CITIC Securities: Slow uptrend in long-term interest rates central tendency emerging.

The CITIC Securities research report believes that looking forward, the joint efforts of anti-inward spiral and de-real estateization are expected to boost the overall social investment return rate in China by 20 basis points (BP) annually, and the long-term interest rates by 10 basis points (BP) annually. This will gradually push the central point of China's long-term interest rates above 2.0% in the next 3 years. In terms of pace, the market adjustment may initially show insufficient response, followed by an accelerated response, and the major shift in market expectations for the macro economy and the shift in monetary policy will be key turning points for the ultimate change.