摩根士丹利：中国金融-5 月疲软数据会否引发更高风险

June 30, 2025 03:21 PM GMT China Financials | Asia Pacific Tracking Industrial Risks: Will Weaker May Data Lead to Higher Risks? Key Takeaways Despite weaker May industrial profit growth, we believe the incremental impact on industrial credit risks remains small due to: 1) profit deterioration concentrated in a few sectors affected by US tariffs; 2) US tariffs have declined notably from the peak in April and early May; 3) negative impact on EBIT interest coverage remains modest. Positively, more sectors hav ...