#SECETF审批 , but next there is also the Federal Reserve meeting, and the key is still to see Powell's attitude in his speech.

Let's talk about our situation, there are several core data points:

First, the deficit rate is set at 4%. Previously, we primarily maintained it at 3%, which is the first time in recent years that the deficit rate has been raised. To explain, this means the government is willing to take responsibility, which means they are willing to inject money into the economy.

Second, the inflation data is set at 2%. Previously it was set at 3%, but now the monthly CPI is around 0.x, making the goal of 3 too distant.

This adjustment of the target is a positive sign, indicating that the higher-ups have recognized the issues and are facing them. It's a very significant positive.

Third, the issuance of 1.3 trillion in special national bonds, which is slightly less than market expectations, but there is a point worth noting: this time they issued 500 billion to support state-owned large commercial banks in replenishing their capital.

There are rumors that they will rescue the banks, and this wave has landed. Why do banks, which make substantial profits daily, still need to issue bonds? Because while banks are profitable, they also bear the huge burden of real estate risks. Rescuing the real estate sector is too challenging, so it is better to support banks as a backing.