长城基金邹德立：本轮债市调整或已近尾声

Group 1 - Recent fluctuations in the bond market, particularly in long-term bond prices, have attracted significant market attention [1] - The adjustment in the bond market is believed to be relatively sufficient, with several supporting factors still in place [2] - The primary reasons for the current bond market adjustment include the "see-saw" effect between the stock and bond markets, high market congestion in the bond market, and short-term emotional disturbances due to new policies and trade negotiations [1][2] Group 2 - The investment logic in the bond market may be shifting, with a greater focus on the performance of the stock market impacting bond market dynamics [2] - If the stock market continues to reach new highs, the bond market may face ongoing pressure; conversely, if the stock market adjusts, the bond market may experience a rebound [2] - Current conditions suggest that the bond market's adjustment space is limited, and there is potential investment value, especially if further declines occur due to overreaction [2]