Key investment points:
Epidemic situation: the local epidemic continued to spread, and the number of new cases overseas fell
Downstream: the downstream demand weakens again, and the export freight rate decreases slightly
Middle reaches: the prices of cement and rebar are stable, and the operating rate of blast furnace is flat
Upstream: oil prices rose again, and the prices of iron ore, copper and coal were flat
Food prices: pork prices rose and vegetable prices fell sharply
Capital / bond market: the capital interest rate fluctuates greatly, and the short-term interest rate of treasury bonds decreases
Exchange rate: RMB devaluation
Risk tips
The economy has changed more than expected.
