宏观周报：美国Q1经济下通胀上，国内工业企业利润回踩

Domestic Economy - The 4-month LPR rate remained unchanged, in line with market expectations, with potential for interest rate and RRR cuts in Q2 due to weak domestic demand and unstable real estate[2] - Industrial enterprise profits in March saw a year-on-year decline, with upstream mining profits improving while midstream and downstream sectors experienced a slowdown[21] - Industrial enterprise inventories rebounded slightly, but destocking remains challenging due to price reductions[43] US Economy - US Q1 GDP growth fell short of expectations at 1.6%, the lowest in nearly two years, while core PCE inflation accelerated to 3.7%, raising concerns about stagflation[32] - Fixed investment contributed 0.91 percentage points to GDP, with residential investment growing 13.9% and inventory drag on GDP weakening[5] - March core PCE inflation slightly exceeded expectations at 2.8% year-on-year, driven by strong core services inflation[7][8] Eurozone Economy - Eurozone manufacturing PMI remained weak at 45.6 in April, while services PMI rose to 52.9, the highest in 11 months, indicating a widening divergence between sectors[40] - Germany's composite PMI returned to expansion at 50.5, driven by services, while France's composite PMI improved to 49.9[40] Market Performance - US 10-year Treasury yields surged past 4.7%, hitting a yearly high, as inflation concerns reduced market expectations for rate cuts[10] - The Hang Seng Index rose 8.8% last week, while the Hang Seng Tech Index surged 13.43%, reflecting strong performance in Hong Kong markets[26] Commodities and Currencies - WTI crude oil prices increased 1.75% last week, while Brent crude rose 0.88%, supported by ongoing geopolitical tensions[47] - The US dollar index remained stable at 106.09, while the yen weakened against the yuan, with USD/JPY rising 1.09% last week[47]