周三，上证综指上涨0.2%，收于3380点，深证成分股上涨0.1%，收于10660点，弥补了前一交易日的损失，矿业股领涨，金属价格走强，尤其是铜和贵金属。该行业表现最佳的公司包括紫金矿业（1.3%）、北方铜业（8%）、涧西铜业（4.4%）、云南铜业（1.2%）和杭州钢铁（1.4%）。资源相关和金属制造公司也大幅上涨，如DH重工（6.7%）、江苏南方（10%）和荣发核设备（4.1%）。与此同时，在美国总统唐纳德·特朗普下周实施互惠关税之前，投资者仍然保持谨慎，预计这将打击中国的关键行业。

The Shanghai Composite rose 0.2% toward 3,380 while the Shenzhen Component gained 0.1% to 10,660 on Wednesday, recouping losses from the previous session, with mining stocks leading the charge amid stronger metals prices, particularly copper and precious metals. Top performers in the sector include Zijin Mining (1.3%), North Copper (8%), Jianxi Copper (4.4%), Yunnan Copper (1.2%), and Hangzhou Iron & Steel (1.4%). Resource-related and metal fabrication companies also surged such as DH Heavy Industries (6.7%), Jiangsu Nanfang (10%), and RongFa Nuclear Equipment (4.1%). Meanwhile, investors remained cautious ahead of the implementation of US President Donald Trump’s reciprocal tariffs next week, which are expected to hit key industries in China.

中国10年期政府债券收益率降至1.88%左右，投资者寻求更安全的资产，因为人们越来越担心中国刺激措施在抵消美国新关税方面的有效性。尽管设定了5%的GDP增长目标，将赤字提高到30年来的最高水平，并公布了促进消费和内需的计划，但经济仍在与缓慢的增长作斗争。与此同时，在美国总统特朗普表示将采取更有针对性的关税措施后，市场有所缓解。在货币政策方面，中国人民银行宣布将降低中期贷款利率，转而采用七天反向回购利率，对MLF贷款采用新的投标制度。虽然旨在保持流动性，但这一转变增加了借贷成本的不确定性。央行还计划发行4500亿元人民币的一年期MLF贷款，并表示可能在适当的时候降息。

China's 10-year government bond yield dropped to around 1.88%, as investors sought safer assets amid growing concerns over the effectiveness of China’s stimulus measures in offsetting new US tariffs. Despite setting a 5% GDP growth target, raising its deficit to a three-decade high, and unveiling plans to boost consumption and domestic demand, the economy continues to struggle with sluggish growth. Meanwhile, markets found some relief after US President Trump signaled a more targeted approach to tariffs. On the monetary policy front, the People's Bank of China announced it would downplay the medium-term lending facility rate in favor of the seven-day reverse repo rate, adopting a new bidding system for MLF loans. While aiming to maintain liquidity, this shift has raised uncertainty over borrowing costs. The central bank also plans to issue CNY 450 billion in one-year MLF loans and has signaled potential rate cuts at the appropriate time.

离岸人民币兑美元汇率进一步下跌至7.27左右，徘徊在两周低点附近，受到对中国刺激措施抵消美国新关税有效性的日益担忧的压力。中国设定了5%的GDP增长目标，将赤字提高到30年来的最高水平，并公布了促进消费和内需的计划，但经济仍在努力应对增长缓慢的问题。然而，在特朗普表示将采取更有针对性的关税措施后，市场有所缓解。在货币政策方面，中国人民银行宣布将降低中期贷款利率，转而采用七天反向回购利率，对MLF贷款采用新的投标制度。虽然旨在保持流动性，但这一转变增加了借贷成本的不确定性。央行还计划发行4500亿元人民币的一年期MLF贷款，并表示可能在适当的时候降息，使人民币承压。

The offshore yuan extended its decline to around 7.27 per dollar, hovering near two-week lows, pressured by growing concerns over the effectiveness of China’s stimulus measures in offsetting new US tariffs. China has set a 5% GDP growth target, raised its deficit to a three-decade high, and unveiled plans to boost consumption and domestic demand, yet the economy continues to grapple with sluggish growth. However, markets found some relief after Trump signaled a more targeted approach to tariffs. On the monetary policy front, the People's Bank of China announced it would downplay the medium-term lending facility rate in favor of the seven-day reverse repo rate, adopting a new bidding system for MLF loans. While aiming to maintain liquidity, this shift has raised uncertainty over borrowing costs. The central bank also plans to issue CNY 450 billion in one-year MLF loans and has signaled potential rate cuts at the appropriate time, keeping the yuan under pressure.

2025年前两个月，中国财政收入同比下降1.6%，扭转了2024年1.3%的增长。与此同时，政府支出增长3.4%，略低于去年3.6%的增长。为了促进消费和应对美国关税上涨的影响，中国今年的财政赤字目标设定为创纪录的5.66万亿元人民币，占GDP的4.0%，高于2023年的3.0%。当局已承诺采取更积极的财政政策，以支持2025年5%的GDP增长目标。

China’s fiscal revenue declined by 1.6% from a year earlier in the first two months of 2025, reversing a 1.3% increase in 2024. Meanwhile, government spending rose 3.4%, slightly easing from a 3.6% rise last year. To boost consumption and counter the impact of rising U.S. tariffs, China has set its fiscal deficit target this year at a record-high CNY 5.66 trillion, or 4.0% of GDP, up from 3.0% in 2023. Authorities have committed to a more proactive fiscal policy to support the 5% GDP growth target for 2025.