【 Market Overview 】 Crude oil and gold both fell, natural gas fell more than 4%, and net capital recovered billions

1、 Domestic news

oneFinancial data shows complexity, with both weak credit and rising social financing coexisting

• RMB loans only increased in April280 billion yuanOn a year-on-year basisReduce by 450 billion yuanIndicating weak credit demand.

• The total amount of social financing has increased1158.5 billion yuanOn a year-on-year basisSignificantly increased by 1224.3 billion yuanMainly due to the issuance of government bonds and the low base effect last year.

• M2 year-on-year growth8%The growth rate is increasing; M1 only grows1.5%The demand for current funds of enterprises is still weak.

• CommentThe differentiation between the "low increase" in credit and the "sharp increase" in social financing reflects the coexistence of active government financing and low willingness of enterprises to finance.

twoPartial easing of China US trade dispute, significant adjustment of tariffs

• Starting from 12:01 pm on May 14th, China will adjust its tariffs on US goods

• The additional tax rate is determined by34% adjusted to 10%

• Suspend implementation24% tariffs imposed on the United States and Canada

• Stop implementing the previous two tax increase notices

• Response from the Ministry of Foreign AffairsChina and the United States mutually cancel 91% of tariffs and only retain 10%, with equal reciprocity.

threeMinistry of Commerce: Export control and unreliable entity list 'suspended processing'

• Starting from May 14th:

• Pause on28 US entitiesImplement export controls

• Pause on17 American companiesUnreliable physical measures,Deadline of 90 days

• At the same time, strengthen the supervision of strategic mineral exports.

fourSeven departments jointly issue document to promote 'technology finance'

• Release 15 policy measures:

• Establish a "Technology Board" bond market

• Encourage technology M&A loans and S fund development

• High quality science and technology innovation bonds included in market making varieties

• interpretClarify the concept of the "Bond Market Technology Board" and strengthen financial support for technological self-reliance.

fiveChina supports Latin American countries to issue 'panda bonds'

• Central Bank Governor Pan Gongsheng: Welcome more Latin American countries to participate in China's capital market and deepen financial cooperation between China and Latin America.

sixNational Development and Reform Commission listens to suggestions from private enterprises, emphasizing confidence and stability

• Private enterprises have provided feedback on overall stable operations, stable employment, and sufficient confidence.

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2、 International News

oneVice Chairman of the Federal Reserve warns that tariffs may push up inflation

• The uncertainty of tariffs willDragging down the growth of the US economy

• If inflation rebounds, it willAdjust monetary policy

• CommentThe Federal Reserve's attitude remains hawkish, or it may not be in a hurry to cut interest rates.

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3、 Bulk commodities

• International oil prices have fallenWTI closed at $63.15, Brent at $66.09

• Natural gas plummeted by 4.44%, up to $3.465

• Gold fell nearly 2%, reported at $3185.7 per ounce

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4、 Financial aspect

oneCentral bank operations

• Implement 92 billion yuan reverse repurchase with an interest rate of 1.4%

• Net withdrawal of funds on the same day103.5 billion yuan

twofunds rate

• DR001 up to1.410%

• DR007 has slightly increased1.517%

• Despite the strong recovery efforts, market funds are still relatively loose

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5、 Bond market dynamics

oneInterest rate bond

• Influenced by the issuance of treasury bond and the strengthening of stock market, interest rates rose slightly

• The yield of 10-year treasury bond bonds rose1.6690%

• National Development Bank bonds rise to1.7385%

twoSummary of Credit Bond Events

• Shanshan GroupA creditors' meeting for the reorganization case will be held

• R&F PropertiesHotel asset second auction failed

• Daqing Urban InvestmentHas the proposal for early redemption been rejected

• Shengxun Co., Ltd., Zhangzhou Economic Development Co., Ltd., Nanjing Software ParkThere are varying degrees of debt/pledge/freeze risk events, etc

threeConvertible bonds

• The recovery of the equity market has driven the rise of some convertible bonds

• Shanghai Stock Exchange rises0.86%

• ChiNext board rises1.01%

• Non bank finance, food and beverage, shipping lead gains

• The convertible bond market is divided, with active trading but increased volatility