CICC Fixed Income commented on the November financial data stating that monetary easing is expected to accelerate significantly next year, with short-term rates having substantial downward potential. Against the backdrop of a slow recovery in Real Estate, the stabilization of the domestic economy may be relatively moderate, and the impact on long-term rates may be relatively limited. Next year, the coordination between monetary and fiscal policies will be tighter, and the supply factors of government Bonds may also have little disturbance on long-term rates. Recently, the market has fully priced in easing expectations, resulting in a rapid decline in long-term rates. Next year, as reserve requirement ratio cuts and interest rate reductions take effect, the decline in short-term rates may accelerate, and the yield curve may steepen downwards.