首席观市系列报告-今日聚焦：6月LPR保持不变

Overseas Market Insights - Foreign investors have net bought Chinese bonds for 16 consecutive months, with holdings exceeding 4 trillion yuan, a historical high[4] - The expectation of a potential interest rate cut by the Federal Reserve may slightly narrow the China-US interest rate differential, but the impact is expected to be limited[4] Domestic Market Trends - In May, China's retail sales of consumer goods grew by 3.7% year-on-year, a significant improvement from April, driven by the "old for new" consumption policy[5] - The sales of home appliances on major e-commerce platforms increased by 81.8% year-on-year in the first five months, indicating strong demand in this sector[5] - The Loan Prime Rate (LPR) remains unchanged at 3.45% for one year and 3.95% for five years, aligning with market expectations and helping to maintain reasonable bank profit levels[5] Market Performance - The Shanghai Composite Index fell by 0.42%, while the Shenzhen Component Index dropped by 1.63%[6] - The coal and oil sectors saw gains of 1.22% and 0.27%, respectively, while real estate and retail sectors experienced declines of -2.91% and -2.73%[6] Industry Developments - The cost of wind and solar power generation has decreased by 60% and 80%, respectively, indicating advancements in China's renewable energy sector[10]