风险偏好或回落，债券配置需求有望回暖

Group 1: Market Overview - The market liquidity remains ample, with the central bank's net injection of 162.2 billion on November 21 and 255.7 billion on November 24 [1] - The overnight funding rates showed slight fluctuations, with DR001 decreasing by 1 basis point to 1.31% and DR007 increasing by 1 basis point to 1.45% on November 27 [1] Group 2: Economic Indicators - Japan's Prime Minister emphasized the importance of economic stimulus for fiscal sustainability, with the current year's government bond issuance expected to be lower than last year [2] - In the U.S., September durable goods orders increased by 0.5%, surpassing expectations, while the Federal Reserve's Beige Book indicated stable economic activity across most districts, with some areas reporting slight declines [2] Group 3: Domestic Debt Market - In October, various institutions reversed their bond-holding behaviors, with a notable increase in interbank certificates of deposit, while banks reduced their bond holdings [3] - The demand for bonds from commercial banks is expected to remain high in the coming months due to the widening loan-to-deposit spread [3] - The National Development Bank ETF (159650) is highlighted as a suitable investment option due to its high credit rating, large scale, and good liquidity, making it a reasonable tool for short-duration allocations [3]