日本5月同步指标终值 116，前值115.9。 ...

Core Insights - The report emphasizes that identifying the performance inflection point is crucial for the market to move out of the bottom-seeking phase, with market bottoms typically leading performance inflection points by 1-2 quarters [3] - The report highlights the importance of combining leading indicators with coincident indicators for better economic bottom assessments, as relying solely on coincident indicators may lead to delayed confirmations of market bottoms [3] - The report indicates that the key to breaking out of the bottom-seeking phase lies in the sustainability of M1 recovery, with household medium and long-term loans being a more critical indicator [3] Economic Indicators - The macroeconomic environment shows slight improvement, with the manufacturing PMI rising to 49.7% in June, still within the contraction zone [5][6] - In June, M1 and M2 both showed year-on-year increases, with M1 at +4.6% (previously +2.3%) and M2 at +8.3% (previously +7.9%), indicating a recovery in excess liquidity [8] - The social financing scale increased by 4.2 trillion yuan in June, which is 900.8 billion yuan more than the same period last year, with a notable recovery in government bonds and RMB loans [10][19] Loan Structure - The report notes a recovery in the loan structure, with household loans showing a year-on-year increase, while medium and long-term loans for households decreased [19] - For enterprises, medium and long-term loans increased year-on-year, and short-term loans also showed recovery, indicating a positive trend in credit structure [19] Market Conditions - The report states that the dual expansion of monetary and credit policies is supporting the A-share market, with signs of improvement in the economic fundamentals [19] - The report suggests that the recovery in leading indicators of the Pring cycle is accompanied by a slight decline in coincident and lagging indicators, indicating a complex market environment [20]

日本5月同步指标初值 115.9，预期 115.9，前值 116。 ...

Core Viewpoint - Japan's April coincident index final value is reported at 116, an increase from the previous value of 115.5, indicating a positive trend in economic activity [1] Economic Indicators - The coincident index for April shows a final value of 116, reflecting an upward movement compared to the prior value of 115.5, suggesting improved economic conditions [1]

日本4月同步指标初值 115.5，预期115.4，前值115.9。 ...

Group 1 - The final value of Japan's March coincident index is reported at 115.9, slightly lower than the preliminary value of 116 [1]

Group 1 - The preliminary value of Japan's March coincident index is 116, which is higher than the expected value of 115.9 but lower than the previous value of 117.3 [1]

日本2月同步指标终值 117.3，前值116.9。 ...