Inflation Data Summary - February CPI increased to 1.3% year-on-year, up from 0.2% in January and exceeding the expected 0.9%[1] - February PPI recorded a year-on-year decline of -0.9%, an improvement from -1.4% in January, with a month-on-month increase of 0.4%[1][7] Key Drivers of Inflation - The rise in February CPI was primarily driven by the timing of the Spring Festival and a significant increase in service CPI, which rose by 1.1% month-on-month[3] - Core service CPI showed strong performance, with notable price increases in airfares (31.1%), vehicle rentals (24.7%), travel agency fees (15.8%), and accommodation (7.3%)[3][15] PPI Analysis - The year-on-year increase in PPI was influenced by rising international prices of non-ferrous metals and crude oil, contributing 0.4% to the month-on-month PPI increase[2][8] - Domestic coal and steel prices had minimal impact on PPI, contributing 0% to the month-on-month change[2][10] Future Outlook - If international oil prices remain above $100 per barrel, PPI could return to around 0% year-on-year in March and potentially turn positive in April, with an annual forecast adjustment to 0.2%[4][27] - CPI forecast for the year has been revised upward to approximately 0.8%, driven by oil price transmission and improved service consumption[4][27] Risks - Potential risks include tighter-than-expected food supply and energy supply constraints due to geopolitical factors[5][44]

Core Viewpoints - February inflation "exceeded expectations" due to input factors and improvement in service consumption [2][67] - February PPI year-on-year "exceeded expectations" driven by rising international prices of non-ferrous metals and crude oil, with a month-on-month increase of 0.4% [2][67] - The increase in copper smelting prices is attributed to strong demand from AI-related industries, contributing significantly to PPI growth [2][67] PPI Analysis - February PPI year-on-year was -0.9%, an increase of 0.5 percentage points from the previous month [39] - The rise in PPI is primarily driven by non-ferrous metal prices, with copper smelting prices increasing by 3.7% month-on-month [67] - International oil prices also contributed to PPI growth, with a month-on-month increase of 0.2% [67] CPI Analysis - February CPI showed a significant rebound, rising 1.1 percentage points month-on-month to 1.3%, influenced by the timing of the Spring Festival [3][68] - Service CPI increased by 1.1% month-on-month, outperforming previous years during the Spring Festival [3][68] - Core service CPI saw substantial increases in prices for air tickets, transportation rentals, travel agency fees, and accommodation [3][68] Food and Core Goods CPI - Food CPI increased by 2.4 percentage points year-on-year to 1.7%, but the month-on-month increase of 1.9% was below the previous year's performance [25][68] - Core goods CPI remained flat at -1.7% year-on-year, with a month-on-month increase of 0.1% primarily influenced by gold prices [25][68] Future Outlook - The company has revised the PPI and CPI year-on-year central forecast upwards due to input factors and changes in service consumption [4][69] - If international oil prices remain above $100 per barrel, PPI may return to around 0% in March and turn positive in April, with an annual PPI forecast of 0.2% [4][69] - The annual CPI central forecast has been adjusted to approximately 0.8% due to oil price transmission and improvements in service consumption [4][69] Regular Tracking - February CPI and PPI both showed a year-on-year increase [70] - Significant price increases were noted in food items, particularly eggs, which rose by 6.3 percentage points [70] - Non-food CPI categories such as transportation and communication tools also saw marginal increases [70]

Group 1 - The core point of the article highlights the performance of the Nonferrous Metals ETF (512400), which opened down by 2.33% at 2.226 yuan on March 9 [1] - Major holdings in the Nonferrous Metals ETF experienced varied performance, with Zijin Mining down 3.15%, Luoyang Molybdenum down 4.18%, and Northern Rare Earth down 2.21%, while China Aluminum rose by 2.36% [1] - The Nonferrous Metals ETF's performance benchmark is the CSI Shenwan Nonferrous Metals Index return, managed by Southern Fund Management Co., Ltd., with a return of 132.75% since its inception on August 3, 2017, and a return of 5.79% over the past month [1]

Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [5] Core Insights - The aluminum price increased by 4.5% to 24,410 CNY per ton, while tungsten price rose by 15.1% to 919,000 CNY per ton [2][9] - The liquidity indicators show a decrease in SPDR Gold ETF holdings, with the current value at 1,073.32 tons, down 2.54% week-on-week [10] - The construction and real estate sectors are experiencing high furnace capacity utilization rates, reaching the highest level in five years for January-February [19] Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for February 2026 is 48.66, down 3.20% month-on-month [10] - M1 and M2 growth rate difference was -4.1 percentage points in January 2026, with a month-on-month increase of 0.6 percentage points [15] Infrastructure and Real Estate Chain - The national furnace capacity utilization rate increased by 0.96 percentage points week-on-week, with cement and asphalt operating rates also rising [19] - The price changes for major commodities include rebar at -0.94% and cement price index at -0.35% [19] Real Estate Completion Chain - Titanium dioxide and glass prices are at low levels, with titanium dioxide price at 13,400 CNY per ton, up 0.75% week-on-week, and flat glass price at 1,171 CNY per ton, up 1.31% [78] Industrial Products Chain - The national PMI new orders index for February is 48.60% [2] - The price of electrolytic aluminum is 24,410 CNY per ton, with a calculated profit of 7,188 CNY per ton, up 14.72% [9] Valuation Metrics - The Shanghai Composite Index decreased by 1.07%, while the best-performing sector was oil and petrochemicals, up 8.06% [4] - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.54, the highest since 2013 [4]

Core Viewpoint - The article discusses the significant shift in the A-share ETF market, driven by geopolitical conflicts, leading to a substantial inflow of funds into resource-related ETFs, particularly in oil and gas sectors, while core broad-based ETFs experienced notable outflows [3][4][11]. Fund Flows and Market Dynamics - As of March 6, nearly 400 billion yuan was withdrawn from core broad-based ETFs like the CSI 300 and CSI 500, while industry-themed ETFs saw a net inflow of 443.23 billion yuan, indicating a clear trend of funds moving from broad-based to thematic investments [4]. - Oil and gas ETFs emerged as the top performers, attracting over 206 billion yuan in a single week, with several products seeing their shares increase by over 300% [4][5]. - Specific oil and gas ETFs, such as the Guotai CSI Oil and Gas Industry ETF and the Penghua Oil ETF, attracted more than 40 billion yuan each within a few trading days, leading to significant increases in their share volumes [4][5]. Performance of Thematic ETFs - Other sectors, including electric grid, rare metals, and non-ferrous metals, also received substantial investment, with the Huaxia Electric Grid Equipment ETF seeing over 10 billion yuan in net inflows for six consecutive trading days [5]. - The trading activity for these thematic ETFs surged, with the Guotai CSI Oil and Gas Industry ETF recording a weekly trading volume exceeding 225 billion yuan, a 13-fold increase from the previous week [5]. Discrepancies in Fund Performance - There is a notable lag in the performance of some fund connection products compared to their corresponding ETFs, leading to investor confusion regarding the slower net value growth of these connection funds [7][8]. - The differences arise because ETF connection funds are designed to track the net value of the ETFs rather than their trading prices, which can lead to discrepancies during periods of high market volatility [8][9]. Future Market Outlook - The article highlights that geopolitical uncertainties are likely to continue affecting market risk preferences, with expectations of a volatile A-share index [11]. - Strategic resource products are anticipated to benefit from price increases, particularly in the oil and gas sector, which may see prices reach historical highs due to ongoing geopolitical tensions [12][13]. - The demand for rare metals is expected to grow due to their critical role in various industries, while traditional cyclical industries like coal and steel may also present investment opportunities [13].

Report Industry Investment Rating No information provided in the given content. Core View of the Report The report analyzes the market trends of various commodities, including financial futures, shipping, non - ferrous metals, black commodities, energy chemicals, and agricultural products. Geopolitical factors, especially the Middle - East conflict, are the core influencing variables, causing significant price fluctuations in multiple markets. Short - term market volatility is high, and the market is mainly driven by geopolitical news. Summary by Category Financial Futures - **Stock Index**: Overseas risk aversion may be transmitted to the A - share market, but the impact is diminishing. Domestic policy signals during the Two Sessions provide support, and the market is in short - term shock repair. Unexpected policies may drive the stock index to strengthen [2]. - **Treasury Bonds**: The policies of the Two Sessions have a neutral impact on the bond market. If the stock market adjustment intensifies, the bond market may rise due to risk - aversion. Short - term focus should be on the A - share trend and geopolitical situation [2]. Shipping - **Container Shipping on the European Line**: The US - Iran conflict is the core influencing variable, with factors such as blocked shipping in the Strait of Hormuz and postponed Red Sea resumption expectations being positive. However, issues like conflict sustainability, weak demand, and shipping capacity spill - over risks still exist, and short - term market volatility is extremely high [3]. Non - Ferrous Metals - **Platinum & Palladium**: The Middle - East conflict and non - farm data affect interest - rate cut expectations. Supply - side cost increases provide a long - term upward basis, but short - term adjustment risks due to postponed interest - rate cut expectations should be watched [4]. - **Gold & Silver**: The recent weakness of precious metals is due to the Middle - East situation weakening interest - rate cut expectations, leading to higher US dollar and bond yields. Short - term technical corrections after geopolitical risk mitigation should be watched [5]. - **Copper**: Last week, the copper price fell from a high, and this week it will be in a game between high inventory and peak - season expectations. The key window to verify the inventory inflection point is in mid - to late March [5]. - **Aluminum**: Geopolitical conflicts dominate the price trend. The US - Israel - Iran conflict affects aluminum supply in the Middle - East, and the price will show different performances under different conflict scenarios [6]. - **Alumina**: The US - Iran conflict has limited impact on the domestic fundamentals, but it follows the rise of aluminum prices. The medium - to long - term oversupply situation remains unchanged [6]. - **Cast Aluminum Alloy**: It has a strong follow - up relationship with Shanghai aluminum, and has strong support below [7]. - **Zinc**: Supply may be affected by the Iran situation, and demand - side inventory pressure is large. Short - term metal prices may be suppressed [8]. - **Nickel & Stainless Steel**: The annual nickel ore production estimate has limited impact on the industry chain. The first half of the year has a tight quota. The market is in the post - holiday recovery stage, and the peak - season expectation supports downstream demand [9]. - **Tin**: The Iran situation and non - farm data support the metal. Supply is tight, and demand is starting to resume. High inventory suppresses the price, and attention should be paid to the inventory - reduction speed and the development of the Iran situation [10]. - **Lithium Carbonate**: In the short - term, the market's concern about demand has increased, but the long - term downstream demand growth logic remains unchanged [11][12]. - **Industrial Silicon & Polysilicon**: The industry is at the bottom of the current production - capacity cycle, and attention should be paid to the "anti - involution" process and supply - demand optimization signals [12]. - **Lead**: The current supply - demand situation is weak, and the lead price is expected to fluctuate. Attention should be paid to the possible negative feedback on the market during the delivery week [12]. Black Commodities - **Rebar & Hot - Rolled Coil**: The Iran geopolitical conflict drives up the prices of raw materials, forming cost support. After the Two Sessions, the real - estate policy is stable, and the short - term rebound height is limited [13]. - **Iron Ore**: The near - term price has support due to tight tradable resources, but the upside is limited by high supply, weak demand, and long - term geopolitical structural issues [14]. - **Coking Coal & Coke**: Domestic coal mine复产 and increased Mongolian coal customs clearance bring supply pressure. Coke production may increase, but the terminal steel demand restricts price elasticity [15]. - **Ferrosilicon & Silicomanganese**: The short - term cost support is strengthening, but the weak downstream demand and high inventory of steel products limit the upward space [16]. Energy Chemicals - **Crude Oil**: The Middle - East situation is the core trading logic. The US - Iran conflict has led to supply shortages, and the market is highly volatile. Short - term attention should be paid to the Strait of Hormuz navigation and oil - producing countries' inventory changes [17]. - **Fuel Oil**: Chinese exports and the Middle - East conflict affect the Asian gasoline market. The short - term Asian gasoline price difference remains high, and the core drivers are geopolitical situation and Chinese export policies [17]. - **Asphalt**: Supply is expected to increase, and inventory has seasonally accumulated. The asphalt price will follow the cost - end crude oil, and short - term geopolitical factors are the most important [18][19]. - **LPG**: The blockade of the Strait of Hormuz is the core trading point. The supply disruption and US cold wave have pushed up the price. The length of the blockade determines the price trend [20]. - **Methanol**: The geopolitical conflict has changed the import expectation, and the MTO profit expansion may drive the methanol price to catch up with the olefin increase [21]. - **Plastic**: The Middle - East situation has led to supply concerns, and the supply - reduction and demand - increase pattern makes the short - term market run strongly [21]. - **Rubber**: Geopolitical conflicts support the synthetic rubber price, which in turn boosts natural rubber. The supply - demand利多 and macro利空 coexist, and short - term geopolitical factors dominate the trend [22]. - **Urea**: The US - Iran war has created a global urea supply gap, and the international price has risen. The domestic market is in a tight balance, and geopolitical risks are the key variables [22]. - **Pure Benzene & Styrene**: The US - Israel - Iran conflict has affected refinery operations. Downstream demand for restocking and export expectations are positive, and the short - term price is driven by geopolitical conflicts [23]. - **Soda Ash**: Supply - side maintenance may increase, and demand is stable but weak. The inventory situation is better than expected. The medium - to long - term supply is expected to be high [24]. - **Glass**: The current production and sales are weak, and the market is in the recovery stage. High inventory and supply return expectations limit the price increase, and demand needs to be verified [25]. - **Caustic Soda**: Supply is sufficient, demand is weak, and the inventory reduction is slow. The market is in a supply - strong and demand - weak pattern, and the price is in a weak and volatile state [26]. Agricultural Products - **Hog**: The current hog market is mainly trading the post - Spring Festival weak - demand reality. The price decline is supported by secondary fattening sentiment, but the upward driving force is weak [27]. - **Oilseeds**: The April China - US negotiation expectation, rising international fertilizer prices, and improved export expectations support the soybean price. The domestic market will follow the US soybean performance in the short - term [28][29]. - **Oils**: The recent strength of the oil market comes from the crude oil and diesel markets. Short - term attention should be paid to the US - Iran conflict and the Strait of Hormuz navigation [29]. - **Cotton**: The current domestic supply - demand tightening expectation supports the cotton price, but the high price difference between domestic and foreign cotton and geopolitical risks put pressure on the upside. The short - term price may be in a narrow - range shock adjustment [30]. - **Sugar**: The market lacks a clear trend - reversal basis, and the core contradiction is low valuation but lack of continuous upward driving force [31]. - **Apple**: The apple futures market is running strongly, driven by both fundamentals and delivery logic. The short - term support is strong [31]. - **Jujube**: The market focus is on the demand side. The post - Spring Festival downstream sales are average, and the price is under pressure and may maintain a low - level shock [32][33].

Group 1: CPI Insights - February CPI year-on-year increased to 1.3%, up 1.1 percentage points from the previous value of 0.2%[2] - Food CPI month-on-month rose by 1.9%, marking a significant increase from the previous value[3] - Core CPI month-on-month reached a historical high, increasing to 0.7%, above seasonal levels for five consecutive months[4] Group 2: PPI Insights - February PPI year-on-year improved to -0.9%, up 0.5 percentage points from the previous value of -1.4%[5] - PPI month-on-month remained stable at 0.4%, tying for the highest since 2024[5] - Input factors contributed 0.48 percentage points to PPI, with the oil and chemical chain showing significant upward movement[30] Group 3: Future Inflation Predictions - March CPI is expected to be around -0.2% month-on-month, with a year-on-year forecast of approximately 1.6%[6] - PPI is anticipated to show a year-on-year increase, with a full-year average forecast of about 0.5%[6] - The potential for PPI to turn positive on a year-on-year basis is significant if current trends continue[37] Group 4: Risk Factors - Risks include unexpected policy changes and significant fluctuations in commodity prices[42]

Core Viewpoint - The article emphasizes the importance of viewing the A-share market within a global context, highlighting three key factors that will create systemic opportunities for A-shares: external demand growth, increased global pricing power, and capital inflows from foreign exchange settlements [3][5]. Investment Themes - The core investment themes for A-shares in 2026 are identified as: 1. Commodities 2. Export chains related to electrical equipment 3. Recovery in consumer spending [4][7]. Global Market Dynamics - The article outlines three major variables affecting the global market: 1. The transition of AI from an industrial investment focus to a macroeconomic variable, with a shift in demand from computing power to physical resources like electricity and storage [5][6]. 2. The prolonged global interest rate cut cycle, influenced by structural changes brought about by AI, which is expected to create opportunities in financial assets and commodities [6]. 3. The industrial resonance in emerging markets, where resource-rich countries will require more electricity and physical assets to support their development [6]. Commodity Market Outlook - Commodities are highlighted as the most critical investment direction for the year, with a clear opportunity for resonance driven by AI's demand for physical resources and global monetary policy easing [7][8]. - The article suggests that the demand for resources will be driven by global economic recovery, with a shift in focus from China to a more global perspective on resource needs [13]. AI Industry Perspective - The AI industry is not expected to collapse or bubble but will experience valuation adjustments as the focus shifts from application layers to physical resource demands [11][12]. - The article argues that the current market dynamics reflect a transition where opportunities are moving towards sectors related to electricity and resources rather than just AI applications [11]. Consumer Spending Recovery - The article notes that consumer spending in China is entering a recovery phase, with signals indicating a potential bottoming out, driven by increased foreign exchange settlement volumes [8][9]. Investment Recommendations - For ordinary investors, the article advises focusing on professional funds or leading companies in the commodities sector, as they are likely to capture market opportunities without the risk of missing out [14][15].

Group 1: CPI Analysis - In February 2026, the CPI increased by 1.3% year-on-year, up from a previous increase of 0.2%[12] - Food prices rose by 1.9% month-on-month, with significant increases in aquatic products (6.9%), fresh fruits (4.0%), and pork (4.0%) contributing approximately 0.34 percentage points to the CPI[15] - Energy prices ended a six-month decline, with domestic gasoline prices rising by 3.1%, contributing about 0.12 percentage points to the CPI[15] Group 2: Core Inflation and Future Outlook - Core inflation was significantly boosted by the Spring Festival, with service prices rising by 1.1%, impacting the CPI by approximately 0.54 percentage points[16] - The forecast for March 2026 indicates that the CPI year-on-year growth will remain stable, while month-on-month growth is expected to drop to around 0[17] - Factors influencing March's CPI include a potential decline in pork prices and seasonal decreases in fresh vegetable prices[17] Group 3: PPI Analysis - In February 2026, the PPI's year-on-year decline narrowed, while the month-on-month change remained stable[5] - Prices in the non-ferrous metal industry rose due to strong demand for precious metals and tight copper supply, with increases of 7.1% and 4.6% in relevant sectors[26] - The forecast for March 2026 suggests that input inflation will continue to rise, potentially leading to a positive year-on-year growth in the PPI[6]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The main contract of Shanghai copper fluctuated weakly, with an increase in open interest, a spot discount, and a weakening basis [2]. - The copper concentrate TC spot index weakened again, and the supply of copper ore remained tight, with a strong raw - material cost support logic [2]. - The smelters resumed work and production, and the domestic refined copper supply was expected to increase. The downstream demand was expected to rise with the arrival of the traditional consumption season, and the copper price correction also boosted the downstream's willingness to replenish stocks at low prices [2]. - Due to the difference in the resumption rhythm of supply and demand, the copper industry inventory continued to accumulate. Overall, the fundamentals of Shanghai copper were in a stage of rising supply and demand and inventory accumulation, with an overall positive industry outlook [2]. - In the options market, the call - put ratio of at - the - money options was 1.36, a decrease of 0.0018 from the previous period, indicating a bullish sentiment, and the implied volatility decreased slightly [2]. - Technically, the 60 - minute MACD had both lines below the 0 - axis and the green bar converging. It was recommended to conduct short - term long trades on dips with a light position, while paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 100,190 yuan/ton, a decrease of 860 yuan/ton; the LME 3 - month copper price was 12,733.5 dollars/ton, a decrease of 128.5 dollars/ton [2]. - The spread between the main contract and the next - month contract was - 200 yuan/ton, a decrease of 40 yuan/ton; the open interest of the main contract of Shanghai copper was 199,857 lots, an increase of 4,175 lots [2]. - The net position of the top 20 futures holders of Shanghai copper was - 72,886 lots, an increase of 2,999 lots; the LME copper inventory was 284,325 tons, an increase of 2,125 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange was 425,145 tons (weekly), an increase of 33,616 tons; the LME copper cancelled warrants were 11,475 tons, a decrease of 3,200 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 319,087 tons, a decrease of 2,856 tons; the COMEX copper inventory was 597,938 short - tons, a decrease of 1,724 short - tons [2] 3.2现货市场 - The SMM 1 copper spot price was 99,480 yuan/ton, a decrease of 1,485 yuan/ton; the Yangtze River Non - ferrous Market 1 copper spot price was 100,375 yuan/ton, a decrease of 790 yuan/ton [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper was 43 dollars/ton, unchanged; the average premium of Yangshan copper was 44 dollars/ton, an increase of 3 dollars/ton [2]. - The basis of the CU main contract was - 710 yuan/ton, a decrease of 625 yuan/ton; the LME copper cash - 3 months spread was - 44.86 dollars/ton, a decrease of 0.3 dollars/ton [2]. - The import volume of copper ore and concentrates was 270.43 million tons (monthly), an increase of 17.8 million tons; the domestic copper smelter's rough - smelting fee (TC) was - 56.05 dollars/thousand tons, a decrease of 5.62 dollars/thousand tons [2] 3.3 Upstream Situation - The price of copper concentrate in Jiangxi was 90,660 yuan/metal ton, a decrease of 800 yuan/metal ton; the price of copper concentrate in Yunnan was 91,360 yuan/metal ton, a decrease of 800 yuan/metal ton [2]. - The processing fee for blister copper in the south was 2,300 yuan/ton (weekly), a decrease of 100 yuan/ton; the processing fee for blister copper in the north was 1,800 yuan/ton (weekly), a decrease of 100 yuan/ton [2]. - The production of refined copper was 132.6 million tons (monthly), an increase of 9 million tons; the import volume of unwrought copper and copper products was 440,000 tons (monthly), an increase of 10,000 tons [2] 3.4产业情况 - The social inventory of copper was 41.82 million tons (weekly), an increase of 0.43 million tons; the price of 1 bright copper wire scrap in Shanghai was 67,740 yuan/ton, a decrease of 300 yuan/ton [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 1,080 yuan/ton, unchanged; the price of 2 copper scrap (94 - 96%) in Shanghai was 82,400 yuan/ton, a decrease of 150 yuan/ton [2] 3.5下游及应用 - The production of copper products was 222.91 million tons (monthly), an increase of 0.31 million tons; the cumulative completed investment in power grid infrastructure was 639.502 billion yuan (monthly), an increase of 79.113 billion yuan [2]. - The cumulative completed investment in real estate development was 8,278.814 billion yuan (monthly), an increase of 41.9724 billion yuan; the monthly production of integrated circuits was 4,807,345,000 pieces, an increase of 415,345,000 pieces [2] 3.6期权情况 - The 20 - day historical volatility of Shanghai copper was 34.81%, a decrease of 4.13 percentage points; the 40 - day historical volatility of Shanghai copper was 36.05%, an increase of 0.07 percentage points [2]. - The implied volatility of the current - month at - the - money IV was 22.55%, a decrease of 0.0053 percentage points; the call - put ratio of at - the - money options was 1.36, a decrease of 0.0018 [2] 3.7行业消息 - In February, the average price cut of new new - energy vehicles was 48,000 yuan, with a price - cut intensity of 13.5%; the average price cut of new conventional fuel vehicles was 46,000 yuan, with a price - cut intensity of 12.5% [2]. - The central bank will implement a moderately loose monetary policy this year, using various policy tools such as reserve - requirement ratio cuts and interest - rate cuts [2]. - It is expected that this year's GDP increment will exceed 6 trillion yuan, and a national - level merger fund will be established, expected to leverage over 1 trillion yuan of funds [2]. - This year, a more proactive fiscal policy will be continued. The total expenditure, the scale of new government bonds, and the central government's transfer payments to local governments will all reach new highs. A 100 - billion - yuan fiscal - financial policy package to boost domestic demand will be launched, and a 250 - billion - yuan consumer goods trade - in policy will be implemented [2]