The 720: China Strategy, China Internet, CICC, GO, Ramsay Healthcare, Solar Industries, China GDP, Oil, US Credit

The 720 is a multi-topic cross-asset note. China Strategy: as investor focus pivots back to macro and policy issues, we reiterate our Overweight stance on China A shares versus Marketweight on offshore equities; we expect targeted fiscal support rather than large-scale stimulus from the September Politburo meeting to achieve the 4.5% GDP target, and forecast USDCNY to reach 6.4 over the next 12 months. We recommend diversifying into domestic AI names, non-AI opportunities in healthcare and materials, and structural themes like Shareholder Returns and tactical IPO strategies. China Internet: we lower our third-quarter online GMV and parcel volume growth estimates to 3% and 4% following softer August online retail growth, and note Temu's US GMV growth moderated to 5%;