川财证券研究所晨报

Key Insights - In April 2024, the national industrial producer price index decreased by 2.5% year-on-year, while the purchase price index fell by 3.0%, with the decline rates narrowing by 0.3 and 0.5 percentage points compared to the previous month [1][5] - The average industrial producer price from January to April 2024 was down 2.7% year-on-year, and the purchase price index decreased by 3.3% [1][5] - The People's Bank of China reported that in April, new RMB loans amounted to 730 billion yuan, while the social financing increment was -198.7 billion yuan, indicating potential for further economic policy support [5][23] Industry Research - The Ministry of Industry and Information Technology is guiding lithium battery companies to reduce capacity expansion, which may lead to an industry turnaround [7] - The domestic lithium battery industry has seen rapid expansion, with capacity potentially exceeding 3000 GWh by 2025, but utilization rates have been declining, currently around 40% [7] - The C919 large passenger aircraft, developed with independent intellectual property rights, is entering mass production, with the first aircraft expected to be introduced in August [5][7] - The aviation market in China is projected to become the largest single aviation market globally by 2040, with a forecast of 9,084 aircraft deliveries from 2021 to 2040 [5][7] Regional Development - In the Chengdu-Chongqing economic circle, 300 projects completed investments of 149.2 billion yuan from January to April 2024, achieving an annual investment completion rate of 34.2% [5][7] - Modern infrastructure projects have seen steady progress, with investments of 85.39 billion yuan completed in the same period [5][7]