Pacific Securities: Vaccines cannot immediately end the epidemic, let alone end loose policies;

① Analysts at Pacific Securities pointed out in the research report that the vaccine cannot end the epidemic immediately, let alone the easing policy: according to WHO, there are currently more than 180 COVID-19 vaccine candidates under development. Of these, 35 vaccine candidates are in the clinical evaluation stage, and 9 vaccines worldwide are in phase III clinical trials, but the vaccine cannot end the outbreak immediately;

② The agency's analysis points out that the economic trauma caused by the epidemic also requires a long period of market recovery, and liquidity easing will be the market tone for quite some time. Recovering varieties continue to benefit from easy liquidity and marginal improvements in demand: gold has temporarily fallen into contraction and consolidation, and new direction guidance is needed. In the short term, the share of recovery varieties can be further expanded

③ The agency pointed out that the OECD raised the global GDP growth forecast for 2020 from -6% to -4.5%, and expectations have improved. The recent economic recovery trend of the US economy is better than expected, and the domestic economic recovery trend continues to consolidate. In August, the value added of industries above the national scale increased by 5.6% year on year, 0.8 percentage points faster than in July. At the same time, according to data from the National Bureau of Statistics, the country's fixed asset investment increased 4.18% month-on-month in August, of which infrastructure investment has basically recovered to the same period last year.