On March 19, Junda Shares (002865.SZ) stated on the investor interaction platform that current high silver prices were putting certain pressure on the cost of PV silver paste. The company was adopting a two-pronged strategy in response: first, smoothing raw material price fluctuations through refined supply chain management; second, continuously advancing the R&D and application of low-silver and silver-free technologies to reduce silver paste consumption per unit of solar cell and ease cost pressure.

On March 13, according to the Beijing Stock Exchange website, the Beijing Stock Exchange Listing Review Committee is scheduled to hold its 28th listing review meeting of 2026 at 9:00 a.m. on March 20, at which time it will review the IPO of Huzhou Anda Auto Parts Co., Ltd.

[Pilot Work for New-Type Power System Launched: Power Grid Equipment Stocks Surge] Recently, the National Energy Administration issued the Notice on Launching the First Batch of Pilot Work for the Construction of New-Type Power Systems. The notice explicitly requires focusing on the cutting-edge directions of the new-type power system, implementing single-direction pilots through typical projects, and conducting multi-directional comprehensive pilots relying on typical cities to drive substantive breakthroughs in the construction of the new-type power system. The notice emphasizes the need to focus on key areas, selecting several critical directions for pilot work, including system-friendly new energy power plants, smart microgrids, collaborative computing and power, virtual power plants, large-scale and high-proportion new energy transmission, and next-generation coal-fired power. Stimulated by the positive news, the power grid equipment sector led the gains on June 5. Pioneer Technology surged by over 17%, Ankao Intelligent Electric rose by over 12%, and multiple stocks, including Xinlian Electronics, China Energy Xinlong, Jinzhi Technology, Shunna Shares, and Jicheng Electronics, hit their daily limits.

On Monday, US Eastern Time, despite renewed trade tensions, the market continued to rise, with all three major indices closing higher. The Nasdaq led the gains among major indices, thanks to the rise in tech stocks led by Meta. (Minute-by-minute charts of the three major indices, source: TradingView) By the close, the Dow Jones Industrial Average rose 0.08% to 42,305.48 points, the S&P 500 rose 0.41% to 5,935.94 points, and the Nasdaq Composite rose 0.67% to 19,242.61 points. The US stock market had just experienced a robust performance in May. Strong gains in the technology sector, encouraging inflation data, and easing concerns over Trump's tariff policies drove a broad-based rally in stocks during the month. The S&P 500 rose more than 6% in May, marking its largest monthly gain since November 2023. However, US President Trump escalated the trade war again last week, announcing that he would raise tariffs on imported steel and aluminum from 25% to 50%, effective this Wednesday. The news weighed on auto stocks, with shares of Ford and General Motors both falling 3.9% on Monday. However, steel stocks surged on the tariff hike. Cleveland-Cliffs soared 23%, while Steel Dynamics and Nucor both rose 10%. "Investors are not entirely sure how these tariffs will play out next, or what the White House's next strategic move will be," said Anthony Saglimbene, chief market strategist at Ameriprise. Performance of Popular Stocks Most major tech stocks rose, with Apple up 0.42%, Microsoft up 0.35%, Nvidia up 1.67%, Google down 1.58%, Amazon up 0.80%, Meta up 3.62%, and Tesla down 1.09%. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index up 0.53%. Alibaba rose 0.80%, JD.com rose 1.39%, Pinduoduo fell 0.07%, NIO fell 0.56%, XPeng Motors fell 0.26%, Li Auto fell 1.83%, Bilibili rose 0.87%, Baidu rose 1.42%, NetEase rose 1.18%, and Tencent Music rose 3.09%. Company News [BioNTech Surges 18%] Multinational pharmaceutical giant Bristol Myers Squibb announced on Monday that it had reached a licensing agreement with German biotech company BioNTech for the next-generation cancer drug BNT327, with milestone payments under the agreement potentially reaching up to $11.1 billion. If the new drug is successfully launched, the two companies will split global profits equally. According to information, BNT327 is a bispecific antibody drug targeting PD-L1 and VEGF-A. Currently, the drug is undergoing clinical trials for various solid tumors, including small cell lung cancer, non-small cell lung cancer, triple-negative breast cancer, hepatocellular carcinoma, neuroendocrine tumors, and mesothelioma. Influenced by this news, BioNTech's stock price rose by 18.05% at the close of US stock market trading on Monday. [Musk's xAI Reportedly Initiates $300 Million Share Sale, Valuation Reaches $113 Billion] According to media reports citing sources, xAI, the artificial intelligence (AI) company owned by the world's richest man, Elon Musk, is conducting a share sale transaction valued at $300 million, which sets the company's overall valuation at $113 billion. Sources familiar with the matter revealed that this transaction will allow xAI employees to sell shares to new investors and confirms the valuation agreed upon during xAI's previous acquisition of Musk's social media platform X. In March this year, Musk merged xAI and X Corporation, with the merged company's valuation set at $113 billion, including an $80 billion valuation for xAI and a $33 billion valuation for X. It is reported that this share sale is being conducted on the secondary market through a "tender offer," and it is expected that a larger round of financing will follow, during which xAI will issue new shares to external investors. [US Judge Cancels Scheduled Trial for Boeing 737 MAX Crashes] A federal judge in the US canceled the trial scheduled to begin on June 23 for the two air crashes involving Boeing 737 MAX aircraft operated by US-based Boeing. In October 2018 and March 2019, a Boeing 737 MAX aircraft operated by Indonesia's Lion Air and another operated by Ethiopia's Ethiopian Airlines crashed, resulting in 346 fatalities. Investigations found that the crashes were related to safety design flaws in the new software system of the aircraft model. During the process of obtaining airworthiness certification, Boeing intentionally concealed this risk from the US Federal Aviation Administration and failed to enhance pilot training for the software system. [Dimon: It Will Take "A Few More Years" to Retire from JPMorgan Chase] Jamie Dimon stated that it will take "a few more years" before he steps down from the top position at JPMorgan Chase, but the decision rests with the bank's board of directors. "It depends on God and the board," said Dimon, the 69-year-old CEO of JPMorgan Chase, in an interview. "I love my job," he said. Questions about when Dimon will retire and who will succeed him have been a focus of attention for years. Dimon used to joke that, whenever asked, the answer was always that he would retire in five years. However, recently he has stopped responding in this manner. In 2024, Jamie Dimon's compensation increased to $39 million, as the largest bank in the US broke its own record for the highest annual profit in the history of the US banking industry that year.

The first meeting of the National Task Force on the Recycling of Power Batteries from New Energy Vehicles (NEVs) emphasized the need to improve the regulatory and standards system, accelerate the formulation of relevant laws and regulations, and develop and revise mandatory standards such as safety technical specifications for various types of lithium batteries, in order to regulate recycling practices through legal means and lead the high-quality development of the industry with standards.

On Monday, Eastern Time, the three major indices closed with mixed changes. Trump's tariffs will continue to pressure the market, and earnings reports from major tech companies and economic data will be the focus in the coming days. The S&P 500 index fell more than 1% during the session but rebounded in the final hour, marking its fifth consecutive day of gains, the longest winning streak since early November last year. About one-third of the S&P 500 companies are set to report Q1 earnings this week, with reports from major tech firms like Apple, Meta, Amazon, and Microsoft drawing significant attention. Investors are closely watching how Trump's tariffs will impact companies' future profits. Although S&P 500 companies are expected to report a 10.9% increase in Q1 profits compared to the same period last year, many have warned about uncertainties stemming from US trade policies, with some even cutting or withdrawing their forecasts entirely. Among the 179 S&P 500 companies that have already reported earnings, 78 have issued negative profit outlooks, while 32 have provided positive forecasts. Jack Ablin, Chief Investment Officer at Cresset Capital, said, "With four of the Magnificent Seven reporting earnings this week, it's a crucial earnings week. Everyone is eager to hear guidance on the future and how CEOs plan to navigate a potential trade war, which will be very interesting." This week will also see the release of US Q1 GDP data and the April non-farm payrolls report on Friday. Overall, by the end of the week, Wall Street should have a clearer understanding of the impact of tariffs on businesses and consumers. Anthony Saglimbene, an analyst at Ameriprise, said, "This will be one of the busiest weeks of the year, with a constant stream of trade-related news, a barrage of important data releases, and the peak of earnings season, which is expected to keep investors on their toes." As the turbulent April draws to a close, several market experts believe there are few reasons to believe market volatility has passed. Chris Larkin, an analyst at E*Trade, pointed out that for stocks to continue rising, investors need to see the White House take genuine "dovish turns" on trade issues with China. Market Dynamics At the close, the Dow Jones rose 114.09 points, or 0.28%, to 40,227.59; the Nasdaq fell 16.81 points, or 0.10%, to 17,366.13; and the S&P 500 rose 3.54 points, or 0.06%, to 5,528.75. Most US sector ETFs rose, with the Biotechnology Index ETF gaining 1.14%, the Global Airlines ETF up 0.97%, the Energy ETF rising 0.7%, the Regional Banks ETF up 0.59%, the Banking ETF gaining 0.54%, the Financials ETF up 0.31%, the Technology Sector ETF falling 0.16%, and the Semiconductor ETF dropping 0.62%. Among the 11 sectors of the S&P 500, the Financials sector rose 0.32%, Healthcare gained 0.37%, Real Estate increased 0.69%, Industrials rose 0.31%, and Energy gained 0.63%. Performance of Popular Stocks Major tech stocks had mixed performances, with Tesla rising 0.33%, Meta up 0.45%, Apple gaining 0.41%, Amazon falling 0.68%, Microsoft dropping 0.18%, and Alphabet Class A shares declining 0.83%. Nvidia fell more than 2% following reports that Huawei is finalizing tests for its newly developed AI chip, Ascend 910D, aiming to replace Nvidia's H100 chip. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index gaining 0.68%. NIO surged over 6%, DouYu, Li Auto, BOSS Zhipin, and Vipshop rose over 3%, Youdao, Kingsoft Cloud, and Manbang gained over 2%, JD.com, Tencent Music, and New Oriental Education rose slightly, while iQIYI, KE Holdings, and DD Inc. fell over 1%, and Bilibili, NetEase, and Baidu declined slightly. Company News [IBM Announces $150 Billion Investment Plan] On Monday, local time, US tech giant IBM announced a $150 billion investment plan in the US over the next five years. This includes $30 billion in R&D spending to advance IBM's AI mainframe and quantum computing manufacturing operations in the US. IBM CEO Arvind Krishna reiterated the company's intentions in the announcement: "Since our founding 114 years ago, IBM has been committed to US employment and manufacturing. Through this investment and manufacturing commitment, IBM will ensure it remains at the core of the world's most advanced computing and AI capabilities." [Sony Group Reportedly Considering Spin-off of Semiconductor Business, Potentially Completed This Year] According to sources familiar with the matter, Sony Group is considering spinning off its semiconductor division, marking the latest move by the PlayStation maker to streamline its business and focus on entertainment. The sources, who requested anonymity due to the confidential nature of the discussions, said the spin-off and listing of Sony Semiconductor Solutions Group could occur as early as this year. One source said Sony is considering distributing a majority stake in its semiconductor business to shareholders and may retain a minority stake after the spin-off. [NXP Semiconductors Reports Q1 Revenue of $2.84 Billion, Exceeding Market Expectations] NXP Semiconductors reported Q1 2025 revenue of $2.84 billion, exceeding market expectations of $2.83 billion, compared to $3.13 billion in the same period last year. Adjusted EPS for the quarter was $2.64, beating analysts' expectations of $2.60, while EPS was $1.92, down from $2.47 a year earlier. The company expects Q2 revenue of $2.8 billion to $3.0 billion, compared to analysts' expectations of $3.86 billion. It forecasts adjusted Q2 EPS of $2.46 to $2.86, versus analysts' expectations of $2.63, and Q2 EPS of $1.78 to $2.16, compared to analysts' expectations of $2.05. The company's CEO will step down by the end of 2025. [Porsche Forecasts Full-Year Revenue of €37-38 Billion, Lower Than Previous Estimates] Porsche expects full-year revenue of €37-38 billion, down from its previous forecast of €39-40 billion. It anticipates a full-year automotive EBITDA margin of 16.5%-18.5%, compared to its earlier estimate of 19%-21%, and an operating margin for its robotic operating system (ROS) of 6.5%-8.5%, down from the previous forecast of 10%-12%.

The Q1 2025 report released by Yunnan Tin Co., Ltd. showed that in Q1 2025, the company achieved an operating revenue of RMB 9.729 billion, up 15.82% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 499 million, up 53.08% YoY; and a net cash flow from operating activities of RMB 640 million, down 40.14% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.803 billion, up 0.44% from the end of the previous year, and the net assets attributable to shareholders of publicly listed firms reached RMB 20.921 billion, up 0.35% from the end of the previous year. The Q1 2025 report of Yunnan Tin Co., Ltd. indicated that during the reporting period, the market prices of the company's main metal products, including tin, copper, and zinc, increased YoY. The company seized market opportunities, fully released its production capacity, and continuously improved the synergy between mining, beneficiation, and smelting, leading to a significant YoY increase in operating performance. In Q1 2025, the total production of non-ferrous metals reached 82,200 mt, including 24,200 mt of tin, 24,400 mt of copper, 33,300 mt of zinc, and 30 mt of rare and precious metal indium ingots. Yunnan Tin Co., Ltd. also disclosed the following significant events involving the company and its subsidiaries in its Q1 2025 report: 1) In January 2025, the tin branch of Yunnan Tin Co., Ltd. was awarded the title of National Green Factory; Wenshan Zinc & Indium's primary indium (indium ingots) was included in the list of the fifth batch of manufacturing single-product champion enterprises in Yunnan Province; 2) In February 2025, two projects, namely the "Green Recovery Process and Equipment for Multi-Metal in Tin Smelting" by the tin branch of Yunnan Tin Co., Ltd. and the "Key Technologies for Efficient Recovery of Indium Associated with Complex Zinc Concentrates and Their Industrial Application" by Wenshan Zinc & Indium Smelting Co., Ltd., won the first prize of the China Nonferrous Metals Industry Science and Technology Award; 3) In April 2025, the company held a 2024 annual report performance briefing via live video streaming; on April 10, the company received a "Letter on Proposing the Implementation of Share Repurchase by Yunnan Tin Co., Ltd." from its shareholder, Yunnan Tin Group (Holding) Co., Ltd. (hereinafter referred to as "Yunnan Tin Holding Company"). Yunnan Tin Holding Company proposed that the company repurchase some of its issued RMB ordinary shares (A shares) through the trading system of the Shenzhen Stock Exchange via centralized bidding transactions using its own or self-raised funds, with a total repurchase amount of no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) to reduce the company's registered capital. Currently, relevant matters are being orderly advanced. On April 25, Yunnan Tin Co., Ltd. stated in response to investor inquiries on an interactive platform that the repurchase-related matters are being orderly advanced. The 2024 annual report recently released by Yunnan Tin Co., Ltd. showed that in 2024, under the strong leadership of the company's Party committee and board of directors, and closely centered around the overall task of "strengthening breakthroughs, deepening reforms, expanding markets, and stabilizing operations," the company actively overcame challenges from a complex and volatile operating environment, including intensified price fluctuations of non-ferrous metals, tight raw material supply, and continuously declining processing fees. It proactively controlled its operating pace, seized market opportunities, and achieved steady improvement in operating quality and efficiency. In 2024, the company produced a total of 361,000 mt of non-ferrous metals, including 84,800 mt of tin, 130,300 mt of copper, 144,000 mt of zinc, and 1,848 mt of lead. It also produced rare and precious metals: 127 mt of indium ingots, 1,229 kg of gold, and 145 mt of silver. During the reporting period, the company achieved an operating revenue of RMB 41.973 billion, down 0.91% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 1.444 billion, up 2.55% YoY; and a net profit attributable to shareholders of publicly listed firms excluding non-recurring gains and losses of RMB 1.943 billion, up 40.48% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.643 billion, down 1.13% from the beginning of the year; the net assets attributable to shareholders of publicly listed firms reached RMB 20.848 billion, up 17.19% from the beginning of the year. The 2024 annual report of Yunnan Tin Co., Ltd. showed that the company's main businesses include the exploration, mining, beneficiation, and smelting of metal ores such as tin, zinc, copper, and indium. Regarding the company's mineral resource reserves as of the end of the reporting period, Yunnan Tin Co., Ltd. introduced that as of December 31, 2024, the company's retained resource reserves were as follows: ore reserves of 258 million mt, tin metal reserves of 626,200 mt, copper metal reserves of 1.1499 million mt, zinc metal reserves of 3.661 million mt, indium reserves of 4,821 mt, tungsten trioxide reserves of 77,800 mt, lead metal reserves of 96,300 mt, and silver reserves of 2,460 mt. In addition, Yunnan Tin Co., Ltd. also introduced the company's mineral resource exploration activities during the reporting period: In 2024, the company's subsidiary mining units invested a total of RMB 101 million in exploration expenditures. A total of 52,400 mt of non-ferrous metal resources were newly discovered throughout the year (as reviewed and confirmed by a third-party expert team), including 17,600 mt of tin and 34,800 mt of copper. The specific situation is as follows: In its 2024 annual report, Yunnan Tin Co., Ltd. discussed its main work objectives for 2025 as follows: The company's comprehensive budgeted operating revenue for 2025 is RMB 46.5 billion. The planned production volumes are 90,000 mt of tin, 125,000 mt of copper, 131,600 mt of zinc, and 102.3 mt of indium ingots. (This plan serves as a guiding indicator, and the final results are subject to uncertainties influenced by various internal and external environmental factors, as well as operational management. Therefore, it does not constitute a substantive commitment to operating revenue or the production volumes of various products. Investors are advised to pay attention to risks.) 》View SMM tin product spot quotes 》Subscribe to view historical price trends of SMM metal spot prices Comparing the daily average prices of SMM #1 tin spot in Q1 2025 and Q1 2024, it can be seen that the daily average price of SMM #1 tin spot in Q1 2025 was RMB 260,724.56/mt, up RMB 43,806.46/mt from the daily average price of RMB 216,918.1/mt in Q1 2024, representing a YoY increase of 20.19%. Such a significant increase is also conducive to improving the operating performance of tin enterprises. Reviewing the historical price trend of SMM #1 tin spot in 2024, it can be observed that in 2024, influenced by factors such as frequent positive macroeconomic policies in China, supply-side disruptions caused by the ban on mining in Wa State, and a slight recovery in end-use demand from consumer electronics, the average price center shifted upward compared to 2023. Among them, the average price of SMM #1 tin spot reached a new high for the year on July 11, 2024, at RMB 281,750/mt. The lowest average price for the year was RMB 205,000/mt on January 9 and 10, 2024. The average price on December 31, 2024, was RMB 246,000/mt, up RMB 35,250/mt from the average price of RMB 210,750/mt on December 29, 2023, representing an increase of 16.73%. Recently, tin prices have been fluctuating considerably in a weak trend. The US announcement of imposing "reciprocal tariffs" on multiple countries has sparked market concerns, leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which has suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainties. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi have pulled back, constrained by tight raw material supply, especially the lagging production resumptions in Myanmar and the recent 7.9-magnitude earthquake, which have intensified market panic over tin ore supply. In terms of demand, downstream solder enterprises are making just-in-time procurements combined with some restocking. However, the "trade-in" policy and high production schedules for home appliances provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Although the news of the resumption of operations at the Bisie tin mine once boosted market confidence, overall, due to macroeconomic uncertainties, SHFE tin prices may continue to fluctuate considerably in the short term. Investors are advised to pay attention to changes in fundamentals, operate cautiously, and avoid the risk of chasing high prices. Tianfeng Securities issued a research report on April 09, recommending a "buy" rating for Yunnan Tin Co., Ltd. The main reasons for the rating include: 1) The impact of impairment and supplementary payment of mining rights royalties was concentrated in Q4; 2) The simultaneous increase in volume and price, along with cost optimization, boosted the company's profitability; 3) With tight supply, tin prices are expected to remain strong, and the company is expected to benefit. Risk warnings: Macroeconomic environment risks, market price fluctuation risks, and safety and environmental protection risks. Guosen Securities issued a research report on April 08, giving Yunnan Tin Co., Ltd. a rating of "outperforming the market." The main reasons for the rating include: 1) The company released its 2024 annual report; 2) Data on the production and sales volumes of core products; 3) As the world's largest refined tin producer, the company has maintained a leading position in the global tin market for a long time. Risk warnings: Risks of declining grades of core mine resources; risks of price fluctuations in non-ferrous metals.

Macro News 1. The Political Bureau of the CPC Central Committee held a meeting on April 25 to analyze and study the current economic situation and economic work. General Secretary of the CPC Central Committee Xi Jinping presided over the meeting. The meeting pointed out that it is necessary to continuously consolidate the stable momentum of the real estate market and maintain the stability and vitality of the capital market. More proactive and effective macro policies should be implemented promptly, including RRR cuts and interest rate cuts. It is essential to increase the income of middle- and low-income groups and vigorously develop service consumption. A "Science and Technology Board" should be innovatively launched in the bond market, and the "AI+" initiative should be accelerated. For enterprises significantly affected by tariffs, the proportion of unemployment insurance fund refunds for job retention should be increased. Incremental reserve policies should be promptly introduced in response to changing circumstances, and unconventional counter-cyclical adjustments should be strengthened. 2. On the afternoon of April 25, the Political Bureau of the CPC Central Committee held its 20th collective study session on strengthening the development and regulation of artificial intelligence. General Secretary of the CPC Central Committee Xi Jinping emphasized during the study that, in the face of the rapid evolution of the new generation of AI technology, it is necessary to fully leverage the advantages of the new system of mobilizing resources nationwide, adhere to self-reliance and self-improvement, highlight application-oriented approaches, and promote the healthy and orderly development of China's AI in a beneficial, safe, and equitable direction. 3. Premier of the State Council Li Qiang presided over a State Council executive meeting on April 27, deciding to approve nuclear power projects such as the Sanmen Phase III project in Zhejiang. The meeting emphasized that safety must be ensured in nuclear power development without any compromise. The primary responsibilities of participating construction units and owner units should be solidified. Nuclear power units should be constructed and operated in accordance with the highest global safety standards. Efforts should be continuously made to strengthen the construction of safety regulatory capabilities and effectively ensure the safety of nuclear power. 4. The State Council Information Office is scheduled to hold a press conference at 10 a.m. today. Zhao Chenxin, Deputy Director of the National Development and Reform Commission, Yu Jiadong, Deputy Minister of Human Resources and Social Security, Sheng Qiuping, Deputy Minister of Commerce, and Zou Lan, Deputy Governor of the People's Bank of China, will introduce policy measures related to stabilizing employment, the economy, and promoting high-quality development. 5. The State Council has approved the establishment of comprehensive pilot zones for cross-border e-commerce in Hainan Province and 15 other cities (regions), including Qinhuangdao. Meanwhile, the comprehensive pilot zones for cross-border e-commerce established in Haikou, Sanya, and Alashankou have been revoked. 6. The 2025 National Conference on Responding to Trade Frictions was held in Beijing from April 24 to 25. The meeting pointed out that China's trade frictions have entered a high-intensity phase. Facing difficulties and challenges, it is necessary to remain confident, maintain determination, and adopt strategic approaches to foster new opportunities amid crises and open up new prospects amid changes. It is essential to enhance political awareness, adhere to a systematic perspective, strengthen bottom-line thinking and extreme-case thinking, focus on preventing and mitigating trade risks, and make new contributions to the high-quality development of trade. 7. It has been reported that CK Hutchison's sale of overseas ports will proceed as two separate transactions. A spokesperson for the State Administration for Market Regulation recently stated that China is highly concerned about the relevant transactions and will conduct reviews in accordance with the law. All parties to the transactions must not evade reviews in any way and must not implement concentration before obtaining approval; otherwise, they will bear legal responsibilities. 8. Huang Haihua, spokesperson and director of the Research Office of the Legislative Affairs Commission of the Standing Committee of the National People's Congress, stated at a press conference of the Legislative Affairs Commission of the Standing Committee of the National People's Congress on the 25th that the 2025 legislative work plan includes 14 legal bills scheduled for continued review and 23 legal bills scheduled for initial review. Among them, in terms of improving institutional mechanisms conducive to promoting high-quality development, laws such as the Promotion of the Private Economy Law, the National Development Planning Law, the Financial Law, the Financial Stability Law, and the Farmland Protection and Quality Improvement Law will be formulated. 9. In the first quarter, the profits of industrial enterprises above designated size nationwide turned from a 3.3% year-on-year decline for the entire previous year to a 0.8% increase, reversing the trend of continuous decline in cumulative profits of enterprises since the third quarter of the previous year. In March, the profits of industrial enterprises above designated size turned from a 0.3% decline in January-February to a 2.6% increase, with profits for the month showing improvement. 10. According to Ministry of Finance data, from January to March, the total operating revenue of state-owned enterprises was 19,845.16 billion yuan, unchanged from the previous year. The total profits of state-owned enterprises were 1,090.74 billion yuan, up 1.7% year-on-year. At the end of March, the asset-liability ratio of state-owned enterprises was 65.0%, up 0.1 percentage points year-on-year. Industry News 1. The Ministry of Commerce and five other departments issued a notice on further optimizing the departure tax refund policy to expand inbound consumption. The notice mentions lowering the threshold for departure tax refunds. Overseas tourists who purchase tax-refundable goods worth 200 yuan or more on the same day at the same store and meet other relevant regulations can apply for departure tax refunds. The payment service for departure tax refunds has been optimized. The cash tax refund limit has been increased to 20,000 yuan. 2. In 2025, the Shenzhen Stock Exchange issued revised "Rules for the Review of Securities Issuance and Listing by Publicly Listed Firms." The main adjustments include: first, in accordance with the new "Company Law" and other regulations, changing "shareholders' meeting" to "shareholders' assembly" and deleting provisions related to supervisors and shareholding reductions; second, solidifying the responsibilities of intermediary institutions, strengthening on-site supervision and prevention of financial fraud, and clarifying the verification obligations of intermediary institutions; third, increasing penalties for violations, imposing heavier sanctions on financial fraud and other behaviors, extending the maximum period for intermediary institutions to be temporarily ineligible for document acceptance to five years, and extending the filing interval for sponsors to six months. The new regulations further strengthen strict supervision and maintain market order. 3. The China Securities Regulatory Commission (CSRC) has formulated the "Administrative Provisions on the Suspension and Exemption of Information Disclosure by Publicly Listed Firms," which will come into effect on July 1, 2025. The "Provisions" clarify two categories of exemptions: one is information that constitutes state secrets or may violate national confidentiality regulations or management requirements if disclosed publicly; the other is trade secrets or confidential business information. 4. The Ministry of Finance and the CSRC revised and issued the "Administrative Measures for the Record-Filing of Accounting Firms Engaged in Securities Service Business." The main revisions to the "Measures" include: improving record-filing requirements and strengthening guidance on the focus on practice quality; improving the management loop and strengthening the whole-process supervision of accounting firms engaged in securities service business. 5. The Ministry of Transport and ten other departments issued guidelines on promoting the integrated development of transportation and energy. The guidelines point out that by 2035, pure electric vehicles will become the mainstream of newly sold vehicles, new energy commercial heavy-duty trucks will be applied on a large scale, and a green fuel supply system for transportation will be basically established. 6. Recently, on the official website of the State Taxation Administration's 12366 tax service platform, the State Taxation Administration stated in response to a question that taxpayers who replace their existing home loans in accordance with the "Notice on Matters Related to Reducing Interest Rates on Existing First-Home Mortgages" can continue to enjoy the special additional deduction for home loan interest because the taxpayer's home remains the same before and after the replacement. 7. Informed sources revealed that Apple plans to shift all iPhone production for the US market to India as early as 2026. In 2024, Apple's global iPhone shipments were approximately 225.9 million units, a slight decrease of 1% from the previous year. The US market accounted for 28% of shipments, approximately 63.25 million units. This means that to achieve its goal, Apple needs to nearly double its production capacity in India next year. 8. The National Financial Regulatory Administration recently issued the "Notice on Matters Related to Strengthening the Supervision of Universal Life Insurance." Relevant department heads of the National Financial Regulatory Administration stated that insurance companies are allowed to adjust the minimum guaranteed interest rate for universal life insurance products when meeting corresponding constraints, especially during periods of declining interest rates, to effectively prevent interest rate spread loss risks by lowering the minimum guaranteed interest rate. Company News 1. BYD's net profit in the first quarter was 9.15 billion yuan, up 100.4% year-on-year. 2. Gree Electric Appliances released its annual report, showing a 10.91% year-on-year increase in net profit for 2024. It plans to distribute a cash dividend of 20 yuan for every 10 shares. 3. CATL announced that it has repurchased 1.0753 million shares of the company for the first time. 5. JD.com announced that it will recruit 100,000 full-time riders in the next three months. 6. China Rare Earth released its first-quarter report, showing a net profit of 72.62 million yuan in the first quarter, turning from a loss year-on-year. 7. *ST Renle issued a revised performance forecast announcement, estimating that its net assets at the end of 2024 will be revised to -407 million yuan to -392 million yuan. The company's shares may be delisted. 8. *ST Gongzhi announced that its shares may be delisted and will be suspended from trading starting today. 9. Wuliangye Yibin announced that its net profit in 2024 increased by 5.44% year-on-year, and it plans to distribute a dividend of 31.69 yuan for every 10 shares. Its net profit in the first quarter was 14.86 billion yuan, up 5.8% year-on-year. 10. Yunji Group announced that it has signed a general contracting contract worth approximately 2.926 billion yuan for a bauxite project in Guinea, accounting for approximately 190.53% of the company's audited operating revenue in 2024. 11. Luzhou Laojiao released its annual report, showing a 1.71% year-on-year increase in net profit for 2024. It plans to distribute a cash dividend of 45.92 yuan for every 10 shares. 12. Xingguang shares announced that its stock trading will be subject to delisting risk warnings. 13. Gujinggong Liquor released its annual report, showing a 20.22% year-on-year increase in net profit for 2024. It plans to distribute a dividend of 50 yuan for every 10 shares. 14. TISCO Stainless Steel released its first-quarter report, showing a 5507% year-on-year increase in net profit in the first quarter. 15. Zhenghe Ecology announced that it has signed a 2 billion yuan strategic cooperation agreement with Yanshan Cultural Tourism Group. 16. Haiyuan Composite Materials announced that its shares will be subject to delisting risk warnings and will be suspended from trading for one day. 17. Chuandazhisheng announced that its shares will be subject to delisting risk warnings, and its stock abbreviation will be changed to "*ST Zhisheng." 18. Tonghua Dongbao announced a correction to its 2024 performance forecast, estimating a net loss of 42.72 million yuan. 19. Songfa shares announced that its shares will be subject to delisting risk warnings, and its stock abbreviation will be changed to *ST Songfa. Global Markets 1. US President Trump stated that he is unlikely to approve another 90-day tariff suspension. Trump told reporters traveling with him on Air Force One, "I hope to reach trade agreements with a series of countries." 2. The latest Financial Stability Report released by the US Fed last Friday showed that rising global trade risks, overall policy uncertainty, and the sustainability of US debt top the list of potential risks to the US financial system. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion in the November report. Half of the respondents believe that overall policy uncertainty is the most worrying issue, a proportion that has increased from the same period last year. 3. The three major US stock indices closed higher collectively last Friday, with the Dow up 0.05%, the Nasdaq up 1.26%, and the S&P 500 up 0.74%. For the week, the Dow gained 2.48%, the Nasdaq rose 6.73%, and the S&P 500 increased 4.59%. Investment Opportunities Reference 1. Bookings increase by over 100% year-on-year, and the heat of the Labour Day holiday travel market continues to rise As the Labour Day holiday approaches, the heat of the travel market continues to rise. Since this week, there has been a significant increase in online hotel searches and flight ticket searches, marking the arrival of the booking peak for the Labour Day holiday. Data shows that as of now, the number of bookings for domestic travel during the Labour Day holiday has increased by over 100% compared to the same period last year. Among them, the booking increases for products such as self-drive tours, independent travel, and package tours are particularly significant. In addition, the core businesses of online travel platforms, such as hotels and tickets, have increased by over 70%. Especially the ultra-long holiday mode of "taking 4 days off for an 11-day holiday" has further promoted the booking of long-distance travel. Kaiyuan Securities stated that the tourism consumption during the Labour Day holiday exhibits three characteristics: "rapid growth in long-distance travel, two-way warming in cross-border travel, and a comeback in county-level tourism." The tourism consumption in sinking markets contributes structural increments, and the beta of the tourism market continues.Deng Lijun, Chief Strategy Analyst at Huajin Securities, stated that driven by holiday consumption and anticipated improvement in residents' income, coupled with the issuance of consumption vouchers and frequent local consumption promotion activities, the consumption potential of the food and beverage industry is expected to be continuously unleashed in the near term. The upcoming May Day holiday is expected to boost orders in railway and civil aviation businesses. If passenger flow remains high during the holiday, industries such as tourism, hotels, and catering are likely to benefit significantly. 2. New-Generation Low-Altitude Information Infrastructure, Entering the Stage of Validation and Commercial Exploration The Shenzhen Municipal Committee of the Communist Party of China published an article titled "Striving to Lead and Pioneer in Promoting New-Type Industrialization" in the "New-Type Industrialization" release. The article emphasized improving the digital infrastructure and service system, increasing investment in new infrastructure such as digital infrastructure, making moderately advanced layouts, accelerating the construction of low-altitude intelligent integrated infrastructure and low-altitude communication networks with integrated sensing, vigorously implementing industrial software research and application promotion actions, building a batch of standard testing and validation service platforms, consolidating the digital foundation of cities, and fostering the foundation for industrial development. Guotai Junan Securities pointed out that as a new-generation low-altitude information infrastructure, 5G-A integrated sensing has entered the stage of technical validation and commercial exploration. The development of the low-altitude industry is not limited to low-altitude monitoring systems but also faces challenges in communication and navigation capabilities. Due to the height limitations of traditional base stations, effective low-altitude communication cannot be achieved. With the increasing frequency of low-altitude activities and the demand for high-density flights, navigation modes also need to become more digitalized and refined. Systematic solutions to communication, sensing, and navigation issues rely on 5G-A integrated sensing, which offers significant cost-effectiveness. Currently, the three major operators have conducted 5G-A validation and large-scale trials across the country. Over 300 cities nationwide have initiated the latest 5G-A network deployments, aiming to build the world's largest low-altitude communication network. 3. Special Action for Facilitating Cross-Border Trade Launched in Beijing The Special Action for Facilitating Cross-Border Trade was launched in Beijing on April 24, with Vice Premier He Lifeng attending the deployment meeting and delivering a speech. He emphasized the need to thoroughly implement the spirit of the Central Economic Work Conference and the State Council's work deployment, fully recognize the importance of facilitating cross-border trade, unswervingly expand opening-up, win development initiatives through open cooperation, and build a new system of a higher-level open economy. On the same day, Wuhan City issued the "2025 Wuhan Measures to Promote Cross-Border Trade Facilitation," introducing 21 specific measures across six major areas, including improving customs clearance efficiency and deepening regulatory reforms. Bonded warehouses are a special type of storage space that allows importers to store goods in specially licensed warehouses near ports until they are sold to US end-users, at which point customs clearance and duty payment are completed. Generally, goods can be stored in bonded warehouses for up to five years. Institutions believe that for importers, the uncertainty of trade policies greatly increases the appeal of such warehouses. If Trump reverses tariffs, businesses can seize the fleeting window to quickly complete customs clearance. Conversely, if tariffs remain in effect, companies can extract inventory in small batches over an extended period, spreading the impact of tariffs over a longer cycle, thereby retaining as much flexibility as possible during a downturn in the US consumer market. 4. The Development of AI Agents Opens a New Paradigm for Human-Machine Collaboration According to industry media reports, Butterfly Effect, a Chinese startup behind the general-purpose AI agent ManusAI, recently completed a $75 million funding round. This round was led by the renowned US venture capital firm Benchmark and also attracted participation from existing investors. According to insiders, this round of funding has propelled Butterfly Effect's valuation to nearly $500 million, a fourfold increase from before. Guosen Securities stated that the development of agents has opened a new paradigm for human-machine collaboration, providing new development ideas for AI applications. In the future, model capabilities will continue to improve, and agents in various fields will become carriers for models to reach end-users. The subsequent development of AI applications remains highly promising. According to reports by McKinsey and others, driven by diversified demand, the AI agent market is experiencing explosive growth. The global AI agent market size in 2024 is approximately $5.1 billion and is expected to surge to $47.1 billion by 2030, with a compound annual growth rate of 44.8%.

The market fluctuated rangebound throughout the day, with the three major indices dropping slightly. The total trading volume of the Shanghai and Shenzhen markets reached 1.15 trillion yuan, a decrease of 104 billion yuan compared to the previous trading day. On the futures market, market hot topics were relatively scattered, with more stocks rising than falling, and over 3,500 stocks across the market advanced. Sector-wise, cyclical stocks such as chemicals and chicken farming collectively strengthened, with stocks like Hailide hitting the limit-up. The robotics and industrial machine sectors were active, with stocks like Qinchuan Machine Tool hitting the limit-up. PV concept stocks rebounded, with Yijing Optoelectronics hitting the limit-up. On the downside, bank stocks adjusted, with China Merchants Bank falling over 5%. At the close, the Shanghai Composite Index fell 0.04%, the Shenzhen Component Index fell 0.05%, and the ChiNext Index fell 0.26%. Sector-wise In the sector, chemical stocks remained active, with stocks like Zhongyida, Hailide, Jianbang Shares, Jiangtian Chemical, and Yuanli Technology hitting the limit-up, while Huafon Microfiber, Huilong New Materials, and Quanwei Technology led the gains. On the news front, prices of various chemical products including silicone, titanium dioxide, DMF, urea, and solid methionine have recently shown an upward trend. On the demand side, with the gradual emergence of policy stimulus effects and the strengthening momentum of the end-user industry recovery in 2025, the potential of domestic demand is expected to be fully unleashed. Tianfeng Securities stated in a recent research report that as the chemical cycle may have reached a relative bottom, the following three directions can be focused on: 1) industries dominated by stable demand and supply logic (e.g., refrigerants, phosphorus chemicals, titanium dioxide); 2) industries dominated by stable supply and demand logic (e.g., MDI, civil explosives, pesticides); 3) industries with dual marginal improvements in supply and demand (e.g., silicone). The breeding industry also strengthened, with stocks like Xiaoming Shares, Xiangjia Shares, and Jingji Zhinong hitting the limit-up, while Minhe Shares, Zhongmu Shares, and Yisheng Shares led the gains. On the news front, the UN Food and Agriculture Organization stated that the spread of H5N1 has reached an "unprecedented" scale, leading to the death of hundreds of millions of poultry globally; the domestic white-feather broiler industry chain has recovered, with the prices of chicks and live chickens rebounding 30% from the low point a month ago. Essentially, the surge in the breeding industry today was directly catalyzed by price increases. Against the backdrop of continuous market volume shrinkage and no obvious leading core, it is expected that funds will still seek low-position catch-up opportunities around the price increase logic. The robotics sector rebounded today, with stocks like Meili Technology, Lixing Shares, and Dayang Motor hitting the limit-up, while Sanfeng Intelligence, Wolong Electric Drive, Xiangming Intelligence, and Best led the gains. On the news front, the second China Embodied Intelligence Conference will be held in Beijing, and the China Artificial Intelligence Society's Embodied Intelligence White Paper will be released. Minsheng Securities believes that humanoid robots integrate advanced technologies such as artificial intelligence, high-end manufacturing, and new materials, and are expected to become disruptive products following computers, smartphones, and NEVs, profoundly changing human production and lifestyle and reshaping the global industrial development landscape. Currently, humanoid robot technology is accelerating, becoming a new highland for technological competition, a new track for future industries, and a new engine for economic development. Stock-wise From the stock level, short-term theme speculation has rebounded today, with the deep-sea technology concept repeatedly active, with Sun Cable and Youfu Shares both advancing to the 4th consecutive limit-up, while Dalian Heavy Industries hit the limit-up in the late session, recording 5 limit-ups in 6 days. Additionally, Shenkai Shares and Juli Rigging also saw a return of funds. Overall, the deep-sea technology concept remains the most continuous theme recently, and before the core leading stocks recede, low-sip arbitrage opportunities can still be sought in the market rotation. The robotics concept rebounded, with Nanfang Precision advancing further to 6 limit-ups in 7 days, and the trend core stock Meili Technology hitting the limit-up today, while Wolong Electric Drive also rose over 9%. As one of the previous core main lines, robotics has a high linkage with short-term sentiment, and whether it can continue to attract fund return remains one of the key points for subsequent market observation. Additionally, although the AI computing power direction has slightly recovered, the strength is still relatively weak, and the repair of the core stocks' loss effect in this direction cannot be ignored for the market to regain strength. Post-market analysis Today, the three major indices fluctuated rangebound throughout the day, eventually closing slightly lower, with the volume further shrinking to below 1.2 trillion yuan. However, the loss effect of stocks decreased compared to yesterday, with over 3,500 stocks rising across the market, and the number of stocks falling over 9% reduced to 10, while the number of limit-ups also increased compared to yesterday. After the previous continuous adjustments, short-term signs of stopping the decline have appeared, but judging from today's repair strength, it is still relatively weak, and the indices still need to quickly stand above the 5-day line with volume for confirmation. Additionally, the continuity of various themes is still relatively poor, often experiencing a round of pulse in the session before fluctuating and pulling back. Therefore, from the market dimension, to regain strength, it is still necessary to determine the core theme that resonates with the indices, thereby further mobilizing the market's bullish sentiment. Today, short-term sentiment rebounded significantly, with the sentiment indicator fluctuating and rising to the active zone. Market news focus 1. Shanghai: By 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan Cailian Press, March 26th, "Shanghai's Implementation Opinions on Promoting the Innovative Development of the Intelligent Computing Cloud Industry (2025-2027)" was released, proposing that by 2027, the city's intelligent computing cloud industry scale aims to exceed 200 billion yuan, and an ecological system with cloud-edge-terminal collaboration and a complete industry chain will be basically formed. The intelligent computing scale aims to reach 200 EFLOPS, with self-controllable computing power accounting for over 70%; to build several comprehensive intelligent computing cloud platforms and a batch of vertical intelligent computing cloud platforms, forming a number of intelligent computing cloud benchmark applications; to cultivate 1-2 strategic enterprises and 20 high-growth enterprises, attracting domestic and overseas leading cloud vendors to expand investment in Shanghai. 2. TSMC accelerates advanced packaging capacity expansion, expects SoIC production to double to 10,000 this year "Science and Technology Innovation Board Daily" 26th, TSMC is accelerating its advanced packaging capacity expansion in Taiwan, China, with both the AP8 and AP7 factories advancing their equipment installation timetables. The former is committed to expanding CoWoS capacity, expected to start equipment installation as early as April 2025, and may start mass production in H2; the latter's task is to increase SoIC technology production, originally scheduled for equipment installation at the end of 2025, now advanced to August, with SoIC production expected to double to 10,000 this year, and to double again in 2026. (MoneyDJ)

Recently, the National Development and Reform Commission shared the construction experience of the national carbon peaking pilot zone (Xixian New Area). According to the information, Xixian New Area focuses on planning characteristic industrial clusters such as the Hydrogen Bay and the Dual-Carbon PV Industrial Park. At present, it has initially formed a green and low-carbon industrial cluster covering fields such as hydrogen energy, ESS, and batteries. Meanwhile, the new area continues to enhance the level of green intelligent manufacturing, with three enterprises approved as national-level green factories and another eleven enterprises included in the provincial green manufacturing list. Since 2017, the new area has ceased approving coal-related projects, ensuring that all non-electric enterprises within the area achieve coal-free production.