经济发展整体效能的"倍增器" 我国拟从今年开始连续几年发行超长期特别国债，专项用于国家重大战略实施和重点领域安全能力建 设。5月13日国务院召开的支持"两重"建设部署动员视频会议指出，"发行超长期特别国债支持'两重'建 设，是党中央着眼强国建设和民族复兴全局作出的一项重大决策部署，是推进中国式现代化、推动高质 量发展、把握发展主动权的重要抓手"。 "超长期特别国债的发行和使用，将专项用于'两重'建设，无疑对我国经济发展整体效能可产生深远影 响。"中国信息协会常务理事、国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表 示，一方面，超长期特别国债的发行，有助于缓解国家财政短期压力；另一方面，通过专项支持"两 重"建设，超长期特别国债将推动关键领域技术突破和产业升级，从而带动整个产业链协同发展。 中国财政学会绩效管理专委会副主任委员张依群也对《证券日报》记者表示，当前我国经济正处于结构 转型、技术升级、能量积蓄的发展关键时期，经济要实现稳中求进、稳中求胜的高质量发展，必须要有 强力的政策和资金作为支撑，必须实施积极的财政政策提供坚实保障，财政需要灵活运用"一减一增"原 则，即在连续实施的大规模减税降费政 ...

记者 刘 琪 韩 昱 今日（5月17日），财政部公开招标发行400亿元人民币30年期特别国债，票面利率通过竞争性招标确 定，这期国债从招标结束至2024年5月20日进行分销，5月22日起上市交易。本期国债也正式拉开了本次 万亿元超长期特别国债发行的序幕。 今年《政府工作报告》提出，从今年开始拟连续几年发行超长期特别国债，专项用于国家重大战略实施 和重点领域安全能力建设，今年先发行1万亿元。根据财政部发布的2024年超长期特别国债发行有关安 排，今年拟发行超长期特别国债的期限分别为20年、30年、50年，付息方式均为按半年付息。 事实上，我国曾在1998年、2007年和2020年分别发行过三次特别国债，对经济社会稳定向好发展产生了 积极影响。那么，当前我国为何要发行超长期特别国债？本轮超长期特别国债"特别"之处在哪？货币政 策又将如何配合？《证券日报》记者就上述问题采访了多位业内专家。 "发行超长期特别国债既保增长，又促创新；既利当前，又惠长远；既可助力实体经济，又可推进国家 中长期战略布局。"中国商业经济学会副会长、华德榜创始人宋向清在接受《证券日报》记者采访时认 为，这次发行超长期特别国债具有战略性、综合性 ...

Core Insights - The 20-year ultra-long special treasury bonds launched on May 27 have seen a higher subscription enthusiasm compared to the previous 30-year bonds, with banks like China Merchants Bank and Zheshang Bank selling out their quotas within a short time frame [1][2] Subscription Performance - The issuance quota for both the 20-year and 30-year bonds was set at 5 billion yuan, but the 20-year bonds sold out in approximately 25 minutes, while the 30-year bonds took until 3:30 PM to sell out [2] - Zheshang Bank's previous 30-year bond had a quota of 15 million yuan and sold out by 1:30 PM on the same day, indicating a significant increase in demand for the 20-year bonds [2] - Investors' purchase amounts varied widely, ranging from 30,000 yuan to over 1 million yuan, reflecting diverse investor interest [2] Market Dynamics - The 20-year bonds are expected to experience price volatility post-listing, similar to the 30-year bonds, but the overall impact on the bond market is anticipated to be limited [3][6] - The fixed interest rate for the 20-year bonds is set at 2.49%, with interest payments made semi-annually [3] - The bonds are sensitive to interest rate fluctuations, leading banks to assign higher risk ratings, with China Merchants Bank rating it R3 and Zheshang Bank R2 [3] Trading Environment - After listing, investors can trade the bonds in the interbank market or transfer them to brokerage accounts for exchange market trading [3] - The trading volume for the 30-year bonds was low, indicating potential liquidity issues in the secondary market [4] - The market is expected to adapt to increased supply of ultra-long special treasury bonds, with monthly issuance rising from 200 billion to 600 billion yuan to a range of 800 billion to 1.6 trillion yuan from May to November [7]

Group 1 - The issuance of new special bonds has significantly accelerated since May, with 100 new bonds issued by May 28, totaling 299.06252 billion yuan, which is more than three times the issuance in April [1] - From January to April, the issuance of new special bonds was 567.8138 billion yuan, 3465.8818 billion yuan, 2307.5479 billion yuan, and 883.2398 billion yuan respectively, surpassing 1 trillion yuan in total for the year [1] - Key investment areas for the special bonds include municipal and industrial park infrastructure, transportation infrastructure, and public services [1] Group 2 - From January to April, fixed asset investment (excluding rural households) reached 14,340.1 billion yuan, with a year-on-year growth of 4.2%, while infrastructure investment grew by 6.0%, outpacing overall investment growth [2] - Notable growth rates in specific sectors include 24.6% in air transport, 19.5% in railway transport, 16.1% in water management, and 14.1% in information transmission [2] - The issuance of long-term special government bonds and the expansion of new special bond issuance are expected to increase available funds for fiscal spending, indicating a continued focus on stable growth in fiscal policy [2][3] Group 3 - The National Development and Reform Commission (NDRC) has completed the selection of approximately 38,000 projects for local government special bonds, with a demand of about 5.9 trillion yuan for 2024, laying a solid foundation for this year's issuance [3] - A recent meeting of the Central Political Bureau emphasized the need to accelerate the issuance and utilization of special bonds to maintain necessary fiscal spending intensity [3] - The NDRC has indicated that the issuance of special bonds will be accelerated to support economic growth and major project construction [3]

Core Viewpoint - The issuance of the 50-year ultra-long special government bonds aims to stimulate market vitality and enhance economic growth potential, with a total planned issuance of 1 trillion yuan this year [1][2]. Group 1: Bond Issuance Details - The 50-year ultra-long special government bond has a planned issuance of 35 billion yuan, with an actual issuance amount of 35 billion yuan [1]. - The coupon rate for this bond is set at 2.53%, with interest payments made semi-annually on June 15 and December 15 each year [1]. - This is the first issuance of a 50-year ultra-long special government bond this year, with previous issuances having a maximum term of 30 years [1]. Group 2: Future Issuance Plans - In 2024, ultra-long special government bonds will include 20-year, 30-year, and 50-year terms, with a total of 22 issuances planned [2]. - The 50-year bonds will be issued three times, with the next two issuances scheduled for August and October [2]. - In June, there will be four issuances of ultra-long special government bonds, including the 50-year bond and renewals of the 30-year bond [2]. Group 3: Market Impact and Investor Considerations - The issuance of ultra-long special government bonds is expected to enhance market expectations and boost confidence in economic development [1]. - Investors, both institutional and individual, are encouraged to consider their financial arrangements and risk tolerance when purchasing bonds of different maturities [2]. - The issuance schedule and interest rate risks vary across different maturities, necessitating a comprehensive evaluation by investors [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice to support large-scale equipment upgrades and the trade-in of consumer goods, allocating approximately 300 billion yuan in special long-term bonds for this purpose [1] Group 1: Equipment Upgrade Support - The notice emphasizes optimizing the support methods for equipment upgrade projects, with a focus on increasing funding for large-scale equipment updates through special long-term bonds [1] - The support will extend to various sectors including industrial, environmental infrastructure, transportation, logistics, education, cultural tourism, and healthcare, as well as energy, old elevators, and key industries for energy conservation and carbon reduction [1] - The application threshold for special long-term bond funding has been lowered, removing the previous requirement for total project investment to be no less than 100 million yuan, thereby supporting small and medium-sized enterprises [1] Group 2: Project Approval and Efficiency - The NDRC will support relevant projects through investment subsidies and simplify the application and approval processes to enhance operational efficiency [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have announced measures to support large-scale equipment upgrades and the replacement of consumer goods, with a funding allocation of approximately 300 billion yuan to stimulate economic growth and enhance industrial modernization [1][4]. Group 1: Funding and Support Measures - The total funding support for equipment upgrades is set at 300 billion yuan, with nearly 150 billion yuan specifically allocated for equipment updates [3][4]. - The measures aim to lower barriers for small and medium-sized enterprises (SMEs) by removing the requirement for project investments to exceed 100 million yuan and optimizing application conditions [3][4]. - The support scope has been expanded to include old elevators and energy sectors, with plans for dynamic adjustments based on actual conditions [3][4]. Group 2: Impact on Consumption - In the first half of the year, investment in equipment and tools increased by 17.3%, contributing 54.8% to overall investment growth [2]. - The measures are expected to positively impact the consumer market, particularly in the automotive and home appliance sectors, with significant increases in subsidy standards for vehicle scrappage and home appliance replacement [6][7]. - The subsidy for scrapping and updating vehicles has been increased to 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles, representing over a 100% increase [7]. Group 3: Consumer Rights and Market Regulation - The State Administration for Market Regulation emphasizes the importance of protecting consumer rights in the implementation of the replacement policies, ensuring product quality and safety [8]. - The administration will focus on key consumer goods, urging manufacturers to establish quality management systems and adhere to safety standards [8].

Core Viewpoint - The issuance of 1 trillion yuan in ultra-long-term special government bonds in 2024 is significant for funding major projects, stabilizing economic growth expectations, and enhancing market confidence [1][2][3]. Group 1: Issuance Details - The third issuance of the 2024 ultra-long-term special government bonds was completed on November 15, with a face value of 50 billion yuan and an annual yield of 2.27% [1]. - A total of 22 issuances of ultra-long-term special government bonds occurred this year, with 3,000 billion yuan for 20-year bonds, 6,000 billion yuan for 30-year bonds, and 1,000 billion yuan for 50-year bonds [2]. Group 2: Economic Impact - The issuance of these bonds is aimed at supporting national strategic implementations and key areas such as infrastructure and technological innovation, effectively driving domestic demand and promoting high-quality development [3][5]. - The bonds help optimize the debt structure, enhance the central government's leverage, and reduce local government debt risks, thereby alleviating the investment burden on local governments [2][3]. Group 3: Future Plans - The government plans to continue issuing ultra-long-term special government bonds in 2025 to support major national strategies and enhance competitiveness and security [5]. - The ongoing issuance is expected to further stabilize economic growth and bolster international market confidence in the Chinese economy [5].

Core Insights - The "Two New" policies have effectively boosted consumption demand, expanded effective investment, promoted transformation and upgrading, and improved social welfare, contributing significantly to the economic recovery [1][5][7] Group 1: Policy Impact - As of July 16, 2.8 billion people have applied for subsidies under the consumption upgrade program, leading to sales exceeding 1.6 trillion yuan [4] - Retail sales of major appliances and audio-visual equipment increased by 30.7%, while retail sales of passenger cars grew by 10.8%, driving a 5% year-on-year increase in total retail sales of consumer goods [4][5] - The investment in equipment and tools rose by 17.3%, significantly outpacing overall investment growth [4] Group 2: Mechanisms and Coordination - A robust coordination mechanism between central and local governments, as well as across departments, has enhanced the efficiency of policy implementation [6][7] - The Ministry of Finance has mandated that provincial finance departments finalize funding allocation plans within 30 days of receiving budget indicators, improving the speed of fund distribution [6] - Multi-department collaboration has ensured market regulation and quality control, effectively preventing fraudulent activities [6][7] Group 3: Future Outlook - The scale of special long-term bonds for equipment upgrades is set to increase to 200 billion yuan by 2025, expanding into new sectors such as electronic information and agricultural facilities [5][8] - The third batch of 69 billion yuan in special long-term bond funds has been allocated, with a fourth batch expected in October, indicating ongoing support for consumption and supply [8] - The "Two New" policies are anticipated to create a solid foundation for sustainable economic growth by enhancing the supply-demand balance [8]

Core Viewpoint - The "Two New" policies have effectively stimulated consumption demand, expanded effective investment, promoted transformation and upgrading, and improved social welfare, contributing significantly to the economic recovery [1][5]. Group 1: Consumption and Investment Impact - As of July 16, 2.8 billion people have applied for subsidies under the consumption upgrade program, leading to sales exceeding 1.6 trillion yuan [4]. - Retail sales of major household appliances and related products saw year-on-year growth rates of 30.7%, 25.4%, 24.1%, and 22.9%, while passenger car retail volume increased by 10.8%, contributing to a 5% year-on-year growth in total retail sales of consumer goods [4]. - Investment in equipment and tools rose by 17.3% year-on-year, significantly outpacing overall investment growth [4]. Group 2: Policy Mechanism and Coordination - The "Two New" policy focuses on creating a dynamic balance between supply and demand, emphasizing the importance of upgrading consumption through targeted subsidies for durable goods [6]. - A robust coordination mechanism among central and local governments, as well as across departments, has been established to enhance policy execution efficiency [7]. - The fiscal department mandates that provincial financial departments finalize funding allocation plans within 30 days of receiving budget indicators, significantly improving the speed of fund distribution [7]. Group 3: Innovation and Local Implementation - Local governments are actively exploring unique implementation strategies, creating a tripartite benefit structure involving the central government, local authorities, and enterprises [8]. - The policy has evolved from mere promotion to intensified support, with an expanding coverage and increasing impact on the economy [8]. - The integration of long-term special bonds with tax incentives and financial credit has created a positive feedback loop for funding, technology, and production capacity [8]. Group 4: Future Outlook and Continued Support - Recent announcements indicate a commitment to further enhance the effectiveness of the "Two New" policies, focusing on key products and equipment while ensuring strict supervision and risk prevention [9]. - The third batch of 69 billion yuan in long-term special bond funds has been allocated, with a fourth batch expected to follow in October, reinforcing the dual approach of stimulating consumption and strengthening supply [9]. - The ongoing efforts are anticipated to inject vitality into the current economy and lay a solid foundation for sustainable economic growth in the future [9].