Zhejiang Merchants Macro Li Chao: There is still room for fiscal policy to be strengthened. The combination of policies is expected to continue to improve market risk appetite.

Golden Data News on October 19th, Zhejiang Merchants Macro Research Report stated that the year-on-year growth rate of GDP in the third quarter recorded 4.6%, which is completely consistent with our previous forecast, and the macroeconomic operation basically meets market expectations. On the supply side, the repair is relatively fast, and the strength of industrial stability continues to rise. Looking at the total demand side, endogenous momentum has stabilized somewhat. In terms of major asset classes, we believe that there is a need for more marginal improvement in macro nominal variables driven by follow inflation. There is still room for fiscal policy to be strengthened, and the combination of policies is expected to continue to improve market risk appetite. Excess savings of residents and future foreign capital are expected to become the main sources of incremental funds in the market. A-shares and H-shares are expected to resonate and continue to strengthen. It is recommended to focus on following the ChiNext Board, the ChiNext 50, and the BeiZeng 50 and other high-elasticity zones. In terms of fixed income, it is expected that the overall yield of the 10-year treasury bonds will present a fluctuating trend, and the valuation of credit bonds is expected to gradually recover.