According to the Bank of China Securities report, economic data for August continued to have strong supply and weak demand; summer vacation consumption had zero impact on society; the flood season and weather affected fixed investment to a certain extent; the “dualistic structure” continued, and AI technology was clearly driving the economy. Achieving economic development goals also depends on domestic demand. We believe that the characteristics of the “dualistic structure” development of the global economy will continue. For China, on the one hand, it shows that imports and exports may continue to grow at a high rate, AI technology development from investment and research to infrastructure investment will continue to affect related industrial chains, weak growth momentum in traditional economic sectors, etc. On the other hand, imbalances in development between economic sectors around the world compounded complex international situations, bringing uncertainty to inflation prospects and policy adjustments. Changes in the benchmark interest rates of major overseas central banks may affect China's exchange rate and interest rate stability through international capital flows. We believe that China's main development goal at present is to adjust the economic structure to the new and positive. The main means of steady growth is to expand domestic demand. Therefore, it is recommended to focus on three aspects: one is to accelerate the implementation of the “six networks” investment and construction; second, the traditional consumer promotion policy may increase expansion around the peak consumption season; and the third is to speed up the pace of direct financing for enterprises in the new economy.

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