According to the CITIC Construction Investment Research Report, the release of economic data for August will continue the previous general pattern of weak domestic demand and stronger supply than demand, and will not change the long-term trend of a slow and strong bond market. From January to August, total retail sales of social consumer goods increased 1.1% year on year, and completed fixed asset investment fell 7.2% year on year. Consumption and investment growth rates were still at historically low levels, and domestic demand pressure characteristics were obvious. In terms of external demand, the trade balance in August was 0.81 trillion yuan, up 11.9% year on year. The growth rate hit a new high since March, and external demand momentum continued to improve marginally. Overall, there has been no significant change in the fundamental structure reflected in the current data. There is no incremental impact on the bond market in the short to medium term, and it continues to support the slow and strong bond market in the long run. In the future, we can continue to pay attention to whether incremental policies have been implemented, and pay attention to marginal changes in total economic data, including GDP for the third quarter.

According to the CITIC Construction Investment Research Report, the release of economic data for August will continue the previous general pattern of weak domestic demand and stronger supply than demand, and will not change the long-term trend of a slow and strong bond market. From January to August, total retail sales of social consumer goods increased 1.1% year on year, and completed fixed asset investment fell 7.2% year on year. Consumption and investment growth rates were still at historically low levels, and domestic demand pressure characteristics were obvious. In terms of external demand, the trade balance in August was 0.81 trillion yuan, up 11.9% year on year. The growth rate hit a new high since March, and external demand momentum continued to improve marginally. Overall, there has been no significant change in the fundamental structure reflected in the current data. There is no incremental impact on the bond market in the short to medium term, and it continues to support the slow and strong bond market in the long run. In the future, we can continue to pay attention to whether incremental policies have been implemented, and pay attention to marginal changes in total economic data, including GDP for the third quarter.