Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report focuses on the differentiation between the upstream of the agricultural industry and the mid - stream of the chemical industry, and provides an overview of mid - view events and industry trends [1][2] Group 3: Summary by Directory 1. Mid - view Event Overview Production Industry - On March 30, the World Data Organization was established in Beijing, aiming to promote global data cooperation and governance, and explore efficient exchange and reasonable utilization of data. It covers 14 industries and has a global layout and a diversified membership ecosystem [1] - On March 30, the State Administration for Market Regulation issued a notice on further implementing the Anti - Unfair Competition Law of the People's Republic of China, aiming to comprehensively rectify "involution - style" competition in key industries such as platform economy, photovoltaic, lithium batteries, and new energy vehicles [1] Service Industry - Hangzhou issued an optimized housing provident fund use policy, which will take effect on April 1, 2026. The maximum housing provident fund loan amount will be increased from 1.3 million yuan to 1.8 million yuan, and the calculation multiple of the individual loanable amount will be adjusted from 15 times to 20 times [1] 2. Industry Overview Upstream - In the non - ferrous metals sector, copper and zinc prices have slightly rebounded - In the agricultural sector, egg prices continue to rise, while pork prices decline - In the energy sector, international crude oil prices have slightly declined [2] Mid - stream - In the chemical industry, the PX operating rate has declined, the polyester operating rate is at a low level, and the PTA operating rate has increased - In the energy sector, the coal consumption of power plants is at a medium level - In the agricultural sector, the operating rate of pig products has increased [2] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities have slightly declined - In the service sector, the number of domestic flights has declined [2] 3. Key Industry Price Index Tracking - The report provides price data for various industries such as agriculture, non - ferrous metals, energy, chemical, and real estate on March 30, including prices of products like corn, eggs, copper, crude oil, etc., along with their year - on - year changes and trends in the past 5 days [34]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report focuses on the differentiation in the upstream sectors of energy and non - ferrous metals, and provides an overview of mid - view events and the industry situation [1][2]. 3. Summary by Related Catalogs Mid - view Event Overview - **Production Industry**: By the end of 2025, over 100,000 high - quality data sets were built in China. By March 2026, the daily average Token call volume exceeded 140 trillion, a more than 1000 - fold increase from the beginning of 2024 and a 40% increase from the end of 2025 [1]. - **Service Industry**: The Medium - term Lending Facility (MLF) has been increased and renewed for 13 consecutive months. On March 25, 2026, a 500 - billion - yuan MLF operation with a 1 - year term will be carried out. Chengdu and Wuhan have introduced housing - related policies, including increasing the maximum loan amount and soliciting opinions on the implementation rules for off - site personal housing loans [1]. Industry Overview - **Upstream**: Copper, aluminum, and nickel prices in the non - ferrous sector, natural rubber prices in the agricultural sector, and crude oil prices in the energy sector have declined, while natural gas prices in the energy sector have risen [2]. - **Midstream**: The PX operating rate in the chemical sector has declined, the PTA operating rate has increased, power plant coal consumption in the energy sector has decreased, and the operating rate of pig products in the agricultural sector has increased [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined, and the number of domestic and international flights is at a high level compared to the same period [3].

Monetary Policy Operations - The People's Bank of China conducted a 320.5 billion yuan 7-day reverse repurchase operation, resulting in a net withdrawal of 79.5 billion yuan after 400 billion yuan of 14-day reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments showed a slight decline, with the overnight Shibor down by 1.00 basis points to 1.3680%, the 7-day Shibor down by 4.00 basis points to 1.4570%, and the 14-day Shibor down by 4.20 basis points to 1.5290% [1] Interbank Repo Market - In the interbank pledged repo market, all varieties experienced a slight decline, with R007 transaction share rising to 13.9%. The weighted average rates for DR001 and R001 decreased by 1.7 basis points and 3.8 basis points, respectively, to 1.3667% and 1.4270%, with transaction volumes decreasing by 45.1 billion yuan and 166.6 billion yuan [4] - The weighted average rates for DR007 and R007 fell by 2.3 basis points and 2.5 basis points, respectively, to 1.4833% and 1.5624%, with transaction volumes increasing by 41.5 billion yuan and 59.9 billion yuan [4] Funding Market Conditions - The overall funding environment on February 26 was balanced and slightly loose, with active overnight and cross-month lending from major banks. The overnight pledged rate for certificates of deposit traded around 1.55%, while cross-month rates were around 1.62% for 4-day and 1.58%-1.60% for 7-day [7] - By midday, the funding conditions remained loose, with overnight pledged rates dropping to around 1.45% and cross-month rates stabilizing [7] Interbank Certificate of Deposit Market - The secondary market for certificates of deposit was relatively quiet, with short-term yields continuing a slight downward trend. The 1-month national bank rate ended at approximately 1.505%, down by 1.5 basis points, while the 3-month and 6-month rates remained stable [8] - The yield spread between 1-year and 1-month certificates widened by 0.5 basis points to 8.5 basis points, indicating a slight change in the yield curve dynamics [8] Banking Sector Developments - Industrial and Commercial Bank of China reported record trading volumes during the Spring Festival holiday, with a nearly 9% increase compared to historical peaks. Payment transaction volumes also saw significant growth, with a 44% year-on-year increase in quick payment transactions [10] - The Changchun Housing Provident Fund Management Committee announced adjustments to housing provident fund policies to better meet public housing needs, particularly for flexible employment individuals [10]

Core Insights - Nanjing government has implemented policies to accelerate the cultivation of new productive forces and promote high-quality development in the real estate sector, including integrating existing inventory commercial housing into a "housing ticket supermarket" for citywide exchange [1] - The policy aims to meet various housing demands, particularly for families with multiple children, by increasing the monthly limit for housing fund withdrawals for rent by 20% [1][2] - The initiative is expected to convert idle commercial housing into resettlement housing, facilitating inventory digestion and alleviating developers' cash flow issues [1] Group 1 - Nanjing's policy includes the promotion of "electronic housing tickets" and "citywide exchange" mechanisms to enhance the circulation of housing resources [1] - The 2023 national housing fund report indicates that the total amount withdrawn for purchasing, building, and renovating self-occupied housing reached 484.09 billion yuan, accounting for 18.22% of total withdrawals [1] - The cumulative housing fund loans across the country reached 7,806.07 billion yuan in 2023, suggesting potential for cross-regional collaboration to further release housing demand in the Yangtze River Delta [1] Group 2 - The policy adjustments in Nanjing are expected to increase monthly rent payment limits for families, aligning with the national policy direction to support rigid and improved housing needs [2] - The increase in withdrawal limits specifically benefits families with multiple children, easing their financial burden [2] - The allowance for intergenerational withdrawals expands the coverage of housing fund access to more family members [2]

Core Viewpoint - Hefei Housing Provident Fund Management Center has announced the continuation of the policy to support the withdrawal of housing provident funds for down payments on new homes, aimed at alleviating the financial burden on employees purchasing new homes [1] Group 1: Policy Details - The policy allows contributors to withdraw funds from their own and their spouse's housing provident fund accounts to pay for down payments on newly built commercial housing in Hefei [1] - The withdrawal amount cannot exceed the balance in the housing provident fund account and must not exceed the down payment amount for the new home [1] - This policy will be effective from January 1, 2026, and will last for five years [1]

Group 1 - The Ministry of Housing and Urban-Rural Development plans to start the renovation of 25,000 old urban residential communities nationwide in 2025, with 24,300 already initiated from January to September 2025 [1] - Eleven regions, including Hebei, Liaoning, Jilin, Shanghai, Jiangsu, Anhui, Hainan, Chongqing, Shaanxi, Qinghai, and Xinjiang Production and Construction Corps, have completed their annual renovation plans for old urban residential communities [1] Group 2 - Hubei Province has issued a notice to optimize the use of housing provident funds, allowing contributors and their direct relatives to withdraw funds for various renovation projects, including the installation of elevators in old residential buildings and green energy upgrades [2] Group 3 - Vanke A has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, to secure a borrowing limit of up to 22 billion yuan, which includes both existing and future loans [3] Group 4 - China Resources Land Holdings has announced a leadership change, with Xu Rong appointed as the new chairman, while Zhao Wei takes on the roles of director, financial director, and information disclosure officer [4] Group 5 - According to a report by the China Index Academy, the average price of new residential properties in 100 cities increased by 0.28% month-on-month to approximately 17,000 yuan per square meter, while the average price of second-hand residential properties decreased by 0.84% to 13,300 yuan per square meter [5]

Group 1: Urban Renewal and Housing Policies - In 2025, a total of 25,000 urban old residential areas are planned for renovation, with 24,300 already started from January to September 2025 [1] - Hubei province has introduced a policy allowing direct relatives of contributors to withdraw housing provident funds for various renovation projects, including old residential area upgrades and energy-efficient modifications [2] Group 2: Financial Developments - Vanke A has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, for a borrowing limit of up to 22 billion yuan, which includes both existing and future loans [3] Group 3: Leadership Changes - Xu Rong has been appointed as the chairman of China Resources Land Holdings, replacing Li Xin, while Zhao Wei takes on the roles of director and financial director [4] Group 4: Real Estate Market Trends - The average price of new residential properties in 100 cities has increased by 0.28% month-on-month, reaching approximately 17,000 yuan per square meter, while the average price of second-hand residential properties has decreased by 0.84% to 13,300 yuan per square meter [5]

Group 1 - Wang Yi had a phone call with US Secretary of State Rubio [1] - The China Securities Regulatory Commission (CSRC) issued opinions on strengthening the protection of small and medium investors in the capital market [1] - The CSRC released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system [1] Group 2 - Wu Qing announced the initiation of deepening reforms in the Growth Enterprise Market (GEM) [1] - Pan Gongsheng stated that the People's Bank of China will resume open market operations for government bonds [1] - Li Yunzhe emphasized the need to steadily and orderly promote the merger and restructuring of small financial institutions, focusing on quality over quantity [1] Group 3 - Zhu Hexiong indicated that nine new policy measures will be introduced soon to further promote trade innovation and development [1] - The China Interbank Market Dealers Association will enhance the regulatory work on the fundraising of debt financing instruments [1] - In the first three quarters of this year, China's foreign-related income and expenditure reached a record high of 1.16 trillion USD [1] Group 4 - Since October, various regions have introduced 16 policies related to housing provident funds [1]

Core Insights - Shenzhen's housing provident fund policy will temporarily increase the rental withdrawal ratio to 100% until October 31, 2025, after which it will be adjusted to 80% of the monthly contribution for non-homeowners from November 1, 2025, to October 31, 2027 [1][2] - As of September 28, 2023, the total accumulated housing provident fund in Shenzhen has surpassed 1 trillion yuan, reflecting a significant growth from 218 billion yuan in 2011 to over 1 trillion yuan in 2025, with an average annual growth rate in double digits over 15 years [1][2] Group 1: Policy Changes - The adjustment in the rental withdrawal ratio is part of the "Shenzhen Consumption Promotion Special Action Implementation Plan" aimed at stimulating housing demand [1] - Other cities are also adjusting their housing provident fund policies, with over 30 cities implementing new policies to allow the use of provident funds for down payments this year [2] Group 2: Demographics and Market Trends - Shenzhen's housing provident fund system has a broad coverage, including non-public enterprises and flexible employment groups, which is relatively advanced compared to other regions [2] - The average first-time home purchase age in Shenzhen is approximately 38 years, indicating that many young residents have not yet entered the housing market, reducing immediate demand for provident fund loans [2]

Core Viewpoint - Nanjing Housing Provident Fund Management Center has introduced targeted support policies for multi-child families to address housing difficulties and improve living quality [1] Rental Support - For multi-child families without housing in the city, the monthly limit for withdrawing housing provident fund to pay rent has been increased by 20% - The annual withdrawal limit for these families is set at 51,840 yuan [1] Purchase Support - For multi-child families meeting the housing provident fund loan conditions, the maximum loan amount has been raised by 20% - If the family purchases new green two-star or above or improved commercial housing, the loan amount can be increased by an additional 20% - The maximum loan limit is 1.16 million yuan per person and 1.44 million yuan per household [1]