CITIC Securities: August foreign trade exports still have strong resilience, expected to support the marginal rebound of industrial production sentiment.

CITIC Securities research report stated that in August, foreign trade exports still show strong resilience, which is expected to support the marginal recovery of industrial production sentiment. However, the differentiation of domestic and foreign demand may increase, and the growth rates of social consumption, retail sales, and fixed asset investment may continue to decline. On the production side, the overall level of industrial sentiment in August has slightly improved, possibly due to factors such as a decrease in extreme weather events. High-frequency data shows that the export chain sentiment in August still has support, and it is expected that the export growth rate in August will be around 6.5%.