Hongde Fund: The inertia of bullish thinking in the bond market continues

Jinsan Data News on February 17th, Hongde Fund believes that, under the resonance of many factors, the long-end and super long-end Intrerest Rate still maintain relative resilience, with the 10Y national bond Intrerest Rate continuing narrow Fluctuation. Hongde Fund believes that the source of resilience: first, the bond market has not formed a consistent expectation of market reversal, and the inertia of long thinking continues; second, there is still pressure on under-allocation of funds at the beginning of the year, and fixed-income wealth management products, bond ETFs, and other products are still expanding; third, there is an expectation of stabilizing the fund's future liquidity, such as expecting the Central Bank to restart bond buying after a large supply of government bonds, and to support large-scale buy-back reverse repurchase. The logic of resilience remains unbroken, and in the future, it is necessary to follow the Central Bank's attitude towards Liquidity, the sustainability of the stock market trend, and policy expectations, and to do well in Risk Management.