政治局会议将如何影响债市？

Core Viewpoint - The meeting of the Political Bureau of the Central Committee emphasized the need to boost demand and manage disorderly competition among enterprises, while showing a reduced focus on investment [1]. Economic Situation - The overall economic performance in the first half of the year showed steady progress, with high-quality development achieving new results [1]. - Macroeconomic policies are expected to remain stable, with limited changes in direction [1]. Bond Market Insights - The stable macroeconomic policy is likely to restore sentiment in the bond market, despite potential short-term fluctuations in commodities and stock markets [1]. - After an unusual fluctuation in the money market on July 24, the central bank increased liquidity, indicating a protective stance towards the funding environment [1]. - The yield on ten-year government bonds rose from 1.64% on July 9 to 1.75% on July 29, marking a 10 basis points increase, the highest since April [1]. Investment Strategies - Historical data shows that despite short-term market volatility, the long-term trend of the bond market remains upward, as evidenced by the performance of the Wind medium to long-term pure bond index since 2006 [1][4]. - The Wind short-term and medium to long-term pure bond indices have consistently achieved positive returns from 2010 to 2024, even during challenging years for both stocks and bonds [4][5]. Asset Allocation - There is a growing awareness among investors about the importance of diversified asset allocation, moving away from the notion of bonds being in opposition to stocks [7]. - The investment strategy proposed by Benjamin Graham, which involves balancing investments between equities and bonds, is increasingly relevant for investors [7]. - Bonds are viewed as an essential part of asset allocation due to their low correlation with equity assets, helping to balance risk and return [7].