Goldman Sachs SELL

Asia in Focus China Retail Sales Policy Tailwinds Fade, H2 Growth Likely Remains Low

Aug 14, 202611 pages页

From the report报告摘录Policy-Driven Retail Sales Drag: Trade-in program depletion (RMB300bn allocated 2025, drawn faster than expected) and NEV purchase-tax hike (0%→5% from Jan 2026) collectively reduce growth by ~120bp, contributing to H1…

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