The current external environment is complex and changing, domestic policies for steady growth continue to gain strength, and the outside world continues to pay attention to subsequent economic trends. Wu Ge, assistant to the president of Changjiang Securities and chief economist, said that despite facing multiple import risk disturbances that exceeded expectations, such as high overseas interest rates and pressure on AI financing, the rise in global manufacturing PMI and short-term export grabbing still support China's foreign trade to maintain relative resilience. Recently, hedging measures such as speeding up special debt, cutting PSL interest rates, and revitalizing fiscal balances have also helped repair the domestic investment margin. Hugo believes that with the synergy of inventory and incremental policies and the orderly connection of cross-cycle measures, the effectiveness of the steady growth policy will gradually become apparent, and actual GDP from the end of this year to the first quarter of next year is expected to usher in a phased recovery window. Dividend assets have long-term allocation value due to stable cash flow and continuous dividend returns; the export chain relies on solid industrial competitive advantages, and may maintain positive momentum.

The current external environment is complex and changing, domestic policies for steady growth continue to gain strength, and the outside world continues to pay attention to subsequent economic trends. Wu Ge, assistant to the president of Changjiang Securities and chief economist, said that despite facing multiple import risk disturbances that exceeded expectations, such as high overseas interest rates and pressure on AI financing, the rise in global manufacturing PMI and short-term export grabbing still support China's foreign trade to maintain relative resilience. Recently, hedging measures such as speeding up special debt, cutting PSL interest rates, and revitalizing fiscal balances have also helped repair the domestic investment margin. Hugo believes that with the synergy of inventory and incremental policies and the orderly connection of cross-cycle measures, the effectiveness of the steady growth policy will gradually become apparent, and actual GDP from the end of this year to the first quarter of next year is expected to usher in a phased recovery window. Dividend assets have long-term allocation value due to stable cash flow and continuous dividend returns; the export chain relies on solid industrial competitive advantages, and may maintain positive momentum.