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1. Entering August, the onshore and offshore RMB exchange rates continued to rise, breaking through the 7.2 mark. Since the beginning of this year, the offshore RMB has risen from around 7.3 to 7.12.

I believe that our RMB exchange rate still has a lot of room for appreciation, because the time for the US to cut interest rates has come, which means that the Federal Reserve's September interest rate cut is basically a foregone conclusion, and in my opinion, this will provide an opportunity for the RMB to appreciate.

The current baseline scenario is that the Federal Reserve begins to make preventive interest rate cuts due to the slowdown in the US economy, which will be conducive to the stability of the RMB exchange rate; if the market dispels unilateral expectations and the reverse closing of interest rate carry transactions occurs, the RMB will appreciate quickly.

2. Whether the growth of dividend stocks can be sustained depends on the increase in the dividend ratio in the future.

If the dividend ratio does not increase, the original strong upward momentum may turn into a volatile trend. Judging from the increase in dividend ratios of benchmark stocks such as China Coal and PetroChina, this momentum has already emerged. Despite the long-term rise, the dividend yield of these stocks remains at a high level, which makes the upward trend of core assets more stable.