1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - In Q1 2026, the domestic and international cotton markets showed a significant divergence. Zhengzhou cotton reached above 15,000 yuan/ton due to rapid inventory reduction this year and the expectation of reduced planting area next year, but was constrained by the strengthening of the internal - external price difference. U.S. cotton had a slow signing progress under the influence of tariffs and competition from Brazilian cotton exports, with prices running weakly. Later, as U.S. foreign trade relations eased, U.S. cotton export data improved, and there was also an expectation of reduced production in the new year, leading to a significant increase in the price center [1][38]. - In Q2, with the continuous effectiveness of domestic policies to expand domestic demand, terminal textile and clothing consumption is expected to maintain steady growth. The replenishment demand in the foreign sales market is gradually being released, and China's textile and clothing exports are expected to maintain a year - on - year growth trend. The center of U.S. cotton is expected to rise, and the suppression of Zhengzhou cotton by the internal - external price difference may weaken. Cotton prices still have an upward basis, but the issuance of domestic quotas will alleviate the supply shortage to some extent. The expected reduction in Xinjiang's cotton planting area may be relatively limited, and macro risks are increasing, narrowing the upward space for cotton prices [1][38][39]. - The predicted range for Zhengzhou cotton is around 14,500 - 16,500 yuan/ton [2]. 3. Summary According to the Directory 3.1 Chapter 2: Market Review - In Q1 2026, Zhengzhou cotton and U.S. cotton prices showed obvious divergence. Zhengzhou cotton was driven by multiple factors at the beginning of the year and broke through the 15,000 - yuan mark, but then maintained high - level oscillations. In March, geopolitical conflicts in the Middle East increased the cost of cotton and boosted demand, providing support for Zhengzhou cotton [4]. - U.S. cotton prices were generally weak in Q1. Under the influence of tariffs and Brazilian cotton competition, the signing progress was slow. In February, export data improved, and the price center rose significantly. However, the U.S. cotton price was still under pressure due to concerns about the U.S. economy [8]. 3.2 Chapter 3: Core Concerns 3.2.1 New - season Policy Not Yet Issued, with a Strong Expectation of Area Reduction - Since 2017, the cotton target price subsidy policy has been adjusted every three years. As of March 12, 2026, the cumulative notarized inspection volume of national cotton in the 2025/26 season reached 752.32 million tons, a year - on - year increase of 79.78 million tons. The new - season subsidy policy for 2026 has not been issued, and there is a clear expectation of a reduction in Xinjiang's cotton area, but the actual reduction may be less than expected [10]. - According to a survey in early March, the intended national cotton planting area in 2026 is 46.249 million mu, a year - on - year decrease of 2.2%, and the intended area in Xinjiang is 42.75 million mu, a year - on - year decrease of 1.9% [10]. 3.2.2 High Internal - External Price Difference, and the Issuance of Quotas - From January to February 2026, China's cotton and cotton yarn imports increased significantly. The National Development and Reform Commission issued 894,000 tons of 1% tariff import quotas at the beginning of the year, and the internal - external cotton price difference was high. On March 16, the policy of issuing additional cotton import quotas was implemented, with a total of 300,000 tons of sliding - scale duty processing trade quotas [15]. - In Q2, although the internal - external price difference has narrowed after the issuance of quotas, it is still at a high level in history. The price advantage of imported cotton and cotton yarn still exists, and the import volume is expected to increase compared with last year. However, the uncertainty of U.S. global tariff policies is still high [15]. 3.2.3 Strong Demand, Focus on Macroeconomic Policy Adjustment - From January to February 2026, the retail sales of clothing, footwear, and textile products in China were 283.1 billion yuan, a year - on - year increase of 10.4%. In Q1, although the immediate profits of domestic spinning mills were squeezed, the overall consumption performance was strong. In Q2, domestic terminal textile and clothing consumption is expected to maintain steady growth, and the order - receiving rhythm of downstream factories and the profit repair of spinning mills will be the focus of the market [20]. - From January to February 2026, China's textile and clothing export volume was 50.446 billion US dollars, a year - on - year increase of 17.65%. U.S. foreign trade relations have eased, and the replenishment demand in the U.S. market is gradually being released. In Q2, China's textile and clothing exports are expected to maintain a year - on - year growth trend, but the uncertainty of U.S. foreign trade policies is still high [23]. 3.2.4 Improved Export Demand for U.S. Cotton, but New - season Planting Still Faces Challenges - As of March 12, 2026, the cumulative net signing of U.S. cotton exports for the 25/26 season was 2.189 million tons, reaching 83.77% of the expected annual export volume. In Q2, with the seasonal slowdown of Brazilian cotton exports, the procurement demand of textile countries may shift to U.S. cotton, and China's issuance of additional quotas is expected to marginally improve the signing demand for U.S. cotton [28]. - The USDA predicts that the U.S. cotton planting area in the 26/27 season will increase by 1.3% year - on - year to 57.06 million mu, but the drought in the main producing areas is still severe, and the abandonment rate may rise to 18.8%, with an estimated output of 2.96 million tons, a year - on - year decrease of 2.3% [30]. 3.2.5 Global New - season Output is the Key - The USDA expects the global cotton output in the 25/26 season to be 26.343 million tons, a year - on - year increase of 533,000 tons, and the consumption to be 25.817 million tons, a year - on - year decrease of 79,000 tons. The期末 inventory is expected to be 16.631 million tons, a year - on - year increase of 573,000 tons, and the inventory - to - consumption ratio will rise slightly to 64% [35]. - Brazil's new - season cotton planting area is expected to decrease by 3.5% year - on - year, and the output is expected to decrease by 281,000 tons to 3.795 million tons. Australia's cotton output is expected to be 1 million tons, a year - on - year decrease of 17%. The market also expects a reduction in the output of China and the United States. The USDA predicts that the global cotton output in the 26/27 season may drop to 25.26 million tons, and the inventory - to - consumption ratio will drop to 59.3% [35]. - Geopolitical conflicts in the Middle East have affected the global fertilizer supply chain, increasing the cotton planting cost and affecting the planting willingness and yield of farmers in major cotton - producing countries [35]. 3.3 Chapter 4: Valuation Feedback and Supply - Demand Outlook - In Q1, the domestic and international cotton markets showed a significant divergence. In Q2, domestic terminal textile and clothing consumption is expected to maintain steady growth, and the export of textile and clothing is expected to maintain a year - on - year growth trend. The center of U.S. cotton is expected to rise, and Zhengzhou cotton prices still have an upward basis, but the upward space may be narrowed [38][39].

Core Viewpoint - The recent surge in ethylene glycol futures is driven by multiple factors, including overseas plant maintenance, domestic supply reduction, adverse weather conditions in the U.S., and increased capital inflow into the chemical sector [4][5][10]. Supply Side Analysis - Several overseas plants are undergoing maintenance, notably in Taiwan and Saudi Arabia, which is expected to reduce imports and contribute to price increases [4]. - Domestic supply is anticipated to decrease, with multiple large ethylene glycol plants scheduled for maintenance or conversion in the second quarter, potentially leading to inventory reduction [4]. - As of January 22, the domestic ethylene glycol operating rate was at 73.43%, indicating high production levels despite upcoming maintenance [6]. Demand Side Analysis - Demand from weaving and polyester sectors is facing seasonal declines as the Spring Festival approaches, leading to reduced orders and lower operating rates in polyester plants [7]. - The polyester operating rate has decreased to 86.7% as of January 22, reflecting the impact of reduced demand [7]. Market Sentiment and Price Movement - The chemical sector is experiencing renewed interest from capital markets, with funds flowing into undervalued chemical products, contributing to price increases [4][10]. - Ethylene glycol prices have seen significant increases due to previous low valuations and recent market sentiment shifts, although concerns about sustainability of these price increases remain [9][10]. Inventory and Import Trends - Ethylene glycol imports in December were 835,000 tons, with expectations for January remaining high due to ongoing port arrivals [6]. - As of January 19, inventory levels in East China ports were at 741,000 tons, indicating a slight decrease but still high overall [7]. Future Outlook - Short-term expectations suggest potential inventory accumulation in January to March, with a shift towards inventory reduction anticipated in the second quarter as maintenance and demand recovery occur [9][12]. - The market is expected to remain volatile, with a near-term focus on supply constraints and potential demand recovery post-Spring Festival [10][12].

Group 1 - The core focus of the economic work for the year is to "insist on demand-led growth and build a strong domestic market" [1] - The implementation of a package of fiscal and financial policies to promote domestic demand is a significant measure to expand effective demand and innovate macroeconomic regulation [1][2] - The combination of fiscal and financial policies aims to enhance policy effectiveness through a multiplier effect, particularly by leveraging fiscal funds to guide financial institutions in supporting key areas for expanding domestic demand [1][3] Group 2 - Recent policies have been optimized based on market feedback and implementation tracking, enhancing the quality and effectiveness of measures aimed at expanding domestic demand [2] - Specific optimizations in the "Two New" policies include adjustments in support scope, subsidy standards, and implementation mechanisms [2] - The introduction of loan interest subsidy policies for service industry operators and personal consumption has effectively reduced credit costs for residents and businesses, thereby boosting consumption and expanding domestic demand [2] Group 3 - The government is focusing on innovative policy tools to better adapt to economic operations and macroeconomic regulation needs [3] - New measures include the implementation of loan interest subsidies for small and micro enterprises, establishing a special guarantee plan for private investment, and optimizing fiscal interest subsidies for equipment upgrades [3] - These policies aim to lower financing costs for small and micro enterprises, improve loan accessibility, and promote employment stability, consumption, and investment expansion [3] Group 4 - A series of policies aimed at expanding domestic demand and optimizing supply have been introduced at the beginning of the new year, with expectations for existing policies to continue to exert effects and new policies to be implemented promptly [4] - The goal is to continuously release policy dividends to effectively boost consumption and investment, thereby enhancing the endogenous momentum of economic development [4]

Group 1 - The core viewpoint of the article highlights the strong performance of the consumer sector, particularly in the retail industry, driven by the ongoing effects of the expanded domestic demand policy [1] - The retail sector has shown significant momentum, with Dongbai Group hitting the daily limit and achieving a cumulative increase of over 174% for the year [1] - Central Plaza has also experienced a two-day consecutive rise, indicating a positive trend in the retail market [1] Group 2 - There are signs of rotation within the consumer sector, with some blue-chip stocks rebounding from low levels, such as China Duty Free Group, which saw an increase of over 7% [1] - Kweichow Moutai implemented a cash dividend of 239.57 yuan per 10 shares today, totaling over 30 billion yuan, maintaining the largest dividend scale in the market [1] - Huatai Securities noted that the economic growth target for 2026 will focus on "real and substantial growth," with fiscal resources expected to shift towards "investment in people" and "service consumption" [1] Group 3 - The expansion of domestic demand policies is expected to benefit related ETFs, particularly the tourism ETF (562510.SH) and the food and beverage ETF (515170.SH) [1] - The tourism ETF (562510.SH) has a weight of 13.86% in China Duty Free Group, while the food and beverage ETF (515170.SH) has a weight of 17.52% in Kweichow Moutai as of December 19, 2025 [1]

Group 1 - The core viewpoint of the news is that despite a decline in fixed asset investment growth, key sectors continue to see investment growth, supported by policies aimed at expanding domestic demand and upgrading industries [1][2][3] Group 2 - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first 11 months of the year, while project investment excluding real estate development increased by 0.8% [1] - Investment in emerging sectors showed strong growth, with general equipment manufacturing investment rising by 8.9% year-on-year, and investments in automotive manufacturing and transportation equipment manufacturing increasing by 15.3% and 22.4%, respectively [1] - Investment in renewable energy sources such as solar, wind, nuclear, and hydropower grew by 7.4%, while information service industry investment surged by 29.6% [1] Group 3 - Traditional industries also saw investment expansion, with petroleum, coal, and other fuel processing industries, as well as chemical fiber manufacturing, growing by 23.6% and 12.1%, respectively [2] - The rapid development of online retail has led to increased investments in related services, with accommodation and catering, as well as wholesale and retail industries, both growing by 7.1% [2] - Investment in public infrastructure increased, with power and heat production and supply, as well as water transportation, growing by 12.5% and 8.9%, respectively [2] Group 4 - The government is focusing on enhancing investment efficiency and stimulating private investment, with measures introduced to promote investment growth [3] - Future investment potential remains significant, with a need for continued investment in education, healthcare, housing, and public services to meet the needs of the population [3] - The government aims to optimize investment structure, improve the investment environment, and further stimulate private investment to promote high-quality economic development [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The report focuses on the weekly trends of non - ferrous metals, analyzing the price movements, supply - demand situations, and future outlooks of various metals such as copper, aluminum, zinc, etc. It suggests different trading strategies based on each metal's characteristics, like holding copper long - positions with certain stop - profit measures, being cautious about high - position risks in tin, etc. [1] 3. Summary According to Relevant Catalogs 3.1 Copper - **Price and Market**: Last week, both domestic and foreign copper prices hit record highs. The probability of the Fed cutting interest rates in February 2026 is high. The spot signal shows that the inflection point of copper price is not obvious. [1] - **Supply**: In December, there is a certain production rush expectation, with an estimated monthly output increase of 5.57 tons. Domestic smelters may choose to reduce the production of 106 primary copper concentrates during equipment shutdown. [1] - **Outlook**: The LME copper price is at a high level, and the spot premium has decreased. The market is mainly trading based on expectations. There is a probability that the upward trend of copper prices may pause. If the Fed cuts interest rates or the domestic spot premium weakens, the copper price at a record high may correct. Long - positions can be held along the M5 moving average, and partial active profit - taking can be considered. [1] 3.2 Aluminum and Alumina - **Supply**: The domestic alumina operating capacity remains at a historical high of 96 million tons, with no long - term production reduction. In December and January, 50,000 tons and 110,000 tons of exchange warehouse receipts will expire and flow out respectively. [1] - **Demand**: The downstream aluminum processing start - up rate decreased by 0.4 percentage points to 61.9% month - on - month. In November, China's exports of unwrought aluminum and aluminum products decreased by 14.8% year - on - year but increased by 66,800 tons month - on - month. [1] - **Inventory and Spot**: Aluminum ingot inventory decreased by 1000 tons to 985,000 tons, and aluminum bar social inventory decreased by 7000 tons to 121,000 tons. The inventory is higher than in previous years. Spot discounts in East, Central, and South China have widened. [1] - **Outlook**: Non - ferrous metals are still the focus of funds. The upward trend of silver and copper prices has driven up aluminum prices. The medium - term fluctuating and strengthening trend continues, but in the short term, market sentiment may fluctuate, and it is advisable to wait and see. [1] 3.3 Zinc - **Price and Market**: Last week, SHFE zinc rose 3.92% and strongly broke through the annual line, following the external market trend. The internal - external price difference is oscillating at a high level. [1] - **Supply**: LME zinc inventory increased to 55,400 tons. Overseas smelters' production resumption expectations are insufficient. The supply of zinc concentrates is tight, and domestic smelter maintenance is expanding. The zinc ingot export window is open, and downstream demand is stable. [1] - **Demand**: Southern consumption is good, while northern demand weakens with the cold weather. In the "15th Five - Year Plan", the expected investment in underground pipeline network construction and renovation is about 5 trillion, and galvanized pipe consumption is expected to be strong in 2026. [1] - **Outlook**: Supported by tight ore supply, SHFE zinc can be seen as a low - level rebound. After breaking through the annual line, it is expected to further test the 24,000 integer mark. [1] 3.4 Lead - **Price and Market**: Last week, the expectation of smelter production reduction and increased downstream bargain - hunting purchases supported the market rebound. The SHFE lead main contract rose 1.7%, and LME lead rebounded to the 20 - day moving average and then faced pressure. [1] - **Supply**: LME lead inventory decreased to 243,000 tons, still relatively high. The supply of lead concentrates is in short supply, and the recycling volume of waste batteries has decreased. The market supply of lead ingots is tight. [1] - **Demand**: The start - up rate of lead - acid battery production increased by 1.07 percentage points to 24.46% week - on - week. The consumer market has both positive and negative factors, with insufficient incremental expectations. [1] - **Outlook**: Constrained by cost and consumption, SHFE lead is expected to oscillate in the range of 17,000 - 17,300 yuan/ton. There may be short - term price increases due to capital movements. [1] 3.5 Nickel and Stainless Steel - **Price and Market**: SHFE nickel rebounded and traded sideways at a high level, with light market trading and relatively low positions. SHFE stainless steel also rebounded, but overall trading was sluggish. [1] - **Supply and Demand**: In the context of repeated macro - expectations, the willingness of both long and short sides to compete has decreased. Although stainless steel mills have frequently announced production cuts, the actual production reduction in November was insufficient. Downstream demand confidence is lacking. [1] - **Inventory**: Pure nickel inventory increased by 1500 tons to 57,000 tons, nickel iron inventory decreased by 1000 tons to 29,300 tons, and stainless steel inventory increased by 1000 tons to 997,000 tons. [1] - **Outlook**: Given high - level inventory and volatile macro - factors, short - selling at high levels is more reasonable. [1] 3.6 Tin - **Price and Market**: Funds have pushed up tin prices. LME tin reached a maximum of $41,000, and SHFE tin weighted price reached a maximum of 323,800 yuan. The short - term price fluctuations have increased. [1] - **Supply**: Indonesia's tin exports in November decreased. The situation in the Congo is uncertain. Domestic tin production may decline slightly in December. The real - world supply of tin ore is tight, and the cost of recycled materials is fluctuating. [1] - **Demand**: There are no bright spots in traditional fields, and the demand highlight is high - end semiconductor products. Domestic spot trading has deepened, and social inventory has increased. [1] - **Outlook**: In 2026, especially after the Spring Festival peak season, the probability of an increase in supply is high, and the recovery speed may be faster than demand. Attention should be paid to high - position risks. [1] 3.7 Lithium Carbonate - **Price and Market**: Last week, lithium carbonate futures adjusted, with active short - selling in the market. The spot price of battery - grade lithium carbonate has slightly corrected. [1] - **Supply and Demand**: The overall demand remains strong. In December, the sales volume of new energy vehicles is expected to perform well. The market is in a situation of both supply and demand. The overall inventory of downstream battery and material factories is flat or slightly reduced. [1] - **Inventory**: The total market inventory decreased by 2500 tons to 113,600 tons, smelter inventory decreased by 3600 tons to 21,000 tons, and downstream inventory increased by 1700 tons to 44,000 tons. [1] - **Outlook**: The price of lithium carbonate has fallen sharply from a high level, with large market differences. The fundamentals are generally strong, and the short - side is relatively tight. [1] 3.8 Industrial Silicon - **Price**: The main contract of industrial silicon S12601 showed a weak downward trend in the range of 8900 - 9030 yuan/ton this week. The price of 421 - grade industrial silicon in Xinjiang has dropped to 9000 yuan/ton. [1] - **Supply**: The total production of industrial silicon in December is expected to slightly decline to 396,000 tons, a month - on - month decrease of 31.8%. Some enterprises plan to slightly reduce the supply volume. [1] - **Inventory**: Social inventory increased by 800 tons to 558,000 tons, with an increase in both general and delivery warehouses. [1] - **Outlook**: The price of industrial silicon has fallen to the lower limit of the range. The inventory reduction at the end of the year is still under pressure. If the actual production reduction of local factories is limited, the price may further decline. [1] 3.9 Polysilicon - **Price**: Last week, the main contract of polysilicon reached a high of 59,200 yuan/ton due to the expectation of warehouse receipts. The expansion of delivery brands may suppress bullish sentiment. [1] - **Supply and Demand**: The output in November was 114,600 tons, lower than expected. In December, it is expected to slightly decline. Battery and silicon wafer enterprises have reduced production. [1] - **Inventory**: The inventory of polysilicon manufacturers increased by 10,000 tons week - on - week to 291,000 tons. [1] - **Outlook**: The fundamentals of polysilicon have significantly weakened, but the price may still be strong after a brief negative impact if the registered quantity of warehouse receipts is lower than expected. [1]

Core Points - The event "Warm-hearted Consumption Promotion for Workers" was launched in Yanchi County, Ningxia Hui Autonomous Region, aimed at boosting local consumption and supporting workers [1][3] - The initiative is a collaboration between the local trade union and the Industrial Information and Commerce Bureau, focusing on enhancing digital services for trade unions and promoting high-quality economic development [3] Group 1 - The event was attended by over 1,000 participants, including local officials, trade union representatives, and business representatives [3] - Merchants made quality service commitments, and the process for redeeming consumption vouchers was demonstrated on-site [3] - The atmosphere was lively, with many workers purchasing products and enjoying significant discounts [3] Group 2 - The consumption promotion will last for 40 days and is facilitated through the "Workers' Home" APP, allowing union members to quickly access electronic vouchers across seven categories, including supermarkets and dining [5] - A "welfare amplification" mechanism was introduced, providing exclusive electronic vouchers for disadvantaged workers, which can be used individually or combined with other benefits [5]

Group 1: Credit and Financing Trends - In August, the growth rate of RMB loans decreased to 6.8% from the previous 6.9%[1] - The stock of social financing grew by 8.8% year-on-year, down from 9.0% previously, ending an upward trend[1] - Government bonds contributed approximately 1.30 percentage points to the increase in social financing, while RMB loans had a negative contribution of about -0.32 percentage points[1] Group 2: Monetary Supply and Market Impact - M1 growth rose to 6.0%, while M2 remained stable at 8.8%, narrowing the gap between M1 and M2 growth rates to -2.8%[2] - Household deposits continued to shift towards non-bank financial institutions, with household deposit growth declining[2] - The impact of monetary flow on capital markets is influenced by various factors, including employment expectations and asset price forecasts[3] Group 3: Risks and Future Outlook - The potential risk of changes in Federal Reserve interest rate expectations could impact the market[4] - The effectiveness and timing of policies aimed at stabilizing the real estate and stock markets will be crucial for future loan growth[3]

Market Overview - The A-share market showed a positive trend in August, with major indices rising significantly, including the Shanghai Composite Index which closed at 3,883.56 points, up 8.69% from the end of July [2][12] - The market sentiment improved, driven by positive signals from the political bureau meeting and better-than-expected economic data, leading to increased investor confidence [8][12] - The liquidity in the A-share market improved, with the total trading volume rising and new equity fund subscriptions increasing by 7.41% [24][28] Industry Performance - All 31 Shenwan first-level industries experienced gains in August, with the non-ferrous metals sector leading with a 25.40% increase [13][42] - The TMT (Technology, Media, and Telecommunications) sector saw significant capital inflows, reflecting heightened investor interest in technology growth opportunities [3][32] - The healthcare and machinery sectors also attracted market attention, indicating a broad recovery in various industry segments [3][32] Valuation Levels - As of August 25, the dynamic price-to-earnings (PE) ratio for the Sci-Tech 50 index reached a historical percentile of 92.84%, indicating high valuation levels compared to historical data [41] - Most Shenwan first-level industries showed rising valuations, with 15 industries exceeding the historical 50th percentile in terms of PE ratios [42][44] Policy Analysis - The government emphasized the importance of domestic circulation and the implementation of policies to stimulate domestic demand, which is expected to support economic growth and industry performance [46][48] - Recent policies aimed at enhancing financial support for new industrialization and promoting consumption upgrades are likely to benefit various sectors, particularly those aligned with technological innovation and sustainable development [46][48]

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for July 2025 is reported at 49.3%, indicating a decline of 0.4 percentage points from the previous month, reflecting a downturn in manufacturing activity [1] Group 1: Manufacturing PMI Breakdown - The production index stands at 50.5%, down 0.5 percentage points from last month, while the new orders index is at 49.4%, a decrease of 0.8 percentage points, indicating a slowdown in market demand [2] - The raw materials inventory index is at 47.7%, down 0.3 percentage points, and the employment index is at 48.0%, which has increased by 0.1 percentage points [1][2] - The supplier delivery time index is at 50.3%, up 0.1 percentage points, suggesting stable supply chain conditions [1] Group 2: Price and Demand Trends - The price index has risen, with the main raw materials purchasing price index at 51.5%, up 3.1 percentage points, and the factory price index at 48.3%, up 2.1 percentage points, indicating an overall improvement in manufacturing market prices [2] - Large enterprises maintain expansion with a PMI of 50.3%, down 0.9 percentage points, and their production and new orders indices are at 52.1% and 50.7%, respectively, both remaining in the expansion zone for three consecutive months [2] Group 3: Future Outlook - The production activity expectation index is at 52.6%, up 0.6 percentage points, reflecting increased confidence among manufacturing enterprises regarding market development [2] - The ongoing implementation of policies aimed at expanding domestic demand, such as urban renewal and consumption subsidies, is expected to support steady recovery in investment and consumption activities in the second half of the year [3]