凯投宏观：欧元区由关税引发的增长无法持续

Core Viewpoint - The strong growth in the Eurozone at the beginning of the year masks underlying economic weaknesses, primarily driven by a surge in pharmaceutical exports due to anticipated U.S. trade tariffs [1] Group 1: Economic Growth - Eurozone's first-quarter growth was reported at 0.6%, significantly revised from the previous expectation of 0.3% [1] - The growth was largely attributed to a spike in pharmaceutical exports from key producers like Germany and Ireland, influenced by trade tariff expectations [1] Group 2: Future Outlook - The rapid growth is expected to reverse in early second quarter, indicating a potential weak cyclical recovery [1] - The current situation reflects volatility rather than sustained economic strength, raising concerns about the sustainability of growth [1]