Daily commentary-2022.5.27 1.Covid:Beijing is doing 7 consencutive covid test to seal the potential success of covid zero strategy.Overall new covid cased no. continue to drop in China.2.Monkeypox:Governments are still running to stock up vaccines to prevent outbreak of Monkeypox in large scale. Medicine companies who have vaccines will have boosted revenues.3.Russia and Ukraine:Russia claimed a success in Donbas area with Ukrainian troops withdraw from that area. However, it still seems a long term military conflict from current situation.3.Food crisis:As natural gas price continues to fly, fertilizer price are still increasing andmake the food crisis worse.4.Energy crisis:Russia are exporting crude from mid or small trading companies and this is a way to ease current energy shortage. However, as we are entering into aircondition season, energy price will stay highfor this summer.5.Climate change:Some experts said high energy prices are slowing down our progress of meet carbon zero.6.US economy:April US consumer spending was up 0.9% mom beat expectation. Stocks move high on back of optimistic spending trend. Average salary was up by 0.4% in April.7.China economy:There are rumors that one more Chinese real estate developer-Greenland is facing potential default. This is a sign China economy is still under great pressure now and waiting for more detailed fiscal and monetary stimulus to boost economy.{lamp/}

Daily commentary-2022.5.26 1.Covid:There are news that Haikou city eased itscovid policy that no covid test result needed anymore to get-in or out airport. Also airlines are talking about open more international flights. These a sign of easing potential easing covid policy in China. By the way, total new covid cases no. continue to dropas figure below.2.Monkeypox:Governments continue to prepare for potential outbreak of Monkeypox.3.Russia and Ukraine:Russia continues with their military action in Ukraine with little progress. Ukraine said they will never give up their home land. Russian flush attack turned into a long term war and this war will cost Russia more than their expectation. 4.Food crisis:As fertilizer prices continue to climb,food shortage will continue to get serious in 2022. Russia is considering to allow Ukraine export grains exchange forlift santions on Russia.5.Climate changes:It estimated this years summer may be hotter than last year. This mean more electricity usage and less food production.6.China economy:Even with more than massive attendances vido conference call Chinese gov held yesterday, stock market didn't react much today. Market is waiting for clear instruction and actions from government.JP Morgan estimated 2Q Chinese GDP would be -5.4% mom, or about 1.46 trillion RMB GDP lose from last quarter. This will make 2022 full year Chinese GDP around 3.7%. This would be the second lowest since 1990.{lamp/}

Daily commentary-2022.5.25 1.Covid:New case no. continue to decline and China is moving closer to back to normal life.2.Monkeypox:More countries are getting ready for potential outbreak of monkeypox.3.Russia and Ukraine:China and Russia has a joint military exercise, which increase the tension with western countires.4.Food crisis:To make the food crisis worse is that India capped the total export quota for sugar. Sugar price may rally for this.5.Climate change:Some activist pointed out that current carbon credit price may be too low.6.China economy:Today Chinese gov hold a video conference call national wide with more than 10,000 attendance from different level ofgovernment. The theme of this video call is layout the stimulus plan for Chinese economy. It mentioned more than 5 trillion RMB stimulus plan will be put ineconomy and more is coming. This would be a big boost for current economy and stock market.{lamp/}

Daily market analysis-2022.5.25 Chinese PBOC lowered 5 years LPR by 15bps on 2022 May 20, which is first cut in 2022.Base on Macro Economic theory, we understand there would be two main impacts of lowering interest rate(monetary stimulus): 1.lower interest rate will incent people and enterprise to borrow, spend, invest; 2. lower interest rate will lowering the carrying cost and boost all asset prices.Regarding the first impact of monetary stimulus, holding other conditions unchange, when money price is cheap, people tend to borrow more money to expand their business.

Daily commentary - 2022.5.24 1.Covid:Total China new covid cases no. continues to drop. We are on the way of back to normal life. Newcovid case no. in Beijing is still high, so Beijing maybe lockdown for a while.2.Monkeypox:It seems many countries are preparing for potential outbreak of monkeypox by chickenpox vaccines. China also have several producers including Wantai Bio, Changchun HighTech, Wantai Bio, Daan Gene, National Medicine, preparing for chickenpoxvaccines. It seems there is no evidence that monkeypox could do airborne infection yet. However,given the wild damage of Covid, more than USD 1 trillion cost, we need to pay a close look on Monkeypox. Following is more information about monkeypox:3.Russia and Ukraine:As Russia military action enters into the forth month, Russia is have little victory to claim, while pressure on Russia is continue to mount. Under Russian current political structure,if Russia withdraw from Ukraine without "victory", it will lead to enormous pressure to current politcal leader.4.Food crisis:Russia and Ukraine normally export about 55million MT of wheat per year. If Ukraine can onlyexport half of its volume, 8 million MT, and Russia can only export 70% of its volume, 28 million MT. Then we are facing an 20millon MT supply shortage, which is about 2.6% of total world production. This production cut will affect Middleeast and Africa hardly and may cause more starving. 5.Climate change:As scientist noticed the surface of ocean is getting thinner and currents shallower, faster.Global warming is blamed for these changes. Not sure how this will impact our current life yet, but it is surely adding extreme weather toour life.{lamp/}