Group 1: Consumer Price Index (CPI) Insights - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, indicating a marginal improvement in consumer prices due to consumption-boosting policies [1][4] - Food, tobacco, and alcohol prices increased by 0.1% year-on-year, contributing approximately 0.02 percentage points to the CPI increase, while energy prices fell by 6.1%, impacting the CPI decline by about 0.47 percentage points [4][5] - Core CPI, excluding food and energy, rose by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month, reflecting a recovery in consumer demand [5][6] Group 2: Producer Price Index (PPI) Insights - In May, the PPI fell by 3.3% year-on-year, with the decline rate widening by 0.6 percentage points compared to the previous month, and a month-on-month decrease of 0.4% [1][7] - The decline in PPI is attributed to high base effects from the previous year and international input factors affecting domestic prices, particularly in the oil and gas sectors [7][9] - Certain industries, such as arts and crafts, footwear, and computer manufacturing, saw price increases, indicating a recovery in some sectors driven by consumer demand [7][9]

6月9日，国家统计局发布数据显示，5月份居民消费价格指数（CPI）环比下降0.2%，同比下降0.1%；工业生产者出厂价格指数（PPI）环比下降 0.4%，降幅与上月相同，同比下降3.3%，降幅比上月扩大0.6个百分点。 5月份"CPI-PPI"同比剪刀差扩大，反映出工业部门需求不济的情况有所加剧，但企业数据也反映部分行业供需关系有所改善，结构性特征更加明显，如宾馆住宿价 格环比涨幅创近十年同期新高、光伏、锂电等新能源行业供需关系有所改善。 市场机构分析认为，5月CPI环比由涨转降，持平于历史同期平均水平，而从PPI来看，输入性价格下行压力依然偏大。 能源价格影响拖累CPI表现 自3月以来，CPI连续三个月同比降幅为0.1%，环比看，5月CPI由涨转降。 国家统计局城市司首席统计师董莉娟介绍，能源价格是拖累CPI同比和环比表现的主要因素。从同比看，5月份能源价格同比下降6.1%，降幅比上月扩大1.3个百分 点，影响CPI同比下降约0.47个百分点。从环比看，能源价格下降1.7%，影响CPI环比下降约0.13个百分点，占CPI总降幅近七成。 而对CPI形成支撑的因素则是提振消费相关政策持续显效。同比看，扣除能源的 ...

Core Viewpoint - The article highlights a significant shift in global asset allocation, with a notable inflow into European equities and bonds, while Chinese equities are experiencing outflows, indicating a "seesaw" effect in the market dynamics [1][3][41]. Market Review - The successful outcome of the China-US-Switzerland talks on May 12 has significantly boosted global risk appetite, leading to an increase in global stock indices [10][41]. - The 20-year US Treasury auction on May 22 was poorly received, with the final yield surpassing 5%, raising concerns about US fiscal pressure [1][10]. Global Asset Performance - In May, equity assets generally rose, while US Treasury yields increased and the dollar weakened. The 10-year US Treasury yield rose by 24 basis points [2][13]. - Gold prices increased by 2.1%, and Brent crude oil rose by 1.7% during the same period [2][13]. Global Fund Flows - In May, there was a significant inflow of $215 billion into global money market funds, with developed market equities receiving $305 billion, while emerging market equities saw an outflow of $83 billion [3][20]. - Developed European fixed income and equity funds attracted inflows of $190 billion and $247 billion, respectively, indicating stronger performance compared to the US [3][20]. China Market Dynamics - By the end of May, global equity funds experienced an outflow of $88.5 billion from China, a reversal from the inflow of $198.3 billion in April [4][41]. - The outflow was primarily driven by passive ETFs, which saw a withdrawal of $82.5 billion in May compared to an inflow of $203.9 billion in April [4][41]. - In terms of sector performance, there was a significant inflow into technology, real estate, and materials, while telecommunications, consumer staples, and healthcare saw outflows [4][41]. Country Allocation - Global market funds reduced their allocation to US equities by 1.0 percentage points in April, while increasing allocations to European equities [5][41]. - The allocation to China remains stable at 26.4%, indicating potential for further growth [5][41]. Emerging Markets - Emerging market funds saw a decrease in allocation to Chinese equities, with a drop of 1.6 percentage points compared to March, while the allocation to Indian equities also decreased [5][41]. - In May, emerging market equity funds experienced a net outflow of $45 billion, with China being the primary contributor to this outflow [43][46].

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 重重危机下，孙广信可谓是"压力山大"。 文 ：孟帅 编 ：深海 来源：雷达财经Finance 在不久前公布的《2025胡润全球富豪榜》中，孙广信凭借290亿元财富再度问鼎新疆首富（以 居住地为标准）之位。 然而，相比2019年巅峰时刻的470亿元，常年稳坐新疆首富宝座的孙广信身家已缩水180亿 元，且今年他在新疆富豪中的财富规模已被华凌工贸的米恩华家族追平。 回溯过去，高考失利投身军营的孙广信以3000元转业费起步，靠着10个月卖出103台推土机 掘得第一桶金。此后，他在餐饮、石油、地产、汽车经销等领域纵横捭阖，逐步将广汇集团打 造成为实力雄厚的大型企业。 不过，曾缔造诸多商业神话的孙广信，如今面临不少挑战。比如，身为广汇集团旗下核心资产 的广汇能源去年业绩承压， 2025年一季度仍未好转；因财务造假 ， ST广物 去年被罚，且业 绩持续低迷。 与此同时，市值仅 2.44亿港元 的广汇宝信，去年年报缓发；合金投资的业绩尚未形成足够的 体量，难挑大梁。而集团旗下身为国内最大汽车经销商的广汇汽车，也在去年黯然退市，且控 ...

Group 1: Global Economic Outlook - UBS expects global economic growth to gradually slow down in the second half of 2025, with healthy balance sheets and low default rates supporting spread stability [1] - The anticipated spread for EU investment-grade/high-yield bonds by December 2025 is projected at 100/325 basis points, despite potential market volatility from tariff news [1][2] - UBS's proprietary economic risk indicator has improved, challenging initial recession scenarios, although growth momentum is expected to fade later in the year [2] Group 2: ECB and Monetary Policy - UBS forecasts a 25 basis point rate cut by the ECB in June to 2.0%, aligning with market expectations, with another potential cut in July to 1.75% [3] - The ECB is expected to prioritize growth support while navigating inflation uncertainties, particularly in light of potential retaliatory tariffs from the EU [3] Group 3: Credit Market Dynamics - The Purchasing Managers' Index (PMI) showed a slowdown in May, but manufacturing activity remains positive, with private sector credit growth recovering [4] - Low default rates (approximately 1.5%) and strong fundamentals are supporting the resilience of credit spreads, despite ongoing trade uncertainties [4] Group 4: Sector-Specific Insights - Investment-grade financial bonds are seen as an ideal choice compared to corporate bonds, with energy and basic industries being the most sensitive to tariff news [1][7] - The capital goods and utilities sectors are viewed as defensive, while the technology sector is experiencing increased volatility due to specific risks [7] Group 5: Trade News Impact - Following the announcement of tariffs, credit spreads initially widened but did so in an orderly manner without panic selling [6] - UBS anticipates increased volatility around tariff news in the summer, particularly after the 90-day pause period ends [6] Group 6: Investment Opportunities - In the context of rising market volatility due to tariff news, opportunities in sensitive sectors are increasingly driven by individual stock performance rather than macro factors [8] - Companies with strong balance sheets and low breakeven points in the energy sector are better positioned, while those with high leverage face greater risks [8] Group 7: Credit Market Trends - The orderly widening of spreads around the "Liberation Day" reflects investor preparedness, with a significant amount of cash buffer available to manage tariff announcements [9] - UBS predicts a rotation of funds from U.S. to EU markets, with credit valuations remaining well-supported [9] Group 8: Financial Sector Performance - The financial sector has outperformed, supported by strong earnings from core European banks, despite some weakness in interest income and non-performing loans [10][11] - UBS maintains a constructive but cautious outlook on the financial sector, anticipating moderate issuance in the investment-grade primary market [11] Group 9: Technical Market Conditions - Investment-grade corporate bond issuance reached a historical high of 56% in May, driven by positive tariff news and strong investor demand [13] - UBS expects a healthy supply dynamic for financial bonds, particularly in AT1 and T2 bonds, supporting the market's technical backdrop [13] Group 10: Private Credit Market Outlook - UBS notes unique supportive factors in the European private credit market, including stronger EBITDA growth compared to the U.S. and improving interest coverage ratios [14] - The European private credit market is expected to remain resilient, with ample dry powder available to support liquidity and mitigate hard defaults [14]

Group 1 - The core focus of the recent research conducted by the State-owned Assets Supervision and Administration Commission (SASAC) is on enhancing product and service value, resource integration, and promoting high-end industrial development [1][2] - "Focusing on core responsibilities and main businesses" is a recurring theme, emphasizing the need for companies to concentrate resources and efforts on their primary sectors to achieve sustainable and high-value growth [2][3] - The term "integration" has been frequently mentioned, indicating a strategic move to consolidate resources towards main businesses and emerging industries, enhancing core competitiveness [3][4] Group 2 - Key core technologies, including automotive-grade chips and machine tool technologies, are highlighted as critical areas of focus for state-owned enterprises (SOEs) to strengthen their competitive edge [4][5] - Companies are encouraged to foster collaboration with research institutions and industry partners to accelerate technological advancements and optimize product structures [4] - The emphasis on high-end, intelligent, and green development is aimed at transforming traditional industries and enhancing overall efficiency [4][5]

大 类 资 产 配 置 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 02 日 "特朗普服软"交易兴起 - 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230123070009 tujw@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com ——全球资产配置每周聚焦 (20250523-20250530) 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 证 券 研 究 报 告 相关研究 ⚫ 全球资产价格回顾：本周（20250523–20250530）。本周美国政坛持续震动。5 月 28 日，马斯克宣布 离开特朗普政府，政府效率部的"马斯克"改革暂时告一段落。此外，特朗普 23 日表示 ...

Core Insights - ESG (Environmental, Social, and Governance) has become a key indicator for measuring corporate sustainability in the current global economic landscape, with global sustainable investment exceeding $35 trillion in 2022 and continuing to grow [1][14][21] - The ESG investment trend has seen explosive growth, with net inflows into global ESG funds exceeding $1.5 trillion from 2020 to 2023, transitioning from a responsible investment concept to a mainstream investment strategy [1][21] Policy Trends - Major economies and international organizations are actively promoting ESG reporting policies, such as the European Union's implementation of the Corporate Sustainability Reporting Directive (CSRD) in 2023, affecting over 50,000 companies [2][25] - The U.S. SEC has strengthened regulations on climate-related disclosures since 2022, requiring companies to report on climate change risk assessments and greenhouse gas emissions [2][26] - China's ESG regulatory policies have been continuously improving since 2021, with increasing disclosure requirements for listed companies, including mandatory disclosures for indices like the Shanghai 180 and STAR 50 [2][27] - International organizations have introduced standards like the GRI 2021 version, effective in 2023, which covers 78% of leading global companies and emphasizes substantive reporting and stakeholder engagement [2][28] ESG Reporting Framework - ESG reporting frameworks include GRI standards, SASB standards, and various stock exchange standards, focusing on environmental data, social performance, and corporate governance disclosures [3][36][37] - Environmental disclosures require reporting on greenhouse gas emissions, resource efficiency, and environmental risk management [3][40][42] - Social performance disclosures cover employee rights, community engagement, and supply chain social responsibility [3][43] - Governance disclosures include board diversity, investor rights protection, and anti-corruption measures [3][45][46] Challenges and Strategies - Companies face challenges in implementing ESG reporting and verification, including internal coordination and resource allocation, as well as uncertainties in ESG metrics and performance measurement [3][4] - Strategies for companies include establishing a robust ESG management system, enhancing the quality of ESG disclosures, and actively engaging in ESG verification collaborations [4][5] - The trend towards stricter compliance and verification of ESG reports is increasing, urging companies to embrace ESG transformations for sustainable development [4][5]

4月24日到25日，国际能源署将召开"能源安全峰会"，这次峰会的举办地在伦敦，举办方是英国政府。据报道，峰会的主题将围绕"气候转型、能源安全和地 缘政治风险"展开，英国政府和国际能源署已经向75个国家发出邀请。 距离峰会开始还有一周的时间，但峰会背后的风波已经开始涌动。根据英国《卫报》4月16日的披露，峰会没有邀请俄罗斯，美国总统特朗普则高调宣布会 派重要人物前去参会。最劲爆的消息是关于中国的态度，《卫报》的原话是：由于日程冲突，中方高级能源官员将不会出席本次峰会。 如果用非外交话术来说就是：中国没空来参加。如果用大白话来理解就是：我们不想去。 国际能源安全峰会是国际能源署（简称IEA，亦称"国际能源机构"）举办的峰会，其宗旨是评估全球能源体系面临的风险，并商讨解决方案。这里就不得不 先说一下"国际能源署"。 国际能源署成立于1974年，总部在法国巴黎。它目前有31个成员国，主要包括欧洲大多数国家，还有日本、韩国、美国、加拿大等国。这里面并没有欧洲长 期依赖的能源大国俄罗斯，也没有石油出口大国的沙特、阿联酋、伊朗等国，更没有中国。 说白了，国际能源署是以欧美为主导，维护欧美自身利益，受地缘政治和意识形态的影响 ...

Core Viewpoint - Expand Energy (EXE) shares have increased by approximately 11.1% since the last earnings report, outperforming the S&P 500, but recent estimates have trended downward, indicating potential challenges ahead [1][2]. Group 1: Earnings Performance - The last earnings report for Expand Energy was about a month ago, and the stock has shown positive performance since then [1]. - The consensus estimate for the company has decreased by 9.3% over the past month, reflecting a negative shift in expectations [2]. Group 2: VGM Scores - Expand Energy currently holds a strong Growth Score of A, but has a lower Momentum Score of D, indicating mixed performance across different investment strategies [3]. - The stock has a value grade of C, placing it in the middle 20% for this investment strategy, leading to an overall aggregate VGM Score of B [3]. Group 3: Outlook - The overall trend for estimates has been downward, suggesting a potential decline in performance expectations for Expand Energy [4]. - The company holds a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return in the coming months [4].