The CITIC Securities Research Report points out that the bond market has fluctuated in a narrow range recently, and public opinion incidents involving bank eryong bonds are frequent. The market is concerned that institutional investors will adjust liquidity management tools and redeem short-term bond products, triggering an increase in sales of tradable products in the bond market and drastic adjustments in valuations. CITIC Securities believes that there is no need to worry too much about the impact of the new public fund regulations on eryong bonds: under the net worth reform since 2024, low volatility clashes with high returns. In 2026, financial management institutions may increase allocation requirements for trading types such as eryong bonds and securities bonds to increase profits; on the other hand, against the backdrop of narrowing bank net interest spreads, agricultural and commercial banks may increase the allocation scale of credit bonds. The actual allocation demand for eryong bonds may increase accordingly. After the central bank restarts buying bonds, the market rush at the end of the year is expected to boost the bullish trend of medium- and long-term credit bonds. 3-5Y China Stock Bank Eryong bonds have a transactional price-performance ratio, but both lines can go hand in hand. It is recommended to pay attention to the cost performance ratio of bank Eryong bond allocations.

The CITIC Securities Research Report points out that the bond market has fluctuated in a narrow range recently, and public opinion incidents involving bank eryong bonds are frequent. The market is concerned that institutional investors will adjust liquidity management tools and redeem short-term bond products, triggering an increase in sales of tradable products in the bond market and drastic adjustments in valuations. CITIC Securities believes that there is no need to worry too much about the impact of the new public fund regulations on eryong bonds: under the net worth reform since 2024, low volatility clashes with high returns. In 2026, financial management institutions may increase allocation requirements for trading types such as eryong bonds and securities bonds to increase profits; on the other hand, against the backdrop of narrowing bank net interest spreads, agricultural and commercial banks may increase the allocation scale of credit bonds. The actual allocation demand for eryong bonds may increase accordingly. After the central bank restarts buying bonds, the market rush at the end of the year is expected to boost the bullish trend of medium- and long-term credit bonds. 3-5Y China Stock Bank Eryong bonds have a transactional price-performance ratio, but both lines can go hand in hand. It is recommended to pay attention to the cost performance ratio of bank Eryong bond allocations.