投研日报：宏观

Group 1: Commodity Market Overview - Domestic commodity futures closed mostly higher, with copper and precious metals leading the gains, driven by lower-than-expected U.S. inflation and renewed interest rate cut expectations[6] - The black series of commodities continued to rebound, influenced by the easing of domestic real estate policies, reflecting a pattern of weak reality and strong expectations[6] - Agricultural products showed a mixed performance, with palm oil and soybean oil rising over 1%, while peanuts fell over 1%[16] Group 2: Macroeconomic Indicators - From January to April, national general public budget revenue was 80,926 billion yuan, a year-on-year decrease of 2.7%, but a comparable growth of about 2% after adjusting for special factors[7] - The People's Bank of China maintained the Loan Prime Rate (LPR) at 3.45% for one year and 3.95% for five years, indicating potential downward space for future LPR adjustments[6] - The manufacturing sector's supply chain management is being enhanced to improve overall efficiency and collaboration among enterprises[8] Group 3: International Economic Context - The U.S. Federal Reserve is cautious about monetary policy, with officials indicating that inflation remains a concern and that interest rate cuts may be appropriate later in the year[13] - The European Central Bank is considering aligning its interest rate cuts with the gradual easing of inflation in the Eurozone, with June seen as a potential starting point for rate reductions[10] - Japan's large enterprises reported an average wage increase of 5.58% this year, reflecting rising labor costs and economic pressures[10]