宏观经济数据点评：8月实体经济数据弱于市场预期，增量政策刺激或蓄势待发

Economic Performance - August retail sales growth declined to 2.1%, down from 2.7% in July, and below the market expectation of 2.5%[1] - Fixed asset investment growth fell for the fifth consecutive month, decreasing by 0.2 percentage points to 3.4%, below the expected 3.5%[1] - Industrial production growth dropped by 0.6 percentage points to 4.5%, also below the market expectation of 4.7%[2] Sector Analysis - Real estate investment remained unchanged at a decline of 10.2%, which is worse than the market expectation of -10%[1] - Manufacturing investment growth decreased by 0.2 percentage points to 9.1%[1] - Infrastructure investment growth fell by 0.5 percentage points to 4.4%, indicating a slowdown in fiscal stimulus priorities[1] Consumer Behavior - Service retail growth weakened, contributing less to overall retail performance, with a cumulative growth rate of 6.9% in August[1] - The automotive retail sector saw a significant decline, with sales dropping by 7.3%, widening the previous month's decline by 2.4 percentage points[1] - Home appliance retail growth improved to 3.4% in August, recovering from a decline of -2.4% in July[1] Policy Outlook - Incremental policy measures are expected to be introduced to achieve economic growth targets following disappointing August data[3] - The central bank is anticipated to lower lending rates and implement structural tools to support targeted easing[3] - Fiscal policy may focus on promoting consumption and accelerating the issuance of special bonds to stimulate economic activity[3]