Huatai Securities: May economic activity data compared to the same period last year is relatively stable, and the export growth rate may gradually decrease.

Huatai Securities stated that overall, the May economic activity data compared to the same period last year was relatively stable, but some indicators showed a marginal deceleration compared to the previous month. The fluctuating changes in May tariff policies may cause short-term disturbances in exports and industrial production, but with the increase in U.S. inventories and the weakening effect of export boosting, the growth rate of exports may gradually decline. The issuance of government bonds continued to increase year-on-year, but the growth rate has narrowed, indicating that the stable growth policy may enter a period of observation.