Huatai Securities pointed out that the bond market in 2025 was a typical “volatile market”. Interest rates ended four years of unilateral decline, and ten-year treasury bonds fluctuated repeatedly in a narrow range of 1.6-1.9%. There have been new changes in the characteristics of market operation, such as macroeconomic desensitization, increased volatility, and equity and debt seesaws. For investors, this year was also the year that felt the most about the “low interest rate” environment: coupon returns were drastically reduced, capital gains were difficult to obtain, and only a few waves of market interpretation were also fast, posing great challenges to the framework and operation. There are several important themes in this year's bond market: first, while being afraid of trends, more believing in common sense; second, swing trading is easy to say and difficult; third, there is no shortage of structural opportunities in the volatile market; fourth, profound changes in the bond market ecology; and fifth, behind looking at stocks and using bonds, there is a shift in the direction of allocating major types of assets.

Huatai Securities pointed out that the bond market in 2025 was a typical “volatile market”. Interest rates ended four years of unilateral decline, and ten-year treasury bonds fluctuated repeatedly in a narrow range of 1.6-1.9%. There have been new changes in the characteristics of market operation, such as macroeconomic desensitization, increased volatility, and equity and debt seesaws. For investors, this year was also the year that felt the most about the “low interest rate” environment: coupon returns were drastically reduced, capital gains were difficult to obtain, and only a few waves of market interpretation were also fast, posing great challenges to the framework and operation. There are several important themes in this year's bond market: first, while being afraid of trends, more believing in common sense; second, swing trading is easy to say and difficult; third, there is no shortage of structural opportunities in the volatile market; fourth, profound changes in the bond market ecology; and fifth, behind looking at stocks and using bonds, there is a shift in the direction of allocating major types of assets.