国内流动性延续宽松，欧洲央行如期降息

Domestic Economic Indicators - During the Dragon Boat Festival, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9%[6] - The Caixin Manufacturing PMI for May recorded 48.3, a decrease of 2.1 percentage points from April, marking the first drop below the critical point since October 2022[8] - The Caixin Services PMI for May rose to 51.1, an increase of 0.4 percentage points from April, indicating marginal improvement in the services sector[8] Monetary Policy and Market Trends - The People's Bank of China conducted a 1 trillion yuan reverse repo operation to maintain reasonable liquidity, reflecting a continued "moderately loose" monetary policy stance[13] - M2 growth in Q1 2025 was 7%, while the total social financing stock increased by 8.2%, indicating a stable monetary environment[13] - The average interbank market interest rate, DR007, fell by 14 basis points to 1.6% in May, suggesting overall liquidity is easing[14] International Economic Developments - The U.S. ISM Manufacturing PMI for May was 48.5, indicating a contraction for the third consecutive month, with new orders declining for four months in a row[18] - The Eurozone's May harmonized CPI was 1.9%, falling below the ECB's 2% target for the first time in eight months, prompting a 25 basis point rate cut by the ECB[20][21] - South Korea's new president, Lee Jae-myung, has initiated economic reforms focusing on semiconductor strategy and labor market adjustments, amidst challenges from global economic conditions[22][23] Commodity Market Insights - Brent crude oil prices increased by 4.01% week-on-week, while iron ore and copper prices fell by 0.55% and 0.04%, respectively[26] - Saudi Arabia plans to increase oil production by at least 411,000 barrels per day in August and possibly September, aiming to capture market share amid fluctuating global demand[24]