As the problem of credit contraction in the overall economy, especially in the private sector, still exists, the market has not escaped from the volatile situation and profit space has not yet been opened. However, when the temporary pressure is greater, positive policy changes in reducing financing costs monetary and boosting investment return expectations fiscal will lead to stronger expectations and promote market rebound. The driving factors for the sharp market rebound in late April and late September both came from the restoration of market sentiment due to fiscal spending and improved investment return expectations.
However, if the actual effect is less than expected, market sweden phone number list sentiment will often return to volatility after being overdrawn, and the cycle will repeat. As the private sector is still deleveraging, the degree and speed of fiscal efforts are crucial to judging the market rhythm. We can focus on two indicators: one is government bond issuance in social financing, and the other is broad fiscal spending. The efforts of the two in the fourth quarter of last year and the third quarter of this year were leading indicators of the two rounds of market rebounds, and the decline in the first and second quarters also led to a correction in the third quarter.