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On May 27th, data from the National Bureau of Statistics showed that from January to April, industrial enterprises above the designated size achieved operating revenue of 44.89 trillion yuan, a year-on-year increase of 5.2%; operating costs reached 38.13 trillion yuan, an increase of 4.5%; and the operating profit margin was 5.43%, an increase of 0.60 percentage points year-on-year. At the end of April, the total assets of industrial enterprises above the designated size reached 192.07 trillion yuan, a year-on-year increase of 5.5%; total liabilities reached 111.39 trillion yuan, an increase of 5.9%; total owners' equity reached 80.69 trillion yuan, an increase of 5.1%; and the asset-liability ratio was 58.0%, an increase of 0.2 percentage points year-on-year. At the end of April, accounts receivable of industrial enterprises above the designated size reached 27.44 trillion yuan, a year-on-year increase of 7.2%; and finished goods inventory reached 6.95 trillion yuan, an increase of 6.7%.

China's industrial profits rose 24.7% year-on-year in April, up from 15.80% in the previous month.

China's year-to-date profits for major industrial enterprises rose 18.2% in April, up from 15.50% in April.

As of 09:30 Beijing time, WTI crude oil futures fell 1.07%, and US natural gas futures fell 0.07%.

On May 27th, the "15th Five-Year Plan Outline for National Economic and Social Development of Zhengzhou City" was released. It proposes to strengthen complete sets of equipment in fields such as tunnel boring machines, engineering, and rail transit, as well as advanced equipment in fields such as low-altitude operations and robotics. It emphasizes strengthening technological breakthroughs and core component support, accelerating the construction of high-end equipment industrial bases for special tunnel boring machines and complete sets of intelligent coal mining machinery, and building Zhengzhou into a "tunnel boring machine capital." The plan also aims to consolidate and enhance the advantages in superhard materials and metallic materials, develop and expand high-performance materials such as electronic functional materials, and actively deploy cutting-edge new materials. Furthermore, it supports the construction of a high-end diamond equipment industrial park, actively creating a national manufacturing innovation center in the field of superhard materials, and cultivating Zhengzhou into a "diamond capital."

On May 27, according to the Korean Central News Agency (KCNA), the North Korean Missile Administration and the Academy of National Defense Science conducted tests on a lightweight multi-purpose missile launch system and a multiple launcher tactical cruise missile weapon system on May 26. North Korean leader Kim Jong Un observed the tests.

On May 27th, CICC Wealth Futures stated that the current gold price movement is highly correlated with liquidity pressure levels. This means that as liquidity pressure escalates, traditional hedging logic can undergo drastic changes or even become ineffective. Under extreme pressure, gold's nature shifts from a "safe-haven asset" to a "highly liquid asset," typically involving margin calls and cross-asset risk parity adjustments. Similar liquidity shocks to gold were observed in 2008, 2020, and the "Wash trade" earlier this year. Currently, factors such as oil prices and US Treasury bonds continue to exert significant pressure on gold; a wait-and-see approach is recommended.

On May 27th, renewed geopolitical tensions between the US and Iran dampened market risk appetite. Rising oil prices reignited inflation concerns and strengthened market bets on a Fed rate hike this year, dragging down silver prices. On one hand, US economic data remains resilient. The latest Chicago Fed National Activity Index for April was 0.14, significantly better than the previous reading of -0.15. The US Conference Board Consumer Confidence Index and Current Situation Index for May both declined slightly from their previous readings, but the confidence index was still better than market expectations. Coupled with renewed tensions between the US and Iran pushing up oil prices, this has fueled market concerns about inflation, strengthening market pricing in a Fed rate hike by the end of the year. On the other hand, the spot market for silver remains weak, with London silver leasing rates continuing to operate at low levels. Silver is expected to remain volatile in the short term, with overall market activity remaining low. Attention should be paid to the progress of US-Iran negotiations and the resumption of navigation in the Strait of Hormuz. If US-Iran negotiations proceed smoothly, it could lead to a short-term rebound in silver prices, but interest rate expectations continue to suppress the overall trend. If geopolitical tensions escalate again and push up oil prices, we need to be wary of further suppression of the elasticity of silver industrial commodities in the medium term and potential supply disruptions. In the long term, weakening dollar credibility, safe-haven demand, and investment demand provide solid support for silver prices.

On May 27th, Mizuho CEO Kihara stated in another interview that a significant interest rate hike by the Bank of Japan would be more beneficial to the Japanese bond market. Kihara said he expects the central bank to raise rates in June or July to combat inflation. He said that regardless of whether the central bank raises rates, unless the increase is substantial, it is unlikely to have a significant impact on the market. "If they go bold" and raise rates by 50 basis points, "that could be more beneficial to the bond market," he said. When asked if the central bank is lagging behind the yield curve, Kihara said it was a "tricky question. I think a little."

On May 27, U.S. Customs and Border Protection (CBP) announced that approximately $20.6 billion in tariff refunds are being distributed to successful importers through a new portal. However, the U.S. government acknowledged significant errors in previous reports, stating that early refunds were far lower than expected. Two weeks prior, the U.S. claimed to be processing over $35.5 billion in refund requests. CBP official Lord clarified that the figure was "overestimated by about $10 billion," and the actual amount was approximately $25 billion, an unintentional error in data retrieval. The CAPE system was developed by CBP after the Supreme Court overturned most of Trump's tariffs. As of May 22, CAPE had received approximately $85 billion in potential and certified refund requests. The $20.6 billion represents funds that have entered the final disbursement stage, including interest and the principal of the tariffs. CBP is currently processing over 53 million customs declarations, totaling $166 billion in refunds.

Mizuho CEO Kihara: The Bank of Japan is expected to raise interest rates in June or July to combat inflation.

Futures News, May 27th: Geopolitical instability has led to mixed price movements in crude oil. Fuel oil market participants are adopting a wait-and-see approach, resulting in sluggish trading. It is expected that fuel oil trading will stabilize after a decline today, with some individual stocks experiencing further slight declines.

The outlook for the US-Iran conflict remains uncertain, but the market remains optimistic. Oil prices are expected to fluctuate repeatedly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

The TOPIX index in Japan gave up its gains and turned lower for the day.

Spot gold and silver prices fluctuated, and the resilience of the global economy is being tested by the Middle East conflict. A chart provides a quick overview of the pre-market conversion prices of gold and silver in both domestic and international markets.

As of 8:30 AM Beijing time, spot platinum rose 0.07% and spot palladium rose 0.33%.

Futures News, May 27th: Unresolved details of disagreements between the US and Iran have raised concerns and increased costs. However, a pessimistic atmosphere still dominates the market in the short term, and the PX market is expected to see a narrow increase today.