开源证券：经济预期修正下，债券收益率有望上行

Group 1 - The core viewpoint is that the resumption of value-added tax collection may lead to a rise in the yields of both new and old government bonds, necessitating close attention to investor sentiment towards newly issued government bonds [1] - It is anticipated that the target yield for 10-year government bonds in the second half of 2025 will be between 1.9% and 2.2% [1] - Economic growth is not expected to decline significantly in the second half of 2025, and with revised economic expectations, bond yields are likely to rise [1]