The chief Analyst of the Fixed Income research team at Tianfeng Securities, Sun Binbin, and others stated in the report that the Central Economic Work Conference clarified the need for 'timely reserve requirement ratio and interest rate cuts,' and next year's aggregate monetary policy may be further intensified compared to this year; it is expected that funding rates will gradually decrease to around 1%-1.2%. This time, the description of liquidity differs from the previous description of 'reasonably ample,' indicating that the liquidity environment next year may be more favorable. Based on interest rate cuts from 2022 to 2024, it is expected that the intensity of interest rate cuts will further increase in 2025, possibly reaching or exceeding 50 basis points. The central bank's reserve requirement ratio cut may reach 1.5%, while maintaining reasonably ample liquidity through methods such as outright reverse repurchases and net purchases of government bonds.