Core Points - The first re-issuance of the 2025 ultra-long special government bonds (fifth phase) has been completed with a total face value of 83 billion yuan [1] - The re-issuance price determined through the bidding process is 98.42 yuan, which translates to an annual yield of 1.97% [1] - The re-issuance portion will be distributed from the end of the bidding until July 25, and will be merged with the original issuance of 83 billion yuan for trading starting July 29 [1]

Core Viewpoint - The successful completion of the old elevator replacement project in Kunshan, Jiangsu, highlights the effective use of ultra-long-term special government bonds to support urban renewal and improve residents' quality of life [4][5][6]. Group 1: Project Overview - The Kunshan government initiated a plan to utilize ultra-long-term special bonds for the replacement of old elevators, securing 329 million yuan for the first batch of projects, which includes over 2,100 elevators across 147 communities [4][7]. - The project achieved a 100% signing rate for the replacement of over 2,100 elevators, with the first batch starting in December 2024 [4][6]. - The project was completed in a timely manner, with the first elevator replacement taking only about 15 days, significantly improving the residents' living conditions [6][10]. Group 2: Company Involvement - KONE Elevator was responsible for the majority of the elevator replacements, completing 2,106 units, which accounted for approximately 96% of the project [4][9]. - KONE's long-standing presence in Kunshan, with nearly 30 years of operations, contributed to its selection for the project, as it had established a strong local reputation [4][9]. - The company implemented innovative flexible production lines to adapt to various elevator specifications, enabling the completion of the project within eight months [9]. Group 3: Market Potential - The demand for replacing old elevators is increasing nationwide, with approximately 900,000 elevators over 15 years old identified as needing replacement by the end of 2024 [6][10]. - The ultra-long-term bond policy is expected to alleviate local financial pressures and stimulate growth in the elevator industry, as well as urban renewal projects [5][7]. - KONE and other leading elevator companies are actively engaging in projects supported by ultra-long-term bonds, indicating a growing market opportunity [7][10]. Group 4: Technological Advancements - KONE's updated elevators incorporate advanced safety features and energy-saving technologies, achieving a significant reduction in energy consumption and operational noise [10]. - The elevators are equipped with predictive maintenance capabilities, which can reduce equipment failure rates by approximately 55% and minimize the risk of entrapment by 40% [10]. - The project has set a benchmark for future elevator replacement initiatives across the country, showcasing a model that combines safety, efficiency, and resident satisfaction [4][10].

Group 1 - The issuance of ultra-long-term special government bonds in 2025 has reached a total scale of 1.23 trillion yuan, with over half of the planned issuance completed by mid-July 2023 [1] - The total planned issuance for ultra-long-term special government bonds this year is 1.3 trillion yuan, an increase of 300 billion yuan compared to the previous year [1] - The issuance progress of ultra-long-term special government bonds has reached 52%, with 678 billion yuan issued as of July 18, 2023 [1] Group 2 - In the second quarter, China issued 9 tranches of ultra-long-term special government bonds totaling 555 billion yuan, with plans for 11 tranches in the third quarter [2] - The issuance in the third quarter is expected to maintain a rapid growth rate, aiming to support major project construction and stimulate economic growth [2] - The issuance of ultra-long-term special government bonds is expected to provide significant funding for infrastructure and strategic industries, creating more job opportunities and stimulating consumer demand [2][3] Group 3 - The issuance of ultra-long-term special government bonds contributes to stable and sustainable investment increments, supporting economic stability and growth [3] - It also aids in stabilizing employment and ensuring basic livelihoods by expanding job opportunities through investment [3] - The issuance is seen as a strong support for structural adjustment and development, laying a solid foundation for future economic stability and high-quality growth [3]

Core Viewpoint - The article highlights the resilience and growth of the Chinese economy, with a GDP growth of 5.3% in the first half of the year, surpassing market expectations, and emphasizes the importance of policy support and the vitality of the private sector in driving economic development [1][2]. Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, while the CPI decreased by 0.1%, indicating a stable economic environment despite external uncertainties [1]. - The core CPI increased by 0.4% year-on-year in June, reflecting a slight inflationary pressure [1]. Policy Impact - The article discusses the positive effects of macro and micro policies on economic growth, particularly the easing of regulatory burdens that allow the private sector to thrive [2][3]. - Recent policy changes, such as the removal of certain approval requirements for public events and commercial activities, are seen as steps towards reducing bureaucratic obstacles and fostering economic growth [2]. Private Sector Vitality - The resilience of the private economy is highlighted, with examples of innovation in sectors like pharmaceuticals and artificial intelligence, showcasing the potential for high-quality economic development [1][2]. - The article argues that a more relaxed regulatory environment will enable the private sector to flourish, contributing significantly to overall economic performance [2][3]. Demand and Supply Dynamics - The article points out that while M2 and social financing are high, effective consumer demand remains insufficient to absorb the increased supply, leading to potential risks of low-efficiency assets [3]. - It emphasizes the need for a balanced approach to economic stimulus, ensuring that interventions do not harm the intrinsic growth potential of the economy [3]. Recommendations for Improvement - A suggestion is made to allocate part of the special long-term bonds to social welfare, which could enhance residents' disposable income and stimulate market consumption [4]. - The article advocates for a focus on simplifying regulations and reducing taxes to revitalize the private economy, thereby creating a conducive environment for sustainable growth [4].

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, exceeding market expectations, while CPI decreased by 0.1% [1] - The resilience of the Chinese economy is attributed to both macro and micro policies, as well as the inherent strength and growth momentum of the economy [1] Private Sector Dynamics - The vitality of the private economy is crucial for economic recovery, with recent policy relaxations indicating a shift towards less regulatory burden [2] - Examples of policy easing include the removal of approval requirements for large public events and simplified approval processes for commercial performances [2] Market Environment - The establishment of a unified national market and a legal business environment is essential for fostering economic growth [3] - Current macroeconomic indicators show a need for balance between stimulating growth and avoiding detrimental interventions [3] Recommendations for Economic Support - A proposal suggests allocating part of the special long-term bonds to social welfare to enhance residents' disposable income, which could stimulate market consumption [4] - The focus should be on creating a conducive environment for private sector growth through reduced regulatory constraints and lower taxes [4]

Core Viewpoint - The issuance of 1.3 trillion yuan of ultra-long-term special government bonds is accelerating to stabilize investment, promote consumption, and support economic growth in response to complex domestic and international situations [1][2]. Group 1: Bond Issuance Details - On July 14, the Ministry of Finance successfully issued two batches of ultra-long-term special government bonds totaling 123 billion yuan, with a 20-year bond at a 1.92% interest rate and a 30-year bond at a 1.90% interest rate [1]. - The total planned issuance for 2025 is 1.3 trillion yuan, with 678 billion yuan already issued as of July 14, leaving 622 billion yuan pending issuance [2]. Group 2: Funding Allocation - Of the 1.3 trillion yuan, 800 billion yuan is allocated for "two major" construction projects, including infrastructure and ecological protection, while 300 billion yuan is designated for consumer goods replacement and 200 billion yuan for equipment updates [2][3]. - The "two major" projects support 1,459 initiatives across various sectors, including ecological restoration and major transportation infrastructure [3]. Group 3: Consumer Goods Replacement Program - The consumer goods replacement program has seen over 1.4 trillion yuan in sales since the beginning of the year, with significant growth in retail sales of home appliances and other categories [5]. - The government plans to ensure the orderly implementation of the consumer goods replacement policy throughout the year, with funding allocations being made monthly and weekly [4].

Group 1 - The core viewpoint is that infrastructure investment growth is expected to expand to 6% for the entire year due to various factors [1] - The issuance of ultra-long special government bonds will effectively increase investment in key infrastructure areas such as national railways, water conservancy, and safety [1] - Local new infrastructure investment is anticipated to expand, supported by central fiscal transfer payments and large-scale local government debt [1] Group 2 - There will be an appropriate advance in the layout of digital economy infrastructure investments across various regions [1] - The urban village renovation plan and rural infrastructure construction will extend into rural areas, contributing to the overall investment growth [1]

Economic Growth - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The GDP growth for the second quarter was 5.2%, exceeding market expectations of 5.07% [2][3] - The quarterly GDP growth rates were 5.4% for Q1 and 5.2% for Q2, with a quarter-on-quarter growth of 1.1% in Q2 [2] Industrial Performance - In June, the industrial added value increased by 6.8% year-on-year, accelerating by 1 percentage point from the previous month [4] - The overall industrial added value for the first half of the year grew by 6.4% year-on-year, with significant contributions from the manufacturing sector, which grew by 7.0% [4] - High-tech manufacturing saw a growth of 9.5%, outpacing the overall industrial growth by 3.1 percentage points [4] Consumer Market - In June, the retail sales of consumer goods grew by 4.8%, a decrease of 1.6 percentage points from the previous month [4] - The total retail sales for the first half of 2025 reached 24,545.8 billion yuan, with a year-on-year growth of 5.0% [4] - The "old-for-new" policy significantly boosted the retail sales of major home appliances, with a year-on-year increase of 28.0% in Q2 [5] Investment Trends - Fixed asset investment (excluding rural households) for the first half of 2025 was 24,865.4 billion yuan, with a year-on-year growth of 2.8% [5] - Infrastructure investment grew by 4.6%, while real estate development investment declined by 11.2% [5] - The investment landscape showed a divergence, with manufacturing slowing down, infrastructure maintaining resilience, and real estate continuing to struggle [6] Policy and Outlook - The Chinese government is implementing more proactive counter-cyclical policies to stabilize the economy amid external uncertainties [3][6] - The issuance of long-term special bonds is expected to boost infrastructure investment in key areas such as railways and water conservancy [6] - Overall, the macroeconomic policies are showing effectiveness, with a focus on strengthening domestic demand and ensuring stable economic growth [6]

Core Viewpoint - The issuance of 1.3 trillion yuan of ultra-long-term special government bonds is progressing rapidly, aimed at stabilizing investment, promoting consumption, and supporting economic growth [1][2]. Group 1: Bond Issuance Details - As of July 14, 2023, the Ministry of Finance has issued a total of 678 billion yuan in ultra-long-term special government bonds, with 622 billion yuan remaining to be issued [2][3]. - The bonds include two phases: the fourth phase with a scale of 40 billion yuan and a 20-year term at a 1.92% interest rate, and the fifth phase with a scale of 83 billion yuan and a 30-year term at a 1.90% interest rate [1][2]. Group 2: Funding Allocation - Of the 1.3 trillion yuan, 800 billion yuan is allocated for "two major" constructions, focusing on infrastructure and ecological projects, while 300 billion yuan is designated for consumer goods replacement and 200 billion yuan for equipment updates [2][3]. - The "two major" projects include significant investments in areas such as high-standard farmland construction, ecological protection, and urban infrastructure [2]. Group 3: Impact on Consumption - The consumer goods replacement policy has led to over 1.4 trillion yuan in sales of related products since the beginning of the year, indicating a strong market response [4]. - Retail sales in categories such as home appliances and communication equipment have seen significant year-on-year growth, contributing to an increase in overall social retail sales [5].

智通财经7月14日电，2025年超长期特别国债（四期）（以下称本期国债）已完成招标工作。根据国债 发行有关规定，现将有关事项公告如下：本期国债计划发行400亿元，实际发行面值金额400亿元。本期 国债期限20年，经招标确定的票面利率为1.92%，2025年7月15日开始计息，招标结束后至7月15日进行 分销，7月17日起上市交易。 2025年超长期特别国债（四期）完成招标 实际发行面值金额400亿元 ...