5月通胀：物价延续弱势运行，等待总需求侧发力

Inflation Data - May CPI year-on-year growth rate is -0.1%, consistent with the previous value and better than the market expectation of -0.2%[1] - May PPI year-on-year growth rate is -3.3%, lower than the previous value of -2.7% and market expectation of -3.2%[1] Price Influences - Energy prices decreased by 1.7% month-on-month, contributing approximately 0.13 percentage points to the CPI decline, accounting for nearly 70% of the total CPI drop[2] - Core CPI, excluding food and energy, increased by 0.6% year-on-year, with a month-on-month growth rate of 0%[4] Sector Analysis - In May, prices for other goods and services, clothing, education, culture, and entertainment increased by 7.3%, 1.5%, 0.9%, and 0.1% respectively, while transportation and communication prices decreased by 4.3%[2] - The prices of production materials fell by 4.0%, impacting the overall industrial producer price level by approximately 2.98 percentage points[7] Market Outlook - The stock and bond markets are expected to show a dual bull structure in the second half of the year, supported by a potential easing of US-China trade relations and risk-averse funds[1] - The 10-year government bond yield is projected to decline to around 1.5% amid low probability of large-scale domestic demand stimulus[1]