According to Jinshi, Goldman Sachs believes that the ECB's rate hike cycle has ended. Before the first rate cut in April, the ECB will maintain the interest rate at 4.00%, after which it is expected to cut interest rates at a rate of 25 basis points per time until the policy rate reaches 2.25% in early 2025. However, there is still great uncertainty around the timing of the first rate cut, and the risk is inclined to June.