Huatai Securities: The supportive stance of monetary policy has not changed.

The report sent by analyst Zhang Jiqiang and others from Huatai Securities stated that there is no need to worry about changes in the monetary policy direction in the short term, as the supportive stance of the monetary policy has not changed. The probability of funds rate fluctuating at high levels is greater, and the size of the People's Bank of China's MLF operations will be closely monitored in the future. It is expected that there is limited upward space for the funds rate above 1.4%, and there is no need to be pessimistic about the adjustment space in the bond market. It is still possible to adjust the configuration with long-bonds and ultra-long bonds during the market adjustment.