China International Capital Corporation (CICC): Moderate inflation, but the Federal Reserve will not cut interest rates in January; The core CPI was 2.6% year-on-year, lower than market expectations. From a sub item perspective, there has been a significant increase in food prices, stable prices of goods related to tariffs, and a clear rebound in both rental and non rental core inflation. Looking back at 2025, the transmission of Trump's tariffs on inflation has been milder than we expected, with the main inflationary pressures still coming from the service industry. Looking ahead, it is necessary to pay attention to whether companies that have previously chosen to self digest costs and have not yet raised prices will make up for it, and whether the resilience of the service industry has formed structural inflationary pressures. We believe that for the Federal Reserve, moderate inflation data is not enough to push it to cut interest rates again in January. We will maintain a wait-and-see approach in January, and the next rate cut may be in March.