China Taking Power Market Liberalisation Further by Introducing the First Unified Framework for the Design of Spot Power Markets China TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30 Fixed Income Daily Market Update Fixed Income Daily Market Update 1-8M23 Total Power Generation Up 16.44% Yoy ; Valuation Looks Attractive Following Recent Share Plunge Share award scheme and shareholding increase plan bolster confidence amid conservative outlook Fixed Income Daily Market Update Weak market in 2023: growth in EV & AI server offset by soft consumer electronics demand Distressed valuation and potential turnaround China Auto Sector: More NEV model rollouts as a positive catalyst