Xin Lang Cai Jing·2025-12-27 06:18Core Viewpoint - The bond market in 2025 is characterized as a "non-bull, non-bear volatile market," with interest rates ending a four-year downward trend and the ten-year government bond fluctuating within a narrow range of 1.6% to 1.9% [1] Summary by Themes Market Characteristics - The market is showing new characteristics such as desensitization to macroeconomic factors, increased volatility, and a seesaw effect between stocks and bonds [1] Investor Experience - This year has been particularly impactful for investors in a "low interest rate" environment, with significant reductions in coupon returns and challenges in capital gains, as well as rapid shifts in market trends [1] Key Themes in the Bond Market - Important themes for the bond market this year include: 1. Respecting trends while also trusting common sense 2. The difficulty of executing wave trading strategies 3. The presence of structural opportunities even in a volatile market 4. Profound changes in the bond market ecosystem 5. A shift in asset allocation direction, indicated by the trend of looking at stocks while investing in bonds [1]