The palm oil market has seen substantial expansion and is anticipated to continue growing at a stable growth rate during forecasted period. The source of palm oil is a tropical tree that, once established, produces fruit for more than 30 years, providing much-needed employment for rural communities in developing countries like Malaysia and Indonesia. Because palm trees generate more oil per hectare than any other large oil seed crop, the oil is enormously profitable. Demand for palm oil has grown as a result of its low to no trans-fat content and low cost.

Tourism is an important contributor to Indonesia's economy, with the sector providing employment to some 11mn people as of end-2021, equivalent to 8.3% of the country’s total workforce. The COVID-19 pandemic, however, hit the sector hard and, as a result, its contribution to Indonesia’s economy fell sharply. The total contribution of travel and tourism to Indonesia’s GDP fell from 5.9% in 2019 to 3.2% in 2020 and further to 2.4% in 2021, according to estimates by the World Travel and Tourism Council (WTTC). Data from the UNWTO showed that international tourist arrivals in the first nine months of 2022 were still 80% below pre-pandemic levels. However, with the relaxation of travel restrictions in mid-2022, Indonesia hopes to lure back tourists.

Board games are tabletop games that typically involve players moving pieces around a board to achieve a specific objective or goal. These games often incorporate elements of strategy, luck, and social interaction, and can be enjoyed by players of all ages. Some popular examples of board games include Chess, Monopoly, Scrabble, and Settlers of Catan. These games have been played for centuries and continue to be a popular form of entertainment and social activity today. These games are known to enhance science, technology, engineering, and math (STEM) skills and act as a tool to provide knowledge and learning experiences to people of every age. These games require active participation from individual players and are quite engrossing. Also, board games can reduce stress, strengthen relationships, and offer entertainment.

4月债市利率债曲线总体下行，市场对经济数据反应钝化。流动性预期持续改 善，信贷增速放缓、通胀和就业数据的弱势进一步释放多头情绪，利率曲线明显下行， 10Y国债再破2.80%位置。从持仓结构看，商业银行增持速度减缓，广义基金大幅增持 本轮利率中枢下行从4月中旬开始，从2.83%下行至5月中旬的2.70%左右，主要驱 动力仍是基本面因素。4月社融及信贷不及预期，利率中枢从4月中下旬开始已逐步走 低，实际影响货币市场和债券市场偏中期乃至长期的因素仍是存款/贷款利率的调降。存 款利息调降表明在利润层面的压力，NIM与规模的替代关系此消彼长，信贷规模的增长 难以弥补净息差持续下降给与银行经营层面带来的压力。

随着本月MLF利率按兵不动，过去几周由存款利率调整引起的降息预期驱 动的债市行情暂告一段落。与降息预期主线形成共振的，则是“略落后于 预期”的经济数据。从同比看，在去年受疫情扰动的背景下，低基数效应 使得社零等数据有明显改善；从环比看，经济复苏的持续性仍对投资决策 形成干扰。

年初以来日本股市持续上涨，本周日经225 指数上涨5%，一度超越 30000点大关，达到1990年泡沫经济破裂以来的最高点。 近期日本股市上涨受多重因素驱动。一是国际金融和货币形势的不确定性 逐渐消退，国际资本回流日本。二是企业业绩表现稳健良好。三是东京交易 所致力于改进上市公司治理水平。四是近期部分国际利好消息带动市场情 绪。

主板技术面与基本面的宝贵合力窗口期被打破，反转机会变为继续横盘的概率更高，但 内需基本面的再确认时间只是延后不是转向，建议重回中等仓位耐心等待下一个更明确 买入信号的触发。中小市值及成长板块：部分主题赛道一季报业绩主导行情回落，主要 是受海外业务及欧美宏观经济周期下行影响，但短期个股活跃度开始小幅上行，建议维 持中低仓位， 市值风格重回均衡。

在监管机构和有关各方的大力支持下，香港证券市场“港币-人民币双柜 台模式”和双柜台庄家计划顺利推进并即将于2023年6月19日落地。我们认为， 双柜台模式和未来可能推出的港股通人民币计价将有望为发行人带来新的人民币柜 台流动性、为投资者提供更多的币种选择、并有望解决其在现行港股通机制下面临 的汇兑风险敞口和盈利折算问题，从而改善投资者体验、吸引更多人民币资金参与 港股交易，并在中长期内改善香港市场生态和流动性水平，在助力香港离岸人民币 中心建设的同时推动人民币国际化进程，长期影响深远。建议积极关注符合人民币 国际化发展方向，直接受益于双柜台模式与人民币港股通政策落地的香港交易所和 券商板块。