Monetary Policy Adjustments - The central bank has adjusted the down payment ratio for first-time homebuyers to a minimum of 15% and for second homes to 25%[4] - The lower limit for commercial housing loan interest rates has been removed, allowing for more flexible lending conditions[4] - The housing provident fund interest rate has been reduced by 25 basis points, with rates now at 2.35% for loans under 5 years and 2.85% for loans over 5 years[4] Real Estate Market Support - The government is enhancing policies to ensure the delivery of pre-sold homes and reduce inventory, including support for financing ongoing projects[4] - Local governments are encouraged to recover idle land and purchase unsold properties for affordable housing[4] - The central bank has created a 300 billion yuan special loan for affordable housing, expected to stimulate an additional 500 billion yuan in bank loans[4] Economic Indicators - In Q1 2024, the total profit of industrial enterprises above designated size reached 1,505.53 billion yuan, a year-on-year increase of 4.3%[24] - The total operating income for these enterprises was 30.96 trillion yuan, reflecting a year-on-year growth of 2.3%[24] - In March 2024, profits for industrial enterprises saw a year-on-year decline of 3.5%[24]

交易咨询业务资格：证监许可【2011】1285号 工业生产加快 20240519 0769-22110802 从业资格号：F03106904 交易咨询号：Z0018307 8 交通运输 银行与货币 e 7 4月份，一线城市二手住宅销售价格环比下降1.1%，降幅比上月扩大0.4个百分点，其中北京、上海、广州和深圳分别下降1.6%、0.8%、1.4% 和0.7%。二、三线城市二手住宅销售价格环比均下降0.9%，降幅均比上月扩大0.4个百分点。 4月份，一线城市二手住宅销售价格同比下降8.5%，降幅比上月扩大1.2个百分点。其中北京、上海、广州和深圳分别下降8.0%、7.5%、 10.2%和8.5%。二、三线城市二手住宅销售价格同比分别下降6.8%和6.6%，降幅均比上月扩大0.9个百分点。 下调7天逆回购利率 10bp、下调1年期 MLF利率15bp 下调1年期 LPR10bp，5年 期LPR保持不变 国有大行和多家股份制 银行宣布下调不同期限 的存款利率10-25bp 第五次全国金融工作会议 强调货币政策的结构性调节， 综合运用多种货币政策工具 做好跨周期和逆周期调节 8月30日 10月24日 7月28日 固定 ...

4月新增社融为负 0769-22110802 从业资格号：F03106904 交易咨询号：Z0018307 审核：段福林 交易咨询号：Z0015600 周度观点及策略 9 11 13 交易咨询业务资格：证监许可【2011】1285号 作者：黄秀仕 0769-22116880 从业资格号：F03117664 1 交通运输 10 12 美国宏观 国民经济核算 工业 价格指数 e 7 周度观点及策略 2024年4月份，全国居民消费价格同比上涨0.3%，环比上涨0.1%。1—4月平均，全国居民消费价格比上年同期上涨0.1%。 食品烟酒类价格同比下降1.4%，与上月持平，影响CPI（居民消费价格指数）下降约0.39个百分点。食品中，蛋类价格下降10.6%，影响CPI 下降约0.07个百分点；鲜果价格下降9.7%，影响CPI下降约0.22个百分点；畜肉类价格下降3.2%，影响CPI下降约0.10个百分点，其中猪肉价 格上涨1.4%，影响CPI上涨约0.02个百分点；鲜菜价格上涨1.3%，影响CPI上涨约0.03个百分点；粮食价格上涨0.5%，影响CPI上涨约0.01个 百分点。 2024年4月份，全国工业生产者出厂价格同 ...

Monetary Policy - The central bank net injected 600 billion yuan through MLF, marking the largest monthly record since December 2016[1] - The central bank restarted PSL with an injection of 350 billion yuan on January 2[6] Economic Growth - In Q1 2024, GDP grew by 5.3% year-on-year, with industrial growth contributing 37.3% to GDP growth[18] - The industrial added value increased by 6.1% year-on-year, with mining, manufacturing, and electricity sectors growing by 1.6%, 6.7%, and 6.9% respectively[18] Sector Performance - The coal mining and washing industry saw a year-on-year increase of 7% in added value in December[3] - The chemical raw materials and products manufacturing industry reported a 9.9% increase in added value in July[3] Investment Trends - Fixed asset investment (excluding rural households) reached 1,000.42 billion yuan in Q1 2024, growing by 4.5% year-on-year[18] - High-tech industry investment grew by 11.4%, with high-tech manufacturing and services increasing by 10.8% and 12.7% respectively[18] Consumer Behavior - Retail sales of consumer goods totaled 1,203.27 billion yuan in Q1 2024, reflecting a year-on-year growth of 4.7%[18] - Online retail sales reached 330.82 billion yuan, with physical goods accounting for 28,053 billion yuan, growing by 11.6%[18]

交易咨询业务资格：证监许可【2011】1285号 华联期货宏观周报 4月制造业PMI符合预期 研究助理：石舒宇 20240504 作者：黄秀仕 0769-22110802 从业资格号：F03106904 交易咨询号：Z0018307 利率汇率 13 3 工业 4 价格指数 ( 2024年4月，大型企业景气度明显回落，尤其是需求端，新订单和在手订单分别比上月下降2.8%和0.8%，使得在生产较为稳定的同时，采购 量和进口景气度有所回落，而产成品库存水平再次比上月下降1.4%，大型企业补库意愿不强；中型企业景气度维持稳定，在上个月订单需求 充足的条件下，本月中型企业的生产大幅改善，比上月上升1.9%，需求景气度小幅回落，新订单和新出口订单分别为51.9%和52.2%，国内外 需求仍有小幅改善，但产成品库存和原材料库存双双走弱，中型企业暂无明显补库意愿；小型企业PMI维持稳定，供需方面均保持上个月的 扩张势头，生产方面采购量和进口小幅回落，需求方面在手订单也有所下滑，总体而言小型制造业企业景气度受益于本轮制造业复苏进程， 但高景气度的持续性仍待观察。 2024年4月，非制造业商务活动指数为51.2%，比上月下降1. ...