CITIC Construction Investment released a research report saying that the market continued to be weak in September, and the sentiment index continued to decline in the first half of the month. After falling to a low of around 35 on September 15, the market began to recover. However, after rising to around 52 on September 22, the sentiment index fell again. It failed to break through 55. It even quickly fell below 50, and fell below 38 again at the end of the month. Looking at the short term, the obvious contraction of the market before the National Day and the decline in sentiment are in line with seasonal effects. Post-holiday sentiment is expected to pick up and the market is being repaired. Looking at the long-term, compared to the August sentiment index, which failed to break through 60, the September sentiment index did not even break through 55 and immediately began to decline, leading to a further decline in the high point of the sentiment index. In the future, we need to be wary of the incremental capital stock game. We can observe whether the post-holiday sentiment index can break through 55 and rise back to the 60-65 range.

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