Group 1 - The report suggests issuing an additional 2 trillion to 3 trillion yuan in special government bonds to enhance fiscal policy effectiveness [1][2] - It emphasizes the need to accelerate the issuance of remaining special bonds and government bonds in the second quarter [2] - The report highlights the importance of promoting consumption to boost economic growth, recommending short-term issuance of consumption vouchers supported by the new bonds [2] Group 2 - The establishment of a 2 trillion yuan stock market stabilization fund is recommended to support capital market stability [3] - The report advocates for the introduction of a "technology board" in the bond market to enhance support for technological innovation [3] - It calls for measures to stabilize the real estate, stock, and foreign exchange markets, including promoting healthy development in the real estate sector [2][3] Group 3 - The report addresses challenges faced by foreign trade enterprises, proposing financial support for market expansion and structural transformation [3] - It suggests tax reductions and increased unemployment insurance fund returns for struggling enterprises to alleviate financial pressure [3] - The report indicates that the International Monetary Fund (IMF) has lowered global economic growth forecasts, with China's growth expected to be 4.0%, still above the global average [1]

（*数据来源：Wind-央行动态PBOC） 2. 资金面 存款类机构隔夜和七天质押式回购利率一降一升，前者下行近 2 个 bp ，后者因跨月原因上行超 3 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.29% 。 1. 公开市场操作 央行 4 月 28 日以固定利率、数量招标方式开展了 2790 亿元 7 天期逆回购操作，操作利率 1.50% ，投标量 2790 亿元，中标量 2790 亿元。 Wind 数据显示，当日 1760 亿元逆回购到期，据此计算，单日净投放 1030 亿元。 // 债市综述 // （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.77% 附近，较上日变化不大。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

规模方面，国债ETF5至10年最新规模达14.35亿元，创近3月新高。 份额方面，国债ETF5至10年最新份额达1224.25万份，创近3月新高。 资金流入方面，国债ETF5至10年最新资金净流入351.44万元。拉长时间看，近21个交易日内，合计"吸金"3488.23万元。 消息面上，4 月 25 日中共中央政治局召开会议，强调要加紧实施更加积极有为的宏观政策，适时降准降息，保持流动性充裕，加力支持实体经济。同时提 及 "推出债券市场的'科技板'"，加大债市对科创企业乃至产业结构转型升级的支持。这为债市的发展提供了政策指引和方向，有助于提升市场对债市的信 心。 机构认为，关税战下利率上行逻辑不畅，央行不降准降息下行也比较难，所以近期窄幅震荡。信用利差压降也迟迟未出现，受短端资金利率、长端债市走势 预期、超长信用债买盘稳定性降低等因素影响。推荐3年左右为主，适当下沉。超长信用债可以逐步配置，近期利差已经处于2024年以来的高点。 截至2025年4月28日 09:37，国债ETF5至10年(511020)多空胶着，最新报价117.2元。拉长时间看，截至2025年4月25日，国债ETF5至10年近半年累计上涨 3 ...

Economic Policy - The fiscal policy will be more proactive this year, with a deficit rate set at around 4% and a deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year, marking the highest levels in recent years [5] - The People's Bank of China plans to lower the reserve requirement ratio and interest rates based on domestic and international economic conditions, with the current average reserve requirement ratio at 6.6%, indicating room for reduction [7] Technology Development - A National Venture Capital Guiding Fund will be established to support the growth of innovative enterprises, aiming to attract nearly 1 trillion yuan in local and social capital, focusing on hard technology [9] - The introduction of a "Technology Board" in the bond market is planned to support the issuance of technology innovation bonds by financial institutions and tech companies [9] - The China Securities Regulatory Commission will enhance support mechanisms for tech companies, including a "green channel" for unprofitable companies to go public [10] Education Development - The government aims to expand quality education resources, with a target to increase undergraduate enrollment in "Double First-Class" universities by 20,000 this year [12] - Financial support will be provided for early childhood education and student assistance programs, benefiting over 34 million students [13] Consumer Expansion - The Ministry of Commerce plans to enhance consumer spending through initiatives like trade-in programs and expanding the range of eligible products for subsidies [15] - New loan interest subsidy policies will be implemented to stimulate consumer spending in key sectors, including dining, health, and childcare [16] Market Performance - The Hong Kong stock market saw significant gains, with the Hang Seng Index rising nearly 700 points, and the Hang Seng Technology Index increasing by nearly 5% [23] - A notable shift in capital flows is observed, with approximately $3 billion flowing into Chinese theme funds since early February, reversing a previous trend of outflows [24] Global Market Trends - The U.S. stock market experienced a decline, with major indices falling, and Nvidia's market value dropping by approximately 164.2 billion USD [27] - The European Central Bank announced a 25 basis point rate cut, with revised GDP growth forecasts indicating challenges in the Eurozone economy [30][34]