Zhongjin research reports that the market's expectations for the future interest rate cuts have been swinging from one extreme to another, particularly influenced by recent economic data and post-election expectations. Currently, CME interest rates futures expect only 3 more rate cuts, in December this year, March and June next year, reaching 3.75-4%. Although we have never agreed with the overly optimistic market view that assumes a 50bp rate cut starting point and over 200bp rate cuts by next year, the current expectations may once again be too pessimistic. Taking a comprehensive estimate, a rate cut of around 3.5% (equivalent to another 100bp rate cut) may be an appropriate level.