National Bureau of Statistics (NBS) data shows that from January to May, national real estate development investment totaled 3,035.6 billion yuan, down 16.2% YoY; of which, residential investment was 2,342.6 billion yuan, down 15.6%. In January–May, floor space of newly built commercial buildings sold was 313.2 million m², down 10.8% YoY; of which residential floor space sold fell 12.1%. Sales value of newly built commercial buildings reached 2,936.6 billion yuan, down 13.5%; of which residential sales value fell 14.1%. I. Real Estate Development Investment Completion From January to May, national real estate development investment totaled 3,035.6 billion yuan, down 16.2% YoY (calculated on a comparable basis; see Note 5); of which, residential investment was 2,342.6 billion yuan, down 15.6%. From January to May, floor space of buildings under construction by real estate development enterprises was 5.4878 billion m², down 12.3% YoY. Of which, residential floor space under construction was 3.8083 billion m², down 12.6%. Floor space of buildings newly started was 179.29 million m², down 22.6%. Of this, residential newly started floor space was 130.84 million m², down 23.4%. Floor space of buildings completed was 140.87 million m², down 23.4%. Of which, residential completed floor space was 99.99 million m², down 25.0%. II. Sales and Pending Sales of Newly Built Commercial Buildings In January–May, floor space of newly built commercial buildings sold was 313.2 million m², down 10.8% YoY; of which residential floor space sold fell 12.1%. Sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5%; of which residential sales value fell 14.1%. At month-end May, pending sale area of commercial buildings was 771.82 million m², down 0.4% YoY. Of which, pending sale area for less than 3 years was 571.52 million m², down 2.8%. III. Funding of Real Estate Development Enterprises From January to May, funds received by real estate development enterprises totaled 3,275.6 billion yuan, down 19.0% YoY. Of which, domestic loans were 487.5 billion yuan, down 28.7%; self-raised funds were 1,198.5 billion yuan, down 13.0%; deposits and advance receipts were 1,001.2 billion yuan, down 16.1%; and individual mortgage loans were 406.6 billion yuan, down 28.0%.

In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly carried out more proactive macro policies, and effectively responded to external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, the resilience of foreign trade continued to manifest, new driving forces grew stronger, and the national economy sustained a generally stable development trajectory with improvement and upgrading. Data from the National Bureau of Statistics (NBS) showed that in May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms, 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. For January-May, it grew by 5.4% YoY. Value Added of Industrial Enterprises Above Designated Size Grew by 4.5% in May 2026 In May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms (the real growth rates of value added are calculated after deducting price factors), 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. From January to May, it rose by 5.4% YoY. By sector, in May, the value added of the mining industry grew by 2.3% YoY, manufacturing by 4.4%, and the production and supply of electricity, heat, gas and water by 7.6%. By ownership, in May, the value added of state-holding enterprises grew by 3.7% YoY; joint-stock enterprises by 5.2%, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 1.9%; and private enterprises by 2.7%. By industry, in May, the value added of 28 out of the 41 major industries registered YoY growth. Among them, coal mining and washing grew by 3.5%, petroleum and natural gas extraction by 1.5%, agricultural and sideline food processing by 1.5%, wine, beverages and refined tea manufacturing fell by 2.7%, the textile industry grew by 2.6%, chemical raw materials and chemical products manufacturing by 0.3%, non-metallic mineral products fell by 5.6%, ferrous metals smelting and rolling processing grew by 1.6%, non-ferrous metals smelting and rolling processing fell by 4.5%, general equipment manufacturing grew by 6.7%, special equipment manufacturing by 9.1%, automobile manufacturing by 8.3%, railway, shipbuilding, aerospace and other transport equipment manufacturing by 7.4%, electrical machinery and equipment manufacturing by 4.7%, computer, communication and other electronic equipment manufacturing by 17.0%, and electricity and heat production and supply by 8.7%. By product, in May, among the 626 products of industrial enterprises above designated size, 300 saw YoY output growth. Specifically, steel output was 123.03 million mt, down 2.8% YoY; cement 149.91 million mt, down 8.1%; ten non-ferrous metals 6.98 million mt, up 2.2%; ethylene 3.38 million mt, up 2.1%; automobiles 2.582 million units, down 3.2%, of which NEVs 1.489 million units, up 17.8%; power generation 784.3 billion kWh, up 4.2%; crude oil processing volume 53.72 million mt, down 9.1%. In May, the product sales ratio of industrial enterprises above designated size was 96.0%, down 0.1 percentage point YoY; the export delivery value of industrial enterprises above designated size reached 1,388.4 billion yuan, a nominal YoY increase of 10.1%. In May, National Economy Operated Generally Stable, with New and Quality Development In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the creation of a new development pattern, effectively implemented more proactive macro policies, and effectively responded to external shocks and challenges. Production supply was stable with an upward trend, employment and prices were generally stable, the resilience of foreign trade continued to be demonstrated, and new growth drivers grew stronger. The national economy continued its development trend of overall stability with new and quality improvements. 1. Industrial Production Accelerated, with Equipment and High-Tech Manufacturing Growing Rapidly In May, the value added of industrial enterprises above designated size increased by 4.5% YoY, 0.4 percentage points faster than the previous month; it grew 0.40% MoM. By the three major categories, the value added of mining grew 2.3% YoY, manufacturing grew 4.4%, and production and supply of electricity, heat, gas, and water grew 7.6%. The value added of equipment manufacturing grew 9.5% YoY, and high-tech manufacturing grew 15.1%, accelerating by 1.2 and 2.3 percentage points respectively from the previous month. By type of ownership, the value added of state-controlled enterprises grew 3.7% YoY; joint-stock enterprises grew 5.2%, foreign, Hong Kong, Macau, and Taiwan invested enterprises grew 1.9%; private enterprises grew 2.7%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.4%, 40.0%, and 27.9% YoY respectively. In the January-May period, the value added of industrial enterprises above designated size grew 5.4% YoY. In May, the manufacturing PMI was 50.0%, and the index of enterprise production and operation expectations was 53.9%. In the first four months, the total profits of industrial enterprises above designated size reached 2,435.8 billion yuan, up 18.2% YoY. II. Services Grew Steadily, Modern Services Developed Soundly In May, the national services production index grew 4.4% YoY, 0.1 percentage point faster than the previous month. By sector, the production indices of information transmission, software and IT services, leasing and business services, financial services, and transport, storage and postal services grew 11.3%, 10.9%, 7.0%, and 4.8% YoY, respectively. In January-May, the national services production index rose 4.8% YoY. In January-April, the operating revenue of service enterprises above the designated size increased 6.4% YoY. In May, the business activity index for services stood at 50.3%, and the business activity expectations index for services was 55.4%. Among them, the business activity indices for railway transport, telecommunications, radio and television, and satellite transmission services, and insurance were in the relatively high prosperity range of above 55.0%. III. Market Sales Maintained Growth, Service Retail Maintained Sound Momentum In January-May, total retail sales of consumer goods and services grew 2.8% YoY, with retail sales of services up 5.4% and retail sales of goods up 1.2%. In January-May, total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. In January-May, nationwide online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% YoY, of which online retail sales of goods were 5,271.8 billion yuan, up 5.0%, and online retail sales of services were 3,045.9 billion yuan, up 7.6%. In May, total retail sales of consumer goods amounted to 4,109 billion yuan, down 0.6% YoY and down 0.38% MoM. By location of business establishments, retail sales of consumer goods in urban areas came in at 3,574.1 billion yuan, down 0.9% YoY; retail sales in rural areas were 534.9 billion yuan, up 1.5% YoY. By type of consumption, retail sales of goods stood at 3,648.5 billion yuan, down 0.7% YoY; catering revenue was 460.5 billion yuan, up 0.6% YoY. Sales of daily necessities and some upgraded goods maintained growth. Retail sales of beverages, clothing, footwear, hats and textiles, and cosmetics by enterprises above the designated size increased 6.1%, 3.8%, and 2.5% YoY, respectively. IV. Infrastructure Investment Maintained Growth, Investment in Intellectual Property Products Accelerated In January-May, national fixed-asset investment (excluding rural households) reached 17,851.2 billion yuan, down 4.1% YoY; excluding real estate development, fixed-asset investment fell 1.2%. Among this, investment in intellectual property products grew 9.3% YoY, 0.4 percentage points faster than in January-April. By sector, infrastructure investment rose 0.6% YoY, manufacturing investment fell 0.4%, and real estate development investment dropped 16.2%. The floor space of newly built commercial buildings sold nationwide was 313.2 million m², down 10.8% YoY; the sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5% YoY. By industry, investment in the primary sector rose 5.9% YoY, investment in the secondary sector edged up 0.1% YoY, and investment in the tertiary sector fell 6.8% YoY. Private investment declined 7.1% YoY; excluding real estate development, private investment dropped 3.5% YoY. Investment in high-tech industries grew 4.5% YoY, with investment in computer and office equipment manufacturing, aviation and spacecraft and equipment manufacturing, and information services up 18.3%, 16.7%, and 13.8%, respectively. In May, fixed asset investment (excluding rural households) fell 1.91% MoM. V. Rapid Growth in Goods Imports and Exports with Continued Optimization of Trade Structure In May, total goods imports and exports reached 4,451.6 billion yuan, up 16.9% YoY, accelerating 2.7 percentage points from the previous month. Exports stood at 2,587.8 billion yuan, up 13.8% YoY, while imports totaled 1,863.8 billion yuan, up 21.5% YoY. From January to May, total goods imports and exports amounted to 20,682.7 billion yuan, up 15.3% YoY. Exports came to 11,913.7 billion yuan, up 11.8% YoY, and imports hit 8,769.1 billion yuan, up 20.5% YoY. From January to May, imports and exports under Ordinary Trade rose 8.3% YoY. Imports and exports with Belt and Road partner countries grew 13.6% YoY. Imports and exports by private enterprises increased 15.5% YoY. Exports of mechanical and electrical products expanded 18.4% YoY. VI. Generally Stable Employment with a Decline in the Surveyed Urban Unemployment Rate From January to May, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, down 0.1 percentage points MoM. The surveyed unemployment rate for the local household labor force was 5.2%, and that for the non-local household labor force was 4.9%, with the rate for the non-local agricultural household labor force at 4.9%. The surveyed urban unemployment rate across 31 major cities was 5.1%, down 0.1 percentage points MoM. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. VII. Mild Rise in Consumer Prices and Widening YoY Increase in Producer Prices In May, the national consumer price index (CPI) rose 1.2% YoY, the same growth as the previous month, and fell 0.1% MoM. By category, prices for food, tobacco, alcohol, and dining out fell 0.9% YoY, clothing prices rose 1.4% YoY, housing prices edged down 0.2% YoY, prices for household articles and services increased 1.8% YoY, transportation and communication prices climbed 5.4% YoY, education, culture, and entertainment prices went up 1.3% YoY, healthcare prices grew 2.1% YoY, and prices for other goods and services surged 9.9% YoY. Among food, tobacco, alcohol, and dining-out prices, pork prices fell 16.1%, fresh fruit prices dropped 2.2%, grain prices edged down 0.3%, while fresh vegetable prices rose 1.6%. Core CPI, which excludes food and energy prices, posted a 1.1% YoY increase. For January–May, national consumer prices rose 1.0% YoY. In May, national industrial producer EXW prices rose 3.9% YoY, with the growth rate widening by 1.1 percentage points from the previous month, and rose 0.5% MoM. National industrial producer purchasing prices rose 5.8% YoY and 1.3% MoM. For January–May, national industrial producer EXW prices and purchasing prices rose 1.0% and 1.6% YoY, respectively. Overall, the national economy operated stably in May, with development resilience continuing to show. However, it should also be noted that the external environment has become more complex and volatile, the contradiction of strong domestic supply and weak demand remains pronounced, some enterprises face considerable operating pressure, and the foundation for sustained economic improvement still needs consolidation. In the next stage, efforts should focus on adhering to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, maintaining the principle of pursuing progress while ensuring stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, enhancing increments and revitalizing existing assets, developing new quality productive forces according to local conditions, deepening the building of a unified national market, working to stabilize employment, enterprises, markets, and expectations, and promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended reading:

SMM June 8 News: On the metals market front: Overnight last Friday, base metals across domestic and overseas markets fell broadly. In the domestic market, SHFE tin led the decline with a drop of 5.27%, while LME tin fell 4.92%. LME copper dropped 2.78%. LME aluminum, LME zinc, and SHFE copper all fell over 1%, with LME aluminum down 1.84%, LME zinc down 1.52%, and SHFE copper down 1.84%. Declines for the remaining metals were all within 1%. The alumina main contract rose 0.65%, while the cast aluminum main contract fell 0.61%. Overnight last Friday, ferrous metals generally rose. Only stainless steel fell, with a decline of 0.14%, while the remaining metals all increased. HRC and rebar saw gains of around 0.4%, with HRC up 0.47% and rebar up 0.44%. For coking coal and coke, coking coal rose 1.73%, and coke rose 0.15%. In the precious metals market, overnight last Friday, COMEX gold fell 3.35%, recording a weekly decline of 5.21%. COMEX silver plunged 8.08%, with a weekly decline of 10.39%, marking its fourth consecutive weekly drop. Domestically, SHFE gold fell 2.93%, with a weekly decline of 0.66%. SHFE silver fell 7.43%, with a weekly decline of 3.72%. The US achieved another strong month of job growth in May, raising concerns about a potential interest rate hike later this year. As of 8:27 on June 6, the closing market data from overnight last Friday: Macro Front [Foreign Ministry Introduces Arrangements for General Secretary Xi Jinping’s Visit to North Korea] At the invitation of Kim Jong Un, State Affairs Commission Chairman of the Democratic People's Republic of Korea, Xi Jinping, General Secretary of the Central Committee of the Communist Party of China and President of the People’s Republic of China, will pay a state visit to the Democratic People’s Republic of Korea from June 8 to 9. Foreign Ministry Spokesperson Mao Ning stated during a regular press conference on the 5th that this visit marks General Secretary Xi Jinping’s first state visit to North Korea in seven years. During the visit, the top leaders of the two Parties and two countries will exchange views on bilateral relations and issues of common concern. In recent years, under the strategic guidance of General Secretary Xi Jinping and General Secretary Kim Jong Un, the traditional friendly and cooperative relationship between China and the DPRK has maintained sustained, healthy, and stable development, bringing tangible benefits to both countries and their peoples. This year marks the 65th anniversary of the signing of the Treaty of Friendship, Cooperation and Mutual Assistance Between the People’s Republic of China and the Democratic People’s Republic of Korea. The two sides will take this visit as an opportunity to push for greater progress in China-DPRK relations that keeps pace with the times, enhance the well-being of both peoples, and make greater contributions to peace, stability, development, and prosperity in the region and the world. (Xinhua News Agency) Domestic front: On June 5, Premier Li Qiang presided over a State Council executive meeting. The meeting pointed out the need to further strengthen forward-looking layout and increase promotion efforts based on the characteristics of future industries, to firmly grasp the initiative in development. It is necessary to solidify the technological foundation, continuously increase investment in basic research, and systematically deploy breakthroughs in original and disruptive technologies. Ecological construction must be emphasized, promoting the deep integration of industry, academia, research, and application, encouraging close cooperation between upstream and downstream segments of the industry chain, and fostering more startups and unicorn enterprises in key tracks. [Ministry of Housing and Urban-Rural Development Seeks Public Comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments)] The Ministry of Housing and Urban-Rural Development issued a notice to solicit public comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments). Under any of the following circumstances, an employee may withdraw the balance stored in their housing provident fund account: (1) Paying rent; (2) Purchasing, constructing, renovating, or overhauling a self-occupied dwelling; (3) Repaying the principal and interest of a housing purchase loan; (4) Decorating a self-occupied dwelling, up to a certain limit; (5) Paying property management fees for a self-occupied dwelling; (6) Retiring or leaving their post; (7) Completely losing the ability to work and terminating the labor (personnel) relationship with their employer; (8) Emigrating and settling abroad; (9) Other housing consumption circumstances approved by the State Council. (Wall Street CN) The Ministry of Transport and ten other departments issued the Three-Year Action Plan for Promoting High-Quality Development of Small and Mini Passenger Vehicle Rental (2026–2028). The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. US Dollar front: As of overnight closing last Friday, the US dollar index rose 0.62% to 100.07. Previously released data showed strong US employment data for May. The US Bureau of Labor Statistics disclosed that non-farm payrolls added 172,000 jobs in May. Employment data for the previous two months were revised upwards, and job gains over the last three months marked the best performance in more than two years. The unemployment rate held steady at 4.3%, with labour market resilience significantly exceeding overall market forecasts. Nick Timiraos, the Fed mouthpiece, noted that the re-acceleration of spring hiring this year will provide more ammunition for Fed officials who worry about inflation and believe current interest rates are too low to contain a new round of price pressures. Some officials recently hinted that the Fed should be ready to raise interest rates later this year, at least clawing back some of the three 25-basis-point cuts implemented in H2 last year. Those cuts were implemented to stabilize the labour market, which now looks much healthier. This jobs report will not entirely settle the debate over how much the Fed should consider raising rates later this year, but it does further suggest the case for near-term cuts has largely evaporated. The stronger argument for raising rates now comes from the inflation outlook. Multiple overlapping shocks—from AI infrastructure build-out, tariffs, and energy—could keep inflation persistently above the Fed’s 2% target, even if progress is made in restoring commercial shipping traffic through the Strait of Hormuz. If the Fed holds steady as inflation rises, inflation-adjusted real rates would fall. Even if the labour market is not the primary driver, this mechanism could become a key factor driving rate hike discussions. (Jin10 Data APP) Fed official Hammack stated that with the labour market appearing to be roughly balanced, a rate hike may be appropriate soon. Hammack said that while she never over-emphasizes any single data point, today’s employment report confirms again that the labour market appears to be mostly in balance. She noted the unemployment rate remains at 4.3%, which is basically consistent with what I define as maximum employment. “Given the uncertainty in the economic outlook, holding rates steady is appropriate for now. But if recent trends continue, action may soon be needed.” This essentially repeats remarks she made on June 2. (Jin10 Data APP) According to foreign media reports, May non-farm payrolls data far exceeded market expectations, and the US interest rate futures market significantly increased bets on a Fed rate hike at the December meeting. Based on data from LSEG, the rate futures market now prices in a 65% probability of a Fed rate hike in December, up from 48% before the jobs report. For the June meeting, the market still broadly expects the Fed to keep rates unchanged in the 3.50% to 3.75% range. The stronger-than-expected jobs data indicates the US labour market remains resilient, further weakening market expectations for near-term rate cuts while strengthening investor assessment that the Fed may need to resume rate hikes later to counter inflationary pressures. (Jin10 Data APP) According to CME FedWatch: The probability of the Fed keeping rates unchanged in June is 96.6% (compared to 96.4% before the non-farm payrolls release), with a 3.4% probability of a cumulative 25-basis-point cut. The probability of the Fed keeping rates unchanged through July is 90.6%, with a 6.2% probability of a cumulative 25-basis-point hike and a 3.2% probability of a cumulative 25-basis-point cut. (Jin10 Data APP) Macro front: This week, in China, data releases include the China May CPI year-over-year rate, China May PPI year-over-year rate, China May trade balance (TBD), and China May M2 money supply year-over-year rate (TBD), among others. In the US, data releases include the US May New York Fed 1-year inflation expectations, US May NFIB Small Business Optimism Index, US weekly change in ADP employment for the week ending May 23, US April trade balance, US May existing home sales annualized rate, US April wholesale sales month-over-month rate, US May unadjusted CPI year-over-year rate, US May seasonally adjusted CPI month-over-month rate, US May seasonally adjusted core CPI month-over-month rate, US May unadjusted core CPI year-over-year rate, US 10-year note auction yield for June 10, US 10-year note auction bid-to-cover ratio for June 10, US initial jobless claims for the week ending June 6, US May PPI year-over-year rate, US May PPI month-over-month rate, US June preliminary one-year inflation expectations, and US June preliminary University of Michigan Consumer Sentiment Index, among others. In Germany, data releases include the German April seasonally adjusted industrial output month-over-month rate, German April seasonally adjusted trade balance, and German May final CPI month-over-month rate, among others. In the Eurozone, data releases include the Eurozone June Sentix Investor Confidence Index, Eurozone ECB deposit facility rate for June 11, and Eurozone ECB main refinancing rate for June 11, among others. In the UK, data releases include the UK April three-month GDP month-over-month rate, UK April manufacturing output month-over-month rate, UK April seasonally adjusted goods trade balance, and UK April industrial output month-over-month rate, among others. Data including the Bank of Canada interest rate decision for June 10, French May final CPI month-over-month rate, Japan April trade balance, and Switzerland May Consumer Confidence Index will also be released. Furthermore, the Bank of Canada will announce its interest rate decision, and BoC Governor Macklem and Senior Deputy Governor Rogers will hold a monetary policy press conference. The European Central Bank will announce its interest rate decision, and ECB President Lagarde will hold a monetary policy press conference. Crude Oil front: As of overnight closing last Friday, oil prices in both markets fell together, with WTI oil down 3% and Brent oil down 2.37%. However, both recorded weekly gains, with WTI oil up 3.31% weekly and Brent oil up 1.82% weekly. The decline in crude oil prices overnight last Friday was primarily due to reduced market perceptions of a renewed US-Iran conflict. US President Trump stated at a campaign event in Wisconsin on the 5th that the war with Iran would be ended quickly, thus removing a significant factor contributing to high prices. With the midterm elections approaching, US public opinion widely believes the US-Iran war has driven up oil prices and the cost of living, putting pressure on Republican election prospects. (CCTV) Fitch stated in a new report that the closure of the Strait of Hormuz created a logistical supply shock but did not alter the market trend. The agency expects a rapid recovery in regional production, strong supply growth from non-OPEC countries, and potentially more aggressive OPEC policies to re-trigger an oversupply situation in Q4 2026, pushing oil prices downward once the Strait reopens. Based on an assumption that the Strait of Hormuz reopens around month-end July (implying an effective closure period of five months), our baseline expectation is that Brent crude will average $87 per barrel in 2026. Significant uncertainty remains regarding the exact timing of the Strait's reopening, and the risks facing oil prices are binary. The current price increase reflects a transitory logistical supply shock rather than a permanent loss of production capacity. We expect the Strait to reopen around end-July and anticipate a significant decline in Brent prices from the highs seen between March and July. (Jin10 Data APP) According to a Bloomberg survey, OPEC crude oil production fell to its lowest level in decades in May, as the US blockade on Iran and turmoil in the Persian Gulf region continued to suppress output. OPEC oil production dropped by 1.22 million barrels per day in May (half of which came from Iran), falling to 16.33 million barrels per day, its lowest level in at least 37 years. This figure excludes the UAE, which withdrew from OPEC last month. The survey indicated Iran’s oil production plunged last month by 710,000 barrels per day to 2.34 million barrels per day, a five-year low. US Central Command continues to enforce a blockade on all maritime traffic to and from Iranian ports. (Jin10 Data APP) Notably, however, the UK government has raised its domestic crude oil price forecast, believing that even if the US and Iran reach a peace deal, crude oil prices could remain around $100 per barrel through 2028, as it now anticipates energy supply recovery in the Gulf region will take longer. A new analysis warns that pressure on energy prices is higher than previously expected, amid a deteriorating global economic outlook. The UK government previously estimated Persian Gulf supply could recover about six months after the end of the war, but it now believes recovery could take as long as 14 months. (Jin10 Data APP)

Linde India has commenced commercial operations at its newly built Air Separation Unit (ASU) within Jindal Stainless' Kalinganagar facility. The plant produces 1450 tons of oxygen, 1 800 tons of nitrogen, and 64 tons of argon daily, primarily securing a dedicated industrial gas supply for Jindal Stainless' steelmaking operations. Surplus capacity will be channelled to broader merchant market consumers.

SMM, May 29: Following the State Council's release of the Urban Renewal 15th Five-Year Plan, the real estate industry received new policy catalysts. On May 29, the real estate development sector rose accordingly, with the market optimistic about incremental investment opportunities in areas such as urban village renovation, old residential community upgrades, and municipal infrastructure construction following the plan's implementation. As of the close on May 29, the real estate development sector gained 0.68%, and real estate services rose 0.26%. In terms of individual stocks, Fuxing Co., Sunshine Co., Tianjian Group, Xiangjiang Holdings, Everbright Jiabao, and several others hit the daily limit, while Vanke A, Financial Street, Tefа Services, and China Merchants Shekou led the gains. News [State Council Releases Urban Renewal 15th Five-Year Plan: City-Specific Policies to Increase Supply of Upgraded Housing and Regulate Development of Housing Rental Market] The State Council released the Urban Renewal 15th Five-Year Plan. The plan proposes to comprehensively assess the base of existing urban asset resources, promote classified disposal of land that has been allocated but not yet developed and projects under construction, and revitalize idle and underutilized old factory buildings, commercial and office properties, commodity housing, and public housing. It is expected to accelerate the construction of a new model for real estate development and improve fundamental systems for commodity housing development, financing, and sales. The plan calls for optimizing the supply of affordable housing, strengthening housing security for low-income urban households with housing difficulties, better meeting the basic housing needs of working-class groups facing housing difficulties with modest incomes, and gradually addressing the transitional housing difficulties of new urban residents, young people, and other groups. City-specific policies are expected to increase the supply of upgraded housing and regulate the development of the housing rental market. The plan encourages real estate development enterprises to transform and participate in urban renewal. It is expected to deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. The plan also aims to strengthen and regulate the management of existing urban infrastructure assets. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the supporting documents for the Implementation Opinions on Further Promoting Stable and Healthy Development of the Real Estate Market. Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. The Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, the Municipal Provident Fund Center, and other departments have issued supporting rules on matters such as land supply, special subsidies for "sell old, buy new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching eight specific measures. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on the acquisition and revitalization of second-hand housing. We believe that as these detailed rules are fully implemented and all sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, noted that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity kept rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW, respectively; weekly signing volume of pre-owned residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy took effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY, respectively. [Guangzhou: Removing Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Interim)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted into pure housing provident fund loans. Requirements on loan types, terms, and provident fund contribution periods were relaxed. For commercial-to-provident-fund conversion handled by housing provident fund loan handling banks, applicants whose convertible provident fund loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combined loan. The requirement for account opening and cumulative housing provident fund contribution period was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." Restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the mortgaged property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have used housing provident fund loans only once" may also apply for commercial-to-provident-fund conversion, free from the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice of the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stipulates that for depositors meeting the New Area's rental housing withdrawal conditions, those who have not registered a housing lease contract may withdraw up to 17,000 yuan per year; those who have registered a housing lease contract on the "Hebei Xiong'an New Area Housing Rental Information Service Platform" may withdraw up to 25,000 yuan per year. Depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may borrow up to 800,000 yuan. Employees of Beijing-sourced relocated units whose housing provident fund deposit location is in the New Area may borrow up to 1.2 million yuan when purchasing owner-occupied housing in the New Area and applying for housing provident fund loans. Families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may have their maximum loan amount increased by 200,000 yuan. For employee families who have only one housing provident fund loan record nationwide that has been fully repaid and own no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Resolving Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts will fully safeguard national security and social stability, punish criminal acts that endanger national security, public safety, and undermine the socialist market economic order in accordance with the law, and adhere to market-oriented and rule-of-law principles to coordinate administrative, civil, and criminal adjudication functions to prevent and resolve risks in key areas such as finance and real estate. [China Index Academy: Property Developers' Bond Financing in April Up Nearly 30% YoY] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, affected by the late Chinese New Year holiday and slow market activation, the industry overall declined YoY to some extent. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with new home markets broadly stopping falling, and second-hand housing prices in core cities such as Guangzhou, Shenzhen, and Hangzhou beginning to rise with active transactions. The company adopted multiple measures, including building regional empowerment centers, promoting the sinking of its dealer network, expanding non-residential project business, and strengthening cooperation with whole-house decoration enterprises, resulting in a QoQ improvement in sales in Q2. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired old properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, Guangzhou, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city to introduce the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a sustained rebound in market activity and a continuous release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing market transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract-based school enrollment, and trade-in policy subsidies. The overall market demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. If a depositor sells a self-owned property within Fujian Province and purchases a second self-occupied property in Xiamen within 12 months, and applies for a housing provident fund loan that meets the lending conditions, the loan will be executed at the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies to Support Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with nine departments including the Provincial Development and Reform Commission and the Provincial Department of Finance, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and provident fund policy optimization. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level; for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum of 5 years added beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Ultimately, Yingtan Wanjing Real Estate Development Co., Ltd. won the land parcel at a land price of 4.5 million yuan per mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively rolled out in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just ended, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly five years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up notably, with a citywide daily average of 8,692 visits to new residential projects (up 30.8% YoY) and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showings and daily average subscription volume grew 15.6% and 5.2% respectively compared with April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back somewhat. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation guidelines on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, and market response was evident. [Zhongshan, Guangdong: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Zhongshan Municipal Housing and Urban-Rural Development Bureau of Guangdong Province issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, and to better meet residents' essential and upgrading housing needs. The "Several Measures" comprised seven articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning"] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the work on "forward planning" for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy lies in breaking this deadlock through institutional innovation. Localities should build bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring buyers of price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will provide stable absorption channels for inventory to accelerate market clearing, effectively broaden the supply sources of affordable housing, shorten construction cycles, and address the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable landscape where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for real estate market stability and high-quality development. [Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan] Suzhou recently issued several measures to further promote stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units, with first-home provident fund loan policies applied when applicants have no outstanding provident fund loan balance nationwide. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%; for purchases of newly built "dual-smart and fully-equipped" improved housing, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments. [Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-City Housing Provident Fund Loans] On April 30, the Wuhan Housing and Urban Renewal Bureau, Wuhan Municipal Finance Bureau, and Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving the City's Real Estate Policy Measures. The notice proposed that from May 1 to December 31, 2026, when resident families apply for commercial personal housing loans to purchase newly built commercial housing, if family members have no complete housing units in the district where the intended new commercial housing is located, the purchase will be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase self-owned housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring borrowers (including spouses) to hold Wuhan household registration removed. [Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased] According to the Zhanjiang Municipal Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policies include raising housing provident fund loan limits, with the maximum loan amount for homebuyers reaching 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans; implementing housing purchase subsidies, with buyers eligible for subsidies of up to 20,000 yuan. The policies also cover reducing real estate enterprises' operating costs, optimizing residential design, streamlining approval processes, and supporting the sound development of the real estate industry and urban construction. The policies take effect immediately and are valid for three years. [Tianjin Optimizes Real Estate Supply to Promote Housing Consumption] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned using special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with national and municipal regulations. The national tax policy supporting residents' housing replacement purchases is implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell self-owned housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [Shenzhen Municipal Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting the City's Real Estate-Related Policies] On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within the areas of Futian, Nanshan, and Xin'an Sub-district in Bao'an; non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident funds, the maximum family loan amount was raised to 1.3 million yuan, with first-home buyers and multi-child families eligible for a maximum increase of 70%. The new policy takes effect from May 29. [Zhuhai Municipal Housing and Urban-Rural Development Bureau and Five Other Departments Optimize and Adjust the City's Real Estate Policy Measures] The Zhuhai Municipal Housing and Urban-Rural Development Bureau and five other departments issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of housing purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the loan amount increase ratio for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in certified prefabricated building projects, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit; for purchases of commercial housing meeting the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects] Recently, the Notice of the Foshan Municipal Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transition from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving multi-party wins for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as repurchasing entities; Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Commerce, Sanshui Chanfa, and Miaohui Real Estate provide new housing sources. This model determines old housing value through negotiation and sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine housing demand, with some first-tier city property markets seeing a sustained two-month recovery. In the short term, the window of resonance between policy and high-frequency transaction improvement remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, potentially leading to improved market valuations for 27E in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities' research report believes that in 2026, three major trends are worth anticipating: 1) The real estate adjustment is expected to near its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and changes in supply-demand structure, high-grade residential properties may usher in a development wave. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and they believe Hong Kong-based developers are expected to see a new round of value re-rating. They maintain a "bullish" rating on real estate. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March; sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM decline in the price indices of newly built commercial residential housing and second-hand residential housing across 70 large and medium-sized cities nationwide remained flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou up 0.7%, 0.4%, 0.3%, and 0.2% MoM, respectively. First-tier city property markets continued to recover, and the real estate market is gradually stopping its decline and stabilizing. They are bullish on Hong Kong, commercial properties, and quality enterprises focused on core city tracks.

In 2026, global competition for critical minerals has entered a white-hot phase, with geopolitical games continuing to intensify and global industry and supply chains accelerating their restructuring. A new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of development opportunity and profound transformation. Globally, the EU's Critical Raw Materials Act and the US's Inflation Reduction Act (IRA) continue to be implemented, while the Minerals Security Partnership keeps expanding. The trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource competition, technical barriers, and trade rule restructuring surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will bring together enterprises from across the entire minor metal industry chain—including antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—as well as scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, in-depth platform for exchange and cooperation. The conference will provide in-depth interpretation of global policy shifts, diagnose supply-demand patterns and price trends, break down growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It aims to help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Hunan Zhenqiang Antimony Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on our goals, and forge ahead with vigor and determination! Click the to sign up for attendance now. We look forward to meeting you at the conference. Hunan Zhenqiang Antimony Co., Ltd. is located in Xikuangshan, the world's antimony capital. It is a large-scale private antimony smelting enterprise and the third producer, after Twinkling Star Antimony and Chenzhou Mining, to meet the national antimony industry access conditions for refined antimony and gold. Founded in 2008, the company covers an area of over 50 mu and has a registered capital of 50 million yuan. Its business scope includes antimony smelting, and antimony ore mining and processing. Following the launch of refined antimony and gold production, the company's annual sales revenue increased from 400 million yuan to 800 million yuan, doubling its annual output value. Main Products: (1) Refined antimony, with an annual output of 6,000 mt, and antimony trioxide, 3,000 mt. (2) 99% gold, with an annual output of 1,000 kg. Main Equipment: (1) A 2 m 2 blast furnace, equipped with an 8 m 2 forehearth; (2) Eight refining reverberatory furnaces: including three 17 m 2 refined antimony furnaces, two 12 m 2 precious antimony smelting furnaces, two 8 m 2 low-gold ore treatment furnaces, and one 4.5 m 2 rich precious antimony converting furnace; (3) A newly built gold purification production line with an annual capacity of 1,000 kg of gold; (4) A newly built leaching and electrolysis production line with an annual capacity of 6,000 mt of antimony-gold ore. Main Products: Refined antimony, with an annual output of 6,000 mt, and antimony trioxide, 3,000 mt. 99% pure gold, annual output of 1000 kg main equipment: 2m2 blast furnace with a matching 8m2 forehearth 8 refinery reverberatory furnaces: three 17m2 antimony refining furnaces, two 12m2 precious antimony smelting furnaces, two 8m2 low-gold ore processing furnaces, one 4.5m² precious antimony converting furnace newly built gold purification production line with an annual capacity of 1000 kg newly built leaching and electrolysis production line for 6000 mt of antimony-gold ore per year environmental protection status: 1. The company began construction in June 2008, obtained environmental impact assessment approval and commenced trial production in October 2011, focusing on processing single antimony ore and producing refined antimony. It obtained a second environmental impact assessment approval and commenced trial production in December 2020, focusing on processing antimony-gold associated ore and producing refined antimony and 99% pure gold. 2. Flue gas treatment system (1) Built 1 set of blast furnace flue gas cooling and dust removal equipment, and 8 sets of reverberatory furnace flue gas cooling and dust removal equipment. (2) Equipped with 1 set of SO 2 flue gas treatment system featuring three-stage spraying using the "limestone-gypsum" method with fully automated control and a flue gas treatment capacity of 65,000 m 3 /h. Installed 1 set of mist eliminators and 1 chimney with a vertical height of 30 m. (3) Organized emission of exhaust gas achieved: after flue gas passes through facilities such as "water cooling + surface cooling + bag dust collection" and is treated by the multi-stage spray tower, SO 2 concentration is ≤200 mg/Nm 3 (meeting national standards), and then discharged through the mist eliminator and chimney. 3. Wastewater treatment and reuse system includes plant-wide clean-dirty water separation and rainwater-wastewater separation systems, rainwater collection system, and wastewater treatment system. Rainwater collection pond capacity of 200 m 3 , wastewater treatment capacity of 2,000 m 3 ; treated rainwater and wastewater are reused with no external discharge. In the newly built gold purification production line with an annual capacity of 1000 kg, wastewater is pumped into the desulfurization workshop, subjected to neutralization treatment, and then sent to the absorption tower for SO 2 flue gas treatment with no external discharge. The newly built leaching and electrolysis production line for 6,000 mt of antimony-gold ore per year achieves closed-circuit leaching and electrolysis production with no wastewater discharge.

SMM News, May 28: Recently, multiple regions across China released policies to promote the stable and healthy development of the real estate market. Provinces and cities including Guangzhou, Shenzhen, Xiamen, Hunan, and Suzhou successively optimized property market regulation details, including measures such as relaxing provident fund loan conditions, raising loan limits, advancing state-owned enterprise acquisition of existing second-hand housing, and implementing housing "trade-in" policies, which are expected to gradually activate housing replacement demand and revitalize existing housing stock. As policy effects gradually materialized, transaction activity in core cities such as Beijing, Shanghai, Guangzhou, and Shenzhen recovered, real estate enterprises' financing environment showed marginal improvement, and industry fundamentals saw slight repair. Boosted by both policies and fundamentals, coupled with some capital reallocation, the real estate sector posted a counter-trend rally. As of the market close on May 28, the real estate development sector rose 0.99%, and real estate services rose 1.39%. In terms of individual stocks: Beichen Property, Tianjian Group, Xiangjiang Holdings, Vantone Development and other stocks hit the daily limit, while Xinhuangpu, Jintou Chengkai, Black Peony, Yue Hong Yuan A, and Worldunion all ranked among the top gainers. News [The Political Bureau of the CPC Central Committee Held a Meeting to Analyze and Study the Current Economic Situation and Economic Work] The Political Bureau of the CPC Central Committee held a meeting on April 28 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened overall leadership over economic work, taking a holistic and forward-looking approach. All regions and departments have acted proactively and adopted comprehensive measures. China's economy got off to a strong start, with major indicators performing better than expectations, demonstrating strong resilience and vitality. At the same time, there are some difficulties and challenges, and the foundation for sustained and steady economic improvement needs to be further consolidated. Confidence should be strengthened, and economic work should be pursued with greater intensity and more practical measures. The meeting pointed out the need to effectively prevent and defuse risks in key areas. Efforts should be made to stabilize the real estate market and solidly advance urban renewal. Local government debt risks should be resolved in an orderly manner, with a focus on addressing the issue of overdue payments to enterprises. Reform of small and medium-sized financial institutions should be promoted, and confidence in the capital market should be stabilized and strengthened. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. Departments including the Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, and the Municipal Provident Fund Center have issued supporting rules on matters such as land supply, special subsidies for "sell-old-buy-new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching the "Huadu Eight Measures" as specific initiatives. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on second-hand housing acquisition and revitalization. We believe that as these detailed rules are fully implemented and various sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, introduced that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity has been continuously rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW respectively; weekly signing volume of second-hand residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy has taken effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY respectively. [Guangzhou: Removes Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Implementation Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Provisional)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted to pure housing provident fund loans. It relaxed requirements on loan types, terms, and provident fund contribution duration. For commercial-to-provident-fund conversion business handled by housing provident fund loan handling banks, applicants whose convertible loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combination loan. The requirement for account opening and cumulative housing provident fund contribution duration was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." The restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the loan property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have only used housing provident fund loans once" may also apply for commercial-to-provident-fund conversion, no longer subject to the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice from the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stated that for depositors meeting the rental housing withdrawal conditions in the New Area who have not registered their housing lease contracts, the maximum annual withdrawal amount was raised to 17,000 yuan; for those who have registered their housing lease contracts on the "Hebei Xiong'an New Area Housing Rental Information Service Platform," the maximum annual withdrawal amount was raised to 25,000 yuan. For depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was raised to 800,000 yuan. For employees of entities relocated from Beijing whose housing provident fund contributions are deposited in the New Area, the maximum loan amount for purchasing owner-occupied housing in the New Area was raised to 1.2 million yuan. For families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was increased by an additional 200,000 yuan. For employee households with only one housing provident fund loan record nationwide that has been fully repaid and who have no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Mitigating Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts would fully safeguard national security and social stability, lawfully punish criminal acts that endanger national security and public safety and undermine the socialist market economic order, and adhere to the principles of marketization and rule of law, coordinating the functions of administrative, civil, and criminal adjudication to prevent and mitigate risks in key areas such as finance and real estate. [China Index Academy: Property Developer Bond Financing up Nearly 30% YoY in April] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, due to the late Chinese New Year holiday and a slow market start, the industry experienced a certain degree of YoY decline overall. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with the new housing market broadly stopping its decline. Core cities such as Guangzhou, Shenzhen, and Hangzhou saw second-hand housing prices begin to rise, with active transactions. The company improved its Q2 sales on a QoQ basis through various measures, including building regional empowerment centers, promoting the expansion of its dealer network into lower-tier markets, developing non-residential engineering projects, and strengthening cooperation with whole-house decoration enterprises. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city by introducing the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a continued rebound in market activity and a steady release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract registration for school enrollment, and trade-in subsidies. The market overall demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. Depositors who sell their own residential properties within Fujian Province and purchase a second self-occupied residential property in Xiamen within 12 months and apply for a housing provident fund loan shall, if they meet the provident fund loan conditions, be subject to the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies Supporting Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with the Provincial Development and Reform Commission, the Provincial Department of Finance, and six other departments, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and optimization of provident fund policies. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level, and for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum increase of 5 years beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Yingtan Wanjing Real Estate Development Co., Ltd. ultimately won the land parcel at a land price of 4.5 million yuan/mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively implemented in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just passed, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly 5 years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up significantly, with a citywide daily average of 8,692 visitor groups to new residential projects (up 30.8% YoY), and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showing visits and daily average subscription volume grew 15.6% and 5.2% respectively compared to April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation opinions on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, with notable market feedback. [Guangdong Zhongshan: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, better meeting residents' essential and upgrading housing needs. The "Several Measures" comprised 7 articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [ China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning" ] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the forward planning work for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy is precisely to break this deadlock through institutional innovation. Localities should focus on building bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring homebuyers about price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will both provide stable absorption channels for inventory to accelerate market clearing, and effectively broaden the supply sources of affordable housing, shorten the construction preparation cycle, and solve the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable pattern where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for the stability and high-quality development of the real estate market. [ Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan ] Suzhou recently issued several measures to further promote the stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units. If the applicant has no outstanding provident fund loan balance nationwide at the time of application, the first-home provident fund loan policy applies. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%. For purchases of newly built improved-type housing with "two-smart-one-complete" features, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments sold as existing homes. [ Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-Regional Housing Provident Fund Loans ] On April 30, the Wuhan Housing and Urban Renewal Bureau, the Wuhan Finance Bureau, and the Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving Real Estate Policy Measures in the City. The notice proposed that from May 1 to December 31, 2026, when a resident family applies for a commercial personal housing loan to purchase newly built commercial housing, if no family member owns a complete housing unit in the district where the intended new commercial housing is located, it shall be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase their own housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring the borrower (including spouse) to hold Wuhan household registration being removed. [ Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased ] According to the Zhanjiang Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policy includes raising housing provident fund loan limits, with homebuyers eligible for a maximum loan of 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans. A housing purchase subsidy was implemented, with buyers eligible for a maximum subsidy of 20,000 yuan. The policy also covers reducing operating costs for real estate enterprises, optimizing residential design, streamlining approval processes, and supporting the healthy development of the real estate industry and urban construction. The policy took effect immediately and is valid for three years. [ Tianjin Optimizes Real Estate Supply to Promote Housing Consumption ] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned making good use of special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price payments will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with relevant national and municipal regulations. The national tax policy supporting residents' housing replacement purchases was implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell their own housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [ Shenzhen Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting Real Estate Policies ] On April 29, the Shenzhen Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within Futian, Nanshan, and Xin'an Sub-district of Bao'an. Non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident fund, the maximum family loan amount was raised to 1.3 million yuan, and first-home buyers and multi-child families may enjoy a maximum increase ratio of 70%. The new policy takes effect from May 28. [ Six Departments Including the Zhuhai Housing and Urban-Rural Development Bureau Optimize and Adjust the City's Real Estate Policy Measures ] Six departments including the Zhuhai Housing and Urban-Rural Development Bureau issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of home purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the increase ratio for loans for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in projects certified as prefabricated construction, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. For purchases of commercial housing that meets the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [ Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects ] Recently, the Notice of the Foshan Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transformation from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving a multi-party win for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as the repurchasing entities, while Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Trading, Sanshui Chanfa, and Miaohui Real Estate and other developers provide new housing sources. This model determines old housing value through negotiation, sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine home purchase demand, with some first-tier city property markets showing a sustained two-month recovery. In the short term, the window of policy and high-frequency transaction improvement resonance remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, leading to improved market views on 27E valuations in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities research report believes that in 2026, three major trends are worth looking forward to: 1) The real estate adjustment is expected to approach its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and supply-demand structure changes, high-grade residential properties may usher in a wave of development. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and it believes Hong Kong-based developers are expected to see a new round of value re-rating. It maintains a "bullish" rating on the real estate sector. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March. Sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM declines in the price indices of newly built commercial residential housing and second-hand residential housing across 70 major cities nationwide were flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou rising 0.7%, 0.4%, 0.3%, and

As China's hydrogen energy industry accelerates toward a new stage of large-scale and commercialized development, the insufficient reliability of hydrogen energy products in vehicle operation has gradually become a key bottleneck constraining the industry's quality improvement and upgrading. To address the industry's testing challenges and strengthen product safety assurance, the National Hydrogen Energy Power Quality Inspection and Detection Center of CAERI completed a significant capability upgrade. The newly built 0–400kW full-power-range hydrogen-involved loaded tri-combined vibration testing platform was officially completed and fully launched for commercial services. This equipment successfully filled the technological gap in China's large power hydrogen-involved multi-physics field coupling testing, building core technical support for the high-quality development of hydrogen energy vehicles and hydrogen energy equipment in China. 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In terms of verification dimensions, it can achieve full-coverage reliability verification of core parts and subsystems including fuel cell stacks, complete engine systems, air compressors, hydrogen circulation pumps, and DCDC, accomplishing multi-level, full-dimension testing and verification. In terms of environmental simulation, the platform can simultaneously superimpose three types of environmental stresses: an ultra-wide temperature range from -40°C to 90°C, full-range humidity from 10% to 95% RH, and broadband vibration from 5 to 2,000 Hz, highly reproducing various extreme and complex service conditions. It also supports real operating condition loading under vibration environments, including rated power, peak power, dynamic variable load, and start-stop cycles, replicating the actual operating state of hydrogen energy equipment after vehicle installation on a 1:1 basis, significantly improving the accuracy and reference value of test data. Currently, the platform has completed comprehensive performance calibration and safety evaluation, possessing mature commercial service capabilities. It can customize exclusive testing solutions based on enterprise R&D requirements, precisely matching the reliability verification needs of various hydrogen energy products. The implementation of this large power hydrogen-involved testing capability will comprehensively empower hydrogen energy industry development from three dimensions: safety prevention and control, product iteration, and industry standardization. On one hand, by simulating complex road conditions and dynamic loaded superimposed operating conditions, it can proactively identify hidden fault risks such as stack seal fatigue, pipeline joint loosening, and wiring harness contact anomalies, avoiding major safety risks such as hydrogen leakage and power interruption at the source, and proactively building a solid safety operation defense line for hydrogen energy equipment. On the other hand, leveraging precise and detailed test data, it helps enterprises optimize product structures and production processes, effectively shortening product finalization cycles, reducing R&D trial-and-error costs, and accelerating the market-oriented iteration of hydrogen energy products. In addition, the massive real-test data accumulated by the platform will provide core data support for the formulation of industry standards for hydrogen-involved loaded vibration testing in China. CAERI will leverage the advantages of its national-level detection platform to take the lead in improving industry testing specifications and technical standards, unifying industry testing criteria, and guiding the standardized, orderly, and high-quality development of the hydrogen energy industry. As a national-level core platform for hydrogen energy detection, CAERI has continuously built a "material-component-system-vehicle" full-chain, independently controllable hydrogen energy inspection and detection system. Since its commissioning in 2022, the center has successively completed multiple pioneering testing projects, including China's first extreme fire test on a fuel cell vehicle-mounted hydrogen system, fuel cell stack hydrogen deflagration test, and solid-state hydrogen storage system extreme fire test, filling multiple industry technological gaps. The implementation of this 400kW large power tri-combined vibration testing capability further improved the full-chain hydrogen energy detection service matrix. In the future, CAERI will continue to leverage the technological leadership advantages of its national-level platform, continuously iterate and upgrade hydrogen energy detection technologies and service capabilities, address industry testing shortcomings, comprehensively safeguard the safety and reliability of hydrogen energy products, and escort the large-scale, high-quality development of China's hydrogen energy industry.

The National Economy Maintained Steady Progress in January–April In January–April, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the construction of a new development pattern, effectively implemented more proactive and impactful macro policies, and focused on stabilizing employment, enterprises, markets, and expectations. Production and supply grew steadily, market sales continued to expand, foreign trade resilience was further demonstrated, employment and prices remained generally stable, new momentum grew stronger, and high-quality development advanced toward new and better directions. I. Industrial Production Grew Rapidly, with Equipment Manufacturing and High-tech Manufacturing Growing at a Faster Pace In January–April, the value added of industrial enterprises above designated size nationwide increased by 5.6% YoY. By three major categories, the value added of the mining industry grew 5.5% YoY, manufacturing grew 5.8%, and the production and supply of electricity, heat, gas, and water grew 4.5%. The value added of equipment manufacturing grew 8.7% YoY, and that of high-tech manufacturing grew 12.6%, which were 3.1 and 7 percentage points faster than the overall value added of industrial enterprises above designated size, respectively. By economic type, the value added of state-holding enterprises grew 4.4% YoY; joint-stock enterprises grew 6.0%, foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises grew 3.9%; and private enterprises grew 5.2%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots grew 50.9%, 36.0%, and 25.7% YoY, respectively. In April, the value added of industrial enterprises above designated size nationwide grew 4.1% YoY and 0.05% MoM. In April, the manufacturing PMI was 50.3%; the business activity expectations index of enterprises was 54.5%, up 1.1 percentage points from the previous month. In January–March, the total profits of industrial enterprises above designated size nationwide reached 1,696 billion yuan, up 15.5% YoY. II. The Service Sector Grew Steadily, with Modern Services Developing Well In January–April, the national service sector production index grew 4.9% YoY. By industry, the production indices of information transmission, software and information technology services, leasing and business services, and the financial industry grew 10.9%, 9.3%, and 6.7% YoY, respectively. In April, the national service sector production index grew 4.3% YoY. In January–March, the operating revenue of service enterprises above designated size grew 6.5% YoY. In April, the business activity index of the service sector was 49.6%; the business activity expectations index of the service sector was 55.4%, up 0.6 percentage points from the previous month. Among them, industries such as railway transport, postal services, and telecommunications, radio, television and satellite transmission services had business activity indices in the relatively high prosperity range of above 55.0%. III. Market Sales Scale Expanded, Service Retail Growth Accelerated From January to April, total retail sales of consumer goods reached 16,494.1 billion yuan, up 1.9% YoY. By location of business units, urban consumer goods retail sales were 14,292.1 billion yuan, up 1.8% YoY; rural consumer goods retail sales were 2,202 billion yuan, up 2.8%. By consumption type, commodity retail sales were 14,605.8 billion yuan, up 1.7%; catering revenue was 1,888.3 billion yuan, up 3.8%. Sales of basic living necessities and some upgraded goods grew relatively fast, with retail sales of grain, oil and food, clothing, footwear, hats, knitwear and textiles, and communication equipment by units above the designated size up 8.6%, 8.1%, and 17.7% YoY respectively. In April, total retail sales of consumer goods were up 0.2% YoY and down 0.48% MoM. From January to April, service retail sales were up 5.6% YoY, with the growth rate accelerating by 0.1 percentage point compared with January to March. Among them, retail sales of communication and information services, tourism, consulting and rental services, culture, sports and leisure services, and transportation services grew relatively fast. From January to April, national online retail sales of goods and services reached 6,530.8 billion yuan, up 6.6% YoY. Of this, online goods retail sales were 4,118.5 billion yuan, up 5.7%, accounting for 25.0% of total retail sales of consumer goods; online service retail sales were 2,412.3 billion yuan, up 8.3%. IV. Fixed Asset Investment Declined YoY, High-Tech Industry Investment Grew Relatively Fast From January to April, national fixed asset investment (excluding rural households) was 14,129.3 billion yuan, down 1.6% YoY; excluding real estate development investment, national fixed asset investment grew 1.3%. Of this, intellectual property product investment was up 8.9% YoY. By sector, infrastructure investment was up 4.3% YoY, manufacturing investment up 1.2%, and real estate development investment down 13.7%. The floor space of newly built commercial buildings sold nationwide was 252.58 million m², down 10.2% YoY; sales revenue of newly built commercial buildings was 2,300 billion yuan, down 14.6%. By industry, primary industry investment was up 10.1% YoY, secondary industry investment up 2.5%, and tertiary industry investment down 4.2%. Private investment was down 5.2% YoY; excluding real estate development investment, private investment was down 1.9%. High-tech industry investment was up 6.1% YoY, of which investment in aviation, spacecraft and equipment manufacturing, computer and office equipment manufacturing, and information services grew 17.9%, 13.9%, and 18.1% respectively. In April, fixed asset investment (excluding rural households) declined 2.36% MoM. V. Goods Imports and Exports Grew Rapidly, Trade Structure Continued to Optimize In January-April, total goods imports and exports reached 16,225.2 billion yuan, up 14.9% YoY. Of this, exports were 9,328 billion yuan, up 11.3%; imports were 6,897.2 billion yuan, up 20.0%. Ordinary Trade imports and exports grew 8.5% YoY. Imports and exports with Belt and Road partner countries grew 13.5%. Private enterprise imports and exports grew 15.9%. Exports of mechanical and electrical products grew 17.6%. In April, total goods imports and exports were 4,377.8 billion yuan, up 14.2% YoY. Of this, exports were 2,481.7 billion yuan, up 9.8%; imports were 1,896 billion yuan, up 20.6%. VI. Employment Situation Remained Generally Stable, Urban Surveyed Unemployment Rate Declined In January-April, the average national urban surveyed unemployment rate was 5.3%. In April, the national urban surveyed unemployment rate was 5.2%, down 0.2 percentage points from the previous month. The surveyed unemployment rate for local household registration labor force was 5.3%; the surveyed unemployment rate for migrant labor force was 5.0%, of which the surveyed unemployment rate for migrant labor force with agricultural household registration was 5.0%. The urban surveyed unemployment rate in 31 major cities was 5.2%, down 0.1 percentage points from the previous month. The average weekly working hours of employed persons in enterprises nationwide was 48 hours. VII. Consumer Prices Saw a Mild Rebound, Producer Prices Saw Expanded Gains In January-April, the national consumer price index (CPI) rose 0.9% YoY. By category, prices of food, tobacco, alcohol and dining out rose 0.2% YoY, clothing prices rose 1.7%, housing prices fell 0.2%, household goods and services prices rose 2.0%, transportation and communication prices rose 0.3%, education, culture and entertainment prices rose 1.1%, healthcare prices rose 1.9%, and other goods and services prices rose 13.3%. Among food, tobacco, alcohol and dining out prices, pork prices fell 12.2%, grain prices fell 0.3%, fresh fruit prices rose 3.0%, and fresh vegetable prices rose 5.7%. Core CPI, excluding food and energy prices, rose 1.2% YoY. In April, the national CPI rose 1.2% YoY, with the increase expanding 0.2 percentage points from the previous month; up 0.3% MoM. In January-April, the national ex-factory prices of industrial producers rose 0.2% YoY. Of this, in April, ex-factory prices rose 2.8% YoY, with the increase expanding 2.3 percentage points from the previous month; up 1.7% MoM. From January to April, the national industrial producer purchase price increased 0.5% YoY. Of which, April was up 3.5% YoY, with the increase expanding 2.7 percentage points from the previous month; up 2.1% MoM. Overall, from January to April, the national economy maintained a steady and progressive development trend, with high-quality development advancing solidly. However, it should be noted that the external environment remains complex and volatile, the domestic imbalance of strong supply and weak demand remains prominent, some enterprises face operational difficulties, and the foundation for steady and positive economic development still needs to be consolidated. In the next phase, it is necessary to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, maintain the general principle of seeking progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the construction of a new development pattern, precisely and effectively implement more proactive fiscal policies and moderately accommodative monetary policies, continuously expand domestic demand and optimize supply, enhance incremental growth and revitalize existing assets, strengthen the endogenous driving force of economic development, further strengthen the domestic circulation, optimize the domestic-international dual circulation, and promote sustained and healthy economic development. Recommended reading:

Data released by the National Bureau of Statistics (NBS) showed that in January-April, national real estate development investment totaled 2,396.9 billion yuan, down 13.7% YoY (on a comparable basis; see footnote 5 for details); of which, residential investment was 1,846.4 billion yuan, down 13.1%. 1. Real Estate Development Investment Completion In January-April, national real estate development investment totaled 2,396.9 billion yuan, down 13.7% YoY (on a comparable basis; see footnote 5 for details); of which, residential investment was 1,846.4 billion yuan, down 13.1%. In January-April, the floor space of buildings under construction by real estate developers was 5.4512 billion m², down 12.1% YoY. Of this total, residential floor space under construction was 3.7801 billion m², down 12.5%. Floor space of buildings newly started was 139 million m², down 22.0%. Of which, residential newly started floor space was 100.57 million m², down 23.6%. Floor space of buildings completed was 118.86 million m², down 24.0%. Of which, residential completed floor space was 84.73 million m², down 25.8%. 2. Sales and Pending Sales of Newly Built Commercial Housing In January-April, the floor space of newly built commercial housing sold was 252.58 million m², down 10.2% YoY, with the decline narrowing by 0.2 percentage point from January-March; of which, residential floor space sold fell 12.2%. Sales revenue of newly built commercial housing was 2,300 billion yuan, down 14.6%, and the decline narrowed by 2.1 percentage points; of which, residential sales revenue fell 15.7%. At the end of April, the floor space of commercial housing pending sale was 778.01 million m², down 0.5% YoY. Of which, floor space pending sale for less than three years was 579.03 million m², down 2.6%. 3. Funding of Real Estate Development Enterprises In January-April, funds received by real estate development enterprises totaled 2,669.7 billion yuan, down 18.4% YoY. Of which, domestic loans came to 419.9 billion yuan, down 25.9%; self-raised funds were 983.8 billion yuan, down 10.5%; deposits and advance payments stood at 797.5 billion yuan, down 17.6%; and individual mortgage loans amounted to 308.7 billion yuan, down 31.7%.