Travel bags are used to carry clothes and other personal accessories during trips. Business bags are used by people to carry official belongings such as laptops, files, and other office essentials. Travel and business bags include duffel bags, backpacks (rucksacks), business bags (briefcases, laptop bags, and others), suitcases, and trolley bags. These bags are made of raw materials such as leather, plastic, expensive fabrics, and metal.

Travel insurance covers expenses, such as trip cancelation and cancelation due to medical emergencies resulting from unexpected events during domestic and international travel. Some of these policies also pay for damage to cars or ransom in case of kidnapping. Many online companies that sell flight tickets or tour packages offer travel insurance to their customers at an additional cost.

The tax preparation software market includes digital tools and platforms designed to help individuals, businesses, and tax professionals file income tax returns accurately and efficiently. These solutions automate various tax-related tasks such as calculations, deductions, and form submissions, thus reducing manual effort and minimizing errors. Tax preparation software may be cloud-based or desktop-based and often includes features like e-filing, real-time updates to tax codes, and audit assistance. The market serves a wide range of users, from first-time filers to large enterprises, and is driven by the growing demand for convenient, user-friendly, and cost-effective tax filing solutions. Increased internet penetration, rise in awareness about tax compliance, and advancements in AI and data analytics also contribute to the market growth

本周，资金面超预期收敛后边际缓和，资金利率“先上后下”，呈现两点特 征：（1）预期与现实的背离，原因在于传统的税期和非传统的股债市场联 动改变资金流向两点因素形成的共振冲击。8 月并非传统缴税大月，买断 式逆回购已于月初、月中节点投放，通常被视为更为精准呵护的信号，但 资金面却出现超预期收敛，主因股市走强对债市资金形成一定占用，市场 情绪较为敏感，机构集中赎回债基的行为或放大流动性的紧张程度，使得 资金运行打破“低位低波”的格局；（2）流动性投放力度大、节奏前置以 稳定预期，阻断赎回压力的蔓延。央行投放加码且节奏前置，逆回购累计 投放超 2 万亿元，对冲到期压力及政府债发行扰动，MLF 投放操作将前置 于回笼，为市场注入“强心剂”，后半周资金利率温和下行。

生产：工业生产增速放缓，服务业保持稳定景气。工业增加值同比增长 5.7%，略低于预期，环比增长 0.4%，均较前月下降，反映出口动能减弱 带动生产放缓。出口交货值同比增速大幅回落至 0.8%。从结构看，制造 业和采矿业增长放缓，电力、热力及水供应业增速有所上升。中游制造业 中，通用设备、运输设备在政策支持下增速提升；上游黑色冶金、石油加 工等行业增速也有所上升；下游消费制造业则普遍放缓，反映市场对出口 预期趋于谨慎。产品产量方面，技术密集型产品增长降温，新能源汽车、 光伏电池或因“反内卷”政策影响增速回落；智能手机、微机等出口相关 产品产量增速明显下降，显示外需不确定性加剧。服务业生产指数同比增 长 5.8%，与上月持平，其中信息传输、软件和信息技术服务业表现突 出，增速升至 11.9%。

择时雷达六面图：基于多维视角的择时框架。权益市场的表现受到多维度 指标因素的共同影响，我们尝试从流动性、经济面、估值面、资金面、技 术面、拥挤度选取二十一个指标对市场刻画，并将其概括为“估值性价比”、 “ 宏观基本面”、“资金&趋势”、“拥挤度&反转”四大类，从而生成[-1,1] 之间的综合择时分数。

科创债，是指由科技创新领域相关企业发行以及将募集资金用于支持科技 创新发展的债券。

行业：京沪政策边际放松，基本面延续磨底。从统计局数据看，2025 年 1-7 月，全国商品房销售额同比-6.5%，降幅较 1-6 月扩大了 1.0 个百分点； 商品房销售面积同比-4.0%，降幅较 1-6 月扩大了 0.5 个百分点。观察 相对历史同期的销售规模，2025 年 7 月，商品房的销售额和销售面积分 别相当于 2019 年同期的 43%和 44%，均创下 2022 年以来历史同期新低。

房地产行业：二手房网签面积同比降幅收窄－样本城市周度高频数据全追踪-招商证券

时隔十年再次召开会议 意义及影响深远。2025年中央城市工作会议 指明方向后，未来房地产行业发展将“以推进城市更新为重要抓手”， 以“加快构建房地产发展新模式”作为核心任务。后续城市更新、 老旧小区改造等将加速推进，同时房地产企业改变发展模式，行业 出清提速，将加快房地产行业走出本轮周期底部。