With consumer deflation already alleviating on a lower base, we see retail sales growth further strengthening in May to 15% YoY (+14.8% in Apr).

• 随着消费者通货紧缩状况已经从底层开始缓解，我们看到5月份的零售额增幅扩大到了同比增长15%25（4月份该数字为14.；8%25）。