Regarding reserve requirement ratio cuts, Xiong Yuan expects that in 2025, there may be 2 to 3 cuts, with a magnitude of 50 to 100 basis points. Based on past experience, economic growth itself requires releasing medium- and long-term funding through reserve requirement ratio cuts for support. Since 2020, there have been 1 to 2 reserve requirement ratio cuts each year, with a magnitude of 50 to 100 basis points. Regarding interest rate cuts, Xiong Yuan expects a reduction of about 40 basis points or even higher, mainly because the current interest rate calculated using "real interest rate - CPI" is around 3.4%, which is still considered relatively high, and further interest rate cuts in 2025 are still necessary.