申万宏观·周度研究成果（8.16-8.22）

Core Viewpoints - The article discusses the potential sustainability of China's export growth, suggesting that the contribution of "export grabbing" in the first half of the year may be overestimated, with non-US demand recovery and emerging market share gains being crucial for future growth [9][29]. Group 1: In-depth Topics - The article explores whether exports will continue to exceed expectations, highlighting that the recent surge in exports may not be sustainable due to the impact of tariffs and trade policies [9]. - It also addresses the political crisis surrounding the Federal Reserve and the reassessment of US debt risks, indicating that these factors could influence global financial markets [11]. Group 2: Hot Topics - The macro monthly report notes a new trend in overseas capital behavior, with a shift back towards US markets driven by the second-quarter earnings season [15]. - The article emphasizes the need to monitor which markets are worth focusing on for future investment opportunities [9]. Group 3: High-Frequency Tracking - The article mentions a series of conference calls, including discussions on liquidity and the implications of the Jackson Hole meeting, which are relevant for understanding market dynamics [33][38]. - It highlights the importance of analyzing fiscal data, noting a slowdown in debt funding support and an acceleration in spending related to people's livelihoods and the service sector [23].