浙商早知道-20250519

Group 1: Bond Market Insights - The core viewpoint indicates that under the context of the US-China competition, the probability of continued tightening in monetary policy is low, suggesting significant downward elasticity for short-term interest rates and structural opportunities in bonds with maturities of 7 years or less [2] - The market's perception shows that the strategy of "duration hugging" has led to rapid fluctuations in long-term bond yields, which are now stabilizing [2] - Since mid-March, there has been a notable decline in credit spreads for various short-term bonds, indicating a shift in institutional buying behavior towards short-term credit bonds for yield opportunities [2][3] Group 2: A-Share Market Strategy - The core viewpoint suggests that after the release of the US-China Geneva communiqué, the market continues to experience upward momentum, primarily characterized by strong fluctuations [4] - The market has surpassed the levels seen before the comprehensive tariff war on April 3, indicating pressure from both dense trading zones above and profit-taking from short-term investors [4] - The report anticipates that the market will undergo a period of consolidation to alleviate the pressure from dense trading zones and short-term profit-taking [4][5]