债市熊陡与分化交织，短期扰动延续后市待明确指引

Group 1 - The stock market has seen a significant rise, with short-term yields declining slightly while long-term yields remain unstable, leading to a steepening yield curve [1] - The 10-year government bond yield decreased by 0.75 basis points to 1.8075%, while the 30-year government bond yield increased by 1.3 basis points to 2.1055% [1] - Recent panic in the bond market has led to a rapid increase in interest rates, prompting institutions to accelerate redemptions of bond funds, which historically correlates with market volatility [1][2] Group 2 - China has entered a low-interest-rate era, with high volatility in the bond market, drawing parallels to Japan's quantitative easing (QE) path [2] - Japan's QE has gone through five phases, with long-term bond yields remaining below 2%, and the current Chinese fiscal efforts lagging behind Japan's QE stages [2] - The bond market is sensitive to redemption rates and tax policy changes, with a need for clear guidance to stabilize the market [2]