宏观周报：育儿补贴细则出炉，欧美贸易战打响

Domestic Developments - The National People's Congress emphasized urban renewal, focusing on the renovation of old residential areas, urban village transformations, and the construction of complete communities, aiming to stabilize the real estate market[7] - The Ministry of Natural Resources and the Ministry of Finance announced the resumption of special bonds for land reserves to alleviate liquidity pressure on local governments and real estate companies, supporting market stabilization[9] - Hohhot introduced a childcare subsidy policy providing up to 100,000 yuan for children born after March 1, 2025, aimed at easing childcare costs and boosting birth rates[14] International Developments - The U.S. CPI for February increased by 2.8% year-on-year, lower than the expected 2.9% and the previous 3%, indicating a slowdown in inflation[22] - Germany's industrial output rose by 2.0% month-on-month in January, exceeding expectations, but exports fell significantly, highlighting economic uncertainties[16] - The EU announced countermeasures against U.S. tariffs on steel and aluminum, targeting goods worth 26 billion euros (approximately 28.3 billion USD)[16] Market Trends - Brent crude oil prices decreased by 0.13% week-on-week, while copper prices increased by 1.34%[24] - Real estate sales in 30 major cities rose by 14.93% week-on-week, with first-tier cities seeing a 34.53% increase[37] - The average daily retail sales of passenger cars in March increased by 14% year-on-year, reflecting a recovery in consumer demand[37]