【策略周报】颠簸初现，成长风格人气仍高

Key Events Review - On September 3, a grand ceremony was held in Beijing to commemorate the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, featuring a large military parade at Tiananmen Square [2] - On September 5, the China Securities Regulatory Commission (CSRC) revised and released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," which includes measures to lower subscription fees, purchase fees, and sales service fee rates, marking the implementation of the third phase of public fund sales fee reform. The estimated annual reduction in sales expenses is approximately 30 billion yuan based on average data from the past three years [2] - On September 5, the U.S. Bureau of Labor Statistics reported that the adjusted non-farm employment population for August increased by 22,000, significantly below the market expectation of 75,000. The unemployment rate was recorded at 4.3%, meeting market expectations and indicating a continuous cooling in the labor market, which strengthens the expectation of an interest rate cut by the Federal Reserve this month [2] Weekly Market Review - The stock market has experienced increased volatility recently, while the bond market has shown some improvement but remains volatile. Due to short-term adjustments in the stock market, combined with a meeting of the joint working group of the Ministry of Finance and the central bank, which mentioned "central bank bond trading operations" and "coordinated efforts of fiscal and monetary policies," there is an optimistic expectation for the resumption of bond trading operations, leading to a recovery in the bond market. The yield on ten-year government bonds briefly fell below 1.75%. However, due to weak momentum for further buying in the bond market, it is expected to remain volatile in the short term, with the ten-year government bond yield not effectively breaking through 1.75% [5]