10年期国债收益率下破1.8%，债市避险属性正逐步回归

Core Viewpoint - The bond market is experiencing structural repair, with the 10-year government bond yield falling below the critical level of 1.8%, attracting market attention [1] Group 1: Market Dynamics - There is a divergence in institutional views regarding the potential for further interest rate declines, with some institutions supporting the bond market due to a loose funding environment and ongoing insurance capital allocation [1] - Conversely, other institutions believe that yields below 1.8% may have already priced in some expectations of rate cuts, indicating that future trends will depend on policy implementation and further validation of the economic fundamentals [1] Group 2: Short-term Outlook - The bond market is likely to remain in a phase of both repair and contention in the short term, influenced by multiple variables [1]