The market experienced a day of volatile adjustments, with the ChiNext Index leading the losses. The total trading volume on the Shanghai and Shenzhen stock exchanges reached 998.9 billion yuan, a decrease of 11 billion yuan from the previous trading day. On the futures market, market hot topics were rather scattered, with the number of rising and falling stocks being roughly equal. In terms of sectors, pesticide and chemical stocks surged in the afternoon, with multiple stocks such as China Agri-United hitting the daily limit. New consumption stocks collectively strengthened, with the beverage and IP economy sectors leading the gains, and multiple stocks such as Juneyao Health hitting the daily limit. Pharmaceutical stocks also surged temporarily, with Hwasun Pharmaceutical hitting the daily limit. On the downside, robot concept stocks adjusted, with multiple stocks such as Lead Harmonic Drives falling more than 5%. By the close, the Shanghai Composite Index fell 0.18%, the Shenzhen Component Index fell 0.61%, and the ChiNext Index fell 0.68%. Sector-wise Among the sectors, new consumption concept stocks became active again, with food and beverage concept stocks leading the gains. Multiple stocks such as Kuaijishan, Quanyangquan, Jinfeng Liquor, Youyou Food, Jiaoda Angli, and Xiwang Food hit the daily limit. Pacific Securities believes that consumption channels and habits for mass-market products have changed, with discount stores, snack variety stores, membership supermarkets, and other channels that offer cost-effectiveness, efficiency, and careful product selection becoming mainstream. According to disclosed data, both Mingming Henmang and Wanchen Group have reached 14,000 stores each. Meanwhile, Sam's Club plans to open eight new stores by 2025, bringing the total to 60, and expand into third-tier cities. Traditional supermarket chain Yonghui is also accelerating its restructuring and transformation. From a category perspective, emotional consumption, cost-effectiveness, and health have gradually become key factors for the success of major products. Kuaijishan has launched rice wine sparkling water, while Bairun shares have introduced a new cost-effective blended whisky product to meet the low-alcohol and low-threshold drinking needs of young consumers. Therefore, more attention should be paid to new consumption stocks or segments such as snacks, new beverages, and health concepts in the future. Pesticide stocks surged rapidly in the afternoon, with multiple stocks such as Sinoflag, Hailir, Guangxin Agrochemical, Lier Chemical, and Meibang shares hitting the daily limit. On the news front, an explosion occurred in a workshop of Shandong Gaomi Youdao Chemical, drawing market attention to substitute enterprises for pesticide products led by chlorantraniliprole. In a recent research report, Kaiyuan Chemical stated that disruptions in overseas glyphosate capacity supply, coupled with anti-cut-throat competition efforts in the domestic glyphosate industry, will help improve the competitive landscape and enhance the market share of leading companies. This is expected to strengthen the bargaining power of glyphosate producers in the industry chain and improve their sustained profitability. Additionally, after a prolonged period of consolidation, glyphosate stocks have shown obvious valuation advantages, which can also be seen as an attempt by funds to rotate between high and low valuations amid hot topic rotations. However, after the collective surge, there may be some differentiation, with a focus on active front-runners with good trends. Individual Stocks Perspective In terms of individual stocks, short-term sentiment continued to improve today, with all 10 consecutive limit-up stocks from the previous trading session closing in the green, boasting an impressive 80% advancement rate. Additionally, previously popular stocks such as Three Gorges A, Zhongchao Holdings, Suzhou Longjie, and Youfu Co. also attracted capital inflows and hit the limit-up. Currently, the clustering of high-momentum stocks has played a positive role in boosting overall market sentiment and partially improved the sustainability of hot themes. However, the broader market has yet to stop falling and stabilize, and at the current level, there isn't sufficient incremental capital to absorb these high-momentum stocks. Should the clustering loosen further, it could lead to a second wave of short-term sentiment ebbing. Another point to note is the persistent weakness in some tech heavyweights recently. For instance, Cambricon dropped over 5% today, while Xinyisheng, Huadian Power, Sanhua Intelligent Control, and Zhongji Innolight also showed signs of high-volume declines. As traditionally high-beta sectors, tech stocks serve as a barometer for market sentiment. For the market to genuinely strengthen, tech stocks may remain an unavoidable direction during any rebound. Market Outlook The market adjusted with volatility throughout the day, with the three major indices closing slightly lower again, and the total trading volume falling below 100 billion. From an index perspective, if the market fails to reclaim the 5-day moving average, the short-term outlook remains a downward consolidation structure. However, from a thematic speculation angle, short-term market activity persists. High-momentum stocks in recent hot themes like controlled nuclear fusion, new consumption, and innovative pharmaceuticals mostly maintained favorable profit effects, validating the view that "structural opportunities still exist in the short-term market under capital clustering." Yet, it's worth noting that these themes have accumulated significant profit-taking pressure after repeated plays. Should short-term sentiment weaken again due to prolonged index adjustments, caution is warranted against potential further declines in high-momentum clustered stocks. Market Highlights 1. State Council Anti-Monopoly and Anti-Unfair Competition Committee Expert Advisory Group Holds Meeting: Comprehensive Crackdown on "Cut-Throat Competition" Caixin, May 27 — The plenary meeting of the State Council Anti-Monopoly and Anti-Unfair Competition Committee Expert Advisory Group was held in Beijing. Meng Yang, member of the Party Leadership Group and Deputy Director of the State Administration for Market Regulation, attended and delivered a speech. Luo Wen, Secretary of the Party Leadership Group, Director of the State Administration for Market Regulation, and Deputy Director of the Committee, emphasized that the expert advisory group must firmly adhere to the correct political direction, focus on new challenges in fair competition governance, conduct forward-looking and targeted research, provide robust support for the Committee's decision-making, and contribute to building a unified national market and promoting high-quality development. The meeting emphasized the need to closely focus on the work arrangements of the committee, and key tasks such as accelerating the construction of a unified national market, comprehensively addressing "cut-throat competition", and strengthening competition supervision and law enforcement. It urged active commitment and proactive action to better fulfill the responsibilities of the expert advisory group and contribute wisdom and strength to enhancing the capacity for fair competition governance and maintaining a fair and competitive market order. Wang Tiehan, the Anti-Monopoly Commissioner of the State Administration for Market Regulation, chaired the meeting. 2. Several wealth management subsidiaries of banks are applying to join the Insurance Asset Management Association of China Cailian Press, May 27 - Cailian Press reporters have confirmed from multiple sources that several wealth management subsidiaries of banks are currently applying for membership in the Insurance Asset Management Association of China, and some institutions have already completed the membership application process. Several executives from wealth management subsidiaries revealed to reporters that, as planned, all wealth management subsidiaries of banks will join the Insurance Asset Management Association of China. Subsequently, the Insurance Asset Management Association of China is expected to be renamed, becoming an industry self-regulatory organization covering the entire banking and insurance asset management industry.

The market jumped initially and then pulled back throughout the day, with the three major indices showing mixed changes. Among the stocks that hit the upper limit yesterday, only 3 advanced, while 2 hit the lower limit. The total turnover of the Shanghai and Shenzhen markets reached 1.11 trillion yuan, up 4.55 billion yuan from the previous trading day. On the futures market, the hot topics were scattered, with more stocks rising than falling, and over 2,800 stocks gaining across the market. By sector, power stocks collectively surged, with more than 10 stocks, including Xichang Electric Power, hitting the upper limit. Computing power stocks rebounded, with Tuowei Information hitting the upper limit. The unified market concept stocks once surged, with Changlian Shares hitting the upper limit. On the downside, high-position stocks fell sharply again, with Guofang Group and others hitting the lower limit. At the close, the Shanghai Composite Index fell 0.07%, the Shenzhen Component Index rose 0.39%, and the ChiNext Index rose 0.59%. By Sector On the sector front, the power sector continued its strong performance, with Jiuzhou Group, Huayin Electric Power, Changyuan Electric Power, Hunan Development, Xichang Electric Power, Mingxing Electric Power, and Shaoneng Shares all hitting the upper limit. On the news front, data released today by the National Energy Administration showed that in Q1 this year, China's wind and PV power generation added a combined 74.33 million kW of new installations, bringing the cumulative installed capacity to 1.482 billion kW, surpassing thermal power for the first time. Institutional research reports pointed out that with the introduction of new energy market entry policies, the industry is expected to see four positive developments: stabilization of expected returns, improvement of existing projects, increase in new scale, and resumption of mergers and acquisitions, as well as increased industry concentration. It is recommended to focus on leading enterprises and regional targets with poor or rapidly declining electricity prices. However, it should be noted that the current leading power stocks are relatively speculative, and with the overall sector's full-scale breakout today, some mid-to-lower-tier stocks also showed accelerated gains, which could be seen as a short-term climax signal. It is expected that the divergence in the power sector will intensify next week. The tourism sector strengthened again, with Tianfu Culture & Tourism and Three Gorges Tourism hitting the upper limit, while Zhongxin Tourism, Xi'an Tourism, Guilin Tourism, and Nanjing Commercial Tourism led the gains. On the news front, as the Labour Day holiday approaches, the tourism market continues to heat up. Since this week, online hotel and flight searches have surged significantly, 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 more than doubled YoY. Among them, the booking increases for self-driving tours, independent travel, and group tours are particularly significant. In addition, the core businesses of online travel platforms, such as hotels and tickets, have seen increases of over 70%. Against the backdrop of rising expectations for policies to expand domestic demand, the market expects service consumption to be one of the key supported directions. The cultural and tourism industry, with its large capacity, wide range, high resilience, and strong driving force, is expected to stand out in the internal rotation of consumption after a short-term correction in the previous days. In the future, attention can still be paid to the low-absorption opportunities of potential beneficiaries in the industry chain, such as hotels, scenic spots, and OTAs. Computing power stocks rebounded, with Tuowei Information, Hongbo Shares, and Tianyu Digital hitting the upper limit, while Maixinlin, Hongjing Technology, and Yunsai Zhilian led the gains. On the news front, Shenzhen released "Striving to Take the Lead and Be a Pioneer in Promoting New Industrialization," stating that it will accelerate the planning and construction of general computing power, intelligent computing power, and supercomputing power around the three elements of artificial intelligence computing power, algorithms, and data, and support enterprises in using computing power, models, and corpora resources at low cost. Tianfeng Securities stated that domestic computing power remains highly prosperous, with a surge in demand for computing power leasing and intelligent computing centers. In 2022, China's intelligent computing power scale was 259.9 EFLOPS, and it is expected to reach 1,117.4 EFLOPS in 2027, with a five-year compound growth rate of 33.9%. High-end computing power resources are scarce, and computing power leasing has a high return rate. In addition, computing power stocks have experienced a long period of consolidation, and the previously high congestion has been basically alleviated. In the future, attention will be paid to whether there are new event-driven catalysts to drive the repair expectations in this direction. By Stock At the stock level, high-position stocks fell sharply again, with Guofang Group, Lifang Pharmaceutical, Shuangcheng Pharmaceutical, Guoguang Chain, and Youfu Shares all hitting the lower limit. In addition, stocks such as Anji Food, Zhongxin Fluoride Materials, and Tianbao Infrastructure also showed obvious pullbacks after hitting the upper limit during the session. As of today's close, the advancement rate of consecutive limit-up stocks was only 20%, with only 3 stocks remaining at 3 consecutive limit-ups or more. As emphasized yesterday, the one-day return of high-position popular stocks does not mean that short-term risks have been completely resolved. Especially in the current environment of existing game play, market divergence remains large, leading to intensified short-term fluctuations in high targets. It is worth noting that the consecutive limit-up speculation has not completely receded. Tianyuan Shares and BBK both advanced to 6 consecutive limit-ups, and it is expected that some high-position stocks will still fluctuate under their influence, but the overall short-term sentiment is still more inclined to recede. Therefore, it is still necessary to remain cautious at this stage and wait for the market to determine a new leading theme with better continuity. Post-Market Analysis Today, the market jumped initially and then pulled back slightly throughout the day, with the three major indices showing mixed changes. At the stock level, although more stocks ultimately rose than fell, the distribution of market hot topics was still scattered and lacked sufficient continuity. The sharp decline in high-position stocks also caused short-term sentiment to weaken again. Overall, the market is still viewed as a weak consolidation pattern. Part of the reason is that the current period is the end of the annual report and Q1 earnings disclosure, and some companies with disappointing or explosive earnings may be announced intensively in the near future. On the other hand, the approach of the Labour Day holiday has also caused the recent market to be somewhat affected by the long holiday effect. Therefore, at this time period, most funds still choose to wait and see, so patience is required to wait for the arrival of the market turning point. Market News Focus 1. The Political Bureau of the CPC Central Committee: Accelerate the Implementation of More Proactive and Effective Macro Policies, and Timely RRR and Interest Rate Cuts Cailian Press, April 25th, the Political Bureau of the CPC Central Committee held a meeting, emphasizing the need to accelerate the implementation of more proactive and effective macro policies, make good use of more proactive fiscal policies and moderately loose monetary policies. Accelerate the issuance and use of local government special bonds and ultra-long-term special treasury bonds. Secure the bottom line of the "three guarantees" at the grassroots level. Timely RRR and interest rate cuts, maintain ample liquidity, and increase support for the real economy. Create new structural monetary policy tools, establish new-type policy financial tools, support technological innovation, expand consumption, and stabilize foreign trade. Strengthen the consistency of policy orientation. 2. The Political Bureau of the CPC Central Committee: Continuously Consolidate the Stable Situation of the Real Estate Market, and Continuously Stabilize and Activate the Capital Market Cailian Press, April 25th, the Political Bureau of the CPC Central Committee held a meeting, pointing out the need to continue to make efforts to prevent and resolve risks in key areas. Continue to implement the local government debt resolution package policy, and accelerate the resolution of local government arrears to enterprises. Strengthen the implementation of urban renewal actions, and promote the renovation of urban villages and dilapidated houses in an orderly manner. Accelerate the construction of a new model for real estate development, increase the supply of high-quality housing, optimize the policy for the acquisition of existing commercial housing, and continuously consolidate the stable situation of the real estate market. Continuously stabilize and activate the capital market.

The market fluctuated and diverged throughout the day, with the three major indices showing mixed performance. The Shanghai Composite Index briefly surpassed 3,300 points. High-positioned stocks were favored by capital, with Guofang Group achieving 12 out of 13 daily limits, and Hongbaoli hitting 5 out of 6 daily limits. The total trading volume for the day in the Shanghai and Shenzhen markets was 109 billion yuan, an increase of 48.6 billion yuan from the previous trading day. In terms of the futures market, market hot topics rapidly rotated, with the number of rising and falling stocks being roughly equal. From a sector perspective, logistics and unified large market concept stocks collectively strengthened, with multiple stocks including Huapengfei hitting the daily limit. Cross-border payment concept stocks rose, with Qingdao Jinwang and others hitting the daily limit. Pesticide and fertilizer concept stocks were active, with Zhongnong United hitting the daily limit. On the downside, computing power concept stocks adjusted, with Sinnet dropping over 5%. Sectors such as logistics, cross-border payments, pesticides, and agriculture led the gains, while sectors like robotics, computing power, liquid-cooled servers, and tourism lagged. At the close, the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index fell 0.36%, and the ChiNext Index dropped 0.82%. In terms of sectors Cross-border payment concept stocks led the gains, with Xincheng Technology, Lakala, Qingdao Jinwang, Ubox, Zhongyou Capital, Jida Zhengyuan, and other individual stocks hitting the daily limit. On the news front, four departments, including the central bank, jointly issued the "Action Plan to Further Enhance the Convenience of Cross-Border Financial Services in the Shanghai International Financial Center." It pointed out that the functionality and global network coverage of the Cross-Border Interbank Payment System (CIPS) should be enhanced. The cross-border clearing company will strengthen collaboration with financial institutions to improve service levels for companies going abroad. According to Huaxi Securities, the US government's "reciprocal tariff" policy may drive the transformation of global cross-border payments from globalization to regionalization, promoting diversification of the payment system. This, to some extent, accelerates the development of the CIPS, and in the medium and long term, it will push the industry towards compliance, regionalization, and technology-driven transformation. Unified large market and logistics sectors strengthened again, with Huapengfei, Dongfang Chuangye, Shengyibao, Wanlin Logistics, Bonded Technology, and Bubugao among the individual stocks hitting the daily limit. With frequent adjustments in tariff policies in the global trade landscape, some companies will reassess their supply chain layouts, aiming to reduce costs and improve efficiency. Meanwhile, the adjustment of tariff policies has, to some extent, suppressed the competitiveness of some imported goods, creating a broader market space for domestic supply chain enterprises. Unified large market concept stocks may transition from thematic speculation to performance validation. From a market perspective, the strengthening of the unified large market concept can be seen as an extension of the cross-border payment concept. On the other hand, as the consumer sector once again experienced differentiation, funds chose to flow back into the previously consolidated large market (logistics) direction. It is expected to show a rotational upward trend with the consumer sector in future market conditions. Pharmaceutical stocks have also shown strong continuity recently. Zensun Pharmaceutical, Huasen Pharmaceutical, and Fuji Lai hit the daily limit, while Baili Tianheng, Nuocheng Jianhua, Xinuowe, and BeiGene reached new historical highs. Reagent Biology, Fudan Zhangjiang, and Microelectrophysiology also saw significant gains. On the news front, the American Association for Cancer Research (AACR) annual meeting will be held in Chicago from April 25 to April 30. As one of the largest cancer research conferences globally, the AACR annual meeting is a key platform for showcasing the latest research results in the field of cancer. However, it is worth noting that there is still a noticeable divergence within the pharmaceutical sector, and subsequent attention should focus on the few core targets with higher activity at the forefront. In terms of individual stocks At the individual stock level, the recent "carousel" style rotation continued, with the sector effect of hot topics gradually decreasing. On the other hand, short-term active funds accelerated their concentration in high-profile stocks. For example, today, Guofang Group achieved 12 out of 13 daily limits, Hongbaoli hit 5 out of 6 daily limits, Anji Food hit 6 consecutive daily limits, Leshan Power, Youfood, Zhongqi New Materials, and Yalian Machinery also hit the daily limit. Although the sectors and reasons for the rise of these stocks vary, they all received capital favor, reflecting that in the context of poor overall market continuity, high-level clustering becomes the only choice for obtaining excess returns. However, such high-profile speculative sentiment is not stable, and once the loss effect begins to spread, it may trigger a collective capital exodus. Market outlook Today, the market continued to fluctuate and diverge, with the three major indices showing mixed performance. The Shanghai Composite Index was relatively strong, briefly surpassing 3,300 points, and maintained its upward momentum along the 5-day moving average. The downward gap left earlier is about to be filled. However, it is important to note that since the rebound on April 8, short-term profits have already been substantial. Additionally, the Shanghai Composite Index still faces the dual challenge of downward-moving averages and previous trapped positions. Without additional capital inflows, it will be difficult to break through upwards. From a market perspective, current market hot topics are rapidly and disorderly rotating, with poor continuity in various themes. In the absence of better options, funds showed signs of accelerating clustering in high-profile stocks in the afternoon. After the short-term climax, related stocks may face further differentiation tomorrow, and the risk of a downturn when high-level clustering disintegrates must be guarded against. Market highlights 1. The competition events for the first Embodied Intelligence Robot Sports Meet were announced, with representatives from Unitree, Xiaomi, and others participating in topic discussions. According to the Science and Technology Innovation Board Daily, the first Embodied Intelligence Robot Sports Meet will be held in Wuxi City's Huishan District from April 24 to 26. Today, it was learned that the event includes an opening ceremony, competitive and application matches, and thematic meetings. The competitive matches include speed running, cross-country running, football, basketball, and dance; the application matches include transportation, intelligent grasping, and indoor rescue. During the promotion of the Wuxi (Huishan) Humanoid Robot Industrial Park, representatives from Unitree, Xiaomi, and Leju Robotics will participate, discussing key technological bottlenecks and breakthrough paths for humanoid robots, as well as the in-depth exploration and implementation difficulties of humanoid robot application scenarios. 2. Shenzhen launched the first "Cross-Border E-Commerce Insurance," providing credit support for domestic purchase on credit in cross-border e-commerce. According to a report by Cailian Press on April 22, six institutions in the Shenzhen property insurance industry jointly issued the first "Cross-Border E-Commerce Insurance" guarantee insurance. The "Cross-Border E-Commerce Insurance" provides insurance coverage for accounts payable in domestic purchases by Shenzhen's compliant cross-border e-commerce companies, with a policy period of one year. Currently, six insurance institutions in Shenzhen, including PICC Property & Casualty, Ping An Property & Casualty, China Life Property & Casualty, CPIC Property & Casualty, Taiping Property & Casualty, and Dajia Property & Casualty, form the co-insurance body for this product.

SHFE copper opened higher in the morning, with intraday gains further expanding, closing up 2.06%. Recent easing of trade tensions, a significant weakening of the US dollar index, and continued destocking of domestic refined copper social inventory have sustained the rebound in SHFE copper. Global trade tensions remain volatile, with market sentiment fluctuating accordingly. However, after a concentrated release of negative sentiment, the overall atmosphere has eased compared to earlier periods, coupled with the recent significant weakening of the US dollar index, providing support for the non-ferrous metals sector. On the macro front, Jinyuan Futures noted that the US has temporarily delayed tariff deadlines and expanded exemptions, while the cooling of core inflation in March has given the Federal Reserve room for interest rate cuts, improving market sentiment. The central bank is resolutely maintaining the stable operation of the capital market, and Huijin has significantly increased its holdings in the Chinese stock market. Currently, domestic copper concentrate TCs remain low, and the tight ore supply is unlikely to ease significantly in the short term. Last week, domestic refined copper social inventory showed a notable destocking, and spot premiums once rose. However, with the recent rebound in copper prices, spot prices against futures have hovered around parity, and subsequent demand performance needs to be monitored. The latest data as of the beginning of the week shows that domestic refined copper social inventory continues to decline. Jinyuan Futures stated that the tight supply of concentrates is difficult to reverse, domestic production has rebounded MoM, low copper prices have stimulated active downstream procurement, and social inventory has quickly pulled back in the short term. Copper prices are expected to stabilize and rise after confirming stage support.

SHFE copper opened slightly higher in the morning, with the gains expanding in the afternoon, closing up 1.79%. Macro sentiment was volatile, but the pessimistic atmosphere did not continue to ferment. Domestic refined copper social inventory saw a significant reduction, and SHFE copper continued to stabilize. Recently, the global trade situation has been volatile, and US stocks weakened again overnight, but the overall atmosphere did not worsen further compared to before. In addition, the overnight US inflation data showed a larger-than-expected cooling, which increased market expectations for subsequent US Fed interest rate cuts. Everbright Futures stated that the US inflation cooling more than expected should have placed the market in a favorable position with enhanced expectations for US Fed interest rate cuts. However, the threat of escalating trade conflicts overshadowed the benefits of slowing inflation, becoming the focus of market attention. After the US government temporarily suspended measures against some countries, investor concerns increased instead of decreasing, leading to a sell-off in US stocks and the US dollar. Domestically, attention is on the performance of the financial markets, with the stock market being a short-term sentiment indicator. During the week, domestic refined copper social inventory saw a significant reduction, mainly due to the noticeable downward shift in the center of copper prices, increased downstream demand for buying the dip, and limited arrivals in various regions, leading to a clear reduction in social inventory. Xinhu Futures stated that during this round of copper price decline, domestic downstream companies actively entered the market for procurement, resulting in a significant drop in domestic inventory. Additionally, LME inventory continued to decline, providing fundamental support for copper prices. If there are no major macro risk events in the future, copper prices are expected to continue to hold up well.

Overnight, both SHFE tin and LME tin experienced significant declines. The most-traded SHFE tin contract fell by over 9% during the night session, hitting a low of more than four months, before narrowing the loss to 5.72%. LME three-month tin closed down by $2,779, or 8.52%, after a drop of up to 11% during the session, mainly dragged by expectations of increased supply. During the day session, macro sentiment improved significantly, and SHFE tin fluctuated upward. By the close, the loss of the most-traded contract narrowed to 0.86%, settling at 257,200 yuan/mt. Alphamin Resources announced that its Bisie tin mine in eastern DRC will resume operations. Previously, Alphamin suspended operations at the Bisie mine on March 13, 2025, due to the approach of non-state armed groups. The company has now initiated a "phased resumption" plan, gradually recalling employees and restarting production while closely monitoring the security situation. The company stated that after the evacuation of the mining area in March, the logistics for concentrate exports remained smooth, and the mining area maintained basic maintenance and safety work. From January 1 to the suspension on March 13, the Bisie mine produced 4,270 mt of tin concentrates. The Bisie mine is the world's third-largest tin mine (with an annual capacity of 20,000 mt), producing 17,300 mt of tin concentrates in 2024, accounting for about 6% of global tin supply. The company originally planned to increase annual production to 20,000 mt in 2025. With the resumption of the Bisie mine, the tight situation in tin supply has eased somewhat. Attention will now turn to the resumption times of tin mines in Myanmar and MSC refined tin in Indonesia. Recently, the spot market has continued to see active trading, with most downstream and end-user companies continuing to purchase and partially restock. Most back-priced orders have also been settled. Traders reported that yesterday's transactions mostly involved 2-3 truckloads, with customers showing strong willingness to inquire and purchase. Smelters, however, still hold a cautious attitude, holding back cargoes. Overall, the spot market remains active, and social inventory of tin ingots is expected to see significant destocking this week. Regarding the future market, Jinrui Futures commented that the resumption of tin mining in DRC yesterday led to a continued sharp decline in tin prices. On the fundamentals side, there is pressure on immediate smelting raw materials domestically, but the resumption in DRC is expected to weaken the raw material imbalance in the future. On the consumption side, recent price fluctuations have significantly weakened downstream procurement. Looking at short-term prices, considering that the macro short-term impact has not yet ended, prices may still have room for further correction.

SHFE copper opened higher in the morning, with intraday gains continuing to expand, closing up 3.86%, and futures prices returned above the 75,000 level. Global trade frictions did not escalate further, market risk appetite improved, and SHFE copper saw a significant rebound. Additionally, domestic refined copper social inventory continued to destock. According to Securities Times, the US has temporarily suspended tariffs for 90 days on countries that do not take retaliatory measures, leading to a noticeable improvement in market risk appetite. Overnight, US stocks surged, and industrial products also generally rebounded. SHFE copper, which had previously fallen significantly, recovered some lost ground, but there is still a large gap compared to pre-holiday levels. Everbright Futures stated that the US government, unable to withstand the pressure of significant financial market volatility, announced a temporary suspension. Although China was not exempted, the weaknesses and decline of this round of US policies began to show, which also significantly alleviated market panic sentiment. However, it should be noted that the variability of US policies undoubtedly became the center of annual trading, and the negative impact on the global economy remains to be seen. As of April 10, SMM's mainstream regional copper inventory across the country fell significantly by 31,500 mt from Monday to 267,200 mt, achieving six consecutive weeks of weekly destocking. Currently, it has fallen back by 105,000 mt from the year's high and is 138,000 mt lower YoY. Previously, copper prices weakened significantly, and spot premiums once rose. However, today's futures price rebounded, and spot premiums also narrowed significantly. Jinyuan Futures stated that the tight supply pattern of copper ore remains unchanged, and domestic trade copper in China maintains premiums. It is expected that copper prices will stabilize and rise in the short term, with attention to changes in the global trade situation.

The market bottomed out and rebounded throughout the day, with the Shanghai Composite Index leading the gains, and the BSE 50 Index surged over 10%. The total turnover of the Shanghai and Shenzhen markets reached 170 billion yuan, an increase of 74 billion yuan compared to the previous trading day. In the futures market, stocks generally rose, with over 4,500 stocks advancing across the market, and nearly 300 stocks hitting the daily limit or rising over 10%. By sector, military stocks collectively surged, with over 20 stocks such as Northern Long Dragon hitting the daily limit. Consumer stocks rebounded, with the duty-free sector leading the gains, and over 10 stocks including China Tourism Group Duty Free hitting the daily limit. Port and unified market concept stocks were active, with Chongqing Port and others hitting the daily limit. By sector, military, duty-free, port, and semiconductor sectors led the gains, while banking and insurance sectors were among the few decliners. At the close, the Shanghai Composite Index rose 1.31%, the Shenzhen Component Index rose 1.22%, and the ChiNext Index rose 0.98%. By sector, military stocks led the gains, with stocks such as Aero Engine Corporation of China, Excelsior Nickel Cobalt, Northern Long Dragon, China Shipbuilding Industry Corporation Emergency Equipment, China North Industries Group Corporation Limited, Inner Mongolia First Machinery Group, and AECC Aviation Power hitting the daily limit. AVIC Securities pointed out that 2025 is the final year of the 14th Five-Year Plan, and demand in some areas, such as aerospace, is being released intensively, especially in sectors like aerospace defense. With downstream manufacturers taking orders, demand is gradually being released upstream in the industry chain. Most military electronics companies are in the upstream of the military industry and will benefit first as the industry reaches a turning point. It is expected that the new era military industry will have better asset quality, newer growth tracks, larger business scale, and higher market ceilings, and the valuation system of the military industry will also be reshaped, enjoying newer and higher premiums. The consumer sector remained active, with the duty-free concept experiencing a full-line surge in the afternoon, and stocks such as China Tourism Group Duty Free, Zhongbai Group, Wangfujing Group, Eurasia Group, Hainan Development, and Caissa Tosun hitting the daily limit. On the news front, the State Taxation Administration issued an announcement on promoting the "buy and refund" service for overseas tourists, clarifying that the service will be promoted nationwide starting from the 8th. Port and unified market concept stocks also strengthened during the session, with Chongqing Port, Lianyungang, Xiamen Port, Jinjiang Shipping, and Zhuhai Port hitting the daily limit. On the news front, according to Hangzhou Customs statistics, in Q1, the Zhejiang China-Europe Railway transported a total of 63,000 TEUs of import and export goods, up 4% YoY. The Zhejiang China-Europe Railway currently operates 25 routes, covering about 50 countries and regions in Asia and Europe and over 160 cities. From a market perspective, it is widely expected that the tariff policy game may accelerate the implementation of domestic demand policies, and the consumer sector, after a long period of consolidation, has a relatively obvious valuation advantage. It is expected that the domestic circulation direction represented by consumption will continue to attract capital inflows, and subsequent attention should be paid to the low-level catch-up opportunities emerging from the rotation of hot topics. At the individual stock level, short-term sentiment further improved today, with over 4,500 stocks advancing across the market, and nearly 300 stocks hitting the daily limit or rising over 10%. Among the stocks that rose more than three boards yesterday, only Xiangjia Co., Ltd. showed negative feedback, while almost all others advanced, with Hasense, Fuda Alloy, and Tairui Co., Ltd. performing dramatic intraday reversals. From the distribution of stocks hitting the daily limit, the domestic circulation direction represented by consumption and agriculture remains the core hot spot in the market. Among them, Xinsai Co., Ltd., Lianyungang, Guofang Group, and Aili Home Furnishing all achieved four consecutive daily limits, while the duty-free leader China Tourism Group Duty Free also hit the daily limit in the afternoon. On the other hand, the self-controllable direction represented by military and semiconductor chips also performed actively, with core popular stocks such as Unigroup Guoxin, China Great Wall hitting the daily limit, and Cambricon, Zhenhua Technology, and Jingjia Micro also leading the gains. If there is no sustained incremental capital in the future, it is expected that these two directions will continue in the form of rotational fluctuations, so mastering the rhythm remains key. Today, the market bottomed out and rebounded, eventually showing a broad-based rally with increased volume, with all three major indices closing in the green, and the BSE 50 surging over 10%, with turnover also rising to 170 billion yuan. Another positive phenomenon is that the number of stocks hitting the daily limit or falling over 10% has decreased to less than 10 today, and the continuous repair of the loss effect can also be seen as an important signal of stabilization. However, it should be noted that after two consecutive days of volume repair, the short-term market is once again facing a critical period. If it can effectively stand above the high of Monday's solid bearish line near 3,218 tomorrow, with the gradual filling of the gap, the market is still expected to continue the current strong rebound. On the contrary, if it encounters pressure and pulls back again, it should still be viewed as a structure of consolidation, but with the bearish sentiment being fully released earlier, even if the short-term market falls into adjustment again, there is still expected to be strong momentum to take over, and some structural opportunities can still be found in the rotation of hot topics. Market News Focus: 1. In the past three days, 111 A-share listed companies have announced share buybacks, involving a maximum amount of 67.1 billion yuan. Caixin, April 8th - This week, the A-share market experienced a significant adjustment. Based on the recognition of the long-term development prospects of China's capital market and the investment value of the companies themselves, many A-share listed companies have announced share buybacks or repurchases. According to Caixin statistics, since April 7th, 111 listed companies have announced share buybacks, of which 86 companies have disclosed specific buyback amounts, involving funds of 37.44-67.137 billion yuan. Specifically, CATL plans to repurchase 4-8 billion yuan, Kweichow Moutai plans to repurchase 3-6 billion yuan, PetroChina plans to increase holdings by 2.8-5.6 billion yuan, Sinopec plans to increase holdings by 2-3 billion yuan, XCMG plans to repurchase 1.8-3.6 billion yuan, Luxshare Precision plans to repurchase 1-2 billion yuan, and Midea Group plans to repurchase 1.5-3 billion yuan. 2. Xiao Lu from the Ministry of Commerce: China will work with more trading partners to inject stable forces into global trade growth. Caixin, April 9th - Xiao Lu, Deputy Director of the Foreign Trade Department of the Ministry of Commerce, stated at a press conference on April 9th that China's foreign trade has the confidence and strength to face various risks and challenges. Xiao Lu said that the confidence mainly comes from the solid foundation of foreign trade, the abundant new momentum, and the important "magic weapon" of "opening up". Xiao Lu pointed out that in 2024, China's goods import and export crossed two trillion-level steps, reaching 4.3 trillion yuan, and the international export market share remained stable and advanced, expected to reach around 14.7%. The vast number of foreign trade enterprises are the most solid foundation of China's foreign trade. Xiao Lu said that China's door will only open wider, and China will firmly practice true multilateralism, firmly maintain the global trade order, and work with more trading partners to achieve win-win results and inject more stability into global trade growth.

Overnight, LME three-month tin plunged by 3.91%, dragging SHFE tin down by more than 3% at one point. During today's day session, SHFE tin continued to decline, with the most-traded contract closing down 5.55% at 254,100 yuan/mt. Recent escalation in global trade conflicts has led to a sell-off in commodities amid risk-off sentiment, resulting in a catch-up decline in tin prices, which had previously shown relative strength. On Tuesday, LME tin inventory surged significantly, increasing from 2,990 mt to 3,435 mt, a single-day rise of 15%. Nearly 500 mt were delivered to a Malaysian warehouse, alleviating concerns over tin supply. The premium of LME spot tin over three-month tin was reported at $50/mt, down from $234/mt on Monday. Domestic social inventory continued to climb, with traders showing active willingness to sell. However, overall downstream buying sentiment remained limited. Feedback indicated that although tin prices have fallen sharply recently, downstream inquiries and purchase willingness have warmed up, but some downstream players remain cautious and are maintaining a wait-and-see approach, with transactions mainly focused on just-in-time procurement. The tight supply situation for tin ore has not significantly changed, and recent disruptions have also affected refined tin smelting. According to a statement from Malaysia Smelting Corporation (MSC) on April 3, 2025, the natural gas supply to its smelter was interrupted due to a pipeline explosion in Putra Heights, Selangor, Malaysia, on April 1, 2025, leading to a halt in tin supply. The resumption of supply is pending further notice. MSC produced 16,300 mt of refined tin in 2024, making it the world's fifth-largest refined tin producer. MSC stated that this incident may cause delays in the delivery of some tin metal. Regarding the market outlook, Guangzhou Futures commented that on the macro front, the mutual imposition of tariffs between China and the US has further escalated the trade war, leading the short-term market to favor risk-off and recession trades, which is bearish for the overall non-ferrous metals sector. On the industry front, if overseas mines continue to halt production, it could shift the fundamentals of tin ore and refined tin from weak balance to tightness. However, with macro factors currently dominating the market, tin prices are expected to follow the volatile movements of surrounding metals.

SHFE copper opened lower in the morning, but the decline narrowed, closing down 1.78%. The price center continued to shift downward. Macro headwinds persisted, and although the supply and demand side provided some support for copper prices, the downward trend was inevitable. Recently, global trade disputes intensified, increasing concerns about global economic growth. Panic sentiment continued to brew, and industrial products extended their sharp decline. SHFE copper remained weak, hitting a new low for the period. Yide Futures noted that trade conflicts were still escalating, and the overnight decline in U.S. stocks dragged down risk assets. Short-term macro impacts on copper prices persisted, with copper prices remaining weak and fluctuating at the bottom. The first half of the week was expected to focus on digesting negative impacts. Recently, Indonesian copper mines were successfully shipped, but the downward trend in domestic copper concentrate spot TC remained unchanged. The continuous sharp decline in copper prices improved downstream demand, but overall caution prevailed. Spot premiums slightly pulled back today, and social inventory continued to decline by the beginning of the week. Regarding the supply and demand side, Jinrui Futures stated that on the supply side, recycled smelting remained unaffected, and although there were smelting maintenance activities, April's production schedule was still expected to be high. Recent news of reduced smelting overseas suggested that raw materials might flow into the domestic market. On the consumption side, downstream wire and cable enterprises reported moderate orders, and consumption was expected to show resilience after the pullback in copper prices.