The Central Economic Work Conference will be held from December 11 to 12 in Peking. Ye Fan, chief economist of Xinan Securities, stated that under strengthened policies, the upward trend of the domestic economy will continue in 2025. From a structural perspective, Infrastructure and manufacturing investment are still expected to be the main support for domestic investment next year, while the decline in Real Estate investment will gradually narrow; domestic demand is expected to pull the economy stronger than external demand, and with policy strengthening, domestic Consumer spending is expected to continue to rebound. Regarding the direction of fiscal and monetary policy, Ye Fan expects the issuance scale of ultra-long special government bonds in 2025 to be around 1.5 trillion to -2 trillion yuan, continuing to support the "two heavy" areas. The first half of next year may see a peak in government bond issuance, during which there may be reserve requirement reductions to offset, with an expected annual reduction of around 100 basis points, and interest rate cuts will be decided accordingly, with a potential rate cut of 25 to 40 basis points to be implemented in steps.