Macro strategy Daily: China has established a unified pass system to promote smooth logistics

Asset performance and capital changes:

Top five gainers and losers of Chinese commodities: lpg3 48%, coke 3.22%, low sulfur fuel 2.31%, crude oil 2.27%, palm 2.17%; Huzn - 1.95%, hupb - 1.08%, asphalt - 0.39%, Liandou - 0.23%, stainless steel - 0.11%

The top five (100 million yuan) of precipitation capital inflow and outflow: Huyin 2.29, soybean oil 2.18, soda ash 2.06, coke 1.81 and corn 1.80; Hu Zn -2.10, Hu Jiao -1.51, Hu al -0.98, ta-0.84, apple -0.78

Inflow and outflow of precipitation funds from the sector (100 million yuan): Shenzhen Agricultural Products Group Co.Ltd(000061) 6.32, nonferrous metals 3.90, precious metals 2.88, black building materials 2.53, energy and chemical industry 1.14

Important news and economic data:

The central bank held a press conference on financial statistics in the first quarter of 2022.

Zou LAN, director of the financial market department of the central bank, said that since March, due to the weakening of market demand, banks in more than 100 cities have independently lowered mortgage interest rates according to market changes and their own business conditions, with an average range of 20 to 60 basis points. Compared with the fourth quarter of last year, the average monthly increase of national real estate development loans in the first quarter of this year was about 150 billion yuan. Compared with the scale of new houses under construction in the same period, the balance of development loans was also at a high level.

The special class for traffic control and transportation support of the comprehensive group of the joint prevention and control mechanism of the State Council issued a clear notice, established a unified and standardized pass system, and prepared and issued the pass for vehicles transporting key materials in accordance with the national unified style.

US retail sales in March rose 0.5% month on month (MOM) and are expected to rise 0.6%. The previous value rose 0.3% to 0.8%; Core retail sales rose 1.1% month on month, with an expected rise of 1.0%, and the previous value rose 0.2% to 0.6%.

The European Central Bank kept its main policy interest rate unchanged, but adopted a tougher tone, paving the way for the normalization of monetary policy starting this summer.

Risk tip: the decline of China's real estate and the intensification of overseas geographical conflicts

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