CITIC Securities: It is still necessary to remain vigilant against the impact of tax reduction bills, tariffs, and economic fluctuations in the United States on the long-term US bond interest rates.

CITIC Securities stated that after Moody's downgraded the rating, there was a brief and sharp fluctuation in the US stock market and US Treasuries at the beginning of trading on May 19, but subsequent speeches by US government officials and Federal Reserve officials calmed the market sentiment. Although the impact of the downgrade of the US debt rating on US Treasuries has somewhat subsided, caution is still needed in the future regarding fluctuations in long-term US Treasury interest rates caused by events such as tax reduction bills, tariffs, economic fluctuations in the US, and other policies.