Macroeconomics

1. [Industrial Enterprise Profits] National Bureau of Statistics: From January to April, the total profits of industrial enterprises above designated size nationwide grew by 18.2%. During this period, among industrial enterprises above designated size, state-holding enterprises realized total profits of 827.15 billion RMB, a year-on-year increase of 17.1%; joint-stock enterprises realized total profits of 1,883.44 billion RMB, up 24.0%; enterprises with foreign, Hong Kong, Macao, or Taiwan investment realized total profits of 542.24 billion RMB, up 2.3%; and private enterprises realized total profits of 651.14 billion RMB, up 23.7%.

2. [Outbound Investment] Ministry of Commerce: From January to April, my country's outbound direct investment across all sectors amounted to 429.42 billion RMB, a year-on-year increase of 3.9%. Of this total, non-financial outbound direct investment stood at 315.74 billion RMB, a year-on-year decrease of 13.9%. Non-financial direct investment in countries participating in the "Belt and Road" Initiative reached 85.55 billion RMB, down 7% year-on-year.

3. [European Central Bank] ECB Executive Board member Schnabel stated that even if peace negotiations regarding Iran make progress, an interest rate hike should still be implemented in June, as the duration of the U.S.-Iran conflict has far exceeded expectations, and elevated energy prices are spilling over into broader sectors of the economy. ECB Chief Economist Lane indicated that the bank may revise its inflation forecasts upward in June.

Building Materials                                                         

1. [Photovoltaic Glass] It is reported that domestic production capacity for photovoltaic glass has been declining continuously in recent weeks. Furthermore, leading glass manufacturers are expected to hold discussions next week regarding further production cuts. As of now, domestic photovoltaic glass capacity has dropped below 80,000 tons per day, corresponding to a monthly module demand of approximately 44 GW.

2. [Wood Pulp] Recently, Jiangsu Bohui Paper Co., Ltd. publicly announced a technical upgrade and capacity expansion project for its chemi-mechanical pulp production, targeting an annual output of 1.2 million tons. Located within the company's existing plant complex in Jiangsu, the project involves the technical renovation of the current chemi-mechanical pulp workshop; following the upgrade, the facility's annual production capacity for chemi-mechanical pulp will be expanded to 1.2 million tons.

3. [Wood Pulp] Stora Enso recently announced plans to permanently shut down Line 3 (L3)—its softwood pulp production line—at its Skutskär pulp mill in Sweden. The company also stated that it intends to restructure the mill to focus on the production of fluff pulp, thereby enhancing its competitiveness.

4. [Wastepaper] On May 26, 2026, Nine Dragons Paper (Taicang) in Jiangsu announced an increase of 50 RMB per ton in its purchasing price for wastepaper; following this adjustment, the effective delivered-to-mill price is now 1,810 RMB per ton.

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