Yang Yewai from Guosheng Securities reported that the trend of monetary easing will continue in 2025. At the same time, financing demand remains weak, and the trend of residents increasing their preference for low-risk asset allocation is unchanged, leading to a continuation of the overall asset scarcity. Therefore, interest rates are still in a downward trend. As interest rates enter a low level phase, the space to provide stable returns for investors is limited, and the scale of Fixed Income products may decline accordingly. With intensifying trading activities and an extended market duration, market volatility will further increase, which will raise the corresponding investment difficulty.