China Policy: RRR cut as continuous effort to restore confidence Biweekly Wrap: Expecting Chinese Baijiu Subsector To Further Recover As Peak Season Is Approaching, "Outperform" Key takeaways from YUMC 2023 Investor Day China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain China Internet: August online retail sales recap Meaningful improvement provides the foundation for future development CMBI Research Focus List: Our best high conviction ideas The Company Signed a Capital Injection Agreement with FIIF to Accelerate the Development of Die-Casting Business 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