重要数据发布，债券市场或迎来趋势机会

Group 1 - The bond market has experienced adjustments after a strong start in 2025, but some investors are increasing their positions, indicating confidence in the market [1] - In April, social financing increased by 1.16 trillion yuan, which is approximately 1.2 trillion yuan more than the previous year, aligning with market expectations [1][3] - The first four months of 2025 saw a cumulative increase in social financing of 16.34 trillion yuan, which is 3.61 trillion yuan more than the same period last year [3] Group 2 - The recent implementation of monetary policy measures is expected to favor short-term bonds, with potential downward pressure on funding rates, creating opportunities in the bond market [4] - The government is promoting the issuance of special local government bonds and ultra-long-term special treasury bonds, which enhances market confidence in long-term bonds [4] - The credit bond market is seeing increased demand for high credit quality assets, supported by easing policies that reduce financing pressures and default risks [7] Group 3 - The convertible bond market is witnessing structural opportunities due to easing trade tensions between China and the U.S., with growth potential in technology and domestic consumption sectors [7] - Specific sectors such as pet care, domestic beauty products, and low-temperature dairy are expected to benefit from ongoing policy support, enhancing the performance of related companies [7] - The BoShi Convertible Bond ETF is viewed as a stable investment option, particularly during periods of high stock market volatility, as it can help mitigate overall portfolio risk [7]