According to CITIC Securities, the market's attention to fiscal policy has continued to rise recently. Here, we are responding to the three biggest concerns of the market: 1. The growth rate of fiscal expenditure from January to July of this year was slower than revenue. The growth rate of fiscal expenditure is expected to accelerate in the future, and the focus will be on areas such as people's livelihood, infrastructure, and technology. 2. The overall issuance of early government bonds has been slow, but there have been signs of acceleration since the second half of the year. According to the historical issuance situation, the actual issuance/planned issuance for the whole year in non-special years is almost 95% or more, so it can be assumed that this year's government bonds will be completed. 3. In 2026, the new policy financial instrument was first launched on September 1. Referring to last year's pace, it is expected that this year's 800 billion instrument will be launched in mid-early October, which in turn will give a certain boost to investment and the economy at the end of the year, but its effects will be more reflected in the first quarter of next year.

According to CITIC Securities, the market's attention to fiscal policy has continued to rise recently. Here, we are responding to the three biggest concerns of the market: 1. The growth rate of fiscal expenditure from January to July of this year was slower than revenue. The growth rate of fiscal expenditure is expected to accelerate in the future, and the focus will be on areas such as people's livelihood, infrastructure, and technology. 2. The overall issuance of early government bonds has been slow, but there have been signs of acceleration since the second half of the year. According to the historical issuance situation, the actual issuance/planned issuance for the whole year in non-special years is almost 95% or more, so it can be assumed that this year's government bonds will be completed. 3. In 2026, the new policy financial instrument was first launched on September 1. Referring to last year's pace, it is expected that this year's 800 billion instrument will be launched in mid-early October, which in turn will give a certain boost to investment and the economy at the end of the year, but its effects will be more reflected in the first quarter of next year.