Group 1: Debt Issuance and Local Government Financing - In 2023, 33 regions in China have initiated the issuance of refinancing special bonds, with a total issuance of 1.629 trillion yuan, achieving 81.45% of the 2 trillion yuan quota [1] - The issuance of refinancing bonds has slowed down significantly, with only 21.1 billion yuan issued in May, compared to previous months' issuance in the hundreds of billions [1] - New special bonds have started to increase, with 443.2 billion yuan issued in May, bringing the total for the first five months to 1.63 trillion yuan, which is 37% of the annual quota of 4.4 trillion yuan [1][2] Group 2: U.S. Trade Policies and Legal Challenges - The U.S. International Trade Court ruled that former President Trump's tariff measures are invalid, stating that the President does not have the authority to impose such tariffs without Congressional approval [3] - This ruling is seen as a significant legal challenge to Trump's trade policies, although the White House plans to appeal, indicating that the ruling may not have immediate effects [3][4] - The ruling disrupts ongoing trade negotiations and may lead to increased pressure on the U.S. government as more lawsuits against tariff policies are anticipated [3] Group 3: Federal Reserve's Economic Outlook - The Federal Reserve's latest meeting minutes indicate a cautious approach towards interest rate cuts, with decision-makers concerned about economic uncertainties, particularly regarding the impact of tariffs [5] - Fed officials expressed worries about tariffs potentially driving inflation, complicating the balance between controlling inflation and maintaining employment [5] Group 4: Nvidia's Financial Performance - Nvidia reported a 69% year-over-year revenue increase for Q1 of fiscal year 2026, reaching 44.062 billion USD, surpassing market expectations [8] - The company anticipates Q2 sales to be around 45 billion USD, slightly below market expectations, primarily due to losses from export restrictions on H20 chips [8][9] - Nvidia's strong performance is attributed to high demand for AI chips, with the gaming segment becoming a smaller part of its overall revenue [8] Group 5: Airline Fuel Surcharge Adjustments - Starting June 5, 2025, domestic flights under 800 kilometers will no longer charge a fuel surcharge, while flights over that distance will incur a 10 yuan fee [10][11] - This adjustment reflects a decrease in fuel surcharge rates, which had previously reached a high of 100 yuan [10][11] Group 6: Trends in Public Hospital Mergers - There has been a notable trend of public hospital mergers in China, with at least ten cases reported in the past three years, primarily due to operational inefficiencies [12][13] - The mergers are seen as a response to declining patient numbers and increased competition, leading to a need for consolidation in the healthcare sector [12][13]

以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭 等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 常规跟踪：广义财政收支增速均有提升，一季度预算完成度均高于过去五年同期平均 一般财政收入有所修复，推动广义财政收入回暖。 3月广义财政收入同比-1.7%，较2月同比提升1.2个百 分点；其中，政府性基金收入同比-11.7%，一般财政收入同比0.3%。从预算完成度看，3月广义财政收入 预算完成6.8%，略高于2024年同期及过去五年平均的6.6%；一季度广义财政收入预算完成24.6%，高于 过去五年平均24.1%。 侯倩楠 宏观分析师 摘要 事件： 4月18日，财政部公布2025年一季度财政收支情况。一季度，全国一般公共预算收入60189亿元， 同比下降1.1%；全国一般公共预算支出72815亿元，同比增长4.2%。 点评：财政"续力"正当时，储备政策推出节奏值得重点关注 广义财政收支增速均有提升，一季度预算完成度均高于过去五年同期平均。 2025年3月，广义财政收入 同比-1.7%，广义财政支出同比10.1%， ...

贾东旭 高级宏观分析师 侯倩楠 宏观分析师 联系人： 侯倩楠 宏观分析师 摘要 一般财政收入有所修复，推动广义财政收入回暖。 3月广义财政收入同比-1.7%，较2月同比提升1.2个百 分点；其中，政府性基金收入同比-11.7%，一般财政收入同比0.3%。从预算完成度看，3月广义财政收入 预算完成6.8%，略高于2024年同期及过去五年平均的6.6%；一季度广义财政收入预算完成24.6%，高于 过去五年平均24.1%。 一般财政、政府性基金支出均加快，推动广义财政支出明显提速。 3月广义财政支出同比10.1%，较2月 增速提升7.2个百分点；一般财政支出同比5.7%，政府性基金支出同比27.9%。从预算完成度看3月广义财 政支出预算完成8.6%，略低于过去五年平均支出进度8.8%。一季度广义财政支出预算完成21.9%，略高 于过去五年平均21.8%。 风险提示 事件： 4月18日，财政部公布2025年一季度财政收支情况。一季度，全国一般公共预算收入60189亿元， 同比下降1.1%；全国一般公共预算支出72815亿元，同比增长4.2%。 点评：财政"续力"正当时，储备政策推出节奏值得重点关注 广义财政收支增速均 ...

Core Viewpoint - The fiscal revenue and expenditure data for January-February 2025 indicates a need for increased fiscal support through financing, as both revenue and expenditure growth rates are slowing down compared to previous years [2][8][13]. Group 1: Fiscal Revenue and Expenditure Overview - In January-February 2025, the national general public budget revenue was 43,856 billion yuan, a year-on-year decrease of 1.6% [7]. - The national general public budget expenditure was 45,096 billion yuan, a year-on-year increase of 3.4% [7]. - The broad fiscal revenue decreased by 2.9% year-on-year, while the budget completion rate was 17.8%, higher than the five-year average of 17.5% [4][8]. Group 2: Fiscal Support and Debt Issuance - The broad fiscal expenditure growth was 2.9% year-on-year, with a budget completion rate of 13.4%, consistent with the five-year average [5][21]. - New general bonds and carryover funds provided effective support for early fiscal expenditures, with a fiscal revenue shortfall of 0.6 trillion yuan, higher than the average of 0.1 trillion yuan from 2020-2024 [10][11]. - The issuance of new local bonds and special refinancing bonds reached nearly 1.8 trillion yuan in January-February 2025, with special refinancing bonds issued at a faster pace [11][13]. Group 3: Sector-Specific Expenditure Trends - Expenditure in science and technology, education, and social security showed relatively high growth rates of 10.6%, 7.7%, and 6.7% respectively [23]. - Government fund expenditure grew by 1.2% year-on-year, significantly slowing down due to a 15.7% decrease in land transfer income [28]. - The budget completion rate for government fund expenditure was 9.1%, lower than the five-year average of 9.7% [28].