Domestic Macro Viewpoints - In August, both domestic and external demand weakened, leading to a supply-demand imbalance where supply remains strong while demand is weak[1] - Investment has shown negative year-on-year growth for two consecutive months, and retail sales growth has been declining since May[1] - GDP growth is expected to remain around 5% in Q3, with macro policies likely to be more stable due to stronger economic data[1] - The divergence between supply and demand is unsustainable; if demand does not strengthen, supply will follow demand downwards, increasing pressure on Q4 GDP[1] Overseas Macro Viewpoints - The CPI released in August slightly exceeded expectations, but inflation pressure from tariffs is easing, leading to a forecasted 25bps rate cut in September[2] - The upcoming appointment of the next Federal Reserve Chair by Trump may influence market expectations for rate cuts in 2026, resulting in further dollar liquidity easing[2] Equity Market Viewpoints - The market has rebounded as expected, with the Shanghai Composite Index slightly breaking previous highs, indicating a potential for further upward movement[3] - Internal industry trends are positive, but short-term events like U.S. rate cuts and geopolitical tensions may affect A-share market sentiment[3] - The market is expected to remain in a structural bull market, driven mainly by technology and finance sectors, with room for upward movement despite potential adjustments[3] Bond Market Viewpoints - Since September, interest rates have risen again, with the 10-year rate surpassing 1.80% and the 30-year rate above 2.10%[5] - There are emerging trading opportunities as the market anticipates a "restart of government bond trading," driven by low loan demand and high government bond issuance[5] - The expectation of stable funding rates and potential for interest rate compression may attract funds to bet on interest rate recovery[5]