Group 1 - The economic internal pressure is gradually emerging as the "cyclical" forces weaken, with high export growth driven by the shift from short-term "export grabbing" logic to medium-term logic of "industrialization acceleration in emerging countries" and China's market share replacement in emerging markets [2][10] - Domestic demand may continue to be under pressure, reflected in the decline of equipment renewal cycles and reduced new construction, leading to potential further downturns in manufacturing and real estate investment [2][22] - The profit margin for enterprises remains under pressure, with August industrial enterprise profits rebounding significantly (+21 percentage points to 19.8%), primarily due to low base effects and short-term factors, while cost rates remain high at 85.6% [3][31] Group 2 - The transition from "old policies" to "new policies" may have a time lag in stimulating the economy, with the "demand overdraw" effect from previous policies becoming more apparent, potentially leading to weaker consumer goods consumption and manufacturing investment [4][83] - The issuance of special government bonds has been completed, and many regions have suspended national subsidies, indicating a potential decline in manufacturing investment and consumer goods retail growth [4][38] - The implementation of "incremental policies" is slow, with limited immediate impact on the economy, as new policy financial tools totaling 500 billion yuan are expected to take time to translate into substantial economic support [5][84] Group 3 - Expectations for inflation support are diminishing, with upstream commodity price increases slowing down, leading to a reduced impact on the Producer Price Index (PPI) [6][59] - The Producer Price Index (PPI) and Consumer Price Index (CPI) are expected to show weak recovery characteristics, with PPI growth being limited by lower capacity utilization in downstream sectors [6][63] - Economic growth's internal momentum is expected to decline, with a focus on the effectiveness of incremental policies in supporting domestic demand, while external demand may still show resilience [8][71]