中信证券：短期债市可能维持窄幅震荡走势

Core Viewpoint - The report from CITIC Securities indicates that while the year-on-year CPI has shown a temporary positive change, the domestic demand remains weak, and there is no significant turning point in sight for the economy. The downward pressure on PPI due to overseas tariff impacts continues, suggesting that the weak inflation environment will not significantly change the support structure for the bond market [1]. Group 1 - The CPI has shown a stage-wise positive change year-on-year, but the domestic demand environment remains weak [1]. - There is significant downward pressure on PPI due to overseas tariff impacts, which contributes to the weak inflation scenario [1]. - The bond market is expected to maintain a narrow fluctuation trend in the short term [1]. Group 2 - Future focus will be on the macro policy responses following the end of the tariff suspension period and how external demand shocks manifest in data [1]. - Attention is drawn to the policy direction set during the July Politburo meeting as a potential trading focus for the next phase [1].