Recently, it is not advisable to short. During the early stage of domestic economic recovery, demand is relatively weak, and the expectation of loose liquidity is clear. The issuance pressure of ultra-long-term government bonds has shifted, and the central bank may further cut RRR and interest rates to hedge. The bearish factors in the bond market are gradually exhausted, and short-term contracts are supported by liquidity, showing strong performance. Institutions recommend returning to a bullish strategy. Under global policy divergence, short sellers face increased uncertainty.