DALY: RIGHT NOW MAKING UP LOW LABOR FORCE GROWTH BY HIGHER PRODUCTIVITY GROWTH

Domestic News: 1. China's GDP grew by 5.0% year-on-year in the first quarter. 2. The Cyberspace Administration of China continues to rectify the chaos in online financial information. 3. The State-owned Assets Supervision and Administration Commission of the State Council held a special meeting to promote the development of the low-altitude economy industry among central enterprises. 4. The Ministry of Finance and the Ministry of Housing and Urban-Rural Development: The 2026 Central Government-Supported Urban Renewal Action Plan will be launched. 5. Has China had preliminary communication regarding restrictions on exports of advanced solar energy manufacturing equipment to the United States? The Ministry of Commerce responded: We are unaware of the relevant situation. 6. Kweichow Moutai achieved operating revenue of 168.838 billion yuan in 2025, a year-on-year decrease of 1.21%; net profit attributable to the parent company was 82.32 billion yuan, a year-on-year decrease of 4.53%. 7. China responded to Trump's sanctions against countries that purchased Iranian oil: We have consistently opposed illegal unilateral sanctions without international legal basis and without authorization from the UN Security Council. 8. National Bureau of Statistics: In March, the sales price of newly built commercial housing in first-tier cities increased by 0.2% month-on-month, reversing the flat trend of the previous month; the added value of industrial enterprises above designated size increased by 5.7% year-on-year in real terms. International News: 1. TSMC's first-quarter profit surged 58%, exceeding expectations and setting a new record. 2. Russian military launched large-scale airstrikes on multiple Ukrainian cities, severely damaging Kyiv and Odessa. 3. US Energy Secretary Wright: Further measures will be taken to keep gasoline prices low. 4. The White House plans to grant major federal agencies access to the Anthropic model Mythos. 5. The International Energy Agency Executive warned: European aviation fuel inventories are only enough for six weeks, and some flights are imminent. 6. Federal Reserve—Williams: If inflation falls to 2%, a rate cut would be appropriate, but we are not at that stage yet; Milan: Prefers three, possibly four, rate cuts this year; As of this morning, interest rate futures are pricing in a cumulative rate cut of approximately 9 basis points for the whole year. 7. Iran Situation— ① Trump: Has received a "very substantial" statement to ensure Iran will not possess nuclear weapons, with a validity period exceeding 20 years. US-Iran talks may resume this weekend. Willing to travel to Pakistan to push for an agreement. ② Trump stated that Lebanon and Israel agreed to a 10-day ceasefire; the Israeli Prime Minister confirmed agreement to the ceasefire and stated Israel would maintain its troop presence in southern Lebanon; the Lebanese Prime Minister welcomed Trump's ceasefire announcement. ③ Iranian sources: The US and Iran have lowered their ambitions for a comprehensive peace agreement, instead seeking a temporary one. ④ Pakistan's Foreign Ministry: The US and Iran are willing to hold talks, and the process is ongoing. The date for the next round of US-Iran talks has not yet been determined. ⑤ The US military has expanded its blockade of Iranian shipping to include weapons, ammunition, crude oil, refined petroleum products, steel, and aluminum.

CHINA'S BSE 50 INDEX UP OVER 2%