{"id":32165,"date":"2026-05-21T09:27:21","date_gmt":"2026-05-21T01:27:21","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=32165"},"modified":"2026-05-21T09:30:36","modified_gmt":"2026-05-21T01:30:36","slug":"morning-brief-2026-5-21","status":"publish","type":"post","link":"https:\/\/www.orientfutures.com.sg\/zh\/research\/morning-brief-2026-5-21\/","title":{"rendered":"Morning Brief 2026-5-21"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"32165\" class=\"elementor elementor-32165\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-72928af e-flex e-con-boxed e-con e-parent\" data-id=\"72928af\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6fed69fb elementor-widget elementor-widget-text-editor\" data-id=\"6fed69fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-ogsc=\"\"><strong>International<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; Premier of the State Council Li Qiang met with Russian President Vladimir Putin, who is paying a state visit to China, at the Great Hall of the People in Beijing. He stated that China stands ready to work with Russia under the strategic guidance of the two heads of state, consolidate political mutual trust, scale up mutual support, stay steadfast, elevate bilateral cooperation to new heights, and better benefit the two peoples.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Sectors<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; The Foreign Ministry <\/span><\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">stated that to further facilitate personnel exchanges between China and Russia, the Chinese side has decided to extend the visa exemption policy for Russia until December 31, 2027. Russian ordinary passport holders coming to China for business, tourism, visiting relatives and friends, as well as exchanges and visits, and those in transit for no more than 30 days, may enter China without a visa.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Industry<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; Alibaba released its new\u2011generation flagship Qwen large model, Qwen3.7\u2011Max. In the global blind test ranking of large\u2011scale models conducted by third\u2011party institution Arena, Qwen3.7\u2011Max outperforms Kimi\u2011K2.6, DeepSeek\u2011v4\u2011pro and GLM\u20115.1. Its performance is close to the top models of GPT, Claude and Gemini, ranking first among domestic models.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Data<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; The Ministry of Finance announced that from January to April, national general public budget revenue reached 8.3404 trillion yuan, up 3.5% y\/y. Of this total, national tax revenue stood at 6.8097 trillion yuan, up 3.9% y\/y, and non\u2011tax revenue was 1.5307 trillion yuan, up 1.6% y\/y.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; China announced its May Loan Prime Rate (LPR). The one\u2011year LPR stands at 3 percent, and the five\u2011year\u2011and\u2011above LPR is 3.5 percent, remaining unchanged for 12 consecutive months.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>May 20 Block Trade Info<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Discount<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211;<\/span><span data-blocked-bgimage=\"initial\" data-ogsc=\"\"> Kweichow Moutai (600519 CH) saw 1 block trades worth 236.65mn at 1218.61yuan per share, 7.98pct discount from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Premium<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; Gigadevice Semiconductor (603986 CH) saw 1 block trades worth 634.16mn at 422.77yuan per share, 4.50pct premium from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">&#8211; Skyverse Tech (688361 CH) saw 2 block trades worth 255.83mn at 255.83yuan per share, 16.02pct premium from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><p>For more insights, please visit Orient Futures Singapore\u2019s research platform,\u00a0<br \/><a href=\"http:\/\/www.finoview.com.sg\/\">\u7e41\u5fae<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd896e7 elementor-widget elementor-widget-button\" data-id=\"cd896e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.orientfutures.com.sg\/wp-content\/uploads\/2026\/05\/Morning-Brief-2026-05-21.pdf\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>China\u2019s latest market developments include strengthened China-Russia cooperation, an extended visa exemption policy for Russian citizens, and Alibaba\u2019s launch of its new Qwen AI model.<\/p>","protected":false},"author":3,"featured_media":32167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[33],"tags":[],"post_language":[],"class_list":["post-32165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Morning Brief 2026-5-21 - Orient Futures Singapore<\/title>\n<meta name=\"description\" content=\"China market update covering China-Russia relations, extended visa-free travel policy, and Alibaba\u2019s new Qwen AI model launch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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