Today, there are two important meetings happening globally at the same time.

One is our two major meetings, where a series of goals for this year are announced; the other is Trump's speech in Congress, outlining his plans moving forward. Both meetings have stirred the hearts of global investors, and so far, it all seems positive.

First, let's talk about the Americans, who have started to stabilize the market. Last night, U.S. Treasury Secretary held a meeting with several institutional leaders and simultaneously sent good signals to the market, finally stopping the decline of U.S. stocks.

However, the core issue is that Trump's speech today did not create chaos; although he mentioned tariffs and other issues, he did not clarify or escalate them. The market sighed in relief.

Trump also specifically mentioned the chip legislation, stating that he believes this law should be abolished. The chip law was signed by Biden, providing hundreds of billions of dollars in subsidies to American chip companies for their development in the artificial intelligence sector, with the condition that these companies cannot cooperate with Chinese firms.

Goodness, now he wants to abolish it. Trump is currently both popular and specialized, truly a hidden ally! However, he feels that if chip companies can make money, why should they need subsidies? It is unlikely that they would genuinely support China.

This month, there are several risks in the U.S. stock market, one of the bigger ones being his speech today, which has now been cleared, but there is still the Federal Reserve meeting coming up, and the key will still be Powell's attitude in his statements.

Now, let's talk about our situation with a few core data points:

First, the deficit ratio is set at 4%. Previously, we mainly targeted 3%, marking the first increase in the deficit ratio in recent years. To explain, this represents the government's willingness to take responsibility, meaning it is willing to inject liquidity.

Second, the inflation data is set at 2%. Previously, it was 3%, but now the monthly CPI is only in the range of 0.x, making the 3% target too far-fetched.

This adjustment in target is a positive sign, indicating that the higher-ups have recognized the problem and are facing it. This is very favorable.

Third, issuing 1.3 trillion yuan in special government bonds, which is slightly less than market expectations, but there is a notable point: this time, 500 billion yuan is allocated to support large state-owned commercial banks in replenishing their capital.

Rumors suggest that this will save the banks, and this wave has been implemented. Why do banks, which are making large profits every day, still need to issue bonds? Because although banks are profitable, they also bear the burden of the real estate crisis. Saving the real estate sector is too difficult, so it is better to secure the banks as a backup.