According to the CITIC Construction Investment Research Report, the July economic data was released, domestic demand pressure has increased, and the external demand situation continues to improve, which generally supports the current slow and strong trend in the bond market. In January-July, total retail sales of consumer goods increased 1.2% year on year, fixed asset investment fell 6.7% year on year, and consumption and investment were under marginal pressure. In terms of external demand, the trade balance in July was 0.77 trillion yuan, up 9.8% year on year. The growth rate hit a new high since March, and external demand momentum continued to recover. Overall, the improvement in external demand has hedged weak domestic demand to a certain extent, but overall demand pressure is still there. Recently, bond market sentiment has been strong. Fundamental data for July supports this direction, reducing the probability that adjustment risks will occur. In the future, we will continue to focus on the implementation time and scale of potential incremental policies.

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