厦门银行：预估2025年债券市场仍有一定配置和交易机会

Core Viewpoint - Xiamen Bank (601187) anticipates a favorable performance in non-interest income for 2024, driven by economic fundamentals, policy, and capital market conditions, despite a challenging trading environment due to limited downward space for bond yields [1] Group 1: Economic and Market Outlook - In 2024, bond yields are expected to continue declining significantly, influenced by economic fundamentals, policy, and capital conditions [1] - The bank predicts that the bond market will present certain allocation and trading opportunities in 2025, supported by more proactive fiscal policies and moderately loose monetary policy [1] - The overall trading difficulty in the bond market is expected to increase compared to the previous year, with bond yields likely to exhibit characteristics of "low-level fluctuations and increased volatility" [1] Group 2: Strategic Approach - The bank plans to adopt a flexible trading strategy, adjusting its holdings and duration based on market conditions [1] - There will be an emphasis on smoothing non-interest income through large-scale operations in response to market fluctuations [1]