CITIC Securities pointed out that the number of new non-farm payrolls in the United States in November 2024 was slightly higher than expected. Healthcare services, leisure and hospitality sectors and government departments were the main contributors, and retail was the main drag. After the impact of hurricanes and strikes dissipated, the new non-farm payrolls in November rebounded as expected. The unemployment rate rose and the US job market weakened modestly, but wage growth remained solid and there were no major layoffs by companies. The overall job market remained healthy. After the release of non-agricultural data, the market raised its expectations for the Federal Reserve to cut interest rates. We believe that the market's expectations for a "soft landing" of the US economy will continue at least until Trump takes office next year, and maintain the previous judgment that the Federal Reserve will cut interest rates by 25bps at its December interest rate meeting. (Jin Ten)