宏观经济研究周报：国内经济数据平稳，美国零售数据不及预期

Economic Indicators - In May, China's industrial added value increased by 5.6% year-on-year, down 1.1 percentage points from the previous month[21] - Retail sales in May grew by 3.7% year-on-year, an increase of 1.4 percentage points from the previous month[21] - Fixed asset investment from January to May rose by 4% year-on-year, with a 0.2 percentage point slowdown compared to the previous month[63] Real Estate Market - New residential sales prices in first-tier cities fell by 0.7% month-on-month in May, with a year-on-year decline of 3.2%[44] - Real estate development investment decreased by 10.1% year-on-year from January to May, with new residential sales area down by 23.6%[65] Monetary Policy - The Loan Prime Rate (LPR) remained unchanged for four consecutive months, with the one-year LPR at 3.45% and the five-year LPR at 3.95%[10] - As of June 21, the net monetary injection was 390 billion CNY, indicating a significant increase in liquidity[108] International Context - In May, U.S. retail sales showed a month-on-month growth of only 0.1%, below the expected 0.3%[41] - The Australian central bank maintained its cash rate at 4.35%, indicating a cautious approach to inflation management[47] Market Trends - The CRB commodity price index averaged 294.28 points for the week ending June 14, reflecting a week-on-week increase of 4.12 points[13] - The Baltic Dry Index (BDI) averaged 1966.6 points for the week ending June 21, up 78.60 points from the previous week[77]