汇丰：中国策略追踪-增长趋弱，政策支持加强

21 May 2025 Equity Research Report China Strategy Tracker Equity Strategy Weaker growth, stronger policy support Weaker growth, stronger policy support. Growth in April was softer across the board – retail sales (+5.1% y-o-y), industrial production (+6.1% y-o-y), and FAI (+3.5% y-o-y, with all three constituents slowing). CPI was also muted (-0.1% y-o-y) and PPI fell further (-2.7% y-o-y). In the property sector: 1) based on high frequency data, house sales in 30 major cities have weakened since late March; ...