For global market, the meeting between China and US presidents indicated a reduction in the risk of uncontrolled competition between the two countries. We expect the communications in military, climate, and economic will gradually recover. For domestic market, we noticed additional central government bond issuance to control the spread of financial risks. While House prices、PMI and CPI indicators suggested a weak recovery in November. Entering mid-December, the Central Work Economic Conference (

October has been a somewhat disappointing month. We see the SSE Index slipped below 3000 and China PMI fell back to the 50 range, which pointed to weak growth momentum in the near term. Nonetheless, we think market risks released during October and we have seen several improvements in both foreign and domestic markets toward 2024. For global market, we have already seen the ten-year U.S. Treasury bond yields peaked at 5%. Most major DM central banks are likely finished hiking, which will ease t

In response to the requirements of the July Political Bureau meeting, various government departments introduced measures in September to relax property purchase restrictions, address local government debt issues, reduce stamp duty, and stimulate the capital market. On the economic front, economic data for August started to improve, with the PMI increasing for three consecutive months, reaching 50.2% in September. Consumption is also gradually recovering. It is expected that, with the combined ef