Xin Lang Cai Jing·2025-10-09 00:04Core Viewpoint - The fundamental and supply conditions for bonds have entered a favorable phase since October, with stable funding conditions and ongoing room for interest rate cuts and bond purchases [1] Group 1: Market Outlook - The bond market is expected to experience weak fluctuations after the holiday, with attention on the 15th Five-Year Plan, the implementation of new public fund sales regulations, and potential institutional behavior that may lead to slight rebound opportunities [1] - The ten-year government bond old coupon is recommended for adjustment allocation when yields exceed 1.8% [1] Group 2: Investment Strategy - It is suggested to maintain positions in bonds with maturities of 5-7 years and below, as well as medium-short term credit bonds, while avoiding ultra-long bonds [1] - The medium-term curve is expected to slightly steepen [1]