[CITIC Securities: The Federal Reserve May Cut Interest Rates by Around 50bps Next Year] CITIC Securities' research report states that the U.S. unemployment rate further increased in November, and non-farm payrolls remain at a relatively low level. At the same time, the structure of non-farm employment growth in November was also poor. Similarly, ADP employment growth continues to stay at low levels, with several industries experiencing negative growth. Overall, the current U.S. job market remains weak, and this trend may persist in the short term. The Federal Reserve may cut interest rates by around 50bps over the course of next year.