"As the Spring Festival approaches and the local government bond supply plan for the first quarter of 2025 gradually takes shape, the certainty of a reserve requirement ratio cut remains relatively high," said CITIC SEC Chief Economist Mingming. Although the current liquidity is relatively loose, with the Spring Festival approaching, there may be a seasonal increase in cash demand, which could lead to a potential rebound in funding. Additionally, some provinces and cities have begun to announce their supply plans for local bonds in the next quarter, and there is a clear demand for localized debt throughout next year. Coupled with the recent national fiscal work conference mentioning "arranging a larger scale of government bonds," it is expected that the liquidity market will face certain pressures. Considering that the Central Economic Work Conference has defined the monetary policy as "moderately loose" and required "timely cuts in reserve requirement ratios and interest rates," the implementation of the cut remains relatively certain in the short term.