Onshore Market：

We notice that China economy continued declining on a month-to-month basis, 1) Consumption and investment remained deteriorating 2) M1 shrank largely 3) PMI maintained under 50%. All these indicated a deficient demand and deflationary pressure for China economy. We expect government will introduce polices to simulate demand, however, which remains uncertain.

Offshore Market：

US economic growth is slowing. We expect more volatility in US market because of the high valuation and market concern about economy at the beginning of Fed cut.

Our positions remain focus on long-term investment opportunities, mainly concentrated on companies in AI, power equipment, new energy vehicles industries, etc, which valuation and growth are reasonably matched.