机构“抢跑”积极性有限

Group 1 - The bond market is returning to a weak oscillation pattern as the influence of central bank bond purchases wanes, with market interest rates lacking drivers for decline and a growing wait-and-see atmosphere [1] - The current economic fundamentals show a divergence, with internal demand needing reinforcement while external demand remains resilient but is gradually declining [2] - The central bank's resumption of bond purchases is expected to provide medium to long-term liquidity to the banking system, maintaining a reasonable abundance of funds and low interest rates [2] Group 2 - Despite the current phase of insufficient internal demand, the stock market's risk appetite remains strong, and positive policy expectations are constraining the bond market [5] - The fourth quarter is entering a supply off-season for the bond market, with improved supply-demand structure, but institutional demand may be weaker than in previous years [5] - Overall, the bond market faces mixed factors, with economic fundamentals being weak and strong risk appetite as the main contradictions, leading to constraints on interest rate declines [5]