CITIC Securities pointed out that since mid-November, interest rate fluctuations on ultra-long bonds have increased, and factors such as long-term debt gaps and seasonal liquidity assessments have suppressed banks' willingness to allocate ultra-long bonds. Considering that the pace of fiscal strength is expected to be relatively balanced next year, the actual yield on the asset-side ultra-long bonds of commercial banks is still relatively rich, and the pressure on the debt side has been reduced under the long-term influence of the central bank's monetary policy framework reform. In the long run, ultra-long-term bonds still have a certain allocation cost ratio.

CITIC Securities pointed out that since mid-November, interest rate fluctuations on ultra-long bonds have increased, and factors such as long-term debt gaps and seasonal liquidity assessments have suppressed banks' willingness to allocate ultra-long bonds. Considering that the pace of fiscal strength is expected to be relatively balanced next year, the actual yield on the asset-side ultra-long bonds of commercial banks is still relatively rich, and the pressure on the debt side has been reduced under the long-term influence of the central bank's monetary policy framework reform. In the long run, ultra-long-term bonds still have a certain allocation cost ratio.