MLF工具重磅调整，美国关税风云又起

Domestic Economic Insights - In January-February 2025, China's general public budget revenue decreased by 1.6% year-on-year, while expenditure increased by 3.4%[10] - The profit margin for industrial enterprises in January-February 2025 was 4.53%, down 0.17 percentage points from the previous year, with costs per 100 yuan of revenue rising to 85.11 yuan[15] - Industrial enterprises' total profit fell by 0.3% year-on-year, a reduction of 3 percentage points compared to 2024, indicating a recovery trend driven by policy support and demand[15] Monetary Policy Developments - The People's Bank of China (PBOC) has shifted the MLF operation to a fixed quantity, interest rate bidding model, marking the complete exit of MLF's policy rate attributes[13] - The MLF operation in March 2025 involved a net injection of 630 billion yuan, signaling a marginal easing of monetary policy[14] International Trade and Tariffs - President Trump announced a 25% tariff on all imported cars, effective April 2, 2025, which may impact non-U.S. automakers' profitability in the short term[24] - The U.S. manufacturing PMI fell to 49.8 in March, a decrease of 2.9 percentage points, while the services PMI rose to 54.3, indicating a divergence in economic performance[19] Commodity Price Trends - Brent crude oil prices increased by 2.89% week-on-week, while iron ore and copper prices rose by 1.30% and 1.17%, respectively[26] - The price index for thermal coal decreased by 1.21%, while rebar prices increased by 0.92% week-on-week[32]