[SMM Morning Meeting Summary: Domestic Supply and Demand Remain Stable

Published: May 20, 2024 09:19

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[SMM Morning Meeting Summary: Domestic Supply and Demand Remain Stable, Alert to Changes in Domestic and Foreign Positions] At the macro level, the US employment data shows weakness, with the April CPI falling as expected, while the monthly rate of retail sales unexpectedly declined. These indications suggest that price pressure is gradually easing, further enhancing the Federal Reserve's expectations for interest rate cuts. At the same time, the domestic policy environment is showing a positive trend, with the Ministry of Finance introducing ultra-long special treasury bonds, and new policy guidelines for the real estate and new energy vehicle industries, which is expected to inject momentum into the recovery and development of the real economy. From the perspective of industry fundamentals, the supply side is showing a contraction trend...

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