Zheshang Securities(SH:601878) ZHESHANG SECURITIES·2025-03-14 05:18Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it follows a relative rating system based on performance against the CSI 300 index [6]. Core Viewpoints - The bond market has been experiencing a continuous pullback since February, leading to weakened trading sentiment. Institutions with liquidity needs and sensitivity to net value are advised to adopt a cautious approach and selectively allocate investments [4]. - Market expectations for interest rate cuts have shifted post the Two Sessions, causing potential adjustments in the long-end of the bond market [4]. - The report emphasizes a focus on ultra-long credit bonds and provides a market outlook [4]. Summary by Sections Market Overview - On Thursday, the Shanghai Composite Index fell by 0.4%, with the CSI 300 also down by 0.4%. The ChiNext Index decreased by 1.2%, while the Hang Seng Index dropped by 0.6% [3]. - The best-performing sectors included coal (+4.2%), beauty and personal care (+1.6%), steel (+1.2%), utilities (+0.9%), and oil and petrochemicals (+0.8%). Conversely, the worst-performing sectors were machinery (-2.6%), electronics (-2.4%), computers (-2.1%), automobiles (-1.9%), and media (-1.8%) [2][3]. Important Insights - The report discusses the ultra-long credit bonds market, indicating that the peak is approaching and suggesting a selective allocation strategy [4]. - The market's delayed pricing of interest rate cuts may lead to further adjustments in the long-end of the bond market [4]. - The report highlights the impact of a strong equity market on the bond market, suggesting a need for cautious positioning [4].