According to the CITIC Securities Research Report, according to estimates, there was basically no liquidity gap in December, and the risk of capital facing the bond market is limited. Referring to the monthly performance of 10Y treasury bond yields since 2021, interest rates on the bond market at the end of the year tend to decline as a whole. With the adjustment of the bond market in November of this year, the 10-year treasury bond yield rebounded to an upper position in the 1.75% to 1.85% range, and trading opportunities began to emerge. However, CITIC Securities believes that the room for the year-end market may still be limited, and suggests adapting the pace of the strategy flexibly in line with marginal changes in the bond market.

According to the CITIC Securities Research Report, according to estimates, there was basically no liquidity gap in December, and the risk of capital facing the bond market is limited. Referring to the monthly performance of 10Y treasury bond yields since 2021, interest rates on the bond market at the end of the year tend to decline as a whole. With the adjustment of the bond market in November of this year, the 10-year treasury bond yield rebounded to an upper position in the 1.75% to 1.85% range, and trading opportunities began to emerge. However, CITIC Securities believes that the room for the year-end market may still be limited, and suggests adapting the pace of the strategy flexibly in line with marginal changes in the bond market.