申万宏观·周度研究成果 (5.31-6.6)

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 [5][17] - It also addresses the challenges faced by the unemployment insurance system in better supporting unemployed individuals [6] Group 1: Hot Topics - The U.S. economy is experiencing a significant increase in imports, yet the expected inventory buildup is not occurring, raising questions about the sustainability of this trend [5][17] - The article explores how unemployment insurance can be improved to better protect unemployed groups, drawing on both domestic and international experiences [6] Group 2: High-Frequency Tracking - The May PMI data indicates a deepening divergence between domestic and international demand, with improvements noted in consumer goods and equipment manufacturing sectors [8] - The legal challenges surrounding the legitimacy of Trump's tariffs are highlighted, indicating potential implications for trade policies [12] - The article emphasizes the importance of high-quality cooperation in the Belt and Road Initiative, focusing on infrastructure and market integration [14]