股市高歌猛进 债市持续调整 股债跷跷板效应显现

Group 1 - The A-share market has been rising significantly in the second half of the year, while the bond market has experienced a substantial adjustment, with the 30-year government bond futures main contract dropping over 4% [1] - The yield on 10-year government bonds has risen, reaching as high as 1.8%, indicating a shift in the bond market dynamics [1] - Since early 2018, the yield on 10-year government bonds has decreased from nearly 4.0% to around 1.60%, a decline of nearly 240 basis points [1] Group 2 - Foreign investors remain optimistic about Chinese assets, with a report indicating that in August, foreign investment in emerging market stocks and bonds reached nearly $45 billion, the highest in nearly a year [1] - As of mid-year, the custody balance of foreign institutions in the Chinese bond market reached 4.3 trillion yuan, accounting for 2.3% of the market, with government bonds making up 49.6% of this amount [2] - Analysts suggest that the current stock market rally is expected to last for a longer duration, with funds flowing into the market being diversified, partly sourced from the bond market [2]