[CICC: It's Difficult for Any Fed Chair to Shake the Normalized Expansion of the Balance Sheet] Deep Tide TechFlow reports, on February 4, citing Jin10 data, that a research report from CICC states: We believe that given the strong constraints formed by the current operating rules of the U.S. dollar liquidity system and the trend of large-scale fiscal policies, it will be difficult for any choice of Federal Reserve Chair to shake the normalized expansion of the balance sheet. Although the Federal Reserve began expanding its balance sheet at the end of December last year, marginally improving liquidity, narrow liquidity (reserves) remains far below the lower limit of the "ample level." Indicators of both the quantity and price of U.S. dollar liquidity show that conditions remain relatively tight since the pandemic, which we believe is the fundamental reason for the panic selling in the market over the past few days. Under the pressures of debt, elections, and financial market stability, the choice of Fed Chair may not make much of a difference, and the trend of liquidity expansion is likely a high-probability event. The global asset bull market has the potential to continue. This year, we remain optimistic about the U.S. and Chinese stock markets benefiting from the trend of improving U.S. dollar liquidity (especially the Chinese stock market, which has been significantly underweighted by global active funds) as well as gold, silver, and copper.