Shenghe Resources Holding Co., Ltd. (600392.SH) disclosed its 2025 annual performance forecast, expecting net profit attributable to owners of the parent company to be 790 million–910 million yuan for the full year of 2025, an increase of 582.8035 million–702.8035 million yuan compared with the same period last year, up 281.28%–339.20% YoY.

Beijing Zhong Ke San Huan High Technology Co., Ltd. disclosed its performance forecast. The company expects to achieve a net profit attributable to shareholders of the publicly listed firm of 80 million to 120 million yuan in 2025, an increase of 566.23% to 899.35% compared with the same period last year.

Recently, Shan Shan Co., Ltd. released a 2025 performance forecast indicating a turnaround to profit, with full-year net profit attributable to shareholders of the publicly listed firm expected to reach 400 million to 600 million yuan, successfully reversing the loss compared to 2024. The net profit after deducting non-recurring gains and losses is projected to be 300 million to 450 million yuan, demonstrating strong growth in the core business operations.

Recently, Gotion High-tech released its performance forecast for the fiscal year 2025. The forecast indicates that during the period from January 1 to December 31, 2025, the company's net profit attributable to shareholders of the listed company is expected to be between 2.5 billion yuan and 3 billion yuan, representing a year-on-year increase of 107.16% to 148.59% compared to 1.207 billion yuan in the same period last year. The net profit after deducting non-recurring gains and losses is projected to be between 350 million yuan and 450 million yuan, a year-on-year increase of 33.31% to 71.40%.

On 30 January, Baichuan Changyin (300614) released its 2025 performance forecast, reporting that during the reporting period, the company suspended investment in the Zhejiang Deqing heterojunction cell photovoltaic project and proactively optimised its R&D strategic layout, postponing the advancement of the pilot line for the Shanghai heterojunction cell photovoltaic R&D project.

As Trump's tariff policy fluctuated repeatedly, after European and American automakers suffered setbacks, Japanese automakers' performance also collapsed. Japanese automakers Honda and Nissan both reported financial results on Tuesday that fell short of expectations. Honda, affected by tariffs, saw its Q4 operating profit plummet by over 70% YoY, with a 12.2% decline in operating profit and a 24.5% drop in net profit for the full year. Honda also adopted a relatively pessimistic outlook for the future, projecting that its operating profit, net profit, and revenue for the fiscal year 2026 will decline by nearly 59%, 70.1%, and 6.4% YoY, respectively. Nissan, on the other hand, announced that due to tariff impacts, it has decided not to release its operating profit forecast for the fiscal year ending March 2026, and will close some production plants, planning to lay off 20,000 employees by the fiscal year 2027. Meanwhile, Nissan replaced most of its senior management and appointed a new CEO. In addition, Toyota expects its operating income to decrease by 180 billion yen in just two months, while Mazda has not released its full-year performance forecast and warned that it may face a loss of 10 billion yen in April alone. According to CCTV News, the US previously imposed a 25% tariff on imported auto parts. The global automotive industry has already been widely affected by tariffs. In addition to Japanese automakers, European automakers such as Germany's Mercedes-Benz Group and Stellantis have withdrawn their performance guidance for this year, citing tariffs that have disrupted supply chains and driven up global auto prices. Mercedes-Benz stated that the uncertainties brought about by tariffs are too high to reliably assess this year's business development. Other companies have warned of significant financial losses . US automakers such as General Motors, facing tariff exposure of up to $5 billion, have significantly lowered their profit forecasts, while Ford Motor Company expects to incur annual losses of $1.5 billion. Honda's Q4 operating profit plummeted by over 70% YoY On Tuesday, May 13, Japanese automotive giant Honda reported its fourth-quarter and full-year performance for the period ending March 31. Q4 revenue: 5.36 trillion yen (approximately $4.726 billion), in line with the expected 5.36 trillion yen. Q4 operating profit: 73.5 billion yen, far below the expected 275.52 billion yen. Full-year revenue: increased by 6.2% YoY to 21.69 trillion yen, higher than the expected 21.63 trillion yen. Full-year operating profit: decreased by 12.2% YoY to 1.21 trillion yen, below the expected 1.41 trillion yen. Full-year net profit: decreased by 24.5% YoY to 835.84 billion yen. Performance guidance for 2026: Operating profit: It is expected that the full-year operating profit will decline by nearly 59% YoY to 500 billion yen. Net profit: Down 70.1% YoY to JPY 250 billion. Operating revenue: Down 6.4% YoY to JPY 20.3 trillion. Honda's financial results were released amid escalating trade tensions between the US and the world, with the US imposing a 25% tariff on foreign car imports. Honda's operating profit and net profit both fell sharply YoY. To avoid tariffs, Honda decided in March this year to shift the production location of its popular car model, the Civic Hybrid, from Mexico to the US. In addition, Honda is pessimistic about its future performance outlook, having revised down almost all financial indicators for the fiscal year ending March 2026. It expects operating profit to fall nearly 59% YoY, net profit to drop 70.1% YoY, and revenue to decline 6.4% YoY for the full year. According to data from Carpro, a US automotive market research firm, in 2024, Asian automakers accounted for six of the top eight car producers by sales volume in the US, with Honda ranking fourth. As Japan's second-largest car maker, Honda stated that the impact of global tariff policies will have a very significant effect on its business, and frequent policy adjustments make it difficult for Honda to make accurate forecasts. In its report, Honda said: "In the future, we will carefully assess the impact of tariff policies and expand recovery measures while striving to achieve further growth in operating profit." In addition, Honda also adjusted its dividend policy, changing the dividend payout ratio from the traditional payout rate to "equity dividends." It expects the dividend per share for the current fiscal year to increase by JPY 2 to JPY 70 per share. In terms of M&A, in February, Honda and its rival Nissan terminated negotiations on a USD 60 billion merger deal. If successful, the merger would have created the world's third-largest car maker, after Toyota and Volkswagen. Nissan to cut 15% of global workforce On the same day, Nissan Motor Co., Ltd. released its Q4 and full-year results for the period ending March 31. Full-year results: Full-year operating profit: JPY 133.71 billion (vs. estimated JPY 138.5 billion); Operating profit in Asia (excluding Japan): JPY 57.27 billion (vs. estimated JPY 52.29 billion); Operating loss in North America: JPY 38.32 billion (vs. estimated profit of JPY 2.45 billion); Operating loss in Europe: JPY 98.77 billion (vs. estimated loss of JPY 91.25 billion). Q4 results: Operating profit: JPY 5.79 billion (vs. estimated JPY 45.71 billion); Net loss: JPY 676.05 billion (approximately USD 4.6 billion) (vs. estimated loss of JPY 128.85 billion); Net sales: JPY 3.49 trillion (vs. estimated JPY 3.27 trillion); 2026 performance guidance: Expected net sales: JPY 12.50 trillion (vs. estimated JPY 12.31 trillion); Expected dividend: JPY 0.0 (vs. estimated JPY 7.70). Global auto sales for the full year are expected to reach 3.25 million units. In its earnings report released on Tuesday, Nissan stated that it had decided not to issue an operating profit forecast for the fiscal year ending March 2026 . Additionally, Nissan announced plans to reduce the number of its production plants from 17 to 10 by fiscal 2027 and to cut approximately 15% of its global workforce, or about 20,000 employees. This means that on top of the 9,000 job cuts announced in November last year, an additional 11,000 employees will be laid off. The struggling Japanese automaker is striving to turn the tide, but due to its aging car models failing to attract consumers, Nissan has begun laying off staff, reducing production capacity, and replacing most of its senior management, including appointing a new CEO, Ivan Espinosa. After taking over as CEO, Espinosa has started implementing more decisive measures than his predecessor, Makoto Uchida, who was criticized for not being proactive enough in implementing layoffs and production cuts. Furthermore, Nissan's merger plans with Honda failed earlier this year, leaving Nissan in urgent need of finding new partners. The pressure to revive Nissan is immense, especially after the breakdown of merger talks, making the search for a "savior" even more complex. Hon Hai Precision Industry Co., Ltd. (Foxconn) was once a potential partner. Liu Young-way, Chairman of Foxconn, stated in February that Foxconn had approached both Nissan and Honda during their merger discussions, proposing possible cooperation. As the manufacturer of the iPhone, Foxconn has clearly expressed its intention to assemble EVs for Japanese automakers and signed an agreement with Mitsubishi Motors earlier this month to jointly produce EVs. However, Nissan's restructuring efforts face even greater challenges, particularly the potential impact of 450 billion yen from US tariffs on imported cars and parts, further exacerbating the company's difficulties.

India Proposes Zero Tariffs on Certain Quantities of US Auto Parts and Steel In trade negotiations with the US, India proposed zero tariffs on certain quantities of steel, auto parts, and pharmaceuticals on a reciprocal basis. (Cailian Press) Tariff Policy to Drive Up Prices of New and Used Cars in the US, Repair Costs Also to Increase The New York Times reported on the 3rd that the US's 25% tariff on imported auto parts could significantly raise the prices of new and used cars, as well as repair and insurance costs. The report stated that tariffs on imported auto parts would have a broad impact, as even cars made in the US often have engines, transmissions, batteries, and other components produced in other countries. Trump's tariff policy has already driven up new car prices, as consumers rushed to dealers to buy cars before the tariffs took effect. The tariff policy has also affected the used car market, as more people are seeking affordable alternatives to new cars, increasing demand and prices. Tariffs on auto parts are expected to raise repair costs and insurance premiums, as replacing auto parts will become more expensive. Rising car prices will exacerbate inflation. (Cailian Press) US Tariff Policy Disrupts Domestic Companies, Several US Firms Suspend Profit Forecasts According to CNN on May 4, due to the erratic nature of recent US tariff policies, several major global automakers have delayed or suspended profit forecasts. The report stated that automaker Stellantis Group released a report on April 30, indicating that it has suspended its 2025 profit growth forecast due to the impact of "changing" tariff policies. Previously, General Motors also issued a statement on April 29, withdrawing its 2025 profit growth expectations due to the potential impact of US tariff policies. (Cailian Press) BYD: NEV Sales Reach 1.3809 Million Units in the First Four Months, Up 46.98% YoY BYD announced on May 5 that its NEV sales in April 2025 reached 380,100 units, up 21.33% YoY. From January to April 2025, the company's cumulative NEV sales reached 1.3809 million units, up 46.98% YoY. (Cailian Press) Ford Motor Company Expects Tariffs to Cause $1.5 Billion Loss Ford Motor's adjusted EPS for Q1 was $0.14, while analysts expected a loss of $0.043 per share. Ford Blue's revenue for Q1 was $21 billion, compared to analysts' expectations of $20.08 billion. Ford Blue's EBIT for Q1 was $1.2 billion, compared to analysts' expectations of $1.22 billion. The company expects to suffer a $1.5 billion hit from tariffs this year and has suspended its 2025 performance forecast. (Cailian Press) "Labour Day Holiday" Sees Over 3 Million Applications for Car Trade-In Subsidies Nationwide According to the Ministry of Commerce, the national consumer market was vibrant and active during the 2025 Labour Day holiday. Data from the Ministry of Commerce's business big data monitoring showed that sales at key retail and catering enterprises nationwide increased by 6.3% YoY during the holiday. Trade-in programs were particularly popular. From the beginning of 2025 to 0:00 on May 5, applications for car trade-in subsidies exceeded 3 million. Consumers purchased 55.16 million units of 12 major categories of home appliances through trade-in programs and 41.67 million pieces of digital products such as mobile phones. In the first four days of the holiday, applications for car trade-in subsidies exceeded 60,000, driving new car sales of 8.8 billion yuan. Consumers purchased 3.56 million units of 12 major categories of home appliances, driving sales of 11.9 billion yuan, and 2.42 million pieces of digital products such as mobile phones, driving sales of 6.4 billion yuan. During the holiday, sales of home appliances, cars, and communication equipment at key retail enterprises monitored by the Ministry of Commerce increased by 15.5%, 13.7%, and 10.5% YoY, respectively. Sales of smart home products on key e-commerce platforms monitored by the Ministry of Commerce increased by over 20% YoY. Service consumption continued to heat up, with the catering and cultural tourism markets thriving. According to business big data monitoring, sales at key catering enterprises nationwide increased by 8.7% YoY during the holiday. 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Macro News 1. The Political Bureau of the CPC Central Committee held a meeting on April 25 to analyze and study the current economic situation and economic work. General Secretary of the CPC Central Committee Xi Jinping presided over the meeting. The meeting pointed out that it is necessary to continuously consolidate the stable momentum of the real estate market and maintain the stability and vitality of the capital market. More proactive and effective macro policies should be implemented promptly, including RRR cuts and interest rate cuts. It is essential to increase the income of middle- and low-income groups and vigorously develop service consumption. A "Science and Technology Board" should be innovatively launched in the bond market, and the "AI+" initiative should be accelerated. For enterprises significantly affected by tariffs, the proportion of unemployment insurance fund refunds for job retention should be increased. Incremental reserve policies should be promptly introduced in response to changing circumstances, and unconventional counter-cyclical adjustments should be strengthened. 2. On the afternoon of April 25, the Political Bureau of the CPC Central Committee held its 20th collective study session on strengthening the development and regulation of artificial intelligence. General Secretary of the CPC Central Committee Xi Jinping emphasized during the study that, in the face of the rapid evolution of the new generation of AI technology, it is necessary to fully leverage the advantages of the new system of mobilizing resources nationwide, adhere to self-reliance and self-improvement, highlight application-oriented approaches, and promote the healthy and orderly development of China's AI in a beneficial, safe, and equitable direction. 3. Premier of the State Council Li Qiang presided over a State Council executive meeting on April 27, deciding to approve nuclear power projects such as the Sanmen Phase III project in Zhejiang. The meeting emphasized that safety must be ensured in nuclear power development without any compromise. The primary responsibilities of participating construction units and owner units should be solidified. Nuclear power units should be constructed and operated in accordance with the highest global safety standards. Efforts should be continuously made to strengthen the construction of safety regulatory capabilities and effectively ensure the safety of nuclear power. 4. The State Council Information Office is scheduled to hold a press conference at 10 a.m. today. Zhao Chenxin, Deputy Director of the National Development and Reform Commission, Yu Jiadong, Deputy Minister of Human Resources and Social Security, Sheng Qiuping, Deputy Minister of Commerce, and Zou Lan, Deputy Governor of the People's Bank of China, will introduce policy measures related to stabilizing employment, the economy, and promoting high-quality development. 5. The State Council has approved the establishment of comprehensive pilot zones for cross-border e-commerce in Hainan Province and 15 other cities (regions), including Qinhuangdao. Meanwhile, the comprehensive pilot zones for cross-border e-commerce established in Haikou, Sanya, and Alashankou have been revoked. 6. The 2025 National Conference on Responding to Trade Frictions was held in Beijing from April 24 to 25. The meeting pointed out that China's trade frictions have entered a high-intensity phase. Facing difficulties and challenges, it is necessary to remain confident, maintain determination, and adopt strategic approaches to foster new opportunities amid crises and open up new prospects amid changes. It is essential to enhance political awareness, adhere to a systematic perspective, strengthen bottom-line thinking and extreme-case thinking, focus on preventing and mitigating trade risks, and make new contributions to the high-quality development of trade. 7. It has been reported that CK Hutchison's sale of overseas ports will proceed as two separate transactions. A spokesperson for the State Administration for Market Regulation recently stated that China is highly concerned about the relevant transactions and will conduct reviews in accordance with the law. All parties to the transactions must not evade reviews in any way and must not implement concentration before obtaining approval; otherwise, they will bear legal responsibilities. 8. Huang Haihua, spokesperson and director of the Research Office of the Legislative Affairs Commission of the Standing Committee of the National People's Congress, stated at a press conference of the Legislative Affairs Commission of the Standing Committee of the National People's Congress on the 25th that the 2025 legislative work plan includes 14 legal bills scheduled for continued review and 23 legal bills scheduled for initial review. Among them, in terms of improving institutional mechanisms conducive to promoting high-quality development, laws such as the Promotion of the Private Economy Law, the National Development Planning Law, the Financial Law, the Financial Stability Law, and the Farmland Protection and Quality Improvement Law will be formulated. 9. In the first quarter, the profits of industrial enterprises above designated size nationwide turned from a 3.3% year-on-year decline for the entire previous year to a 0.8% increase, reversing the trend of continuous decline in cumulative profits of enterprises since the third quarter of the previous year. In March, the profits of industrial enterprises above designated size turned from a 0.3% decline in January-February to a 2.6% increase, with profits for the month showing improvement. 10. According to Ministry of Finance data, from January to March, the total operating revenue of state-owned enterprises was 19,845.16 billion yuan, unchanged from the previous year. The total profits of state-owned enterprises were 1,090.74 billion yuan, up 1.7% year-on-year. At the end of March, the asset-liability ratio of state-owned enterprises was 65.0%, up 0.1 percentage points year-on-year. Industry News 1. The Ministry of Commerce and five other departments issued a notice on further optimizing the departure tax refund policy to expand inbound consumption. The notice mentions lowering the threshold for departure tax refunds. Overseas tourists who purchase tax-refundable goods worth 200 yuan or more on the same day at the same store and meet other relevant regulations can apply for departure tax refunds. The payment service for departure tax refunds has been optimized. The cash tax refund limit has been increased to 20,000 yuan. 2. In 2025, the Shenzhen Stock Exchange issued revised "Rules for the Review of Securities Issuance and Listing by Publicly Listed Firms." The main adjustments include: first, in accordance with the new "Company Law" and other regulations, changing "shareholders' meeting" to "shareholders' assembly" and deleting provisions related to supervisors and shareholding reductions; second, solidifying the responsibilities of intermediary institutions, strengthening on-site supervision and prevention of financial fraud, and clarifying the verification obligations of intermediary institutions; third, increasing penalties for violations, imposing heavier sanctions on financial fraud and other behaviors, extending the maximum period for intermediary institutions to be temporarily ineligible for document acceptance to five years, and extending the filing interval for sponsors to six months. The new regulations further strengthen strict supervision and maintain market order. 3. The China Securities Regulatory Commission (CSRC) has formulated the "Administrative Provisions on the Suspension and Exemption of Information Disclosure by Publicly Listed Firms," which will come into effect on July 1, 2025. The "Provisions" clarify two categories of exemptions: one is information that constitutes state secrets or may violate national confidentiality regulations or management requirements if disclosed publicly; the other is trade secrets or confidential business information. 4. The Ministry of Finance and the CSRC revised and issued the "Administrative Measures for the Record-Filing of Accounting Firms Engaged in Securities Service Business." The main revisions to the "Measures" include: improving record-filing requirements and strengthening guidance on the focus on practice quality; improving the management loop and strengthening the whole-process supervision of accounting firms engaged in securities service business. 5. The Ministry of Transport and ten other departments issued guidelines on promoting the integrated development of transportation and energy. The guidelines point out that by 2035, pure electric vehicles will become the mainstream of newly sold vehicles, new energy commercial heavy-duty trucks will be applied on a large scale, and a green fuel supply system for transportation will be basically established. 6. Recently, on the official website of the State Taxation Administration's 12366 tax service platform, the State Taxation Administration stated in response to a question that taxpayers who replace their existing home loans in accordance with the "Notice on Matters Related to Reducing Interest Rates on Existing First-Home Mortgages" can continue to enjoy the special additional deduction for home loan interest because the taxpayer's home remains the same before and after the replacement. 7. Informed sources revealed that Apple plans to shift all iPhone production for the US market to India as early as 2026. In 2024, Apple's global iPhone shipments were approximately 225.9 million units, a slight decrease of 1% from the previous year. The US market accounted for 28% of shipments, approximately 63.25 million units. This means that to achieve its goal, Apple needs to nearly double its production capacity in India next year. 8. The National Financial Regulatory Administration recently issued the "Notice on Matters Related to Strengthening the Supervision of Universal Life Insurance." Relevant department heads of the National Financial Regulatory Administration stated that insurance companies are allowed to adjust the minimum guaranteed interest rate for universal life insurance products when meeting corresponding constraints, especially during periods of declining interest rates, to effectively prevent interest rate spread loss risks by lowering the minimum guaranteed interest rate. Company News 1. BYD's net profit in the first quarter was 9.15 billion yuan, up 100.4% year-on-year. 2. Gree Electric Appliances released its annual report, showing a 10.91% year-on-year increase in net profit for 2024. It plans to distribute a cash dividend of 20 yuan for every 10 shares. 3. CATL announced that it has repurchased 1.0753 million shares of the company for the first time. 5. JD.com announced that it will recruit 100,000 full-time riders in the next three months. 6. China Rare Earth released its first-quarter report, showing a net profit of 72.62 million yuan in the first quarter, turning from a loss year-on-year. 7. *ST Renle issued a revised performance forecast announcement, estimating that its net assets at the end of 2024 will be revised to -407 million yuan to -392 million yuan. The company's shares may be delisted. 8. *ST Gongzhi announced that its shares may be delisted and will be suspended from trading starting today. 9. Wuliangye Yibin announced that its net profit in 2024 increased by 5.44% year-on-year, and it plans to distribute a dividend of 31.69 yuan for every 10 shares. Its net profit in the first quarter was 14.86 billion yuan, up 5.8% year-on-year. 10. Yunji Group announced that it has signed a general contracting contract worth approximately 2.926 billion yuan for a bauxite project in Guinea, accounting for approximately 190.53% of the company's audited operating revenue in 2024. 11. Luzhou Laojiao released its annual report, showing a 1.71% year-on-year increase in net profit for 2024. It plans to distribute a cash dividend of 45.92 yuan for every 10 shares. 12. Xingguang shares announced that its stock trading will be subject to delisting risk warnings. 13. Gujinggong Liquor released its annual report, showing a 20.22% year-on-year increase in net profit for 2024. It plans to distribute a dividend of 50 yuan for every 10 shares. 14. TISCO Stainless Steel released its first-quarter report, showing a 5507% year-on-year increase in net profit in the first quarter. 15. Zhenghe Ecology announced that it has signed a 2 billion yuan strategic cooperation agreement with Yanshan Cultural Tourism Group. 16. Haiyuan Composite Materials announced that its shares will be subject to delisting risk warnings and will be suspended from trading for one day. 17. Chuandazhisheng announced that its shares will be subject to delisting risk warnings, and its stock abbreviation will be changed to "*ST Zhisheng." 18. Tonghua Dongbao announced a correction to its 2024 performance forecast, estimating a net loss of 42.72 million yuan. 19. Songfa shares announced that its shares will be subject to delisting risk warnings, and its stock abbreviation will be changed to *ST Songfa. Global Markets 1. US President Trump stated that he is unlikely to approve another 90-day tariff suspension. Trump told reporters traveling with him on Air Force One, "I hope to reach trade agreements with a series of countries." 2. The latest Financial Stability Report released by the US Fed last Friday showed that rising global trade risks, overall policy uncertainty, and the sustainability of US debt top the list of potential risks to the US financial system. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion in the November report. Half of the respondents believe that overall policy uncertainty is the most worrying issue, a proportion that has increased from the same period last year. 3. The three major US stock indices closed higher collectively last Friday, with the Dow up 0.05%, the Nasdaq up 1.26%, and the S&P 500 up 0.74%. For the week, the Dow gained 2.48%, the Nasdaq rose 6.73%, and the S&P 500 increased 4.59%. Investment Opportunities Reference 1. Bookings increase by over 100% year-on-year, and the heat of the Labour Day holiday travel market continues to rise As the Labour Day holiday approaches, the heat of the travel market continues to rise. Since this week, there has been a significant increase in online hotel searches and flight ticket searches, marking the arrival of the booking peak for the Labour Day holiday. Data shows that as of now, the number of bookings for domestic travel during the Labour Day holiday has increased by over 100% compared to the same period last year. Among them, the booking increases for products such as self-drive tours, independent travel, and package tours are particularly significant. In addition, the core businesses of online travel platforms, such as hotels and tickets, have increased by over 70%. Especially the ultra-long holiday mode of "taking 4 days off for an 11-day holiday" has further promoted the booking of long-distance travel. Kaiyuan Securities stated that the tourism consumption during the Labour Day holiday exhibits three characteristics: "rapid growth in long-distance travel, two-way warming in cross-border travel, and a comeback in county-level tourism." The tourism consumption in sinking markets contributes structural increments, and the beta of the tourism market continues.Deng Lijun, Chief Strategy Analyst at Huajin Securities, stated that driven by holiday consumption and anticipated improvement in residents' income, coupled with the issuance of consumption vouchers and frequent local consumption promotion activities, the consumption potential of the food and beverage industry is expected to be continuously unleashed in the near term. The upcoming May Day holiday is expected to boost orders in railway and civil aviation businesses. If passenger flow remains high during the holiday, industries such as tourism, hotels, and catering are likely to benefit significantly. 2. New-Generation Low-Altitude Information Infrastructure, Entering the Stage of Validation and Commercial Exploration The Shenzhen Municipal Committee of the Communist Party of China published an article titled "Striving to Lead and Pioneer in Promoting New-Type Industrialization" in the "New-Type Industrialization" release. The article emphasized improving the digital infrastructure and service system, increasing investment in new infrastructure such as digital infrastructure, making moderately advanced layouts, accelerating the construction of low-altitude intelligent integrated infrastructure and low-altitude communication networks with integrated sensing, vigorously implementing industrial software research and application promotion actions, building a batch of standard testing and validation service platforms, consolidating the digital foundation of cities, and fostering the foundation for industrial development. Guotai Junan Securities pointed out that as a new-generation low-altitude information infrastructure, 5G-A integrated sensing has entered the stage of technical validation and commercial exploration. The development of the low-altitude industry is not limited to low-altitude monitoring systems but also faces challenges in communication and navigation capabilities. Due to the height limitations of traditional base stations, effective low-altitude communication cannot be achieved. With the increasing frequency of low-altitude activities and the demand for high-density flights, navigation modes also need to become more digitalized and refined. Systematic solutions to communication, sensing, and navigation issues rely on 5G-A integrated sensing, which offers significant cost-effectiveness. Currently, the three major operators have conducted 5G-A validation and large-scale trials across the country. Over 300 cities nationwide have initiated the latest 5G-A network deployments, aiming to build the world's largest low-altitude communication network. 3. Special Action for Facilitating Cross-Border Trade Launched in Beijing The Special Action for Facilitating Cross-Border Trade was launched in Beijing on April 24, with Vice Premier He Lifeng attending the deployment meeting and delivering a speech. He emphasized the need to thoroughly implement the spirit of the Central Economic Work Conference and the State Council's work deployment, fully recognize the importance of facilitating cross-border trade, unswervingly expand opening-up, win development initiatives through open cooperation, and build a new system of a higher-level open economy. On the same day, Wuhan City issued the "2025 Wuhan Measures to Promote Cross-Border Trade Facilitation," introducing 21 specific measures across six major areas, including improving customs clearance efficiency and deepening regulatory reforms. Bonded warehouses are a special type of storage space that allows importers to store goods in specially licensed warehouses near ports until they are sold to US end-users, at which point customs clearance and duty payment are completed. Generally, goods can be stored in bonded warehouses for up to five years. Institutions believe that for importers, the uncertainty of trade policies greatly increases the appeal of such warehouses. If Trump reverses tariffs, businesses can seize the fleeting window to quickly complete customs clearance. Conversely, if tariffs remain in effect, companies can extract inventory in small batches over an extended period, spreading the impact of tariffs over a longer cycle, thereby retaining as much flexibility as possible during a downturn in the US consumer market. 4. The Development of AI Agents Opens a New Paradigm for Human-Machine Collaboration According to industry media reports, Butterfly Effect, a Chinese startup behind the general-purpose AI agent ManusAI, recently completed a $75 million funding round. This round was led by the renowned US venture capital firm Benchmark and also attracted participation from existing investors. According to insiders, this round of funding has propelled Butterfly Effect's valuation to nearly $500 million, a fourfold increase from before. Guosen Securities stated that the development of agents has opened a new paradigm for human-machine collaboration, providing new development ideas for AI applications. In the future, model capabilities will continue to improve, and agents in various fields will become carriers for models to reach end-users. The subsequent development of AI applications remains highly promising. According to reports by McKinsey and others, driven by diversified demand, the AI agent market is experiencing explosive growth. The global AI agent market size in 2024 is approximately $5.1 billion and is expected to surge to $47.1 billion by 2030, with a compound annual growth rate of 44.8%.

On April 21, the stock price of Xingye Silver and Tin rose. As of 10:16 on the 21st, Xingye Silver and Tin increased by 3.06%, reaching 12.14 yuan per share. On the news front: An investor asked on the investor interaction platform: When will the company start producing gold? When will the Yinman mining area be completely shut down (since the accident investigation has been delayed, will it enter an indefinite shutdown and rectification like Tibet Bosheng)? When will the shield machine of China Railway Tunnel Group start serving Xingye? On April 18, Xingye Silver and Tin responded on the investor interaction platform, The mining area of Yinman Mining resumed production on April 16, 2025; the "Strategic Cooperation Framework Agreement" signed with China Railway Tunnel Group is an indicative framework agreement. If a formal cooperation agreement is signed later, the company will fulfill its information disclosure obligations in accordance with relevant laws, regulations, and the company's articles of association based on subsequent progress. When asked, "Recently, antimony prices have hit new highs, reaching 230,000. Does the company have antimony resources among its many mines? The prices of silver and tin were very good in Q1, is there a pre-increase in the company's performance?" On April 17, Xingye Silver and Tin responded on the investor interaction platform, As of the end of 2023, the subsidiary Yinman Mining's mining license area contained 184,700 mt of antimony metal content. The company produces silver-lead concentrates and silver-copper concentrates containing antimony, sold in mixed powder form; in 2024, the company's antimony metal production was around 1,350 mt. For the company's Q1 2025 performance, please pay attention to the Q1 2025 report to be disclosed on April 28, 2025, on designated media. On April 16, Xingye Silver and Tin announced the progress of the safety accident at its wholly-owned subsidiary Yinman Mining: On March 9, 2025, a safety accident occurred during operations by the mining contractor of Yinman Mining, resulting in one death. After the accident, the mining area of Yinman Mining was shut down, while the beneficiation plant continued normal production. After the accident, the company conducted a comprehensive safety self-inspection and strictly implemented rectification measures. Currently, Yinman Mining has completed the relevant rectification work as required by the regulatory authorities. On April 15, 2025, the Inner Mongolia Autonomous Region Mine Safety Supervision Bureau issued the "Notice on the Resumption of Production of the 1.65 million mt/year Underground Mining Project (above 690 level) of the Baiyinchagan East Mountain Copper-Lead-Tin-Silver-Zinc Mine of Xiwuzhumuqin Banner Yinman Mining Co., Ltd." The notice stated: After review, the resumption of production of the 1.65 million mt/year underground mining project (above 690 level) of the Baiyinchagan East Mountain Copper-Lead-Tin-Silver-Zinc Mine of Xiwuzhumuqin Banner Yinman Mining Co., Ltd. is approved. According to the above notice, the mining area of Yinman Mining resumed production on April 16, 2025. Xingye Silver and Tin's announcement pointed out that the accident did not have a significant impact on the company's production and operations, nor did it have a significant adverse impact on the company's 2025 performance. The company will seriously learn from this accident, fully implement the main responsibility for safety production, and consistently integrate the concept of safety production into daily production and operations. The company will continue to increase the investment of human, material, and financial resources in safety management, and persistently focus on hazard investigation, awareness improvement, cultural promotion, education and training, daily supervision, and emergency response to ensure the safe, continuous, and stable operation of the company's production and operations. On April 11, Xingye Silver and Tin responded to investor inquiries on the interaction platform, stating that the stock price of the publicly listed firm is affected by macroeconomic conditions, market cycles, investor sentiment, and many other factors. The company's main products do not have export business, and tariff policies have not had a direct impact on the company's production and operations. The company's production and operations are stable, and there is no undisclosed information. The company will focus on the development of its main business in line with strategic development arrangements, and through stable operations, corporate governance, standardized operations, information disclosure, investor relations, and other aspects, it will work together to reward investor trust with steady performance growth and boost investor confidence. The company's management is confident about the future business development of the company and actively faces various challenges. Investors are invited to pay attention to the company's growth potential. Xingye Silver and Tin previously released its 2024 annual performance forecast, showing that the expected net profit attributable to the parent company in 2024 is 1.35 billion to 1.65 billion yuan, an increase of 39.27%-70.22% YoY; the expected net profit after deducting non-recurring gains and losses in 2024 increased by 32.77% to 62.06% YoY. Xingye Silver and Tin stated that the reasons for the performance pre-increase include: After the technological transformation of the beneficiation plant of the subsidiary Yinman Mining was completed (the beneficiation plant of Yinman Mining was shut down for technological transformation from June 9, 2023, and the beneficiation process was transformed to include cassiterite flotation, which was completed and put into use on July 10, 2023), the production of the main mineral products increased. During the reporting period, affected by the macroeconomic environment and changes in market demand for products, the selling prices of the company's main products such as tin concentrates, silver concentrates, lead concentrates, and zinc concentrates increased compared to the same period last year.

Among the 73 publicly listed firms that have disclosed their 2024 annual reports or performance forecasts, approximately half (37 firms) experienced a decline in operating revenue, with Zhenhua New Materials showing the largest drop at 71.48%. Twenty-three companies reported revenues exceeding 10 billion yuan, with BYD, Jiangxi Copper Corporation, CATL, Zijin Mining Group, and CMOC surpassing 100 billion yuan, with revenues of 777.102 billion yuan, 520.928 billion yuan, 362.013 billion yuan, 303.64 billion yuan, and 213.029 billion yuan, respectively.