Group 1 - The core viewpoint is that the combination of anti-involution and de-real estate is expected to boost China's overall investment return rate (ROIC) by 20 basis points annually and long-term interest rates by 10 basis points annually [1] - It is projected that over the next three years, the central tendency of China's long-term interest rates will gradually rise to above 2.0%, with a bottom-up increase of 30 basis points [1] - The market adjustment may initially show insufficient response, followed by an accelerated reaction, with significant changes in macroeconomic expectations and monetary policy being key observation points for the eventual changes [1]