[CITIC Securities: The Federal Reserve is expected to pause rate cuts in January this year and cut rates twice by 25bps each throughout the year] CITIC Securities' research report pointed out that U.S. inflation in December 2025 was lukewarm, with core inflation slightly below expectations and food inflation rising. We believe that U.S. inflation prospects may ease this year, with the impact of tariffs on prices gradually diminishing, and service inflation likely maintaining a relatively moderate growth rate. The cost of living is a key issue in the U.S. midterm election campaigns, and Trump's recent directives for the two housing agencies to purchase MBS and plans to cap credit card interest rates are likely responses to voters' concerns about affordability issues. We believe that the U.S. prosecutor's criminal investigation into Powell will not pressure the Federal Reserve into aggressive rate cuts, and we still expect the Federal Reserve to pause rate cuts in January this year and cut rates twice by 25bps each throughout the year.