Industrial added value of May 2011 sees year-on-year growth of 13.2%, with month-on-month acceleration down by 0.2ppt. We hold that slack demand and high inventory are the main cause. Nominal and actual investment acceleration slightly advance, yet still in historical low range. Jan-May Investment in Fixed Assets of City and Town is expected to grow by 25.9% while May acceleration up by 0.5ppt than that of the first four months of 2011.