Group 1 - The fiscal financing side is believed to have peaked year-on-year, while the expenditure side may peak in September-October [1] - There are signs of increased activity in quasi-fiscal measures, with significant growth in policy bond financing in August, following the government's indication of 500 billion yuan in new policy development financial tools for this year [1] - Macro liquidity indicators suggest that social financing may have peaked, and M1 could peak around October [1] Group 2 - Micro liquidity is currently influenced by high margin trading and consumer credit subsidies, leading to unpredictable market conditions [1] - In this environment, investing in high-quality or undervalued banks is considered appropriate, emphasizing the importance of focusing on such opportunities [1] - The recent adjustment in the bond market has seen Ping An's corporate bond ETF (511030) rank first in terms of controlled drawdown, indicating relative stability and manageable risk [1] Group 3 - A detailed table of various ETFs is provided, showing their scale, recent performance, and other metrics, highlighting the performance of different bond ETFs in the market [1] - The data includes specific figures such as the scale of ETFs in billions, recent weekly performance percentages, and one-year performance metrics, which can be useful for investors [1]