On July 25, Jin10 reported that Wang Qing, chief macro analyst at Dongfang Jincheng, believes that the current mid-term liquidity continues to see a net inflow, mainly due to two factors: first, the pace of government bond issuance remains fast, coupled with an accelerated pace of credit issuance, requiring monetary policy to work in conjunction with fiscal policy; second, the Central Bank continues to maintain the intensity of quantity-based tool operations, signaling that monetary policy remains supportive, stabilizing market expectations and providing a favorable environment for credit expansion. Looking ahead to the second half of the year, Wang Qing believes that the probability of reserve requirement ratio cuts and interest rate reductions in the short term is low, but under the general direction of "expanding domestic demand and stabilizing growth," monetary policy will continue to take positive actions.