[CITIC Securities Mingming: Economic fluctuations are recovering, interest rates may be cut in the second half of next year] On November 3, CITIC Securities chief economist Mingming said at the CITIC Securities 2027 Capital Market Strategy Conference that the K-shaped differentiation of the global economy is obvious, China's economic fluctuations are recovering, and China's GDP growth rate in 2027 may be around 4.5%. Consumption is expected to heat up moderately, and retail sales will turn to be driven by smart products. The social retail growth rate will be about 1% in 2027; macroeconomic policies are more active, fiscal expansion is expected to be moderate, the deficit rate will continue to be 4.0%, and interest rates will be cut in monetary policy in the second half of the year; the RMB exchange rate is expected to appreciate moderately, and the RMB is expected to appreciate moderately to around 6.4-6.5 in 2027. The process of RMB internationalization may be accelerated during the "15th Five-Year Plan" period. (Reporter Gao Yanyun)