5月“消费强投资弱”，经济运行保持较强韧性

Economic Performance - In May, the industrial added value increased by 5.8% year-on-year, down from 6.1% in April, with a cumulative growth of 6.3% from January to May[1] - The total retail sales of consumer goods grew by 6.4% year-on-year in May, up from 5.1% in April, with a cumulative growth of 5.0% from January to May[1] - Fixed asset investment from January to May increased by 3.7% year-on-year, down 0.3 percentage points from the previous value, with May's investment growth at 2.7%, a decline of 0.8 percentage points from April[1][2] Industrial Sector Insights - The manufacturing sector's added value growth slowed to 6.2% in May, down 0.4 percentage points from the previous month, primarily due to external trade environment changes affecting export trade[4] - Despite a slowdown in export delivery value growth to 0.6% in May, the industrial added value remained around 6.0% due to domestic demand policies and technological innovation[5] - High-tech manufacturing added value grew by 8.6%, indicating strong support for overall industrial performance[5] Consumer Behavior - The rapid growth in retail sales was driven by the "old-for-new" policy for durable goods, with significant increases in categories like home appliances (53.0% growth) and communication equipment (33.0% growth) in May[8] - Automotive retail sales saw a rebound with a 13.6% increase, although the retail sales growth was only 1.1%, indicating pricing pressures in the market[8][9] Investment Trends - Manufacturing investment from January to May showed a cumulative year-on-year growth of 8.5%, with equipment investment growing by 17.3%, contributing significantly to overall investment growth[10] - Real estate investment continued to decline, with a cumulative drop of 10.7% from January to May, and a monthly decline of 12.4% in May, reflecting ongoing market adjustments[11] - Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May, but May's growth slowed to 5.1% due to weak project funding and execution[12] Future Outlook - The economic outlook suggests continued challenges from external trade dynamics, with expectations of further monetary easing and fiscal measures to support growth in the second half of the year[3][13] - The real estate market's stabilization is crucial for boosting consumer confidence and investment, with anticipated support measures to enhance housing market recovery[11][14]