育儿补贴细则出炉，欧美贸易战打响

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in domestic policies aimed at stabilizing the real estate market and promoting economic growth through various initiatives, including the introduction of child-rearing subsidies and the resumption of special bonds for land reserves [1][9][14] Summary by Sections Domestic Developments - The National People's Congress emphasized urban renewal and real estate stability, focusing on the renovation of old residential areas and the construction of complete communities [7] - The resumption of special bonds for land reserves aims to alleviate liquidity pressures on local governments and real estate companies, facilitating a recovery in the real estate market [9][10] - The introduction of child-rearing subsidies in Hohhot, providing up to 100,000 yuan for children born after March 1, 2025, is expected to ease economic burdens on families and enhance birth rates [14][15] International Developments - The report notes escalating trade tensions between the US and Europe, with the EU responding to US tariffs on steel and aluminum by imposing tariffs on 26 billion euros worth of US goods [2][16] - Japan's economic growth in Q4 2024 was lower than expected, raising concerns about the sustainability of its recovery amid potential tariff challenges [18][19] High-Frequency Data - Upstream: Brent crude oil prices decreased by 0.13% week-on-week, while copper prices increased by 1.34% [24][32] - Midstream: The price index for thermal coal rose by 0.58%, while rebar prices fell by 1.35% [32] - Downstream: Real estate sales increased by 14.93% week-on-week, and the average daily retail sales of passenger cars grew by 14% year-on-year [37]