In response to the economic downturn, the government's bottoming policy has been frequent: on March 25, it proposed to promote the implementation of "Made in China 2025"; on April 1, it proposed to revitalize the deposited funds to better support economic development; April 8 It is proposed to start from the standardization of enterprise-related charges, reduce the price of coal-fired electricity, reduce the proportion of iron ore resource tax collection, etc., reduce the burden on enterprises, promote public entrepreneurship, and enhance the momentum of economic development. In addition, the adjustment of the second suite's loosening strength exceeded market expectations. Possible policy expectations in the future include the construction of railways in the central and western regions, the construction of smart grids, and the implementation of the integration of Beijing-Tianjin-Hebei.
    The rebound conditions of commodities are forming: the phased release of the US dollar exchange rate + ample liquidity + cost support and relatively low inventory + economic bottoming expectations + the traditional peak season.
     Rare earth market expectation: May 2 export tax rebate window is approaching, the expected progress of the policy of purchasing and storage will become the key to the launch of the new market.