宏观经济和债券市场一周观点

Rating Adjustments - One issuer's rating outlook was downgraded by Fitch, with Guoren Property Insurance Co., Ltd. receiving a negative outlook due to a Q1 loss of 110 million and insufficient shareholder capital injection[1] - Moody's downgraded the issuer rating of Agile Group Holdings Limited to Ca, reflecting liquidity issues and the failure to pay interest on $483 million of 6.05% senior notes due in 2025[5] Debt Market Observations - The Ministry of Finance announced plans to issue 1 trillion yuan of ultra-long-term special government bonds, focusing on key projects in technology innovation and regional development[13] - The total number of bonds issued in the primary market was 846, with a net financing amount of 375.33 billion yuan, indicating a net inflow[22] - Credit bond issuance increased by 13.21% week-on-week, with an overall decline in issuance costs by 28.73 basis points[22] Economic Indicators - In April, the retail sales growth rate was 2.3%, a decrease of 0.8 percentage points from the previous month, with rural areas showing a higher growth rate than urban areas[10] - Fixed asset investment grew by 4.2% year-on-year in the first four months, with the manufacturing sector showing the fastest growth[10]