1. Manufacturing PMI Declines, High-Tech Industries Shine

In April, China's manufacturing PMI was 49%, down 1.5 percentage points from the previous month, mainly affected by high base numbers from previous periods and changes in the external environment. Both the production index and new orders index fell below the critical point, but the high-tech manufacturing PMI remained at 51.5%, significantly higher than the industry average, indicating the resilience of innovation-driven industries. The non-manufacturing business activity index was 50.4%, with strong growth in the civil engineering construction industry (business activity index 60.9%), and infrastructure investment continuing to gain momentum.

2. Gold Market and Energy Policy

In the first quarter, China's gold production steadily increased, with a surge in demand for gold bars and coins, leading to a significant year-on-year increase in trading volume. The National Energy Administration issued a notice encouraging private enterprises to invest in nuclear power projects and support their participation in the construction of the "Shago Desert" new energy base.

3. U.S. Economy and Financial Markets

U.S. stock indices collectively rose, with the S&P 500 index reaching 5560.83 points as the market awaited the Federal Reserve's FOMC meeting decision. 24 states in the U.S. filed lawsuits against the "American Volunteer Corps," along with two plane crash incidents, highlighting social conflicts and safety hazards.

4. Bitcoin Breaks $95,000, Institutions Continue to Accumulate

The price of Bitcoin reached $95,548 during the day, with a market cap of $1.8 trillion. Standard Chartered Bank predicts it may break $120,000 by the end of the second quarter, with a year-end target of $200,000. BlackRock's Bitcoin ETF saw a net inflow of $971 million in a single day, with institutional holdings continuing to rise.

5. Ethereum Fluctuates, Technical Upgrades Progress

Ethereum's price fluctuated between $1,780 and $1,850, with short-term momentum weaker than Bitcoin. On-chain data shows that TVL (Total Value Locked) rose to $51.8 billion, and the technical team Kakarot released a ZK stack upgrade plan to enhance network scalability.

6. Risk Warning and Operational Strategy

The high leverage risk in the cryptocurrency market has become prominent, with over 110,000 people liquidated within 24 hours, amounting to $275 million. Investors are advised to pay attention to directional choices after the Federal Reserve's decision; if Bitcoin breaks $95,500, it may be a good time to go long, while Ethereum should focus on high selling and low buying within the range.

7. A-Share Market: The Shanghai Composite Index closed at 3286.65 points, with a trading volume of 430.8 billion yuan; the Shenzhen Component Index slightly fell by 0.05%, and the ChiNext Index dropped by 0.13%. Northbound capital inflow has slowed, and the market is awaiting policy signals.