Group 1 - The report emphasizes the importance of supply and price transmission, focusing on the midstream manufacturing sector, highlighting potential market volatility due to new tariff threats from the U.S. President [8] - The S&P Global U.S. PMI Composite Output Index rose from 50.6 in April to 52.1 in May, indicating a significant increase in manufacturing input inventory, suggesting an active restocking process in the U.S. [8] - Domestic industrial processing of crude oil in April decreased by 1.4% year-on-year, while crude steel production remained flat, indicating a continued destocking process domestically [8] Group 2 - The report notes that the domestic economic stimulus policies are expected to be concentrated in May and June, which may improve consumption expectations and economic data, offsetting potential export downturn risks [8] - Midstream manufacturing is anticipated to benefit from declining raw material costs, with a focus on downstream inventory replenishment and the pricing power of industry leaders [8] - The report indicates that the average daily retail sales of passenger cars decreased by 0.73% month-on-month but increased by 12% year-on-year, reflecting a mixed performance in the automotive sector [11][19] Group 3 - The report highlights that the domestic equity market saw a daily average trading volume of 1.1388 trillion yuan, with 10 sectors rising and 21 sectors declining during the week ending May 23 [16] - The pharmaceutical and biological sector showed a notable increase of 1.78%, while the computer and machinery sectors experienced declines of 3.02% and 2.48%, respectively [19] - The report suggests that the industrial product futures market saw a slight decline in the South China Industrial Price Index, with specific commodities like coking coal and rebar also experiencing minor drops [11]
资产配置周报（2025/05/19-2025/05/23）：供给与价格传导，关注中游制造环节-20250525
Donghai Securities·2025-05-25 13:18