宏观·周度报告：国内LPR维持不变，美联储会议纪要偏鹰

Group 1: Monetary Policy and Interest Rates - The People's Bank of China maintained the LPR at 3.45% for 1-year and 3.95% for 5-year loans, aligning with market expectations[23] - Wuhan reduced first and second home loan rates by 30BP and 80BP to 3.25% and 3.35% respectively, while Changsha lowered rates by 10BP and 20BP to 3.65% and 3.95%[1] - The Federal Reserve's meeting minutes indicated a hawkish stance, with officials supporting a slower pace of balance sheet reduction, maintaining the federal funds rate target range at 5.25%-5.50%[18] Group 2: Economic Indicators - The U.S. Manufacturing PMI rose to 50.9 in May, marking a two-month high, while the Services PMI reached 54.8, the highest in 12 months[4] - China's general public budget revenue for January-April was 80,926 billion yuan, a year-on-year decrease of 2.7%[12] - The Eurozone's Manufacturing PMI improved to 47.4 in May, exceeding expectations of 46.2, indicating a positive trend in manufacturing activity[38] Group 3: Fiscal Policy and Government Spending - National fiscal revenue showed a slight decline of 2.7% year-on-year, with tax revenue down 4.9% but non-tax revenue up 9.4%[12] - Government spending for January-April increased by 3.5% year-on-year, with significant growth in social security and education expenditures[13] - The central government's budget expenditure rose by 10.5%, while local government spending increased by 2.6%[12] Group 4: Real Estate Market Trends - Following new real estate policies, cities like Beijing and Shanghai saw increased market activity, although overall new home sales in major cities declined by 1.5% to 50% year-on-year[16] - The average transaction volume for new homes in core second-tier cities like Hangzhou and Nanjing surged by 75.9% and 23% respectively[16] - The overall real estate market remains uncertain, with some cities not translating increased visits into actual sales[16]