Attention: A major announcement reveals the issuance of 119 billion yuan in ultra-long-term special treasury bonds. Key points: On April 24, the Ministry of Finance conducted a tender for two tranches of ultra-long-term special treasury bonds, comprising 34 billion yuan with a 20-year maturity and 85 billion yuan with a 30-year maturity, totaling 119 billion yuan. This amount represents 9% of the annual issuance plan of 1.3 trillion yuan for the year, marking the official launch of this year's ultra-long-term special treasury bond sales. Compared to last year, the issuance start time remains consistent, reflecting the government's determination to implement proactive fiscal policies early to stabilize the economy. The initial issuance of 119 billion yuan will be followed by continued sales. Regarding the use of the full-year 1.3 trillion yuan in treasury bond funds, 800 billion yuan will be allocated to support major national strategies and enhance security capabilities in key sectors; 250 billion yuan will fund consumer goods trade-in programs; and 200 billion yuan will support large-scale equipment upgrades for businesses. The subsequent issuance schedule is clear: sales will occur monthly from May to October, with maturities of 20, 30, and 50 years. Ultra-long-term special treasury bonds are book-entry bonds issued directly to institutions. However, after issuance and listing, if institutions sell them on the secondary market, individuals can purchase them from institutional investors in the secondary market. Holding the bonds until maturity provides stable principal and interest returns, but trading for price differences carries bond price fluctuation risks—avoid blindly following trends. Overall, the 119 billion yuan issuance is just the beginning; the full-year 1.3 trillion yuan in ultra-long-term special treasury bonds represents a significant measure by the state to stabilize the economy.