Economic Watch

• China is demonstrating economic resilience supported by a solid foundation and the emergence of new growth drivers. • Recent data indicates a slowdown in certain economic indicators since the second quarter, reflecting domestic structural adjustment pressures. • Many Chinese enterprises are currently facing operational difficulties attributed to an increasingly complex international environment.

• U.S. stock markets, including the S&P 500, Nasdaq, and Dow Jones, are expected to experience volatile trading on Thursday, with a focus on semiconductor stocks like Broadcom, Micron, and Qualcomm. • Investors are awaiting weekly jobless claims data, which serves as the final economic indicator before Friday's monthly employment report. • The data is critical for new Federal Reserve Chairman Kevin Warsh ahead of his first policy meeting, especially as consumers face price pressures linked to the Iran war.

• Since the end of 2025, over 20 new One-Person Companies (OPCs) have been registered in the Huayuan science park within the Tianjin Binhai High-tech Industrial Development Area. • These new ventures focus on "light-asset" and intelligence-driven sectors, specifically targeting AI content production, software development, and cross-border e-commerce. • This trend highlights a shift in Chinese youth entrepreneurship toward high-tech, low-overhead business models that leverage artificial intelligence and digital platforms.