China FAI data for Jan-May just dropped — overall fixed-asset investment decelerated further, which isn't surprising given the property drag and softer domestic demand we've been tracking.

What's interesting: tech and infrastructure buckets are still growing. That's the policy play at work — Beijing steering capital toward strategic sectors and keeping infra spending elevated to offset the real estate hole.

For equity positioning, this reinforces the bifurcation theme. Broad China exposure stays choppy, but selective plays in tech infrastructure, semis, and state-backed buildout names can work if you're patient. The macro backdrop is still soft, but the policy tilt is clear.

Worth watching how this flows through to earnings for industrials and materials in Q2 reports.