实体经济图谱2024年第18期：下游需求普降

Monetary Policy - The People's Bank of China announced a reduction in the personal housing provident fund loan interest rate by 0.25 percentage points, effective from May 18, 2024, with first-time home loan rates set at 2.35% for loans under 5 years and 2.85% for loans over 5 years[4] - The minimum down payment for first-time home buyers is adjusted to no less than 15%, while for second-time buyers, it is set at no less than 25%[4] Real Estate Market - In the first 16 days of May, the sales growth rate of new homes in 42 cities decreased significantly, with a decline rate of 37.7%[33] - The average price growth rate of second-hand homes in 108 cities narrowed to -0.4% in the first two weeks of May[18] Consumer Market - Retail sales growth for essential and discretionary goods showed mixed results, with essential goods growing at 5% and discretionary goods declining by 1.3% in April[74] - The April retail sales growth rate for limited above retail fell to 0.9%, while the online retail sales growth rate dropped to 11.1%[76] Industrial Production - Industrial production is gradually stabilizing, with average daily coal consumption by six major power generation groups showing an increase in early May[11] - The production of ten non-ferrous metals saw a slight year-on-year decline of 7% in April[55] Transportation and Logistics - The freight index showed a mixed trend in early May, with an increase in the overall freight flow index, indicating a recovery in logistics activity[53] - The railway freight volume turned positive year-on-year in early May, reflecting improved logistics performance[54]