宏观周报（7月第3周）：6月经济数据供需分化显著-20250721

Group 1: Economic Data Insights - June export data exceeded expectations, with a year-on-year increase of 5.8% compared to the expected 3.6%[15] - June financial data also surpassed expectations, with new credit at 22,400 billion CNY against an expected 18,447 billion CNY[21] - The overall economic data in June showed significant supply-demand divergence, with industrial value-added growth at 6.8%, above the expected 5.5%[29] Group 2: Market Trends and Reactions - The stock market experienced a significant increase, with the Shanghai Composite Index rising by 0.69% and the Shenzhen Component Index by 2.04%[13] - The nominal GDP growth gap increased, indicating a persistent low nominal growth, which is a core issue in the current economic fundamentals[30] - The real GDP growth for the first half of the year reached 5.3%, suggesting that the annual target is likely to be met[30] Group 3: Policy and Market Sentiment - The central urban work conference did not present any unexpected statements, and expectations for real estate policy have somewhat receded[13] - The market sentiment was supported by resilient exports and improved financial data, despite the weak demand reflected in June's economic data[30] - The divergence in economic data indicates a stronger supply than demand, contributing to a bearish sentiment in the market[30]