Core Viewpoint - The 30-year government bond ETF from Bosera has shown a steady increase in value and trading activity, reflecting a shift in policy focus from monetary to fiscal measures, particularly in the real estate sector [3][4]. Group 1: Market Performance - As of September 1, 2025, the 30-year government bond ETF from Bosera rose by 0.01%, with a latest price of 108.51 yuan [3]. - The ETF has accumulated a 0.28% increase over the past week as of August 29, 2025 [3]. - The ETF's latest scale reached 19.308 billion yuan, marking a one-year high [4]. - The ETF's shares reached 1.78 million, also a one-year high [4]. Group 2: Liquidity and Fund Flows - The ETF experienced an active trading environment with a turnover rate of 11.55% and a transaction volume of 2.23 billion yuan [3]. - Over the past ten days, the ETF has seen continuous net inflows, with a peak single-day net inflow of 1.504 billion yuan, totaling 3.689 billion yuan in net inflows [4]. - The latest margin buying amount for the ETF reached 280 million yuan, with a margin balance of 202 million yuan [4]. Group 3: Historical Performance and Returns - The ETF has achieved a net value increase of 6.74% over the past year, ranking 12th out of 422 index bond funds, placing it in the top 2.84% [5]. - The highest single-month return since inception was 5.35%, with the longest consecutive monthly gains being four months and a maximum gain of 10.58% [5]. - The average monthly return during up months was 2.09%, with a historical one-year profit probability of 100% [5]. Group 4: Risk and Management Fees - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [5]. - The tracking error over the past three months was 0.055%, indicating a close alignment with the underlying index [5].

Core Viewpoint - The article emphasizes the importance of scientific macro-control and effective government governance as key to leveraging the advantages of the socialist market economy system. It highlights the continuous strengthening of macro policies in response to external pressures and internal difficulties this year [1]. Group 1: Macro Policy Measures - The issuance of ultra-long-term special government bonds is part of a larger effort to implement "two重" and "two新" policies with greater intensity [1]. - A variety of monetary policy tools are being utilized to maintain ample liquidity in the market [1]. - The government is focusing on stabilizing employment while also expanding job opportunities to keep the overall employment situation stable [1]. Group 2: Consumer and Economic Stimulus - The approach combines promoting consumption with improving people's livelihoods to enhance the intrinsic motivation for consumption [1]. - The government is committed to responding to market concerns promptly to ensure the forward-looking nature of policies [1]. Group 3: Policy Effectiveness - Enhancing policy effectiveness requires a good evaluation mechanism to ensure the practical results of policies [1]. - Strengthening collaborative innovation is essential to ensure the systemic nature of policies [1].

Revenue Insights - In July 2025, the national general public budget revenue increased by 2.7% year-on-year, improving from a decline of -0.3% in June[1] - Tax revenue grew by 5.0% in July, significantly higher than the previous month's growth of 1.0%, while non-tax revenue fell by 12.9%[5] - The cumulative general public budget revenue from January to July showed a slight increase of 0.1% year-on-year, compared to a decline of -0.3% previously[7] Expenditure Trends - General public budget expenditure in July rose by 3.0% year-on-year, accelerating by 2.6 percentage points from May[8] - Cumulative expenditure from January to July grew by 3.4%, slightly below the average progress of 54.4% over the past five years, completing 54.1% of the annual budget[9] Government Fund Performance - In July, government fund revenue increased by 8.9% year-on-year, although this was a decrease of 11.9 percentage points from the previous month[10] - Government fund expenditure in July surged by 42.4% year-on-year, despite a slowdown of 36.8 percentage points from the previous month[11] - From January to July, government fund expenditure grew by 31.7%, significantly outpacing the revenue growth due to accelerated issuance of local government special bonds, totaling 2.78 trillion yuan, an increase of 1 trillion yuan compared to the same period last year[11]

Core Viewpoint - The recent meetings by the State Council and the national conference on the promotion of the old-for-new consumption policy signal increased policy support for expanding consumption and stimulating demand in the market [1][3]. Policy Effects - The old-for-new policy has shown significant effects this year, with retail sales in various categories such as home appliances and communication equipment growing at rates of 28.7%, 13.8%, 20.6%, and 14.9% year-on-year in July, outpacing overall retail sales growth [1]. - The policy has also positively impacted the automotive sector, with new energy vehicle sales expected to grow by 81.7% from April 2024 to July 2025 [1]. - The Ministry of Finance has allocated 300 billion yuan in special long-term bonds to support the old-for-new consumption policy [1]. Funding and Support Measures - The Ministry of Finance has announced the distribution of 69 billion yuan in the third batch of special long-term bonds to support local governments in implementing the old-for-new policy [2]. - Various regions are enhancing subsidy measures, such as Heilongjiang increasing subsidies for electric vehicles and Chongqing allocating an additional 300 million yuan for vehicle replacement subsidies [2][3]. - Adjustments in subsidy distribution methods have been made to improve accessibility for consumers, such as changing from daily limited vouchers to centralized distribution [2]. Policy Optimization - Local governments are addressing supply-demand imbalances in subsidy vouchers and enhancing fund utilization efficiency [3]. - Adjustments to the old-for-new policy are being made based on the availability of national funding, with a focus on ensuring the effective release of consumer potential [3][4]. - The central government has reiterated its commitment to support the old-for-new policy, emphasizing its role in stabilizing investment and expanding consumption [3][4]. Future Expectations - There is an expectation for further expansion of the old-for-new policy into service consumption and public consumption sectors to maximize overall consumer potential [4]. - Analysts predict that the scale of funding for the old-for-new policy may be increased, with potential adjustments to the types of products eligible for subsidies [5]. - The Ministry of Finance is implementing a monitoring mechanism to ensure effective use of subsidy funds and prevent misuse [5].

Core Viewpoint - The article discusses the Chinese government's initiatives to expand domestic demand through policies such as large-scale equipment updates and the replacement of old consumer goods, emphasizing the importance of sports consumption and the development of the sports industry as part of this strategy [3][4][10]. Group 1: Policies and Economic Impact - The State Council meeting highlighted the effectiveness of large-scale equipment updates and old-for-new consumer goods policies in stabilizing investment, expanding consumption, and improving people's livelihoods [4]. - As of July 16, 2025, 280 million people have claimed subsidies for replacing old consumer goods, leading to sales exceeding 1.6 trillion yuan [4]. - Retail sales of major household appliances and communication equipment saw year-on-year growth of 30.7% and 24.1%, respectively, contributing to a 5% increase in total retail sales of consumer goods [4][5]. Group 2: Financial Support and Investment - The government has allocated 690 billion yuan in special long-term bonds to support the old-for-new consumer goods policy, with another 690 billion yuan planned for October [5]. - A total of 1,880 billion yuan in investment subsidies for equipment updates has been distributed, supporting approximately 8,400 projects across various sectors, driving total investment over 1 trillion yuan [5][6]. Group 3: Sports Industry Development - The development of the sports industry is identified as a key component of the strategy to expand domestic demand, with the sports industry reaching a total scale of 3.67 trillion yuan in 2023, growing at an annual rate of 10.3% [10][11]. - The government aims to enhance sports product supply, promote sports events, and encourage local sports consumption activities to meet the rising demand for sports consumption [10][12]. - The sports industry not only drives economic growth directly but also fosters integration with manufacturing, services, culture, tourism, and health sectors, creating new business models and optimizing industrial structure [11].

Group 1 - Major projects are crucial for economic development and high-quality growth, with infrastructure investment increasing by 4.6% year-on-year in the first half of the year, outpacing overall investment growth by 1.8 percentage points [1] - The National Development and Reform Commission reported significant progress on the 102 major projects outlined in the 14th Five-Year Plan, with all targets expected to be met by the end of the year [1] - A total of 800 billion yuan in special long-term bonds will support 1,459 projects by 2025, focusing on key areas such as ecological restoration and major transportation infrastructure [1] Group 2 - Continuous funding is necessary for major project construction, with expectations to increase funding supply next year, potentially raising special long-term bond issuance to over 1.5 trillion yuan [2] - Funding will be provided through various channels, including increased issuance of special long-term bonds, fiscal budget spending, and new policy financial tools to attract more social capital for project construction [2]

Core Viewpoint - The report emphasizes the importance of infrastructure-related fiscal spending recovery in supporting the currently weak infrastructure investment growth, which is also a crucial part of the upstream "anti-involution" demand-side policy [1] Group 1: Infrastructure Spending - The acceleration of infrastructure spending is necessary to meet the annual budget, with cumulative year-on-year growth in public budget infrastructure spending from January to July being -5%, but expected to rebound to over 7% from August to December [1] - The local debt resolution for the year is likely nearing completion, with future efforts focusing on advancing special bond projects. As of August 20, the issuance scale of special refinancing bonds for the year reached 1.94 trillion, with the actual allocation of the originally planned 800 billion for new special bonds exceeding 940 billion [1] Group 2: Long-term Bonds and Financial Tools - The issuance progress of ultra-long-term special government bonds is nearing 80%, with an increase in the issuance scale of policy financial bonds from June to August, potentially preparing for new policy financial tools. As of August 20, the issuance progress of ultra-long-term special government bonds is close to 80%, compared to less than 60% in the same period last year [1] - The project initiation and funding collection progress for ultra-long-term special government bonds are both ahead of last year, indicating that the implementation situation is likely to be significantly better than last year [1]

Group 1 - The core point of the article highlights that in the first seven months of the year, local government special bonds, ultra-long-term special treasury bonds, and special treasury bonds for central financial institution capital injection amounted to 2.89 trillion yuan, leading to a 31.7% increase in government fund budget expenditures [1] Group 2 - The expenditure of 2.89 trillion yuan is a significant driver for the growth in government fund budget spending [1] - The increase in government fund budget expenditures indicates a strong fiscal response to economic conditions [1] - The data reflects the government's strategy to utilize special bonds to stimulate economic activity [1]

Group 1 - The Ministry of Finance plans to issue 30-year fixed-rate special government bonds with a total competitive bidding amount of 83 billion yuan on August 22, completing the issuance plan for August [1] - The total issuance scale of special government bonds in August will reach 235 billion yuan, making it the second highest monthly issuance this year, following May's 242 billion yuan [1] - The overall issuance plan for special government bonds this year is 1.3 trillion yuan, an increase of 300 billion yuan from last year, with 996 billion yuan already issued, achieving a progress rate of 76.6% [1] Group 2 - Of the 1.3 trillion yuan special government bonds to be issued this year, 800 billion yuan will support "two major" projects, and 500 billion yuan will be allocated for "two new" policies [2] - As of August 13, 188 billion yuan in investment subsidy funds for equipment updates has been allocated, supporting approximately 8,400 projects across various sectors, driving total investment exceeding 1 trillion yuan [2] - The issuance and utilization of special government bonds are seen as having multiple positive implications for stabilizing growth, adjusting structure, and benefiting people's livelihoods [2] Group 3 - From January to July, infrastructure investment grew by 3.2% year-on-year, contributing 43% to overall investment growth, which is 1.6 percentage points higher than the total investment growth rate [3] - Special government bonds play a crucial role in accelerating project progress and promoting industrial upgrades, providing solid financial support for infrastructure investment [3] - The injection of funds from special government bonds can leverage social capital, attracting more investment into the infrastructure sector and further promoting economic growth and employment [3]

Key Points - From July 1 to August 11, the total number of railway passengers exceeded 600 million, reaching 616 million, with a year-on-year increase of 4.0% and an average daily passenger count of 14.675 million [3] - In the first seven months, the express delivery business volume reached 112.05 billion pieces, showing a year-on-year growth of 18.7% [5] - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month, with the equipment manufacturing sector growing by 8.4% and high-tech manufacturing by 9.3% [8] - The service production index in July grew by 5.8% year-on-year, with significant increases in information transmission, software, IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [15] - By June 2025, the total number of 5G base stations is expected to increase fivefold compared to 2020, reaching 4.55 million, while the number of broadband users is projected to grow 34 times to 226 million [13] - In the first half of the year, 13.278 million new business entities were established, including 4.62 million new enterprises and 8.629 million new individual businesses [21] - Under the "Two New" policy, from April 2024 to July 2025, the amount spent on machinery and equipment is expected to grow by 7.3%, with sales of household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively, and new energy vehicle sales rising by 81.7% [23] - Recently, 188 billion yuan in investment subsidies for equipment upgrades has been fully allocated [19]