中信建投：流动性极紧状态或最早在节前有边际缓解

Core Viewpoint - Recent fluctuations in U.S. assets are primarily driven by changes in liquidity expectations due to economic data [1] Group 1: U.S. Market Dynamics - The U.S. dollar index has recently ended its rapid ascent, indicating a slight easing of external pressure on the renminbi depreciation [1] - The AI industry narrative remains intact, leading to a cautious outlook on significant declines in U.S. Treasury yields [1] Group 2: Chinese Market Dynamics - Chinese stocks have shown strength while bonds have weakened, reversing the trend observed since December, attributed to the central bank's intention to adjust liquidity pace [1] - A temporary liquidity crunch is facing the bond market due to the central bank's actions [1] - The central bank's use of "other tools to inject liquidity" may lead to a marginal easing of the tight liquidity situation before the holiday [1]