A senior official recently summarized the three pillars of current economic policy—border control, Intrerest Rate regulation, and inflation suppression. His remarks are quite interesting: these three factors have indeed put tremendous pressure on ordinary people in recent years.

What is the current situation? The border policy has tightened, and the commitments have been fulfilled quite quickly. More importantly, in terms of Intrerest Rate, the 10-year government bond yield has started to decline, which is the best year since 2020.

As for inflation? The core driver is still energy prices. If energy costs remain low, overall price pressure can be effectively alleviated. This set of measures creates a favorable macro backdrop for risk assets—an environment of low Intrerest Rate typically means more capital will seek high-yield opportunities.