CBiBank Research Department：Risk appetite for Hong Kong stocks is gradually becoming evident.

CBiBank Research Department: The financial data for July in China, released last Friday, fell short of expectations, further highlighting weak demand. The year-on-year growth of M1 in July was only 2.3%, the slowest pace since January 2022. The negative spread between M1 and M2 widened to 8.4%, indicating that economic vitality remains weak, monetary transmission is not smooth, and funds are idling within the financial system. New RMB loans in July amounted to only 345.9 billion yuan, the lowest since 2009. Among them, bill financing reached 359.7 billion yuan, further reflecting the weak loan demand from residents and enterprises. New loans to households decreased by 200.7 billion yuan, while new deposits decreased by 809.3 billion yuan during the same period, believed to be related to residents accelerating their loan repayments. In the short term, the momentum of the macroeconomy remains uneven, and significant fluctuations may occur in the near future.