Central Banks' Monetary Policy - The Bank of Japan (BoJ) is signaling a potential tightening of monetary policy due to rising crude oil prices and inflation concerns linked to Middle Eastern tensions [2] - The Bank of England (BoE) is considering an interest rate hike by April, influenced by inflation related to the Iran conflict [3] - The European Central Bank (ECB) is prepared to take action if inflation rises significantly, anticipating that ongoing tensions could drive prices higher [3] Market Reactions and Economic Indicators - The Federal Reserve has increased its inflation forecast due to higher energy prices, maintaining a hawkish outlook with only one expected rate cut this year and another in 2027 [4] - High US Treasury yields are contributing to a stronger US dollar, impacting commodities like gold and silver [4] Geopolitical Tensions - US President Donald Trump has threatened military action against Iran's energy sector unless the Strait of Hormuz is opened within 48 hours, prompting a warning from Iran about retaliatory strikes on regional infrastructure [5]

Group 1: Report Overview - The report focuses on the institutional behavior analysis and trading signal mining of secondary and perpetual bonds (Er Yong bonds) [5] Group 2: Investment Highlights - Three trading signals for Er Yong bonds are constructed: the overbought and oversold signals of public - offering funds, the "expectation" signal of 10Y Er Yong bonds, and the entry signal of allocation - oriented investors [7][8] - The performance of Er Yong bonds has an inverse relationship with the stock market, and the liability situation of fixed - income plus funds affects the pricing of Er Yong bonds [9] Group 3: Er Yong Bonds - Features and Advantages - Er Yong bonds refer to secondary capital bonds and perpetual bonds issued by commercial banks. They are important debt instruments for banks to meet capital adequacy ratio requirements. They have become a popular choice with both liquidity and high coupon rates, attracting institutional funds [14] - Compared with interest - rate bonds, Er Yong bonds amplify market trends, with spreads narrowing in bull markets and widening in bear markets [16] Group 4: Current Characteristics of Er Yong Bonds 4.1 Correlation Study by Institution - In the secondary market, the main trading counterparties of Er Yong bonds are banks, funds, wealth - management firms, securities firms, insurance companies, and others. Public - offering funds have the highest pricing power, and insurance companies act as stabilizers [19] 4.2 Overbought and Oversold Signals of Funds - Overbought and oversold signals of public - offering funds are constructed using moving averages and standard deviations. The win - rates are 70% and 64% respectively from 2024 to 2026. The overbought signal has better cumulative returns [20][21][26] 4.3 10 - Year Er Yong Bonds as an Indicator of Interest Rate Expectations - Public - offering funds' increased allocation of 10 - year secondary capital bonds usually occurs in the middle to late stages of a bull market. A decline in net purchases may indicate a market reversal [31] 4.4 Entry Signals of Allocation - Oriented Investors - When interest rates are in a downward trend and insurance companies are buying Er Yong bonds, it may indicate a positive signal. The win - rate of this signal is about 74% from 2024 to 2026 [36][39] Group 5: Correlation between Er Yong Bonds and the Stock Market - There is a negative correlation between Er Yong bonds and the stock market. An increase in the scale of fixed - income plus products can lead to a strengthening of Er Yong bonds [40]

Core Viewpoint - The announcement of a $500 billion investment plan by SoftBank Group for an AI data center in Ohio marks the largest single-location investment in human history, involving 21 energy and financial companies from Japan and the U.S. [2][4] Group 1: Investment Details - SoftBank Group, led by Masayoshi Son, is coordinating a massive investment plan that integrates contributions from various Japanese and American companies, including Toshiba and Hitachi [5] - The newly formed "Portsmouth Alliance" consists of 21 companies from Japan and the U.S., focusing on the investment and financing of the AI data center [5] - The project will also include a natural gas power plant with a total capacity of 9.2 gigawatts, with an investment of $33.3 billion [6] Group 2: Government Involvement - U.S. Secretary of Commerce Gina Raimondo and Secretary of Energy Jennifer Granholm attended the announcement, highlighting the significance of this investment [6] - The investment is seen as a result of U.S. trade policies that have successfully attracted $55 billion in Japanese investments [6]

Group 1: Key Recommendations - The report provides a comprehensive analysis of the "Wash Path" in the context of the U.S. reserve framework, highlighting the transition from a scarce reserve framework to an ample reserve framework post-2008 financial crisis [5][6][7] - The "Wash Path" aims to return to a scarce reserve framework, allowing the Federal Reserve to control reserve supply through open market operations, thus flexibly managing the federal funds rate [7][8] - The report outlines a three-step process under the "Wash Path": interest rate cuts, easing bank regulations, and balance sheet reduction, with a focus on promoting technological advancements and increasing bank lending [8][10] Group 2: Market Overview - Global equity markets experienced a general decline, while Hong Kong stocks rose; major commodity futures such as gold, oil, aluminum, and copper saw price drops [11] - The report notes a significant supply gap in the oil market, potentially exceeding 10 million barrels per day, due to ongoing tensions in the Middle East, which could impact downstream demand for other commodities [12] - The domestic equity market showed mixed performance, with financial and consumer sectors leading, while the industrial sector faced declines; the average daily trading volume was 21,972 billion yuan [12][19] Group 3: Economic Indicators - The latest Loan Prime Rate (LPR) remained unchanged for ten consecutive months, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [15] - The report highlights the People's Bank of China's commitment to maintaining a moderately loose monetary policy to ensure liquidity and balance between short-term and long-term economic health [16] - The report indicates that the U.S. Treasury yields have shown upward trends, with the 2-year yield rising to 3.88% and the 10-year yield to 4.39% [24]

1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views - The global economic and political situation is complex, with the military conflict between the US, Israel, and Iran intensifying, which has a significant impact on the energy market and may lead to a long - term energy crisis. The Chinese government will continue to implement a moderately loose monetary policy and take measures to boost domestic demand and promote economic development [10][11][17] - The performance of different industries varies. The gold price has dropped sharply, the aluminum price has risen due to supply shortages, the coal - coke - steel - ore industry has new exploration results, the energy - chemical industry is affected by the Middle East situation, and the agricultural product market, especially the pig - breeding market, is in a downturn [5][6][13] 3. Summary by Directory 3.1 Macro Data - GDP growth in the fourth quarter of 2025 slowed down year - on - year, with a growth rate of 4.5%. The manufacturing and non - manufacturing PMIs in February 2026 were below the boom - bust line, at 49.0% and 49.5%, respectively. Social financing scale in February 2026 was 23855 billion yuan. The growth rates of M0, M1, and M2 in February 2026 were 14.1%, 5.9%, and 9.0% respectively. New RMB loans in February 2026 were 9000 billion yuan. CPI in February 2026 increased by 1.3% year - on - year, and PPI decreased by 0.9%. Fixed - asset investment in the first two months of 2026 increased by 1.8% year - on - year, and the total retail sales of consumer goods increased by 2.8%. Exports in February 2026 increased by 39.6% year - on - year, and imports increased by 13.8% [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Domestic refined oil prices may rise to the "9 - yuan era", with an expected increase of about 2000 yuan/ton. The 1 - year and 5 - year LPRs in March 2026 remained unchanged at 3.0% and 3.5% respectively, and experts predict a possible interest rate cut in the middle of the year. The trading rules of platinum and palladium futures on the Guangzhou Futures Exchange have been adjusted [2] - The People's Bank of China will maintain a moderately loose monetary policy. The US - China trade relations are expected to improve, and both sides hope to promote economic and trade cooperation. The base differences of domestic commodities vary, and the Middle East situation is tense [3][4] 3.2.2 Metals - The international gold price has dropped by 10.49%, and domestic gold jewelry prices have also declined. The performance of gold - related listed companies may be further differentiated, with upstream gold mining enterprises benefiting the most from the rising gold price. The calculation method of the margin account fund adequacy ratio for ICBC's agent individual precious metal trading business has been modified [5] - Aluminum production in Bahrain has been affected, leading to a sharp rise in international aluminum prices. Battery - grade lithium carbonate and lithium hydroxide prices have reached new lows in over a month [6][7] 3.2.3 Coal - Coking - Steel - Ore - A large - scale rare - earth mine in Sichuan has increased its reserves by over 200%, and Indonesia is expected to approve a nickel - ore production plan of about 1 billion tons by the end of March [8] 3.2.4 Energy - Chemical - The military conflict between the US, Israel, and Iran has affected the safety of navigation in the Persian Gulf and the Strait of Hormuz. The US has threatened to attack Iran's power plants, and Iran has responded strongly. The global energy supply is at risk, and the supply of liquefied petroleum gas in India is in short supply [9][10][11] 3.2.5 Agricultural Products - China will implement a plan to increase the income of urban and rural residents to boost consumption. The pig - breeding market is in deep losses, and the state has started to purchase frozen pork for storage. Scientists have developed "long - life rice" [12][13][14] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 2423 billion yuan of reverse repurchases and 4500 billion yuan of MLF will expire. Last week, the central bank achieved a net injection of 658 billion yuan through reverse repurchase operations [15] 3.3.2 Key News - The draft financial law is open for public comments, aiming to strengthen financial risk management. China will promote high - quality development and opening - up, and the government will take measures to boost domestic demand. The central bank will promote the high - level opening of the financial industry and maintain a moderately loose monetary policy [16][17] - The performance comparison benchmarks of wealth management products are showing trends of "anchor replacement" and reduction. The LPR has remained stable for ten months. The sixth state - owned bank's financial asset investment company has been established. Iran has put forward six conditions for a ceasefire, and the US is seeking diplomatic solutions [19][20][21] - Some bond - related events have occurred, such as the ineffective bond - holder meeting and the default of debt repayment. Overseas credit ratings of some companies have been adjusted [22] 3.3.3 Bond Market Summary - The main interest - rate bonds in the inter - bank bond market in China have been fluctuating within a narrow range. The performance of exchange - traded bonds and convertible bonds has been mixed. Shibor short - term varieties have mostly declined, and the yields of European and US bonds have generally risen [23][24][25] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar has risen, while the US dollar index has also risen, and most non - US currencies have declined [26][27] 3.3.5 Research Report Highlights - CITIC Securities believes that the US - Iran conflict may lead to high oil prices for a long time, and China's exports may slow down in the short term. Huatai Fixed - Income is cautious about US bonds. Guosheng Fixed - Income expects the long - end interest rate to recover. Shenwan Fixed - Income provides investment strategies for small and medium - sized banks' Tier 2 and perpetual bonds [28][29][30] 3.3.6 Today's Reminder - On March 23, 2026, a large number of bonds will be listed, issued, and have their payments made, and many bonds will have their principal and interest repaid [30][31] 3.4 Stock Market Key News - The A - share market has shown a significant divergence, with the Shanghai Composite Index hitting a new low this year. The Hong Kong stock market has also declined, but the IPO financing amount has exceeded 100 billion Hong Kong dollars [32]

Group 1 - Premier Li Qiang emphasized that China's competitive advantages come from deepening reforms and innovation, not subsidies or protectionism, and highlighted the importance of fair competition in the market economy [4] - Central Bank Governor Pan Gongsheng stated that the People's Bank of China will maintain a supportive monetary policy stance to create a favorable environment for stable economic growth and high-quality development [4] - The National Internet Emergency Center and the China Cybersecurity Association released security guidelines for the use of OpenClaw, providing recommendations for ordinary users and cloud service providers [5] Group 2 - The China Development Forum 2026 released multiple policy signals, indicating a focus on high-quality development and global economic stability [6] - The Chinese automotive industry achieved a significant milestone by surpassing Japan in global annual sales for the first time, with nearly 27 million vehicles sold [17] - The Ministry of Finance plans to increase public service spending and implement consumer-friendly policies to stimulate domestic demand, including a special fund of 100 billion yuan to promote consumption [9][10] Group 3 - The latest findings from the Ministry of Natural Resources revealed a significant increase in rare earth resources in Sichuan, with verified reserves totaling 9.67 million tons, marking an over 200% increase compared to previous estimates [18] - The launch of the "TERAFAB" chip manufacturing project by Tesla aims to achieve an annual production capacity of over 1 terawatt, with an estimated total investment of $20 billion [21] - Apple CEO Tim Cook announced continued support for innovation and education in China, pledging additional donations to a national vocational education pilot project [22]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 205 billion yuan 7-day reverse repo operation on March 20, with a fixed interest rate of 1.40%, resulting in a net withdrawal of 170 billion yuan for the day [3] - The interbank market remains stable and loose, with the weighted average interest rate of DR001 slightly rising to around 1.32% [5] - The one-year interbank certificates of deposit (CD) are trading at approximately 1.5225% in the secondary market [7] Group 2: Bond Market Performance - The yields on major interbank government bonds show slight fluctuations, with the 1-year yield at 1.2400%, 5-year at 1.6800%, and 10-year at 1.8260% [9] - The 30-year government bond futures contract closed down 0.42%, while the 10-year and 5-year contracts fell by 0.09% and 0.06%, respectively [12] Group 3: Economic Outlook and Interest Rates - The central bank governor stated that a moderately loose monetary policy will continue, utilizing various tools to maintain ample liquidity [13] - The Loan Prime Rate (LPR) remains stable for the tenth consecutive month, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [13] - Analysts predict a significant possibility of comprehensive policy rate cuts later this year, with expected reductions of 10 to 20 basis points [14] Group 4: Global Monetary Policy Trends - Major central banks, including the European Central Bank and the Bank of Japan, have maintained their interest rates, citing uncertainties from geopolitical conflicts [16]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the impact of energy price shocks on central banks and their monetary policies, particularly focusing on the European Central Bank (ECB) and the Federal Reserve (Fed) [1][2][3][4][5][6]. Core Insights and Arguments - **ECB's Response to Energy Shocks**: The ECB exhibits asymmetric responses to energy shocks, with inflation risks outweighing growth risks. It is expected to raise interest rates in June and September 2026 due to persistent inflation pressures [1][3]. - **Fed's Rate Cut Timeline**: The Fed's path for rate cuts is influenced by tariff-driven inflation, with expectations that inflation will peak and decline by Q2 2026, potentially delaying rate cuts until September 2026 [1][4]. - **Correlation Between Energy Shocks and Inflation**: In the U.S., there is a low correlation between energy shocks and core inflation, unlike in the Eurozone where the transmission is significant. This difference may create trading opportunities in U.S. front-end rates [1][4]. - **Dollar Strength and Trade Conditions**: The dollar remains strong due to improved trade conditions, benefiting from being a net energy exporter. Rising energy prices favor currencies of energy-exporting countries, while concerns about global growth may shift focus from trade conditions to growth risks [5]. - **Swiss National Bank's (SNB) Stance**: The SNB has increased its tolerance for Swiss franc appreciation, indicating a willingness to intervene only in cases of rapid and excessive appreciation. This could lead to unexpected declines in the euro against the franc [6]. Additional Important Content - **Market Reactions to Central Bank Policies**: The market is currently pricing in significant rate hikes from various central banks, with a notable delay in expected rate cuts. This reflects short-term reactions to recent volatility rather than long-term trends [2][3]. - **Oil Price Threshold for Demand Destruction**: An oil price above $125 per barrel is identified as a threshold for demand destruction, which would shift market focus from inflation risks to growth risks, impacting central bank policy discussions [6]. - **Monitoring Economic Indicators**: The ECB will closely monitor various data points, including inflation expectations, economic activity, and commodity market dynamics, to assess the persistence of energy price shocks and their broader economic implications [3][4]. This summary encapsulates the critical insights and discussions from the conference call, highlighting the interplay between energy prices, inflation, and central bank policies across different regions.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Global Macro Environment**, focusing on the **energy sector** and its implications for financial markets, particularly in the context of geopolitical tensions in the Middle East. Core Insights and Arguments 1. **Energy Shock and Market Repricing** - A persistent energy shock has shifted market sentiment from viewing the situation as a "temporary scare" to a stagflationary repricing, impacting front-end rates and the dollar while negatively affecting equities and emerging market (EM) currencies [2][3][6] 2. **US Treasury Market Reaction** - US Treasuries experienced a sell-off, particularly in the front end, with the 2-year yield increasing by 10.6 basis points, the 10-year by 13.4 basis points, and the 30-year by 10.8 basis points. This was driven by a repricing of the Federal Reserve's path in response to an energy-driven inflation shock [6][10] 3. **Geopolitical Tensions** - The Pentagon's deployment of three additional warships and approximately 2,500 Marines to the Middle East, coupled with President Trump's rejection of a ceasefire with Iran, has heightened market volatility and risk perceptions [3][6] 4. **Currency Movements** - The US dollar strengthened, with the DXY index rising by 0.3%. In contrast, emerging market currencies weakened significantly, with notable increases in USD/BRL (1.8%), USD/ZAR (1.8%), and USD/CLP (2.2%) [6][10] 5. **Equity Market Performance** - The S&P 500 fell by 1.5%, and the Nasdaq dropped by 2.0%. The volatility index (VIX) rose by 11.3%, indicating increased market uncertainty [6][7] 6. **Central Bank Responses** - European Central Bank (ECB) officials indicated a potential need for interest rate hikes in response to inflation pressures stemming from the Iran conflict. UK yields rose significantly, with the 10-year gilt closing at 4.99% [6][13] 7. **Emerging Markets Impact** - Emerging markets faced broad currency weakness due to rising oil prices and higher US front-end rates. Countries like Brazil, South Africa, and Chile saw their currencies under pressure, reflecting macroeconomic rather than country-specific issues [10][12] Additional Important Insights 1. **Inflation Concerns** - US Federal Reserve officials expressed caution regarding inflation risks from oil shocks, indicating that inflation may remain above target in the near term, despite expectations for cooling later [11][12] 2. **Market Sentiment** - The overall market sentiment reflects a tightening in financial conditions due to the energy shock, with defensive sectors underperforming while energy stocks showed resilience [6][7] 3. **Geopolitical Risk Assessment** - The geopolitical landscape, particularly the situation in the Middle East, is expected to have significant implications for inflation and economic growth forecasts, with central banks prepared to respond swiftly if necessary [13][12] This summary encapsulates the critical points discussed in the conference call, highlighting the interconnectedness of energy markets, geopolitical risks, and their broader implications for financial markets and economic policy.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The core of current bond market trading lies in the contrast between loose liquidity and a significant rise in inflation expectations. The bond market shows little volatility, but the curve steepening trend continues. Due to the decline in inter - bank certificate of deposit rates, the yields of medium - and short - term bonds within 10 years may still decline, while the yields of ultra - long - term bonds are more significantly affected by fundamentals and show a weak trend [8]. - Overseas stagflation trading is the current macro - mainline but will not affect domestic monetary policy, as the core lies in the different supply - demand contradictions between domestic and overseas markets. High - frequency real - estate data is not sufficient to change the medium - term data conclusion, and it is too early to change the cyclical conclusion. Looking forward, the probability of a steeper bond market yield curve is still high, and there is insufficient evidence of a bond market bear market [8]. 3. Summary According to the Table of Contents 3.1 Logic and Strategy - The decline in certificate of deposit yields continues to support medium - and short - term bonds, and the curve steepening trend persists [6]. - Regarding the money and policy front, after the tax period, the money price is stable with a slight decline, and the LPR quote remains unchanged, meeting market expectations. The certificate of deposit rate continues to decline. The MLF due next Wednesday is 450 billion yuan, and if the central bank maintains a 50 - billion - yuan bond - buying scale and a 1 - trillion - yuan monthly medium - and long - term liquidity injection, the MLF needs to be renewed by 1.7 trillion yuan. There is a large gap, and the central bank may use other tools such as future reserve requirement ratio cuts. The central bank's research on canceling the 5% lower limit of the deposit reserve ratio lacks market - recognized authenticity, but the market logic has some merit. Currently, the certificate of deposit rate is likely to continue approaching 1.5%. The central bank may cut the reserve requirement ratio in the second quarter, and the pace of interest rate cuts may be postponed [8][32]. - On the fundamental front, domestic economic indicators in January - February showed a significant recovery, except for the real - estate sector. The industrial sector played a key role in production, and new - quality productivity accelerated. The three - horse - carriage of demand worked together, and both domestic and external demand improved. The CPI rose by 0.8% year - on - year, and the core CPI rose by 1.3%, indicating a mild recovery in demand and a further alleviation of deflationary pressure. However, the macro - data from January - February was significantly affected by the Spring Festival, and the data in March may be negatively affected. Overseas, during the "super week" of global central banks from March 16 - 22, 2026, major central banks' policy stances turned hawkish or cautious, and the previously expected easing cycle was postponed or reversed. The market's expectation of interest rate cuts in major developed economies has basically disappeared, replaced by concerns about possible interest rate hikes [8][18]. 3.2 Macro Main Asset Fund Flow Changes - Affected by inflation, the yields of Chinese and US bonds have both increased, the US dollar has rebounded with fluctuations, and the US and Chinese stock markets have significantly declined. The stagflation expectation continues to prevail. The China Securities Commodity Index has weakened with severe differentiation, precious metals and non - ferrous metals have weakened significantly, and crude - oil - related commodities have continued to rise sharply [12]. 3.3 Recent Macro Data Analysis and Review - Domestic data from January - February showed a comprehensive recovery in most economic indicators except for real - estate. However, the data was affected by the Spring Festival, and the data in March may be under pressure. Overseas, major central banks' policy stances turned hawkish or cautious during the "super week" due to the energy price shock caused by the escalation of the Middle - East geopolitical conflict [8][18]. - In February, domestic inflation showed that the CPI increase expanded, and the PPI decline narrowed, both exceeding expectations. Foreign trade exports increased significantly, mainly driven by the global AI investment boom in the semiconductor industry chain. Financial data showed that the growth rate of social financing was flat, and government bonds were the key support for social financing growth. Overseas, in February, the US CPI and core CPI met expectations and were the same as the previous values, with structural differences in the sub - categories of the CPI [24]. - In February, the domestic manufacturing PMI declined unexpectedly, mainly due to the impact of the extended Spring Festival holiday. Overseas, the unexpectedly weak February non - farm payrolls report in the US and the tense Middle - East situation have created a stagflation combination, putting the Fed in a difficult policy dilemma. The market's expectation of the Fed's interest rate cut rhythm has changed [25]. 3.4 Fundamentals Analysis and Bond Futures and Spot Indicator Monitoring - The money price is stable with a slight decline after the tax period, the LPR quote remains unchanged, and the certificate of deposit rate continues to decline. The MLF due next Wednesday is 450 billion yuan, and there is a large gap in the renewal amount. The central bank may use other tools such as reserve requirement ratio cuts. The central bank's meeting in March emphasized maintaining liquidity and the stability of financial markets, and the necessity of interest rate cuts has decreased. The central bank may cut the reserve requirement ratio in the second quarter, and the interest rate cut rhythm may be postponed [8][32]. - The yields of Chinese and US bonds, the US dollar index, and the RMB exchange rate have shown certain trends. The bond market curve shows a steepening trend, and the yields of medium - and short - term bonds within 10 years may decline [12][36]. 3.5 Equity Broad - Based Index Fundamentals, Liquidity, and Futures - Spot Indicator Monitoring - The ROE of listed companies and macro - economic data show certain relationships. The EPS and PE of major broad - based indexes have different trends, reflecting the performance and valuation of the equity market [90][91]. - The trading volume, turnover rate, and margin trading balance of the equity market show the market's liquidity and activity. The style of the equity index and the basis rate of stock index futures also reflect the market's characteristics [110][129]. 3.6 Medium - Term Fundamental Tracking and Monitoring of the Macroeconomy - The net financing amounts of government bonds, local bonds, and policy - bank bonds, as well as the fiscal revenue and expenditure, show the government's financing and fiscal situation. The relationship between social financing, M2, and M1 reflects the money supply and demand in the market [137][156]. - The real - estate market data, including land transactions, housing sales, and prices, show the current situation and trends of the real - estate market. The inflation data, including the CPI, PPI, and price indexes of various commodities, reflect the inflation situation [164][186]. - The industrial production and inventory data, including production capacity utilization, output, and inventory levels, show the operation of the industrial sector. The import and export data, BCI index, and power generation data reflect the economic situation and business confidence [207][240]. 3.7 Long - Wave Fundamental Tracking and Monitoring of the Macroeconomy No relevant content provided. 3.8 Appendix - The comparison of central meetings shows the economic goals, policy tones, and key points of different periods, reflecting the government's economic decision - making and policy orientation [326][327][328]. - The comparison of public - offering fund sales regulations shows the changes in fees such as subscription fees, redemption fees, and sales service fees for different types of funds, which will affect the investment cost and return of investors [332]. - The event of the US tariff policy change shows the development process, impact, and future prospects of the US - China trade war, which will have an impact on the global economic and trade situation [333][334][335]. - The comparison of government work report indicators shows the economic goals, fiscal and monetary policies, and development priorities of different years, reflecting the government's economic development strategy [340].