Group 1 - The Ministry of Finance plans to issue a total of 2,370 billion yuan in 30-year special bonds and 10-year government bonds [1] - The 30-year bonds will have a competitive bidding face value of 830 billion yuan, with interest starting from August 25, 2025, and paid semi-annually [1] - A total of 11 special long-term bonds will be issued in the third quarter of this year [2] Group 2 - The government plans to issue 13,000 billion yuan in special long-term bonds this year, with 8,000 billion yuan allocated for "two heavy" project construction and 5,000 billion yuan for "two new" policies [3] - The Ministry of Finance has allocated 6,583 billion yuan in special long-term bond funds in the first half of the year to support "two heavy" projects and "two new" initiatives [3] - The issuance of 10-year fixed-rate bonds will have a competitive bidding face value of 1,540 billion yuan, with interest starting from August 25, 2025 [4]

Group 1 - The Ministry of Finance conducted the first re-issuance of the 2025 ultra-long special government bonds, with a total competitive bidding amount of 35 billion yuan and a fixed interest rate of 2.10% [1] - In July, three issues of ultra-long special government bonds were completed, totaling 206 billion yuan, making it the second-largest monthly issuance this year [1] - As of August 1, 2023, 7,960 billion yuan of ultra-long special government bonds have been issued, achieving 61% of the annual target of 13 trillion yuan [1] Group 2 - The National Development and Reform Commission announced that the project list for "two major" construction projects has been fully allocated, with a total of 800 billion yuan, and 6.9 billion yuan for the third batch of funds has been allocated [2] - The issuance of ultra-long special government bonds is expected to stimulate infrastructure investment and promote industrial chain expansion, thereby enhancing new productive forces [2] - The issuance of ultra-long special government bonds has effectively stimulated consumer willingness by providing direct subsidies, lowering costs for purchasing new products, and promoting consumption upgrades [3] Group 3 - The accelerated issuance of ultra-long special government bonds serves as a stabilizer for maintaining economic stability and acts as a catalyst for fostering long-term growth momentum [3]

Core Viewpoint - The issuance of ultra-long-term special government bonds in China has garnered significant attention, particularly regarding their investment purposes and accessibility for individual investors [1][2]. Group 1: Overview of Ultra-Long-Term Special Government Bonds - Ultra-long-term special government bonds have a minimum term of 20 years and a maximum of 50 years, distinguishing them from regular government bonds, which typically have a maximum term of 10 years [2]. - In 2023, China plans to issue a total of 1.3 trillion yuan (approximately 130 billion) in ultra-long-term special government bonds, an increase of 300 billion yuan from the previous year [2]. - The funds from these bonds will be allocated to support major national strategies and key areas, with 800 billion yuan directed towards "two重" projects and 500 billion yuan towards "two新" policies [2]. Group 2: Investment Channels for Individual Investors - Individual investors can purchase ultra-long-term special government bonds through banks and securities companies [3][4]. - The bonds are categorized as book-entry bonds, primarily issued to institutional investors in the primary market, but can be bought by individuals in the secondary market [3]. - To purchase these bonds, investors must open a personal bond account and a funds account at a bank or a regular A-share securities account at a securities company [4]. Group 3: Specifics of the Recent Issuance - The first issuance of the 2025 ultra-long-term special government bonds includes 50 billion yuan for 20-year bonds and 71 billion yuan for 30-year bonds, with trading starting on April 29 [1][2]. - The issuance plan for this year includes a total of 21 phases, comprising 6 initial issues and 15 follow-up issues [1].

Group 1 - Xiaohongshu announced the cancellation of the "big-small week" work schedule, effective from May 1, which includes the release of existing cash and stock options for employees [2][7] - The company aims to establish long-term relationships with employees through trust-based mechanisms, as stated in the internal letter [2] - Employees will have the option to repurchase stock options upon leaving the company, effective from May 1 [2] Group 2 - The People's Bank of China will conduct a 600 billion yuan MLF operation on April 25 to maintain ample liquidity in the banking system, resulting in a net injection of 500 billion yuan after accounting for 100 billion yuan maturing [9][11] - This month's MLF net injection is significantly larger than the previous month's 630 billion yuan, indicating a stronger monetary policy stance to support economic growth [11] - The issuance of super long-term special government bonds began on April 24, with 500 billion yuan for 20-year bonds and 710 billion yuan for 30-year bonds, as part of a total planned issuance of 1.3 trillion yuan for the year [16]

2025年超长期特别国债今起发行 今天，2025年超长期特别国债和中央金融机构注资特别国债开启发行。其中： 2025年超长期特别国债： 20年期500亿元 ，中标利率为1.98%； 30年期710亿元 ，中标利率为1.88%。 2025年中央金融机构注资特别国债： 5年期1650亿元 ，加权中标利率1.45%。 2025年中央金融机构注资特别国债今天发行 按照财政部有关安排，2025年中央金融机构注资特别国债今天启动发行， 发行金额为1650亿元， 发行期限为5年期，从4月25日开始计息，每年支付利 息， 本期国债将在4月29日起上市交易。 记者从财政部了解到，2025年超长期特别国债今天（24日）首次发行， 其中20年期500亿元，30年期710亿元 。根据安排，此次发行将通过财政部政府债 券发行系统进行招标发行， 两种期限的国债将在4月29日起上市交易。 关注" 新华网财经 "视频号 更多财经资讯等你来看 根据预算安排，我国今年拟发行超长期特别国债1.3万亿元，较2024年增加3000亿元。其中，8000亿元用于更大力度支持"两重"项目建设，5000亿元用于 加力扩围实施"两新"政策。今年，支持消费品以旧 ...

Group 1 - The issuance of 2025 ultra-long special government bonds has commenced, with a 20-year term of 50 billion yuan at a winning interest rate of 1.98% and a 30-year term of 71 billion yuan at a winning interest rate of 1.88% [1][4] - The 2025 central financial institution capital injection special government bonds have been issued with a 5-year term of 165 billion yuan and a weighted winning interest rate of 1.45% [2][3] - The total planned issuance of ultra-long special government bonds for this year is 1.3 trillion yuan, an increase of 300 billion yuan compared to 2024, with specific allocations for supporting "two heavy" project constructions and "two new" policy implementations [4] Group 2 - Ultra-long special government bonds are defined by three key terms: ultra-long, special, and government bonds, which are typically bonds with a maturity of over 10 years [5] - The term "special" indicates that the funds raised are designated for specific purposes, requiring dedicated use [5] - Government bonds are issued by the state to raise fiscal funds and are considered the safest investment tool due to their highest credit rating [5]

值得注意的是，前期，中央财政预拨消费品以旧换新资金810亿元，带动以旧换新开局良好。国家统计 局数据显示，一季度，限额以上单位通讯器材类、家用电器和音像器材类、家具类商品零售额同比分别 增长26.9%、19.3%和18.1%，增速分别比1—2月份加快0.7个、8.4个和6.4个百分点；文化办公用品类零 售额增长21.7%，持续保持快速增长。 此外， 4月24日还将发行首期2025年中央金融机构注资特别国债 。根据前期公布的发行安排，2025年中 央金融机构注资特别国债共4只，其中2只为5年期、2只为7年期。 据介绍，2025年财政部将发行首批中央金融机构注资特别国债5000亿元，积极支持中国银行、中国建设 银行、交通银行、中国邮政储蓄银行补充核心一级资本。此次资本补充工作将按照市场化、法治化原则 稳妥推进。 按照财政部有关安排， 2025年超长期特别国债、中央金融机构注资特别国债将于4月24日启动发行 。 按照2025年超长期特别国债发行安排，4月24日将首发20年期和30年期超长期特别国债，付息方式均为 按半年付息。 记者注意到，今年超长期特别国债集中在4月至10月发行，较去年集中在5月至11月发 行，整体 ...