中国5月非制造业PMI 50.1，预期49.5，前值49.4。

Foreign media reported Saturday that Hezbollah launched a heavy drone-and-missile attack on northern Israel, striking multiple sites in the Galilee region. Initial salvoes included at least eight missiles toward Israeli positions, with one impact reported in Kiryat Shmona. Hezbollah said it carried out 22 operations against Israeli positions and equipment in the past 24 hours, calling them reprisals for Israeli strikes on civilian areas. The Israeli army confirmed rockets were fired into western Galilee, saying several were intercepted and the remainder fell in open ground with no casualties. Fighting in southern Lebanon has reignited this week and Israel has resumed strikes on southern Beirut suburbs.

Jan-Apr: industrial value-added at enterprises above designated size rose 9.8% YoY. Total industrial output of those firms was RMB 1.613 trillion, up 7.3% YoY. Of 34 industrial categories, 27 expanded (79.4% breadth); 16 posted >8% growth, indicating continued upgrading of manufacturing. Output of high-tech firms above designated size was RMB 916.5 billion, +11.7% YoY; aerospace manufacturing +23.1%, electronic and communications equipment +20.0%, pharmaceutical manufacturing +12.1%, instrument manufacturing +14.6%. Production of emerging electronic and new-energy products accelerated: smartphones +8.5% YoY, integrated circuits +18.1%, optoelectronic devices +18.2%, lithium-ion batteries +46.3%.