China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain China Internet: August online retail sales recap Global SPE 2Q23 Wrap: China demand remains resilient; Awaiting upcycle after 2023 slowdown Meaningful improvement provides the foundation for future development CMBI Research Focus List: Our best high conviction ideas 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