65000 is the top. This round of decline digests the expectation of interest rate cut in Bao’s speech on the 23rd. The interest rate cut in September has basically been finalized. Focus on whether there is a plan for interest rate cuts after the interest rate cut. If there is no plan for a rate cut of more than 75 basis points, there will be no big rise or bull market. The news of interest rate cut has been hyped in advance. If the actual interest rate cut does not meet expectations, it may be a waterfall.