2025年5月中国经济观察及6月人民币资产配置展望：平衡配置，把握局部景气标的

1/14 请阅读最后一页的免责声明2/14图13：商品房销量....................................................................................................................................................8图14：钢材价格指数................................................................................................................................................8图15：水泥与沥青产量............................................................................................................................................8图16：运价指数........................................................................................................................................................9图17：出口差额与出口总值同比...........................................................................................................................9图18：沪深300权益风险溢价..............................................................................................................................9图19：中证500权益风险溢价............................................................................................................................10图20：创业板权益风险溢价..................................................................................................................................10图21：全市场估值度量..........................................................................................................................................10图22：国债期限利差10Y-1Y..............................................................................................................................11图23：国债期限利差10Y-5Y..............................................................................................................................11图24：国债期限利差5Y-2Y.................................................................................................................................11图25：政策利率区间..............................................................................................................................................11图26：行业指数月度涨跌幅..................................................................................................................................12图27：行业指数月度超额涨跌幅.........................................................................................................................12图28：板块三因子状态..........................................................................................................................................13图1：工业生产者出厂价格指数PPI.....................................................................................................................4图2：工业生产者购进价格指数PPIRM..............................................................................................................4图3：居民消费价格指数CPI..................................................................................................................................5图4：CPI不包含食品与能源..................................................................................................................................5图5：能繁母猪变动..................................................................................................................................................5图6：生猪存栏情况..................................................................................................................................................5图7：国际原油价格..................................................................................................................................................5图8：人民币中长期贷款当月多增.........................................................................................................................6图9：人民币中长期贷款当月新增比例.................................................................................................................7图10：中国超额流动性EM....................................................................................................................................7图11：THS宏观经济指数.......................................................................................................................................8图12：乘用车销量....................................................................................................................................................8图13：商品房销量....................................................................................................................................................8图14：钢材价格指数................................................................................................................................................8 请阅读最后一页的免责声明3/14图15：水泥与沥青产量............................................................................................................................................8图16：运价指数........................................................................................................................................................9图17：出口差额与出口总值同比...........................................................................................................................9图18：沪深300权益风险溢价......................................................................