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Soda futures continue to rise

The price of soda ash futures rose for the eighth consecutive trading day, with the main intraday increase exceeding 3%, reaching the highest point of 1964 yuan since March 7. This round of price increase is mainly influenced by the domestic macroeconomic data. The overall atmosphere of the chemical sector has warmed up, and some soda enterprises have closed orders or temporarily reduced production, which has promoted the continuous rise of the futures price. Market bulls actively followed up and market sentiment was boosted.

Huawen Futures Investment Research Team pointed out that the current price of soda ash futures is close to the cost line of high-cost ammonia-alkali method, which has formed a certain supporting role. Some soda production enterprises have planned to close orders or temporarily reduce production and adopt the strategy of price protection. Recently, maintenance and resumption of production coexist, supply disturbance is enhanced, and the price fluctuation of soda ash is intensified. In addition, the production and sales of downstream float glass rebounded, the demand for replenishment increased, the tentative price increase in Shahe area, the upward price of photovoltaic glass, and the commissioning of new production capacity all supported the spot and futures prices of soda ash.

In the spot market, the domestic price of soda ash fluctuated and adjusted, and some enterprises closed orders and raised prices at low prices. China National Salt Kunshan gradually resumed production, and the supply side fluctuated and adjusted, and the enterprise mainly delivered goods. The downstream demand fluctuates little, and the market sentiment is cautious. It is expected that the soda ash market will remain stable and volatile in the short term.

On the supply side, some soda plants have been overhauled recently, which has eased the supply pressure. The adjustment of the cost of soda ash and the price of raw materials led to the differentiation of profits of different methods. The profit of ammonia-alkali method increased by 9.48 yuan/ton, while the profit of combined alkali method decreased by 45 yuan/ton. Despite the suspension of maintenance of some units, the operating rate of domestic soda ash still fell to 83.50%, and the output decreased last week, and the overall supply pressure was eased.

On the demand side, the demand of soda ash market has been sluggish recently, new orders have slowed down, and the market has a strong wait-and-see mood. However, some downstream banks have replenishment plans, and the overall demand remains stable. Although the downstream quotation stabilized, the transaction performance was weak.

The data shows that as of April 7, 2024, the total inventory of domestic soda ash manufacturers was 916,800 tons, an increase of 41,800 tons from the previous month or 4.78%. Among them, the light inventory is 370,000 tons, and the heavy inventory is 546,800 tons. This state of accumulation has put pressure on the market mentality, and the market wait-and-see mood has intensified.

Analysts believe that the current soda ash futures price is supported near the cost line of high-cost ammonia-alkali method. Some production enterprises adopt the plan of sealing orders and temporarily reducing production, and have the strategy of insuring prices. The supply disturbance is enhanced, and the price fluctuation of soda ash is intensified.

Huawen Futures Investment and Research Team predicts that the soda ash signing is still dominated by light soda in the near future. After the replenishment in the early stage, with the new production capacity put into production, the soda ash market as a whole is weak and difficult to change. The contradiction between strong supply and weak demand is obvious, and the accumulated pressure increases. Even if there is a rebound, it may only be a short-term phenomenon, and it is difficult to form a trend reversal. The cost line of ammonia-alkali process will continue to support the current price of soda ash. In the near future, soda ash futures may fluctuate widely near the cost line of ammonia-alkali method, so investors should enter the market cautiously.

The market pays attention to the US inflation data and the minutes of the Fed meeting.

While evaluating the economic situation and interest rate prospects, investors are also paying close attention to the US inflation data in March. Recent non-farm payrolls data and comments from Fed officials have made investors doubt about the time and frequency of interest rate cuts this year.

The non-farm payrolls report released last Friday far exceeded expectations, showing the resilience of the labor market. Minneapolis Fed President Kashkali said that according to the economic development, interest rates may not be cut this year.

The consumer price index (CPI) of the United States in March will be released at 20:30 tonight. Economists expect the monthly rate of CPI to increase by 0.3% and the annual rate to increase by 3.7%. Higher-than-expected data may aggravate people’s concerns about long-term high interest rates and reduce the market’s expectation of the Fed’s interest rate cut.

If the inflation data is higher than expected, it may aggravate the market’s worries about inflation, and the pace of interest rate cuts by the Federal Reserve may be hindered. Precious metals such as gold and silver may maintain linkage with the US dollar, showing an upward trend. If the inflation data is lower than expected, it may accelerate the pace of the Fed’s easing policy. The expectation of interest rate cuts in June may heat up, the US dollar may be under pressure, and precious metals such as gold and silver may maintain an upward trend. Of course, investors are not excluded from selling safe-haven assets such as gold and turning to high-risk assets such as stocks. At that time, gold and silver may fall under pressure.

In addition, the minutes of the Fed’s latest monetary policy meeting will be released at 2:00 am Beijing time on Thursday. At the meeting in March, the Federal Reserve kept the interest rate in the target range of 5.25%-5.50% for five consecutive meetings. Economists believe that Federal Reserve Chairman Powell’s speech at the meeting is biased towards doves, and the bitmap shows that officials think that interest rates may be cut three times this year. Prior to this, economists expected the Fed to reduce its forecast of interest rate cuts this year to two.

The minutes of the upcoming meeting will reveal the Fed’s discussion on the table reduction plan. At the beginning of the epidemic, the Federal Reserve purchased a scale of 5 trillion US dollars.

　　Macroeconomics > > >

　　The People’s Bank of China plans to set up a re-loan for affordable housing: the scale of 300 billion yuan can be extended for 4 times.

　　On May 17th, the People’s Bank of China announced that it planned to set up affordable housing refinancing. The refinancing scale is 300 billion yuan, the interest rate is 1.75%, the term is one year, and it can be extended for four times. The distribution targets include 21 national banks including China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank and joint-stock commercial banks. In accordance with the principle of independent decision-making and risk-bearing, banks issue loans to local state-owned enterprises selected by the city government and purchase completed unsold commercial houses for affordable housing. The People’s Bank of China will issue re-loans according to 60% of the loan principal, which can drive bank loans of 500 billion yuan. Tao Ling, deputy governor of the People’s Bank of China, said at the policy briefing in the State Council on May 17th that the decision was no longer to set the lower limit of interest rate policy for first-home and second-home loans at the national level. For first-tier cities and some hot cities, the city government can still decide the lower limit of local mortgage interest rate policy according to local conditions. If the relationship between supply and demand in the real estate market changes greatly in the future, the People’s Bank of China will promptly resume the implementation of the policy lower limit or guide the city government to resume the policy lower limit to regulate supply and demand. After canceling the lower limit of the mortgage interest rate policy, commercial banks can decide the interest rate level independently according to the customer’s risk situation to realize the marketization of mortgage interest rate. (China Network)

　　Central Bank: The purchased commercial housing is strictly limited to the completed unsold commercial housing of real estate enterprises, and real estate enterprises of different ownership are treated equally.

　　Tao Ling, deputy governor of the People’s Bank of China, said at the policy briefing in the State Council that the People’s Bank of China would provide low-cost refinancing funds to encourage 21 national banking institutions to issue loans to local state-owned enterprises selected by the city government in accordance with the principle of marketization, and support the acquisition of completed unsold commercial houses at reasonable prices for affordable housing. The People’s Bank of China will provide low-cost refinancing funds to encourage 21 national banking institutions to issue loans to local state-owned enterprises selected by the city government in accordance with the principle of marketization, and support the acquisition of completed unsold commercial houses at reasonable prices for affordable housing. (Securities Times)

　　General Administration of Financial Supervision: Support the "white list" projects by means of new loans and extension of existing loans.

　　Xiao Yuanqi, deputy director of the General Administration of Financial Supervision, said at the policy briefing in the State Council on May 17th that "white list" projects of housing enterprises with different ownership systems should be treated equally, and under the premise of controlling risks, financing support can be provided by means of new loans, extension of existing loans and issuance of M&A loans. The loan amount should match the project construction period, cover the completion and delivery of the project, and the funds must be delivered to the "white list" project to effectively guarantee the delivery of the house. Separate accounts are set up for the "white list" projects, and the project funds are closed for operation and management. It is strictly forbidden to use the project funds for other purposes. Banks should strictly examine the use and flow of credit funds. (Securities Times)

　　National Energy Administration: In April, electricity consumption of the whole society increased by 7.0% year-on-year.

　　According to the National Energy Administration, the electricity consumption of the whole society in April was 741.2 billion kWh, a year-on-year increase of 7.0%.

　　The Ministry of Housing and Urban-Rural Development talks about lowering the interest rate of provident fund loans: ensuring that depositors enjoy preferential policies at the first time.

　　A few days ago, the housing provident fund personal housing loan interest rate was lowered by 0.25 percentage points. The relevant responsible comrades of the Housing Provident Fund Supervision Department of the Ministry of Housing and Urban-Rural Development said in an interview that the most direct benefit is the housing provident fund lender. Take the first personal housing loan of housing provident fund with a term of 30 years as an example. If the repayment method of principal and interest is equal, the monthly payment will be reduced from 4,270.16 yuan to 41,355.57 yuan, a decrease of about 135 yuan, and the total interest expense will be reduced by 48,500 yuan. The benefits that buyers get are real. The adjustment scope of the loan interest rate includes both newly issued housing provident fund personal housing loans and existing housing provident fund personal housing loans. For individual housing provident fund loans issued before May 18, 2024, the new interest rate will be implemented from January 1, 2025. Personal housing provident fund loans newly issued after May 18, 2024 (inclusive) will be directly implemented according to the adjusted new interest rate. We will guide the urban housing provident fund management center to do a good job of policy convergence in accordance with the regulations to ensure that depositors can enjoy preferential policies at the first time. (china construction news)

　　Ministry of Commerce: Initiate an anti-dumping investigation on imported copolyformaldehyde originating from the European Union, the United States, Taiwan Province and Japan.

　　On April 22, 2024, the Ministry of Commerce of People’s Republic of China (PRC) received an application for anti-dumping investigation formally submitted by Yunnan () Co., Ltd., Ningxia Coal Industry Co., Ltd., Kaifeng Yu Long Chemical Co., Ltd., Yankuang Lunan Chemical Co., Ltd., Tangshan Zhonghao Chemical Co., Ltd. and PetroChina Inner Mongolia New Materials Co., Ltd. (hereinafter referred to as the applicant) on behalf of Chinese mainland’s paraformaldehyde industry. The applicant requested to conduct anti-dumping investigation on imported paraformaldehyde originating in the European Union, the United States, Taiwan Province and Japan. According to the relevant provisions of the Anti-dumping Regulations of the People’s Republic of China, the Ministry of Commerce has reviewed the qualifications of the applicant, the information about the products applied for investigation, the information about similar products in Chinese mainland, the impact of the products applied for investigation on Chinese mainland’s industry, and the information about the countries (regions) applied for investigation. According to the evidence provided by the applicant and the preliminary examination by the Ministry of Commerce, the production of polyoxymethylene copolymer by the applicant accounted for more than 50% of the total output of similar products in Chinese mainland in 2021, 2022 and 2023, which is in line with the provisions of Articles 11 and 13 of the Anti-dumping Regulations of the People’s Republic of China on the application for anti-dumping investigation by Chinese mainland industries. At the same time, the application contains the contents and relevant evidence required for the filing of anti-dumping investigations as stipulated in Articles 14 and 15 of the Anti-dumping Regulations of the People’s Republic of China. According to the above review results and the provisions of Article 16 of the Anti-dumping Regulations of the People’s Republic of China,The Ministry of Commerce has decided to initiate an anti-dumping investigation on imported copolyformaldehyde originating in the European Union, the United States, Taiwan Province and Japan from May 19th, 2024. (Ministry of Commerce)

　　Financial news > > >

　　Economic Daily: Real estate credit policy is further optimized.

　　The Economic Daily article pointed out that the People’s Bank of China issued a number of notices, explicitly canceling the lower limit of mortgage interest rate at the national level, lowering the mortgage down payment ratio and provident fund loan interest rate, and launching the refinancing of affordable housing. Experts believe that the new round of support policy is the continuation and expansion of the previous real estate credit policy, further enhancing the financial support. The reporter learned from the central bank that by the end of April this year, 67 of the 343 cities in China had cancelled the lower limit of the first home loan interest rate. Financial institutions reported that after the lower limit of mortgage interest rate in these cities was abolished, the interest rate declined to some extent, but after full competition, the market formed a new and relatively stable equilibrium level, which played a driving role in the local new mortgage issuance. Market experts predict that after this policy adjustment, more cities will cancel the lower interest rate limit, and the independent pricing space of some hot cities that retain the local lower limit will also be significantly expanded. In the eyes of the industry, the future mortgage is still the best asset of the bank. It is expected that the implementation of the policy will lead to an increase in the new volume of bank mortgage, which can make up for the interest income from the decline in interest rates to some extent.

　　Beijing has implemented the interest rate reduction of provident fund loans without applying for automatic reduction.

　　According to Yangguang. com, the reporter called the Beijing Housing Provident Fund Management Center, and the staff said that Beijing has already lowered the loan interest rate. The staff further explained that the original personal housing provident fund loan interest rate standard is still implemented for personal housing provident fund loans that have been issued before May 18, 2024, and the adjusted personal housing provident fund loan interest rate standard will be implemented from January 1, 2025. For individual housing provident fund loans accepted before May 18, 2024 and accepted after May 18, 2024 (inclusive), the adjusted interest rate standard for individual housing provident fund loans shall be implemented. In addition, the staff of Beijing Housing Provident Fund Management Center introduced that the lender does not need to apply separately, and the loan interest rate will be automatically lowered. If the lender does not change the monthly repayment amount, it will be automatically calculated as overpaying the principal and underpaying the interest.

　　Shanghai Provident Fund reduces the interest rate of individual housing provident fund loans, and the adjusted interest rate will be implemented from January 1, 2025.

　　Shanghai Provident Fund issued a notice on adjusting the interest rate of individual housing provident fund loans in this city. According to the decision of the People’s Bank of China, the interest rate of the first set of individual housing provident fund loans for less than five years (including five years) and more than five years will be lowered to 2.35% and 2.85% respectively, and the interest rate of the second set of individual housing provident fund loans for less than five years (including five years) and more than five years will be lowered to 2.775% and 3.325% respectively. The adjusted interest rate for loans issued after May 18, 2024 (inclusive); For loans issued before May 18, 2024, if the loan term is one year, the original loan contract interest rate will be implemented, and if the loan term is more than one year, the adjusted interest rate will be implemented from January 1, 2025.

　　The interest rate of Shenzhen housing provident fund loan will be lowered, and the adjusted interest rate will be implemented from July 1, 2024.

　　The People’s Bank of China has decided to reduce the interest rate of individual housing provident fund loans by 0.25 percentage points from May 18, 2024. Article 23 of the Regulations on the Administration of Housing Provident Fund Loans in Shenzhen stipulates that after the issuance of provident fund loans, if the national provident fund loan interest rate is adjusted, the provident fund center shall adjust the loan interest rate quarterly. For individual housing provident fund loans issued in Shenzhen before May 18, 2024, the adjusted interest rate will be implemented from July 1, 2024. Personal housing provident fund loans that were applied for before May 18, 2024 but not issued, and personal housing provident fund loans that were applied for after May 18, 2024 (inclusive) shall be subject to the adjusted interest rate. (Shenzhen Special Zone Daily)

　　All 17 cities and states in Hubei lowered the interest rate of individual housing provident fund loans.

　　It was learned from the Housing and Construction Department of Hubei Province that since May 18th, 17 cities and states in Hubei Province have all lowered the interest rate of individual housing provident fund loans. (CCTV News)

　　Shaanxi: For the first time to use the provident fund loan to buy a house, the down payment ratio is not less than 20%.

　　Shaanxi Provincial Housing Fund Management Center issued the "Notice on Adjusting Relevant Policies of Housing Provident Fund Loans" on the 17th. For the first time to use the provident fund loan to buy a house, the down payment ratio shall not be less than 20%; After the first provident fund loan is settled, if you use the provident fund loan to buy a house again, the down payment ratio shall not be less than 25%. If you use provident fund loans to buy second-hand housing, the housing completion period shall not exceed 30 years, and the sum of the loan period and the housing completion period shall not exceed 40 years, and the longest loan period shall be 30 years. If families with two or more children use provident fund loans to buy houses, the maximum loan amount will be increased to 1.2 times on the basis of the current policy.

　　How to promote strict supervision? The Inspection Bureau of the China Securities Regulatory Commission is clear: keep a close eye on four kinds of chaos and adhere to five major law enforcement directions

　　I learned from the Inspection Bureau of the CSRC that in the next step, the CSRC will deploy more capable forces to join the inspection team to further improve the law enforcement ability. At the same time, the CSRC will start from five dimensions: strengthening clue discovery, strictly investigating major cases, improving law enforcement efficiency, continuously deepening cooperation, and paying attention to both punishment and prevention, and strictly crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe on the legitimate rights and interests of investors, and have a bad social impact, so as to escort the construction of a safe, standardized, transparent, open, dynamic and resilient capital market. (21 Finance)

　　Starting from tomorrow, the monthly loan of 1 million yuan from the provident fund can be reduced by about 130 yuan.

　　The People’s Bank of China has decided to reduce the interest rate of individual housing provident fund loans by 0.25 percentage point from May 18th, and adjust the interest rates of the first set of individual housing provident fund loans for less than five years (including five years) and more than five years to 2.35% and 2.85% respectively, and the interest rates of the second set of individual housing provident fund loans for less than five years (including five years) and more than five years to not less than 2.775% and 3.325% respectively. The People’s Bank of China last lowered the interest rate of provident fund loans on October 1, 2022, with a reduction rate of 0.15 percentage points. Comparatively speaking, this reduction is even stronger. Take the first home, the provident fund loan of 1 million yuan, the loan period of 25 years, and the repayment method of equal principal and interest as an example. After the adjustment of the interest rate of the provident fund, the monthly contribution will be reduced from the previous 4,794.29 yuan to 4,664.46 yuan, with a monthly decrease of 129.83 yuan. (CSI Taurus)

　　The interest rate of provident fund loans was lowered by 0.25 percentage points, and the provincial and Changsha municipal provident funds were implemented on the 18th.

　　The People’s Bank of China issued the Notice on Lowering the Interest Rate of Personal Housing Provident Fund Loan on 17th. Hunan Provincial Provident Fund Management Center and Changsha Provident Fund Management Center issued a notice to implement this new policy simultaneously. Hunan Provincial Housing Provident Fund Management Center has made it clear that since May 18, 2024, the center will implement new loans at the adjusted interest rate. Loans that have been issued are subject to the original interest rate, and the adjusted interest rate will be implemented from January 1 of the next year. Changsha Housing Provident Fund Management Center issued a notice, which was also implemented simultaneously. (Hunan Daily)

　　Suzhou provident fund loan interest rate lowered

　　According to the news released by Suzhou, the central bank decided to reduce the interest rate of individual housing provident fund loans by 0.25 percentage point from May 18, 2024, and adjust the interest rates of the first set of individual housing provident fund loans for less than five years (including five years) and more than five years to 2.35% and 2.85% respectively, and the interest rates of the second set of individual housing provident fund loans for less than five years (including five years) and more than five years to not less than 2.775% and 3.325% respectively. For individual housing provident fund loans that have been issued before May 18, 2024, the adjusted interest rate will be implemented from January 1, 2025. For individual housing provident fund loans that were applied for before May 18, 2024 but not issued, the adjusted interest rate of individual housing provident fund loans shall be implemented. Personal housing provident fund loans applied after May 18, 2024 shall be implemented according to the adjusted interest rate.

　　Industry news > > >

　　The low-altitude economy will drive the city’s economic growth to exceed 100 billion in three years. Beijing plans to open a commuter route to Xiong’ an Tianjin.

　　Recently, the Beijing Economic and Information Bureau publicly solicited opinions from the public on the "Beijing Action Plan for Promoting the High-quality Development of Low-altitude Economic Industries (2024-2027) (Draft for Comment)". According to the exposure draft, Beijing will create application scenarios around emergency rescue, logistics and distribution, air ferry, inter-city communication and special cultural tours, and open more than three low-altitude routes for surrounding areas. In terms of inter-city communication, commuter routes between Daxing Airport and xiong’an new area, Capital Airport and Tianjin, Langfang and other regions will be established, and a new application format of "split flying car inter-city communication+inter-city ferry" will be explored; In terms of characteristic cultural tourism, we will develop low-altitude tourism, flight experience and other industries in Yanqing, Pinggu and Miyun. (Beijing Daily)

　　Shanghai pilot intelligent networked cars and other cross-border data transmission Tesla China data is expected to empower the world.

　　On May 17th, the Management Committee of Lingang New Area of China (Shanghai) Pilot Free Trade Zone released the first batch of general data list and supporting operation guide for cross-border scene of data in China, including intelligent networked automobile, Public Offering of Fund and biomedicine. The data related to the intelligent networked automobile industry include: manufacturing information such as purchasing and inventory, research and development information such as automobile design and testing, after-sales service information and used car sales information. The newly released documents show that in the one-year pilot project, enterprises registered in the Shanghai Free Trade Port Area where Tesla’s Shanghai factory is located can transfer the listed data overseas without further security assessment. This is the latest measure to further attract foreign investment in China. (CBN)

　　The new mortgage policy is stronger than expected and is expected to form a "policy bottom" in the real estate market.

　　According to the Shanghai Stock Exchange, the lowest down payment ratio in history was implemented, the lower limit of the national mortgage interest rate was liberalized, and the interest rate of provident fund loans was lowered … Real estate finance ushered in a heavy profit, far exceeding market expectations! After the relevant policies are implemented, how will it benefit buyers? According to the central bank, the mortgage interest rate in most cities may drop by 0.3 to 0.4 percentage points, and the total interest expense can be reduced by more than 70,000 yuan according to the methods of 1 million yuan loan, 30-year term and equal repayment of principal and interest. Market participants believe that after the introduction of this policy package, it will meet the policy expectations of buyers to a certain extent and is expected to form a "policy bottom" in the real estate market.

　　Director of Shanghai Economic and Information Committee: It will speed up the development of open source humanoid robot prototype.

　　At the 5th Shanghai Forum of 50 Young People for Innovation and Entrepreneurship held on 18th, Zhang Ying, director of the Shanghai Economic and Information Committee, said that the national and local humanoid robot innovation center was unveiled in Shanghai yesterday, which is also the first public platform in China (in the field of humanoid robots). Through this public platform, an innovative ecology integrating technology research and development, achievement incubation, talent cultivation and platform support will be created, and at the same time, the research and development of open source humanoid robot prototypes will be accelerated. Zhang Ying said that at the humanoid robot track, Shanghai is working hard to study and formulate relevant policies, which are guided by "application traction and scene driving" and support key technologies such as humanoid robot body, intelligent large model with body and dexterous hand. Deepen the application of humanoid robots in industrial manufacturing, services and other fields, and strive to achieve 1000 large-scale application demonstrations within three years. We will speed up the implementation of the "Intelligent Robot Plus" campaign, and promote 10,000 intelligent robots to enter smart factories. In 2025, the density of robots in key industries will reach 500/10,000 people. (CBN)

　　"Hangzhou version of the trade-in scheme" is coming! Encourage new consumption of automobiles, home appliances and home improvement.

　　On May 17th, Hangzhou issued the Action Plan for Promoting Trade-in of Consumer Goods in Hangzhou, and carried out the trade-in of automobiles, electric bicycles, household appliances and home improvement kitchens and bathrooms, focusing on forming the endogenous motivation and scale effect of upgrading, continuously promoting the upgrading and expansion of consumption in Hangzhou, better meeting people’s needs for a better life, vigorously promoting the cultivation of new quality productivity and accelerating the high-quality economic and social development. Strive to reach the target level of the whole province in 2024; The sales of household appliances increased by 6%, 51,000 electric bicycles were eliminated and updated, and 5 centralized sorting centers and recycling points for renewable resources were added. By 2027, the annual sales volume of new energy vehicles will reach 300,000, and the penetration rate will reach over 50%; More than 30,000 scrapped cars were recycled, and more than 300,000 used cars were traded; The annual sales of household appliances increased by 20% compared with 2023, and 45 centralized sorting and processing centers for renewable resources were built. (released by Hangzhou)

　　CITIC Securities: Support policies have been intensively introduced in various places, and low-altitude economies are competing for glory.

　　Citic Securities Research Report said that on May 16th, Beijing Economic and Information Bureau issued "Beijing Action Plan for Promoting High-quality Development of Low-altitude Economic Industries (2024-2027)" (draft for comments), and it is planned to set up a leading group for low-altitude economic development. On May 15th, Nanjing officially released the Implementation Plan for Promoting High-quality Development of Low-altitude Economy in Nanjing (2024-2026) and Several Measures for Supporting High-quality Development of Low-altitude Economy in Nanjing. Low-altitude economy is an emerging integrated economic form of "aviation+". In recent years, China has intensively introduced relevant industrial policies, deepened airspace reform, and promoted low-altitude economy from exploration to development. The low-altitude economy has strong industrial radiation, which is expected to give birth to a trillion-dollar industrial scale. On the basis of the navigation industry, the new track will improve infrastructure and operation, expand more advanced aircraft technology, expand brand-new application scenarios, and provide more development increments for related industries.

　　Turkish government: In-depth discussions are under way with BYD and Chery Automobile to invest and build factories.

　　On May 17th, Turkish Minister of Industry and Technology MehmetFatihKac r said in an interview that Turkey is in-depth discussions with () and Chery Automobile on investing and building factories in the country. "The consultations have made great progress, and I hope to reach an agreement as soon as possible". He revealed that the Turkish side is still negotiating with () and (). Kazel said that Turkey is an ideal base for exporting to the EU market. He also said that any decision to open a car factory in Turkey will also bring "excellent battery investment opportunities" to China enterprises. (Interface)

　　Company news > > >

　　Zhongtai Chemical: The company’s stock trading will be subject to other risk warnings, and it will be suspended for one day from the market opening on May 20.

　　() Announcement: On May 17, 2024, the company and relevant responsible persons received the Decision on Administrative Punishment issued by Xinjiang Securities Regulatory Bureau, and the company’s shares were subject to "other risk warning" from May 21, 2024. The company’s shares were suspended for one day from the opening of the market on May 20, 2024, and resumed trading from the opening of the market on May 21, 2024; The stock abbreviation was changed from "Zhongtai Chemical" to "ST Zhongtai".

　　Northbound funds bought a net of 13.956 billion yuan today.

　　Northbound funds bought a net of 13.956 billion yuan today. (), () and () bought 600 million yuan, 594 million yuan and 530 million yuan respectively. () The net sales amount ranked first, amounting to 214 million yuan.

　　*ST Baoli: Received the advance notice of termination of listing issued by Shenzhen Stock Exchange.

　　() Announcement: On May 17, 2024, the company received the advance notice issued by Shenzhen Stock Exchange to terminate the listing of the company’s shares.

　　Nanjing Julong: The operating income in the aerospace field has little contribution to the overall performance of the company.

　　() Announced the abnormal fluctuation of stock trading. In 2023, the company’s operating income in the aerospace field was 8.26 million yuan, accounting for 0.45% of the company’s total income in 2023, which contributed little to the company’s overall performance. Nanjing Julong Composite Materials Technology Co., Ltd., a holding subsidiary of the company, won the bid for the UAV project at the end of 2023, accounting for 0.38% of the company’s total revenue in 2023. The project is scheduled to be delivered in 2024, and it is expected that the income and profits brought to the company will have little impact on the company’s overall performance in 2024.

　　(): At present, the research and development in the field of low-altitude information technology has not had a significant impact on the company’s operation.

　　Xinchen Technology announced the abnormal fluctuation of stock trading. The company has been engaged in information construction and business application in the field of national air traffic control for a long time, and is currently conducting research and development in the field of low-altitude information, which has not yet had a significant impact on the company’s operation. In 2022 and 2023, the company’s income in the field of low-altitude informatization only accounted for about 0.0678% and 0.0139% of its main business income respectively.

　　Jiangnan Water: 5.0001% held by Great Wall Life Insurance.

　　() Announcement: On May 17, 2024, the company received the Simplified Equity Change Report issued by Great Wall Life Insurance, an information disclosure obligor. As of the disclosure date of this announcement, Great Wall Life Insurance has increased its shareholding in the secondary market to 46.7617 million shares, accounting for 5.0001% of the company’s total share capital.

　　Geling Shenyi: Sequoia China plans to reduce its holdings by no more than 2%.

　　Geling Shentong announced that Sequoia China intends to reduce its holdings by no more than 5.18 million shares, that is, no more than 2% of the company’s total share capital.

　　Good shop: Ningbo Hanyi and Dayong Co., Ltd. intend to reduce their shares by no more than 6%.

　　() Announcement, Ningbo Hanyi and Dayong Co., Ltd. intend to reduce their shares by no more than 3% respectively, and the total planned reduction of shares is no more than 6%.

　　ST Kangmei: Received the court enforcement ruling.

　　() Announcement: Upon receipt of the Execution Ruling from the Intermediate People’s Court of Jieyang City, Guangdong Province, Jieyang Intermediate People’s Court ruled to auction or sell the mortgaged real estate of Kangmei (Bozhou) Huatuo International Chinese Medicine City Co., Ltd., Bozhou New World Trading Co., Ltd. and Kangmei (Bozhou) Century Chinese Medicine Co., Ltd.

　　Shengtun Mining: The CSRC decided to file a case against the company because the company was suspected of violating the law of information disclosure.

　　() Announcement: As the company is suspected of violating laws and regulations in information disclosure, according to the Securities Law of People’s Republic of China (PRC), the Administrative Punishment Law of the People’s Republic of China and other laws and regulations, the China Securities Regulatory Commission has decided to file a case against the company.

　　Overseas news > > >

　　Apple plans to launch a thinner iPhone in 2025.

　　According to The Information, people familiar with the matter revealed that Apple is developing a much thinner iPhone, which may be released as early as 2025. This thinner iPhone may be released at the same time as the iPhone 17 and is expected to be released in September 2025. People familiar with the matter said that the price of this iPhone may be higher than that of the iPhone Pro Max, which is Apple’s most expensive model at present, starting at $1,200. (Cailian)

　　The Federal Reserve said Powell tested positive for Covid-19 on Thursday.

　　The Federal Reserve said Powell tested positive for Covid-19 on Thursday. (Cailian)

　　Faraday’s short-term diving in the future triggered a fuse, and now it has fallen by more than 5%.

　　Faraday’s short-term diving in the future triggered a fuse, and now it has fallen by more than 5%. It once rose by more than 130%.

　　Federal Reserve Governor Bowman: Willing to raise interest rates if inflation stagnates or the trend reverses.

　　Federal Reserve Governor Bowman said that if inflation stagnates or the trend reverses, he is willing to raise interest rates; Inflation will remain at a high level for some time; The rebalancing process of the labor market has slowed down.

　　South Korea will introduce a plan to ban short selling before the end of June.

　　According to the Korea Financial Supervisory Authority (FSS), South Korea will introduce a plan to ban short selling before the end of June. (Sina Finance)