Panda bond issuance reached a new high of nearly 160 billion yuan, driven by low interest rates and favorable policies. The RMB exchange rate is supported by stable economic fundamentals and the Federal Reserve's interest rate cuts, while domestic policy measures boost market confidence and A-share performance.

Bond issuance has increased, with the 'panda bond' market expanding rapidly due to low financing costs and favorable regulatory policies. The yield on 10-year Treasury bonds approaches 2%, and market views are divided. The catering industry faces challenges of 'increased revenue but no profit,' and support policies are anticipated to stimulate market vitality.

China's Central Office for the Rule of Law conducts inspections in six provinces, Economic Daily emphasizes quality over quantity in finance, and Wuxi focuses on stabilizing the real estate market. Internationally, Israel plans a ground operation in Lebanon, the Fed's rate cut probabilities are tied, and TSMC and Samsung consider building chip factories in the UAE.

China's September LPR quotation is expected to drop by about 20bp, influenced by the Fed's interest rate cut. CRRC launched its 1000kW power level oil-electric hybrid locomotive, which is expected to achieve significant fuel savings. Additionally, the 'Insurance + Futures' project of ZCE was fully launched, and over 30 futures companies actively participated.

China is facing a funding gap of one trillion yuan, leading to calls for another deposit-reserve ratio cut. The People's Bank of China conducted a 7-day reverse repo operation of 568.2 billion yuan to maintain liquidity. Experts also suggest further adjustments in mortgage interest rates and transaction taxes to boost the property market.

The preliminary statistics of visitor arrivals to Hong Kong in August reached nearly 4.5 million, a new monthly high since the full resumption of customs clearance. The People's Bank of China has released a positive signal that there is still room for RRR cuts, indicating potential monetary policy adjustments to support economic development.

Steel prices are expected to rise in the coming months, potentially narrowing the losses of production enterprises. This comes amid calls for production restrictions and policy support to address overcapacity issues. The A-share market continues to show signs of a potential bottom, with high-level stocks making up for declines.

The 'Golden September and Silver October' peak season is approaching, but the commodity market shows a downward trend due to weakening macro drivers. Experts suggest steady and solid promotion of RMB internationalization, while civil compensation cases for market manipulation increase, signaling stronger accountability. The merger of Guotai Junan and Haitong Securities marks a significant innovation in the securities industry, and the RWA process is expected to broaden cross-border financing channels for mainland enterprises.

The Shanghai-Kunming Air Corridor officially opened, enhancing flight safety and efficiency. Meanwhile, private equity institutions increased their research activities, focusing on pharmaceuticals, biotechnology, and electronics. The Federal Reserve's Beige Book indicated a more pessimistic outlook, with most regions experiencing flat or declining economic activity.

Weak economic data in the U.S. led to a significant decline in the stock market, with tech stocks, particularly Nvidia, experiencing substantial losses. Nvidia also received a subpoena from the U.S. Department of Justice, escalating the antitrust investigation. Domestically, China announced key measures to optimize the business environment and improve market regulation.

China's brokerages are transforming into industrial investment banks to meet market changes and customer needs. The market expects limited liquidity gaps in September, while private equity FOFs face low demand. Gold stocks and prices are diverging, and energy storage is expected to become a new growth pole for power batteries.

In the first half of 2024, domestic institutional and individual investors significantly increased their holdings of equity funds, while reducing hybrid funds. The public fund rate reform has been effective, with management fees and transaction commissions significantly reduced. Internationally, large-scale demonstrations in Israel called for a ceasefire, and the Turkish army killed 17 Kurdish fighters in Iraq and Syria.

As of August 29, 17 out of 20 A-share liquor companies have disclosed their 2024 semi-annual reports, showing a trend of slowing growth and intensifying differentiation. The central bank bought 400 billion yuan of special treasury bonds, and the CTA strategy in the commodity market has performed well, bucking the trend of negative returns in other strategies.

China's savings treasury bonds continue to attract prudent investors despite lower interest rates, driven by their high security, stable returns, and low investment thresholds. Experts attribute this to active bond markets and recent policy adjustments. Meanwhile, the market size of China's data industry is expanding, with the database market expected to reach 93.029 billion yuan by 2028.

On August 28, the four major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank—announced plans to issue TLAC non-capital bonds totaling 160 billion yuan. These bonds aim to enhance the banks' total loss absorption capacity (TLAC). The issuance is part of a larger approved plan of 310 billion yuan.