流动性预期改善，债券市场情绪转暖

Core Viewpoint - The monetary market continues a loose tone into November, with the bond market sentiment gradually recovering, indicating a stable and loose funding environment ahead [1] Group 1: Monetary Market - Multiple institutions believe that as the pace of fiscal spending stabilizes and medium to long-term liquidity pressure eases, the funding environment is expected to remain stable and loose [1] - The central bank has resumed operations for government bond purchases, which has led to an increase in market expectations for loose monetary policy [1] Group 2: Bond Market - There are clear signs of recovery in the bond market, with short-term interest rates remaining low and long-term yields stabilizing and declining [1] - Institutions generally anticipate that by year-end, the bond market will exhibit a pattern of "stable funding, declining interest rates, and warming sentiment" [1]