股指价格重心有望缓慢上移

Group 1 - Recent stock index futures have shown a volatile consolidation trend, with the CSI 500 and CSI 1000 indices performing strongly, particularly in new consumption and undervalued dividend sectors [1] - The official manufacturing PMI for May recorded 49.5%, a slight increase of 0.5 percentage points from April, indicating marginal improvement in domestic economic data [2] - Large enterprises' PMI rose to 50.7%, while medium-sized enterprises' PMI fell to 47.5%, marking a new low for 2023, suggesting a disparity in performance across different enterprise sizes [2] Group 2 - The production index increased from 49.8% to 50.7%, while new orders and new export orders recorded 49.8% and 47.5%, respectively, indicating a recovery in industrial production and demand [2] - The consumer price index (CPI) in May decreased by 0.1% year-on-year, primarily due to falling prices of vegetables, fruits, and energy, while the producer price index (PPI) dropped by 3.3%, a larger decline than in April [4] - In May, imports decreased by 3.4% year-on-year, while exports grew by 4.8%, leading to a trade surplus of $103.22 billion, the highest this year [4] Group 3 - The Shanghai Stock Exchange emphasized the need for listed companies to increase dividend payouts and enhance market value management tools, which is expected to attract more long-term capital [5] - Recent communications between the U.S. and China have led to optimism regarding trade negotiations, which may help stabilize market confidence and risk appetite [5] - The European Central Bank announced a 25 basis point reduction in key interest rates, indicating a potential for further easing in response to economic growth risks [6]