政策环境: 6 月末是政策“时间窗口” 申银万国:紧缩趋缓　扩容提速 随着国务院“宏观调控已初见成效”的舆论导向,6月份进一步加大紧缩力度的预期有所缓和。在5月份数据公布前,出台进一步的紧缩政策的可能性较小。基于 5月份投资增幅继续回落的预期,估计下阶段宏观调控的基 Policy Environment: End of June is the policy “time window” Shenyin Wanguo: Tightening slows down and accelerates its expansion With the State Council’s “macroeconomic control has achieved initial success” in public opinion, the expectation of further tightening up in June eased. Before the data was released in May, it is less likely to introduce further austerity measures. Based on the expectation that investment growth will continue to fall in May, we estimate the base of macro-control in the next phase