★Macro★
01 ★★ 【Central Bank Conducts Net Withdrawal of 19.1 Billion Yuan in Open Market Operations】
The central bank conducted 538.9 billion yuan of 7-day reverse repo operations yesterday, with a winning rate of 1.50%, unchanged from the previous rate. As 558 billion yuan of 7-day reverse repos matured yesterday, a net withdrawal of 19.1 billion yuan was achieved on the day.
02 ★★ 【US Treasury Bonds Held by Top Three Foreign Creditors Declined in December Last Year】
On February 18 local time, data released by the US Treasury Department showed that in December 2024, the top three foreign holders of US Treasury bonds—Japan, China, and the UK—all reduced their holdings. According to the Treasury International Capital (TIC) report for December 2024, Japan reduced its holdings of US Treasury bonds by $27.3 billion to $1,059.8 billion, remaining the largest holder. China reduced its holdings by $9.6 billion to $759 billion, marking its first reduction after three consecutive increases in 2024. The UK reduced its holdings by $44.1 billion to $722.7 billion, ranking third.
★Industry and Downstream★
01 ★★ 【As of February 17, Local Government Bonds Issued and Planned Total 1,386.591 Billion Yuan】
As of February 17, local government bonds issued and planned totaled 1,386.591 billion yuan, of which refinancing special bonds for replacing existing hidden debt amounted to 782.828 billion yuan, accounting for over 50%. Regarding the issuance of refinancing special bonds, 234.915 billion yuan was issued in January, and the pace accelerated in February, with 232.295 billion yuan issued as of February 17. Additionally, provinces such as Fujian, Sichuan, Jiangsu, and Hebei disclosed plans to issue refinancing special bonds totaling over 300 billion yuan in the remaining days of this week. Among the disclosed quotas, Jiangsu, Hubei, Jiangxi, Zhejiang, and Sichuan have larger issuance scales, each exceeding 50 billion yuan. Jiangsu plans to tender and issue 100 billion yuan across four refinancing special bonds on February 21.
02 ★★★ 【NBS: January Sales Prices of Residential Properties in Tier-1 Cities Continued to Rise MoM, While Tier-2 and Tier-3 Cities Declined Slightly MoM】
Data from the National Bureau of Statistics (NBS) showed that in January 2025, among 70 large and medium-sized cities, sales prices of residential properties in tier-1 cities continued to rise MoM, while those in tier-2 and tier-3 cities declined slightly MoM. YoY declines in sales prices narrowed across tier-1, tier-2, and tier-3 cities.
03★★ 【Tesla Reportedly Begins Site Selection in India for EV Factory】
According to informed sources, Tesla has begun searching for land in India to establish an EV manufacturing plant, with Maharashtra being the first potential location. The Maharashtra government has offered Tesla sites in Chakan and Chikhali near Pune. Government officials stated that negotiations have taken place, but no final decision has been made.
04 ★★ 【New Round of Land Auctions in Multiple Regions, Some High-Premium Plots Sold】
Recently, a new round of land auctions has taken place in multiple regions, with some areas selling high-premium plots consecutively. Industry insiders noted that since 2025, the land market has gradually moved away from the norm of bottom-price transactions, with more plots being sold after multiple rounds of bidding, some even at high premiums. According to announcements from listed real estate companies, their land acquisition attitudes are generally divided. Some companies are actively acquiring land despite declining performance, while others remain cautious.
05★★ 【Refinancing Special Bonds Intensively Issued as Central and Local Governments Advance Debt Resolution Efforts】
Since the beginning of this year, the replacement of existing hidden debt has progressed rapidly. As of February 17, refinancing special bonds issued or planned for replacing existing hidden debt totaled nearly 800 billion yuan. Industry analysts noted that with positive progress in earlier debt resolution efforts, central and local governments will focus on implementing policies this year. Key areas include preventing new hidden debt, reducing the number of financing platforms, and promoting the market-oriented transformation of platforms.
06★★ 【Passenger Vehicle Retail Sales from February 1-16 Up 11% YoY, Down 28% MoM】
Data from the China Passenger Car Association showed that from February 1-16, passenger vehicle retail sales reached 581,000 units, up 11% YoY but down 28% MoM. Year-to-date retail sales totaled 2.375 million units, down 7% YoY. During the same period, NEV retail sales reached 263,000 units, up 79% YoY but down 17% MoM. Year-to-date NEV retail sales totaled 1.007 million units, up 23% YoY.
★Other Hot Topics★
⭕【Five Departments Support Consumption Upgrades in Automotive, Electronics, and Home Products】
The State Administration for Market Regulation and four other departments issued the "Three-Year Action Plan for Optimizing the Consumption Environment (2025-2027)." The plan promotes actions to "increase variety," "improve quality," and "create brands" in the consumer goods industry, advancing quality infrastructure construction to enhance the quality of industry and supply chains. It emphasizes quality, standards, and brand building in sectors such as automotive, home appliances, home furnishings, electronics, textiles, food, and more. The plan also includes implementing the Manufacturing Excellence Quality Project, evaluating corporate quality management capabilities, and enhancing the overall image of "Made in China." It aims to internationalize standards, align domestic and foreign trade products, and support innovation in traditional brands. Additionally, it seeks to accelerate the development of high-quality, trendy, and fashionable products in sectors like apparel, jewelry, leather goods, and cosmetics. The plan supports consumption upgrades in automotive, electronics, and home products, promoting energy-efficient vehicles, smart home appliances, and modernized kitchen and bathroom renovations. It also aims to improve the recycling system for renewable resources and facilitate consumption circulation.
⭕【Zhejiang NEV Industry Fund Launched with Total Scale of 7 Billion Yuan】
The signing and launch ceremony of the Zhejiang NEV Industry Fund was held in Hangzhou on the afternoon of February 18. Li Jun, Deputy Director of the Provincial Development and Reform Commission, attended and delivered a speech. Representatives from the Provincial Financial Holding Company, Hangzhou Municipal Government, Hangzhou Capital, and Binjiang District Government witnessed the signing, along with over 60 enterprises and institutions. The Zhejiang NEV Industry Fund, with a total scale of 7 billion yuan, is registered in Hangzhou and is the largest and longest-term fund among the "4+1" special fund clusters. The fund focuses on the entire NEV industry chain, covering key materials and components, vehicle manufacturing, the aftermarket, and cross-sector areas such as new materials, new energy, integrated circuits, artificial intelligence, and intelligent connectivity.
⭕【National Financial Regulatory Administration: Maintain Stable and Effective Incremental Credit Supply to Private Enterprises】
The National Financial Regulatory Administration held a meeting to study and implement measures based on President Xi Jinping's important speech at the private enterprise symposium. The meeting emphasized a problem-oriented approach, urging the banking and insurance sectors to enhance financial services for private enterprises. It called for maintaining stable and effective incremental credit supply to private enterprises and increasing support for first-time loans, renewals, and credit loans for small and micro private enterprises. The meeting also highlighted the need to establish precise bank-enterprise matchmaking platforms for key private investment projects, leverage the "Coordination Mechanism for Supporting Small and Micro Enterprise Financing," and implement no-principal-repayment loan renewal policies. It stressed the importance of technology-enabled inclusive finance to improve private enterprise financing satisfaction. The "whitelist" mechanism should be utilized, and various real estate financing tools should be employed to meet the reasonable financing needs of all types of real estate enterprises, including private ones. The meeting also called for enriching insurance product systems, advancing pilot work on equity investment by financial asset investment companies, and enhancing comprehensive financial services for private enterprises. In terms of market access in the financial industry, all types of ownership enterprises should be treated equally and fairly.
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