CHINA NBS STATISTICIAN: STABILITY OF ECONOMY AS DEFINING FEATURE REMAINS UNCHANGED

US / Trump & Middle East - Trump expected to meet national security team Tuesday in the Situation Room to discuss military options on Iran. - Trump warned Iran must act “quickly” or risk “having nothing left.” - Sources say Trump and Netanyahu discussed the possibility of restarting military operations against Iran, with potential joint U.S.-Israeli airstrikes. - U.S. Energy Secretary says Strait of Hormuz will reopen by this summer. Trump administration did not renew sanctions waiver for Russian oil. Iran / Middle East Conflict - Iranian military warns any new U.S. military action will face offensive retaliation. - Iran says U.S. proposed five key conditions in negotiations, including no war compensation and limiting Iran to one operating nuclear facility. China / US-China Relations - China Commerce Ministry says U.S.-China trade talks achieved preliminary results. - China and U.S. agreed in principle to reduce tariffs on products of equal concern scale. Both sides agreed to establish trade and investment councils. - Trump discussed outcomes of Xi meeting and regional issues with South Korean President Lee Jae-myung. - Japanese PM Sanae Takaichi says Trump reaffirmed strength of U.S.-Japan alliance after China visit. - Russian President Vladimir Putin to visit China May 19-20 for talks with Xi Jinping. China / Economy & Markets - Reuters poll expects China April industrial output growth to accelerate to 5.9% y/y, supported by exports. - China April retail sales growth expected to improve to 2%. - China Jan-Apr fixed asset investment growth seen slowing to 1.6%. - China banking regulator says commercial bank non-performing loan ratio rose to 1.51% in Q1. Energy / Commodities - U.S. Energy Secretary says China will become a bigger buyer of U.S. crude oil after Middle East supply disruptions. - U.S. plans to refill every barrel released from Strategic Petroleum Reserve. - Oil surge and inflation fears pressured global equities Friday. Tech / IPO / Semiconductor - SpaceX plans to price IPO as early as June 11 and selected Nasdaq for listing, according to sources. - Bloomberg says SpaceX shareholders approved proposed 1-for-5 stock split. - Chinese memory chipmaker ChangXin Memory Technologies filed STAR Market IPO prospectus. - ChangXin Memory says Q1 revenue surged more than sevenfold and expects H1 net profit up to 75 billion yuan versus year-ago loss. China / Policy & Regulation - China says EU’s use of Foreign Subsidies Regulation in probe of Nuctech constitutes improper extraterritorial jurisdiction. - China State Council calls for maintaining moderate birth levels and orderly urban renewal. Media / Sports Rights - China Media Group reached new FIFA rights agreement covering 2026 and 2030 World Cups. - Report says 2026 World Cup China broadcasting rights cost $60 million.

中韩半导体ETF华泰柏瑞二级市场出现较大幅度溢价，将于2026年5月18日开市起至当日10:30停牌。