中泰证券：债市继续弱修复 长端利差或有补涨行情

Group 1 - The overall view indicates a continued weak recovery in the bond market, with long-end spreads expected to see a rebound, requiring patience [1] - In the equity market, a rebalancing of styles is ongoing, with recommendations to focus on sectors that are weakly correlated with technology and have previously lagged, including finance, cyclical chemicals, and innovative pharmaceuticals under improved US-China narratives [1][2] - The report highlights a shift in trading dynamics as year-end approaches, with a notable lack of "funding relay" in the A-share market, indicating a divergence between absolute return investors and trading institutions [2][4] Group 2 - The bond market has shown a significant weakening correlation with the stock market since October, with both markets performing strongly, although the bond market did not continue the previous stock-bond seesaw pattern [4] - The report notes that the real estate chain continues to weaken, and external demand is decreasing, which may impact GDP growth in the fourth quarter due to limited incremental policies [5] - Adjustments in public bond fund redemption terms and fee policies have been announced, providing slight positive trading conditions, alongside potential monetary easing measures to support growth in early next year [6]