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Macro
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01
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【NDRC: Placing Greater Emphasis on Promoting Private Investment and Continuously Enhancing Financing Facilitation for Private Investment Projects】
On February 27, the National Development and Reform Commission (NDRC) held a meeting to advance the pilot cooperation of investment-loan linkage. Liu Sushe, a member of the NDRC Party Leadership Group and Deputy Director, attended the meeting and delivered a speech. Representatives from 12 banks, including China Development Bank, Agricultural Development Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China CITIC Bank, participated. The meeting emphasized the need to further identify the convergence points of investment and financial policies, expand the scope of cooperation, enrich cooperation content, and improve cooperation efficiency. Efforts will be made to increase financing support for key national projects to ensure their smooth implementation. Greater emphasis will be placed on promoting private investment and continuously enhancing financing facilitation for private investment projects. All parties involved in the cooperation mechanism are required to assume their responsibilities, strengthen coordination and collaboration, and effectively advance the pilot cooperation of investment-loan linkage to contribute positively to expanding effective investment and promoting high-quality development.
02
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【February Caixin China Manufacturing PMI Rose to 50.8, the Highest in Three Months】
The February Caixin China Manufacturing Purchasing Managers' Index (PMI), released today, recorded 50.8, up 0.7 percentage points from January, marking the highest level in three months. Manufacturing production and business activities expanded at a faster pace.
03
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【Sources: China Studying Countermeasures to Firmly Resist US Tariff Hikes】
Reliable sources revealed that China is studying and formulating relevant countermeasures, which may include tariff and non-tariff measures, to respond to the US's renewed threat of imposing a 10% tariff on Chinese goods under the pretext of fentanyl. Among these, imposing tariffs on US-origin agricultural and food products is highly likely to be included in the countermeasures. The sources also stated that if the US insists on unilaterally imposing additional tariffs and officially announces related measures, China will firmly implement strong countermeasures.
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Industry and Downstream
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01
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【Shanghai's February Second-Hand Housing Online Transactions Soared by About 120% YoY, Setting a Three-Year High for the Same Period】
Shanghai's second-hand housing market is rebounding rapidly. February's online transaction volume reached approximately 17,000 units, up about 120% YoY, setting a three-year high for the same period. During field visits, reporters learned that some real estate agencies saw a significant increase in business after the Chinese New Year, with weekend daily viewings reaching around 50 groups. Due to the rapid clearance of listed housing inventory, the bargaining space for second-hand housing transactions has narrowed, and some newly listed homeowners remain in a wait-and-see sentiment.
02
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【Beijing's Real Estate Market Sees "Early Spring"】
Typically, March marks the first peak trading season of the year for the real estate market, commonly referred to as "early spring." However, recent reports indicate that this year's "early spring" has arrived ahead of schedule in many markets. In Beijing, from January to February this year, over 24,000 second-hand residential units were signed online, up nearly 30% YoY, significantly boosting the activity level of the second-hand housing market.
03
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【SMM Coal and Coke Shipping】SMM's total coal port arrivals reached 6.923 million mt, down 4% MoM.
By port: SMM's total coal port arrivals reached 6.923 million mt, down 14% MoM. Among them, Guangzhou Port's total arrivals were 928,000 mt, accounting for 13% of the total, down 4% MoM.
04
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【Local Bond Issuance in Full Swing】
Local bond issuance has seen a strong start. Data shows that in the first two months of this year, local bonds totaling 1,863.296 billion yuan were issued nationwide, marking a three-year high (944.411 billion yuan in the same period of 2024, 1,219.631 billion yuan in 2023), with a significant increase YoY. "This year, thanks to the pilot 'self-review and self-issuance' of special bond projects improving issuance efficiency and local governments accelerating the replacement of hidden debt, the issuance of local bonds, especially new special bonds and refinancing special bonds, has significantly accelerated," said Wen Bin, Chief Economist at China Minsheng Bank. This helps expand effective investment and alleviate local fiscal pressures.
05
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【Guangzhou Port: February Cargo Throughput Estimated at 40.78 Million mt, Up 13.7% YoY】
Guangzhou Port (601228.SH) announced that in February 2025, it is estimated to have completed a container throughput of 1.817 million TEUs, up 18.1% YoY, and a cargo throughput of 40.78 million mt, up 13.7% YoY. For January-February 2025, the company is estimated to have completed a container throughput of 3.945 million TEUs, up 7.5% YoY, and a cargo throughput of 85.805 million mt, up 3.5% YoY. The announcement noted that the above data are preliminary statistics and may differ from the final actual data.
06
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【National Energy Administration: Accelerating the Implementation of Coal Capacity Reserve System and Promoting "Full Reserve" for Eligible Coal Mines】
Liu Tao, Director of the Coal Department of the National Energy Administration, stated that 2025 and the "15th Five-Year Plan" period are critical for accelerating the construction of a new energy system and promoting the transformation of coal development. The Coal Department will continue to strengthen stable coal production and supply, advance the implementation of tasks under the "14th Five-Year Plan" for coal, and urge major coal-producing provinces and regions to accelerate the achievement of planning goals to ensure the successful conclusion of the "14th Five-Year Plan" for coal. Efforts will be made to accelerate the construction of coal supply guarantee bases, approve a batch of large-scale modern coal mines in an orderly manner, and ensure stable coal capacity continuity. The implementation of the coal capacity reserve system will be expedited, promoting "full reserve" for eligible coal mines and establishing a mechanism for activating reserve capacity. The "one-account" management of coal capacity will be strengthened to ensure orderly coordination of coal mine planning, construction, production, and exit. Monitoring and analysis of coal supply and demand will be enhanced, with "point-to-point" coordination to address major issues in coal production and supply. Local governments and enterprises will be guided to stabilize coal imports and deepen international coal cooperation.
07
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【SMM Shipping Data】Australia and Brazil Shipments Rebounded to High Levels, Port Arrivals Dropped Over 10%
SMM's global iron ore shipments totaled 37.08 million mt, up 37.7% MoM. Among them, shipments from Australia reached 20.38 million mt, up 52.8% MoM; shipments from Australia to China were 16.73 million mt, accounting for 82.1% of Australia's total shipments, up 58.2% MoM. Shipments from Brazil reached 8.34 million mt, up 24.2% MoM; shipments from Brazil to China were 5.6 million mt, accounting for 67.1% of Brazil's total shipments, up 65.3% MoM. SMM's total iron ore port arrivals in China were 21.78 million mt, down 11.5% MoM.
08
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【SMM Steel Shipping】China's Steel Exports Dropped 9% WoW Last Week
Global (excluding China) port steel departures totaled 2.5949 million mt, up 16% WoW. China's port steel departures totaled 2.6928 million mt, down 9% WoW.
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Other Hot Topics
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⭕【"Shenzhen Embodied Intelligent Robot Technology Innovation and Industrial Development Action Plan (2025-2027)" Issued】The "Shenzhen Embodied Intelligent Robot Technology Innovation and Industrial Development Action Plan (2025-2027)" has been issued. It mentions that by 2027, breakthroughs will be achieved in key core components of robots, AI chips, integration of artificial intelligence and robotics, multi-modal perception technology, high-precision motion control technology, and dexterous operation technology. More than 10 enterprises with valuations exceeding 10 billion yuan and over 20 enterprises with revenues exceeding 1 billion yuan will be cultivated. Over 50 application scenarios worth over 1 billion yuan will be implemented, and the related industry scale will reach over 100 billion yuan, with more than 1,200 enterprises in the embodied intelligent robot industry cluster. A matrix of public service platforms will be built to attract more upstream and downstream enterprises, research institutions, and innovation teams, forming a more complete industrial ecosystem. The comprehensive strength of the embodied intelligent robot industry will reach an internationally leading level.
⭕【Shanghai Jiading Residential Land "Hits Ceiling" in Transaction】The first residential land in Jiading District, Shanghai, offered this year was transacted at the "ceiling price," breaking the floor price record in the Jiading New City area that had been maintained since 2016. The Jiading New City F03A-4 plot attracted four bidders, and after 49 rounds of bidding, it reached the suspension price and entered the high-quality index competition phase. Ultimately, Shanghai Hongrun Real Estate Co., Ltd., a subsidiary of China Merchants Shekou, won the plot with a bid of 2.6603 billion yuan, a maximum residential decoration standard of 3,000 yuan, a maximum public service area of 1,500 m², and a 0.2% high-end talent housing allocation ratio, achieving a 30% premium and a transaction floor price of 31,850 yuan/m².
⭕ 【Thick-Specification Container Plate Q345R Successfully Developed by Shaanxi Steel Hanzhong Steel】Recently, Hanzhong Steel, based on market demand and customer orders, leveraged its efficient integration mechanism of production, sales, and R&D to accelerate the development and trial production of thick-specification container plate series products. The 65mm-thick container plate Q345R was successfully developed on Hanzhong Steel's medium-thickness plate production line, meeting customer quality requirements and filling a product gap in Shaanxi Province. Container plates have broad application prospects in the equipment manufacturing sector. Q345R is a material specifically designed for containers and is widely used in industries such as petroleum, chemical, power plants, and boilers, typically for manufacturing reactors, heat exchangers, separators, gas pipes, liquefied gas tanks, boiler drums, and LPG bottles.
⭕【Anshan City Initiates Yellow Alert (Level III) Emergency Response for Heavy Pollution Weather】According to joint analysis by the Liaoning Anshan Ecological Environment Monitoring Center and Anshan Meteorological Observatory, the air quality index (AQI) in Anshan City is expected to reach a moderate pollution level within the next 48 hours. After deliberation, it was decided to initiate a yellow alert (Level III) emergency response for heavy pollution weather across the city starting at 5:00 PM on March 3.
