Recent stimulus measures, including expanded lending support for infrastructure and technology alongside mortgage subsidies, have supported a modest rebound in manufacturing activity, with the official PMI rising to 50.1 in September. This has reinforced trader consensus around 4.3-4.6% year-over-year GDP growth for Q3 2026, consistent with the 4.3% pace recorded in Q2 amid soft domestic demand and a prolonged property downturn. Strong export performance, particularly in AI-related high-tech manufacturing, continues to offset weak consumption and fixed-asset investment, while recent policy signals aim to stabilize momentum toward the 4.5-5% annual target. Q3 data, due later this month, will clarify whether the improvement sustains or reveals further deceleration.