tianfeng Securities released research reports stating that looking at the growth rates of economic sub-indices, the core reason for the stronger September economic data may be the policy efforts. With improvements in fixed asset investment, consumer spending, industrial value added, and service sector production index, represented by the growth rate of infrastructure investment, economic indicators more closely related to policies saw a significant rebound in September. tianfeng Securities believes that the third quarter may mark the economic bottom. With further implementation of policies in the fourth quarter, domestic demand may strengthen its support for the economy, and consumer spending could become a key factor in the full-year economic growth in the fourth quarter. After the economy stabilizes and rebounds, achieving the annual target of 5% means that the fourth-quarter economic growth rate needs to be more than 0.6 percentage points higher than the third quarter, which poses a high requirement for subsequent fiscal policies.