“H+A”新程开启，中美经贸磋商达成原则一致

Domestic Developments - The new policy document aims to transition China's social security system from a "bottom-line" to a "development-oriented" model, benefiting sectors like consumption, elderly care, and healthcare[9] - The average per capita consumption expenditure in China for 2024 is projected to be CNY 28,227, with urban residents at CNY 34,557 and rural residents at CNY 19,280, indicating a need for adjustments in minimum living standards linked to consumption[9] - The "one elderly, one child" policy is expected to stimulate demand in the maternal and child market, which reached CNY 40,505 billion in 2023, growing by 7.86% year-on-year[12] Financial and Economic Policies - The Chinese government is promoting financial support for the Greater Bay Area, allowing companies listed in Hong Kong to return to A-shares, which could enhance capital flow and support sectors like AI and low-altitude economy[13][15] - The People's Bank of China and the State Administration of Foreign Exchange have introduced measures to enhance financial integration across the Taiwan Strait, aiming to strengthen the financial ecosystem and support cross-border trade[16][17] International Trade and Economic Indicators - The U.S. May CPI data showed a year-on-year increase of 2.4%, below the expected 2.5%, indicating that the comprehensive tariff policy has not yet impacted consumer prices significantly[24] - The U.S. Energy Information Administration (EIA) has revised its 2026 crude oil production forecast down from 13.5 million barrels per day to 13.3 million barrels per day, reflecting challenges in the energy sector[22] Market Trends - Brent crude oil prices increased by 3.55% week-on-week, while iron ore and copper prices rose by 0.27% and 0.88%, respectively, indicating upward pressure in commodity markets[26] - Real estate sales area in China surged by 43.96% week-on-week, and the average daily retail sales in the passenger car market grew by 19% year-on-year in the first week of June[26]