川财证券研究所晨报

Group 1 - The report highlights that in May 2024, the Consumer Price Index (CPI) increased by 0.3% year-on-year, remaining unchanged from the previous month, while the Producer Price Index (PPI) decreased by 1.4%, with the decline narrowing by 1.1 percentage points compared to the previous month [4][28][36] - Food prices fell by 2.0%, but the decline was less than the previous month, mainly due to increased prices of pork, freshwater fish, and fresh vegetables, while non-food prices rose by 0.8%, reflecting a slight decrease in the growth rate [4][36][24] - The report suggests that the CPI may stabilize and gradually transition to moderate growth in the second half of the year, while the PPI is expected to continue the trend of narrowing year-on-year declines, supported by policies promoting industrial production [36][28][4] Group 2 - The report notes that the People's Bank of China is deploying 300 billion yuan for guaranteed housing re-loans, indicating a focus on supporting the housing sector [11][12] - The Ministry of Finance plans to reissue 20-year ultra-long special government bonds, with a total competitive bidding amount of 45 billion yuan, aimed at promoting investment and stabilizing growth [11][12] - The construction of China's first full-scenario hydrogen energy port has begun in Shandong, which is expected to enhance port operation quality and expand hydrogen energy application scenarios [12][11] Group 3 - The report indicates that the demand for freight via the China-Europe Railway Express has been increasing, with a total value of goods shipped from Chengdu reaching 21.17 billion yuan in the first five months of the year, a year-on-year increase of 21.6% [26][11] - The sales of new energy passenger vehicles reached 804,000 units in May, marking a year-on-year growth of 38.6% and a month-on-month increase of 18.8% [24][11] - The report emphasizes the importance of policy support and technological innovation in developing the vanadium battery storage industry in Sichuan [23][11]