【SMM Steel Market Morning News】The Ministry of Finance plans to conduct the first renewal issuance of ultra-long-term special treasury bonds for 2025, with a total tender face value of 71 billion yuan

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Macro

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【Xi Jinping Visits New Development Bank of BRICS】

On the morning of April 29, Chinese President Xi Jinping visited the New Development Bank of BRICS in Shanghai and met with Dilma Rousseff, the President of the Bank. Xi pointed out that the New Development Bank is the first multilateral development institution founded and led by emerging market and developing countries, representing a pioneering initiative for the Global South to unite and strengthen itself. It aligns with the historical trend of reforming and improving global governance, growing into an emerging force in the international financial system and a hallmark of cooperation among the Global South. Xi emphasized that the "Greater BRICS Cooperation" has entered a stage of high-quality development, and the New Development Bank should also embark on the second "Golden Decade" of high-quality development. It should stay true to its original mission, closely align with the development needs of the Global South, and provide more high-quality, low-cost, and sustainable infrastructure financing. It should strengthen its internal capabilities, improve management and operations, implement more fintech and green finance projects, assist developing countries in bridging the digital divide, and accelerate the transition to green and low-carbon development. It should forge ahead, amplify the voice of the Global South in discussions on the reform of the international financial architecture, safeguard the legitimate rights and interests of the Global South, and support Global South countries in advancing along the path of modernization. As the host country, China will, as always, support the operation and development of the New Development Bank, and is willing to strengthen project cooperation with the Bank, focusing on green, innovative, and sustainable development, to achieve more pragmatic cooperation outcomes. China is also willing to share development experiences with other member countries through the New Development Bank and provide more international public goods. Xi pointed out that the collective rise of the Global South has become an important force in maintaining world peace, promoting common development, and improving global governance. No matter how the international situation changes, the general direction of human development and progress will not change. China's development relies on self-reliance and hard work, and it will firmly safeguard its own legitimate rights and interests as well as the common interests of the international community.

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【Egyptian Sources: Egypt and Israel Discuss New Gaza Ceasefire Proposal in Cairo】

Two Egyptian security sources stated on April 28 local time that Egyptian officials held a meeting in the capital Cairo with an Israeli delegation led by Minister of Strategic Affairs Ron Dermer to discuss a new proposal aimed at achieving a ceasefire in the Gaza Strip. The two sources, who spoke on condition of anonymity, said that Egypt had proposed a new plan that mainly includes a temporary six-month ceasefire in exchange for the release of half of the Israeli hostages held by the Palestinian Islamic Resistance Movement (Hamas). Israel had previously rejected an Egyptian proposal for Hamas to release all Israeli hostages in exchange for a five-year ceasefire. The two sources said that the new proposal also includes the phased withdrawal of Israeli troops from the Gaza Strip and the commencement of reconstruction efforts in the region.

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【SAMR: Further Refines Action Measures to Boost Domestic Demand】

The State Administration for Market Regulation (SAMR) held a special press conference to report on the enforcement of intellectual property rights (IPR) in 2024. Ji Xiaoling, the Market Inspection Commissioner of SAMR, stated at the meeting that in 2025, action measures will be further refined to deepen special enforcement actions from the aspects of institutional construction, efficiency improvement, and standardized enforcement, focusing on key tasks such as boosting domestic demand, supporting high-level opening-up, promoting the development of the private sector, serving rural revitalization, ensuring the transformation and utilization of IPR, and supporting the construction of a modern industrial system. SAMR will leverage the advantages of system integration, strengthen the modernization of the IPR enforcement system and capabilities, and provide solid guarantees for high-quality development.

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【People's Bank of China Holds Mobilization and Deployment Meeting on Implementing the Overall Statistical System for the "Five Major Articles" in Finance】

Recently, the People's Bank of China (PBOC) held a mobilization and deployment meeting on implementing the overall statistical system for the "Five Major Articles" in finance. The meeting required financial institutions to earnestly implement the relevant statistical systems for the "Five Major Articles" in finance, coordinate resources within their units, strengthen coordination and cooperation among relevant departments, strictly fulfill the main responsibility for data quality, strengthen the quality management of source data, and form a full-chain work guarantee from business to statistics. Each branch of the PBOC should strengthen guidance on the statistical work of financial institutions within their jurisdiction, ensure that the requirements of the statistical system for the "Five Major Articles" in finance are accurately conveyed to institutions within their jurisdiction, strictly implement the responsibility for data review, strengthen the rigid constraints of statistical inspections, and coordinate on-site inspections and off-site supervision.

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【Ministry of Finance Plans to Issue the First Batch of Ultra-Long-Term Special Treasury Bonds in 2025 with a Total Face Value of 71 Billion Yuan through Tender】

The General Office of the Ministry of Finance issued a notice on the 29th, stating that the Ministry of Finance plans to issue the first batch of ultra-long-term special Treasury bonds (Phase II) in 2025. This batch of bonds is a 30-year fixed-rate coupon bond with a total face value of 71 billion yuan through competitive bidding, and no additional bidding by Class A members will be conducted. The coupon rate of this batch of bonds is the same as that of the previously issued bonds of the same maturity, which is 1.88%.

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Industries and Downstream Sectors

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【CPCA's Cui Dongshu: China Accounts for 33% of Global Auto Market Share from January to March】

Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), stated through his personal official account that global auto sales reached 8.75 million units in March 2025, up 5% YoY. Compared with the peak in March 2018, sales in March 2025 decreased by 5%, remaining at the median level over the years. From January to March 2025, sales reached 22.64 million units, up 5% YoY. China accounted for 33% of the global auto market share from January to March 2025, with the lower performance of Chinese automakers at the beginning of the year being a normal reflection of the Chinese New Year factor. As the effects of policy stimuli become apparent, the Chinese auto market has strengthened since March.

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【CISA: 141 Enterprises Complete Ultra-Low Emission Retrofits Throughout the Process, Involving Crude Steel Capacity of Approximately 591 Million Tons】

Jiang Wei, Vice President and Secretary General of the China Iron and Steel Association (CISA), stated at an information conference held in Beijing on the 29th that as of April 20, 2025, a total of 189 steel enterprises have completed or partially completed ultra-low emission retrofits and assessment monitoring. Among them, 141 enterprises have completed ultra-low emission retrofits throughout the process, involving crude steel capacity of approximately 591 million tons.

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【Hubei: Takes Boosting Consumption as a Strategic Initiative and Vigorously Implements Special Actions to Boost Consumption】

The Standing Committee of the Hubei Provincial Party Committee held a meeting on the afternoon of April 28. The meeting pointed out that it is necessary to adhere to the overall development situation, take boosting consumption as a strategic initiative, vigorously implement special actions to boost consumption, and promote sustained economic recovery and improvement. It is necessary to adhere to a problem-oriented, goal-oriented, and results-oriented approach, coordinate the expansion of consumer demand and the optimization of consumer supply, coordinate "investment in things" and "investment in people," coordinate "hard inputs" and "soft constructions," and promote the formation of a higher-level dynamic balance where demand drives supply and supply creates demand.

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【National Development and Reform Commission Allocates the Second Batch of 81 Billion Yuan in Ultra-Long-Term Special Treasury Bonds This Year to Continue Strong Support for Trade-in Policy】

According to the National Development and Reform Commission (NDRC), the market demand for trade-in policy in consumer goods nationwide has been very robust since the beginning of this year, with the utilization ratio of the first batch of subsidy funds reaching a relatively high level in most regions. Recently, the NDRC has issued a notice, in conjunction with the Ministry of Finance, to promptly allocate the second batch of 81 billion yuan in ultra-long-term special Treasury bonds funds to localities this year, continuing strong support for the trade-in policy. Next, the NDRC will fully leverage the role of the inter-ministerial coordination mechanism for the "program of large-scale equipment upgrades and consumer goods trade-ins," strengthen overall promotion and tracking scheduling, urge relevant departments and localities to accelerate the review and disbursement of allocated funds, effectively alleviate the pressure on enterprises to advance funds, ensure that genuine benefits directly reach consumers, and promote the trade-in policy to achieve greater effects.

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Other Hot Topics

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⭕【Foreign Ministry: If the US Wants to Solve Problems, It Should Stop Threats and Pressure】At today's regular press conference of the Foreign Ministry, a reporter asked about the relevant remarks of the US Treasury Secretary involving China. In response, Foreign Ministry spokesperson Guo Jiakun stated that China has repeatedly clarified that there are no winners in tariff wars or trade wars. This tariff war was initiated by the US. If the US wants to solve problems through dialogue and negotiation, it should stop threats and pressure and engage in dialogue with China on the basis of equality, respect, and mutual benefit.

⭕【Foreign Ministry: Calls on India and Pakistan to Exercise Restraint and Jointly Maintain Regional Peace and Stability】Foreign Ministry spokesperson Guo Jiakun presided over a regular press conference on April 29. A reporter asked about the tense relations between India and Pakistan due to the terrorist attack in the Kashmir region. In response, Guo Jiakun stated that both India and Pakistan are important countries in South Asia, and their harmonious coexistence is crucial for regional peace, stability, and development. As a common neighbor of India and Pakistan, China calls on both sides to exercise restraint, properly handle differences through dialogue and consultation, and jointly maintain regional peace and stability.

⭕【SAIC Motor: Net Profit in Q1 Reaches 3.02 Billion Yuan, Up 11.4% YoY】SAIC Motor released its 2024 annual report and 2025 first-quarter report. In 2024, the company achieved wholesale sales of 4.013 million vehicles and end-user retail sales of 4.639 million vehicles for the whole year. Among them, the end-user delivery of new energy vehicles reached 1.368 million units, and the overseas delivery of whole vehicles reached 1.082 million units. It achieved a total operating revenue of 627.59 billion yuan and a net profit attributable to shareholders of listed companies of 1.67 billion yuan. In the first quarter of this year, SAIC sold 945,000 vehicles, up 13.3% YoY. It achieved a total operating revenue of 140.86 billion yuan and a net profit attributable to shareholders of listed companies of 3.02 billion yuan, up 11.4% YoY. The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 2.85 billion yuan, up 34.4% YoY.

⭕【Sany Heavy Industry: Net Profit in Q1 Reaches 2.471 Billion Yuan, Up 56.40% YoY】Sany Heavy Industry announced that its operating revenue in the first quarter of 2025 was 21.049 billion yuan, up 19.18% YoY, and its net profit was 2.471 billion yuan, up 56.40% YoY.

⭕【China Securities: Net Profit in Q1 Increases 50.07% YoY】China Securities (601066.SH) announced that its operating revenue in the first quarter was 4.919 billion yuan, up 14.54% YoY, and its net profit attributable to shareholders of the parent company was 1.843 billion yuan, up 50.07% YoY. The main reasons were the increase in investment income and net income from fees and commissions.

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