宏观月度策略报告：欧美经济增长加快，国内地产政策刺激加强

Economic Overview - The US manufacturing PMI for May is reported at 50.9, indicating expansion, while the Eurozone's manufacturing PMI is at 47.4, showing a slight improvement[85] - US April CPI is at 3.4%, down from 3.5% in March, with core CPI at 3.6%, down from 3.8%[51] - China's April total import and export value is $512.56 billion, up 4.4% year-on-year, with exports at $292.45 billion, up 1.5%[100] Domestic Economic Trends - Fixed asset investment in China from January to April shows a year-on-year increase of 4.2%, down 0.3% from the previous quarter[4] - Consumer spending in China has grown by 4.1% year-on-year, but this is a decrease of 0.6 percentage points compared to the previous quarter[4] - Real estate investment in China has decreased by 7.3% year-on-year, although the decline has narrowed compared to previous months[90] Market Dynamics - Domestic manufacturing investment has slightly declined, with industrial profits growing by 4.3% year-on-year, indicating a gradual recovery in corporate performance[10] - The construction sector shows signs of recovery, with new construction area down 12.3% year-on-year, but the decline is less severe than in previous months[90] - The overall supply of commodities in China is easing, with a decrease in production rates for various sectors, including construction materials and chemicals[27] Policy Implications - The Chinese government is implementing policies to stimulate the real estate market, including lowering mortgage rates and adjusting down payment requirements[93] - The People's Bank of China has announced a reduction in housing provident fund loan rates by 0.25 percentage points, effective from May 18[93] - Continued focus on infrastructure investment is expected to support economic recovery, with policies aimed at enhancing local government responsibilities in real estate development[5]