SHEIN-W

0831 | Dolphin Research Focus: 🐬 Macro/Industry. NBS reported Aug. manufacturing PMI at 49.8% (+60bps MoM). Production and demand improved in tandem but remained below the 50 line.

New orders picked up, an encouraging signal. That said, SME sentiment stayed weak and domestic demand has yet to stabilize. The market awaits further incremental policy delivery to test the recovery's durability.

2) MSCI's Aug. quarterly rebalancing becomes effective after the close on Aug 31. Implementation follows the market close that day...