The CITIC Construction Investment Research Report pointed out that the extent of the US “equal tariff” policy is exaggerated and has had a major impact on various types of global assets. The tariff shock has made bulls look even more at the multi-bond market. However, changes in overseas policies and increased domestic policies should also influence the direction of the bond market. Trump's policies are erratic; collection was suspended soon after tax increases, and tariff exemptions were imposed on specific products. The ultimate impact on external demand is difficult to determine. At the same time, there may be room for growth in domestic fiscal and monetary policies, which will have a more complex impact on the bond market. Taken together, as the market reaches the 1.6% front line, there may be a short-term game, and a further downward breakthrough will be needed after the definitive policy is implemented. Looking at this week's trading data, the direction of fund trading fluctuated this week. 7-10Y positions were vigorously increased in the first half of the week, and the overall direction of resale was thereafter. The short-term securities market continued this week, but as space is being digested, various institutions, especially flexible trading accounts, can moderately allocate long-term credit products, and the variety still comes first.

The CITIC Construction Investment Research Report pointed out that the extent of the US “equal tariff” policy is exaggerated and has had a major impact on various types of global assets. The tariff shock has made bulls look even more at the multi-bond market. However, changes in overseas policies and increased domestic policies should also influence the direction of the bond market. Trump's policies are erratic; collection was suspended soon after tax increases, and tariff exemptions were imposed on specific products. The ultimate impact on external demand is difficult to determine. At the same time, there may be room for growth in domestic fiscal and monetary policies, which will have a more complex impact on the bond market. Taken together, as the market reaches the 1.6% front line, there may be a short-term game, and a further downward breakthrough will be needed after the definitive policy is implemented. Looking at this week's trading data, the direction of fund trading fluctuated this week. 7-10Y positions were vigorously increased in the first half of the week, and the overall direction of resale was thereafter. The short-term securities market continued this week, but as space is being digested, various institutions, especially flexible trading accounts, can moderately allocate long-term credit products, and the variety still comes first.