经济数据点评（2025.5）：消费强地产弱分化加剧，货币财政或将先后加码

Consumption and Retail - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, reaching a new high since 2024, boosted by subsidies in home appliances and communications[1] - Home appliances and audio-visual equipment saw a year-on-year growth of 53.0%, while communication equipment grew by 33.0%, with increases of 14.2 and 13.1 percentage points respectively compared to the previous month[1] - Retail sales of essential goods and dining services grew by 9.6%, 5.3%, and 5.9% year-on-year, indicating stable growth in essential and service consumption[1] Fixed Asset Investment - Fixed asset investment growth fell to a year-to-date low of 2.7% year-on-year in May, a decline of 0.8 percentage points for the second consecutive month[2] - Real estate development investment decreased by 12.0% year-on-year, with the decline widening by 0.7 percentage points compared to the previous month, reflecting weak demand and high inventory levels[2] - Infrastructure investment (excluding electricity) dropped to a six-month low of 4.9%, down by 0.9 percentage points[2] Real Estate Market - The residential sales area saw a year-on-year decline of 4.6%, deepening by 2.2 percentage points, marking the lowest since October 2024[2] - New housing starts and completions fell by 18.2% and 22.1% year-on-year, respectively, indicating a continued downturn in the real estate sector[2] - Housing prices in first-tier cities experienced a month-on-month decline of 0.7%, reflecting ongoing challenges in the real estate market[2] Industrial Production - Industrial value-added growth slightly decreased by 0.3 percentage points to 5.8% year-on-year in May, with manufacturing down to 6.2%[2] - The textile industry, significantly impacted by previous high tariffs, saw a notable decline of 2.3 percentage points compared to April, with a year-on-year growth of only 0.6%[2] - Export-oriented industries such as automotive and electronics maintained growth rates above 10%, with increases of 11.6%, 10.2%, and 11.0% year-on-year[2] Economic Outlook - The economic data indicates a "two strong, two weak" scenario, with robust durable goods consumption and a slowdown in real estate and traditional infrastructure investment[2] - A potential interest rate cut of 10 basis points is anticipated to stabilize the real estate market, along with an expected increase in consumer subsidies of 200 billion yuan to counteract potential export declines[2] - The central government's fiscal expansion is likely to be a key source of incremental policy support in the second half of the year[2]