Changjiang Securities' Wu Ge: Stabilization measures are being implemented in an orderly, coordinated manner, and a window for marginal economic improvement is expected to open.

The current external environment is complex and ever-changing, while domestic pro-growth policies continue to exert force, and the outside world remains focused on the subsequent economic trajectory. Wu Ge, Assistant to the President and Chief Economist of Changjiang Securities, stated that despite multiple unexpected imported risk disturbances such as high overseas interest rates and pressure on AI financing, the rising global manufacturing PMI and short-term rush exports still support the relative resilience of China's foreign trade. Recent offsetting measures such as the acceleration of special bonds, the PSL rate cut, and the revitalization of fiscal balances are also conducive to the marginal recovery of domestic investment. Wu Ge believes that with the coordinated efforts of existing and incremental policies and the orderly connection of cross-cycle measures, the effectiveness of pro-growth policies will gradually emerge, and real GDP is expected to usher in a phased recovery window from the end of this year to the first quarter of next year. Dividend assets, with their stable cash flow and sustained dividend return characteristics, possess long-term allocation value; the export chain, relying on solid industrial competitive advantages, may maintain positive momentum.