国内政策优化供给，美联储降息预期减退

Domestic Macro - Domestic policies are optimizing supply, and the synergy between growth stabilization and "anti-involution" policies is evident[1] - Consumer demand remains strong, with a 6.1% increase in travel activity, but movie box office revenues are down 9.8% compared to last year[1] - External demand shows marginal decline, with the Baltic Dry Index (BDI) dropping 21.7% to 1811.4[1] - Production intensity is stronger than previous years, with a production increase of 1.55 percentage points to 79.15%[1] Price Performance - Consumer Price Index (CPI) shows a 1.79% increase, with pork prices stabilizing and apple prices rising seasonally[2] - Producer Price Index (PPI) indicates a rebound in crude oil prices, with a 2.52% increase in WTI[2] Overseas Macro - U.S. non-farm payroll data fell short of expectations, leading to a slowdown in future interest rate cuts[1] - Employment growth is slowing but has not triggered signals of a hard landing, with a 4.4% unemployment rate[2] - Short-term interest rate cut expectations have significantly diminished[2] Fiscal and Monetary Policy - Local government bonds are being issued to promote domestic demand, with a total issuance of 4950 billion[3] - National debt yields are rising, with SHIBOR007 increasing by 51 basis points to 1.9560%[3]