Core Viewpoint - The newly released "Shenzhen Angel Investment Guidance Fund Application Guidelines and Selection Method (2026 Edition)" marks a significant shift in China's government guidance fund industry by eliminating the mandatory local registration requirement for fund managers and removing the return investment constraints, which is expected to stimulate the venture capital sector and attract high-quality general partners (GPs) [2][3]. Group 1: Policy Changes - The new guidelines abolish the return investment requirement, allowing for a more flexible investment environment that encourages rapid fundraising and operational deployment by sub-funds [3]. - The average return investment multiplier requirement has decreased by over 40% in the past six years, with many funds now having requirements below 1.0, enhancing the appeal to top venture capital institutions [5]. - Shenzhen's proactive measures in venture capital, including the introduction of the "Shenzhen Technology Innovation Field Tolerance for Failure Work Guidelines," reflect a commitment to fostering innovation while balancing risk [6]. Group 2: Strategic Initiatives - The "Shenzhen Action Plan for Promoting High-Quality Development of Venture Capital (2025-2026)" aims to cultivate "patient capital" and "bold capital" to support strategic emerging industries, with a goal of forming a "double ten thousand" structure by the end of 2026 [7][8]. - Shenzhen plans to establish three new mother funds focusing on cross-border early-stage investments, scientific innovation, and specialized corporate venture capital, which will complement the existing fund ecosystem [8]. - The action plan addresses practical issues in the fundraising process, including exploring the cancellation of return investment requirements for early-stage funds and promoting long-term capital sources such as insurance funds and pension funds [8][9]. Group 3: Industry Impact - Shenzhen has become a leading city for private equity funds, with its mother fund development significantly contributing to the overall growth of the venture capital landscape in China [10][11]. - The city's initiatives are expected to create a favorable investment environment, enhancing the attractiveness of Shenzhen as a hub for private equity and venture capital [11].

Group 1: Financial Law Draft Highlights - The Financial Law Draft is the first comprehensive foundational law in China's financial sector[2] - It emphasizes the centralized leadership of the Party over financial work, reflecting the "Chinese characteristics of financial development" and the "modern financial system"[2] - All financial activities will be subject to regulation, with strict entry management for financial institutions through administrative licensing[2] Group 2: State-Owned Enterprises Regulations - The new regulations expand the scope to include wholly state-owned enterprises and those under actual state control[3] - It prohibits behaviors that blindly pursue performance at the expense of national interests, such as excessive debt and data falsification[3] - A more comprehensive accountability mechanism is established, including a five-year ban from leadership positions for those causing significant losses to state assets[3]

Core Viewpoint - The article discusses the recent implementation of two significant legal regulations in China: the draft Financial Law and the regulations on the integrity of state-owned enterprise leaders, emphasizing their implications for financial governance and corporate integrity [2][3][4]. Group 1: Financial Law (Draft) Key Points - The Financial Law (Draft) is the first comprehensive foundational law in China's financial sector, emphasizing the leadership of the Communist Party in financial matters [3]. - It mandates that all financial activities are subject to regulation, enhancing oversight through various forms of supervision, including institutional, behavioral, functional, and continuous monitoring [3]. - The law establishes a framework for risk monitoring in financial markets, aiming to respond effectively to major risks such as market volatility and liquidity crises [3]. - It delineates responsibilities for financial risk disposal, specifying that local governments and relevant departments are accountable for managing risks associated with non-financial enterprises [3][17]. Group 2: Regulations on Integrity of State-Owned Enterprise Leaders - The new regulations expand the scope to include wholly state-owned enterprises and those under actual state control, enhancing accountability [4]. - It introduces prohibitions against behaviors that harm national interests, such as excessive debt accumulation and data falsification [4]. - The regulations include stricter penalties for violations, such as a five-year ban from leadership positions in state-owned enterprises for causing significant asset losses [4][19]. Group 3: Other Relevant Policies - The State Council held a meeting to outline key tasks for 2026, emphasizing the need for strategic determination and proactive measures in response to external challenges [5][10]. - The government is focusing on promoting a unified national market, enhancing service industry capabilities, and investing in infrastructure and human resources [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The policy focus this week includes strengthened regulation of pig production capacity and the central bank's potential increased efforts to maintain the financial market [1][9]. 3. Summary by Relevant Catalogs 3.1 Policy Weekly Observation 3.1.1 This Week's Policy Highlights - Strengthened regulation of pig production capacity and the central bank may increase efforts to maintain the financial market [1][9]. 3.1.2 Specific Policy Review - **Trade Policy**: On March 16, 2026, China and the US held economic and trade consultations in Paris, France, and agreed to study the establishment of a cooperation mechanism. China opposes the US's imposition of unilateral tariffs and urges the US to completely cancel such restrictions. The two sides aim to promote the healthy, stable, and sustainable development of bilateral economic and trade relations [4][10]. - **Monetary Policy**: The Party Committee of the People's Bank of China held an enlarged meeting, emphasizing the firm maintenance of the stable operation of financial markets such as stocks, bonds, and foreign exchange. It will continue to implement a moderately loose monetary policy, use various policy tools to maintain liquidity, and study the establishment of a liquidity support mechanism for non - bank financial institutions in specific scenarios [4][10]. - **Agricultural Policy**: The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium for pig - breeding enterprises. Due to factors such as the decline in post - festival consumer demand, pig prices have entered the first - level early - warning range of excessive decline. The state has started the purchase and storage of central frozen pork reserves and will continue to strengthen the comprehensive regulation of pig production capacity [4][10]. - **Macro - economic Policy**: Li Qiang chaired the 11th plenary meeting of the State Council, emphasizing the implementation of strategic deployments for economic and social development in 2026 and the "15th Five - Year Plan," including promoting the construction of a unified national market, developing new - generation intelligent manufacturing, and investing more in people and serving people's livelihoods [12]. - **Fiscal Policy**: The Ministry of Finance released the report on the implementation of China's fiscal policy in 2025, including supporting the construction of a strong domestic market, implementing a package of fiscal and financial policies to promote domestic demand, and improving the management of special bonds [12]. - **Industrial Policy**: The National Development and Reform Commission organized the application for national - level landmark major application scenario projects, and the Ministry of Commerce issued policies to promote travel service exports and expand inbound consumption. The National Development and Reform Commission also plans to accelerate the formulation of an action plan for the expansion and quality improvement of the service industry [12]. - **Financial Work**: The China Securities Regulatory Commission held a meeting to deploy key tasks for 2026, focusing on anti - corruption in key areas and strengthening the supervision of public power. Five departments, including the Ministry of Justice, solicited public opinions on the "Law of the People's Republic of China on Finance (Draft)" [14]. - **Real Estate Policy**: Nanjing issued policies to stabilize the real estate market, including supporting "help - selling" services, providing loan interest subsidies for "selling old and buying new" homebuyers, and adjusting the minimum down - payment ratio for commercial housing loans [14].

Market Overview - The central bank conducted a 130 billion yuan reverse repurchase operation with a fixed interest rate of 1.40% on March 19, resulting in a net withdrawal of 115 billion yuan for the day [3][4] - The interbank market remains stable and loose, with the D R001 weighted average interest rate around 1.32% and overnight rates on the X-repo system steady at 1.30% [5][6] - The latest one-year interbank certificates of deposit (CDs) traded at approximately 1.52%, marking a new low and a slight decline of over 1 basis point from the previous day [7][8] Bond Market - The yields on major interbank bonds showed slight fluctuations, with various maturities experiencing minor changes [9] - The 30-year main contract rose by 0.10%, the 10-year by 0.07%, the 5-year by 0.06%, and the 2-year by 0.03% [12] Key Financial News - The People's Bank of China emphasized the need to manage financial risks in key areas while balancing economic growth and structural adjustments [14] - National public budget revenue for January-February reached 44,154 billion yuan, a year-on-year increase of 0.7%, with tax revenue at 36,393 billion yuan, up 0.1% [14] - The Brazilian central bank lowered its benchmark interest rate by 25 basis points to 14.75%, aligning with market expectations [17] Bond Issuance - The Xinjiang Production and Construction Corps plans to issue 14.5 billion yuan in local bonds in the second quarter, while Hainan Province plans to issue 22.17 billion yuan [19] - Jilin Province will auction its first batch of government bonds for 2026 on March 26, totaling 73.27575 billion yuan [19] Negative Events in Bond Market - Several companies, including Xi'an Qujiang Cultural Holdings and Nanjing Real Estate Group, faced rating downgrades or were placed under rating observation due to various financial issues [20]

Core Viewpoint - The article emphasizes the importance of implementing a combination of key tasks to drive systemic upgrades in the economy and improve people's livelihoods, focusing on six major tasks outlined by the State Council [2][5]. Group 1: Key Tasks - The six key tasks identified are: 1) Deepening the construction of a unified national market, 2) Promoting the expansion and quality enhancement of the service industry, 3) Accelerating the development of the new generation of intelligent manufacturing, 4) Systematically advancing major infrastructure network construction, 5) Increasing investment in human resources and services for people's livelihoods, and 6) Better responding to external shocks and challenges [2][5]. - The construction of a unified national market is seen as a prerequisite for the successful advancement of the other five tasks, aiming to eliminate local protectionism and market segmentation [3][4]. Group 2: Economic Indicators - The State Taxation Administration reported that by 2025, inter-provincial trade sales are expected to grow by 4.5%, surpassing the national sales revenue growth rate and accounting for 41% of total national sales, an increase of 0.8 percentage points from the previous year [3]. - The national public budget expenditure is projected to exceed 30 trillion yuan, with 12.4 trillion yuan allocated to education, social security, health, and housing, representing 41.3% of the total budget, the highest proportion in recent years [5]. Group 3: Policy Coordination - Achieving these six tasks requires a coordinated approach across various policies, including fiscal, industrial, regional, technological, talent, and financial policies, to ensure effective implementation [5][6]. - The article stresses the need for a strong execution responsibility to ensure that all deployments are effectively carried out, highlighting the importance of proactive and practical approaches in overcoming challenges [6].

Report Date - The report date is March 17, 2026 [1] Futures Market Data Futures Closing Prices and Volume - T主力收盘价为108.140，涨幅0.05%，成交量56625，环比减少38399 [2] - TF主力收盘价为105.905，涨幅0.04%，成交量52422，环比减少20769 [2] - TS主力收盘价为102.460，涨幅0.03%，成交量31132，环比减少6226 [2] - TL主力收盘价为110.690，涨幅0.13%，成交量61742，环比减少25013 [2] Futures Spreads - TL2606 - 2609价差为0.28，环比增加0.01 [2] - T2606 - 2609价差为0.03，环比增加0.00 [2] - TF2606 - 2609价差为0.17，环比增加0.00 [2] - TS2606 - 2609价差为 - 0.03，环比增加0.00 [2] - T06 - TL06价差为 - 2.55，环比减少0.04 [2] - TF06 - T06价差为 - 2.24，环比增加0.00 [2] - TS06 - T06价差为 - 5.68，环比增加0.01 [2] - TS06 - TF06价差为 - 3.45，环比增加0.01 [2] Futures Positions - T主力持仓量为282208，环比增加604 [2] - TF主力持仓量为173197，环比增加1524 [2] - TS主力持仓量为75280，环比减少512 [2] - TL主力持仓量为130674，环比减少1025 [2] CTD and Active Bond Data CTD Bonds - 230004.IB(6y）净价为108.2098，环比增加0.0171 [2] - 250025.IB(6y）净价为99.0955，环比增加0.0477 [2] - 250014.IB(4y）净价为100.1228，环比增加0.0208 [2] - 240020.IB(4y)净价为100.8844，环比增加0.0219 [2] - 250024.IB(1.7y)净价为100.0585，环比增加0.0344 [2] - 250015.IB(2.3y)净价为100.1512，环比增加0.0464 [2] - 220008.IB(17y)净价为117.7558，环比增加0.1590 [2] - 210014.IB(18y)净价为121.5645，环比增加0.1598 [2] Active Bonds - 1y国债收益率为1.2600%，环比持平 [2] - 3y国债收益率为1.3800%，环比增加1.00bp [2] - 5y国债收益率为1.5675%，环比增加1.75bp [2] - 7y国债收益率为1.6975%，环比增加1.50bp [2] - 10y国债收益率为1.8419%，环比增加1.94bp [2] Interest Rate Data Short - term Interest Rates - 银质押隔夜利率为1.2975%，环比减少1.67bp [2] - Shibor隔夜利率为1.3190%，环比减少0.10bp [2] - 银质押7天利率为1.4450%，环比减少1.21bp [2] - Shibor7天利率为1.4291%，环比减少1.19bp [2] - 银质押14天利率为1.4900%，环比减少0.58bp [2] - Shibor14天利率为1.4795%，环比减少1.55bp [2] LPR Rates - 1y LPR利率为3.00%，环比持平 [2] - 5y LPR利率为3.5%，环比持平 [2] Open Market Operations - 发行规模为510亿，到期规模为395亿，利率为1.4%，期限7天 [2] Industry News - 中国1 - 2月固定资产投资（不含农户）52721亿元，同比增长1.8%，2025年全年下降3.8%；民间固定资产投资同比下降2.6%；2月固定资产投资（不含农户）环比增长0.39% [2] - 中国1 - 2月规模以上工业增加值同比增长6.3%，2月环比增长0.83% [2] - 中国1 - 2月社会消费品零售总额86079亿元，同比增长2.8%；除汽车以外的消费品零售额79827亿元，增长3.7% [2] - 中美在法国巴黎举行经贸磋商，围绕关税安排等议题进行交流，形成新共识，将继续保持磋商，研究建立合作机制 [2] - 国务院总理李强主持召开国务院第十一次全体会议，提出抓好重点工作，包括推进全国统一大市场建设等六项工作 [3] Core Views - 周二国债现券收益率集体下行，国债期货小幅回升，DR007加权利率回落 [4] - 国内基本面端，1 - 2月社零及固投回升，工增有韧性，供需矛盾缓和，失业率持平同期；2月社融信贷高于预期，政府债支撑减弱，信贷呈现居民弱、企业强特征 [4] - 消息面，中美经贸磋商讨论关税等问题；海外中东局势升级，国际能源价格面临上行压力，美国经济“类滞胀”风险升温，美联储降息前景不明 [4] - 2026年经济开局良好，供强需弱结构改善，2月物价超预期上行，PPI同比回正节奏或加快，短期内央行降准降息预期降温，债市情绪偏悲观，利率将延续偏弱震荡格局 [4] - 同业存款定价自律机制及资金面韧性支撑短端利率，长端面临基本面修复与通胀预期双重压力，收益率曲线或持续走陡 [4] Key Events to Watch - March 19, 02:00: Fed FOMC announces interest rate decision and economic forecast summary [4] - March 19, 09:00: Bank of Japan announces interest rate decision [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of sufficient supply and acceptable demand. It is recommended to conduct short - term long trades at low prices and pay attention to trading rhythm to control risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 155,320 yuan/ton, a decrease of 4,300 yuan; the net position of the top 20 is - 108,591 lots, an increase of 52 lots; the position of the main contract is 308,842 lots, a decrease of 1,841 lots; the spread between near - and far - month contracts is 600 yuan/ton, an increase of 640 yuan; the warehouse receipts of GZFE are 36,465 lots, an increase of 72 lots [2] 3.2 Spot Market - The average price of battery - grade lithium carbonate is 158,000 yuan/ton, an increase of 1,500 yuan; the average price of industrial - grade lithium carbonate is 154,500 yuan/ton, an increase of 1,500 yuan; the basis of the Li₂CO₃ main contract is 2,680 yuan/ton, an increase of 5,800 yuan [2] 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 2,505 US dollars/ton, unchanged; the average price of amblygonite is 13,825 yuan/ton, unchanged; the price of lithium mica (2 - 2.5%) is 7,213 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of lithium carbonate is 53,520 tons, a decrease of 5,950 tons; the monthly import volume is 23,988.66 tons, an increase of 1,933.47 tons; the monthly export volume is 911.90 tons, an increase of 152.66 tons; the monthly operating rate of lithium carbonate enterprises is 47%, a decrease of 5 percentage points [2] 3.5 Downstream and Application Situation - The monthly output of power batteries is 141,600 MWh, a decrease of 26,400 MWh. The prices of manganese - acid lithium, hexafluorophosphate, cobalt - acid lithium, and various ternary materials remain unchanged. The monthly operating rate of ternary cathode materials is 45%, a decrease of 5 percentage points; the monthly operating rate of lithium iron phosphate cathode is 55%, an increase of 1 percentage point. The monthly production of new energy vehicles is 694,000, a decrease of 347,000; the monthly sales are 765,000, a decrease of 180,000; the cumulative sales penetration rate is 41.18%, an increase of 0.90 percentage points; the cumulative sales are 1,710,000, a decrease of 125,000; the monthly export volume is 282,000, a decrease of 20,000; the cumulative export volume is 583,000, an increase of 301,000 [2] 3.6 Option Situation - The 20 - day average volatility of the underlying is 74.08%, an increase of 0.65 percentage points; the 40 - day average volatility is 96.17%, a decrease of 2.03 percentage points. The total holding of call options is 121,646 lots, an increase of 3,643 lots; the total holding of put options is 108,067 lots, an increase of 4,284 lots. The put - call ratio of total positions is 88.84%, an increase of 0.8878 percentage points; the implied volatility of at - the - money IV is 0.69%, a decrease of 0.0061 percentage points [2] 3.7 Industry News - Academician Ouyang Minggao said that 2026 will start a new round of high - quality development cycle led by innovation, and there will be seven technological development directions in the new energy vehicle industry in the next five years. When the penetration rate of new energy vehicles exceeds 50%, it will enter the late mass market [2] - China and the US held economic and trade consultations in Paris, France, reaching some new consensuses and agreeing to study the establishment of a cooperation mechanism to promote bilateral trade and investment. China will take necessary measures to safeguard its legitimate rights and interests [2] - Premier Li Qiang presided over the 11th plenary meeting of the State Council, deploying the implementation of key work in 2026, including promoting the construction of a unified national market, expanding and improving the service industry, developing new - generation intelligent manufacturing, etc. [2] 3.8 Market Analysis - The main contract of lithium carbonate opened high and declined, with a 0.39% increase at the close. The position decreased month - on - month, the spot price was at a premium to the futures price, and the basis strengthened compared with the previous day [2] - On the fundamental side, the price of lithium ore fluctuates with the high - level shock of lithium carbonate price. The smelters' production resumption is basically completed, and the supply is generally sufficient. The downstream demand is cautious, and the overall inventory of the industry is slightly reduced [2] - In terms of options, the put - call ratio of positions is 88.84%, an increase of 0.8878% month - on - month. The option market sentiment is bullish, and the implied volatility slightly decreases [2] - Technically, the 60 - minute MACD has both lines below the 0 - axis, and the red bar is converging [2]

Core Viewpoint - The article discusses the Chinese government's strategic deployment for 2026, emphasizing the need for proactive measures to ensure economic stability and growth amidst complex external environments and internal challenges [3][4]. Group 1: Key Initiatives - The government aims to implement several key initiatives, including advancing the construction of a unified national market, enhancing service industry capacity and quality, accelerating the development of new-generation intelligent manufacturing, systematically promoting major infrastructure network construction, increasing investment in human services and livelihoods, and better responding to external shocks [9][10]. - The construction of a unified national market has been a focus for five consecutive years, indicating a shift towards deeper implementation and effectiveness [9]. Group 2: Economic Performance and Policies - Recent economic data for January and February shows a significant rebound in major economic indicators, with industrial and consumption growth accelerating, and fixed asset investment turning positive after a period of decline [6][7]. - The central government's fiscal policy is set to be more proactive, with expenditures expected to reach 30 trillion yuan, while monetary policy will remain moderately loose to support economic growth [7]. Group 3: Service Industry Development - The government plans to hold a national conference on the service industry to introduce measures aimed at enhancing capacity and quality, with expectations for the service sector to exceed 100 trillion yuan during the 14th Five-Year Plan period [10][11]. - The focus on service consumption is seen as a crucial driver for the next phase of economic development, with policies aimed at stimulating consumer spending in sectors like accommodation, tourism, and dining [11].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The short - term supply and demand of coking coal and coke remain relatively loose. The supply side has high - level production and high customs clearance of Mongolian coal, while the demand side sees a slight decline in downstream steel mill starts. However, due to strong macro sentiment and international energy prices, and the relatively low price of coking coal, there is insufficient downward momentum and space in the short term. The high customs clearance of Mongolian coal suppresses the upside, so the overall situation is regarded as range - bound [1]. 3. Summary by Relevant Catalog Market Review - Yesterday, the main contract of coking coal Jm2605 closed at 1181.0, up 0.25% from the previous day's daytime close, and the main contract of coke J2605 closed at 1746.0, up 0.49% from the previous day's daytime close [1]. Important Information - The Premier of the State Council, Li Qiang, emphasized several key tasks, including promoting the construction of a unified national market, developing the service industry, advancing intelligent manufacturing, building infrastructure, focusing on people's livelihood, and dealing with external challenges [1]. - China and the US held economic and trade consultations in Paris, reaching new consensuses and agreeing to study the establishment of a cooperation mechanism to promote bilateral trade and investment [1]. - From January to February, national fixed - asset investment increased by 1.8% year - on - year, excluding real estate development investment which increased by 5.2%, while real estate development investment decreased by 11.1%. The added value of industrial enterprises above the designated size increased by 6.3%, and total retail sales of consumer goods increased by 2.8% [1]. - Shanghai lowered the minimum down - payment ratio for commercial housing loans to 30% starting from March 16 [1]. Market Logic - The short - term supply and demand of coking coal and coke are still relatively loose. The domestic main coal - producing areas have basically resumed production, and the daily output of domestic raw coal remains high. The Mongolian coal port maintains high customs clearance. The downstream steel mill starts have declined slightly. With strong macro sentiment and international energy prices, and the relatively low price of coking coal, there is insufficient downward momentum and space in the short term. The high customs clearance of Mongolian coal suppresses the upside [1]. Trading Strategy - The main contract of coking coal is expected to fluctuate in the range of 1100 - 1200 [1].