CITIC Securities: It is expected that LPR and lending rates will decline even more next year

On December 10, CITIC Securities released the learning experience of the Politburo meeting in December 2024, saying that the new round of policy starting gun was fired, and the policy inflection point was confirmed again. It is clear that the macro policy will be strengthened in 2025. From the perspective of monetary policy, this Politburo meeting called for the implementation of moderately loose monetary policy. This is the first time our country has implemented moderately loose monetary policy after 2010. It is expected that the reverse repurchase interest rate will fall by 40-50bps next year, and the LPR and loan interest rates may fall even more.