central Bank: RRR cuts and interest rate cuts will be implemented based on domestic and overseas economic and financial conditions.