Report Summary Core Viewpoints - From August 11 - 15, 2025, the CSI 300 rose 2.37%, and the estimated stock position of active equity and partial - equity hybrid funds increased by 1.18% to 87.68% [3][7]. - The top 5 industries for active equity and partial - equity hybrid funds this week were Electronics (12.91%), Power Equipment (8.38%), Medicine and Biology (7.11%), Communication (6.95%), and Automobile (6.19%) [4][17]. - The top 3 industries for adding positions were Non - ferrous Metals (+0.78%), Communication (+0.73%), and Non - banking Finance (+0.37%); the top 3 industries for reducing positions were Food and Beverage (-0.43%), Electronics (-0.28%), and Banking (-0.25%) [4][17]. - The yield to maturity of the 10 - year China Development Bank bond rose 8bps this week. The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years [4][20]. Summary by Directory Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. This week, the position of active equity funds increased by 0.95% to 90.41%, and that of partial - equity hybrid funds increased by 1.24% to 87.06% [7]. - The overall increase or decrease in positions of active equity and partial - equity hybrid funds this week was mostly concentrated in [0%, 1%] (688 funds), followed by [-1%, 0%) (153 funds) [11]. - Funds with scales below 20 billion, 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased positions this week, while funds of other scales slightly reduced positions [11]. - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly added this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks and small - cap stocks were slightly added, while mid - cap stocks were slightly reduced [14]. Bond Fund Duration Estimation - The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.67 years. The duration divergence increased, and the estimated duration standard deviation rose by 0.28 to 2.02 years [4][20]. - The median duration of credit bond funds increased by 0.14 to 3.37 years, with 9% of funds being actively operated and 25% being conservatively operated; the median duration of interest - rate bond funds decreased by 0.12 to 4.88 years, with 40% of funds being actively operated and 8% being conservatively operated [4]. - The estimated duration of credit bond funds this week was concentrated in [3.5, 4) (127 funds), followed by [3, 3.5) (108 funds); the estimated duration of interest - rate bond funds was concentrated in [5,) (171 funds), followed by [4, 4.5) (49 funds) [27]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) was 8.74%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) was 24.67%; among interest - rate bond funds, the proportion of funds with active duration operations was 40.49%, and the proportion of funds with conservative duration operations was 8.15% [28]. - The yield to maturity of the 1 - year China Development Bank bond rose 3bps this week. The median estimated duration of short - term pure bond funds remained unchanged at 1.20 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.20 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.01 to 0.46 years [32]. - The estimated duration of passive policy - bank bond funds decreased by 0.06 to 3.80 years [32].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From August 11 to August 15, 2025, the weighted index of REITs decreased by 1.52% to 101.68 points. The performance of major asset classes from high to low was stocks > convertible bonds > crude oil > pure bonds > REITs > gold. Among REITs, equity - type REITs fell 1.57% to 115.01, and concession - type REITs fell 1.45% to 85.90. By industry type, the weekly performance from high to low was consumer - type > warehousing and logistics > highways > energy > industrial parks > ecological and environmental protection > affordable rental housing [2]. - In terms of secondary - market performance, the top three REITs in terms of weekly gains were Southern Wanquan Data Center REIT (5.59%), Southern Runze Technology Data Center REIT (4.26%), and China Resources Commercial REIT (0.62%). In terms of trading volume, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT had the highest trading volumes, with 0.83 billion shares, 0.74 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Inner Mongolia Energy Clean Energy REIT had the highest turnover rates, at 34.47%, 24.71%, and 10.46% respectively [3][11]. - In terms of secondary - market valuation, as of August 15, 2025, the top three products in terms of internal rate of return (IRR) were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT, with corresponding IRRs of 11.43%, 11.37%, and 8.98% respectively. In terms of the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. In terms of the P/NAV indicator, the top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT. In terms of expected cash distribution rate, the top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [3][16][17]. - As of August 15, 2025, there were 11 REIT products still in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Market - wide performance: The weighted index of REITs decreased by 1.52% this week. Equity - type and concession - type REITs both declined, and there were varying degrees of decline in different industry types [2]. - Individual - product performance: The top three REITs in terms of gains, trading volume, and turnover rate were as mentioned above [3][11]. 3.2 Secondary - market Valuation Situation - IRR: The top three REITs in terms of internal rate of return were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT [3][18]. - P/FFO: Many REITs had a dynamic P/FFO lower than the industry average [3][16][17]. - P/NAV: The top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT [3]. - Expected cash distribution rate: The top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [17]. 3.3 Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.21 this week. The correlation coefficients with other major asset classes were also provided, such as 0.19 with the CSI 300, 0.12 with the ChiNext Index, etc. Different types of REITs (equity - type, concession - type, etc.) also had different correlation coefficients with major asset classes [21][23]. 3.4 Primary - market Tracking - As of August 15, 2025, there were 11 REIT products in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4].

Group 1: Economic Environment - The macroeconomic environment in the U.S. is more severe than the same period last year, necessitating interest rate cuts to counteract a significant slowdown in economic growth expected after 2025[2] - The Federal Reserve has lowered the benchmark interest rate by 100 basis points over the past year, but further cuts may be limited due to the current economic conditions[4] - The downward trend in hard data in the U.S. is likely to continue, and Powell's stance at the Jackson Hole meeting will be crucial[4] Group 2: Interest Rate Outlook - There is skepticism about Powell providing clear guidance on the interest rate cut path at the Jackson Hole meeting, with a 25 basis point cut in September facing resistance[2] - The decision for a September rate cut will depend heavily on the August non-farm payroll data, particularly the unemployment rate and revisions to previous employment figures[2] - If the August non-farm report shows a stable unemployment rate and upward revisions, Powell may have sufficient reasons to reject a September rate cut[21] Group 3: Market Reactions and Risks - Market expectations for a rate cut may be overly optimistic, especially if data does not consistently point towards a clear monetary policy direction[27] - Risks include increased uncertainty from Trump's policies, which could lead to greater market volatility and faster capital flight from the dollar[28] - Global economic impacts from tariffs may lead to unexpected levels of synchronized easing, potentially alleviating long-term interest rate pressures[28]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI computing demand is driving significant growth for companies like CoreWeave, which reported a revenue of $1.21 billion in Q2 2025, a year-on-year increase of 207% [12][14] - SK Hynix anticipates a compound annual growth rate of approximately 30% for the HBM market until 2030, driven by strong end-user demand and increased capital expenditure from cloud computing giants [15] - Global smartphone sales are projected to reach approximately 296 million units in Q2 2025, reflecting a year-on-year growth of 1.45% [17] - The global AI laptop shipments are expected to reach around 21.6 million units in Q2 2025, marking a year-on-year growth of about 95% with a penetration rate of 44.32% [27] Summary by Sections AI Computing and CoreWeave - CoreWeave's Q2 2025 revenue exceeded expectations at $1.21 billion, significantly higher than the market forecast of $1.08 billion, with a year-on-year growth of 207% [12][14] - The company has raised its full-year revenue guidance to between $5.15 billion and $5.35 billion, indicating a year-on-year growth rate of 174% [14] - CoreWeave's debt has increased to $11.1 billion, raising concerns about financial pressure despite strong growth [12] HBM Market Insights - SK Hynix remains optimistic about the HBM market, predicting a significant expansion driven by strong demand and capital investments from cloud service providers [15] - The company is currently a major supplier of HBM to NVIDIA, which positions it favorably in the market [15] Smartphone Market Dynamics - The global smartphone market is expected to see sales of approximately 296 million units in Q2 2025, with a growth rate of 1.45% year-on-year [17] - The Middle East and Africa region is projected to experience a smartphone growth rate of about 6.8% [17] AI Laptop Growth - The report indicates that AI laptop shipments will reach around 21.6 million units in Q2 2025, representing a year-on-year increase of approximately 95% [27] - The penetration rate of AI laptops is projected to be 44.32% [27]

Group 1 - The report highlights a significant shift in market sentiment, with the stock market showing strength while the bond market faces pressure, leading to a rapid change in risk appetite [3][13][14] - The yield on the 10-year government bond has risen to 1.75%, while the 30-year bond approaches 2%, indicating a challenging environment for long-duration bonds [3][13] - The report notes that the recent decline in bond prices is characterized by a "local" feature, particularly affecting long-term credit bonds, while short-term credit bonds have shown relative stability [5][48] Group 2 - The report discusses the performance of various bond strategies, indicating that the 30-year government bond strategy has faced the most significant drawdown, with a loss of 192 basis points in the past week [4][21] - Credit strategies have also experienced substantial drawdowns, particularly in bank subordinated bonds and long-duration portfolios [4][21] - Short-term bond strategies have managed to retain some gains from earlier in the year, with certain portfolios even showing positive returns recently [4][21] Group 3 - The report emphasizes that the current bond market environment is marked by a lack of liquidity, particularly in long-term credit bonds, which have seen a sharp decline in trading volume [6][48] - Despite the challenges, the pricing of medium to short-duration credit bonds remains stable, with limited upward movement in yields compared to the adjustments seen at the end of July [6][17] - The report suggests that the stability of the non-bank funding side has contributed to the resilience of short-duration credit bonds [6][70] Group 4 - The report outlines short-term strategies, recommending a cautious approach due to overall low absolute returns [7][71] - It suggests focusing on price spread trading opportunities in bank subordinated bonds and emphasizes the potential for acquiring high-quality city investment bonds with AA+ ratings [7][71] - The report also notes that new credit bond pricing is susceptible to market fluctuations, indicating a need for careful monitoring of market conditions [7][71]

Group 1: Meeting Overview - The meeting between US President Trump and Russian President Putin in Alaska lasted approximately 3 hours and was described as "constructive" and "fruitful" by both parties[2] - Prior to the meeting, Trump assessed the probability of failure at only 25%, indicating a positive outlook[2] - The discussions involved multiple departments and covered topics such as battlefield conditions, security guarantees, sanctions relief, and restoring official communication channels[2] Group 2: Core Demands - Russia's primary demands focus on regime security rather than territorial claims, emphasizing the need for a pro-Russian government in Ukraine[3] - The US aims to balance its interests by ensuring European dependence on American security while managing the Russian threat[3] - The US is expected to leverage diplomatic efforts to align European and Ukrainian positions with its own, particularly regarding security commitments[4] Group 3: Future Actions - Russia may continue military actions to gain territorial leverage, particularly in the Donbas region, where it currently controls 79% of Donetsk and all of Luhansk[4][21] - The US will engage in diplomatic negotiations with European and Ukrainian leaders to facilitate a ceasefire and peace agreement, with a meeting scheduled for August 18[4][22] - The outcome of these negotiations will significantly impact Ukraine's future, including potential concessions on territorial control and governance[24] Group 4: Implications for China - The successful US-Russia talks have temporarily alleviated trade tensions for China, as Trump indicated a pause on secondary tariffs related to Russian oil purchases[5] - This shift suggests that US-China relations may become a secondary concern for the US as it focuses on the Russia-Ukraine situation[5] - China is encouraged to strengthen its relationships with neighboring countries and BRICS nations during this strategic window[5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - In the first half of 2025, the company achieved a revenue of 405 million RMB, a year-on-year decrease of 7.1%, while the net profit attributable to shareholders increased by 28.7% to 200 million RMB [2]. - The decline in revenue is attributed to the company's ongoing shift towards a light-asset strategy, which has led to reduced interest income from self-funded investments and declining returns from supply chain asset refinancing. However, this impact has been partially offset by the successful implementation of a platform strategy [3]. - The company's platform technology service revenue reached 211 million RMB, showing a robust year-on-year growth of 37.0%, accounting for over 50.0% of total revenue, thus becoming a core growth driver [3]. - The company has seen a significant increase in its share of joint venture performance, which rose by 94.1% to 79 million RMB, providing crucial support for net profit growth [3]. - The cumulative transaction scale of the company's platform exceeded 2,780 billion RMB by the end of June 2025, reflecting a year-on-year growth of approximately 29% [3]. - The company is actively expanding into innovative sectors such as e-commerce, achieving a cumulative transaction scale of over 2.8 billion RMB in this area, which represents an almost eightfold increase year-on-year [3]. - A strategic partnership with a leading global industrial robotics company has been established, marking significant progress in the emerging robotics sector [4]. Financial Forecasts and Valuation - The company is expected to continue benefiting from its strategic positioning in e-commerce, AI, and robotics, driving further expansion of its supply chain technology platform [5]. - The overall fee structure is anticipated to improve as the proportion of high-value income increases, enhancing profitability [5]. - The total dividend payout for 2025 is projected to be approximately 950 million RMB, resulting in a high expected dividend yield of 8.6% for shareholders [5]. - The forecasted net profit for the full year 2025 is estimated to reach 512 million RMB, representing a year-on-year growth of 35%, with a corresponding price-to-earnings ratio of 21.4 times [5].

Group 1: Report's Investment Rating - No information provided on the report's industry investment rating Group 2: Core Views - This week, the simulated portfolio's returns turned negative, with the credit - style portfolio's retracement relatively controllable. Among the interest - rate style portfolios, the short - end sinking of urban investment bonds and the sinking strategy of certificates of deposit (CDs) had relatively high weekly return readings, both around - 0.41%. Among the credit - style portfolios, the short - end sinking of urban investment bonds and the sinking strategy of CDs had smaller retracements, with return readings of - 0.16% and - 0.16% respectively [2][15][16]. - Since July, the CD strategy has a higher odds. The average weekly return of the credit - style CD heavy - position portfolio dropped to - 0.17%, a decrease of about 24bp from last week. It is also one of the few strategies with positive cumulative returns in the past three weeks. The corresponding interest - rate style portfolio underperformed the defensive strategy again after two weeks [2][19]. - In terms of return sources, the coupon of the credit - style urban investment bond heavy - position strategy is approaching the annual low and can hardly withstand recent fluctuations. The coupon contributions of the credit - style portfolio this week generally fell within the range of - 25% to - 5%, and capital gains significantly dragged down the comprehensive return [3][27]. - In the past four weeks, except for the short - end sinking of urban investment bonds, the remaining mainstream strategies generally lacked excess returns. From the perspective of strategy terms, short - term strategies significantly outperformed. Short - term CD strategies outperformed the benchmark, and the excess return of urban investment sinking reached the highest since late June [4][31][33]. Group 3: Summary by Relevant Catalogs 1. Portfolio Strategy Return Tracking 1.1 Portfolio Weekly Return Overview - As of August 15, this year, the cumulative returns of the interest - rate style and credit - style portfolios have significantly lagged behind the same period in the past two years. Among the main credit - style portfolios, the cumulative comprehensive returns of the long - term industrial portfolio, the short - end sinking of urban investment bonds, and the duration portfolio led, reaching 1.48%, 1.39%, and 1.22% respectively. The cumulative returns of the credit - style portfolios all exceeded the corresponding interest - rate style portfolios, while the cumulative returns of the interest - rate style portfolios basically fell back to within 1% [10]. - The average weekly return of the credit - style CD heavy - position portfolio dropped to - 0.17%, a decrease of about 24bp from last week. The weekly return of the urban investment bond heavy - position portfolio decreased by 38.6bp to - 0.27% compared with the previous week. The weekly return of the secondary bond heavy - position portfolio decreased by more than 40bp, but its absolute return performance was slightly stronger than that of the interest - rate style portfolio. The average return of the long - term bond heavy - position strategy dropped to - 0.55%, a decrease of about 64bp compared with the previous week [2][19]. 1.2 Portfolio Weekly Return Sources - The coupons of the main strategy portfolios continued to decline. The coupons of the short - end sinking and dumbbell - shaped portfolios of urban investment bonds were around an annualized 1.92% and 1.97% respectively, less than 5bp away from the annual low. The coupon of the secondary bond duration portfolio was still 14bp away from the low point, and the coupon volatility remained high [3][27]. 2. Credit Strategy Excess Return Tracking - In the past four weeks, the cumulative excess returns of the short - end sinking of urban investment bonds, the bullet - shaped portfolio of commercial financial bonds, and the sinking strategy portfolio of secondary bonds reached 16.2bp, 0.9bp, and 0.6bp respectively, while the cumulative readings of the remaining strategy portfolios dropped to the negative range. This week's weak performance widened the gap between the cumulative returns of the heavy - position strategy of Tier 2 and perpetual bonds and the urban investment bond heavy - position strategy, with the cumulative excess return dropping to below - 22bp [4][31]. - From the perspective of strategy terms, short - term strategies significantly outperformed. Short - term CD strategies outperformed the benchmark, and the excess return of urban investment sinking reached the highest since late June. In the medium - and long - term, all strategies showed negative excess returns, except that the excess return of the short - end sinking of urban investment bonds reached 9.7bp. The negative deviations of Tier 2 capital bonds and the bullet - shaped portfolio of commercial financial bonds from the benchmark were within 2bp, also having a certain defensive property [4][33]. Appendix: Simulated Portfolio Allocation Method - The simulated portfolio has some limitations, including the distortion of the portfolio allocation method and errors in the return calculation method. The actual product's bond allocation in terms of grade and term distribution is more complex and may change strategies according to market conditions. The fixed bond ratio in the simulated portfolio may be distorted, and there are some assumptions and simplifications in the calculation method of coupon and capital gains [5][47]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The reading of the bond market's micro - trading thermometer dropped significantly by 10 percentage points to 50%. The proportion of indicators in the over - heated range decreased to 30%, and the proportion of indicators in the cold range increased to 40%. The average value of the comparison ratio quantile dropped by 19 percentage points [2][14][19] 3. Summary by Relevant Catalogs 3.1 This period's micro - trading thermometer reading dropped significantly - The "Guojin Securities Fixed Income - Bond Market Micro - trading Thermometer" dropped 10 percentage points to 50%. TL/T long - short ratio, fund duration, fund - rural commercial bank buying volume, commodity comparison ratio, and consumer goods comparison ratio quantiles all dropped significantly. Only the turnover rates of 30/10Y treasury bonds, the overall market turnover rate, institutional leverage, allocation disk strength, and policy spread quantiles increased slightly. Currently, indicators with high congestion include the turnover rate of 30/10Y treasury bonds and the trading volume ratio of long - term treasury bonds [2][14] 3.2 The number of indicators in the over - heated range dropped to 30% - Among 20 micro - indicators, the number of indicators in the over - heated range decreased to 6 (30%), the number in the neutral range remained 6 (30%), and the number in the cold range increased to 8 (40%). The TL/T long - short ratio dropped from the over - heated range to the cold range, fund duration, monetary tightness expectation, and listed company wealth management buying volume dropped from the over - heated range to the neutral range, fund - rural commercial bank buying volume and commodity comparison ratio dropped from the neutral range to the cold range, and allocation disk strength rose from the neutral range to the over - heated range [3][19] 3.3 TL/T long - short ratio quantile dropped significantly - In the trading heat indicators, the proportion of indicators in the over - heated range decreased to 50%, in the neutral range remained 17%, and in the cold range increased to 33%. The TL/T long - short ratio quantile dropped 42 percentage points from the over - heated range to the cold range [5][20] 3.4 Allocation disk strength increased slightly - In the institutional behavior indicators, the proportion of indicators in the over - heated range decreased to 38%, in the neutral range increased to 38%, and in the cold range increased to 25%. The fund duration quantile dropped 14 percentage points to 67% from the over - heated range to the neutral range. Monetary tightness expectation and listed company wealth management buying volume quantiles also dropped slightly from the over - heated range to the neutral range. The fund - rural commercial bank buying volume quantile dropped 65 percentage points to 2% from the neutral range to the cold range. The only rising indicator in institutional behavior was the allocation disk strength quantile, which increased 2 percentage points from the neutral range to the over - heated range [6][25] 3.5 Policy spread continued to narrow slightly - The yield of 3 - year treasury bonds dropped slightly. The policy spread narrowed from 2bp to 1bp, and the corresponding quantile increased 4 percentage points to 47%, still in the neutral range. The credit spread, IRS - SHIBOR 3M spread widened by 5bp and 1bp to 53bp and 2bp respectively, and the agricultural development - state - owned development spread dropped 1bp to 4bp. The average of the three spreads widened from 18bp to 20bp, and its quantile dropped 4 percentage points to 42%, still in the neutral range [7][29] 3.6 Commodity comparison ratio quantile dropped significantly - The proportion of comparison ratio indicators in the cold range increased to 100%. All indicator quantiles dropped. The commodity and consumer goods comparison ratio quantiles dropped 47 and 18 percentage points to 1% and 0% respectively, with the former dropping from the neutral range to the cold range. The stock - bond and real - estate comparison ratio quantiles also dropped slightly by 7 and 4 percentage points, both in the cold range [8][32]

Group 1 - The core viewpoint of the report indicates that the bond market is currently dominated by risk appetite, leading to a steepening adjustment in yields. This is primarily influenced by the performance of risk assets such as equities and commodities, which have shown a trend of upward movement [3][8][16] - The report highlights four specific scenarios that contribute to the current dominance of risk appetite in the bond market: 1) A trend in risk assets like equities and commodities; 2) A lack of clear direction from policy statements; 3) Interest rates being at historical lows, reducing attractiveness; 4) External market influences affecting sentiment [3][16][21] - The report suggests that if the influence of these factors diminishes, the market will eventually revert to being driven by fundamentals and liquidity conditions. Key indicators to watch include the operational space of monetary policy in the second half of the year and whether social financing (社融) shows signs of a turning point [3][16] Group 2 - The report notes that while there is an increasing expectation of "absence of total easing" in the short term, the core tone of monetary policy remains one of "moderate easing" and "maintaining ample liquidity," indicating that policy space has not been closed off [5][20] - It emphasizes that the urgency for total easing in the third quarter has decreased, with a shift in focus towards structural policies and stabilizing prices. However, the possibility of total policy re-engagement in the fourth quarter remains, especially if the fundamentals come under pressure [5][20] - The report also points out that the current market's expectations for monetary easing are relatively low, suggesting that the likelihood of a significant market adjustment similar to earlier in the year is reduced [5][20][21] Group 3 - The report indicates that the short-term market is influenced by insufficient release of risk appetite and institutional sentiment, leading to weaker performance. However, it cautions against overemphasizing concerns about an upward turning point in interest rates [6][33] - It highlights that the growth rate of social financing is likely to peak in the fourth quarter, and price increases may be a result of financing expansion rather than a sign of a new cycle [6][33] - The report concludes that while the market's expectations for monetary easing are low, the actual probability of easing remains significant, suggesting that interest rates may form a mid-term top after the current pullback [6][33]