August Economy: Effects of "anti-internal competition" start to show.

The team led by Zhao Wei of Shenwan Hong Macro believes that the impact of "anti-inner competition" is mainly reflected in three aspects: on the production side, upstream production is trending well but there is a clear downturn in the middle and downstream, with production in industries such as transportation equipment, metal products, and alcoholic beverages all seeing declines; on the investment side, manufacturing investment has dropped to a four-year low, with significant declines in investment in industries such as transportation equipment and automobiles in the middle and downstream; on the consumption side, the "old for new" goods are showing a trend of decline, with the growth rates of household appliances and communication equipment slowing down.