国宏观策略报告：经济数据强弱参差，出台地产措施以稳需求

Economic Indicators - In April, China's retail sales totaled 35,699 billion yuan, growing by 2.3% year-on-year, below the expected 3.7%[2] - The urban unemployment rate in April was 5.0%, lower than the expected 5.2%, and down from 5.2% a year ago[3] - Fixed asset investment from January to April reached 143,401 billion yuan, with a year-on-year growth of 4.2%, below the expected 4.6%[4] Real Estate Sector - Real estate development investment from January to April was 30,928 billion yuan, a year-on-year decline of 9.8%[5] - New housing sales area decreased by 20.2% year-on-year, with sales amounting to 28,067 billion yuan, down 28.3%[5] - The government introduced measures to stimulate the real estate market, including a 300 billion yuan re-loan for affordable housing and lowering down payment ratios[6] Investment Trends - Social financing increased by 12.73 trillion yuan in the first four months, 3.04 trillion yuan less than the previous year[5] - Manufacturing investment grew by 9.7% year-on-year, while infrastructure investment saw a 6.0% increase, down 2.5 percentage points from last year[4]