中信证券：预计债市短期下行空间打开 但中长期运行逻辑没有太大改变

Core Viewpoint - The report from CITIC Securities indicates that the central bank's resumption of government bond trading signals a significant easing, suggesting a potential short-term decline in the 10-year government bond yield [1] Group 1: Short-term Outlook - The resumption of government bond trading by the central bank is expected to continue the logic of loose monetary policy [1] - Following the central bank's bond-buying operations, a buying signal may emerge, leading to a slight downward adjustment in the 10-year government bond yield in the short term [1] Group 2: Medium to Long-term Outlook - Despite the short-term easing, the long-term trajectory of the bond market remains uncertain due to ongoing stock market profitability and rising risk appetite [1] - The reform of redemption fees for bond funds is still undecided, contributing to the uncertainty in the long-term bond market outlook [1] - The sustainability of low interest rates, supported by the asset scarcity over the past two years, is under scrutiny, indicating that long-term interest rates may remain in a wide fluctuation range [1]