5月基金月报 | 股市回暖债市平稳，权益基金迎来普涨，固收基金表现分化

Macro Economic Overview - The domestic macroeconomic situation showed some improvement in May, but remains under pressure, with the manufacturing PMI rising to 49.5%, up 0.5% from April's 49.0%, indicating continued contraction [1] - CPI decreased by 0.1% year-on-year in April, while PPI fell by 2.7%, with the decline in PPI accelerating compared to March [1] Stock Market Performance - In May, the A-share market experienced a recovery in early May due to easing US-China tariff conflicts and the implementation of central bank policies, with the Shanghai Composite Index and Shenzhen Component Index rising by 2.09% and 1.42% respectively [2] - The majority of the 31 Shenwan industry sectors saw gains, with 25 sectors rising and 6 declining; notable increases were seen in the environmental protection, pharmaceutical, defense, banking, and textile sectors, each exceeding 6% [2] Bond Market Dynamics - Bond yields initially fell following the central bank's rate cuts but later rebounded due to signals of easing US-China trade tensions, which negatively impacted the bond market [3] - The yield on 1-year government bonds decreased by 5 basis points to 1.46%, while 5-year and 10-year yields increased by 5 basis points to 1.56% and 1.67% respectively [3] Fund Performance - The Morningstar China Open-End Fund Index recorded a 0.88% increase in May, with stock and allocation fund indices rising by 1.27% and 0.64% respectively [13] - Value-style funds outperformed growth-style funds, with large-cap value stock funds achieving an average return of 2.76% in May [16] International Market Trends - The US Markit Composite PMI rose to 53.0% in May, indicating expansion, while the Eurozone manufacturing PMI was at 49.4%, still in contraction [5] - Major overseas stock indices collectively rose in May, with the S&P 500 increasing by 6.15% and the Nikkei 225 by 5.53% [5]