Despite the abruptly weakening economic data, we still see a hopeful summer for China markets, a view we have held through the summer. Liquidity could be the primary driving factor behind, which improved across the board in the past few weeks. We don't expect an imminent tightening by the PBoC despite the MPR's guidance to prevent "funds circulating within the financial system". After recent consumer-supporting measures, we eye on a potential new round of property support and a catch-up in infrastructure co ...