宏观周报：欧美制造业PMI超预期

Monetary Policy Adjustments - The central bank has adjusted the down payment ratio for first-time homebuyers to a minimum of 15% and for second homes to 25%[4] - The lower limit for commercial housing loan interest rates has been removed, allowing for more flexible lending conditions[4] - The housing provident fund interest rate has been reduced by 25 basis points, with rates now at 2.35% for loans under 5 years and 2.85% for loans over 5 years[4] Real Estate Market Support - The government is enhancing policies to ensure the delivery of pre-sold homes and reduce inventory, including support for financing ongoing projects[4] - Local governments are encouraged to recover idle land and purchase unsold properties for affordable housing[4] - The central bank has created a 300 billion yuan special loan for affordable housing, expected to stimulate an additional 500 billion yuan in bank loans[4] Economic Indicators - In Q1 2024, the total profit of industrial enterprises above designated size reached 1,505.53 billion yuan, a year-on-year increase of 4.3%[24] - The total operating income for these enterprises was 30.96 trillion yuan, reflecting a year-on-year growth of 2.3%[24] - In March 2024, profits for industrial enterprises saw a year-on-year decline of 3.5%[24]