申万宏观 · 周度研究成果（5.31-6.6）

Group 1: Key Insights - The article discusses the phenomenon of "disappearing inventory" in the U.S. economy, highlighting that despite significant imports, inventory accumulation has not been substantial [4][5][17] - It raises questions about the sustainability of the U.S. strategy of "importing heavily" and its implications for future economic performance [5][17] - The article also addresses the challenges faced by the unemployment insurance system in China, suggesting improvements to better support unemployed individuals [6][8] Group 2: Economic Indicators - The May PMI data indicates a deepening divergence between domestic and international economic conditions, with improvements noted in domestic demand sectors such as consumer goods and equipment manufacturing [8][16] - The article mentions that the new export index for May was relatively low, reflecting ongoing challenges in international trade [8] - It highlights the legal challenges faced by Trump's tariffs, which could impact trade dynamics and economic policies [12][22] Group 3: Policy Developments - The article outlines China's commitment to high-quality cooperation in the Belt and Road Initiative, emphasizing infrastructure, market rules, and payment systems [15] - It details recent diplomatic engagements by Chinese Premier Li Qiang with ASEAN and Gulf Cooperation Council countries to enhance economic integration and cooperation [15] - The article notes the introduction of a five-year multiple-entry visa for eligible business personnel from ASEAN countries to facilitate trade and investment [15]