Retail sales data exceeded expectations, with a month-on-month increase of 3.3%, and almost all product categories recorded growth. This set of data dealt a heavy blow to analysts who are bearish on the economy. The market fundamentals are actually not bad, and the pessimistic view of recession seems somewhat outdated. From the data, consumer spending remains steady, providing strong support for economic growth. Looking ahead to 2026, positive economic expectations are taking shape, and market sentiment is gradually improving. The strong retail performance reflects that consumer confidence still exists, which is a positive signal for the entire asset market.